KUWAIT ENERGY PLC
NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS
For the six month period ended 30 June 2017
11
3.
SEGMENTAL INFORMATION
Information reported to the Group’s Executive Management, the chief operating decision maker, for the purposes of
resource allocation and assignment of segment performance is specifically focused on the geographical area, namely
Egypt, Iraq, Yemen and rest of the world (included in others). The Group has one class of business, being the
exploration, development, production and sale of crude oil and natural gas.
Other operations include unallocated expenditure and liabilities of a corporate nature comprising the Company’s
external debt and other non-attributable corporate liabilities. The unallocated capital expenditure for each period
comprises the acquisition of non-attributable corporate assets.
There has been no change in the basis of segmentation or in the basis of measurement of segment profit or loss in the
period.
The following is an analysis of the Group’s revenue and results by reportable segments:
Egypt
Iraq
Yemen
Others
Total
US$ 000’s US$ 000’s
US$ 000’s US$ 000’s US$ 000’s
30 June 2017
Segment revenues
54,775
40,623
-
-
95,398
Segment operating profit/(loss)
22,729
20,176
(1,993)
(11,539)
29,373
Share of results of joint venture
1,390
Change in fair value of convertible loans
(15,160)
Other income
537
Foreign exchange gain
254
Finance costs
(6,789)
Profit before tax
9,605
Taxation charge
(3,938)
Profit for the period
5,667
Segment assets
229,795
502,889
79,602
55,877
868,163
E&E assets
4,389
-
22,145
-
26,534
PP&E
104,926
385,334
45,826
849
536,935
Segment liabilities
40,520
91,334
19,783
471,235
622,872
Other information:
Exploration expenditure written off
1,531
-
-
-
1,531
Additions to E&E
1,717
-
441
-
2,158
Additions to PP&E
1,703
54,059
414
-
56,176
Depreciation, Depletion and
Amortisation
16,585
13,649
-
161
30,395