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KUWAIT ENERGY plc
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 June 2014
46
20.
TRADE AND OTHER RECEIVABLES (CONTINUED)
In determining the recoverability of a trade receivable, the Group considers any change in the credit quality of the
trade receivable from the date credit was initially granted up to the reporting date. Management believes that there is
no credit provision required as all the trade receivables are fully collectible.
The maximum exposure to credit risk at the reporting date is the carrying amount of each class of receivable
mentioned above. The directors consider that the carrying amount of trade and other receivables is approximately
equal to their fair value.
21.
CASH AND BANK BALANCES
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
Cash and bank balances
125,349
29,049
127,594
46,766
38,762
6 months ended 30 June 2014:
Bank balances amounting to USD 38,231 thousand are restricted against issue of letters of guarantee, debt service
accrual account and cash retention account related to term loans. USD 2,407 thousand is held in escrow for
environmental restoration of block 5 in Yemen.
6 months ended 30 June 2013:
Bank balances amounting to USD 1,809 thousand are restricted against issue of letters of guarantee, debt service
accrual account and cash retention account related to term loans. USD 936 thousand is held in escrow for
environmental restoration of block 5 in Yemen.
12 months ended 31 December 2013:
Bank balances amounting to USD 31,183 thousand are restricted against issue of letters of guarantee, debt service
accrual account and cash retention account related to term loans. USD 936 thousand is held in escrow for
environmental restoration of block 5 in Yemen.
12 months ended 31 December 2012:
Bank balances amounting to USD 1,833 thousand are restricted against issue of letters of guarantee.
12 months ended 31 December 2011:
Bank balances amounting to USD 16,466 thousand are restricted against issue of letters of guarantee.