The National Shipping Company of Saudi Arabia
Annual Report 2008
55
Notes To The Consolidated Financial Statements For the year ended December 31, 2008 (InThousands Saudi Riyals)
16. Hedging Reserve for Loan Commissions
The Company uses the commission rates swaps and caps to avoid fluctuations in commission rates on the long-term loans. The change in the market value of the commission rate swaps are recorded in the
hedging reserve which is included in the shareholders’ equity. The net cash flow difference between the hedged rate and the prevailing market rate as of December 31, 2008 amounted to SR 5 million.
17. Segment Information
A) The following schedule illustrates the distribution of the Company’s activities according to the operational segments for the year ended December 31:
2008
)666.829( )502.843( )464.210( )1.633.882( Operating expenses Operating expenses )479.871( )392.562( )379.525( )1.251.958(
1.352.448 618.937 623.145 2.594.530 Operating revenue Operating revenue 740.527 474.370 488.397 1.703.294
Gross oper- ating profit
685.619 116.094 158.935 960.648
Crude OilTransportation PetrochemicalTransportation General CargoTransportation (Liner)
2007
Gross oper- ating profit
260.656 81.808 108.872 451.336
Crude OilTransportation PetrochemicalTransportation General CargoTransportation (Liner)
B) The following schedule illustrates the distribution of the Company’s assets and liabilities according to the operational segments for the year ended December 31:
2008
Assets
Liabilities
5.032.373 3.072.196 292.065 1.422.792 9.819.426
1.995.025 2.256.403 99.804 214.323 4.565.555
Crude OilTransportation PetrochemicalTransportation General CargoTransportation (Liner) Shared Assets and Liabilities * Total
2007
Assets
Liabilities
4.204.666 2.060.345 301.816 1.229.959 7.796.786
1.359.585 1.291.641 139.283 192.795 2.983.304
Crude OilTransportation PetrochemicalTransportation General CargoTransportation (Liner) Shared Assets and Liabilities * Total
*Shared assets and liabilities represent amounts which can not be determined for a specific segment such as cash, deposits, governmental bonds, unclaimed dividends and payments, etc.
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