KUWAIT ENERGY plc GROUP
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Three months ended 31 March 2014
F-12
Impact on condensed consolidated statement of cash flows:
Year ended
31.12.13
USD 000’s
Net decrease in cash generated by operating activities
(12,021)
Net decrease in cash used in investing activities
9,670
Net decrease in cash generated during the year
(2,351)
The other accounting standards adopted in the current period had no material impact.
3.
SEGMENTAL INFORMATION
IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the
Group that are regularly reviewed by the chief operating decision maker in order to allocate resources to the
segment and to assess its performance. The information reported to the Group’s chief operating decision maker
for the purposes of resource allocation and assignment of segment performance is specifically focused on the
geographical area (country). All of the segment revenue reported below is from external customers based on the
location of the assets.
The accounting policies of the reportable segments are the same as the Group’s accounting policies described in
the annual audited financial statements for the year ended 31 December 2013. Segment profit represents the
operating profit earned by each segment. This is the measure reported to the chief operating decision maker for
the purposes of resource allocation and assessment of segment performance.
For the purposes of monitoring segment performance and allocating resources between segments:
there are no assets used jointly by any reportable segment; and
there are no liabilities for which any segment is jointly liable other than the facilities from Deutsche Bank
(see note 12) amounting to USD 103.9 Million (31 December 2013: USD 104.5 Million) which has been
utilised jointly by the Company, Kuwait Energy Egypt Ltd and Kuwait Energy Yemen Ltd.
No revenue or assets arose in or relate to Jersey, the Company’s country of domicile, in any of the periods
presented.
Information about major customers
Included in revenues arising from Egypt for the three months ended is revenue of approximately USD 51,592
thousand (31 March 2013: USD 39,889 thousand) which arose from sales to the Group’s largest customer. The
other major customer is Exxon Mobil in Yemen and the revenue for the three month period from Exxon Mobil
was USD 12,560 thousand (31 March 2013: USD 13,204 thousand).
