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GB Auto and its Subsidiaries (S.A.E)
54
GB Auto
•
2012 ANNUAL REPORT
Consolidated statement of cash flow
For the year ended 31 December 2012
(All amounts in thousand Egyptian pounds)
Note
2012
2011
Cash flows from operating activities
Net profit before tax
314,797
299,995
Adjustments:
Interest expense
296,985
261,760
Depreciation and amortization
123,582
134,674
Provisions - net
17,349
16,168
Stock option fair value for the managing director
1,364
4,693
Bond issue cost amortization
2,572
2,572
Loss on sale of property and equipments
2,303
345
Interest income
(41,072)
(44,298)
Loans interest expense capitalized on property, plant and equipment
(16,548)
(28,230)
Deferred revenue amortization - Sale and lease back
(5,889)
(6,424)
Deferred revenue amortization - Marketing contract
(500)
(1,200)
Gain for the re-valuation of investments property
(307)
(45)
Gain on sale of investment property
(329)
-
Impairment losses
-
1,187
Net profit before changes in working capital
694,307
641,197
Changes in working capital
Inventories
(461,097)
397,298
Accounts and notes receivables
(174,004)
(110,078)
Debtors and other debit balances
27,595
(13,560)
Due from related parties
(3,084)
(2,118)
Due to related parties
22,396
(9,329)
Trade payables other credit balances
260,662 (175,141)
Cash flow generated from operating
366,775
728,269
Provisions used
(7,316)
(4,942)
Income tax paid during the year
(33,466)
(96,814)
Interest paid
(296,985)
(261,760)
Net cash flow generated from operating activities
29,008
364,753
Cash flows from investing activities
Payments for projects under constructions
(147,471)
(163,379)
Purchase of property, plant and equipment
(270,386)
(76,767)
Purchase of intangible assets
(518)
(725)
Interest received
41,072
44,298
Proceeds from sale of property, plant and equipment
11,846
9,686
Proceeds from sale of investments property
3,000
-
Treasury bills
823
148,655
Net cash flow used in investing activities
(361,634)
(38,232)
Cash flows from financing activities
Loans and borrowings
769,218
268,914
Proceeds from minority share subsidiaries capital
27,280
7,134
Dividends paid
(191,487)
(184,434)
Bonds liabilities
(307,693)
(76,923)
Proceed from sale of treasury shares
4,251
-
Purchase of treasury shares
-
(9,462)
Long-term notes payables
106,443
(7,371)
Net cash flow generated from (used in) financing activities
408,012
(2,142)
Net increase in cash and cash equivalents
75,386
324,379
Cash and cash equivalents at beginning of the year
1,158,759
828,501
Translation differences
28,611
5,879
Cash and cash equivalents at end of the year
17
1,262,756 1,158,759
The accompanying notes on pages 55 to 85 form an integral part of these consolidated financial statements.