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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)
72
GB Auto
•
2012 ANNUAL REPORT
14. Debtors and other debit balance
2012
2011
Advance payments to suppliers
165,841
212,763
Letters of credit
93,020
23,256
Withholding tax
85,496
29,630
Prepaid expenses
40,706
33,847
Refundable deposit
17,462
31,282
Letters of guarantee margin
13,948
13,089
Other debit balances
13,716
21,216
Staff loans
12,025
10,475
Sales tax
9,666
21,872
Prepaid employees dividends
7,787
5,069
Customs duties
7,759
13,522
Accrued interest
183
4,490
Payment under investment
-
20,550
Total
467,609
441,061
Allowance for impairment of debit balances
(10,644)
(7,606)
Net
456,965
433,455
15.
Related party transactions
The subsidiaries have current accounts with related parties which include all payments made on behalf of or through the subsidiaries. The
subsidiaries collect and pay these amounts regularly.
Below is a list of the balances due from and to related parties.
2012
2011
Due from related parties
GK Berline
4,337
8
GB Trade-In Co. (associate)
1,351
1,351
GK EL-Solimania for Vehicle Trading
865
-
El-Kassed for Commercial Agencies
-
1,796
GK El-Moultaqa
-
314
6,553
3,469
2012
2011
Due to related parties
El-Kassed for Commercial Agencies
14,292
-
Marco Polo Company – Brazil
12,225
8,182
GK – El-Moultaqa for Trade and Investment
2,456
-
Due to executive directors
1,281
205
Autos Co. For Car Trading
418
-
EL-Solaimanya for Car Trading
111
-
30,783
8,387