KUWAIT ENERGY plc GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2013
F-58
Oil and
gas assets
Other
fixed assets
Total
Disposal
(282)
(212)
(494)
As at 1 January 2013
305,857
4,774
310,631
Charge for the year
93,201
1,912
95,113
Impairment
1,801
-
1,801
On assets reclassified as held for sale (note 14)
(62,449)
-
(62,449)
As at 31 December 2013
338,410
6,686
345,096
Carrying amount
As at 31 December 2013
345,968
10,623
356,591
As at 31 December 2012
471,072
9,666
480,738
During the year the company recognised an impairment loss on the block 5 and block 43 fields in Yemen
amounting to USD 1,541 thousand and 260 thousand respectively to match the carrying value of the assets to the
recoverable value measured on a value in use basis (see note 9). The impairment loss of USD 30,862 thousand
recognised in 2012 pertains to operations classified as discontinued operations in the current year (see note 14).
The additions to oil and gas assets include USD 4,642 thousand (2012: USD 2,320 thousand) of finance costs on
qualifying assets capitalised during the year using a weighted average interest rate of 6.62% (2012: 6.62%) and
USD 3,612 thousand (2012 : USD 2,586 thousand) of fair value loss on convertible loans capitalised.
The property, plant and equipment of certain subsidiary undertakings with a net book value of USD 287,733
thousand (2012: 348,165 thousand) are under registered mortgage to secure certain bank loans (see note 22).
18.
INVENTORIES
2013
2012
USD 000’s
USD 000’s
Crude oil
4,656
3,060
Spare parts, materials and supplies
19,493
16,805
24,149
19,865
Crude oil is measured at net realisable value. Spare parts, materials and supplies are used in operations and are not
held for re-sale.
19.
TRADE AND OTHER RECEIVABLES
2013
2012
USD 000’s
USD 000’s
Trade receivables
127,967
169,427
Prepayments, deposits and advances
13,458
11,917
Other receivables
28,846
38,676
170,271
220,020
Other receivables include amounts owed by joint venture partners.
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 with a carrying amount of USD 89,530 thousand
