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GB Auto and its Subsidiaries (S.A.E)
Notes to the Consolidated Financial Statements
For the year ended 31 December 2012
(In the notes all amounts are shown in thousand Egyptian pounds unless otherwise stated)
83
GB Auto
•
2012 ANNUAL REPORT
38. Income statement by nature
2012
2011
Sales
8,290,147
7,415,292
Direct manufacturing cost
(7,059,430)
(6,370,702)
Overhead cost
Salaries
(79,863)
(71,067)
Others
(80,814)
(90,220)
Gross profit
1,070,040
883,303
Interest income
37,741
42487
Other income
27,712
20,035
Provisions no longer required
20,773
7,902
Interest on installment sales
3,331
1,811
Employees salaries and benefits
(202,044)
(130,535)
Interest expense
(197,351)
(139,189)
Bonds interest expenses
(99,634)
(122,571)
Selling and marketing
(64,316)
(70,769)
Rent expense
(48,232)
(35,672)
Forex gain (loss)
(44,269)
(1,771)
Depreciation and amortization
(25,506)
(27,974)
Transportation
(22,468)
(14,596)
Provisions
(38,122)
(24,070)
Consulting and advisory services
(15,713)
(11,894)
Vehicles expenses
(14,240)
(9,199)
IT and network and pc’s expenses
(11,258)
(7,786)
Hounability
(11,750)
(5,379)
Governmental fees, stamps, etc.
(7,347)
(7,007)
Safety and security expenses
(6,163)
(6,024)
Insurance
(5,832)
(3,792)
Telecommunication
(5,242)
(3,944)
Other expenses
(3,518)
(8,400)
Administration supplies
(5,932)
(4,698)
Utilities
(4,254)
(3,306)
Bank charges
(4,197)
(2,621)
Repair and maintenance shipping
(3,343)
(5,836)
Stock option fair value bonus for managing directors
(1,364)
(4,693)
Shipping
(935)
(675)
Donations
(515)
(2,052)
Public relations expenses
(789)
(597)
Gifts
(466)
(493)
Net profit before tax
314,797
299,995