KUWAIT ENERGY plc GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2012
F-100
10.
OTHER INCOME
2012
2011
USD 000’s
USD 000’s
Interest income
138
197
Reversal of account payable
2,675
-
Others
562
603
3,375
800
During the year the group reversed an amount owed to one of its creditors in Russia amounting to USD 2,675
thousand following a court decision on the disputed balance in favour of the group.
11.
FINANCE COSTS (NET)
2012
2011
USD 000’s
USD 000’s
Realised hedge loss (see note 24)
-
7,101
Unwinding of decommissioning provision
158
107
Borrowing costs on bank overdrafts and loans
10,456
5,681
Less: amount capitalised in cost of qualifying assets
(4,906)
(5,140)
5,708
7,749
12.
TAXATION
INCOME TAX EXPENSE
2012
2011
Tax on profit on ordinary activities
USD 000’s
USD 000’s
Current tax:
Corporation tax
8,713
8,957
Total current tax
8,713
8,957
Deferred tax:
Origination and reversal of temporary differences
(6,760)
912
Total deferred tax
(6,760)
912
Tax on profit on ordinary activities
1,953
9,869
Corporation tax in the Company’s country of domicile is calculated at 0% (2011: 0%) on assessable profits,
this rate being the applicable statutory tax rate for international businesses that are tax resident in Jersey.
Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.
