Consolidated Financial Statements
2008
Financing
Parent Co, 1,359,167
%
Subsidiaries
%
Total
%
Murabaha Finance Commercial Loans
73% 16%
1,634,839
79%
2,994,006
76%
294,797
---
---
294,797
8%
Conventional Loans from Public Investment Fund
210,750
11%
435,750
21%
646,500
16%
Total
100% 1,864,714
2,070,589
100% 3,935,303 100%
In Thousands Saudi Riyals
The cost of financing is calculated as per the respective financing agreements. The aggregate maturities of the outstanding Murabaha financing and long-term loans at December 31, 2009, are as follows:
Amount 246,793 427,540 577,546 529,586 526,740
2010 2011 2012 2013 2014
Thereafter
2,454,768 4,762,973
In Thousands Saudi Riyals
The Murabaha financing and long-term loans agreements contain covenants related to liquidity, indebtedness and other conditions. Moreover, the financed carriers and vessels are mortgaged in favor of the lending banks. The total Murabaha financing and long-term loans facilities of the Company and its subsidiaries amounted to SR 6.13 billion out of which SR 1.37 billion remained unutilized at December 31, 2009 relating to NCC.
Total financing charges on Murabaha financing and long-term loans amounted to SR 100.8 million for the year 2009 (2008: SR 163.64 million), out of which SR 48.31 million related to the subsidiary (NCC) (2008: SR 90.41 million) and SR 1.33 million related to the subsidiary, Mideast Ship Management Ltd., (2008: SR 1.4 million). Financing charges related to financing of VLCCs, petrochemical carriers and new office for a sum of SR 23.13 million (2008: SR 57.8 million) were capitalized, see Note 11.
58
Annual Report 2009 The National Shipping Company of Saudi Arabia
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