

Consolidated statement
of cash flow
for financial year ended December 31, 2014
(All amounts in thousand Egyptian Pounds)
Note
December
31, 2014
December
31, 2013
restated
Cash flows from operating activities
Net profit for the year before tax
325 896
214 175
Adjustments
Interest expense
(31)
367 503
379 225
Depreciation and amortization
(5/6)
199 145
152 259
Bond issuance cost amortization
(31)
11 575
2 571
Provisions - net
(30)
60 922
12 400
Impairment of current assets - net
16 182
-
Interest income
(31)
( 8 961)
( 24 016)
Loans capitalized interest
(5 271)
(11 928)
Revenue amortization - Sale and lease back
(9 101)
(6 959)
Revenue amortization - Property Investment
1 110
-
Gain on sale of fixed assets and assets held for sale
( 820)
( 103)
Net profit before changes in working capital
958 180
717 624
Changes in working capital
Inventories
(234 189)
(423 784)
Accounts and notes receivables
(565 816)
(207 485)
Debtors and other debit balances
(276 636)
(27 078)
Due from related parties
(27 037)
3 443
Due to related parties
( 6 737)
730
Trade payables and other credit balances
(79 775)
126 531
Provisions used
(13 155)
( 5 739)
Cash flows (used in)/ generated from operating activities
(245 165)
184 242
Income tax paid during the year
(22 306)
(12 536)
Dividends paid to Employee
(42 240)
-
Net cash flows (used in)/ generated from operating activities
(309 711)
171 706
Cash flows from investing activities
Purchase of property, plant and equipment
(870 859)
(872 889)
Purchase of minority
(1 114)
-
Payments for projects under constructions
(138 037)
(82 612)
Purchase of intangible assets
(1 262)
(4 332)
Interest received
8 961
23 539
Proceeds from sale of assets held for sale
1 400
1 534
Proceeds from sale of property, plant and equipment
31 532
396 536
Net cash flow (used in) investing activities
(969 379)
(538 224)
Cash flows from financing activities
Loans and borrowings
2 083 175
1 099 441
Paid from minority to increase capital of subsidiaries
1 566
138 434
Bonds liabilities
(316 696)
(307 691)
Interest Paid
(356 358)
(377 842)
Dividends paid
(34 221)
(301 780)
Long-term notes payables
( 150)
( 113 886)
Net cash flows generated from financing activities
1 377 316
136 676
Net increase/(decrease) in cash and cash equivalents
98 226
(229 842)
Cash and cash equivalents at beginning of the year
1 085 105
1 264 734
Impact of translation differences on cash and cash equivalents
( 5 754)
50 213
Cash and cash equivalents at end of the year
(3/10,16-B)
1 177 577
1 085 105
* The accompanying notes form an integral part of these consolidated financial statements, and to be read therewith.
Ghabbour Auto | 2014 ANNUAL REPORT
53