The National Shipping Company of Saudi Arabia (A Saudi Joint Stock Company) Consolidated Statement of Cash Flow As of December 31, 2012 (in Thousands of Saudi Riyals)
Notes
2012
2011
Cash flows from operating activities: Net profit for the year
503,993
287,768
Adjustments to reconcile net profit to net cash provided by operating activities: Depreciation 11 392,179
352,308
Amortization of deferred dry-docking costs
10
38,058
28,264
Unrealized gain on investments held for trading
(6,072)
(1,485)
Company’s share in profit of affiliates
9
(147,660)
(139,723)
Gains from sale of fixed assets
20
(12,507)
(99)
Non-controlling interests in consolidated subsidiaries’ net profit
21,517
24,622
Provision for zakat
16
32,945
21,594
Provision for tax, net
16
3,354
3,903
Employees' end of service benefits provision, net
12,155
(3,534)
Changes in operating assets and liabilities: Trade receivables and other debit balances, net
(62,314)
(113,253)
Prepaid expenses
21,117
(358)
Bareboat lease receivable
7,538
6,614
Agents’ current accounts
(12,582)
(6,131)
Inventories
12,981
(11,683)
Accrued bunker subsidy, net
(43,167)
(21,884)
Accounts payable and other credit balances
(57,543)
34,550
Zakat and tax paid
16
(22,858)
(51,272)
Tax refund related to a subsidiary
16
761
922
Incomplete voyages
(9,270)
(12,804)
Net cash provided by operating activities
672,625 398,319
عبتي
77
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