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KUWAIT ENERGY PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2015
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11.
DISCONTINUED OPERATIONS
During 2014 the Group completed the disposal of its assets in Russia and Ukraine as a part of its strategy to focus on
Middle East and North Africa (MENA) region operations. This disposal was accounted for in 2014 and the results of
those operations in that period, which constituted revenue of USD 9.2 million, expenses of USD 10.1 million and
impairment and other charges of USD 3.1 million, were classified as discontinued in that period. The cash flow
associated with the discontinued operations in 2014 comprised an operating cash outflow of USD 0.9 million and an
investing cash inflow of USD 13.3 million.
12.
(LOSS)/EARNINGS PER SHARE
a)
Basic (loss)/earnings per share
The earnings and weighted average number of shares used in the calculation of basic (loss)/earnings per share are as
follows:
Year ended
2015
Year ended
2014
USD 000’s
USD 000’s
(Loss)/profit for the year from continuing operations attributable to owners
of the Company
(62,220)
46,750
Loss for the year from discontinued operations
-
(4,039)
(Loss)/profit for the year from continuing and discontinued operations
attributable to owners of the Company
(62,220)
42,711
Year ended
2015
Year ended
2014
Weighted average number of shares, net of treasury shares, for the purpose of
basic (loss)/earning per share (thousands)
326,060
328,609
Basic (loss)/earning per share (cents) from continuing operations attributable
to owners of the Company
(19.1)
14.2
Basic loss per share (cents) from discontinued operations attributable to
owners of the Company
-
(1.2)
Basic (loss)/earning per share (cents) from continuing and discontinued
operations attributable to owners of the Company
(19.1)
13.0
b)
Diluted (loss)/earning per share
There was no difference between basic and diluted (loss)/earning per share for any of the years shown.
The only potential dilutive instruments were the outstanding Employee Incentive Scheme (EIS) share awards, which
have no material dilution impact on earnings per share, together with shares to be issued on conversion of convertible
loans (note 23) which are not included in the calculation for either period as the number of shares that could be
exercised is dependent on certain future events.
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