Bahri Annual Report-2011

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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