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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)
82
GB Auto
•
2012 ANNUAL REPORT
2012
2011
Consolidated net profit for the year before taxes and minority interest
314,797
299,995
Income tax calculated at a tax rate of 20% for the first LE 10 million and 25% for the rest
71,159
70,006
Tax losses not recognized before
19,557
16,697
Expenses not deductible for tax purposes
10,820
9,603
Income not subject to tax
(61,864)
(19,298)
Utilization of provisions previously subject to tax
(805)
-
Income tax for the year
38,867
77,008
37. Earnings per share
i. Basic
Since there is no suggested profit distribution account, accordingly the base used to calculate the net profit available for the share-
holders was based on the net profit for the year without deducting the employees share and the board of director bonus.
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted aver-
age number of ordinary shares issued during the year, and after deducting the shares held by the Group and shares held as treasury
shares.
2012
2011
Profit attributable to equity holders of the Company
217,796
190,628
Weighted average number of ordinary shares in issue
128,833
128,766
Basic earnings per share
1.69
1.48
The weighted average number of ordinary shares was calculated as follows:
No. of shares
Period
Weighted
averages
Number of shares till 11 April 2012
128,676K
shares
101 days
35,606
Number of shares from 12 April 2012 till 31 December 2012
128,893K
shares
264 days
93,227
128,833
ii. Diluted
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conver-
sion of all dilutive potential ordinary shares.
2012
2011
Net profit attributable to shareholders
217,796
190,628
Weighted average number of ordinary shares in issue
128,833
128,766
Stock option for the managing director
Convertible loan
2,258
2,258
Weighted average number of ordinary shares
131,091
131,024
Diluted earnings per share
1.66
1.45