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DYNA-MAC HOLDINGS LTD.
2016 ANNUAL REPORT
105
Performance At A Glance
Financial Report
Corporate Governance and Transparency
Sustainable Growth
Year in Review
NOTES TO THE
FINANCIAL STATEMENTS
For the financial year ended 31 December 2016
31.
FINANCIAL RISK MANAGEMENT
(CONT’D)
(f)
Financial instruments by category
The carrying amount of the different categories of financial instruments is as disclosed on the face of
the balance sheet and in Note 12, except for the following:
Group
Company
2016
2015
2016
2015
$’000
$’000
$’000
$’000
Loans and receivables
171,332
251,616
110,876
163,547
Financial liabilities at amortised cost
92,493
184,303
144
51,024
Loans and receivables have been defined in Note 2.11(a).
(g) Offsetting financial assets and liabilities
The Group’s financial assets and liabilities are not subjected to enforceable master netting arrangements
or similar arrangements. Financial derivatives, financial assets and financial liabilities are presented as
gross on the consolidated balance sheet.
32.
RELATED PARTIES TRANSACTIONS
In addition to the information disclosed elsewhere in the financial statements, the following transactions took
place between the Group and related parties at terms agreed between the parties:
(a) Sales and purchases of goods and services
Group
2016
2015
$’000
$’000
Sub-contracting services from other related parties
(3,018)
(3,056)
Consulting fees and rental income from other related parties
92
153
Fabrication of topside modules and other ad-hoc projects to other
related parties
2,444
2,735
Other related parties are companies owned by close family members of the Group’s key management
personnel or are subsidiaries of a shareholder of the Group.
Outstanding balances as at 31 December 2016, arising from transactions with other related parties,
are unsecured and recoverable/payable within 12 months from balance sheet date and are disclosed
in Note 12 and 23 respectively.
Outstanding commitments as at 31 December 2016, arising from transactions with other related parties,
include $1,003,000 (2015: $2,281,000) for purchases of its sub-contracting services.