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KUWAIT ENERGY plc
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 June 2014
28
5.
SEGMENTAL INFORMATION
IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group
that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segment and to
assess its performance. The information reported to the Group’s chief operating decision maker for the purposes of
resource allocation and assignment of segment performance is specifically focused on the geographical area
(country). All of the segment revenue reported below is from external customers.
The accounting policies of the reportable segments are the same as the Group’s accounting policies described in note
3. Segment profit represents the operating profit earned by each segment. This is the measure reported to the chief
operating decision maker for the purposes of resource allocation and assessment of segment performance.
For the purposes of monitoring segment performance and allocating resources between segments:
•
there are no assets used jointly by any reportable segment; and
•
there are no liabilities for which any segment is jointly liable other than the facilities from Deutsche Bank and
International Finance Corporation (see note 24) amounting to USD 104 million (30 June 2013: USD 110 million,
31 December 2013: USD 105 million and 31 December 2012: USD 60 million) which has been utilised jointly by
the Company, Kuwait Energy Egypt Ltd and Kuwait Energy Yemen Ltd.
No revenue or assets arose in or relate to Jersey, the Company’s country of domicile, in either year.
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/year comprises the acquisition of non-attributable corporate assets.
Revenue from major products and services
The Group’s revenues from oil and gas are disclosed in note 6 to these consolidated financial statements.
Information about major customers
Sales to EGPC, the Group’s largest customer included in revenues arising from Egypt for the year is approximately:
USD 000’s
6 months ended 30 June 2014
108,888
6 months ended 30 June 2013
85,481
12 months ended 31 December 2013
193,487
12 months ended 31 December 2012
168,241
12 months ended 31 December 2011
120,245
The other major customer is Exxon Mobil in Yemen and the revenue for the year/period from Exxon Mobil was:
USD 000’s
6 months ended 30 June 2014
16,497
6 months ended 30 June 2013
24,920
12 months ended 31 December 2013
54,916