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31December 2016
Attributed to owners of the company
(All amounts in thousand
Egyptian Pound)
Share
capital
Shares
held by
the group
Legal
reserve
Foreign
currency
transla-
tion
reserve
"ESOP
(Fair
value)
reserve"
Surplus
Revalu-
ation of
fixed
assets
reserve
Share
premium
(Special
reserve)
Retained
earnings
Net profit
/ (losses)
for the
year
Total
Non-
Con-
trolling
interests
Total
equity
Balance at 31December 2015 1 094 010
(26 506) 296 570
115 275
67 777
2 498
967 439
584 288
233 095 3 334 446
608 660 3 943 106
Transferred to retainedearnings
-
-
-
-
-
-
- 233 095
(233 095)
-
-
-
Total comprehensive income
Net (Loss) for the year
-
-
-
-
-
-
- (865 656)
(865 656)
(124 154)
(989 810)
Modification surplus of fixed
assets after income tax
257 087
257 087
257 087
Other comprehensive income
items
-
-
- 1 120 236
-
-
-
-
-
1 120 236
688 409
1 808 645
Total other comprehensive
income
-
-
- 1 120 236
-
257 087
-
- (865 656) 511 667
564 255 1 075 922
Transactions with owners of
the company
Dividends
-
-
-
-
-
-
- (43 066)
-
(43 066)
(11 367)
(54 433)
Change of non-controlling
interests without changing in
control
(5 929)
(5 929)
ESOP fair value
-
-
-
-
18 663
-
-
-
-
18 663
-
18 663
Capital increase
-
-
-
-
-
-
-
-
-
-
14 019
14 019
Transferred to Legal reserve
-
-
14 555
-
-
-
-
(14 555)
-
-
-
-
Total Transactions with own-
ers of the company
-
-
14 555
-
18 663
-
- (57 621)
- (24 403)
(3 277) (27 680)
Balance at December 31, 2016
1 094 010
(26 506) 311 125 1 235 511
86 440
259 585
967 439
759 762
(865 656)
3 821 710
1 169 638
4 991 348
*The accompanying notes forman integral part of these consolidated financial statements, and to be read therewith.
Consolidated statement of Shareholders Equity
for the financial year ended December 31, 2017
Consolidated statement of cash flows
for the financial year ended December 31, 2017
(All amounts in thousand Egyptian Pound)
Note
31 December
2017
31 December
2016
Cash flows fromoperating activities
Net (loss) for the year before tax
(751 729)
(987 390)
Adjustments for:
Interest expense
1 224 710
596 228
Depreciation and amortization for the year
(16,15)
434 762
320 759
Provisions movements (net)
(26)
159 586
102 666
Impairment losses on current assets (net)
64 386
93 506
Impairment of Non-Current assets held for sale
-
(21 229)
ESOP fair value
2 442
18 663
Interest income
(6)
(31 218)
(15 965)
Loans capitalized interest
(37 329)
(12 459)
Imparment in Fixed Asset
-
2 788
Foreign currency translation losses (Unrealized)
-
836 632
Loss from sales of shares held by the group
(19)
(50 638)
-
Gain from sales of investment properties
(344)
-
Gain / (Losses) from sale of property, plant, equipment and assets
held for sale
(45 685)
675
968 943
934 874
Changes in:
Inventories
2 809 414
(2 927 403)
Accounts and notes receivables
(901 307)
(1 041 547)
Debtors and other debit balances
(9 253)
(134 390)
Due from related parties
(53 314)
20 973
Due to related parties
(643)
8 306
Trade payables and other credit balances
(1 242 397)
1 007 118
Cash generated from\ (used in) operating activities
1 571 443
(2 132 069)
Provisions used
(85 279)
(68 044)
Income tax paid
(102 795)
(64 275)
Dividends paid
(40 000)
(54 434)
Net cash generated from\ (used in) operating activities
1 343 369
(2 318 822)
Cash flows from investing activities
Acquisition of property, plant, equipment and projects under
constructions
(1 429 438)
(1 385 345)
Change inMinority without Change in control
-
(5 929)
Acquisition of intangible assets
(2 332)
(843)
Interest income received
30 772
9 012
Paid under Investment
(979)
(5 500)
Proceeds from sale of property, plant, equipment and assets held for
sale
319 137
197 785
Net cash (used in) investing activities
(1 082 840)
(1 190 820)
Cash flows fromfinancing activities
Proceeds fromnon controlling interest to increase capital of
subsidiaries
1 750
14 019
Proceeds from sales of shares held by the group
77 144
-
Proceeds from loans and borrowings
846 449
3 498 836
Long-Termnotes payable
558
-
Interest paid
(1 164 079)
(561 130)
Net cash (used in) / genertaed fromfinancing activities
(238 178)
2 951 725
Net increase / (decrease) in cash and cash equivalents
22 351
(557 917)
Cash and cash equivalents at the beginning of the year
1 225 300
1 188 704
Effectofmovements inexchange ratesoncashandcashequivalentsheld
(4 875)
594 513
Cash and cash equivalents at end of the year
(14-B)
1 242 776
1 225 300
*The accompanying notes forman integral part of these consolidated financial statements, and to be read therewith.
70 • 2017 ANNUAL REPORT
2017 ANNUAL REPORT • 71
GB Auto (S.A.E.)
Notes to the consolidated financial statements for the financial year ended December 31, 2017
(In the notes all amounts are shown in Thousand Egyptian Pounds unless otherwise stated)