KUWAIT ENERGY plc GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2012
F-104
17.
CASH AND BANK BALANCES
2012
2011
USD 000’s
USD 000’s
Cash and bank balances
48,384
40,477
Bank balances amounting to USD 1,833 thousand (2011: USD 16,466 thousand) are restricted against issue of
letters of guarantee.
18.
SHARE CAPITAL
The authorised share capital of the Company consists of 325 million shares of one Pound Sterling (“Pound
Sterling”) each, amounting to Pound Sterling 325 million (2011: £325 million). The issued and paid up share
capital at the 31 December 2012 consists of 322.9 million shares (2011: 317.5 million). During the year the
Company issued 4.6 Million shares in relation to the business combination described in note 19.
19.
OTHER RESERVES
2012
2011
USD 000’s
USD 000’s
Shares to be issued
-
12,832
Share based compensation reserve (see note 25)
-
1,699
Foreign currency translation reserve
(8,766)
(8,774)
(8,776)
5,757
The shares to be issued reserve in the previous year represents additional consideration due on the acquisition
of Pechora Energy Company in Russia in 2009, with a corresponding increase recorded in property, plant and
equipment. This contingent consideration was based on the volume of certified commercial reserves, the
threshold for which was met during 2011. The related shares were issued in full during 2012 with the
elimination of the corresponding amount from the other reserves.
20.
LONG-TERM LOANS
Current
Non-current
2012
2011
2012
2011
USD 000’s
USD 000’s
USD 000’s
USD 000’s
Due to foreign banks
-
8,000
60,000
45,000
The details of the loans are as follows:
Description
2012
2011
USD 000’s
USD 000’s
(i) USD 165 million facility from Deutsche Bank Syndicate that bears a
floating interest rate of LIBOR plus 5% per annum.
60,000
-
(ii) USD 35 million facility from International Finance
Corporation (“IFC”) that bears an interest rate of LIBOR plus 3.64%
to 4.01% per annum.
-
30,000
(iii) USD 15 million facility financing from IFC that bears an
interest rate of 1.176% per annum plus 5% earnings before interest,
depreciation and amortisation arising on the secured assets.
-
15,000
(iv) The Loan from European Bank for Reconstruction and Development
(“EBRD”) bears an interest rate of LIBOR plus 6.5% per annum.
-
8,000
