72 / 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)
12. Accounts and notes receivables
December
31, 2014
December
31, 2013
Total notes receivable
1 041 198
750 774
Long-term notes receivable (Note 7)
(359 759)
(177 571)
Interest income on installment sales
(79 031)
(54 827)
Net present value for short-term notes receivable
602 408
518 376
Trade receivable
973 551
620 782
Total
1 575 959
1 139 158
Allowance for impairment of accounts and notes receivable balances
(267 005)
(263 667)
Net
1 308 954
875 491
13. Debtors and other debit balance
December
31, 2014
December
31, 2013
Advance payments to suppliers
297 140
190 465
Withholding ta
x
156 521
94 632
Accrued interest
2 349
-
Letters of credit
55 166
22 883
Prepaid expenses
63 169
27 791
Deposits with others
17 740
6 922
Letters of guarantee margin
73 099
27 164
Staff loans and custodies
16 021
13 365
Other debit balances
103 201
119 784
Sales tax
22 257
12 587
Customs duti
es
3 016
4 343
Total
809 679
519 936
Allowance for impairment of debtor and other debit balances
(6 510)
(9 734)
Net
803 169
510 202
14. Related party transactions
The subsidiaries have current accounts with related parties which include all payments made on behalf of or through the
subsidiaries. The subsidiaries collect and pay these amounts regularly.
Below is a list of the balances due from and to related parties.
December
31, 2014
December
31, 2013
Due from related parties
El Bostan Holding
-
51
GB Trade-In Co
.
1 451
1 424
Berlin Shareholders’ Current Account
3
-
El Bostan Holding
21 248
-
Kassed Shareholders’ Current Account
81
-
El-Kalam Shareholders’ Current Account
6 526
-
EL-Nabateen Shareholders’ Current Account
838
1 025
Executive directors
-
899
30 147
3 399
Ghabbour Auto | 2014 ANNUAL REPORT
70