KUWAIT ENERGY plc GROUP
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Three months ended 31 March 2014
F-15
several interested parties have subsequently taken place. These operations, which are expected to be sold within 12
months from initial classification, have been classified as held for sale and presented separately in the balance sheet.
The results of these operations are classified under discontinued operations and have been included in the condensed
consolidated income statement as follows.
3 months ended
31.03.14
Unaudited
3 months ended
31.03.13
Unaudited
Year ended
31.12.13
Audited
USD 000’s
USD 000’s
USD 000’s
Revenue
3,549
6,277
23,363
Expenses
(4,449)
(8,946)
(70,868)
Impairment charge
(500)
-
(236,940)
Loss before tax
(1,400)
(2,669)
(284,445)
Attributable tax gain
-
-
5,658
Net loss attributable to discontinued operations
(1,400)
(2,669)
(278,787)
Subsequent to the period end the Group has completed the disposal of its assets in Ukraine for a sale consideration
equal to their net carrying value at 31 March 2014 of USD 5 Million and received the consideration.
During the period the assets and liabilities held for sale related to Russia have been written down to their fair value
less cost to sell of USD 9,500 thousand and an additional impairment of USD 500 thousand has been charged to the
consolidated income statement. The fair value of assets classified as held for sale is classified as Level 3. Level 3
fair value measurements are those derived from inputs that are not based on observable market data. This is a non-
recurring fair value arrived at by management judgement based on the non-binding offers received.
6.
EARNINGS PER SHARE
a)
Basic earnings per share
The earnings and weighted average number of shares used in the calculation of basic earnings per share are as
follows:
3 Months
ended
31.03.14
Unaudited
3 Months
ended
31.03.13
Unaudited
Year ended
31.12.13
Audited
USD 000’s
USD 000’s
USD 000’s
Profit for the period/year from continuing operations
20,288
11,748
20,157
Loss for the period/year from discontinued operations
(1,400)
(2,669)
(278,787)
Profit/(loss) for the period/year from continuing and
discontinued operations
18,888
9,079
(258,630)
Shares
Shares
Shares
Weighted average number of shares for the purpose of
basic earnings per share (thousands)
328,164
322,938
325,034
Basic earnings per share (cents) from continuing
operations
6.2
3.6
6.2
Basic loss per share (cents) from discontinued
operations
(0.4)
(0.8)
(85.8)
Basic earnings/(loss) per share (cents) from continuing
and discontinued operations
5.8
2.8
(79.6)
