| Summarized Results of Operation and Financial Position for AMAK |
The summarized results of operation and financial position for AMAK are as follows:
Results of Operations
| |
|
Years Ended December 31, |
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| |
|
(Thousands of Dollars) |
|
Sales |
|
$ |
9,921 |
|
|
$ |
50,744 |
|
|
$ |
63,300 |
|
Gross profit (loss) |
|
|
(17,211 |
) |
|
|
(10,437 |
) |
|
|
3,624 |
|
General, administrative and other expenses |
|
|
9,690 |
|
|
|
8,796 |
|
|
|
10,487 |
|
Loss from operations |
|
$ |
(26,901 |
) |
|
$ |
(19,233 |
) |
|
$ |
(6,863 |
) |
Gain on settlement with former operator |
|
|
17,425 |
|
|
|
- |
|
|
|
- |
|
Net loss |
|
$ |
(9,476 |
) |
|
$ |
(19,233 |
) |
|
$ |
(6,863 |
) |
Depreciation and amortization for the years ended December 31, 2016, 2015, and 2014 was $11.7 million, $23.2 million and $23.7 million, respectively. Therefore, net income before depreciation and amortization was as follows:
| |
|
Years Ended December 31, |
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| |
|
(Thousands of Dollars) |
|
Net income before depreciation and amortization |
|
$ |
2,196 |
|
|
$ |
4,016 |
|
|
$ |
16,845 |
|
Financial Position
| |
|
December 31, |
|
| |
|
2016 |
|
|
2015 |
|
| |
|
(Thousands of Dollars) |
|
Current assets |
|
$ |
22,860 |
|
|
$ |
26,078 |
|
Noncurrent assets |
|
|
251,741 |
|
|
|
255,613 |
|
Total assets |
|
$ |
274,601 |
|
|
$ |
281,691 |
|
| |
|
|
|
|
|
|
|
|
Current liabilities |
|
$ |
8,005 |
|
|
$ |
22,740 |
|
Long term liabilities |
|
|
82,546 |
|
|
|
85,450 |
|
Shareholders' equity |
|
|
184,050 |
|
|
|
173,501 |
|
Total liabilities and equity |
|
$ |
274,601 |
|
|
$ |
281,691 |
|
|
| Equity in Income or Loss of AMAK Reflected on Consolidated Statements of Operation |
The equity in the income or loss of AMAK reflected on the consolidated statements of income for the years ended December 31, 2016, 2015, and 2014, is comprised of the following:
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
AMAK Net Loss |
|
$ |
(9,476 |
) |
|
$ |
(19,233 |
) |
|
$ |
(6,863 |
) |
Zakat tax applicable to Saudi Arabian shareholders only |
|
|
320 |
|
|
|
303 |
|
|
|
- |
|
AMAK Net Loss before Saudi Arabian shareholders’ portion of Zakat |
|
$ |
(9,156 |
) |
|
$ |
(18,930 |
) |
|
$ |
(6,863 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Company’s share of loss reported by AMAK (33.44% beginning July 10, 2016 and 35.25% prior to July 10, 2016) |
|
$ |
(2,826 |
) |
|
$ |
(6,672 |
) |
|
$ |
(2,419 |
) |
Amortization of difference between Company’s investment in AMAK |
|
|
|
|
|
|
|
|
|
|
|
|
and Company’s share of net assets of AMAK |
|
|
1,347 |
|
|
|
1,347 |
|
|
|
1,347 |
|
Equity in loss of AMAK |
|
$ |
(1,479 |
) |
|
$ |
(5,325 |
) |
|
$ |
(1,072 |
) |
|