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OnAugust 20, 2015, the presidential decree for lawNo. 96 for the year 2015 has been issued to amend the provisions of
income tax lawNo. 91 for the year 2005 and the decree No. 44 for the year 2014 that imposing a temporary additional
income tax, this decree shall be in effect from the next day of issuance. The most important changes included in the
decree are as follows:
1. The income tax rate will decrease to be 22.5 % from the annual net profit.
2. Amend the period of imposing the 5 % temporary tax.
3. Amend the tax on dividends.
4. Stop the imposition of capital tax on the outcome of dealing in securities listed on the stock exchange for 2 years
startingMay 17, 2015.
10. Inventories
December 31,
2017
December 31,
2016
Goods in transit
340 488
1 267 505
Cars, buses and trucks
1 322 738
2 876 875
Rawmaterial and car components
752 357
1 118 781
Spare parts for sale
512 032
461 464
Work in progress
71 059
92 371
Tires
107 654
106 337
Oils
31 863
24 273
Total
3 138 191
5 947 606
Impairment of inventory *
(125 367)
(127 124)
Net
3 012 824
5 820 482
*The formation and reversal of inventory impairment are charged in cost of revenue at income statement.
11. Long term notes receivables
December 31,
2017
December 31,
2016
Long-termnotes receivable (Note 12)
1 390 856
1 015 981
Interest income on installment sales
(379 413)
(256 483)
Net present value for long-termnotes receivable
1 011 443
759 498
Impairment of long-termnotes receivable
(5 284)
(2 747)
Net
1 006 159
756 751
12.Accounts and notes receivables
December 31,
2017
December 31,
2016
Total notes receivable
8 526 478
3 017 124
Long-termnotes receivable (Note 11)
(1 390 856)
(1 015 981)
Unamortized interest
(4 899 287)
(264 933)
Net present value for short-termnotes receivable
2 236 335
1 736 210
Trade receivable
1 151 686
1 004 573
Total
3 388 021
2 740 783
Impairment of accounts and notes receivable balances
(415 808)
(376 982)
Net
2 972 213
2 363 801
13.Debtors and other debit balances
December 31,
2017
December 31,
2016
Advance payments to suppliers
686 767
607 101
Withholding tax
216 745
185 815
Sales tax receivable
24 182
82 740
Accrued interest
446
7 090
Letters of credit
11 418
83 437
Prepaid expenses
93 886
68 930
Deposits with others
33 125
23 804
Letters of guaranteemargin
84 892
56 813
Staff loans and custodies
24 660
23 802
Other debit balances
61 159
74 298
Customs duties
4 570
2 431
Total
1 241 850
1 216 261
Impairment of debtor and other debit balances
(6 968)
(7 907)
Net
1 234 882
1 208 354
14.Cash on hand and at banks
A. Cash on hand and at banks
December 31,
2017
December 31,
2016
Cash on hand and cash at banks
1 242 776
1 225 300
1 242 776
1 225 300
B. Cash and cash equivalents
December 31,
2017
December 31,
2016
Cash on hand and cash at banks
1 242 776
1 225 300
1 242 776
1 225 300
80 • 2017 ANNUAL REPORT
2017 ANNUAL REPORT • 81
GB Auto (S.A.E.)
Notes to the consolidated financial statements for the financial year ended December 31, 2017
(In the notes all amounts are shown in Thousand Egyptian Pounds unless otherwise stated)