Consolidated Financial Statements
Consolidated Balance Sheet (Continued) As of December 31, 2010 (In Thousands Saudi Riyals)
Notes
2010
2009
Liabilities and Equity Current liabilities: Accounts payable and other credit balances
13
250,872
212,851
Current portion of Murabaha financing and long-term finance
14 15
324,648
246,793
Unclaimed dividends
26,896
29,189
Agents’ current accounts, payables
3,485
569
Provision for zakat and tax
16
129,429
118,639
Incomplete voyages
700 ---
Total current liabilities
736,030 608,041
Non-current liabilities: Murabaha financing and long-term finance
14
3,818,540 4,516,180
Obligation from fluctuations in swap fair market value for finance commission rates
17
1,734
3,530
Employees' end of service benefits provision
31,592
31,444
Total non-current liabilities
3,851,866 4,551,154 4,587,896 5,159,195
Total liabilities
Equity Shareholders’ equity: Paid-up share capital
3,150,000 3,150,000
Statutory reserve
18
843,658
802,170
Retained earnings
1,095,663 1,037,273
Hedging reserve for finance commission
17
(1,734)
(3,530)
2,104
1,607
Unrealized gain from available for sale investments
Total shareholders’ equity
5,089,691 4,987,520
Minority interest
288,692
190,119
Total equity
5,378,383 5,177,639 9,966,279 10,336,834
Total liabilities and equity
The accompanying notes from (1) to (26) form an integral part of these consolidated financial statements
The National Shipping Company of Saudi Arabia Annual Report 2010
49
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