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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 consolidated financial statements of GB Auto (S.A.E.), which comprise the con-
solidated balance sheet as at December 31, 2017, and the consolidated statements of income and comprehensive
income, changes in equity and cash flows for the financial year then ended, and a summary of significant accounting
policies and other explanatory notes.
Management’s Responsibility for the Consolidated Financial Statements
These consolidated financial statements are the responsibility of Company’s management. Management is respon-
sible 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 responsibility in-
cludes, designing, implementing and maintaining internal control relevant to the preparation and fair presentation
of Consolidated financial statements that are free frommaterial misstatement, whether due to fraud or error; man-
agement responsibility also includes selecting and applying appropriate accounting policies andmaking accounting
estimates that are reasonable in the circumstances.
Auditor’s Responsibility
Our responsibility is to express an opinion 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 financial statements are free frommaterial misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consoli-
dated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of
the risks of material misstatement of the financial statements, 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 estimates
made by management, as well 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
Inour opinion, the consolidatedfinancial statements referred to above present fairly, inallmaterial respects, the con-
solidated financial position of GBAuto (S.A.E.) as of December 31, 2017, and of its consolidated financial performance
and its consolidated cash flows for the year then ended in accordance with the Egyptian Accounting Standards and
the Egyptian laws and regulations relating to the preparation of these consolidated financial statements.
Report on Other Legal and Regulatory Requirements
The financial information included in the Board of Directors’ report, prepared in accordancewith LawNo. 159 of 1981
and its executive regulations, is in agreement with the Company’s books of account, according to the limits of this
information in books.
Cairo March 4, 2018
KPMGHazemHassan
Public Accountants &Consultants
64 • 2017 ANNUAL REPORT
2017 ANNUAL REPORT • 65
GB Auto (S.A.E.)
Notes to the consolidated financial statements for the financial year ended December 31, 2017
(In the notes all amounts are shown in Thousand Egyptian Pounds unless otherwise stated)