Bahri Annual Report-2013

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

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