Annual Report 2017
190
191
Notes to the Consolidated Financial Statements (continued) December 31, 2017 (In Thousands Saudi Riyal)
11 Consolidated Financial Statements
28. FINANCIAL INSTRUMENTS
Notes to the Consolidated Financial Statements (continued) December 31, 2017 (In Thousands Saudi Riyal)
28.1. Financial Assets
1 January 2016
v
Note
2017
2016
25. EARNINGS PER SHARE
Derivatives not designated as hedging instruments: CAP commission options AFS financial assets at fair value through OCI Unquoted equity shares
2017
2016
96,267
28.3
67,572
56,629
Net income for the year attributable to equity holders of the parent Company Weighted average number of ordinary shares outstanding during the year
800,313 1,717,871 393,750,000 393,750,000
13,533
11
10,711
13,533
Earnings per share – basic Earnings per share – diluted
2.03 2.03
4.36 4.36
109,800
Total financial instruments at fair value
78,283
70,162
Financial assets at amortized cost Trade receivables, 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.
13 1,474,988 1,071,729
989,879 10,043
10,083
Other investments*
11
83
1,908,262
Murabaha and short - term deposits Total financial assets at amortized cost
15.1
692,921
1,066,597 2,066,519 2,136,681
2,167,992 2,990,074 2,246,275 3,099,874
Total financial assets
Operating revenues that generated from related parties are as follows:
* Other investment represents investment in Sukuk held to maturity. Refer to note 11 for breakdown of other investments balance.
2017
2016
28.2 Financial Liabilities
ARAMCO and its subsidiaries - shareholder
2,480,029 3,350,281
International Shipping and Transportation Co. Ltd. – affiliate Arabian Agricultural Services Company (ARASCO) – affiliate
43,530 112,367
97,522 112,633
1 January 2016
Note
2017
2016
Related party balances included in trade receivable (note 13) are as follows:
Financial liabilities at amortized cost Sukuk and long term loans Trade and other payables and Other liabilities Total financial liabilities at amortized cost
1 January 2016
18 10,255,874 9,664,704 8,022,232
2017
2016
800,419
20
694,947
998,593
10,950,821 10,465,123 9,020,825 10,950,821 10,465,123 9,020,825
366,498 30,997 397,495
ARAMCO and its subsidiaries – shareholder
266,075 11,406 277,481
364,344 14,505 378,849
Total financial liabilities
International Shipping and Transportation Co. Ltd. – affiliate
28.3 Fair values of financial instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in an arm’s length transaction. Financial instruments comprised of financial assets and financial liabilities. The Group has derivative financial instruments consisting of commission rate options agreements to hedge against fluctuations in commission rates. The loss from revaluation of these agreements is recognized in the consolidated statement of income (note 24).
Compensation of key management personnel:
2017
2016
Salaries and compensations
10,147
10,701
Termination benefits Total Compensation
2,328
4,275
12,475
14,976
27. JOINT OPERATIONS 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,and negotiating employment of the vessel. Odfjell bears the costs of technical managing, repairing, insuring, supply provisioning Odfjell vessel,and perform any other obligations under financing/ mortgage of Odfjell vessel. This arrangement accounted for as Joint arrangement (Joint arrangement) since both the parties have control over some of the activities. NCC, as a joint operator, recognizes its share of assets, liabilities, revenue and expenses in pool arrangement.
Powered by FlippingBook