KUWAIT ENERGY plc GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2013
F-50
Depreciation of other fixed assets
1,912
1,888
8.
COST OF SALES
2013
(Restated)
2012
USD 000’s
USD 000’s
Operating costs
61,783
35,738
Depletion of oil and gas assets
93,201
60,973
154,984
96,711
9.
NET IMPAIRMENT LOSS
2013
(Restated)
2012
USD 000’s
USD 000’s
Impairment charge / (reversal)
1,801
(540)
1,801
(540)
During the year the company recognised an impairment loss on the block 5 and block 43 fields in Yemen
amounting to USD 1,541 thousand and 260 thousand respectively to match the carrying value of the assets to the
recoverable value measured on a value in use basis. During the previous year the company reversed an
impairment of USD 540 thousand earlier recognised on the Karim Small fields in Oman due to an increase in
commercial reserves. The pre-tax discount rate used in this calculation was 10% (2012: 10%).
10.
OTHER INCOME
2013
(Restated)
2012
USD 000’s
USD 000’s
Interest income
527
138
Others
72
85
599
223
11.
FINANCE COSTS
2013
(Restated)
2012
USD 000’s
USD 000’s
Unwinding of decommissioning provision
158
121
Borrowing costs on bank overdrafts and loans
14,552
3,356
Less: amount capitalised in cost of qualifying assets
(4,642)
(2,320)
10,068
1,157
12.
TAXATION
INCOME TAX EXPENSE
(Restated)
2013
2012
Tax on profit on ordinary activities
USD 000’s
USD 000’s
Current tax:
