30
31
Annual Report 2018
Eleven: Subsidiaries and Sister Companies
Thirteen: Description of debt instrument activities
Transferable debt instruments
Owner- ship
Headquarters
Activity
Capital
Type
Company
Bahri has not issued or granted any transferable debt instruments, contractual securities, memoranda on subscription rights or any similar rights in 2018. Bahri has not issued or granted any transfer or subscription rights by virtue of any transferable debt instruments, contractual securities, memoranda on subscription rights or any similar rights in 2018. Transfer or subscription rights under debt instruments
National Shipping Company of Saudi Arabia (Bahri), USA
Based in Baltimore, Maryland, USA, with its base of operations in the USA Based in Dubai, UAE, and operates around the world Based in Riyadh Saudi Arabia, and operates around the world Based in Riyadh Saudi Arabia, and operates around the world Based in Dubai, UAE, and operates around the world Based in Singapore, and operates around the world Based and operates in Ras Al-Khair Saudi Arabia
Bahri Ship Agent
3,750,000 Limited Liability Company
100%
Ships Technical Management
Mideast Ship Management Ltd. National Chemical Carriers Company
307,000 Limited Liability Company
100%
Petrochemicals Transportation 610,000,000 Limited Liability Company Dry bulk Transportation 200,000,000 Limited Liability Company
80%
Redeemable debt instruments
Bahri Dry Bulk LLC (BDB) Based in Riyadh Saudi Arabia, and operates around the world
60%
There has been no purchase or cancellation of any redeemable debt instruments by Bahri.
Joint Limited Liability Company
Logistical Services 30,000,000
60%
BahriBolloré Logistics
Fourteen: Operational results
Dry bulk Transportation 18,750,000 Limited Liability Company
The Company’s revenues have witnessed increases over 2018 compared to 2017 due to the addition of new vessels to the Company’s fleet and the improved performance of our business units. Despite the decline in shipping rates and increase in fuel costs over the current period compared to 2017, the new fleet additions and performance improvements helped offset the effects of these negative factors on operating profits and profitability of the current period.
The net profit decline for the current period compared to the previous year, however, is mainly due to the impact of non-operating items. They include the losses of SAR 119 million incurred in associates during the current year compared to the profits of SAR 82 million the previous year, in addition to an increase of financing expenses of SAR 81 million this year. Generally, there has been no substantial difference between the
operational results of 2018 and 2017. However, fleet expansion and performance improvements minimized the effects of declining maritime transportation rates on the Company’s performance. Moreover, our financial results exceeded expectations when compared to the performance of global transportation and shipping companies and decline of shipping rates due to the difficulties and challenges faced by global shipping companies.
36%
BahriBunge Dry Bulk*
Liquefied Natural Gas (LNG) Transportation
22,917,000 Limited Liability Company
30.3%
Petredec Company Ltd.
Joint Limited Liability Company
Maritime Industries
International Maritime Industries Company (IMI)
1,107,000,000
19.9%
* The Group owns an indirect controlling interest in BahriBunge Dry Bulk through Bahri Dry Bulk LLC (BDB). Twelve: Loans and Sukuk received by the Company and subsidiaries according to audited financial statements Thousands (SAR) Company Note Original loan amount Opening balance Balance added during the year Ending balance Loan term (years)
Fifteen: Bahri assets, liabilities and business results for the last five fiscal years Bahri has an exceptional financial position that reflects its strong performance and indicates the high solvency the Company was able to achieve and maintain. The table below is a summarized version of Bahri’s business, assets and liabilities for the previous five fiscal years
Payments during the year
Lender
Bahri Financial Information and Business Results (2014-2018) 000s SAR
Sukuk 3,900,000 3,900,000
0
0
3,900,000
7
Public offering
2018
2017
2016
2015
2014
Item
Short-term
Local and international banks Local and international banks, Public Investment Fund (PIF) Local and international banks, Public Investment Fund (PIF)
0
580,000 490,000 90,000
-
6,129,910
6,045,835
6,788,484 1,717,871 20,837,255 10,750,158
7,502,120 1,817,583 19,096,651 9,397,573
3,626,412
Revenues
loans 1,012,500*
Bahri
Long-term loans
481,238
800,313
533,840
Net period profit Total assets Total liabilities
6,918,535 4,189,908 806,825 800,342 4,196,391
10
21,197,644 11,378,343
21,182,583 11,264,552
17,144,411 8,959,142
Total
11,831,035 8,089,908 1,386,825 1,290,342 8,186,391
Long-term loans
3,001,900 1,917,724
0
245,547 1,672,176
10
Total liabilities
Total assets
Net profit of the year
Revenue
Bahri Chemicals
21,197,644
6,129,910
2018 2017 2016 2015 2014
Total
3,001,900 1,917,724
0
245,547 1,672,176
10
11,378,343
481,238
21,182,583
6,045,835
Short-term loans Long-term loans
75,000*
0
6,000
0
6,000
1
Local bank
11,264,552
800,313
20,837,255
6,788,484
Bahri Dry Bulk
528,000 324,450 108,000
29,400 403,050
10
10,750,158
1,717,871
Local bank
19,096,651
7,502,120
9,397,573
1,817,583
Total
603,000 324,450 114,000
29,400 409,050
17,144,411
3,626,412
8,959,142
533,840
Information in 000s SAR
*Total credit limits available for short-term loans.
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