81 / 113
In November 2016, The Supreme Council of Investment was issued a decision to extend the decision to freeze the work on the
tax on the profits of activity in the stock market for three years. But no law has been passed in this regard until this decision
becomes effective from its date.
10 Inventories
December 31, 2016
December 31, 2015
Goods in transit
1 267 505
940 125
Cars, buses and trucks
2 876 875
1 171 703
Rawmaterial and car components
1 118 781
491 091
Spare parts for sale
461 464
264 052
Work in progress
92 371
56 452
Tires
106 337
81 622
Oils
24 273
15 158
Total
5 947 606
3 020203
Impairment of inventory *
(127 124)
(69 222)
Net
5 820482
2950981
* The formation and reversal of inventory impairment are charged in cost of revenue at income statement.
11 Long term notes receivables
December 31, 2016
December 31, 2015
Long-termnotes receivable (Note 12)
1 015 981
542 265
Interest income on installment sales
(256 483)
(125 768)
Net present value for long-termnotes receivable
759498
416497
Impairment of long-termnotes receivable
(2 747)
(2 167)
Net
756 751
414 330
12 Accounts and notes receivables
December 31, 2016
December 31, 2015
Total notes receivable
3 017 124
1 650 927
Long-termnotes receivable (Note 11)
(1 015 981)
(542 265)
Unamortized interest
(264 933)
(128 239)
Net present value for short-termnotes receivable
1 736210
980423
Trade receivable
1 004 573
957 817
Total
2 740783
1 938240
Impairment of accounts and notes receivable balances
(376 982)
(288 616)
Net
2 363 801
1 649624
2016 ANNUAL REPORT
79
GB Auto (S.A.E.)
Notes to the consolidated financial statements for the financial year ended December 31, 2016
(In thenotes all amounts are shown inThousandEgyptianPounds unless otherwise stated)