Bahri Annual Report-2013

15. Murabaha Financing and Long Term Loans The Group has signed short term Murabaha financing agreements which are primary for financing the working capital of the Group. The Group has signed various Murabaha financing and long term loans agreements which are primary for financing the building of new VLCCs and petrochemicals carriers and new office in Dubai. The following table shows the details of the Murabaha financing and long-term loans as at 31 December: 2013 Financing The Company Subsidiaries Total % Murabaha financing 1,825,756 1,958,186 3,783,942 76% Commercial loans 32 - 32 0% Public Investment Fund “Murabaha financing” 825,000 - 825,000 17% Public Investment Fund finance “commercial loans” 23,250 308,657 331,907 7% Total Murabaha financing and long-term loans 2,674,038 2,266,843 4,940,881 100% Current portion of Murabaha and long-term financing (343,592) (220,700) (564,292) - Non-current Murabaha financing and long-term loans 2,330,446 2,046,143 4,376,589 - 2012 Financing The Company Subsidiaries Total % Murabaha financing 1,107,017 2,052,051 3,159,068 67% Commercial loans 32 344,968 345,000 7% Public Investment Fund “Murabaha financing” 1,155,000 - 1,155,000 25% Public Investment Fund finance “commercial loans” 60,750 - 60,750 1% Total Murabaha financing and long term loans 2,322,799 2,397,019 4,719,818 100% Current portion of Murabaha financing and long-term loans (264,858) (201,227) (466,085) - Non-current portion Murabaha financing and long-term loans 2,057,941 2,195,792 4,253,733 - • The finance cost is calculated as per the financing agreements at market prevailing rates. • The Company’s fleet and equipment balance includes VLCCs and petrochemical carriers that are financed by banks and pledged as a collateral to the lenders (note 12). The aggregate maturities of the outstanding financing as at December 31, are as follows: 2013 2012 During a year 564,292 466,085 From 1 year to 5 years 2,460,315 3,145,118 More than 5 years 1,916,274 1,108,615 4,940,881 4,719,818 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)