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KUWAIT ENERGY plc
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 June 2014
59
33.
FINANCIAL INSTRUMENTS (CONTINUED)
Fair value measurement (continued)
30 June 2013
Level 1
Level 2
Level 3
Total
USD 000’s
USD 000’s
USD 000’s
USD 000’s
Financial liabilities measured at fair value
Financial liabilities at fair value
through profit and loss account (FVTPL):
- Convertible loans
-
-
108,542
108,542
- Derivative financial instruments
-
327
-
327
31 December 2013
Financial assets measured at fair value
Assets classified as held for sale
-
-
51,274
51,274
Financial liabilities measured at fair value
Liabilities directly associated with assets
classified as held for sale
-
-
36,274
36,274
Financial liabilities at fair value
through profit and loss account (FVTPL):
- Convertible loans
-
-
112,551
112,551
- Derivative financial instruments
-
162
-
162
31 December 2012
Financial liabilities measured at fair value
Financial liabilities at fair value
through profit and loss account (FVTPL):
- Convertible loans
-
-
87,244
87,244
- Derivative financial instruments
-
484
-
484
31 December 2011
Financial liabilities measured at fair value
Financial liabilities at fair value
through profit and loss account (FVTPL):
- Derivative financial instruments
-
750
-
750
There were no transfers between Level 1, Level 2 and Level 3 fair value measurements during the period/year.
The following table shows a reconciliation of all movements in the fair value of financial instruments categorised
within Level 3 between the beginning and the end of the reporting period.
Asset classified as
held for sale (net)
Convertible
loans
USD 000’s
USD 000’s
Opening asset/(liability) balance as at 1 January 2014
15,000
(112,551)
Losses arising in the period
(2,600)
(8,593)
Proceeds from disposal
(5,000)
-
Payment
900
4,022
Closing balance as at 30 June 2014
8,300
(117,122)
Total losses for the period included in profit or loss for assets held at
the end of the reporting period
2,600
6,712*
*Net of amounts capitalised within finance costs of USD 1,881 thousand (see note 25).