Bahri Annual Report-2013

The National Shipping Company of Saudi Arabia (A Saudi Joint Stock Company) Consolidated Statement of Cash Flows For the year ended December 31, 2013 (In Thousands of Saudi Riyals)

Notes

2013

2012

Cash flows from operating activities Net income for the year

752,262

503,993

Adjustments to reconcile net income for the year to net cash flows from operating activities Depreciation 12

423,523

392,179

Amortization of deferred dry-docking costs

11

46,012

38,058

Unrealized gains on investments held for trading

-

(6,072)

Unrealized gains on available for sale investments

(2,562)

-

Share in results of associated companies

10

(291,235)

(147,660)

Gains from sale of fixed assets

21

(75,496)

(12,507)

Non-controlling interests in net income of consolidated subsidiaries

36,863

21,517

Zakat and tax, net

17

49,858

36,299

Employees’ end of service benefits, net

6,547

12,155

945,772

837,962

Changes in operating assets and liabilities Trade receivables, net

(355,858)

(1,820)

Bareboat lease receivable, net

10,143

7,538

Prepaid expenses and other receivables

62,084

(64,693)

Agents’ current accounts

291

(5,536)

Inventories

(90,955)

12,981

Accrued bunker subsidy, net

8,673

(44,773)

Incomplete voyages

16,919

(9,270)

Investments held for trading

26,384

-

Accounts payable and accruals

52,452

(60,448)

Zakat and tax paid

17

(29,729)

(22,097)

Other liabilities

18

(6,046)

36,750

Net cash from operating activities

640,130

686,594

Continues

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