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GB Auto and its subsidiaries (S.A.E.)
Notes to the consolidated financial statements For the financial Year ended December 31, 2014
(In the notes all amounts are shown in Thousand Egyptian Pounds unless otherwise stated)
20. Trade payables and other credit balances
Restated
December
31, 2014
December
31, 2013
Trade payables
698 681
982 107
Other credit balances
96 748
41 454
Advances from customers
147 012
72 542
Tax Authority
74 921
61 645
Accrued expenses
120 257
74 966
Notes payables
143 458
132 431
Dividends payable
6 295
163
Deferred revenues
10 971
6 442
1 298 343
1 371 750
21. Bonds payable
December 31, 2014
December 31, 2013
Current
portion
Long-term
portion
Total
Current
portion
Long-term
portion
Total
Bonds
-
-
-
307 693
-
307 693
Less
Bond issuance cost
-
-
-
(2 571)
-
(2 571)
Net
-
-
-
305 122
-
305 122
Bond issuance
The Company has opened the public subscription in bonds amounted to EGP 1 billion on April 14, 2010, the subscription was
in EGP 1.33 billion, and the allocation procedures were finalized and the bond interest rate is 12% on bonds, and the first
interest was due on 1 July 2010. The bonds are to be paid over 13 quarterly instalments, starting after the grace period, to
the first instalment to be due on 1 January 2011. An amount of EGP 12 M was paid as issuance cost, which will be amortized
over the Bonds’ life (Note 3-1-A).
During March 2014, the Company made the whole accelerated amortization with the tenth last instalment value which rep-
resents total outstanding balance of that issuance of bonds.
22. Paid in capital
December
31, 2014
December
31, 2013
Authorized capital (400 million shares with par value
400 000
400 000
EGP 1 each)
Issued and paid capital (135 million shares of EGP 1 each)
135 445
129 000
(in thousands)
Treasury shares write off (107 thousand shares)
(107)
(107)
135 338
128 893
Treasury share write off
A number of 107 100 shares was written off by the Company during 2012 represent the shares that purchased at 29 March 2011
with purchasing cost amounted to EGP 3 097 thousands including a par value for the shares amounted to EGP 107 thousands.
Public and private subscription
The Company increased its issued capital with an amount of EGP 33 163 thousand (shares with par value EGP 1 each) through
private and public subscription with total amount of EGP 1 208 855 thousand of which EGP 33 163 thousand (par value EGP
1) and EGP 1 175 691 thousand share premium, resulting in the issued and paid in capital becoming EGP 129 000 thousand.
The capital increasing shares were allocated on July 9, 2007.
Ghabbour Auto | 2014 ANNUAL REPORT
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