KUWAIT ENERGY plc GROUP
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Three months ended 31 March 2014
F-18
8.
PROPERTY PLANT AND EQUIPMENT
Oil and
gas assets
Other
fixed assets
Total
USD 000’s USD 000’s USD 000’s
Cost
(Restated)
As at 1 January 2013
776,929
14,440
791,369
Additions
109,152
2,869
112,021
Acquisition of subsidiary
129,922
-
129,922
Reclassified as held for sale
(331,625)
-
(331,625)
Reclassified to investment in joint venture (see note 9)
(91,809)
-
(91,809)
As at 31 December 2013
592,569
17,309
609,878
Additions
29,943
1,726
31,669
As at 31 March 2014
622,512
19,035
641,547
Depreciation, depletion, amortisation and impairment
losses
As at 1 January 2013
305,857
4,774
310,631
Charge for the period
93,201
1,912
95,113
Impairment
1,801
-
1,801
On assets reclassified as held for sale
(62,449)
-
(62,449)
Reclassified to investment in joint venture (see note 9)
(86,694)
-
(86,694)
As at 31 December 2013
251,716
6,686
258,402
Charge for the period
20,898
399
21,297
As at 31 March 2014
272,614
7,085
279,699
Carrying amount
As at 31 March 2014
349,898
11,950
361,848
As at 31 December 2013
340,853
10,623
351,476
The additions to oil and gas assets include USD 1,935 thousand (31 December 2013: USD 4,642 thousand) of
finance costs on qualifying assets capitalised during the period using a weighted average interest rate of 6.02%.
(31 December 2013: 6.62%)
The property, plant and equipment of certain subsidiary undertakings with a net book value of USD 277,016
thousand (31 December 2013: USD 287,733 thousand) are under registered mortgage to secure certain bank loans
(see note 12).
At 31 March 2014, the Group had committed capital expenditure of USD 114,677 thousand (31 December 2013:
USD 116,400 thousand)
9.
INVESTMENT IN JOINT VENTURE
31.03.14
Unaudited
31.12.13
Audited
(Restated)
USD 000’s
USD 000’s
Investment in Medco LLC Oman
11,673
10,598
11,673
10,598
Investment in joint venture represents the 20% share in Medco LLC Oman. The Group has adopted IFRS 11 in
2014 and as a result the net carrying value of the joint venture is shown separately in the balance sheet. During the
period the Group recognised an income of USD 1,075 thousand (3 months to 31 March 2013: USD 386 thousand)
as its share in the results of the joint venture.
