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

- 15 - Translated & OriginallyIssued in Arabiccondition that the commission rate to be charged to the Owner shall notexceed 8% from all sales including the developer’s commission.Second: Incentive management fees:- In addition to the sales commission set forth above the developer shallreceive an incentive fees to develop and manage the project amounted to15% from the net profit of the project before tax and to be calculated inaccordance with the basis agreed upon in the contract and after deductingfrom the revenues an estimated cost for the square meter with an amount ofUSD 24 per meter. The rate shall be calculated based on L.E 10 million forthe first year in case of increasing the project’s profits before tax, and thenet profit before tax in which is the base for computing the incentive shallbe increased by a compound 3% annually.8- Accounts & Notes Receivable (Net)The balance of accounts & notes receivable shown in the Consolidated balancesheet as at March 31, 2011 is represented as follows:8/1 Accounts & Notes receivable - long term 31/3/2011 31/12/2010(Net)L.E.L.E.Land receivables- first phase 13 910 044 21 452 693Land receivables- second phase 52 937 832 66 428 303Villas receivables- second zone 350 000 350 000Accounts and notes receivables Sawary project(**) 11 954 380 --79 152 256 88 230 996Less: Deferred interest – long term (5 286 491) (7 102 597)73 865 765 81 128 39931/3/2011 31/12/2010L.E.L.E.8/2 Accounts & Notes receivable -short term(Net)Land receivables- first phase 110 445 331 101 401 581Land receivables- second phase 162 535 898 142 590 151Villas receivables- first zone 3 973 461 4 816 808Villas receivables- second zone 6 510 123 6 499 999Accounts and notes receivables Sawary project(**) 3 328 785 --Management resort receivables 5 587 768 --Service rendered – receivables 6 010 301 5 428 208298 355 667 260 736 747Less: Deferred interest -Short term(2 085 784) (1 964 544)Less: Impairment in receivables (8 017 000) (8 017 000)288 252 883 250 755 203