Consolidated Financial Statements
Consolidated Statement of Cash Flows For the year ended December 31, 2009
Cash flows from operating activities:
Notes
2009
2008
Net profit for the year Adjustments to reconcile net profit to net cash provided by operating activities:
369,300
749,968
Depreciation
10
296,070 64,694 (3,008)
266,208 66,443
Amortization of deferred charges Gain from investment - held to maturity
9
--- ---
Company’s share in dividends from investment held for trading
(197)
Impairment of investments in financial instruments Unreleased gain on investments held for trading Company’s share in (profit) loss of affiliates, net
---
42,667
(3,707) (84,942) (30,489)
---
8
3,840
Gains from sale of fixed assets
21
(70)
Minority interest in consolidated subsidiaries’ net profit
27,044 34,590
9,385
Provision for zakat and tax
14 14
54,471
Reversal of excess zakat and withholding tax provision
(12,050)
---
Employees’ end of service benefits provision
2,580
1,862
Changes in operating assets and liabilities: Trade receivables and other debit balances, net
(1,025) (2,060)
10,360
Prepaid expenses
(16,277)
Bareboat lease receivable
4,826 3,189
---
Agents’ current accounts, receivables
(3,648) 21,713 (8,119) (15,831)
Inventories
(49,885)
Accrued bunker subsidy, net
18,719
Accounts payable and other credit balances
(89,325) (2,866) (90,840) (13,997)
Agents’ current account, payables
676
Zakat and tax paid Incomplete voyages
14
(20,336) (21,021)
Net cash provided by operating activities Cash flows from investing activities: Investments in Murabaha and short-term deposits Investments in available for sale and held to maturity
1,142,291 436,621
25,192 48,008
(23,655) (21,821) (10,000)
Investments in affiliates and other
(153)
Dividends from affiliates Additions of fixed assets
8
25,509
---
10
(23,366)
(28,374)
Proceeds from sale of fixed assets Ships under construction and others
88,083
371
(2,078,126) (1,185,974) 11
Deferred charges
9
(1,142)
(35,228)
Net cash used in investing activities
(2,196,833) (1,023,843)
44
Annual Report 2009 The National Shipping Company of Saudi Arabia
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