Consolidated Financial Statements
42
Consolidated Statement of Cash Flows For the year ended December 31, 2008 (InThousands Saudi Riyals)
Cash flows from operating activities
Note
2008
2007
Net profit for the year Adjustments to reconcile net profit to net cash provided by operating activities: Depreciation Amortization of deferred charges Impairment of investments in financial instruments Company’s share in (loss) profit of affiliates, net Gains from sale of fixed assets Minority interest in consolidated subsidiaries’ net profit Provision for zakat and tax End of service benefits provision Changes in operating assets and liabilities: Trade receivables and other debit balances, net Prepaid expenses Agents’ current accounts, receivables Inventories Accrued bunker subsidy, net Accounts payable and other credit balances Agents’ current account, payables
749.968
422.576
266.208 66.443 42.667 3.840 (70) 9.385 54.471 1.862
220.773 49.112 - (81.210) (34.221) 4.428 18.419 4.390 (54.673) (10.852) (7.586) (46.419) (19.079) 55.503 2.137 (22.593) 16.572 517.277
9
8 20
14
10.360 (16.277) (3.648) 21.713 (8.119) (15.831) 676 (20.336) (21.021) 1.142.291 (23.655) (21.821) (10.000) - (28.374) 371 (2.078.126) (35.228) (2.196.833) 1.572.413 --- --- (310.007) 1.262.406 207.864 851.297 1.059.161
Zakat and tax paid Incomplete voyages Net cash provided by operating activities
Cash flows from investing activities: Investments in Murabaha and short-term deposits Investments available-for-sale Investments in affiliates and other
68.020 (40.700)
8
14.752 14.966 (51.115) 43.437 (1.053.224) (90.319) (1.094.183)
Dividends from affiliates Additions of fixed assets
Proceeds from sale of fixed assets Ships under construction and others Deferred charges Net cash used in investing activities
Cash flows from financing activities: Murabaha financing and long-term loans Increase in paid-up capital
62.290 900.000 524.416 (221.640) 1.265.066
Share premium Dividends paid Net cash provided by financing activities Net change in cash and cash equivalents during the year Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year Non-cash items: Ships under construction transferred to fixed assets Unrealized gains from investments in securities
688.160 163.137 851.297
3
1.262.610 (1.059)
1.162.565 (33.182)
The accompanying notes from (1) to (26) form an integral part of these consolidated financial statements
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