15 / 23
KUWAIT ENERGY PLC
NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS
Six months ended 30 June 2015
14
4.
TAXATION
Year ended
Six months ended 30 June
31 December
2015
Unaudited
2014
Unaudited
2014
Audited
USD 000’s USD 000’s USD 000’s
Tax on profit on ordinary activities
Current tax:
UK (Jersey) tax
-
-
-
Foreign tax
1,168
5,455
8,800
Total Corporation tax
1,168
5,455
8,800
5.
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 were classified as discontinued in that period.
6.
EARNINGS PER SHARE
The calculation of basic earnings per share is based on the loss for the period after taxation attributable to owners of the
Company from continuing operation of USD 9,863 thousand (31 December 2014: profit of USD 46,750 thousand, 30
June 2014 restated: profit of USD 52,398 thousand), the loss for the period after taxation attributable to owners of the
Company from continuing and discontinued operation of USD 9,863 thousand (31 December 2014: profit of USD
42,711 thousand, 30 June 2014 restated: profit of USD 49,798 thousand) and a weighted average number of shares, net
of treasury shares, of 326,137 thousand (31 December 2014: 328,609 thousand, 30 June 2014: 328,494 thousand).
There was no difference between basic and diluted earnings per share for any of the periods shown. The only potential
dilutive instruments were the convertible loans. However, the related impact on dilutive earnings per share is not
included in the calculation as the number of shares that could be exercised is dependent on certain future events.