Bahri Annual Report-2011

The National Shipping Company of Saudi Arabia

52/53

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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