The National Shipping Company of Saudi Arabia
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Consolidated Statement of Cash Flows For the year ended December 31, 2011 (In Thousands of Saudi Riyals)
Notes
2011
2010
Cash flows from operating activities:
Net profit for the year
287,768
414,878
Adjustments to reconcile net profit to net cash provided by operating activities:
Depreciation
11
352,308
327,151
Amortization of deferred charges
10
28,264
33,545
Unrealized gain on investments held for trading
(1,485)
(2,510)
Company’s share in affiliates’ net income
9
(139,723)
(40,788)
Gains from sale of fixed assets
22
(99)
(152)
Net recovery against cancelled ship construction contracts
12
---
(15,122)
Minority interest in consolidated subsidiaries’ net profit
24,622
18,573
Provision for zakat
16
21,594
35,104
Provision for tax, net
16
3,903
1,261
Employees› end of service benefits provision, net
(3,534)
148
Changes in operating assets and liabilities:
Trade receivables and other debit balances, net
(113,253)
28,718
Prepaid expenses
(358)
3,895
Bareboat lease receivable
6,614
5,925
Agents’ current accounts
(6,131)
(521)
Inventories
(11,683)
(16,565)
Accrued bunker subsidy, net
(21,884)
(34,643)
Accounts payable and other credit balances
34,550
40,937
Zakat and tax paid
16
(51,272)
(26,986)
Tax refund related to a subsidiary
16
922
1,411
Incomplete voyages
(12,804)
7,313
Net cash provided by operating activities
398,319
781,572
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