127
126
Bahri Annual Report
Bahri Annual Report
Consolidated Financial Statement
Consolidated Financial Statement
22. Other Income, Net
20. Related Party Transactions
During the ordinary course of business, the Group transacts with related parties.
Other income, net for the year ended 31 December comprises the following:
2016
2015
27,813
-
Vessels maintenance settlement (note 19)
The details of such transactions during the year are as follows:
18,955
3,081
Net gain from investments
2016
2015
1,363
561
Increase recoveries from insurance claims
3,447,802
4,251,946
Operating Revenues
(32,942)
5,107
(Losses) gains from sale of fixed asset
Balances of such transactions as at December 31 are as follows: Amounts due from related parties shown under trade receivables are as follows:
2,259
1,928
Others
17,448
10,677
2016
2015
23. Capital Contingent Liabilities
366,498
364,344
ARAMCO (shareholder)
December 31, 2016 (2015: SR 297.45 million) issued during the Group’s normal course of business. The Group also has certain outstanding legal proceedings that have risen in the normal course of business. As the outcome of these litigations has not yet been determined, management does not expect that these cases will have a material adverse effect on the Group’s results of operations or its consolidated financial position.
The capital commitment related to the building of ten VLCCs amounting to SR 2.35 billion as of December 31, 2016 (2015: SR 2.49 billion), in addition to capital commitment amounting to SR 270 million related to the purchase of used VLCC and capital commitment amounting to SR 580 million related to the purchase of two used VLCC as of December 31, 2015 (note 14). Company has
5,618
14,505
International Shipping and Transportation Company (affiliate)
21. General and Administrative Expenses
General and administrative expenses for the year ended December 31 comprises the following:
2016
2015
81,766
103,060
Employees’ salaries and benefits
The Group has outstanding letters of guarantee of SR 298.06 million as at
23,333
21,084
Professional, legal, and consultation fees
2,111
4,918
Depreciation
180
38,414
Amortization of prepaid expenses and others
(23,877)
31,027
(Reversal of) provision for doubtful debts (note 5)
29,136
17,986
Others
112,649
216,489
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