11- Deferred dry-docking costs, net Deferred dry-docking costs, net comprise the following at December 31: Description 2014
2013
446,147
Total dry-docking costs
381,688
(323,981)
Accumulated amortization
(277,016)
122,166
104,672
Movement in the dry-docking costs is as follows: Description
2014
2013
104,672
Balance at the beginning of the year
98,675
64,459
Additions during the year
52,009
(46,965)
Amortization during the year
(46,012)
Balance at the end of the year
122,166
104,672
12- Intangible assets, net Intangible assets, net comprise the following at December 31: Description
2014
2013
-
Balance at the beginning of the year
-
918,750
Additions during the year*
-
(15,249)
Amortization during the year
-
Balance at the end of the year
903,501
-
* Additions to intangible assets represents the difference between the fair value of the acquired vessels from Vela per the most recent market value report at the date of com- pleting the transaction, and the total value of the transaction. The market value of the vessels at the completion of the transaction amounted to SR 3.956 million, and the total value of the transaction amounts to SR 4.875 million.
117
The National Shipping Company of Saudi Arabia ( )
Powered by FlippingBook