68 / 88
GB Auto and its subsidiaries (S.A.E.)
Notes to the consolidated financial statements For the financial Year ended December 31, 2014
(In the notes all amounts are shown in Thousand Egyptian Pounds unless otherwise stated)
(c) Impairment of goodwill
The management annually assesses the goodwill to determine the existence of impairment in the carrying amount. If
the carrying amount of the goodwill is higher than its recoverable amount, the carrying amount will be reduced and the
impairment losses will be charged to the statement of income and cannot be reversed.
2. Critical Judgements in applying the Group accounting policies
In general, applying the Group accounting policies does not require judgments (apart from those involving estimates refer to
in Note 4-1) that have significant effects on the amounts recognized in the financial statements.
5. Property, plant and equipment
Lands &
buildings
Machinery
and
equipments Vehicles
IT
infrastructures
and
computers
Fixtures &
furniture
Leasehold
improvements
Projects
under
construction Total
Cost
Balance
at January 1, 2014 1 413 875
498 742 455 830
68 908 151 276
-
160 924 2 749 555
Reclassification of
some fixed assets
( 8 093)
( 8 176)
2 375
1 551
( 532)
12 875
-
Translation differ-
ences
( 8 286)
152
31
67
1 031
( 3)
- ( 7 008)
Additions
433 141
163 144 232 267
25 119
13 905
3 283
147 781 1 018 640
Transfers from proj-
ects under construc-
tion
59 145
5 051
-
-
9 130
-
( 73 326)
-
Disposals
( 1 664)
( 1 512) ( 61 623)
( 8 126)
( 471)
-
( 4 474) ( 77 870)
Balance
at December 31,
2014
1 888 118
657 401 628 880
87 519 174 339
16 155
230 905 3 683 317
Depreciation
Balance
at January 1, 2014
86 516
169 792 176 725
44 743
59 036
-
- 536 812
Reclassification of
some fixed assets
( 2 450)
( 5 429)
732
643
1 100
5 404
-
-
Translation differ-
ences
281
194
109
178
1 089
( 7)
-
1 844
Depreciation charge
23 795
46 245
92 081
11 556
20 796
3 026
- 197 499
Disposals
( 135)
( 342) ( 35 598)
( 5 284)
( 323)
-
- ( 41 682)
Balance
at December
31, 2014
108 007
210 460 234 049
51 836
81 698
8 423
- 694 473
Net book value
at December
31, 2014
1 780 111
446 941 394 831
35 683
92 641
7 732
230 905 2 988 844
Net book value
at December
31, 2013
1 327 359
328 950 279 105
24 165
92 240
-
160 924 2 212 743
* Projects under construction represent the cost of buildings, factories expansions and showroams, which are being
prepared and fixed for the Group use.
Ghabbour Auto | 2014 ANNUAL REPORT
66