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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)
December
31, 2014
December
31, 2013
Gain on sale and lease back asset
-
2 677
-
2 677
29. Amounts under settlement of financially lease contracts
This account represents the differences (either positive or negative) between the earned revenue which is recorded according
to revenue recognition policy in Note (2-V/d), and the deu lease receivable.
The balance of such account is settled against the net book value of the leased asset at the termination date of the leasing
contract.
30. Provisions-Net
Provision no longer required
December
31, 2014
December
31, 2013
Warranty provision
578
685
Impairment of debtors and other debit balances
416
3 504
Other provisions
-
6 267
Total provision no longer required
994
10 456
Provision formed
December
31, 2014
December
31, 2013
Warranty provision
(51 100)
(23 293)
Impairment of accounts and notes receivable balances and other debit balances
(5 631)
(4 535)
Legal claims provision
(2 250)
(400)
Impairment of investment amount in GB North America company
(1 665)
-
Other provisions
(8 144)
(2 628)
Total provisions formed
(68 790)
(30 856)
Net provisions in the income statement
(67 796)
(20 400)
31. Finance costs- net
December
31, 2014
December
31, 2013
Treasury bills interest income
-
4 096
Interest income
7 651
17 469
Installment sales interest
1 310
2 451
Net Finance income
8 961
24 016
Interest expenses and bank charges
(373 785)
(316 924)
Bonds Interest expenses
(11 575)
(62 407)
Net foreign exchange transaction losses
(155 139)
(17 009)
Net Finance Cost
(540 499)
(396 340)
(531 538)
(372 324)
32. Income tax
December
31, 2014
December
31, 2013
Income tax for the year (Note 18)
85 828
20 259
Deferred tax (Note 8)
4 378
9 535
Income tax for the year
90 206
29 794
Ghabbour Auto | 2014 ANNUAL REPORT
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