GB Auto Corporate Growth and Expansion Strategy
Balance Sheet Summary
AUTO
(EGP million)
Inventory
Receivables
Sep-10 Jun-10
1,642.3 1,450.9
612.4
551.6
Other debtors and pre-payments
418.6
595.9
Dec-09 Dec-08
1,184.0 1,345.2
519.3
500.3
248.3
230.8
Changes between FY09 and 1H10
Properties held for resale
Payables
5.4
5.6
7.5
(1,087.8) (1,005.6)
(650.7)
13.1
(709.5)
Other creditors and accruals
Net working capital
Net fixed assets
1,680.7
(207.3) (90.2)
1,383.6 1,508.3
1,643.6
Financial leasing assets
111.1
96.8
Net Assets Employed
3,175.4
3,248.6
(97.1) (140.8)
1,211.3 1,239.1
1,558.4
109.7
34.6
2,804.4
5.3
2,654.1
Inventory is related to Iraq EGP 350
million and Egypt EGP 100 million
Debtors and prepayments increase
is payments to suppliers for
purchase of cars (EGP 150 million)
Payables increases are directly
related to increase in inventory
Other creditors include EGP 100
million that will transfer to minority
in 4Q
Overdrafts less cash
(180.3)
(29.4)
541.0
622.0
Dividends Payable
Term debt and notes
1,202.9
Long-term payables
50.5
1,198.7
50.9
214.1
54.2
227.5
63.3
Shareholder's Equity
2,004.2
Minority interest
98.2
Net capital employed
3,175.4
1,933.4
95.1
3,248.6
1,928.4
1,726.2
66.6
2,804.4
15.0
2,654.1
Current assets: Current liabilities
1.61
1.60
1.30
1.31
Net debt-to-EBITDA*
*12-month trailing EBITDA
43
GB Auto
1.61
1.52
1.72
1.25
Shareholders' Equity increases
marginally despite EGP 217.7
million profit because of dividend
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