121
120
Bahri Annual Report
Bahri Annual Report
Consolidated Financial Statement
Consolidated Financial Statement
12. Fixed Assets, Net
The movement in ships under construction and others is summarized as follows:
2015
Movement in fixed assets, net during the year is summarized as follows:
National Chemical Carriers
Total
The Company
Description
Cost
Accumulated Depreciation
Net Book Value
Additions / Transfers during the year
12,039
12,039
Beginning Balance
-
Balance as at 1/1/2016
Balance as at 31/12/2016
Balance as at 1/1/2016
Charged for the year
Balance as at 31/12/2016
Disposals
Disposals
31/12/2016 31/12/2015
1,098,412
1,098,412
Additions
-
-
Land
-
1,854
-
-
-
-
-
)1,854(
1,854
(10,550)
(10,550)
Transferred to fixed assets
-
Buildings and improvements
39,031
715
43,967
)15,481(
)4,693(
54,512
4,058
)14,846(
)5,016(
58,813
1,099,901
1,099,901
Ending Balance
-
13,686,937
* Fleet and equipment
1,784,602
12,737,250
)5,016,834(
)781,654(
18,703,771
17,989
)4,253,169(
)71,250(
16,990,419
built by Daewoo Shipbuilding yard, South Korea in 2010 for a total price of SR 581.25 million (USD 155 million). One of the VLCC was received on January 19, 2016 and the other one was received on January 20, 2016. The ownership of the two VLCC was transferred to Bahri’s Company fleet. The Company signed on February 28, 2016 an agreement to purchase one used VLCC which was built by Hyundai Samho Heavy industry, South Korea in 2011 for a total price of SR 281.25 million (USD 75 million). The VLCC was received on March 10, 2016 and the ownership of the VLCC was transferred to Bahri’s company fleet. The National Chemical Carriers Company (a subsidiary) signed an agreement to purchase five medium size used tankers for oil’s products transportation for a total price of SR 624.38 million (USD 166.5 million). Tankers were received between the dates March 8, 2016 and April 6, 2016. The ownership of the tankers was transferred to National Chemical Carriers Company’s flee.
The Company signed on May 21, 2015, and June 30, 2015 contracts with the Korean company Hyundai Samho Heavy Industries for building ten VLCCs for a total amount of SR 3.56 billion (USD 948.90 million), which will be received during the year 2017 and 2018 (note 23). The Company paid an advance payment of SR 1,068 million (USD 284.69 million). The Board of Directors has approved in its meeting held on October 26, 2015 the purchase of two used VLCCs from DK Maritime (subsidiary of Daewoo Shipbuilding & Marine Engineering Co. Ltd), which were built by Daewoo Shipbuilding yard, South Korea in 2010 for a total price of SR 588.75million (USD 157million). One of the VLCC was received on December 29, 2015 and the other one was received on January 7, 2016. The ownership of the tankers was transferred to Bahri’s Company fleet. In addition, the Board of Directors has also approved in its meeting held on December 24, 2015 the purchase of two used VLCC from Alpha and Beta VLCC Companies (subsidiaries of Tanker Investment Ltd), which were
252
Containers and trailers
-
254
)29,219(
-
29,471
4,877
)34,096(
)4,879(
34,350
4,225
Furniture and fixtures
625
4,967
)7,281(
)1,367(
11,506
-
)5,914(
-
10,881
Tools and office equipment
485
293
328
)3,691(
)133(
4,176
46
)3,604(
)49(
3,932
2,732
Motor vehicles
2,213
760
)1,722(
)241(
4,454
-
)1,481(
-
2,241
7,061
Computer equipment
2,374
7,316
)56,638(
)2,626(
63,699
42
)54,054(
)45(
61,370
Container yard facilities
3,580
2,448
1,473
)10,855(
)341(
14,435
-
)10,514(
-
11,987
-
Others
4
102
)462(
-
462
123
)585(
)229(
687
Total
1,793,274
12,798,271
13,744,303
)5,142,183(
)791,055(
18,886,486
27,135
)4,378,263(
)83,322(
17,176,534
*Included in fleet and equipment are VLCCs, petrochemical carriers and dry bulk carriers financed by banks and pledged to the lending banks (Note 16).
14. Ships Under Construction and Others
The movement in ships under construction and others is summarized as follows:
2016
National Chemical Carriers
Total
The Company
1,099,901
1,099,901
Beginning Balance
-
165,289
327,834
Additions
162,545
(29,625)
(192,170)
Transferred to fixed assets
(162,545)
1,235,565
1,235,565
Ending Balance
-
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