psc - Kufpec

KUWAIT FOREIGN PETROLEUM EXPLORATION COMPANY K.S.C. (CLOSED)
AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2010
10. TRADE AND OTHER PAYABLES
2010 2009
KD 000’s KD 000’s
Joint venture payables and accruals 39,796 47,697
Purchase consideration payable (See note 26) 78,637 -
Accrued payroll and leave pay 2,232 1,801
120,665 49,498
11. DECOMMISSIONING PROVISION
2010 2009
KD 000’s KD 000’s
Balance at beginning of the year 33,720 24,289
Unwinding of discount 1,909 1,703
Changes in estimates 6,916 1,944
Currency translation effect 1,704 5,784
Balance at end of the year 44,249 33,720
The decommissioning provision relates to all of the Group’s interests that are currently producing or under
development.
12. EMPLOYEES’ END OF SERVICE BENEFITS
2010 2009
KD 000’s KD 000’s
Balance at beginning of the year 2,672 2,164
Charge for the year 606 551
Payments during the year (18) (43)
Balance at end of the year 3,260 2,672
13. SHARE CAPITAL
The authorized, issued and fully paid up share capital consists of 200,000,000 shares of KD 1 each (2009:
200,000,000 shares of KD 1 each).
14. STATUTORY RESERVE
As required by the Commercial Companies Law and the Company’s Articles of Association, 10% of profit
for the year is to be transferred to the statutory reserve until the reserve reaches a minimum of 50% of the
paid up capital. The statutory reserve is not available for distribution except in cases stipulated by the
Commercial Companies law and the Company’s Articles of Association.
15. VOLUNTARY RESERVE
In accordance with the Company’s Articles of Association, 10% of profit for the year is to be transferred to
the voluntary reserve. Such transfer may be discontinued by a resolution at the General Assembly.
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