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KUWAIT ENERGY plc
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 June 2014
56
30.
RELATED PARTY TRANSACTIONS (CONTINUED)
a) Compensation of key management personnel:
Key management personnel are considered to be the Board of Directors of the Company.
The remuneration of key management personnel during the period/year was 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
Salaries and other short-term
benefits
712
718
1,667
1,627
1,938
Consultancy fees paid to non-
executive director
148
148
296
98
-
Post-employment benefits
16
16
33
22
102
Share-based payments
-
-
346
453
240
876
882
2,342
2,200
2,280
b) Agreement to purchase shares
11,000
11,000
11,000
11,000
11,000
The Chief Operating Officer (COO) of the Group has entered into an agreement with a third party on behalf of the
Group to purchase a specified number of shares of the Group held by that third party. Depending on the outcome of
certain future events, and unless otherwise agreed, the Group may be required to lend the COO the purchase price of
the shares, approximately USD 11 Million, until such time as the COO is able to sell the shares and repay the loan to
the company. At 30 June 2014 USD 1,744 thousand had been loaned to the COO under this arrangement. Subsequent
to the period end the Company has obtained shareholder approval to purchase all of the shares held by the COO and
to hold them as treasury shares. Further information is included in note 20.
31.
OPERATING LEASE ARRANGEMENTS
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
Minimum lease payments
under operating leases
recognised in the consolidated
statement of income
761
905
1,810
1,326
1,781
At the consolidated statement of financial position date, the Group had outstanding commitments for future minimum
lease payments under operating leases, which fall due as follows:
Within one year
1,214
1,356
1,442
1,888
1,410
Between two years and five
years
6
8
12
215
591
1,220
1,364
1,454
2,103
2,001
Operating lease payments represent rentals payable by the Group for certain of its office properties. Leases are
negotiated for an average term of one to two years and rentals are fixed for an average of two years with an option to
extend for a further two years at the then prevailing market rate.