KUWAIT ENERGY plc GROUP
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Three months ended 31 March 2014
F-22
the carrying amounts approximate to their fair value.
Fair value measurement hierarchy for financial assets and financial liabilities that are carried at fair value is as
follows:
31 March 2014
Level 1
Level 2
Level 3
Total
USD 000’s
USD 000’s
USD 000’s
USD 000’s
Financial assets measured at fair value
Assets classified as held for sale
-
-
50,774
50,774
Financial liabilities measured at fair value
Liabilities directly associated with assets
classified as held for sale
-
-
36,274
36,274
Financial liabilities at fair value
through profit and loss account (FVTPL):
- Convertible loans
-
-
114,772
114,772
- Derivative financial instruments
-
81
-
81
31 December 2013
Level 1
Level 2
Level 3
Total
USD 000’s
USD 000’s
USD 000’s
USD 000’s
Financial assets measured at fair value
Assets classified as held for sale
-
-
51,274
51,274
Financial liabilities measured at fair
value
Liabilities directly associated with assets
classified as held for sale
-
-
36,274
36,274
Financial liabilities at fair value
through profit and loss account (FVTPL):
- Convertible loans
-
-
112,551
112,551
- Derivative financial instruments
-
162
-
162
There were no transfers between Level 1, Level 2 and Level 3 fair value measurements during the period.
The following table shows a reconciliation of all movements in the fair value of financial instruments categorised
within Level 3 between the beginning and the end of the reporting period.
Asset classified as
held for sale (net)
Convertible
loans
USD 000’s
USD 000’s
Opening asset/(liability) balance as at 1 January 2014
15,000
(112,551)
Losses arising in the period
(1,400)
(3,901)
Payment
900
1,680
Closing balance as at 31 March 2014
14,500
(114,772)
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