Consolidated Financial Statements
3. CASH AND CASH EQUIVALENTS Cash and cash equivalents as of December 31, 2009 represent cash in hand and at banks, Murabaha and short-term deposits, out of which SR 0.43 million (2008: SR 5.84 million) are subject to bank restrictions for letters of guarantee issued for the DZIT and other parties. It also includes SR 22.55 million as of December 31, 2009 (2008: SR 42.36 million) restricted for repayment of current portion of Murabaha financing and long-term loans maturing within 180 days from
the balance sheet date. It also includes restricted bank balances in Mideast Ship Management Ltd. amounting to SR 0.51 million as of December 31, 2009 (2008: SR 0.48 million), and in National Shipping Company of Saudi Arabia (America) Inc. amounting to SR 0.54 million as of December 31, 2009 (2008: SR 0.54 million). For the purpose of preparing the statement of cash flows, cash and cash equivalents as of December 31 comprises the following:
2009
2008
Cash in hand and at banks Amounts restricted by banks
78,545
225,545 (17,905) 207,640 882,847 (31,326) 851,521 1,059,161
(14,183) 64,362 707,112 (9,856) 697,256 761,618
Investment in Murabaha and short-term deposits
Amounts restricted by banks
In Thousands Saudi Riyals
4. INVESTMENTS IN MURABAHA AND SHORT-TERM DEPOSITS
Investments in Murabaha and short-term deposits at December 31 comprise the following:
2009
2008
Investments in Murabaha and short-term deposits in Saudi riyals Investments in Murabaha and short-term deposits in USD Investments in Murabaha and short-term deposits in EURO
455,130 246,504
437,020 441,740
5,478
4,087
761,618
882,847
In Thousands Saudi Riyals
5. TRADE RECEIVABLES AND OTHER DEBIT BALANCES, NET
Trade receivables and other debit balances, net at December 31 comprise the following:
2009
2008
Trade receivables Insurance claims Other debit balances
150,987 27,894 21,787 200,668 (18,237) 182,431
98,622 25,978 78,708 203,308 (21,902) 181,406
Provision for doubtful debts
In Thousands Saudi Riyals
Annual Report 2009 The National Shipping Company of Saudi Arabia
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