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

- 17 - Translated & OriginallyIssued in Arabic(*) This item is represented in the following:- purchase of treasury bills from Arab African International bank due on 6/7/2011with an amount of L.E 30 million at a rate of 9.7%.- purchase of treasury bills from Misr Iran bank due on 5/7/2011 with an amountof L.E 95 million at a rate of 10%.11- Provision for ClaimsBalance1/1/2011Formed duringthe yearUsed duringthe yearBalance as at31/12/2010L.EL.ELELEProvision Forclaims –receivables 9 713 508 -- (1 915 200) 7 798 308Provision Forclaims5 330 000 -- (283 594) 5 046 406Total 15 043 508 -- (2 198 794) 12 844 71412- Receivables Advance PaymentsReceivables advance payments shown in the consolidated balance sheet as atMarch 31, 2010 are represented as follows:A- Amounts received from some of the clients of the holdingcompany as a reservation paid under the account ofpurchasing project’s lands and the company terminated acontract with one of the clients and paid him back thecontracting advance payment amounting to USD 5 700 000equivalent to LE 33 003 000 considering his delay infulfilling his contractual obligations till this date and thelegal procedures concerning this matter are currently beingundertaken.B- Advance payments from receivables – rentals of SahlHasheesh company (subsidiary company)L.E40 387 710981 36241 369 072