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GB Auto and its Subsidiaries (S.A.E)
Notes to the Consolidated Financial Statements
For the year ended 31 December 2012
(In the notes all amounts are shown in thousand Egyptian pounds unless otherwise stated)
67
GB Auto
•
2012 ANNUAL REPORT
5. Property, plant and equipment
Land &
buildings
Machinery &
equipment
Vehicles
Fixtures
& office
furniture
Projects
under
construction
Total
Cost
Balance at 1 January 2012
1,014,658
276,734
297,339
143,895
387,243 2,119,869
Foreign currency translation differences
385
69
28
971
-
1,453
Additions
94,168
25,874
128,290
22,054
164,019
434,405
Transfers from projects under construction
272,405
150,462
361
3,869 (427,097)
-
Disposals
(2,478)
(4,021)
(51,504)
(1,250)
-
(59,253)
Transfers to assets held-for-sale
(331,613)
-
-
-
-
(331,613)
Transfers to used cars inventory
-
-
(55,914)
-
-
(55,914)
Balance at 31 December 2012
1,047,525
449,118
318,600
169,539
124,165 2,108,947
Accumulated depreciation
Balance at 1 January 2012
56,491
106,303
97,441
56,960
-
317,195
Foreign currency translation differences
385
16
3
139
-
543
Depreciation charge
13,074
28,845
57,512
23,033
-
122,464
Disposals
-
(1,979)
(23,935)
(863)
-
(26,777)
Transfers to assets held-for-sale
(1,615)
-
-
-
-
(1,615)
Transfers to used cars inventory
-
-
(23,924)
-
-
(23,924)
Balance at 31 December 2012
68,335
133,185
107,097
79,269
-
387,886
Net book value at 31 December 2012
979,190
315,933
211,503
90,270
124,165 1,721,061
Net book value at 31 December 2011
958,167
170,431
199,898
86,935
387,243 1,802,674
• Projects under construction represent the cost of buildings and factories expansions which are being prepared and fixed for the
Group use.
The vehicles include financially leased passenger cars that fall outside the scope of EAS No. 20 which are treated in accordance with IAS
17, and therefore will be considered as property, plant and equipment as stated above in the Group accounting policies (2D), and their net
book value is as follows:
2012
2011
Capitalized finance leases - cost
10,625
10,625
Accumulated depreciation
(10,625)
(5,788)
Net book value
-
4,837
The Group has finance leased assets (trailers and buses) according to contracts under Law No. 95 for 1995, that is not considered as
property, plant and equipment according to the accounting policies (2I) and according to the requirement of the Egyptian Accounting
Standards (No. 20) it recognizes the annual lease payments as an expense in the income statement for the period and the leased contracts
are as follows:
2012
2011
Total contractual lease payments
40,699
32,695
Total purchase price on termination of leases
69
86
Average useful life
5 Years
5 years
Lease payments for the year
5,269
7,500