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KUWAIT ENERGY PLC
CONSOLIDATED BALANCE SHEET
As at 31 December 2017
12
2017
2016
Notes
US$ 000’s
US$ 000’s
ASSETS
Non-current assets
Intangible exploration and evaluation assets
12
1,006
27,692
Property, plant and equipment
13
509,061
509,369
Investment in joint venture
14
3,474
4,424
Other non-current assets
15
27,869
4,991
541,410
546,476
Current assets
Inventories
16
7,714
23,709
Trade and other receivables
17
165,824
94,983
Cash and cash equivalents
18
65,594
58,311
Assets classified as held for sale
19
-
126,144
239,132
303,147
Total assets
780,542
849,623
EQUITY AND LIABILITIES
Equity
Share capital
20
519,204
560,852
Share premium
181,875
205,929
Other reserves
21
(39,006)
(105,567)
Retained deficit
(479,411)
(426,582)
Equity attributable to owners of the Company
182,662
234,632
Non-controlling interest
4,239
4,437
Total equity
186,901
239,069
Non-current liabilities
Borrowings
22
246,557
244,860
Convertible loans
23
-
117,198
Obligations under finance leases
24
1,914
2,937
Provisions and other non-current liabilities
25
16,923
15,549
Deferred tax liabilities
10
658
463
266,052
381,007
Current liabilities
Trade and other payables
26
124,058
144,368
Current tax payable
6,689
2,473
Crude oil prepayments
27
37,469
40,000
Convertible loans
23
158,204
19,075
Obligations under finance leases
24
1,169
1,169
Liabilities directly associated with assets classified as held for sale
19
-
22,462
327,589
229,547
Total liabilities
593,641
610,554
Total equity and liabilities
780,542
849,623
The consolidated financial statements were approved by the board of directors and authorised for issue on 11 April 2018.
They were signed on its behalf by:
Dr Manssour Aboukhamseen
Executive Chairman