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KUWAIT ENERGY plc
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 June 2014
35
9.
NET IMPAIRMENT LOSS
For the six months
period ended 30 June
For the year ended 31 December
2014
2013
2013
2012
2011
Audited
Unaudited
(Restated)
Audited
(Restated)
Audited
(Restated)
Audited
(Restated)
USD 000’s USD 000’s USD 000’s USD 000’s USD 000’s
Impairment charges
-
815
1,801
-
-
-
815
1,801
-
-
6 months ended 30 June 2013:
During the period the Company recognised an impairment loss on the block 43 field in Yemen amounting to USD
815 thousand to match the carrying value of the assets to the recoverable value measured on a value in use basis.
12 months ended 31 December 2013:
During the year the Company recognised an impairment loss amounting to USD 1,541 thousand on the block 5 field
in Yemen and USD 260 thousand, net of impairment loss reversal of USD 555 thousand in the second six months of
the year, on the block 43 in Yemen to match the carrying value of the assets to the recoverable value measured on a
value in use basis.
10.
OTHER INCOME
For the six months
period ended 30 June
For the year ended 31 December
2014
2013
2013
2012
2011
Audited
Unaudited
(Restated)
Audited
(Restated)
Audited
(Restated)
Audited
(Restated)
USD 000’s USD 000’s USD 000’s USD 000’s USD 000’s
Interest income
213
385
528
138
197
Others
56
27
71
85
187
269
412
599
223
384
11.
FINANCE COSTS (NET)
For the six months
period ended 30 June
For the year ended 31 December
2014
2013
2013
2012
2011
Audited
Unaudited
(Restated)
Audited
(Restated)
Audited
(Restated)
Audited
(Restated)
USD 000’s USD 000’s USD 000’s USD 000’s USD 000’s
Realised hedge loss (see note 28)
-
-
-
-
7,101
Unwinding of decommissioning
provision
101
99
158
121
83
Borrowing costs on bank
overdrafts and loans
6,719
6,421
14,552
3,356
5,464
Less: amount capitalised in cost of
qualifying assets
(3,268)
(1,792)
(4,642)
(2,320)
(5,140)
3,552
4,728
10,068
1,157
7,508