Financial Statements Report 2011
Notes To The Consolidated Financial Statements For the year ended December 31, 2011 (In Thousands Saudi Riyals)
Capital commitments
constructing chemical tankers amounted to SR 0.34 billion as of December 31, 2011 (2010: SR 1.05 billion).
The Company’s capital commitments for constructing RoRo vessels amounted to SR 1.23 billion as of December 31, 2011 (2010: Nil). The Subsidiary’s capital commitments for
13. ACCOUNTS PAYABLE AND OTHER CREDIT BALANCES
Accounts payable and other credit balances at December 31 comprise the following:
2011
2010
Trade payables
9,155
14,868
Accrued operating expenses
226,025
173,254
Accrued insurance expenses
19,921
18,104
Accrued finance charges
11,501
11,621
Value of shares sold belonging to old shareholders
22,305
22,446
Other credit balances
-
14,064
288,907
254,357
14. MURABAHA FINANCING AND LONG TERM FINANCE
VLCCs, petrochemical carriers and the Company’s office in Dubai. The balance of these financing as at December 31 comprises the following:
The Company and its subsidiaries have entered into various Murabaha financing and long-term loans agreements principally to finance building of new
2011
2010
Finance to the Company
2,249,959
2,313,763
Finance to the subsidiaries
2,501,054
1,829,425
Total Murabaha and long-term finance
4,751,013 4,143,188
Current portion of Murabaha and long-term finance (456,045)
(324,648)
Non-current portion of Murabaha and long-term finance
4,294,968 3,818,540
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