97 / 113
The following is the nature and the values for themost significant transactions with the related- parties during the year:
Transactionamount
Related party name
Relation type
Transaction
nature
December 31,
2016
December 31,
2015
Executive Directors
Boardof directormembers
Cash transfers
322
(2 453)
Topmanagement
salaries
30 444
22 312
EQI
Shareholder in one of the
subsidiaries
Dividends
(1 477)
-
GB Trade-In Co.
Shareholder in one of the
subsidiaries
Cash transfers
(1 477)
26
GB for import and export.
Related Party
Cash transfer
(8 512)
13 196
Al Watania for Vehicles Acces-
sories and spare parts
Related Party
Cash transfer
(3 698)
4 725
SARL SIPAC – Algeria
Related Party
Cash transfer
(1 020)
8 302
Kassed Shareholders› current
account
Shareholder in one of the
subsidiaries
Cash transfers
42 132
3 550
Dividends
-
(35 325)
Itamco agriculture development
Related Party
Cash transfers
866
134
El- QalamShareholder current
account
Shareholder in one of the
subsidiaries
Cash transfers
4 949
15 559
El-Nabateen Shareholders›
current account
Shareholder in one of the
subsidiaries
Cash transfers
(1 149)
311
GK Berlin Shareholder current
account
Shareholder in one of the
subsidiaries
Cash transfers
-
(3)
Marco Polo Company
Shareholder in one of the
subsidiaries
Cash transfers
(41 496)
(3 129)
Itamco for Import and Export
Related Party
Cash transfers
(3 841)
2 582
Al Watania for Tires Import
Related Party
Cash transfers
(3 335)
2 296
GKAuto Shareholder current
account
Shareholder in one of the
subsidiaries
Cash transfers
-
3 774
Blue BayManagement Company Shareholder in one of the
subsidiaries
Cash transfers
12 000
-
Algematco – Algeria
Shareholder in one of the
subsidiaries
Sales
8 912
-
35 Significant accounting policies
The principal accounting policies adopted in the preparation of these consolidated financial statements are summarized below:
A Business combination
• The Group accounts for business combination using the acquisitionmethodwhen control is transferred to the Group.
• Theconsiderationtransferredintheacquisitionisgenerallymeasuredatfairvalue,asaretheidentifiablenetassetsacquired.
• Any goodwill that arises is tested annually for Impairment. Any gain on a bargain purchase recognized in profit
or loss immediately.
• Transaction cost are expensed as incurred, except if related to the issue of debt or equity securities.
• The consideration transferred does not include amounts related to the settlement of pre-exiting relationship. Such
amounts are generally recognised in profit or loss.
• Any contingent consideration ismeasured at fair value at the date of acquisition. If anobligation to pay contingent consid-
eration that met the definition of financial instrument is classified as equity, then it is not re-measured and settlement is
accounted forwithinequity. Otherwise, other contingent consideration is re-measuredat fair value at each reportingdate
and subsequent changes in the fair value of the contingent consideration are recognized in profit or loss.
1 Subsidiaries
2016 ANNUAL REPORT
95
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)