Annual Report 2017
182
183
Notes to the Consolidated Financial Statements (continued) December 31, 2017 (In Thousands Saudi Riyal)
11 Consolidated Financial Statements
12. INVENTORIES
Notes to the Consolidated Financial Statements (continued) December 31, 2017 (In Thousands Saudi Riyal)
The balance of inventory, located on the vessels, is as follows:
January 1 , 2016
2017
2016
10. RECEIVABLES FROM FINANCE LEASE (continued)
The net lease receivable balance is summarized as follows:
186,718
Fuel
232,874
150,274
47,676
Lubricant
51,171
47,689
January 1, 2016
2017
2016
6,281
Others
6,714
5,647
240,675
290,759
203,610
157,860
Accounts receivable from finance leases
84,296
227,509
Fuel expenses recognized in the consolidated statement of income for the year ended amounted to SR 1,084 million December 31, 2017 (2016: SR 806 million).
148,875
Unguaranteed residual value at the end of the contract*
116,231
148,875
306,735
Gross finance lease
200,527
376,384
13. TRADE RECEIVABLES
(55,005)
Unearned lease finance income Net of receivables from finance lease
(21,932)
(88,545)
251,730
178,595
287,839
Trade receivable is includes the following items:
44,232
Current portion
56,860
36,109
January 1, 2016
2017
2016
207,498
Non-current portion
121,735
251,730
251,730
178,595
287,839
266,282
Trade receivables
774,957
337,344
397,495
Receivable from related parties (Note 26)
277,481
378,849
*The Group has reviewed the unguaranteed residual value at the end of the lease agreement as at 31 December 2017, and found a reduction amounted to SR 32.6 million. An impairment of SR 28.9 million has been recognized and charged to the consolidated statement of income (note 23). The remaining reduction of the unguaranteed residual value will be recognized over the remaining period of the contract.
663,777
1,052,438
716,193
(31,128)
Less: Provision for doubtful debts
(32,766)
(46,580)
632,649
1,019,672
669,613
439,080
The maturity of gross finance lease (i.e. minimum lease payment (MLPs) and net finance lease (i.e. present value of MLPs) is as follows:
Unbilled revenues
455,316
320,266
Trade receivables, net
1,474,988 1,071,729
989,879
MLPs 1 January 2016
PV of MLPs 1 January 2016
MLPs 2017
PV of MLPs 2017
MLPs 2016
PV of MLPs 2016
The movement of provision for doubtful debts is as follows:
January 1, 2016
2017
2016
77,670
56,860
44,232
69,649
36,109
Less than one year
73,564
46,580
Opening balance
31,128
19,831
More than one year but less than five years Net investment receivable in finance leases
122,857
121,735
233,171
207,498
306,735
251,730
(15,452)
Charge (reversal) during the year ( Note 22)
1,638
26,749
31,128
Ending balance
32,766
46,580
200,527
178,595
306,735
251,730
376,384
287,839
The aging of trade receivables is as follows:
January 1, 2016
11. OTHER INVESTMENTS
2017
2016
The balance of other investments includes the following:
896,598
Less than 6 months
1,032,313
872,413
152,112
From 6 months to 12 months
242,249
103,311
January 1, 2016
2017
2016
54,147
More than 12 months
233,192
60,735
Total trade receivables
1,507,754 1,102,857 1,036,459
13,533
Investments available for sale
10,711
13,533
(31,128)
Less: Provision for doubtful debts
(32,766)
(46,580)
83
Investment in government bonds
83
43
Trade receivables, net
1,474,988 1,071,729
989,879
10,000
Investments in Sukuk held to maturity
-
10,000
Included in trade receivables amounts due from Government entities amounting to SAR 782 million as at December 31, 2017 (2016: SAR 323 million, 1 January 2016: SAR 306 million). These amounts constitute %53 of the net trade receivables as at 31 December 2017 (2016: 30%, 1 January 2016: 31%) amounts due for more than one year are amounts due from Government entities.
23,616
10,794
23,576
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