134
135
Annual Report 2018
Notes to the consolidated financial statements – continued For the year ended 31 December 2018
Notes to the consolidated financial statements – continued For the year ended 31 December 2018
23. OTHER INCOME / (EXPENSES), NET
26. RELATED PARTIES
The Group transacts with related parties in the ordinary course of its activities, as many of the Group’s transactions and arrangements are based on signed agreements between the Group and those companies. The balances are unsecured, interest-free and repayable on demand unless otherwise stated.
2018
2017
Impairment of assets
(13,987)
(31,725)
Operating revenues that generated from related parties as follows:
Finance Income
7,544
8,051 5,286 2,534
Gains (loss) from disposal of property and equip- ment
2018
2017
11,921
Others
5,240
ARAMCO and its subsidiaries - shareholder International Shipping and Transportation Co. Ltd. - affiliate Arabian Agricultural Services Company (ARASCO) - affiliate
2,288,360
2,480,029
10,718
(15,854)
460,466 112,059
43,530
112,367
24. FINANCE COSTS
Related party balances included in trade receivable (note 13) is as follows:
2018
2017
2018
2017
ARAMCO and its subsidiaries - shareholder International Shipping and Transportation Co. Ltd. - affiliate Arabian Agricultural Services Company (ARASCO) - affiliate
651,454 109,354
266,075 11,406
Murabaha financing Saudi Riyal sukuk Drivatives re-valuation
239,802 127,599 17,447
148,461 118,339 38,133
461
-
Commercial loans
4,265
3,502
761,269
277,481
389,113
308,435
Compensation of key management personnel:
2018
2017
25. EARNINGS PER SHARE
Salaries and compensations
8,425 2,643
10,147
Termination benefits Total Compensation
2,328
2018
2017
11,068
12,475
Net income for the year attributable to equity holders of the parent Company Weighted average number of ordinary shares outstanding during the year
481,238
800,313
393,750,000
393,750,000
27. JOINT OPERATIONS
1.22 1.22
2.03 2.03
Earnings per share – basic
Earnings per share – diluted
NCC, a subsidiary, acts as a ‘Manager’ for the Odfjell vessel, for the pool arrangement with Odfjell. As a manager, NCC has the responsibilities of conducting operations of Odfjell vessel, voyage planning, charter bunkering, invoicing and receiving revenue from customers, negotiating employment of the vessel. Odfjell bears the costs of technical managing, repairing, insuring, supply provisioning Odfjell vessel, perform any other obligations under financing/mortgage of Odfjell vessel. This arrangement accounted for as Joint arrangement since both the parties have control over some of the activities. NCC as a joint operator recognize its share of assets, liabilities, revenue and expenses in pool arrangement.
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