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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)
84
GB Auto
•
2012 ANNUAL REPORT
39. Segment reporting
Passenger Car
Buses and Trailers Two &Three Wheels Other Operation
Consolidated
2012
2011 2012 2011
2012
2011 2012 2011
2012
2011
Revenues
6,050,515 5,741,614 465,491 340,662 1,208,971 1,001,598 565,170 331,418 8,290,147 7,415,292
Segment profit
720,416 566,563 20,439 7,210 228,492 255,659 100,693 53,874 1,070,040
883,303
Selling and marketing
expenses
(159,152) (107,814)
Administration ex-
penses
(304,908) (254,248)
Other income
27,712 20,035
Provisions – net
(17,349) (16,168)
Other expense
-
(1,187)
Stock option fair value
bonus for managing
directors
(1,364)
(4,693)
Operating profit
614,979 519,228
Finance cost
217,796 (219,233)
Income tax
58,134 (77,008)
Net profit for the year
275,930 222,987
Profit is attributable to:
Shareholders of the
parent
217,796 190,628
Minority interest
58,134 32,359
Net profit after minority
interest
275,930 222,987
Segment assets
4,281,039 3,313,551 1,320,160 1,337,492 329,641 274,497 715,634 677,318 6,646,474 5,602,858
Investment in associates
-
-
-
-
-
-
-
2,414
-
2,414
Total distributed assets
4,281,039 3,313,551 1,320,160 1,337,492 329,641 274,497 715,634 679,732 6,646,474 5,605,272
Segment liabilities
2,860,356 1,888,795 338,058 279,593 85,770 74,297 831,578 1,034,665
4,115,762 3,277,350
Capital expenditures
186,353 153,642 43,110 84,169
-
4,482 204,942 28,455
434,405 270,748
Depreciation
36,184 59,014 27,955 27,572
862
1,967 57,499 43,410
122,500 131,963
40. Contingent assets and liabilities
a. Contingent assets
The Group raised a legal claim against Egyptian Development Bank (EDB) amounting to EGP 67 million which represents the value
of the notes receivable of the Group customers deposited in the bank for collection. The bank did not perform due care in collec-
tion of these notes receivable nor took a legal action against the customers which led to the expiry of these notes and a foregoing of
the Groups right in collecting them or taking a legal action. Based on the advice of legal council, the Group expects judgment in its
favor which will lead to reversal of impairment provision of
EGP 23 millions includes an amount of EGP 23 million against the value of these notes receivables.