Consolidated Financial Statements
12. ACCOUNTS PAYABLE AND OTHER CREDIT BALANCES
Accounts payable and other credit balances at December 31 comprise the following:
2009
2008
Trade payables
22,567 113,582 23,874 12,435 41,996 214,454
37,153 173,031 23,270 25,295 45,030 303,779
Accrued operating expenses Accrued insurance expenses Accrued finance charges
Other credit balances
In Thousands Saudi Riyals
13. MURABAHA FINANCING AND LONG-TERM LOANS
The Company and its subsidiaries have entered into various Murabaha financing and long-term loans agreements totaling to approximately SR 6.13 billion principally to finance building of new VLCCs,
petrochemical carriers and new office in Dubai. The balance of these financing as at December 31 comprises the following:
2009
2008
Financing to the Company Financing to the subsidiaries
2,482,388 2,280,585 4,762,973 (246,793) 4,516,180
1,864,714 2,070,589 3,935,303 (225,362) 3,709,941
Total Murabaha financing and long-term loans Current portion of Murabaha financing and long-term loans Non-current portion of Murabaha financing and long-term loans
In Thousands Saudi Riyals
Break down of Murabaha financing and long-term loans are listed below at December 31:
2009
Financing
Parent Co. 1,001,241
%
Subsidiaries
%
Total
%
Murabaha Finance Commercial Loans
40% 10%
1,844,835
81%
2,846,076
60%
257,897
---
---
257,897
5%
Public Investment Fund “Murabaha Finance”
1,050,000
43%
---
---
1,050,000
22%
Conventional Loans from Public Investment Fund
173,250
7%
435,750
19%
609,000
13%
Total
100% 2,482,388
2,280,585
100% 4,762,973 100%
In Thousands Saudi Riyals
Annual Report 2009 The National Shipping Company of Saudi Arabia
57
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