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KUWAIT ENERGY PLC
NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS
For the three month period ended 31 March 2017
12
8.
TRADE AND OTHER RECEIVABLES
31 March 31 December
2017
2016
Unreviewed
Audited
US$ 000’s
US$ 000’s
Trade receivables
90,508
77,836
Advance due from joint venture partners
8,633
6,429
Other receivables
3,427
5,244
Prepayments, deposits and advances
3,042
3,025
Amount due from a related party
2,459
2,449
108,069
94,983
Trade receivables includes US$ 38.8 million (31 December 2016: US$ 19.7 million) arising in Iraq, to be settled by having
crude oil physically delivered. The Group will sell this crude oil as part of crude oil prepayment agreement. Subsequent
to the period end, the Group has collected US$16.7 million from Iraq through the crude oil sale mechanism.
The Group’s trade receivables includes carrying value of US$ 16.0 million (31 December 2016: US$ 24.0 million) arising
in Egypt which are past due at the reporting date for which the Group has not made any provision as there has not
been a significant change in credit quality and the amounts are still considered recoverable. The Group has recovered
substantially all the past due balance outstanding at 31 December 2016.
Ageing of past due but not impaired
31 March
31 December
2017
2016
Unreviewed
Audited
US$ 000’s
US$ 000’s
61 – 90 days
9,657
14,729
91 – 120 days
1,767
2,371
121 – 180 days
4,529
6,903
> 180 days
-
-
Total
15,953
24,003
9.
CASH AND CASH EQUIVALENTS
31 March
31 December
2017
2016
Unreviewed
Audited
US$ 000’s
US$ 000’s
Cash and cash equivalents
27,200
58,311
27,200
58,311
Cash and cash equivalents includes US$ 4.0 million (31 December 2016: US$ 4.0 million) which is restricted against
issue of letters of guarantee.