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KUWAIT ENERGY PLC
NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS
For the six month period ended 30 June 2017
15
8.
TRADE AND OTHER RECEIVABLES
30 June 31 December
2017
2016
Unaudited
Audited
US$ 000’s
US$ 000’s
Trade receivables
100,984
77,836
Other receivables
37,913
5,244
Advance due from joint venture partners
8,667
6,429
Prepayments, deposits and advances
1,714
3,025
Amount due from a related party
3,301
2,449
152,579
94,983
Trade receivables includes US$ 42.3 million (31 December 2016: US$ 19.7 million) arising in Iraq, which is expected to
be settled in September 2017 through physical delivery of crude oil that will be sold under the crude oil prepayment
agreement.
The increase in other receivables was due to the current portion of deferred consideration of the Siba farm-out.
The Group’s trade receivables includes US$ 25.7 million (31 December 2016: US$ 24.0 million) arising in Egypt which
is past due at the reporting date and 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
30 June
31 December
2017
2016
Unaudited
Audited
US$ 000’s
US$ 000’s
61 – 90 days
14,490
14,729
91 – 120 days
4,490
2,371
121 – 180 days
3,581
6,903
> 180 days
3,120
-
Total
25,681
24,003
9.
CASH AND CASH EQUIVALENTS
30 June
31 December
2017
2016
Unaudited
Audited
US$ 000’s
US$ 000’s
Cash and cash equivalents
67,189
58,311
67,189
58,311
Cash and cash equivalents includes nil (31 December 2016: US$ 4.0 million) which is restricted against issue of letters
of guarantee.