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2012 ANNUAL REPORT
48
GB Auto and its Subsidiaries (S.A.E)
The Directors of GB Auto are pleased
to present their Annual Report together
with the audited consolidated financial
statements for the year ended December
31, 2012.
Principal Activities
GB Auto is a leading player in the MENA
region’s automotive industry and is the
holding company for a group of subsidi-
aries operating at all levels of the value
chain, including assembling, distributing
and selling passenger cars and commer-
cial vehicles, manufacturing semi-trailers
and superstructures for trucks and buses,
selling automotive components, motor-
cycles and three-wheelers, tires, and con-
struction equipment, as well as providing
after-sales service through a nation-wide
after-sales service network and consumer
finance and microfinancing. The company
owns and operates three manufacturing
and assembly facilities, one for passenger
cars, one for commercial vehicles, and
another for buses.
The detailed analysis by line of business
is dealt with by management elsewhere in
this Annual Report.
Operating Results
The consolidated group revenue for the
year 2012 reached LE 8,290.15 million
versus LE 7,415.29 million the previous
year, an increase of 11.80%. The net profit
for the year after accounting for minority
interest was LE 217.80 million, a 14.25%
rise from 2011.
Dividends
The shareholders will approve any profit
distributions at the forthcoming Annual
General Meeting.
Directors
The Directors of the company are shown
beginning on page 38 of this Annual
Report. Also provided is their industry
background information. The Board is
constituted of five Independent Directors
and two Executive Directors.
Corporate Governance
The Board is committed to and provides
oversight to the management of GB Auto
and its subsidiaries, meeting at least three
times each year. The Board has created
a Corporate Governance Committee of
four members, an Audit Committee of
four independent directors along with
representatives from company manage-
ment, and a Remuneration Committee
made up of four independent directors
together with representatives from com-
pany management.
Employees
The number of employees at GB Auto and
its subsidiaries as of December 31, 2012
was 5,881 including all subsidiaries and
ventures.
Shareholders
The shareholding structure of the com-
pany as of December 31, 2012 was: Dr.
Raouf Ghabbour family and related par-
ties 70.92%, while public ownership stood
at 29.08%.
The company is authorized to issue shares
of up to 2% of the issued and paid-in
capital to implement its employee and
share-based incentive program.
Annual General Meeting
The annual general meeting will be held
at 3:00 pm on 27 March 2013 at the Oasis
Hotel, Km 4.5, Cairo-Alexandria Desert
Road.
Auditor
A resolution will be proposed to reap-
point Mansour & Co. Pricewaterhouse-
Coopers as auditor and to authorize the
directors to determine their remuneration
at the Annual General Meeting.
Approved by the Board
27 March 2013
Board Report
GB Auto
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