Annual Report 2017
152
153
Consolidated Statement of Cash Flows For the year ending December 31, 2017 (In Thousands Saudi Riyals)
11 Consolidated Financial Statements
Note
2017
2016
OPERATING ACTIVITIES Net income for the year
Consolidated Statement of Comprehensive Income For the year ending December 31, 2017 (In Thousands Saudi Riyals)
806,511
1,749,726
Adjustments to reconcile net income for the year: Depreciation of property and equipment
6 8
801,567 52,471
914,922 52,732 (15,452) (18,955) 239,561 (147,044) 32,942 (43,527) 2,764,905 (37,065) (66,398) (38,716) 36,109 (341,307)
2016 (Note 32)
Amortization of intangible assets
Note
2017
Provision (reversal of provision) for doubtful debts, net
13
1,638
Finance income Finance costs
(8,344) 308,435 (82,153) (5,286) 100,760
24
Net income for the year
806,511
1,749,726
Share in results of an associate
9
Items that will not be reclassified to consolidated statement of income Re-measurement gain on defined benefit plans
(Gain) loss on disposal of property and equipment Provision (reversal of provision) for zakat and taxes
23 21
19
1,352
4,367
1,975,599
Total comprehensive income for the year
807,863
1,754,093
Changes in operating assets and liabilities: Inventories
Total comprehensive income attributable to: Equity holders of the parent company
(50,084) (404,897)
801,665
1,722,238
Trade receivables
Non-controlling interests
31
6,198
31,855
Prepayments and other current assets
16,864 73,135
Total comprehensive income for the year
807,863
1,754,093
Receivables from finance lease
Trade and other payables
(152,105)
The accompanying notes 1 to 34 form an integral part of these consolidated financial statements.
Employees’ benefits
10,468
10,924
Cash generated from operations
1,468,980 (262,581)
2,328,452
Finance costs paid Zakat and taxes paid
(98,764) (33,731) (1,800) (6,424)
21
(76,049) (1,800) (5,131)
Board members’ compensation paid
Employees’ benefits paid
Net cash flows from operating activities INVESTING ACTIVITIES Acquisition of property and equipment
1,123,419
2,187,733
6,7
(827,373)
(1,798,166)
Proceeds from disposal of property and equipment
6 7 9
7,582
47,913
Ships under construction Investment in an associates
(784,955) (74,625)
(327,834)
-
Dividends received from an associate
9-1
34,090
51,137 18,955
Proceeds from finance income
8,344
Other investments
12,822
(40)
Non-controlling interests
7,446
-
Net cash flows used in investing activities
(1,616,669)
(2,008,035)
FINANCING ACTIVITIES Proceeds from long term loans Proceeds from short term loans Repayment of long term loans Repayment of short term loans
18 18 18 18 30
1,586,640
2,146,128 781,688 (503,656) (781,688) (982,039) 660,433 840,131 1,239,862 2,079,993
-
(1,001,146)
-
Dividends paid
(981,796) (396,302) (889,552) 2,079,993 1,190,441
Net cash flows (used in) from financing activities (Decrease) increase in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December
15 15
Major non-cash transactions: Ships under construction transferred to property and equipment
7
1,061,130
192,170
The accompanying notes 1 to 34 form an integral part of these consolidated financial statements.
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