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KUWAIT ENERGY PLC
CONSOLIDATED BALANCE SHEET
As at 31 December 2016
7
2016
2015
Notes
US$ 000’s
US$ 000’s
ASSETS
Non-current assets
Intangible exploration and evaluation assets
12
27,692
32,663
Property, plant and equipment
13
509,369
621,571
Investment in Joint Venture
14
4,424
5,528
Other non-current assets
15
4,991
22,754
546,476
682,516
Current assets
Inventories
16
23,709
24,411
Trade and other receivables
17
94,983
48,198
Cash and cash equivalents
18
58,311
105,297
Assets classified as held for sale
19
126,144
-
303,147
177,906
Total assets
849,623
860,422
EQUITY AND LIABILITIES
Equity
Share capital
20
560,852
559,835
Share premium
20
205,929
205,491
Other reserves
21
(105,567)
(105,613)
Retained deficit
(426,582)
(310,437)
Equity attributable to owners of the Company
234,632
349,276
Non-controlling interest
4,437
5,645
Total equity
239,069
354,921
Non-current liabilities
Borrowings
22
244,860
243,326
Convertible loans
23
117,198
117,329
Obligations under finance leases
24
2,937
3,911
Provisions and other non-current liabilities
25
15,549
15,458
Deferred tax liabilities
10
463
163
381,007
380,187
Current liabilities
Trade and other payables
26
144,368
119,659
Current tax payable
2,473
1,849
Crude oil prepayment
27
40,000
-
Convertible loans
23
19,075
2,071
Obligations under finance leases
24
1,169
1,735
Liabilities directly associated with assets classified as held for sale
19
22,462
-
229,547
125,314
Total liabilities
610,554
505,501
Total equity and liabilities
849,623
860,422
The consolidated financial statements were approved by the board of directors and authorised for issue on 27 April
2017. They were signed on its behalf by:
Dr Manssour Aboukhamseen
Executive Chairman