Bahri Annual Report-2017

Annual Report 2017

200

201

Notes to the Consolidated Financial Statements (continued) December 31, 2017 (In Thousands Saudi Riyal) 32. FIRST TIME ADOPTION OF IFRS (continued) 32.2 Reconciliation of statement of financial position (continued)

11 Consolidated Financial Statements

Notes to the Consolidated Financial Statements (continued) December 31, 2017 (In Thousands Saudi Riyal)

B. Reconciliation of statement of financial position as at December 2016,,31 IFRS Adjustments

32. FIRST TIME ADOPTION OF IFRS (continued)

31 December 2016 (IFRS as endorsed in KSA)

31 December 2016 (SOCPA GAAP)

32.2 Reconciliation of statement of financial position (continued)

Re- classification

Re- measurement

Note

A. Reconciliation of statement of financial position as at 1 January 2016 (date of transition to IFRS as endorsed in KSA) (continued)

ASSETS NON-CURRENT ASSETS Property and equipment Ships under construction

32.6

13,744,303

241,466

(323,873)

13,661,896

IFRS Adjustments

1,235,565

- - - - -

- - -

1,235,565

1 January 2016 (IFRS as endorsed in KSA)

Intangible assets

772,064

As at 1 January 2016 (SOCPA GAAP)

Re- classification

Re- measurement

Note

Investment in associates

1,123,848

Receivable from finance lease

32.7(C)

295,313

(87,815)

207,498

LIABILITIES NON-CURRENT LIABILITIES Sukuk and long term loans

Other investments

23,616

- -

23,616

Deferred dry-docking cost, net

241,466

(241,466)

7,505,847

(30,631)

7,475,216

TOTAL NON-CURRENT ASSETS

17,436,175

(411,688)

17,024,487

Employees’ benefits

32.7(B)

53,774

11,575

65,349

CURRENT ASSETS Receivable from finance lease – current portion 32.7(C)

TOTAL NON-CURRENT LIABILITIES CURRENT LIABILITIES Long term loans - current portion Trade payables and other current liabilities

7,559,621

(30,631)

11,575 7,540,565

35,067

- - -

9,165

44,232

Inventories

240,675

547,016 982,673 296,811

- - - -

547,016 998,593 296,811

Trade receivables

32.7(A)

1,063,600

8,129

1,071,729

15,920

Prepayments and other current assets

311,941 78,108 67,974

64,198

- - - - -

376,139

Provisions for zakat and taxes TOTAL CURRENT LIABILITIES

32.7(A)

Accrued bunker subsidy Agents current account

(78,108) (67,974)

- -

1,826,500 9,386,121 19,085,199

15,920 27,495

1,842,420 9,382,985 18,702,164

Murabaha and short term deposits

1,908,262

- -

1,908,262

TOTAL LIABILITIES

(30,631) (30,631)

Cash and cash equivalents TOTAL CURRENT ASSETS

171,731

TOTAL EQUITY AND LIABILITIES

(352,404)

3,877,358

(81,884) (81,884)

17,294

3,812,768

TOTAL ASSETS

21,313,533

(394,394)

20,837,255

EQUITY AND LIABILITIES EQUITY Share capital

3,937,500 2,373,804

- - - -

- -

3,937,500 2,373,804

Statutory reserves

Other reserve

32.7(B)

(6,694)

Retained earnings

3,746,319

(373,001) (379,695)

3,373,318

Equity attributable to the equity holder of the parent

10,057,623

9,677,928

Non-controlling interests

453,319

- -

(44,150)

409,169

TOTAL EQUITY

10,510,942

(423,845)

10,087,097

LIABILITIES NON-CURRENT LIABILITIES Sukuk and long term loans

8,745,442

(81,884)

8,663,558

Employees benefits

32.7(B)

54,348

11,134 11,134

65,482

TOTAL NON-CURRENT LIABILITIES CURRENT LIABILITIES Long term loans - current portion Trade payables and other current liabilities

8,799,790

(81,884)

8,729,040

1,001,146

- - - -

1,001,146

32.7(A)

782,102 219.553

18,317

800,419 219,553

Provisions for zakat and taxes TOTAL CURRENT LIABILITIES

2,002,801

18,317 29,451

2,021,118

TOTAL LIABILITIES

10,802,591 21,313,533

(81,884) (81,884)

10,750,158 20,837,255

TOTAL EQUITY AND LIABILITIES

(394,394)