The national shipping company of saudi arabia - Bank Audi
The national shipping company of saudi arabia - Bank Audi
The national shipping company of saudi arabia - Bank Audi
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THE NATIONAL SHIPPING COMPANY OF SAUDI ARABIA<br />
December 30, 2011<br />
Table 12: Balance Sheet<br />
COMPANY UPDATE EQUITY RESEARCH<br />
SAR million 2009 2010 2011e 2012e 2013e 2014e 2015e<br />
Cash in hand & at banks 96 109 110 140 166 165 181<br />
Investment in government bonds & STD 706 1,013 380 429 490 508 532<br />
Trade receivable & other debit balances 206 167 211 221 234 241 235<br />
Others 223 285 360 355 350 360 362<br />
Current assets 1,230 1,575 1,061 1,145 1,240 1,274 1,310<br />
Bareboat lease receivable, net 419 412 405 395 365 340 325<br />
Investments in affiliates & others 299 452 509 566 625 680 733<br />
Fixed assets 6,761 6,410 7,237 8,164 8,888 8,809 8,395<br />
Ships under construction 1,403 1,009 1,102 609 197 125 125<br />
Others 231 101 114 113 115 118 120<br />
Total non-current assets 9,113 8,384 9,366 9,846 10,189 0,072 9,698<br />
Total assets 10,343 9,959 10,427 10,991 11,429 11,346 11,008<br />
Accounts payable & other credits 225 248 252 240 247 252 258<br />
Current portion <strong>of</strong> LT loans 227 325 467 514 541 517 463<br />
Provision for zakat & tax 120 129 135 128 114 115 115<br />
Others 30 31 30 28 31 33 33<br />
Current liabilities 602 733 884 910 933 917 869<br />
Long term loans 4,536 3,819 4,254 4,690 4,931 4,711 4,226<br />
Others 35 33 29 34 43 46 46<br />
Long term liabilities 4,571 3,852 4,283 4,724 4,974 4,757 4,272<br />
Total liabilities 5,173 4,585 5,167 5,635 5,907 5,674 5,141<br />
Total shareholders' equity 4,981 5,086 4,969 5,033 5,211 5,385 5,595<br />
Minority interest 189 289 291 323 311 287 272<br />
Total equity 5,170 5,374 5,260 5,356 5,522 5,672 5,867<br />
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