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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)
Loan
The maximum
loan amount
Payment
Period
Payment
terms
Annual
interest rate
Balance as at
December 31, 2014
EGP
Loan (A)
Up to 273 m EGP 30 days automati-
cally renewable
for the same pe-
riod unless either
party notifies the
other party with a
written notice to
terminate the loan
3 days prior to the
thirty days ending
( facility period).
The loan shall
be paid on the
final maturity
date along with
interest.
10.5%
289 625 637
Loan (B)
Up to 70 m USD
3.25%
31 488 613 USD
Equivalent to 226
100 684 EGP
• The short-term loans balance from the main shareholder as at December 31, 2014 includes interest charged to the loans
principal from the beginning date of the withdrawals.
• On 29 June 2014 the main shareholder noticed the company his intention not to renew the loans, accordingly the bal-
ance becomes due and payable. (cash payable by the company)
• At December 31, 2014, the main shareholder notifies the company`s management through assignment of rights to trans-
fer part of the principle of the loan with the company as at June 3, 2014, with an amount of 273 million Egyptian Pound
and 70 million US$, to other shareholders and the outstanding balances due to each shareholders are shown as follows :
Shareholder
Current due debt
Principle debt
in US$
Equivalent
by EGP
Principle
debt in EGP
Accrued
Interest
Total
in EGP
Dr. Raouf Ghabbour
30 931 489
222 100 470 273 000 000 20 625 851
515 726 321
Deduct: transferred to other
shareholders
Mr. Nader Raouf Ghabbour
(17 340 538)
(124 512 000)
-
-
(124 512 000)
Mrs. Dina Raouf Ghabbour
(2 066 245)
(14 836 466)
(79 915 534)
-
(94 752 000)
Mr. Kamal Raouf Ghabbour
(11 524 706)
(82 752 000)
-
-
(82 752 000)
The cash balance due for the
shareholder, Dr. Raouf Ghabbour
after the due transfers
-
4 193 084 466 20 625 851
213 710 321
The total shareholder`s loans
balance after the due transfers
as at December 31,2014
-
515 726 321
• The Board of Directors in his meeting held at February 15, 2015, has agreed upon the due transfers mentioned above of
the current cash due debt for the main shareholder.
• The fair value of the loans is near to its book value.
• detailed analysis of the bank loans and banks overdraft according to their maturity dates is as follows:
December
31, 2014
December
31, 2013
Less than one year
4 144 838
2 789 841
More than one year and less than five years
680 853
217 012
4 825 691
3 006 853
Ghabbour Auto | 2014 ANNUAL REPORT
74