Bahri Annual Report-2008

The National Shipping Company of Saudi Arabia

Annual Report 2008

57

Notes To The Consolidated Financial Statements For the year ended December 31, 2008 (InThousands Saudi Riyals)

for 2008. The balance of unclaimed dividends as of December 31, 2008 amounted to SR 23.4 million (2007: SR 18.4 million).

The (loss) earning per share from non-operating (loss) income is SR (0.33) for 2008 (2007: SR 0.20).

22. Consolidation of Subsidiaries

Following is a summary of the financial position and results of operations of these subsidiaries for the year ended December 31:

The financial statements include the financial statements of the Company and its subsidiaries, after eliminating all intercompany balances. consolidated

2008

Gross operating income

Total assets

Total li- abilities

Net profit (loss)

NSCSA (America) Inc. Ltd. Mideast Ship Management Ltd. National Chemi- cal Carriers Ltd.

20.811

)9.609(

29.066

3.625

50.992

)39.658(

22.542

)7.976(

3.071.264

)2.255.890(

116.094

46.927

2007

Gross operating income

Net profit (loss)

Total assets

Total li- abilities

NSCSA (America) Inc. Ltd. Mideast Ship Management Ltd. National Chemi- cal Carriers Ltd.

23.839

)16.261(

24.816

3.478

59.945

)40.636(

26.165

803

2.054.988

)1.286.541(

75.339

22.140

23. Commitments and Contingencies

The Company has issued letters of guarantee of SR 52.2 million which include two guarantees of SR 8 million and SR 41.6 million, respectively, in favor of the DZIT related to taxes and penalties imposed by the Appeals Committee as explained in (Note 14). These guarantees were issued against restricted cash, Murabaha, and short-term deposits of SR 5.82 million.

have arisen in the normal course of business. Although, the outcome of these litigations has not yet been determined, management does not expect that these cases will have a material adverse effect on the Company’s result of operations or its financial position. In addition, refer to (Note 11) in relation to future capital commitments to build Very Large Crude Carriers and chemical Carriers.

The Company has also certain outstanding legal proceedings that

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