KUWAIT ENERGY plc GROUP
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Three months ended 31 March 2014
F-16
6.
EARNINGS PER SHARE (CONITNUED)
b)
Diluted earnings per share
The earnings and weighted average number of shares used in the calculation of diluted 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)
The weighted average number of ordinary shares for the purpose of diluted earnings per share reconciles
to the weighted average number of ordinary shares used in the calculation of basic earnings per share as
follows:
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)
The impact of the convertible loans, disclosed in note 13, on dilutive earnings per share is not included in the
calculation above as the number of shares that could be exercised is dependent on certain future events.
7.
INTANGIBLE EXPLORATION AND EVALUATION ASSETS
Exploration and
evaluation assets
USD 000’s
Cost
As at 1 January 2013
182,968
Additions
78,928
Exploration expenditure written off in relation to discontinued operations
(18,622)
Other exploration expenditure written off
(47,822)
As at 31 December 2013
195,452
Additions
8,630
As at 31 March 2014
204,082
At 31 March 2014, exploration costs of USD 204,082 thousand (December 2013: 195,452 thousand) were not
amortised, pending further evaluation of whether or not the related oil and gas properties are commercially viable.
