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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)
80
GB Auto
•
2012 ANNUAL REPORT
30. Notes payables and creditors long-term
2012
2011
Present Value Notes Payable Present Value Notes Payable
Total notes payables and creditors
188,767
188,987
53,096
53,976
Less than 1 year
(73,234)
(73,234)
(44,006)
(44,006)
115,533
115,753
9,090
9,970
31. Long-term deferred revenues
The long-term deferred revenues represents the difference between the sale price of land and its carrying amount which is leased back
during the period. The resulting capital gain is amortized over the lease contract period which ends on September 2015. In addition this
account includes revenue collected in advance of marketing contract which was ended in May 2012.
2012
2011
Gain on sale and lease back asset
9,636
15,525
Marketing contract deferred revenue
-
500
9,636
16,025
32. Amounts under settlement on lease contract
This account represents the difference (either positive or negative) between the recognized lease revenue and the gross lease receivable as
per revenue recognition policy in Note (4-V/b).
The balance of such accounts will be settled against the net book value of the leased asset at the termination date of the leases contract.
33. Provisions – net
Provisions no longer required:
2012
2011
Prepaid rent provision no longer required
11,802
-
Warranty provision no longer required
6,651
2,696
Reversing of the impairment in accounts and notes receivable balances
2,283
2,799
Other provision no longer required
37
550
Decrease in the net realizable value of inventory
-
1,089
Legal claims provision
-
768
Total provision no longer required
20,773
7,902
Provision expense:
2012
2011
Warranty provision
(17,091)
(471)
Allowances for impairment of accounts and notes receivable balances
(10,696)
(5,942)
Other provisions
(3,405)
(5,000)
Allowance for impairment of debit balances
(3,038)
(3,423)
Impairment for investment in associate
(2,414)
-
Provision for legal claims
(1,478)
(4,412)
Provision for decrease in the net realizable value of inventory
-
(4,822)
Total provision expense
(38,122)
(24,070)
Net
17,349
16,168