Bahri Annual Report-2011

The National Shipping Company of Saudi Arabia

50/51

Consolidated Balance Sheet As of December 31, 2011 (In Thousands Saudi Riyals)

LIABILITIES AND EQUITY

Current liabilities:

Notes

2011

2010

Accounts payable and other credit balances

13

288,907

254,357

Current portion of Murabaha financing and long-term finance

14

456,045

324,648

Short term finance

64,000

-

Unclaimed dividends

15

30,720

26,896

Provision for zakat and tax

16

104,576

129,429

Incomplete voyages

-

700

Total current liabilities

944,248

736,030

Non-current liabilities:

Murabaha financing and long-term finance

14

4,294,968

3,818,540

Obligation from fluctuations in swap fair market value for finance commission rates

17

-

1,734

Employees end of service benefits provision

28,058

31,592

Total non-current liabilities

4,323,026

3,851,866

Total liabilities

5,267,274

4,587,896

Equity:

Shareholders’ equity

Paid-up share capital

3,150,000

3,150,000

Statutory reserve

18

872,435

843,658

Retained earnings

1,039,654

1,095,663

Hedging reserve for finance commission

17

-

(1,734)

Unrealized gain from available for sale investments

534

2,104

Total shareholders’ equity

5,062,623

5,089,691

Minority interest

293,314

288,692

Total equity

5,355,937

5,378,383

Total liabilities and equity

10,623,211 9,966,279

* The accompanying notes from (1) to (26) form an integral part of these consolidated financial statements.

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