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KUWAIT ENERGY plc
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 June 2014
53
26.
LONG-TERM PROVISIONS (CONTINUED)
The movement in these defined benefit obligations over the period/year is as follows:
30.06.2014 30.06.2013 31.12.2013 31.12.2012 31.12.2011
Audited
Unaudited
Audited
Audited
Audited
USD 000’s USD 000’s USD 000’s USD 000’s USD 000’s
As at 1 January
3,243
1,482
1,482
1,116
703
Current service cost
477
349
2,150
475
485
Interest expense
-
-
113
87
-
Re-measurements:
Experience losses
(101)
-
(137)
-
-
Benefits paid
(79)
-
(365)
(196)
(72)
As at end of the period/year
3,540
1,831
3,243
1,482
1,116
The significant actuarial assumptions were as follows:
30.06.2014 30.06.2013 31.12.2013 31.12.2012 31.12.2011
Audited
Unaudited
Audited
Audited
Audited
Discount rate
5%
5%
5%
5%
5%
Inflation
4%
4%
4%
4%
4%
Salary growth rate
6%
6%
6%
6%
6%
27.
TRADE AND OTHER PAYABLES
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 Payables
121,290
63,163
74,485
27,455
26,725
Joint venture payables and
accruals
27,556
5,909
14,516
19,773
17,993
Salaries and bonus payables
-
2,336
3,000
5,000
4,500
148,846
71,408
92,001
52,228
49,218
Trade creditors and accruals principally comprise amounts outstanding for trade purchases and on-going costs. The
average credit period taken for trade purchases is 30 days. No interest is charged on the overdue trade payables. The
Group has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit
terms.
The directors consider that the carrying amount of trade payables approximates their fair value
.