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KUWAIT ENERGY plc
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 June 2014
38
13.
DISCONTINUED OPERATIONS (CONTINUED)
The major classes of assets and liabilities of discontinued operations classified as held for sale are as follows.
Russia
Russia and Ukraine
30 June 2014
31 December 2013
USD 000’s
USD 000’s
Property, plant and equipment
4,351
32,236
Deferred tax assets
9,994
11,103
Inventories
709
1,094
Trade and other receivables
270
5,900
Cash and bank balances
790
941
Total assets classified as held for sale
16,114
51,274
Trade and other payables
4,590
15,611
Deferred tax liabilities
3,224
20,663
Total liabilities classified as held for sale
7,814
36,274
Net assets of operations classified as held for sale
8,300
15,000
The deferred tax asset shown above primarily arises in Russia, where losses have been incurred in 2011, 2012, 2013
and 2014. Management believes it is appropriate to recognize a deferred tax asset, as based on an independent
assessment of its commercial reserves, it expects to generate taxable profits in future years in Russia.
The cash flows associated with Russia and Ukraine operations classified as held for sale are as follows
For the six months
period ended 30 June
For the year ended 31 December
2014
2013
2013
2012
2011
Audited
Unaudited
Audited
Audited
Audited
USD 000’s USD 000’s USD 000’s USD 000’s USD 000’s
Operating cash flows
(900)
(891)
(2,440)
(3,634)
4,591
Investing cash flows
5,000
(9,529)
(18,450)
(30,384)
(20,883)
Financing cash flows
-
-
-
-
-
Total cash flows
4,100
(10,420)
(20,890)
(34,018)
(16,292)