AFR Afren

 Other gains and losses: 
  - fair value of financial 
   assets and liabilities                                                                             0.7 
  - share of joint venture 
   loss                                      (1.7)                                                  (1.7) 
  - forex and finance income                                                                         11.0 
===================================  =============  ============  ==========  ============  ============= 
 Loss before tax                                                                                (1,955.0) 
============================================================================  ============  ============= 
 Income tax credit                                                                                  303.9 
===================================  =============  ============  ==========  ============  ============= 
 Loss after tax                                                                                 (1,651.1) 
                                                                              ============  ============= 
 Loss for the year                                                                              (1,651.1) 
===================================  =============  ============  ==========  ============  ============= 
 
 Segment assets - non-current              1,944.5           0.7         0.5           2.0        1,947.7 
 Segment assets - current                    529.0           0.3         6.1         151.6          687.0 
 Segment liabilities                     (1,365.6)         (8.2)      (45.8)       (965.9)      (2,385.5) 
 Capital additions - oil and 
  gas assets                                 547.8             -       145.9             -          693.7 
 Capital additions - exploration 
  and evaluation                              83.4          32.1        27.9             -          143.4 
 Capital additions - other                     2.1             -           -           2.8            4.9 
 Depletion, depreciation and 
  amortisation                             (365.4)         (0.2)       (0.6)         (4.2)        (370.4) 
 Impairment of property, plant 
  and equipment                            (273.0)             -     (932.6)             -      (1,205.6) 
 Impairment of exploration 
  and evaluation assets                    (198.9)       (360.7)     (265.2)        (14.3)        (839.1) 
 Impairment of goodwill                    (115.2)             -           -             -        (115.2) 
 Share of joint venture loss                 (1.7)             -           -             -          (1.7) 
===================================  =============  ============  ==========  ============  ============= 
 

2. Operating segments continued

 
                                         Nigeria                Kurdistan 
                                       and other                region of 
                                     West Africa  East Africa        Iraq  Unallocated  Consolidated 
                                            US$m         US$m        US$m         US$m          US$m 
==================================  ============  ===========  ==========  ===========  ============ 
Three months to 31 March 2014 
Revenue by origin                          269.0            -           -            -         269.0 
 
Operating gain/(loss) before 
 derivative financial instruments           81.7        (0.1)       (2.5)        (3.1)          76.0 
Derivative financial instruments 
 losses                                    (2.9)            -           -        (0.7)         (3.6) 
==================================  ============  ===========  ==========  ===========  ============ 
Segment result                              78.8        (0.1)       (2.5)        (3.8)          72.4 
Finance costs                                                                                 (19.9) 
Other gains and losses: 
 - fair value of financial 
  assets & liabilities                                                                           0.4 
 - forex and finance income                                                                      2.9 
Profit before tax                                                                               55.8 
                                                                           ===========  ============ 
Income tax credit                                                                               16.7 
==================================  ============  ===========  ==========  ===========  ============ 
Profit after tax                                                                                72.5 
Profit for the period                                                                           72.5 
==================================  ============  ===========  ==========  ===========  ============ 
 
Segment assets - non-current             2,023.6        304.6     1,052.8         21.0       3,402.0 
Segment assets - current                   615.2          3.4        15.8        133.5         767.9 
Segment liabilities                    (1,254.7)       (38.2)      (24.2)      (972.6)     (2,289.7) 
Capital additions - oil and 
 gas assets                                 52.8            -        42.6            -          95.4 
Capital additions - exploration 
 and evaluation                              8.7          8.7         6.5        (0.5)          23.4 
Capital additions - other                    0.6          0.1         0.1          1.9           2.7 
Depletion, depreciation and 
 amortisation                             (99.4)        (0.1)       (0.1)        (0.6)       (100.2) 
Impairment of exploration 
 and evaluation assets                     (0.3)        (0.3)           -            -         (0.6) 
==================================  ============  ===========  ==========  ===========  ============ 
 
 

Advisers and Company Secretary

 
 
 
   Company Secretary and Registered 
   Office 
   Elekwachi Ukwu 
   Afren plc 
   Kinnaird House 
   1 Pall Mall East 
   London SW1Y 5AU 
 Broker 
  Morgan Stanley 
  20 Bank Street 
  London E14 4AD 
  www.morganstanley.com 
 Auditor 
  Deloitte LLP 
  Chartered Accountants and 
  Registered Auditor 
  2 New Street Square 
  London EC4A 3BZ 
  www.deloitte.com 
 Financial PR Advisers 
  Bell Pottinger 
  5th Floor 
  Holborn Gate 
  330 High Holborn 
  London 
  WC1V 7QD 
  www.bell-pottinger.co.uk 
 Registrars 
  Computershare Investor 
  Services PLC 
  PO Box 82, The Pavilions 
  Bridgwater Road 
  Bristol BS99 7NH 
  www-uk.computershare.com 
 
   Legal Advisers 
   White & Case LLP 
   5 Old Broad Street 
   London EC2N 1DW 
   www.whitecase.com 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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