13. Ships Under Construction and Others The movement in the account of ships under construction and others for the year ended December 31 is as follows: 2013 The Company National Chemical Carriers Bahri Dry Bulk LLC The National Shipping Company of Saudi Arabia (A Saudi Joint Stock Company) Notes To The Consolidated Financial Statements - December 31, 2013 (In Thousands Saudi Riyals) Total Chapter 5 Consolidated Financial Statements and Auditor’s Report for the year ended 31 December 2013
Beginning balance
697,969
322,988
151,034
1,171,991
Additions
818,744
132,008
209,609
1,160,361
Disposals
-
(184,854)
-
(184,854)
Transferred to fixed assets
(1,076,400)
(270,142)
(124,488)
(1,471,030)
Ending balance
440,313
-
236,155
676,468
2012 The Company National Chemical Carriers
Bahri Dry Bulk LLC
Total
Beginning balance
316,836
919,832
462
1,237,130
Additions
382,980
102,045
150,922
635,947
Disposals
-
(51,750)
-
(51,750)
Transferred to fixed assets
(1,847)
(647,139)
(350)
(649,336)
Ending balance
697,969
322,988
151,034
1,171,991
Total capitalized borrowing costs during the year 2013 are amounted to SR 10.14 million (2012: SR 13.39 million). On December 24, 2012, NCC terminated the contract for building the last vessel as a result of SLS’s failure to deliver it according to the time schedule specified in the contract signed in 2007 and its amendments signed in 2012. The contract states that NCC has the right to terminate the contract if the delay period exceeded the allowed period. On February 2013, all paid installments were recovered amounting to USD 41.6 million plus compensation. As a result of this settlement, an amount of SR 16.32 million was recognized as other income (note 21). On 9 January 9, 2014, the Company received a new vessel, specialized in conveying general cargo, has been constructed by Hyundai Mipo in South Korea. This vessel is the fifth one among other six vessels have been agreed to construct it with this shipyard in the year 2011 with a total value of SR 1.543 million , the financial impact of this vessel will be presented effective from the first quarter of the year 2014. Accordingly, the Company still has one outstanding vessel under construction with Hyundai Mipo company, which will be received during the first half of the year 2014. On November 29, 2013, Bahri Dry Bulk LLC (subsidiary company) received the first specialized vessel to convey bulk cargo among five vessels have been agreed to construct it in 2012 with one of the global shipyards prominent in the field of vessel construction in Japan. On January 2014 the subsidiary company received another vessel. Accordingly, the subsidiary company still has three outstanding vessels under construction, which will be received consecutively during the first half of the year 2014.
14. Accounts Payable and Accruals Accounts payable and accruals at December 31 comprise the following:
2013
2012
Trade payables
242,126
176,287
Value of shares sold belonging to previous shareholders
22,004
22,134
Accrued expenses
17,588
28,910
Others
1,047
2,982
282,765
230,313
84/85
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