117
116
Consolidated Financial Statement
Bahri Annual Report
Consolidated Financial Statement
Bahri Annual Report
5. Trade Receivables, Net
The above amount is classified as the following at December 31:
Description
2016
2015
Trade receivables, net comprise the following at December 31:
35,067
Current portion
27,901
2016
2015
295,313
Non-current portion
330,381
1,094,728
Trade receivables
1,036,232
330,380
Net bareboat lease receivable balance
358,282
(11,251)
Provision for doubtful debts
(35,128)
1,083,477
1,001,104
The future minimum lease receipts and unguaranteed residual value at the end of lease term to be received during the next five years and thereafter for the year ended December 31 as follows:
2016
2015
Movement in provision for doubtful debts is as follows:
73,564
Within one year
69,649
2016
2015
77,670
1-2 years
73,564
Balance at the beginning of the year
35,128
8,379
254,501
2-3 years
77,670
Charge for the year (note 21)
1,012
31,027
-
3-4 years
254,501
Reversal of provision/ written-off during the year (note 21)
(24,889)
(4,278)
405,735
475,384
Balance at the end of the year
11,251
35,128
and is included in operating revenues in the consolidated statement of income.
Income related to the above arrangement for the year ended December 31, 2016 amounted to SR 41.75 million (2015: SR 44.21 million)
6. Bareboat Lease Receivable, Net
arrangement is considered as a finance lease as it transfers to Odfjell substantially all the benefits and risks and also gives Odfjell a purchase option under the arrangement, The net bareboat lease receivable balance as of December 31 is summarized as follows:
On January 30, 2009, National Chemical Carriers Ltd, Co, signed agreements with Odfjell to charter three vessels under a bareboat arrangement for a period of ten years with a purchase option after three years, These ships were delivered to Odfjell on February 1, 2009, The
7. Prepayments and other Receivables
Prepayments and other receivables comprise the following at December 31:
2016
2015
222,652
Prepaid expenses
107,405
Description
42,361
Advances to suppliers
26,942
2016
2015
8,406
Insurance claims
10,953
157,860
Future minimum lease receipts
227,509
90
Employee receivables
574
247,875
Unguaranteed residual value at the end of the lease term
247,875
38,432
Others
17,812
405,735
475,384
311,941
163,686
(75,355)
Unearned income
(117,102)
330,380
Net bareboat lease receivable balance
358,282
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