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GB Auto and its subsidiaries (S.A.E.)
Notes to the consolidated financial statements For the financial Year ended December 31, 2014
(In the notes all amounts are shown in Thousand Egyptian Pounds unless otherwise stated)
15. Treasury bills
December
31, 2014
December
31, 2013
Treasury bills (par value)
733
1 414
Total Interest income
3
-
Total paid for treasury bills
736
1 414
Accrued interest till the end of the year
-
17
Balance at the end of the year
736
1 431
16. Cash on hand and at banks
(a) Cash on hand and at banks
December
31, 2014
December
31, 2013
Cash on hand and cash at banks
1 176 841
1 083 674
1 176 841
1 083 674
(b) Cash and cash equivalents
December
31, 2014
December
31, 2013
Cash on hand and cash at banks
1 176 841
1 083 674
Treasury bills less than 91 Day
736
1 431
1 177 577
1 085 105
17. Provisions
Legal
Claims
Warranty
Other
Provisions
Total
Balance at January 1, 2014
8 318
34 907
22 399
65 624
Foreign currency translation differ-
ences
-
-
6
6
Provisions formed during the year
2 250
51 100
8 144
61 494
Provisions utilized during the year
(4 795)
(8 123)
(236)
(13 154)
Provisions no longer required
-
(578)
-
(578)
Balance at December 31, 2014
5 773
77 306
30 313
113 392
Balance at 1 January 2013
8 262
17 695
25 557
51 514
Foreign currency translation differ-
ences
-
-
480
480
Provisions formed during the year
400
23 293
2 629
26 322
Provisions utilized during the year
(344)
(
5 395)
-
(5 739)
Provisions no longer required
-
(686)
(6 267)
(6 953)
Balance at December 31, 2013
8 318
34 907
22 399
65 624
Legal claim
TheamountsshowncomprisesofgrossprovisionsinrespectoflegalclaimsbroughtagainsttheGroup,andmanagementopinion,
aftertakingappropriatelegaladvice,thattheoutcomeoftheselegalclaimswillnotexceedsignificantlytheprovisionformedasat
December 31, 2014.
Ghabbour Auto | 2014 ANNUAL REPORT
72