KUWAIT ENERGY plc GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2013
F-52
13.
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:
2013
2012
USD 000’s
USD 000’s
Profit for the year from continuing operations
20,157
69,365
Loss for the year from discontinued operations
(278,787)
(24,401)
(Loss) / profit for the year from continuing and discontinued operations
(258,630)
44,964
Shares
Shares
Weighted average number of shares for the purposes of basic earnings
per share (thousand)
325,034
319,515
Basic earnings per share (cents) from continuing operations
6.2
21.7
Basic loss per share (cents) from discontinued operations
(85.8)
(7.6)
Basic (loss) / earnings per share (cents) from continuing and
discontinued operations
(79.6)
14.1
b)
Diluted earnings per share
The earnings used in the calculation of diluted earnings per share are as follows:
2013
2012
USD 000’s
USD 000’s
Profit for the year from continuing operations
20,157
69,365
Loss for the year from discontinued operations
(278,787)
(24,401)
(Loss) / profit for the year from continuing and discontinued operations
(258,630)
44,964
The weighted average number of ordinary shares for the purposes 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
Weighted average number of ordinary shares used in the calculation of
diluted earnings per share (thousand)
325,034
319,515
Diluted earnings per share (cents) from continuing operations
6.2
21.7
Diluted loss per share (cents) from discontinued operations
(85.8)
(7.6)
Diluted (loss) / earnings per share (cents) from continuing and
discontinued operations
(79.6)
14.1
The impact of the convertible loans, disclosed in note 23, 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.
14.
DISCONTINUED OPERATIONS
During the year the management of the Group resolved to dispose of the Group’s Russia and Ukraine operations
as a part of its strategy to focus on Middle East and North Africa (MENA) region operations and negotiations
with several interested parties have subsequently taken place. These operations, which are expected to be sold
