The National Shipping Company of Saudi Arabia (A Saudi Joint Stock Company) Notes to the Consolidated Financial Statements As of December 31, 2012 (in Thousands of Saudi Riyals)
13. Accounts Payable and Other Credit Balances
Accounts payable and other credit balances at December 31 comprise the following:
2012
2011
Trade payables
1,543
9,155
Accrued operating expenses
177,649
226,025
Accrued insurance expenses
14,897
19,921
Accrued finance charges
14,013
11,501
Value of shares sold belonging to previous shareholders
22,134
22,305
Other credit balances
1,128
-
Total
231,364 288,907
14. Murabaha Financing and Long Term Finance The Company and its subsidiaries have entered into various Murabaha financing and long-term loans agreements principally to finance the building of new VLCCs, petrochemical carriers and a new office in Dubai. The balance of this financing as at December 31 comprised the following:
2012
2011
Finance to the Company
2,322,799
2,249,959
Finance to the subsidiaries
2,397,019
2,501,054
Total Murabaha and long-term finance
4,719,818
4,751,013
Current portion of Murabaha and long-term finance
(466,085)
(456,045)
Non-current portion of Murabaha and long-term finance
4,253,733 4,294,968
The break-down of Murabaha and long-term finances as at December 31 is as follows:
2012
Financing:
Parent Co.
% Subsidiaries
% Total
%
Murabaha Finance
1,107,017 48%
2,052,051 86%
3,159,068 67%
Public Investment Fund finance “conventional” Public Investment Fund “Murabaha Finance”
60,750 3%
--- ---
60,750 1%
1,155,000 49%
--- ---
1,155,000 25%
Commercial Finance
32 0%
344,968 14%
345,000 7%
Total
2,322,799 100% 2,397,019 100% 4,719,818 100%
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