27 Borders & Southern Petroleum plc Annual Report & Accounts 2014 www.bordersandsouthern.com  STRATEGIC  REPORT DIRECTORS’  REPORT F INANCIAL  S T ATEMENTS COMPANY STATEMENT OF CASH FLOWS  FOR THE YEAR ENDED 31 DECEMBER 2014 2014 2013 Note $000 $000 $000 $000 Cash flow from operating activities Loss before tax (3,886) (2,956) Adjustments for: Depreciation 2 9 Share-based payment 245 427 Net finance costs 851 136 Realised foreign exchange gains 3 49 Cash flows from operating activities before changes in  working capital (2,785) (2,335) Decrease in other receivables 689 528 Decrease in trade and other payables (518) (2,087) Tax paid (185) – Net cash outflow from operating activities (2,799) (3,894) Cash flows from investing activities Interest received 59 71 Increase in amounts due from Group undertaking (3,555) (28,939) Purchase of property, plant and equipment – (1) Net cash used in investing activities (3,496) (28,869) Net decrease in cash and cash equivalents (6,295) (32,763) Cash and cash equivalents at the beginning of the year 23,290 56,435 Exchange loss on cash and cash equivalents (916) (383) Cash and cash equivalents and cash held in escrow at  the end of the year 16,079 23,290