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KUWAIT ENERGY plc
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 June 2014
45
19.
INVENTORIES
As at 30 June
As at 31 December
2014
2013
2013
2012
2011
Audited
Unaudited
Audited
Audited
Audited
USD 000’s USD 000’s USD 000’s USD 000’s USD 000’s
Crude oil
12,552
8,818
4,656
3,060
2,688
Spare parts, materials and
supplies
20,525
16,290
19,493
16,805
13,552
33,077
25,108
24,149
19,865
16,240
Crude oil is measured at net realisable value. Spare parts, materials and supplies are used in operations and are not held
for re-sale.
20.
TRADE AND OTHER RECEIVABLES
As at 30 June
As at 31 December
2014
2013
2013
2012
2011
Audited
Unaudited
(Restated)
Audited
(Restated)
Audited
(Restated)
Audited
(Restated)
USD 000’s USD 000’s USD 000’s USD 000’s USD 000’s
Trade receivables
123,085
141,734
124,785
165,540
132,173
Advance to joint ventures
35,991
25,731
17,989
15,230
9,410
Amount due from a related party
1,744
-
-
-
-
Prepayments, deposits and
advances
16,120
10,518
13,458
11,918
6,141
Other receivables
7,149
22,021
7,621
21,148
22,229
184,089
200,004
163,853
213,836
169,953
The average credit period on sales is 60 days. No interest is charged on the overdue trade receivables.
Included in the Group’s trade receivables balance are debtors arising in Egypt which are past due at the reporting date
for which the Group has not provided against as there has not been a significant change in credit quality and the
amounts are still considered recoverable. Further details are provided in the table below. This is a key source of
estimation uncertainty and is discussed in further detail in the “Debtor recoverability” section of note 4.
Ageing of past due but not impaired
As at 30 June
As at 31 December
2014
2013
2013
2012
2011
Audited
Unaudited
Audited
Audited
Audited
USD 000’s USD 000’s
USD 000’s
USD 000’s USD 000’s
61 – 90 days
12,304
11,593
15,858
16,982
9,225
91 – 120 days
-
25,107
-
26,524
20,236
121 – 180 days
13,215
-
-
1,707
24,412
> 180 days
53,791
64,104
73,672
80,014
43,791
Total
79,310
100,804
89,530
125,227
97,664
Amount due from a related party represents the amounts lent to the Chief Operating Officer (COO) of the Group so
that he could meet his obligations under an historical agreement with a third party on behalf of the Group and
purchase a specified number of shares of the Company held by that third party, until such time as the COO is able to
sell the shares and repay the loan to the Company. The Company anticipates that, as and when the COO is required to
purchase shares from the third party, it will purchase them from the COO and hold them as treasury shares.
Subsequent to the period end, the Company obtained shareholder approval to do so in relation to the shares held by
the COO at the period end. Further details are provided in note 30.