Annual Report & Accounts 2013

 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2013

11. Investment in subsidiaries
12. Inventories
13. Trade and other receivables
14. Cash and cash equivalents
15. Trade and other payables

11. Investment in subsidiaries

2013

2012

Company

$’000

$’000

 

 

 

Balance at beginning of year

326,902

18,324

Increase in respect of share-based payments

5,017

3,829

Acquisition of Petroceltic Resources plc (formerly Melrose Resources plc)

-

222,016

Net movement on parent company loans*

218,702

82,733

Balance at end of year

550,621

326,902

 

 

 

Details of subsidiaries are set out in note 24.

* At 31 December 2013, the Company held the HSBC syndicated loan facility. At 31 December 2012, the bank borrowings were drawn by a subsidiary company. The Company advanced long term loans to its subsidiary to repay the outstanding borrowings in the year. Other movements arose as a result of management fees and other cost recharges.

 

12. Inventories

Group

 

2013

2012

 

$’000

$’000

 

 

 

Engineering stocks

21,290

20,323

13. Trade and other receivables

Group

Company

 

2013

2012

2013

2012

 

$’000

$’000

$’000

$’000

Amounts falling due within one year

 

 

 

 

Trade receivables

88,512

118,654

-

-

Prepayments and other receivables

25,975

55,501

133

29,729

Corporation tax recoverable

190

252

-

-

 

114,677

174,407

133

29,729

 

 

 

 

 

Amounts falling due after one year

 

 

 

 

Other receivables*

8,798

486

6,008

-

* Included is a debt service reserve account of $6.0m which is held for security on loan interest repayments. These funds are held for a period greater than five years and are not currently accessible to the Group. The balance of $2.8m is a receivable relating to the Bulgarian concession agreement.

 

The Group’s exposure to credit and currency risks related to trade and other receivables is set out in note 23.

14. Cash and cash equivalents

Group

Company

 

2013

2012

2013

2012

 

$’000

$’000

$’000

$’000

 

 

 

 

 

Cash at bank

53,869

67,198

2,710

657

 

 

 

 

 

In addition to cash at bank at 31 December 2013, the Group also maintained a balance of $6.0m (2012: Nil) in a debt service reserve account (note 13).

15. Trade and other payables

Group

Company

 

2013

2012

2013

2012

 

$’000

$’000

$’000

$’000

Amounts falling due within one year

 

 

 

 

Trade payables

22,458

22,955

114

704

Other payables

2,929

2,426

-

-

Accruals

22,662

27,879

2,668

1,674

48,049

53,260

2,782

2,378

 

 

 

 

 

The Group’s exposure to currency and liquidity risks related to trade and other payables is set out in note 23.