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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)
81
GB Auto
•
2012 ANNUAL REPORT
34. Stock option fair value for the managing director
The shareholders decided in the Extraordinary General Assembly Meeting held on 30 March 2009 to grant the managing director Dr.
Raouf Ghabbour under the employees stock option plan a free shares amounting to 2,257,500 shares as rewarding for his services for the
Group under the condition of serving the Group for 3 years starting from the date of assigning those shares to him. After the three years
the shares ownership will be transferred to him.
The fair value of the share has been revaluated as of 31 December 2012 as follows:
Description
Amount
Number of shares
2,258
Share fair value at the grant date 30 March 2009
10.9
24,607
3 years (restriction period) starting from 2009
3
The period’s portion since granting date till 31 December 2012
24,607
Total amounts that were charged in prior years
(23,243)
Charged during the year
1,364
The shareholders equity was charged with EGP 24,607 thousands as follows:
Amount
Payments under capital increase
2,258
Other reserves (Note 27)
22,349
Total charged on equity
24,607
35. Finance costs - net
2012
2011
Treasury bills interest income
19,698
22,927
Interest income
18,043
19,560
Installment sales interest
3,331
1,811
Interest expenses
(197,351)
(139,189)
Bonds Interest expenses
(99,634)
(122,571)
Net foreign exchange transaction losses
(44,269)
(1,771)
(300,182)
(219,233)
36. Income tax
2012
2011
Current income tax
17,719
73,892
Deferred income tax
21,148
3,116
Income tax
38,867
77,008