Consolidated Financial Statements
13. Accounts payable and other credit balances Accounts payable and other credit balances at December 31 comprise the following:
2010
2009
Trade payables
26,031
22,567
Accrued operating expenses Accrued insurance expenses
154,411 113,566
18,104 11,621 22,303 18,402
23,874 12,435 23,454
Accrued finance charges
Value of shares sold belonging to old shareholders
Other credit balances
16,955 250,872 212,851
14. MURABAHA financing and longterm finance The Company and its subsidiaries have entered into various Murabaha financing and long-term loans agreements principally to finance building of new VLCCs, petrochemical carriers and new office in Dubai.
The balance of these financing as at December 31 comprises the following:
2010
2009
Finance to the Company
2,313,763 2,482,388 1,829,425 2,280,585 4,143,188 4,762,973 (324,648) (246,793) 3,818,540 4,516,180
Finance to the subsidiaries
Total Murabaha and long-term finance
Current portion of Murabaha and long-term finance
Non-current portion of long-term finance
Break down of Murabaha and long-term finances are listed below at December 31:
2010
Financing
Parent Co.
% Subsidiaries
%
Total
%
907,016
39% 1,411,831 77% 2,318,847
56%
Murabaha Finance
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 National Shipping Company of Saudi Arabia Annual Report 2010
69
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