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KUWAIT ENERGY PLC
NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS
Six months ended 30 June 2015
11
2.
ACCOUNTING POLICIES (CONTINUED)
In addition, the Group implemented a change in accounting policy for intangible Exploration and Evaluation assets in
the 31 December 2014 financial statements. The impact of this change in accounting policy is explained fully in note 2
of the 31 December 2014 Group financial statements which are available on the Group’s website. In line with this
change in accounting policy, the comparative information for 30 June 2014 has been restated where needed to reflect
this change. Note 17 of these interim financial statements describes the financial impact of this restatement.
The adoption of these standards has not had a material impact on the financial statements of the Group
.
3.
SEGMENTAL INFORMATION
Information reported to the Group’s Chief Executive Officer for the purposes of resource allocation and assessment of
segment performance is focused on the three geographical regions within which the Group operates. The Group has
one class of business, being the exploration, development, production and sale of crude oil and natural gas. The
Group’s reportable segments under IFRS 8 are therefore Egypt, Yemen and Iraq.
Other operations include discontinued operations, unallocated expenditure and net liabilities of corporate nature. The
liabilities comprise the Company’s external debt and other non-attributable corporate liabilities. The unallocated
capital expenditure for the period comprises the acquisition of non-attributable corporate assets.
There has been no change in the basis of segmentation or in the basis of measurement of segment profit or loss in the
period.
The following is an analysis of the Group’s revenue and results by reportable segments:
Egypt
Yemen
Iraq
Others
Total
USD 000’s USD 000’s USD 000’s USD 000’s USD 000’s
30 June 2015(Unaudited)
Segment revenues
80,235
8,868
-
-
89,103
Segment operating profit / (loss)
16,592
(7,150)
-
(5,545)
3,897
Share of results of Joint Venture
1,731
Fair value loss on convertible loans
(8,730)
Other income
818
Foreign exchange loss
(1,663)
Finance costs
(4,750)
Loss before tax
(8,697)
Taxation charges
(1,168)
Loss for the period from continuing
operations
(9,865)
Loss for the period
(9,865)
Segment assets
335,208
100,476
361,157
153,468
950,309
E&E assets
10,737
31,894
-
-
42,631
PP&E
232,667
53,124
325,861
1,996
613,648
Segment liabilities
38,933
21,052
53,311
430,366
543,662
Other information
Exploration expenditure written off
2,519
-
-
-
2,519
Additions to E&E
7,062
2,099
-
-
9,161
Additions to PP&E
27,656
122
80,659
-
108,437
Depreciation, Depletion and
Amortisation
37,091
6,929
-
574
44,594