4 / 46
KUWAIT ENERGY PLC
INDEPENDENT AUDITOR’S REPORT
4
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF KUWAIT ENERGY PLC
We have audited the consolidated financial statements of Kuwait Energy plc for the year ended 31 December 2016 which
comprise the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Balance
Sheet, Consolidated Statement of Changes in Equity, Consolidated Statement of Cash Flows and the related notes 1 to
33. The financial reporting framework that has been applied in their preparation is applicable law and International
Financial Reporting Standards (IFRSs) as adopted by the European Union.
This report is made solely to the Company’s members, as a body, in accordance with Article 113A of the Companies
(Jersey) Law 1991. Our audit work has been undertaken so that we might state to the Company’s members those matters
we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body,
for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditor
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of
the consolidated financial statements and for being satisfied that they give a true and fair view. Our responsibility is to
audit and express an opinion on the consolidated financial statements in accordance with applicable law and
International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices
Board’s Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or
error. This includes an assessment of: whether the accounting policies are appropriate to the group’s circumstances and
have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made
by the directors; and the overall presentation of the financial statements. If we become aware of any apparent material
misstatements we consider the implications for our report.
Opinion on consolidated financial statements
In our opinion the consolidated financial statements:
give a true and fair view of the state of the group’s affairs as at 31 December 2016 and of the group’s loss for
the year then ended;
have been properly prepared in accordance with IFRSs as adopted by the European Union; and
have been properly prepared in accordance with the Companies (Jersey) Law 1991.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies (Jersey) Law 1991 requires us to
report to you if, in our opinion:
proper accounting records have not been kept by the parent company, or proper returns adequate for our
audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.
Deloitte SA
Mark Valentin
Partner
Geneva, Switzerland
Robert Purdy
Director
27 April 2017