Egyptian Resorts Company “Egyptian Joint Stock ... - ERC Egypt

- 10 - Translated & OriginallyIssued in Arabic5- Projects in progressProjects in progress shown in the consolidated balance sheet as at March 31, 2011are represented in the following:Sahl Hasheesh Company31/3/2011 31/12/2010L.EL.ELands 166 152 096 116 152 096Work done by Sahl Hasheesh 63 557 599 61 218 060Supplies of furniture for apartments’ samples 726 817 37 853Air conditioning works 9 219 224 9 179 538Elevators works 2 906 347 2 686 934Electrical circuit boards and convertors 2 572 545 2 473 189Supplies of apartments’ samples and supplies for thekitchen of main restaurant 880 638 537 486Internet networks works 61 855 --Advance payments to suppliers 530 303 1 088 730Egyptian Resorts CompanyElectricity network 3 334 180 --Arrival Piazza 372 609 --Water Desalination plant 410 288 183 052Sundry projects in progress 1 166 342 556 968Advance payments to suppliers 6 121 558 5 206 593Balance as at 31/3/2011 208 012 401 199 320 499- Projects in progress are transferred to fixed assets as soon as it is completed.6- Utilization rights of TrademarksThe utilization rights of trademarks are represented in amounts due to OrascomCo. for Development and Management (FZC) in which its premises is at Ras AlKamiah, United Arab Emirates. These dues are against the utilization of its tradename in promotion and publicity by Egyptian Resorts Company for a period of 9years starting from November 2010. These dues amounted to L.E 6 million to bepaid on three annual installments starts on the date of concluding the contract.And this would be in favor of the company's planned project which should beexecuted at phase two at the land allocated to the company at Sahl Hasheesh.These amounts shall be amortized in the income statement included in sales andmarketing expenses. represented as at March 31, 2011 as follows:-