Annual Report 2017
154
155
Notes to the Consolidated Financial Statements December 31, 2017 (In Thousands Saudi Riyal (
11 Consolidated Financial Statements
1. THE COMPANY, ITS SUBSIDIARIES AND ITS BUSINESS DESCRIPTION The National Shipping Company of Saudi Arabia (the “Company”, “Bahri” or “Parent”), A Saudi Joint Stock Company was established under the Royal Decree No. M/5 dated 12 Safar 1398H (corresponding to 21 January 1978), and registered under Commercial Registration No. 1010026026 dated 1 Dhul Hijjah 1399H, (corresponding to 22 October 1979) issued in Riyadh. The Company’s head office is located in Olya district, Olya Towers (Tower B), Floors (12-15), P.O Box 5101, Riyadh, 1142, Kingdom of Saudi Arabia The Company and its subsidiaries listed below (the “Group”) are primarily engaged in purchasing, sale and operating of vessels for the transportation of cargo and passengers, agencies for maritime shipping companies, cargo clearance and coordination on vessels’ board transport and storage, and all of the marine transport activities. The Group is also engaged in the ownership of lands, properties inside or outside the Kingdom, ownership of shares in other existing companies or merges with them and participates with others in establishing companies with similar activities or complementary activities. The Group performs its operations through four segments which are crude oil transportation, chemicals transportation, logistics services and dry bulk transportation. The Company’s capital consists of 393,750 thousand shares as of December 31, 2017 and December 31, 2016. The par value per share is SAR 10.
Consolidated Statement of Changes in Equity )For the year ending December 31, 2017 (In Thousands Saudi Riyal
Attributable to equity holders of the parent company
Non- controlling interests
Share capital
Statutory reserve
Other reserves
Retained earnings
Total equity
Total
Balance as at 1 January 2016
3,937,500 2,197,890 (11,061)
2,817,536 8,941,865 377,314 9,319,179
Net income for the year Other comprehen- sive income Total comprehen- sive income for the year Transferred to stat- utory reserve Dividends (note 30) Board members’ compensation Balance as at 31 December 2016 Net income for the year Other comprehen- sive income Total comprehen- sive income for the year Transferred to stat- utory reserve Balance as at 1 January 2017
-
-
1,717,871 1.717.871
31,855
1,749,726
-
-
-
The subsidiary companies incorporated into these consolidated financial statements of the group include:
4,367
4,367
4,367
-
-
Ownership % Principal Activity 2017 2016
Date of incorporation
Subsidiary
Location
-
-
4,367
1,717,871 1,722,238
31,855
1,754,093
Company’s ship agent Ships technical management Petrochemicals transportation Dry bulk transportation
100 ٪
100 ٪
NSCSA Inc. - USA
1991
USA
- -
- -
-
- -
-
175,914
(175,914) (984,375)
-
(984,375)
(984,375)
100 ٪
100 ٪
Mideast Ship Management Limited (JLT)
2010
UAE
-
-
-
-
(1,800)
(1,800)
(1,800)
80 ٪
80 ٪
National Chemical Carriers Limited Co. (NCC)
1990
KSA
3,937,500 2,373,804
(6,694)
3,373,318 9,677,928 409,169 10,087,097
Bahri Dry Bulk LLC and its Subsidiary* (BDB)
60 ٪
60 ٪
2010
KSA
60 ٪
BahriBolloré Logistics**
2017
-
Logistic Services KSA
3,937,500 2,373,804
(6,694)
3,373,318 9,677,928 409,169 10,087,097
*During 2017, Bahri Dry Bulk LLC (a subsidiary) and Koninklijke Bunge B.V. (Netherlands Company) has established Bahri Bunge Dry Bulk Ltd in the UAE, with capital of SAR 18.7 million. The Company engages in chartering vessels for the purpose of importing and exporting dry bulk commodities between the Middle East and the world. Bahri Dry Bulk Company owns 60% of share capital. **During 2017, BahriBollore Logistics company was established in Saudi Arabia with a capital of SAR 15 million. The company’s responsibilities are to provide comprehensive logistics services including freight brokerage, transportation and all services associated with transportation. Bahri owns 60% of share capital. The company paid its capital share during 2018.
-
-
-
800,313 800,313
6,198 806,511
-
-
-
-
1,352
1,352
1,352
-
-
1,352 800,313 801,665
6,198 807,863
-
-
-
-
-
80,031
(80,031)
Non-controlling interest share
The following are the associated companies that are not consolidated into these consolidated financial statements of the Group (note 9):
- -
- -
- -
-
-
7,446
7,446
-
(984,375)
(984,375)
(984,375)
Dividends (note 30) Balance as at 31 December 2017
Ownership % Principal Activity 2017 2016
Date of incorporation
Associate
Location
3,937,500 2,453,835
(5,342)
3,109,225 9,495,218 422,813 9,918,031
30.30 ٪ Liquefied
30.30 ٪
Petredec Limited
1980
petroleum gas transportation
Bermuda
The accompanying notes 1 to 34 form an integral part of these consolidated financial statements.
Maritime industries
19.9 ٪
International Maritime Industries Company
2017
-
KSA
Group's Fleet: As at December 31, 2017, the Group owns eighty-eight vessels (December 31, 2016: eighty-three vessels, January 1, 2016: seventy-five vessels) operating in various sectors as the following: Crude oil transportation sector: Consists of forty-six (December 31, 2016: forty-one vessels, January 1, 2016: thirty-eight vessels)Very Large Crude Carriers (VLCCs), out of which forty are operating in the spot market, while five product tankers are chartered to Saudi Arabian Oil Company (Saudi Aramco).
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