The movement in the allowance for doubtful debts is presented
below:
As at 31 December
2012 2011
$'000 $'000
Balance at the beginning of the
year 318 136
Bad debt expense 318 195
Bad debt write-off (591) -
Translation difference 8 (13)
Balance at the end of the year 53 318
=========
Liquidity risk - Liquidity risk is the risk that the Group will
not be able to settle all liabilities as they are due. The Group's
liquidity position is carefully monitored and managed. The Group
has in place a detailed budgeting and cash forecasting process to
help ensure that it has adequate cash available to meet its payment
obligations.
The maturity analysis of financial liabilities as at 31 December
2012 and 2011 is as follows:
As at 31 December 2012
Within Between Between Between
3 months 3 months 1 and 2 and
and 1 2 years 5 years
year
$'000 $'000 $'000 $'000
Trade and other payables 8,640 - - -
Borrowings - - 30,769 69,231
Interest payable 1,577 4,784 5,654 5,525
10,217 4,784 36,423 74,756
As at 31 December 2011
Within Between Between Between
3 months 3 months 1 and 2 and
and 1 2 years 5 years
year
$'000 $'000 $'000 $'000
Trade and other payables 14,748 - - -
Borrowings 2,500 7,500 20,000 20,000
Interest payable 946 1,969 2,439 674
18,194 9,469 22,439 20,674
For purposes of this disclosure, the cash flows are presented in
undiscounted nominal terms and the interest payable on floating
rate borrowing to maturity has been calculated using the rate in
existence at 31 December 2012, taking into account the reduction of
interest rate to LIBOR plus 6% under the new loan facility terms
(Note 25).
Foreign currency risk - Currency risk is the risk that the
consolidated financial results of the Group will be adversely
impacted by changes in exchange rates to which the Group is
exposed. The Group undertakes certain transactions denominated in
foreign currencies. The Group does not use any derivatives to
manage foreign currency risk exposure.
The carrying amount of the Group's foreign currency denominated
monetary assets and liabilities as at the reporting date are as
follows:
As at 31 December 2012
US Dollars RUR EUR GBP Total
$'000 $'000 $'000 $'000 $'000
Long-term loans
issued - 374,836 120 - 374,956
Trade and other
receivables 1,951 - 3 - 1,954
Cash and cash
equivalents 1 2 1 - 4
Total monetary
assets 1,952 374,838 124 - 376,914
Long-term borrowings 5,600 141,423 - - 147,023
Trade and other
payables 3,013 - 1,238 - 4,251
Total monetary
liabilities 8,613 141,423 1,238 - 151,274
Net financial
position (6,661) 233,415 (1,114) - 225,640
As at 31 December 2011
US Dollars RUR EUR GBP Total
$'000 $'000 $'000 $'000 $'000
Long-term loans
issued - 168,835 - 168,835
Trade and other
receivables 3,951 1,926 561 - 6,438
Other assets - 13,561 - - 13,561
Cash and cash
equivalents - 19,731 1 4 19,736
Total monetary
assets 3,951 204,053 562 4 208,570
Long-term borrowings 947 47,810 - - 48,757
Trade and other
payables 4,020 1 527 19 4,567
Total monetary
liabilities 4,967 47,811 527 19 53,324
Net financial
position (1,016) 156,242 35 (15) 155,246
At 31 December 2011 and 2012, Long-term loans issued and
Long-term borrowings consist of foreign currency denominated
inter-company balances.
The table below details the Group's sensitivity to strengthening
or weakening of the Russian Rouble, EUR and GBP against the US
Dollar by 10% as at 31 December 2012 and 2011. The analysis was
applied to monetary items at the financial position dates
denominated in respective currencies.
Russian Roubles EUR - impact as GBP - impact
- impact as at at 31 December as at 31 December
31 December
2012 2011 2012 2011 2012 2011
$'000 $'000 $'000 $'000 $'000 $'000
Profit
or loss 423 354 (99) 3 - (1)
The table below details the Group's sensitivity to strengthening
or weakening of the US Dollar against the Russian Rouble by 10% as
at 31 December 2012 and 2011. The analysis was applied to monetary
items at the financial position dates denominated in respective
currencies.
US Dollar - impact
as at 31 December
2012 2011
$'000 $'000
Profit or
loss (18) (2)
Fair value of financial instruments - Management believes that
the carrying values of financial assets and liabilities recorded at
amortised cost in these financial statements approximate their fair
values. All fair value measurements, excluding Eurobonds, are
calculated using inputs which are not based on observable market
data (unobservable inputs) (Level 3). The fair value for Eurobonds
was calculated using unadjusted quoted prices in active markets
(Level 1).
31. controlled entities
A list of the Company's principal subsidiaries is set out
below:
Ownership/ proportion
of ordinary shares
as at
Country of 2012 2011
Name incorporation Principal activity
Exploration, development
and production
Dinyelneft LLC Russian Federation of oil and gas - 100%
Exploration, development
and production
KNGD LLC Russian Federation of oil and gas - 100%
Regional Resources
LLC Russian Federation Oil sales and marketing - 100%
Ucatex Oil LLC Russian Federation Subsoil user 100% 100%
Kayumneft CJSC Russian Federation Subsoil user 100% 100%
Nord Oil CJSC Russian Federation Administration 100% -
Nem Oil CJSC Russian Federation Subsoil user 100% 100%
Komi Resources
CJSC Russian Federation Administration 100% 100%
Ucatex Ugra LLC Russian Federation Subsoil user 100% 100%
Silo Holdings
LLC BVI Oil trading 100% 100%
Actionbrook Limited Cyprus Administration 100% 100%
Claybrook Limited Cyprus Administration 100% 100%
Diamondbridge
Limited Cyprus Administration 100% 100%
Lanarch Limited Cyprus Administration 100% 100%
Halescope Limited Cyprus Administration 100% 100%
Vitalaction Limited Cyprus Administration 100% 100%
Corewell Limited Cyprus Administration 100% 100%
Touchscope Limited Cyprus Administration 100% 100%
Exillon Finance
LLC Isle of Man Treasury 100% 100%
Exillon Middle
East LLC UAE Services and administration - 49%
On 8 May 2012 the Company sold its ownership shares in Exillon
Middle East LLC to a third party with an insignificant gain.
In November all assets from Dinyelneft LLC, KNGD LLC and
Regional Resources LLC were transferred to other companies of the
Group registered in Russian Federation. After that on 22 November
2012 the Company sold its ownership shares in Dinyelneft LLC, KNGD
LLC and Regional Resources LLC to a third party with an
insignificant gain.
This information is provided by RNS
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