Consolidated Financial Statements
Consolidated Statement of Cash Flow
For the year ended December 31, 2010 (In Thousands Saudi Riyals)
Notes
2010
2009
Cash flows from operating activities: Net profit for the year
414,878
369,300
Adjustments to reconcile net profit to net cash provided by operating activities: Depreciation
11
327,151
296,070
Amortization of deferred charges
10
33,545
64,694
Unrealized gain on investments held for trading
(2,510)
(3,707)
Gain from investment - held to maturity
---
(3,008)
Company’s share in dividends from investment held for trading
---
(197)
Company’s share in profit of affiliate
9
(36,932)
(84,942)
Company’s share in net income of a joint venture
9
(3,856)
---
Gains from sale of fixed assets
22
(152)
(30,489)
Net recovery against cancelled contracts
12
(15,122)
---
Minority interest in consolidated subsidiaries’ net profit
18,573
27,044
Provision for zakat
16
35,104
32,627
Provision for tax, net
16
1,261
1,963
Reversal of excess zakat and withholding tax provision
16
---
(12,050)
Employees' end of service benefits provision
148
2,580
Changes in operating assets and liabilities: Trade receivables and other debit balances, net
28,718 (23,346)
Prepaid expenses
3,895
21,129
Bareboat lease receivable
5,925
4,826
Agents’ current accounts, receivables
(521)
3,189
Inventories
(16,565)
(49,885)
Accrued bunker subsidy, net
(34,643)
18,719
Accounts payable and other credit balances
38,021 (90,835)
Agents’ current accounts, payables
2,916
(2,866)
Zakat and tax paid
16
(26,986)
(91,002)
Tax refund related to a subsidiary
16
1,411
783
Incomplete voyages
7,313 (13,997)
Net cash provided by operating activities
781,572 436,600
The National Shipping Company of Saudi Arabia Annual Report 2010
51
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