91 / 113
The gearing ratio at December 31, 2016 and December 31, 2015 were as follows:
Total loans and borrowings and notes payable
December 31, 2016
December 31, 2015
Loans, borrowings and overdrafts
8 732 109
5 233 274
Short-termnotes payable and suppliers
222 697
78 125
Total loans andborrowings andnotes payables
8954806
5 311 399
Less
: Cash and cash equivalent
(1 225 300)
(1 188 704)
Letters of credit margin
(83 437)
(521 906)
Letters of guaranteemargin
(56 813)
(19 966)
Net debt
7 589256
3 580823
Shareholders’ equity
3 821 710
3 334 446
Net debt to equity ratio
1.99
1.07
25
Loans, borrowings and overdrafts
December 31, 2016
December 31, 2015
Current
portion
Long-term
portion
Total
Current
portion
Long-term
portion
Total
Banks overdraft
6 474 248
-
6 474 248
3 862 541
-
3 862 541
Loans
594 371
1 554 772
2 149 143
472 260
817 779 1 290 039
Related parties’ loans
-
108 718
108 718
-
80 694
80 694
Total
7068619 1 663 490 8 732 109
4 334801
898473
5 233 274
A Banks overdraft
The average interest rate on the outstanding EgyptianPounds and theUSDollars bank overdraft are 17.31%and 4%respectively.
B Loans from related parties
The Group obtained loans from Marco Polo [a related party - Brazil] in US dollars with an interest rate of LIBOR + 3%. These
loans balance amounted to EGP 108 718 thousands as at December 31, 2016 and to be settled on an annual installment.
The analysis of the loans and banks overdraft balances according to their maturity dates is as follows:
December 31, 2016
December 31, 2015
Less than one year
7 068 619
4 334 801
More than one year and less than five years
1 663 490
898 473
8 732 109
5 233 274
26 Trade payables and other credit balances
December 31, 2016
December 31, 2015
Trade payables
1 958 888
1 277 279
Other credit balances
58 254
25 687
Advances fromcustomers
154 685
129 803
Tax Authority
25 973
53 495
Accrued expenses
372 944
220 278
Notes payables
222 697
78 125
Dividends payable
75
1 196
Deferred revenues
14 434
10 580
2807 950
1 796443
2016 ANNUAL REPORT
89
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)