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30.Investment in subsidiary companies
The consolidatedfinancial statements forGBAuto “S.A.E.”, include thefinancial statements of the following subsidiaries:
Percentage of ownership
Companies
31 December
2017
31 December
2016
RG Investment “S.A.E.”
100%
100%
International Trade Agencies andMarketing Co. (ITAMCO) “S.A.E.”
99.449%
99.449%
Egyptian VehiclesManufacturing Co. (Ghabbour Egypt) “S.A.E.”
99.528%
99.528%
Ghabbour Continental Trading Co. (GCT) –Alex “S.A.E.”
100%
100%
GB Polo BusesManufacturing “S.A.E.”
%80
51%
Almora Recourses Co. “B.V.I.”
100%
100%
HaramTransportation Co. “S.A.E.”
99%
99%
GB Company for financial lease “S.A.E.”
100%
100%
Haram for transpiration Tourism “S.A.E.”
100%
100%
GB Allab Company
66.20%
66.20%
Masters Automotive Company “S.A.E.”
75%
75%
Microfinance consultancy Services (Mashro›ey) “S.A.E.”
80%
80%
Almajmoa Alalamia; Litijaret Alsaiarat (GK)
50%
50%
GB Logistics “S.A.E.”
99.98%
99.98%
GB Capital holding for financial investments “S.A.E.”
99%
99%
Gulf Company
100%
100%
Drive Automotive “S.A.E.”
90%
90%
Drive Finance “S.A.E.”
76%
76%
Ghabbour Al Qalam
68%
68%
GBGlobal Company
100%
100%
GBR Company
54%
54%
GBR Services Company
48.80%
48.80%
Egypt AutoMall Company for used car “S.A.E.”
99%
99%
GB El Bostan
60%
60%
Ghabbour general trade
25%
25%
Egypt TiresMarket “S.A.E.”
90%
90%
Pan African Egypt Company for Oil “S.A.E.”
100%
100%
Tires &more Company for car services “S.A.E.”
100%
100%
Suez Canal logistic services Co. “S.A.E.”
100%
100%
GB AutomotiveManufacturing Co. “S.A.E.”
100%
100%
Ready Parts for automotive spare parts “S.A.E.”
100%
100%
GB Light transport manufacturing company (GB LTMC) “S.A.E.”
100%
100%
Tasaheel Microfinance company ((Tasaheel)) “S.A.E.”
80%
90%
GB for heavy truck and construction equipment trading “S.A.E”
100%
100%
GB for water and environment technology. “S.A.E.”
100%
100%
31.Capital commitments
The capital contractual expenditure of the Group at the consolidated financial statements date reached EGP 251 480
(EGP 229 257 as at December 31, 2016) represented in the amount to be paid upon the completion of the new produc-
tion lines under construction and other branches across the country.
32.Contingent liabilities
There are contingent liabilities on the Group represented in letters of guarantee. The balance of the letters of guaran-
tee granted by the Group in Egyptian Pounds and foreign currencies through its regular business, presented in EGP
are as follows:
December 31,
2017
December 31,
2016
USD
1 038 322
985 725
EGP
150 642
149 748
Japanese Yen
603
516
Euro
2 717
3 111
33.Related party transactions
The subsidiaries have current accountswith related partieswhich include all paymentsmade 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,
2017
December 31,
2016
GB for Import and Export
6 963
-
Al Watania for Vehicles Accessories and spare parts
-
1 027
Egyptian international Co. for manufacturing&maintaining cars (IAC)
-
-
Itamco agriculture development
2 047
1 000
El BostanHolding
75 392
41 246
SARL SIPAC – Algeria
15 649
17 016
Algematco – Algeria
16 953
18 105
Blue BayManagement Company
12 000
12 000
El QalamShareholders’ Current Account
16 925
-
Kassed Shareholders’ Current Account
10 066
10 438
El-Nabateen Shareholders’ current account
-
4 684
Total
156 595
105 516
Impairment of due from related parties
(16 254)
-
140 341
105 516
Due to related parties
December 31,
2017
December 31,
2016
Marco Polo Company
61 300
62 699
BoardMembers
-
152
EQI
800
1 447
Al Watania for car accessories and spare parts
5 534
-
Al Watania for tires import
1 142
1 039
Itamco for import and export
1 291
1 259
El-QalamShareholders, Current Account
-
4 048
70 067
70 710
94 • 2017 ANNUAL REPORT
2017 ANNUAL REPORT • 95
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)