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)
2011
Financing:
Parent Co.
% Subsidiaries
% Total
%
Murabaha Finance
980,124 44%
2,119,773 85%
3,099,897 65%
Commercial Finance
121,585 5%
--- ---
121,585 3%
Public Investment Fund “Murabaha Finance” Public Investment Fund finance “conventional”
1,050,000 47%
--- ---
1,050,000 22%
98,250 4%
381,281 15%
479,531 10%
Total
2,249,959 100% 2,501,054 100% 4,751,013 100%
The cost of financing is calculated as per the respective finance agreements. The aggregate maturities of the outstanding financing under the Murabaha financing and loan agreements at December 31, 2012, are as follows:
Year
Outstanding Financing
2013
466,085
2014
498,216
2015
470,179
2016
458,899
2017
557,830
After
1,352,634
Agreements under negotiation
915,975
Total
4,719,818
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 4.72 billion out of which SR 79.4 million remained unutilized at December 31, 2012 relating to NCC. Total financing charges on Murabaha financing and long-term loans amounted to SR 85.25 million for the year 2012 (2011: SR 61.7 million), out of which SR 34.72 million related to the subsidiary (NCC) loans (2011: SR 26.68 million) and SR 1.04 million related to the subsidiary, Mideast Ship Management Ltd., finance (2011: SR 1.1 million). The amount of finance charges capitalized during 2012 was SR 25.48 million (2011: SR 9.71 million) (see Note 12).
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