15 / 67
KUWAIT ENERGY plc
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 June 2014
13
2.
ADOPTION OF NEW AND REVISED STANDARDS (CONTINUED)
Standards affecting the financial statements (continued)
IAS 28 (revised 2011) Investment in Associates and Joint Ventures
As a consequences of the new IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities, IAS
28 Investments in Associates, has been renamed IAS 28 Investment in Associates and Joint Ventures, and describes
the application of the equity method to investments in Joint ventures in additions to associates.
The table below shows the effect of adopting IFRS 11 on the consolidated income statement, consolidated balance
sheet and consolidated statement of cash flows. There was no impact on the reported profit for the year/period, net
assets or the basic and diluted earnings per share.
Impact
on
consolidated
income
statement:
6 months
ended
30.06.13
Unaudited
Year
ended
31.12.13
Audited
Year
ended
31.12.12
Audited
Year
ended
31.12.11
Audited
USD 000’s
USD 000’s USD 000’s USD 000’s
Continuing Operations
Decrease in revenue
(9,901)
(21,898)
(20,607)
(20,029)
Decrease in cost of sales
8,552
20,065
17,667
18,700
Decrease/(increase) in impairment loss
418
-
(540)
-
Increase in share in results of joint venture
728
1,543
3,052
1,119
Decrease in profit before tax
(203)
(290)
(428)
(210)
Decrease in taxation charge
203
290
428
210
Net impact on profit for the period/year
from continuing operations
-
-
-
-
Impact on consolidated balance sheet:
30.06.13
Unaudited
31.12.13
Audited
31.12.12
Audited
31.12.11
Audited
USD 000’s
USD 000’s USD 000’s USD 000’s
Decrease in property, plant and equipment
(5,250)
(5,115)
(6,359)
(7,125)
Increase in investment in joint venture
9,783
10,598
9,055
11,003
Decrease in trade and other receivables
(5,404)
(6,418)
(6,184)
(6,102)
Decrease in cash and bank balances
(2,447)
(3,969)
(1,618)
(1,716)
Net decrease in assets
(3,318)
(4,904)
(5,106)
(3,940)
Decrease in trade and other payables
3,115
4,614
4,678
3,747
Decrease in current tax payable
203
290
428
193
Net decrease in liabilities
3,318
4,904
5,106
3,940
Net impact on equity
-
-
-
-
Impact on consolidated statement of cash
flows:
6 months
ended
30.06.13
Unaudited
Year
ended
31.12.13
Audited
Year
ended
31.12.12
Audited
Year
ended
31.12.11
Audited
USD 000’s USD 000’s USD 000’s USD 000’s
Net decrease in cash generated by operating
activities
(7,139)
(13,563)
(17,891)
(15,394)
Net decrease in cash used in investing
activities
6,310
11,212
17,988
16,026
Net (decrease)/increase in cash generated
during the year/period
(829)
(2,351)
97
632