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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)
Unrecognised deferred tax assets
Some deferred tax assets were not recognized due to the uncertainty that those items will have a future tax benefit.
December
31, 2014
December
31, 2013
Allowance for impairment of accounts and notes receivables
67 291
66 034
Allowance for impairment of other debit balances
1 628
2 434
9. Investment property
December
31, 2014
December
31, 2013
Balance at January 1, 2014
3 117
3 117
Disposals of the year
(2 511)
-
Balance at the end of year
606
3 117
10. Inventories - Net
December
31, 2014
December
31, 2013
Goods in transit
553 443
966 728
Cars, buses and trucks
789 228
599 528
Raw material and car components
683 671
321 781
Spare parts for sale
231 478
190 607
Work in progress
55 043
24 231
Tires
77 710
54 565
Lubricants
1 056
-
Total
2 391 629
2 157 440
Impairment of cost lower than net realizable value
(45 920)
(29 851)
Net
2 345 709
2 127 589
11. Assets held for sale
Land
Building
December
31, 2014
December
31, 2013
Total
Total
Cost
300 471
14 288
314 759
314 759
Accumulated depreciation
-
(1 615)
(1 615)
(1 615)
Net book value at the
end of the Year
300 471
12 673
313 144
313 144
Assets held for sale represented in lands and buildings which the board of directors of the subsidiaries decided to sell it as no
longer benefits holding it within the companies’ assets.
The Companies’ management has decided to keep the long term assets within the same classification according to the con-
tinuance of the company’s management intention to use these assets as well as having the capability of doing so.
Ghabbour Auto | 2014 ANNUAL REPORT
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