16- Murabaha and long-term financing The Group has signed various Murabaha and short term financing agreements to finance the acquisition of Vela’s vessels and its related expenses as well as to finance its working capital requirements a. The Group has also signed various Murabaha and long term financing agreements to finance the building and acquisition of new vessels in different sectors. The following table shows the details of the Murabaha and long-term as of 31 December:
2014
Financing
The Company
Subsidiaries
Total
%
Murabaha financing
1,338,306
2,026,135
3,364,441
71%
Commercial loans
32
-
32
-
Public Investment Fund
1,074,375
-
1,074,375
23%
“Murabaha”
1,074,375
-
1,074,375
23%
Commercial loans from Public Investment Fund Total Murabaha and long term financing Murabaha and long-term financing -current portion Non-current portion of long- term financing
-
272,344
272,344
6%
2,412,713
2,298,479
4,711,192
100%
(328,950)
(229,354)
(558,304)
-
2,083,763
2,069,125
4,152,888
-
2013
Financing
The Company
Subsidiaries
Total
%
Murabaha financing
1,825,756
1,958,186
3,783,942
76%
Commercial loans
32
-
32
-
Public Investment Fund
825,000
-
825,000
17%
“Murabaha”
825,000
-
825,000
17%
Commercial loans from Public Investment Fund Total Murabaha and long term financing Murabaha and long-term financing -current portion Non-current portion of long- term financing
23,250
308,657
331,907
7%
2,674,038
2,266,843
4,940,881
100%
(343,592)
(220,700)
(564,292)
-
2,330,446
2,046,143
4,376,589
-
The finance cost is calculated as per the financing agreements at market prevailing rates. Some of the group’s vessels that are financed by banks and pledged to the lending banks.
120
Annual Report 2014
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