22. Capital Contingent Liabilities The Group has capital commitments related to shipyards construction amounting to SR 0.067 billion to build RoRo (RoCon) ships as at 31 December 2013 (2012: SR 0.87 billion). The capital commitments of NCC, a subsidiary company, to build petrochemical ships is nil as at 31 December 2013 (2012: SR 0.98 billion). The capital commitments of the subsidiary company to build bulk transportation ships amounted to SR 0.027 billion as at 31 December 2013 (2012: SR 0.45 billion). The Group has outstanding letters of guarantee of SR 236.90 million at December 31, 2013 (2012: SR 238.85 million) issued during the normal course of business. The Group also has certain outstanding legal proceedings that have arisen 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 financial position. 23. Segmental Information A) The table below illustrates the distribution of the Company’s and subsidiaries’ activities by operating segments as of December 31: 2013 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) Chapter 5 Consolidated Financial Statements and Auditor’s Report for the year ended 31 December 2013
General Cargo Transportation
Dry Bulk Transportation Total
Oil Transportation Petrochemical Transportation*
Operating revenues
1,506,756
663,874
562,162
113,906
2,846,698
Bunker cost
(701,566)
(109,529)
(132,311)
-
(943,406)
Other operating expenses: Vessel related expenses
(267,302)
(188,136)
(46,164)
(73,014)
(574,616)
Cargo related expenses
-
-
(222,649)
-
(222,649)
Voyage related expenses
(81,051)
(62,634)
(60,594)
-
(204,279)
Depreciation and amortization
(281,285)
(157,037)
(20,871)
(373)
(459,566)
Others
(11,761)
(5,086)
-
-
(16,847)
Total other operating expenses
(641,399)
(412,893)
(350,278)
(73,387) (1,477,957)
Total operating expenses
(1,342,965)
(522,422)
(482,589)
(73,387) (2,421,363)
Gross operating income before bunker subsidy
163,791
141,452
79,573
40,519
425,335
Bunker subsidy
143,943
6,497
20,668
-
171,108
Gross operating income
307,734
147,949
100,241
40,519
596,443
- The Group vessels are operating in several parts of the world.
88/89
Powered by FlippingBook