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BANQUE SAUDI FRANSI CONSOLIDATED BALANCE SHEET As at December 31, 2008 and 2007 - page 4 / 51

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Due to banks and other financial institutions

283,436

Customers’ deposits

18,781,184

Other liabilities

1,544,895

BANQUE SAUDI FRANSI CONSOLIDATED STATEMENT OF CASH FLOWS For the years ended December 31, 2008 and 2007

SAR’ 000

OPERATING ACTIVITIES

Net income for the year Adjustments to reconcile net income to net cash (used in) from operating activities

(Accretion of discounts) and amortization of premiums on non trading investments, net Losses on non trading investments, net Depreciation and amortization Gains on disposal of property and equipment, net Impairment charge for credit losses, net Impairment charge on investments

Share in earnings from associates Change in fair value of financial instruments

Net (increase) decrease in operating assets:

Statutory deposit with SAMA Due from banks and other financial institutions maturing after 90 days from the date of acquisition Investments held as FVIS Loans and advances Other assets

Net increase (decrease) in operating liabilities:

4

Notes

2008

2,805,659

Net cash (used in) from operating activities INVESTING ACTIVITIES

Proceeds from sales and maturities of non trading investments Purchase of non trading investments Investments in associates Purchase of property and equipment Proceeds from sales of property and equipment

Net cash used in investing activities

FINANCING ACTIVITIES

(285,928)

35,140,191 (40,957,876) (39,821) (120,465) 20,644

(5,957,327)

The accompanying notes 1 to 41 form an integral part of these consolidated financial statements

(57,853) 2,934,649

4

(888,443)

200,000 434,465 (21,022,448) (2,553,666)

Net movement in minority interest Issue of term loans Dividends paid

Net cash from (used in ) financing activities

(Decrease) increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year

Cash and cash equivalents at the end of the year Special commission received during the year Special commission paid during the year Supplemental non cash information

Net changes in fair value and transfers to consolidated statement of income

(447,160) 55,687 86,940 (446) 94,265

410,000 (12,443)

315,060

10,074,745

29

6,028,972 5,328,430 2,504,127

2,197,482 (4,045,773)

28

2 2,489,700 (314,135) 1 , 9 1 7

2007

2,711,110

(141,331) - 77,965 (71) 42,011 -

(6,691) 7,728

2,690,721

(1,070,268)

(50,000) (1,209,313) (8,751,060) (1,359,338)

4,669,060

12,130,943 1,717,942

8,768,687

4,924,075 (9,924,962) (82,500) (102,960) 130

(5,186,217)

- - (940,796)

(940,796) 2,641,674

7,433,071

10,074,745 4,961,046 2,550,642

65,540

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