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KUWAIT ENERGY PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 June 2016
37
19.
SHARE CAPITAL
The authorised share capital of the Company consists of 451.2 million shares of GBP 1 each, amounting to GBP 451.2
million (31 December 2015: 451.2 million). The issued and paid up share capital as at 30 June 2016 consists of 359.2
million Shares (31 December 2015: 358.5 million).
During the period ended 30 June 2016, the Company issued 0.5 million (2015: 1.4 million) shares to the shareholders
of Kuwait Energy Company K.S.C.C. (KEC) for acquisition of non-controlling interests in KEC and 0.2 million (2015: nil)
shares to employees as part of the employee incentive scheme.
20.
OTHER RESERVES
Treasury
shares
Merger
Reserve
Retirement
benefit
obligation
reserve
Share based
compensation
reserve
Foreign
currency
translation
reserve
Total
US$ 000’s
US$ 000’s
US$ 000’s
US$ 000’s US$ 000’s
US$ 000’s
As at 1 January 2015
(73,749)
(33,809)
949
-
-
(106,609)
Acquisition of minority
interest
-
220
-
-
-
220
Other comprehensive
income for the period
-
-
445
-
-
445
Share-based payments
charges
-
-
-
331
-
331
As at 31 December 2015
(73,749)
(33,589)
1,394
331
-
(105,613)
Acquisition of minority
interest
-
89
-
-
-
89
Issue of shares
-
-
-
(311)
-
(311)
Share-based payments
charges
-
-
-
165
-
165
As at 30 June 2016
(73,749)
(33,500)
1,394
185
-
(105,670)
21.
BORROWINGS
During 2014, the Group issued US$ 250 million of 9.5% Senior guaranteed unsecured notes maturing in 2019 (the
“Notes”). Interest on the Notes is paid semi-annually in arrears on 4 February and 4 August. The Notes are listed on
the Global Exchange Market of the Irish Stock Exchange. The Notes are callable in whole, or, in part, at the option of
the Group prior to maturity, subject to certain conditions being satisfied.
Movement in carrying value of the Notes measured at amortised cost:
30 June 31 December
2016
2015
Audited
Audited
US$ 000’s
US$ 000’s
Par value payable on maturity
250,000
250,000
Unamortised initial transaction fees
(5,925)
(6,674)
Non-current portion
244,075
243,326
Interest accrued and payable within 12 months
(included in trade and other payables)
9,896
9,896
Carrying value as at end of the period
253,971
253,222
As at 30 June 2016, the fair value of the Notes measured at an ask price was US$ 236.2 million (31 December 2015:
US$ 230.2 million).