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KUWAIT ENERGY PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2015
20
5.
SEGMENTAL INFORMATION
The information reported to the Group’s chief operati
ng decision maker for the purposes of resource allocation and
assignment of segment performance is specifically focused on the geographical area (country), namely Egypt, Yemen,
Iraq and rest of the world (included in Others).
The Group’s revenues
are only from oil and gas sales, therefore all information is being presented for geographical
segments. All of the segment revenue reported below is from external customers. No revenue or assets arose in or relate
to Jersey, the Company’s country of domicile
, in either year.
Other operations include discontinued operations, unallocated expenditure and net liabilities of a corporate nature. The
liabilities comprise the Company’s external debt and other non
-attributable corporate liabilities. The unallocated capital
expenditure for the year comprises the acquisition of non-attributable corporate assets.
Information about major customers
The
Group’s largest customer is
EGPC. Revenue for the year from EGPC, which all arises in the Egypt segment, was
approximately USD 146.8 million (2014: USD 213.6 million). The Group
’s
other major customer is Exxon Mobil in
Yemen and the revenue for the year from Exxon Mobil was USD 8.9 million (2014: USD 48.0 million), all of which
arose in the Yemen segment.
The
following is an analysis of the Group’s revenue and results by reportable segments:
Egypt
Yemen
Iraq
Others
Total
USD
000’s
USD
000’s
USD
000’s
USD
000’s
USD
000’s
31 December 2015
Segment revenues
146,774
8,868
-
-
155,642
Segment operating profit/(loss)
(5,498)
(34,338)
8,533
(9,715)
(41,018)
Share of results of Joint Venture
-
-
-
445
445
Fair value loss on convertible loans
(9,261)
Other income
1,231
Foreign exchange loss
(1,851)
Finance costs
(9,654)
Loss before tax
(60,108)
Taxation charges
(2,259)
Loss for the year from continuing
operations
(62,367)
Loss from discontinued operations
-
Loss for the year
(62,367)
Segment assets
288,959
86,198
401,718
83,547
860,422
E&E assets
11,792
20,871
-
-
32,663
PP&E
202,805
45,764
371,467
1,535
621,571
Segment liabilities
48,210
22,828
52,878
381,585
505,501
Other information
Exploration expenditure written off
2,590
11,628
-
-
14,218
Impairment of oil and gas assets
35,810
8,544
24,656
-
69,010
Additions to E&E
8,037
2,705
-
-
10,742
Additions to PP&E
59,532
(410)
163,113
30
222,265
Depreciation, Depletion and
Amortisation
62,869
5,213
-
1,065
69,147
67