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KUWAIT ENERGY PLC
NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS
For the nine month period ended 30 September 2016
11
7.
TRADE AND OTHER RECEIVABLES
30 September 31 December
2016
2015
Unaudited
Audited
US$ 000’s
US$ 000’s
Trade receivables
52,969
30,167
Advance due from joint venture partners
11,353
5,444
Other receivables
5,579
8,331
Prepayments, deposits and advances
2,656
2,609
Amount due from a related party
2,488
1,647
75,045
48,198
Included in the Group’s trade receivables balance are debtors of US$ 14.4 million in Iraq (31 December 2015: nil) and
US$ 7.0 million (31 December 2015: US$ 1.6 million) in Egypt which are past due at the reporting date 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.
Subsequent to the period end, the Group has collected US$13.6 million from Iraq through the crude oil sale mechanism.
Ageing of past due but not impaired
30 September
31 December
2016
2015
Unaudited
Audited
US$ 000’s
US$ 000’s
61 – 90 days
13,119
1,599
91 – 120 days
2
-
121 – 180 days
8,328
-
> 180 days
-
-
Total
21,449
1,599
8.
CASH AND CASH EQUIVALENTS
30 September
31 December
2016
2015
Unaudited
Audited
US$ 000’s
US$ 000’s
Cash and cash equivalents
26,792
105,297
26,792
105,297
Cash and cash equivalents includes US$ 4.0 million (31 December 2015: US$ 7.5 million) which is restricted against
issue of letters of guarantee.
9.
TRADE AND OTHER PAYABLES
30 September
31 December
2016
2015
Unaudited
Audited
US$ 000’s
US$ 000’s
Trade Payables and accruals
115,387
95,001
Joint venture partners payables
8,018
13,658
Accrued interest payable
4,164
10,251
Salaries and bonus payables
771
749
128,340
119,659