Bahri Annual Report-2011

The National Shipping Company of Saudi Arabia

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v) Segment reporting Business segment A business segment is group of assets, operations or entities:

3. CASH AND CASH EQUIVALENTS Cash and cash equivalents as of December 31, 2011 represent cash in hand and at banks, Murabaha and short-term deposits, out of which SR 0.03 million (2010: SRĀ 0.03 million) is subject to bank restrictions for letters of guarantee issued for the Jeddah Islamic Port. It also includes SR 33.3 million as of December 31, 2011 (2010: SR 36.77 million) restricted for repayment of current portion of Murabaha financing and long-term loans maturing within 180 days from the balance sheet date.

It also includes SR 0.57 million as of December 31, 2011 which represents restricted bank balances (2010: SR 0.61 million) related to Mideast Ship Management Ltd., and SR 0.54 million which represents restricted bank balances (2010: SR 0.54 million) related to National Shipping Company of Saudi Arabia (America) Inc. For the purpose of preparing the statement of cash flows, cash and cash equivalents as of December 31 comprises the following:

engaged in revenue producing activities;

results of its operations are continuously analyzed by management in order to make decisions related to resource allocation and performance assessment; and

financial information is separately available.

2011

2010

Cash in hand and at banks

144,798

108,713

Amounts restricted by banks

)16,563(

)18,226(

128,235

90,487

Investment in Murabaha and short-term deposits

274,469

1,014,559

Amounts restricted by banks

)17,884(

)19,697(

256,585

994,862

384,820

1,085,349

Balance at the end of the year

4. INVESTMENTS IN MURABAHA AND SHORT-TERM DEPOSITS

Investments in Murabaha and short-term deposits at December 31 comprise the following:

2011

2010

Investments in Murabaha and short-term deposits in Saudi riyals

200,031

559,163

Investments in Murabaha and short-term deposits in USD

34,691

376,254

Investments in Murabaha and short-term deposits in AED

39,747

75,365

Investments in Murabaha and short-term deposits in EURO

---

3,777

274,469

1,014,559

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