Annual Report - Orascom Development
Annual Report - Orascom Development
Annual Report - Orascom Development
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
56 | consolidated financial statements | OHD <strong>Annual</strong> <strong>Report</strong> 2006<br />
18. Banks Credit Facilities and Overdrafts<br />
Banks credit facilities and overdrafts balance reported in the consolidated balance sheet as of 31 December 2006 amounting to LE 165,717,346,<br />
and LE 800,000 short and long term respectively, represent the credit banks accounts of the company and its subsidiaries as follows:<br />
18.1 Banks Credit Facilities and Overdrafts – Short Term:<br />
<strong>Orascom</strong> Hotels and<br />
<strong>Development</strong> Company<br />
<strong>Orascom</strong> Hotels Holding<br />
Company<br />
11.5% - 13% 1 – 1.5 per thousands<br />
as bank’s commission<br />
Interest rate 31/12/2006 | LE 31/12/2005 | LE<br />
12.5% - 13% (LE) 163,269,216 54,210,071<br />
2,448,130 34,029,467<br />
Taba Heights Company -- 1,884,103<br />
Total 165,717,346 90,123,641<br />
18.2 Banks Credit Facilities and Overdrafts – Long Term:<br />
<strong>Orascom</strong> Hotels<br />
Holding Company<br />
Interest rate 31/12/2006 | LE 31/12/2005 | LE<br />
13% + 1.5 per thousands<br />
as bank’s commission<br />
800,000 3,800,000<br />
Total 800,000 3,800,000<br />
Collateral Given (<strong>Orascom</strong> Hotels and <strong>Development</strong>)<br />
Shares of <strong>Orascom</strong> Hotels Holding Company pledged<br />
in favor of Misr Bank – Orman Branch.<br />
12,000,000<br />
Shares of <strong>Orascom</strong> Hotels Holding Company pledged<br />
in favor of Abou Zabi Bank.<br />
3,450,000<br />
Shares of <strong>Orascom</strong> Hotels Holding Company pledged<br />
in favor of Commercial International Bank, El Giza Branch<br />
8,823,189<br />
Shares of <strong>Orascom</strong> Housing Company pledged<br />
in favor of National Bank of Egypt<br />
2,000,000<br />
Total Shares pledged 26,273,189<br />
19. Suppliers, Sub-contractors and Notes Payable<br />
Suppliers, sub-contractors and notes payable shown in the consolidated balance sheet as of 31 December 2006 amounted to<br />
LE 70,165,026 are represented as follows:<br />
31/12/2006 | LE 31/12/2005 | LE<br />
<strong>Orascom</strong> Hotels and <strong>Development</strong> Company 10,009,670 19,648,110<br />
Taba Heights Company 4,238,177 3,048,421<br />
El Gouna Hospital Company 1,623,478 1,914,897<br />
International Taba Touristic Projects Company 5,103,724 --<br />
First Taba Hotel Company 3,280,491 --<br />
<strong>Orascom</strong> Hotels Holding Company 29,073,167 25,928,337<br />
Rak Touristic Establishement 16,733,083 --<br />
El Gouna Limousine Company 39,312 402,798<br />
Misr El Fayoum Touristic <strong>Development</strong> Company 63,924 63,924<br />
Balance 70,165,026 51,006,487
Change language