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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