Annual Report 2017
196
197
Notes to the Consolidated Financial Statements (continued) December 31, 2017 (In Thousands Saudi Riyal)
11 Consolidated Financial Statements
31. NON-CONTROLLING INTERESTS IN SUBSIDIARIES
Set out below is summarized financial information for each subsidiary that has non-controlling interests, shown in note 1:
Notes to the Consolidated Financial Statements (continued) December 31, 2017 (In Thousands Saudi Riyal)
2017
29. CAPITAL COMMITMENTS AND CONTINGENCIES (continued)
National Chemical Car- rier Company Limited
Bahri Dry Bulk LLC
Capital commitments (continued) The Group signed a joint venture agreement on May 30, 2017 with Saudi Arabian Oil Company (ARAMCO), Hyundai Heavy Industries Ltd. (South Korea) and Lamprell Power Company Limited (a UAE-based company) to enter into a partnership for the establishment, development, and operation of a maritime yard in Ras Al Khair near Jubail Industrial City. The partners will inject SR 2.625 billion (USD 700 million) of the project cost. The Group will contribute SR 522.38 million (USD 139 million) with a 19.9% ownership, while ARAMCO will own 50.1%, Lamprell Power Company Limited will own 20%, and Hyundai Heavy Industries' share is 10%. The Group has signed a purchase contract for at least 75% of its commercial vessel needs over a period of 10 years from the start date of the project, equivalent to 52 vessels, including oil tankers “VLCC” based on the commercial rules.
Total
Non-controlling interest Percentage
20%
40%
Non-current assets
3,096,785
578,613 110,229 (294,154) (65,578)
3,675,398
Current assets
456,312
566,541
Non-current liabilities
(1,669,399)
(1,963,553)
Current liabilities
(451,948)
(517,526)
Non-controlling interests relating to the subsidiary
-
12.048
12.048
Contingencies
Net assets
1,431,750
341,158 136,463
1,772,908
The Group has outstanding letters of guarantee of SR 314 million as at December 31, 2017 (2016: SAR 298 million, 1 January 2016: SR 297 million) issued during the Group’s normal course of business.
Net assets attributable to non-controlling interests
286,350
422,813
The Group is involved in legal litigation claims in the ordinary course of business, other than what has been disclosed in, which are being defended, there are also some claims under the process of final settlement. The Group’s management does not expect that these claims will have a material adverse effect on the Group’s consolidated financial statements.
Revenue
805,270
362,297
1,167,567
Net income
14,429
8,280 3,312
22,709
Net income attributable to non-controlling interests
2,886
6,198
Operating lease commitments – Group as a lessor
Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities
75,246
17,213
92,459
The Group was committed to leasing certain of its vessels to a related party based on time charter agreement. The future amounts receivable under this lease agreement are as follow:
161,813 (226,966)
(14,188) (29,330) (26,305)
147,625 (256,296) (16,212)
1 January 2016
Increase (decrease) in cash and cash equivalents
10,093
2017
2016
2016
584,382
Within one year
536,336
495,476
National Chemical Car- rier Company Limited
1,672,135
After one year but not more than five years
1,372,579
1,481,939
Bahri Dry Bulk LLC
Total
939,822
More than five years
703,042
569,852
3,196,339
2,611,957
2,547,267
40%
Non-controlling interest Percentage
20%
Income from time charter agreements under operating lease amounted SR 584 million for the year endeding December 31, 2017 (2016: SAR 462 million).
559,202 143,511 (322,478) (65,578) 314,657 125,863
Non-current assets
3,356,214
3,915,416
Current assets
378,752
522,263
30.DIVIDENDS The Board of Directors decided in its meeting held on December 31, 2017 to recommend to the General Assembly of the Company the distribution of cash dividends of SAR 591 million to the shareholders for the financial year ending December 31, 2017, which amounted to SAR 1.5 per share. The General Assembly of the shareholders of the Company approved in its meeting held on January 16, 2017 the distribution of cash dividends of SR 984.38 million to the shareholders for the financial year ending December 31, 2016, which amounted to SR 2.5 per share, and represented 25% of the share par value. These dividends were paid on January 31, 2017. The General Assembly of the shareholders of the Company approved distribution of SAR 1.8 million to the Board of Directors. The General Assembly of the shareholders of the Company approved in its meeting held on April 6, 2016 the distribution of cash dividends of SR 984.38 million to the shareholders for the financial year ended December 31, 2015, which amounted to SR 2.5 per share, and represented 25% of the share par value. These dividends were paid on April 21, 2016. The General Assembly of the shareholders approved the Board of Directors remuneration distribution of SAR 1.8 million.
Non-current liabilities
(1,679,586) (638,850) 1,416,530
(2,002,064) (704,428) 1,731,187
Current liabilities
Net assets
Net assets attributable to non-controlling interests
283,306
409,169
271,156
Revenue
774,148 115,415
1,045,304
21,930
Net income
137,345
8,772
Net income attributable to non-controlling interests
23,083
31,855
52,101
Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Increase in cash and cash equivalents
332,921 (707,818) 459,091
385,022 (708,138) 410,767
(320)
(48,324)
3,457
84,194
87,651
The balance of unclaimed dividends as at December 31, 2017 amounted to SR 40 million (2016: SR 37.4 million, January 1, 2016: SR 35 million) (note 20).
Powered by FlippingBook