Chapter 5 Consolidated Financial Statements and Auditor’s Report for the year ended 31 December 2013
The National Shipping Company of Saudi Arabia (A Saudi Joint Stock Company) Notes To The Consolidated Financial Statements December 31, 2013 (In Thousands Saudi Riyals)
8. Inventories Inventories on board of ships at December 31 comprise the following: 2013
2012
Fuel
198,164
108,103
Lubricants
22,351
23,965
Others
2,508
-
223,023
132,068
9. Accrued Bunker Subsidy, Net Accrued bunker subsidy, net at December 31 comprise the following: 2013
2012
Accrued bunker subsidy
146,194
171,087
Provision for doubtful bunker subsidy
(22,314)
(38,534)
123,880
132,553
10. Investments in Associated Companies The movement of investments in associated companies for the year ended December 31 is as follows: 2013
2012
Balance at the beginning of the year
651,982
540,232
Share in results of associates *
291,235
147,660
Dividends received during the year
(96,591)
(35,910)
Transferred to a subsidiary company ( note1)
(4,641)
-
Balance at the end of the year
841,985
651,982
* Share in results of associates represents the Company’s share in net results of Petredec Limited Company of SR 291.2 million (2012: SR 143.87 million), which includes the Petredec’s share in unrealized gains of nil (2012: unrealized losses of SR 22.5 million) from goods exchange contracts.
11. Deferred Dry-Docking Costs, Net Deferred dry-docking costs, net at December 31 comprise the following: 2013
2012
Total dry-docking costs
381,688
329,679
Accumulated amortization
(277,016)
(231,004)
104,672
98,675
Movement in the dry-docking costs is as follows:
2013
2012
Balance at the beginning of the year
98,675
67,203
Additions during the year
52,009
69,530
Amortization during the year
(46,012)
(38,058)
Balance at the end of the year
104,672
98,675
82/83
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