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KUWAIT ENERGY PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2017
45
29.
OPERATING LEASE ARRANGEMENTS
2017
2016
US$ 000’s
US$ 000’s
Minimum lease payments under operating leases recognised in the
consolidated income statement
851
1,134
At the consolidated balance sheet date, the Group had outstanding commitments for future minimum lease
payments under operating leases, which fall due as follows:
2017
2016
US$ 000’s
US$ 000’s
Within one year
860
825
Between two years and five years
2,970
10
After five years
-
-
3,830
835
Operating lease payments represent rentals payable by the Group for certain of its office properties. Leases are
negotiated for an average term of one year with an option to extend for a further one year at the then prevailing
market rate.
30.
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
Changes in liabilities arising from financing activities
The table below details changes in the Group’s liabilities arising from financing activities, including both cash and
non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash
flows will be, classified in the Group’s consolidated statement of cash flows
1 January
2017
Financing
cash flows (i)
Fair value
adjustment
(note 23)
Other
changes (ii)
31 December
2017
US$ 000’s
US$ 000’s
US$ 000’s
US$ 000’s
US$ 000’s
Borrowings (notes 22)
244,860
-
-
1,697
246,557
Convertible loans (note 23)
136,273
-
32,255
(10,324)
158,204
Obligations under
finance lease (note 24)
4,106
(1,192)
-
169
3,083
Total liabilities from
financing activities
385,239
(1,192)
32,255
(8,458)
407,844
i.
The cash flows from financials liabilities make up the net amount of proceeds from borrowing and repayment of
borrowing in the consolidated statement of cash flows.
ii.
Other changes include interest accruals and payments.