KUWAIT ENERGY plc GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2013
F-59
(2012: USD 125,227 thousand) arising in Egypt 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. In making the judgement about recoverability, factors considered include EGPC’s strong
track record of ultimate settlement, the receipt of USD 241 million in 2013. This is a key source of estimation
uncertainty and is discussed in further detail in the “Debtor recoverability” section of note 4.
Ageing of past due but not impaired
2013
2012
USD 000’s
USD 000’s
61 – 90 days
15,858
16,982
91 – 120 days
-
26,524
121 – 180 days
-
1,707
> 180 days
73,672
80,014
Total
89,530
125,227
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.
20.
CASH AND BANK BALANCES
2013
2012
USD 000’s
USD 000’s
Cash and bank balances
131,563
48,384
Bank balances amounting to USD 31,183 thousand (2011: USD 1,833 thousand) are restricted against issue of
letters of guarantee, debt service accrual account and cash retention account related to term loans. USD 936
thousand (2012: nil) is held in escrow for environmental restoration of block 5 in Yemen.
21.
SHARE CAPITAL
The authorised share capital of the Company consists of 450.7 million shares of one Pound Sterling (“Pound
Sterling”) each, amounting to Pound Sterling 450.7 million (2012: £395.9 million). The issued and paid up share
capital at the 31 December 2013 consists of 327.3 million shares (2012: 322.9 million).
On 22 July 2013 the Group issued 3.2 million shares to International Finance Corporation (IFC) in accordance
with the terms of the 2010 share subscription agreement signed with the lender. Further, the Company issued 1.2
million shares to employees as part of employee incentive scheme.
22.
LONG-TERM LOANS
Current
Non-current
2013
2012
2013
2012
USD 000’s
USD 000’s
USD 000’s
USD 000’s
Due to foreign banks
75,649
-
88,867
60,000
The details of the loans are as follows:
