96 / 113
33 Contingent liabilities
There are contingent liabilities on theGroup represented in letters of guarantee. Thebalanceof the letters of guarantee granted
by the Group in Egyptian Pounds and foreign currencies through its regular business, presented in EGP are as follows:
December 31, 2016
December 31, 2015
USD
985 725
727 445
EGP
149 748
153 301
Japanese Yen
516
207
Euro
3 111
2 569
34 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.
Balances due fromand to related parties are as follows:
Due from related parties
December 31, 2016
December 31, 2015
GB Trade-In Co.
-
1 477
GB for Import and Export
-
13 196
Itamco for import and export
-
2 582
Al Watania for Vehicles Accessories and spare parts
1 027
4 725
Al Watania for tires import
-
2 296
Itamco agriculture development
1 000
134
El BostanHolding
41 246
52 342
SARL SIPAC – Algeria
17 016
8 302
Algematco – Algeria
18 105
-
Blue BayManagement Company
12 000
-
Kassed Shareholders› Current Account
10 438
-
EL-Nabateen Shareholders› Current Account
4 684
1 149
105 516
86203
Due to related parties
December 31, 2016
December 31, 2015
Marco Polo Company
62 699
21 203
BoardMembers
152
474
Kassed Shareholders› Current Account
-
31 694
EQI
1 477
-
Al Watania for tires import
1 039
-
Itamco for import and export
1 259
-
El-QalamShareholders› Current Account
4 084
9 033
70710
62404
2016 ANNUAL REPORT
94
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)