The National Shipping Company of Saudi Arabia
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Break down of Murabaha and long-term finances is listed below at December 31:
2011
Financing:
Parent Co.
% Subsidiaries
%
Total
%
Murabaha Finance
980,124
44% 2,119,773
85% 3,099,897
65%
Commercial Finances
121,585
5%
-
-
121,585
3%
Public Investment Fund “Murabaha Finance”
1,050,000
47%
-
-
1,050,000
22%
Public Investment Fund finance “conventional”
98,250
4%
381,281
15%
479,531
10%
TOTAL
2,249,959 100% 2,501,054
100% 4,751,013
100%
2010
Financing:
Parent Co.
% Subsidiaries
%
Total
%
Murabaha Finance
907,016
39% 1,411,831
77% 2,318,847
56%
Commercial Finances
220,997
10%
---
---
220,997
5%
Public Investment Fund “Murabaha Finance”
1,050,000
45%
---
---
1,050,000
26%
Public Investment Fund finance “conventional”
135,750
6%
417,594
23%
553,344
13%
TOTAL
2,313,763 100% 1,829,425
100% 4,143,188
100%
The cost of financing is calculated as per the respective financing agreements. The aggregate maturities of the outstanding financing under the Murabaha financing and loan agreements at December 31, 2011, are as follows:
Total financing charges on Murabaha financing and long-term loans amounted to SR 61.7 million for the year 2011 (2010: SR 62.54 million), out of which SR 26.68 million related to the subsidiary (NCC) loans (2010: SR 24.31 million) and SR 1.1 million related to the subsidiary, Mideast Ship Management Ltd., finance (2010: SR 1.2 million). Financing charges related to financing of VLCCs, petrochemical carriers and new office for a sum of SR 9.71 million (2010: SR 12.36 million) were capitalized (see Note 12).
The Murabaha financing and long-term loans agreements contain covenants related to liquidity, indebtedness and other conditions. Moreover, the financed carriers and vessels are mortgaged in favor of the lending banks. The total finance facilities of the Company and its subsidiaries amounted to SR 4.75 billion out of which SR 0.35 billion remained unutilized at December 31, 2011 relating to NCC. Finances granted to the subsidiaries are for the purpose of refinancing of certain loans, construction of new carriers and the Company’s office in Dubai.
2012
456,045
2013
491,521
2014
531,922
2015
503,885
2016
521,983
Thereafter
2,245,657
4,751,013
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