Consolidated Financial Statements
50
Notes To The Consolidated Financial Statements For the year ended December 31, 2008 (InThousands Saudi Riyals)
B) The Arabian United Float Glass Company
The Company signed a contract for establishing the Arabian United Float Glass Company as a founder member. It was established by a ministerial decisionNo. (1299) dated 11/05/1427H (corresponding to 08/06/2006). An investment of SR 20 million fully paid for the ownership of 2,000,000 shares representing 10% of the share capital.
Also, an amount of SR 1.2 million was paid until December 31, 2008 representing the Company’s share in establishing and developing costs.
9. Deferred Charges, net
Deferred charges, net at December 31 comprise the following:
2008
2007
181.404 )66.443( 70 115.031
195.308 )49.112( 50 146.246
Total dry-docking cost Accumulated amortization expenses Deferred tax benefits
10. Fixed Assets, net
Movement in fixed assets during the year 2008 was as follows:
Particulars
Cost
Additions during the year - 1.398 1.286.778 - 196 109 - 1.757 523 3 1.290.764
Balance at 01.01.2008 13.593 31.014 7.149.528 57.028
Balance at 31.12.2008 13.593 32.412 8.436.306 56.558
Balance at 01.01.2008 - )2.792( )2.577.138( )43.721( )4.362( )3.621( )776( )36.061( )9.648( )403( )2.678.522(
Disposals
- - - )470( - )98( )49( )167( - - )784(
Land Bldgs & improvements Fleet & equipment* Containers & trailers Furniture & fixtures Tools & office equipment Motor vehicles Computers Container yard
4.973 4.179 1.397
5.169 4.190 1.348
39.554 10.211 1.480 7.312.957
41.144 10.734 1.483 8.602.937
Others Total
* Fleet and equipment above includesVLCCs and petrochemical carriers financed by bank loans and mortgaged in favor of lending banks as mentioned in (Note 13 ).
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