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KUWAIT ENERGY plc
CONSOLIDATED INCOME STATEMENT
For the six months ended 30 June 2014
5
For the six months
period ended 30 June
For the year ended 31 December
2014
2013
2013
2012
2011
Audited
Unaudited
(Restated)
(1)
Audited
(Restated)
(1)
Audited
(Restated)
(1)
Audited
(Restated)
(1)
Notes USD 000’s USD 000’s USD 000’s USD 000’s USD 000’s
Continuing Operations
Revenue
6
131,004
117,102
262,494
182,976
138,518
Cost of sales
8
(55,304)
(64,632)
(132,226)
(75,816)
(52,989)
Gross profit
75,700
52,470
130,268
107,160
85,529
Exploration expenditure
written off
16
-
(43,852)
(73,255)
(14,304)
(18,053)
Net impairment losses
9
-
(815)
(1,801)
-
-
General and administrative
expenses
(11,883)
(13,938)
(26,261)
(20,791)
(17,903)
Operating profit/(loss)
63,817
(6,135)
28,951
72,065
49,573
Share in results of joint
venture
18
2,571
728
1,543
3,052
1,119
Gain/(loss) on held for
trading derivative
28
-
158
322
266
(75)
Fair value loss on convertible
loans
25
(6,712)
(5,799)
(12,071)
(4,528)
-
Other income
10
269
412
599
223
384
Foreign exchange (loss)/gain
(41)
(3,637)
(3,762)
320
683
Finance costs (net)
11
(3,552)
(4,728)
(10,068)
(1,157)
(7,508)
Profit/(loss) before tax
56,352
(19,001)
5,514
70,241
44,176
Taxation charge
12
(5,455)
(3,858)
(8,097)
(8,272)
(8,731)
Profit/(loss) for the
period/year from
continuing operations
50,897
(22,859)
(2,583)
61,969
35,445
Discontinued operations
Loss for the period/year from
discontinued operations
13
(2,600)
(27,681)
(278,787)
(24,401)
(16,960)
Profit /(loss) for the
period/year
48,297
(50,540)
(281,370)
37,568
18,485
Earnings/(loss) per share
from continuing operations
-
Basic (cents)
14
15.5
(7.1)
(0.8)
19.4
11.3
-
Diluted (cents)
14
15.5
(7.1)
(0.8)
19.4
11.3
Earnings/(loss) per share
from continuing and
discontinued operations
-
Basic (cents)
14
14.7
(15.6)
(86.6)
11.8
5.9
-
Diluted (cents)
14
14.7
(15.6)
(86.6)
11.8
5.9
(1)
Restated to show the investment and results from the Group’s joint venture in Oman using the equity method
following adoption of IFRS 11 on 1 January 2014 and to reflect the Group changing its accounting policy for oil and
gas exploration and evaluation expenditure from the “modified full cost method” to the “successful efforts” method.
Further details are provided in note 2. Equivalent restatements have also been made to the consolidated balance
sheet, consolidated cash flow statement and related supporting notes.