Bahri Annual Report-2016

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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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