101
100
Consolidated Financial Statement
Bahri Annual Report
Consolidated Financial Statement
Bahri Annual Report
Consolidated Statements of Balance Sheet As at 31 December 2016 (In Thousands Saudi Riyals)
Ernst & Young & Co. (Public Accountants) Al Faisaliah Office Tower PO Box 2732 l(ing Fahad Road
Tel: +966 11 273 4740 Fax: +966 11 273 4730
www.ey.com
2016
2015
Riyadl1 11461 Saudi Arabia Registration Number: 45
Note
ASSETS
Current assets:
Bank balances and cash
171,731
3
173,265
Murabaha and short term deposits
1,908,262
4
1,066,597
Trade receivables, net
1,083,477
5
1,001,104
Auditors’ Report to the Shareholders of The National Shipping Company of Saudi Arabia (A Saudi Joint Stock Company)
Lease receivable for vessels, net
35,067
6
27,901
Scope of Audit We have audited the accompanying consolidated balance sheet of The National Shipping Company of Saudi Arabia - a Saudi Joint Stock Company (the “Company”), and its subsidiaries (the “Group”) as at 31 December 2016 and the related consolidated statements of income, cash flows and changes in shareholders’ equity for the year then ended. These consolidated financial statements are the responsibility of the Group’s management and have been prepared by them in accordance with the requirements of the Regulations for Companies and submitted to us together with all the information and explanations which we required. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the Kingdom of Saudi Arabia. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable degree of assurance to enable us to express an opinion on the consolidated financial statements.
Prepaid expenses and other receivables
311,941
7
163,686
Agents’ current accounts
67,974
47,587
Inventories
240,675
8
203,610
Accrued bunker subsidy, net
78,108
9
150,412
Incomplete voyages
-
6,369
Total current assets
3,897,235
2,840,531
Non-current assets:
Lease receivable for vessels, net
295,313
6
330,381
Investments held to maturity
10,083
10,043
Unqualified Opinion In our opinion, the consolidated financial statements taken as a whole:
Investments available for sale
13,533
13,533
Investment in an associated company
1,123,848
10
1,027,941
Deferred dry-docking cost, net
241,466
11
126,586
Intangible assets, net
772,064
12
849,464
Fixed assets, net
13,744,303
13
12,798,271
Ships under construction and others
1,235,565
14
1,099,901
For Ernst & Young
Total non-current assets
17,436,175
16,256,120
Total assets
21,333,410
19,096,651
The accompanying notes from (1) to (28) from an integral part of these consolidated financial statement
Abdulaziz A. AI-Sowailim Certified Public Accountant Registration No. 277
Riyadh: 1 Jumad Thani 1438H (28 February 2017)
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