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KUWAIT ENERGY PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2015
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18.
TRADE AND OTHER RECEIVABLES
2015
2014
USD 000’s
USD 000’s
Trade receivables
30,167
73,604
Advance due from joint ventures partners
5,444
31,081
Prepayments, deposits and advances
2,609
7,270
Other receivables
8,331
3,634
Amount due from a related party (note 32b)
1,647
-
48,198
115,589
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 made any provision as there has not been a significant change in credit quality and the
amounts are still considered recoverable.
Ageing of past due but not impaired
2015
2014
USD 000’s
USD 000’s
61
–
90 days
1,599
13,159
91
–
120 days
-
-
121
–
180 days
-
14,144
> 180 days
-
12,100
Total
1,599
39,403
During the year receivables from Gharib amounting to USD 11.9 million were settled by offsetting against payable
purchase consideration for an additional 25% working interest in BEA field in Egypt (see note 14).
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.
19.
CASH AND CASH EQUIVALENTS
2015
2014
USD 000’s
USD 000’s
Cash and cash equivalents
105,297
215,992
105,297
215,992
Bank balances amounting to USD 7.5 million (2014: USD 0.5 million) are restricted against issue of letters of guarantee
for work performance obligations in Karim Small Fields in Oman under the new service contract (note15).
20.
SHARE CAPITAL
The authorised share capital of the Company consists of 451.2 million shares of GBP 1 each, amounting to GBP 451.2
million (2014: 451.2 million). The issued and paid up share capital as at 31 December 2015 consists of 358.5 million
Shares (2014: 357.2 million).
In 2015 the Company issued 1.3 million (2014: 28 million) shares to the shareholders of KEC in accordance with the
terms of the share acquisition of KEC approved in Annual General Meeting 2013 and 2014 (note 31).
In 2014 the Company also issued 1.4 million shares to employees as part of the employee incentive scheme and 0.5
million shares to the shareholders of Concorde Oil and Gas Limited for settlement of outstanding obligation in relation
to the 2010 acquisition of the Luzskoye and Chikshinskoe assets in Russia.
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