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KUWAIT ENERGY PLC
NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS
For the nine month period ended 30 September 2017
10
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 September 2017
Segment revenues
81,592
64,277
-
-
145,869
Segment operating profit/(loss)
37,826
27,268
(2,762)
(14,142)
48,190
Share of results of joint venture
1,773
Change in fair value of convertible loans
(23,158)
Other income
842
Foreign exchange gain
302
Finance costs
(10,381)
Profit before tax
17,568
Taxation charge
(5,838)
Profit for the period
11,730
Segment assets
220,106
492,129
80,047
27,921
820,203
E&E assets
4,380
-
22,180
-
26,560
PP&E
103,164
393,283
45,725
781
542,953
Segment liabilities
25,344
83,964
19,086
440,363
568,757
Other information:
Net impairment of oil and gas assets
-
3,876
-
-
3,876
Exploration expenditure written off
1,540
-
-
-
1,540
Additions to E&E
1,717
-
476
-
2,193
Additions to PP&E
3,768
74,821
313
-
78,902
Depreciation, Depletion and
Amortisation
20,412
22,586
-
229
43,227