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KUWAIT ENERGY plc
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 June 2014
47
22.
SHARE CAPITAL
6 months ended 30 June 2014:
The authorised share capital of the Company consists of 450.7 million shares of one Pound Sterling each, amounting
to Pound Sterling 450.7 million. The issued and paid up share capital at the 30 June 2014 consists of 328.8 million
Shares. During the period, the Company issued 1.4 million shares to employees as part of the employee incentive
scheme.
12 months ended 31 December 2013:
The authorised share capital of the Company consists of 450.7 million shares of one Pound Sterling each, amounting
to Pound Sterling 450.7 million. The issued and paid up share capital at the 31 December 2013 consists of 327.3
million shares.
On 22 July 2013 the Group issued 3.2 million shares to International Finance Corporation (IFC) in accordance with
the terms of the 2010 share subscription agreement signed with the lender. Further, the Company issued 1.2 million
shares to employees as part of the employee incentive scheme.
12 months ended 31 December 2012:
The authorised share capital of the Company consists of 325 million shares of one Pound Sterling each, amounting to
Pound Sterling 325 million. The issued and paid up share capital at the 31 December 2012 consists of 322.9 million
shares. During the year the Company issued 4.6 Million shares in relation to the business combination described in
note 23.
12 months ended 31 December 2011:
The authorised share capital of the Company consists of 325 million shares of one Pound Sterling each, amounting to
Pound Sterling 325 million. The issued and paid up share capital consists of 317.5 million shares.
The issued share capital of Kuwait Energy K.S.S.C. (see note 1) was 1,270,000 thousand shares of 100 fils each
amounting to KD 127,000 thousand. As part of the group restructuring described in note 1 the share capital has been
reduced in Kuwait Energy K.S.S.C. and new shares were issued by the new parent company, Kuwait Energy plc. The
resulting difference in the USD value of the new share capital issue has been recorded as merger reserve. In order to
provide meaningful financial statements under the merger accounting principles described in note 1, the share capital
of the parent company prior to the restructuring has been restated to reflect the relative value of the Kuwait Energy
plc shares at 31 December 2011.
23.
OTHER RESERVES
As at 30 June
As at 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
Shares to be issued
-
-
-
-
12,832
Share based compensation
reserve (see note 29)
-
-
-
-
1,699
Retirement benefit obligation
reserve
101
-
-
-
-
Foreign currency translation
reserve
-
(9,866)
-
(8,766)
(8,774)
101
(9,866)
-
(8,766)
5,757
The shares to be issued reserve in 2011 represents additional consideration due on the acquisition of Pechora Energy
Company in Russia in 2009, with a corresponding increase recorded in property, plant and equipment. This
contingent consideration was based on the volume of certified commercial reserves, the threshold for which was met
during 2012. The related shares were issued in full during 2012 with the elimination of the corresponding amount
from the other reserves.