Consolidated Financial Statements
40
Consolidated Balance Sheet For the year ended December 31, 2008 (InThousands Saudi Riyals)
LIABILITIES AND EQUITY
Current liabilities
Notes
2008
2007
Accounts payable and other credit balances
319.610
303.779
12
Current portion of Murabaha financing and long-term loans
204.849
225.362
13
Short- term loan
-
71.250
Unclaimed dividends
18.437
23.430
21
Agents’ current accounts, payables
2.759
3.435
Provision for zakat and tax
142.951
183.086
14
Incomplete voyages
28.405
7.384
Total current liabilities
717.011
817.726
Non-current liabilities
Notes
2008
2007
Murabaha financing and long-term loans
2.229.291
3.709.941
13
Obligation from fluctuations in swaps fair market value for loan commission rates
-
5.024
16
Tax obligation provision
10.000
4.000
14
End of service benefits provision
27.002
28.864
Total non-current liabilities
2.266.293
3.747.829
Total liabilities
2.983.304
4.565.555
EQUITY
Shareholders’ equity
Notes
2008
2007
Paid-up capital
3.150.000
3.150.000
Share premium
524.416
524.416
Statutory reserve
165.827
240.824
15
Retained earnings
817.432
1.177.403
Hedging reserve for loans commission
-
(5.024)
16
Unrealized gain from investments in –financial instruments
2.118
3.177
6
Total shareholders’ equity
4.659.793
5.090.796
Minority interest
153.689
163.075
Total equity
4.813.482
5.253.871
Total liabilities and equity
7.796.786
9.819.426
The accompanying notes from (1) to (26) form an integral part of these consolidated financial statements
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