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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)
75
GB Auto
•
2012 ANNUAL REPORT
19. Current tax liabilities
2012
2011
Balance at 1 January
21,445
47,767
Taxes paid during the year
(27,911)
(46,811)
Income tax expense (Note 35)
17,719
73,892
Withholding tax
(5,555)
(53,403)
Balance at 31 December
5,698
21,445
20. Loans and borrowings
2012
2011
Current portion Long-term
portion
Total Current portion Long-term
portion
Total
Banks overdraft
1,750,110
-
1,750,110
1,038,306
-
1,038,306
Loans
28,000
129,302
157,302
8,519
91,369
99,888
Total
1,778,110
129,302
1,907,412
1,046,825
91,369
1,138,194
A. Banks overdraft
The banks overdraft is guaranteed by R.G. Investment Co. and GB Auto Company. The fair values of the overdrafts are approximately
equal the net book value and the average interest rate on the Egyptian Pounds and the US Dollars bank overdraft are 11% and 3.7% re-
spectively.
B. Loans
Loans represents the following:
•
Bank loans are secured by post dated checks that have been received from the customers. The average interest rates are 4.21% for
the loans dominated in US Dollars and 11.92% for the loans in Egyptian pounds. The maturity dates falls within 5 to 7 years, to be
settled within 2013 to 2019. The bank loans balance amounted to EGP 88,010 as of 31 December 2012.
•
Loan from Marco Polo [a related party - Brazil] in a US dollars with an interest rate of LIBOR + 3%. The maturity dates falls within
2 & 5 years, to be settled within 2013 to 2014. The loan balance amounted to EGP 69,292 as of 31 December 2012.
The fair value for bank loans is approximately near its fair value at the balance sheet date.
The detailed analysis of the bank loans and banks overdraft according to their maturity dates are as follows:
2012
2011
Less than one year
1,778,110
1,046,825
More than one year and less than five years
129,302
91,369
More than 5 years
1,907,412
1,138,194