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Auditor’s
Report
To The Shareholders of GB Auto (S.A.E.)
Report on the Consolidated
Financial Statements
We have audited the accompanying con-
solidated financial statements of GB Auto
(S.A.E.), which comprise the consolidated
balance sheet as at December 31, 2014, and
the consolidated statements of income,
changes in equity and cash flows for the
financial year then ended, and a summa-
ry of significant accounting policies and
other explanatory notes, Bearing in mind
that the consolidated financial statements
for the financial year ended December 31,
2013, had been audited by another audi-
tor who issued an unqualified report for it,
datedMarch 4, 2014.
Management’s Responsibility
for the Consolidated Financial
Statements
These consolidated financial statements
are the responsibility of Company’s man-
agement. Management is responsible for
the preparation and fair presentation of
these Consolidated financial statements in
accordance with the Egyptian Accounting
Standards and in the light of the prevailing
Egyptian laws, management responsibil-
ity includes, designing, implementing and
maintaining internal control relevant to
the preparation and fair presentation of
Consolidated financial statements that are
free from material misstatement, whether
due to fraudor error;management respon-
sibility also includes selecting and applying
appropriate accounting policies and mak-
ing accounting estimates that are reason-
able in the circumstances.
Auditor’s Responsibility
Our responsibility is to express an opin-
ion on these consolidated financial
statements based on our audit. We con-
ducted our audit in accordance with the
Egyptian Standards on Auditing and in
the light of the prevailing Egyptian laws.
Those standards require that we comply
with ethical requirements and plan and
perform the audit to obtain reasonable
assurance whether the consolidated fi-
nancial statements are free from mate-
rial misstatement.
An audit involves performing proce-
dures to obtain audit evidence about the
amounts anddisclosures in the consolidat-
ed financial statements. The procedures
selecteddependon the auditor’s judgment,
including theassessment of the risksofma-
terial misstatement of the financial state-
ments, whether due to fraud or error. In
making those risk assessments, the auditor
considers internal control relevant to the
entity’s preparation and fair presentation
of the consolidated financial statements in
order to design audit procedures that are
appropriate in the circumstances, but not
for the purpose of expressing an opinion
on the effectiveness of the entity’s internal
control. An audit also includes evaluating
the appropriateness of accounting policies
used and the reasonableness of accounting
estimatesmade bymanagement, aswell as
evaluating the overall presentation of the
consolidated financial statements.
We believe that the audit evidence we
have obtained is sufficient and appropriate
to provide a basis for our audit opinion on
the consolidated financial statements.
Opinion
In our opinion, the consolidated financial
statements referred to above present fairly,
in all material respects, the consolidated
financial position of GB Auto (S.A.E.) as of
December 31, 2014, and of its consolidated
financial performance and its consolidat-
ed cash flows for the year then ended in
accordance with the Egyptian Accounting
Standards and the Egyptian laws and regu-
lations relating to the preparation of these
consolidated financial statements.
Emphasis of matter
Without qualifying our opinion
As it is mentioned in Note No.(32) of the
notes to the financial statements, On June
30, 2014, a presidential decree has been is-
sued by the Law No. (53) for the year 2014,
Regarding amendments for some articles
of Income Tax Law, and as the executive
regulations related to the previously men-
tioned law has not been issued till the date
of this report, the Company’smanagement
has used the best practices in the light of its
explanationof its articles.These values and
results may differ if reliable information is
available upon issuance of the executive
regulations of this matter.
Report on Other Legal and
Regulatory Requirements
The financial information included in the
Board of Directors’ report, prepared in ac-
cordance with Law No. 159 of 1981 and
its executive regulations, is in agreement
with the Company’s books of account, ac-
cording to the limits of this information in
books.
KPMG Hazem Hassan
Cairo,March 1, 2015
Ghabbour Auto | 2014 ANNUAL REPORT
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