129
128
Consolidated Financial Statement
Bahri Annual Report
Consolidated Financial Statement
Bahri Annual Report
24. Segmental Information
24. Segmental Information - Continued
A) The following schedule illustrates the distribution of the Group’s activities according to the operating segments for the year ended December 31:
B) The following schedule illustrates the distribution of the Group’s assets and liabilities according to the operating segments as of December 31:
2016
2016
Oil Transportation*
Petrochemical Transportation
General Cargo Transportation
Dry Bulk Transportation
Oil Transportation*
Petrochemical Transportation
General Cargo Transportation
Dry Bulk Transportation
Shared Assets and Liabilities*
Total
Total
Operating revenues
Assets
271,156
2,868,237
6,788,789
21,333,410
866,492
715,675
774,148
1,978,636
4,876,993
11,835,619
3,935,243
Liabilities
Bunker cost
(20,894)
1,003,320
(805,699)
10,822,468
(53,993)
387,928
(72,030)
1,077,153
(658,782)
6,029,921
2,324,146
Other operating expenses
(197,588)
(4,177,603)
(598,035)
(527,852)
(2,854,128)
2015
Gross operating income before bunker subsidy
52,674
1,805,487
214,464
174,266
1,364,083
Oil Transportation*
Petrochemical Transportation
General Cargo Transportation
Dry Bulk Transportation
Shared Assets and Liabilities*
Total
Bunker subsidy
-
134,258
12,169
4,525
117,564
Assets
2,054,454
19,096,651
707,543
1,873,699
11,130,741
3,330,214
Gross operating income
52,674
1,939,745
226,633
178,791
1,481,647
Liabilities
1,010,350
9,397,573
407,934
1,120,809
5,001,143
1,857,337
*Shared assets and liabilities represent amounts that cannot be allocated to a specific segment such as bank balances, Murabaha and deposits, investments held to maturity, unclaimed dividends, and others.
2015
Oil Transportation*
Petrochemical Transportation
General Cargo Transportation
Dry Bulk Transportation
Total
- The Group vessels are operating in several parts of the world and not concentered in a specific geographic area.
Operating revenues
114,558
7,464,018
843,110
774,610
5,731,740
25. Financial Instruments and Risk Management
Bunker cost
(724)
(1,081,099)
(78,392)
(123,740)
(878,243)
in the consolidated financial statements when the Group has a legally enforceable right to set off the recognized amounts and intends either to settle on a net basis, or to realize the asset and liability simultaneously. Risk management is carried out by senior management. The most important types of risk are as follows: Commission rate risk Commission rate risk is the risk that the value of financial instruments will fluctuate due to changes in the market commission rates. The Group is subject to commission rate risk on its commission rate bearing assets and liabilities, including bank deposits and loans. The Group
The Group’s activities expose to a variety of financial risks: market risk (including currency risk, fair value risk, and cash flow commission rate exposure and price risk), credit risk and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial performance. carried on the balance sheet principally include cash and cash equivalents, investments, receivables, financing, payables, certain accrued expenses and derivative financial instruments. Financial instruments
Other operating expenses
(62,064)
(4,366,310)
(593,191)
(457,740)
(3,253,315)
Gross operating income before bunker subsidy
51,770
2,016,609
171,527
193,130
1,600,182
Bunker subsidy
-
179,910
13,505
19,850
146,555
Gross operating income
51,770
2,196,519
185,032
212,980
1,746,737
*Operating revenues include an amount of SR 3.35 billion for the year ended December 31, 2016 (2015: SR 3.96 billion) representing the Group’s total revenues from one customer (ARAMCO - shareholder). This amount represents more than 10 % of the Group’s operating revenues (note 20).
Financial assets and liabilities are offset and net amounts are reported
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