KUWAIT ENERGY plc GROUP
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Three months ended 31 March 2014
F-19
10.
TRADE AND OTHER RECEIVABLES
31.03.14
Unaudited
31.12.13
Audited
(Restated)
USD 000’s
USD 000’s
Trade receivables
144,261
124,785
Prepayments, deposits and advances
14,815
13,458
Other receivables
26,751
25,610
185,827
163,853
Included in the Group’s trade receivables balance are debtors with a carrying amount of USD 90,426 thousand
(December 2013: USD 89,530 thousand) which are past due at the reporting date for which the Group has not
provided against 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
31.03.14
Unaudited
31.12.13
Audited
USD 000’s
USD 000’s
61 – 90 days
14,959
15,858
91 – 120 days
1,735
-
121 – 180 days
16,511
-
> 180 days
57,221
73,672
Total
90,426
89,530
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.
Debtor recoverability
The Group has significant trade receivables which are past due but not impaired. The majority of this balance is
due from Egyptian General Petroleum Corporation (“EGPC”). During the course of 2013 and 2014 to date, the
Egyptian political situation remained unstable due to the “Arab Spring” revolutions, which caused a significant
delay in the receipt of amounts owed to the Group. However, management believes that all amounts owed at 31
March 2014 will be collected during the course of the coming year. In making this judgement, factors considered
include EGPC’s strong track record of ultimate settlement, the receipt of USD 50,500 thousand for directly
allocated cargoes in April 2014 and other confirmed cargo receipts of approximately USD 25,000 thousand.
11.
CASH AND BANK BALANCES
31.03.14
Unaudited
31.12.13
Audited
(Restated)
USD 000’s
USD 000’s
Cash and bank balances
117,300
127,594
Bank balances amounting to USD 24,959 thousand (31 December 2013: USD 31,183 thousand) are restricted
