Basic HTML Version
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)
70
GB Auto
•
2012 ANNUAL REPORT
9. Deferred tax assets and liabilities
Total
Fixed and
Intangible
Assets
Carry
forward
losses
Inventory
Provision
Warranty
Provision
Legal Claims
Provision
2012
2011
A. Deferred tax assets
Balance at 1 January
22
5,195
6,427
4,171
395
16,210
14,495
Charged to the income state-
ment
48
861
1,333
637
-
2,879
1,715
Balance at 31 December
70
6,056
7,760
4,808
395
19,089
16,210
B. Deferred tax liabilities
Balance at 1 January
31,096
-
-
-
-
31,096
26,568
Charged to the income state-
ment
24,027
-
-
-
-
24,027
4,831
Un-utilization of convertible
loan option
-
-
-
-
-
-
(303)
Balance at 31 December
55,123
-
-
-
-
55,123
31,096
Net deferred tax (liability) /
assets
(55,053)
6,056
7,760
4,808
395
(36,034)
(14,886)
Balance at 1 January
(31,074)
5,195
6,427
4,171
395
(14,886)
(12,073)
Charged to the income state-
ment
(23,979)
861
1,333
637
-
(21,148)
(3,116)
Un-utilization of convertible
loan option
-
-
-
-
-
-
303
Balance at 31 December
(55,053)
6,056
7,760
4,808
395
(36,034)
(14,886)
Unrecognised deferred tax assets
The following deferred tax assets were not recognized due to the uncertainty that those items will have a future tax benefit.
2012
2011
Allowance for impairment of accounts and notes receivables
64,352
62,397
Allowance for impairment of other debit balances
2,661
1,901
10. Investment property
2012
2011
Balance at 1 January
5,481
5,436
Selling of investment property
(2,671)
-
Revaluation gain
307
45
Balance
at 31 December
3,117
5,481
Investment property represents values for land and buildings transferred to the Group as settlement for debts of some receivables. The
Investment property is presented in non-current assets as the management has no intention to sell these assets in the near future.
The Company engages an independent technical expert at the end of the financial year for the re-valuation of these assets and define their
fair market value. The expert report on the re-valuation of these assets at 31 December 2012, and the fair value of these assets according
to the final re-valuation report was EGP 3,117.