2009
Financing
Parent Co. 1,001,241
% Subsidiaries
%
Total
%
40% 1,844,835 81% 2,846,076
60%
Murabaha Finance
Commercial Finances
257,897
10% ---
---
257,897
5%
Public Investment Fund “Murabaha Finance”
1,050,000
43% ---
---
1,050,000
22%
Public Investment Fund finance “conventional”
173,250
7%
435,750 19% 609,000
13%
Total
2,482,388 100% 2,280,585 100% 4,762,973 100%
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, 2010, are as follows:
2011 2012 2013 2014 2015
324,640 409,126 361,166 358,320 319,209
Thereafter
2,370,727 4,143,188
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 5.56 billion out of which SR 1.43 billion remained unutilized at December 31, 2010 relating to NCC.
Finances granted to the subsidiaries are for the purpose of refinancing of loans, and acquisition of new office in Dubai.
Total financing charges on Murabaha financing and long-term loans amounted to SR 62.54 million for the year 2010 (2009: SR 100.8 million), out of which SR 24.31 million related to the subsidiary (NCC) loans (2009: SR 48.31 million) and SR 1.2 million related to the subsidiary, Mideast Ship Management Ltd., finance (2009: SR 1.33 million). Financing charges related to financing of VLCCs, petrochemical carriers and new office for a sum of SR 12.36 million (2009: SR 23.13 million) were capitalized (see Note 12).
The National Shipping Company of Saudi Arabia Annual Report 2010
70
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