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Efficient Path of Growth

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Efficient Path of Growth GHABBOUR AUTO EFFICIENT PATH OF GROWTH Annual Report 2018 PAGE OF CONTENTS 01 VISION, MISSION & VALUES 4 03 STRATEGIC REPORT 24 05 SHAREHOLDER INFORMATION 82 26 GB Auto Strategy Overview 84 Share price & shareholder information 26 - Expanding High-Margin Divisions 84 - GB Auto shareholding Structure 27 - Improving our Working Capital 86 - GB Auto share price for FY 2018 87 - GB Auto Stock - 52 Week Performance COMPANY OVERVIEW 6 02 28 BUSINESS MODEL 8 GB AUTO AT A GLANCE 30 Divisional Review 06 GOVERNANCE 88 32 - Egypt Passenger Cars 16 CONTINUOUS INNOVATION SINCE IPO 36 - Egypt Motorcycles and 90 BOARD OF DIRECTORS Three-Wheelers 18 A LETTER FROM THE CEO 38 - Egypt Commercial Vehicles & 94 CURRENT ORGANIZATIONAL Construction Equipment 22 GB AUTO HIGHLIGHTS OF 2018 STRUCTURE 42 - Egypt Tires 44 - Egypt After-sales 96 GB AUTO MANAGEMENT 48 - Regional 50 - Startups 52 - GB Capital 07 FINANCIAL STATEMENTS 102 56 Internal Control and Risk Management 58 - Business Continuity 59 - Audit Committee 60 - Remuneration Committee 61 - Corporate Governance Committee 04 INVESTING IN OUR PEOPLE 62 65 - Strategic Recruitment 66 - Employee Recognition & Engagement 68 - Talent Management & Organizational Development 70 Corporate Social Responsibility 72 - Ghabbour Foundation for Development VISION MISSION CORE Leading the markets where we operate by Granting a premium experience while developing COMPETENCIES providing an elite customer experience and our communities, enriching the lives of our becoming the brand of choice to our employees and maximizing our shareholders’ stakeholders. returns through our corporate values and operational excellence. WORKING ADHERING TO WITH PEOPLE PRINCIPLES & VALUES Shows respect for the views and Upholds ethics and values by contributions of other team members; demonstrating integrity; shows empathy; promotes and defends equal opportunities listens, supports and cares for others; with builds diverse teams; consults others and shares information encourages organizational and individual VALUE and expertise with them; responsibility towards the community Our people builds team spirit and reconciles confict; and the environment. adapts to the team and fts in well. LEAD LEADING & With a vision DELIVERING RESULTS SUPERVISING MEETING CUSTOMER Provides others with a clear direction; motivates and empowers others; DRIVE EXPECTATIONS recruits staf of a high caliber; Sustainable Results provides staf with development opportunities and coaching; sets appropriate standards of behavior. Focuses on customer needs and satisfaction; IMPROVE sets high standards for quality and efciency; Communities monitors and maintains quality and CREATING & productivity; works in a systematic, INNOVATING methodical and orderly way; consistently achieves project goals. Produces new ideas, approaches, or insights; THINK creates innovative products or designs; Innovatively produces a range of creative solutions to problems. 4 5 COMPANY OVERVIEW 6 7 GB AUTO WITH A HISTORY OF OVER SIX ASSEMBLY AND (AUTO & AUTO RELATED) DECADES IN THE INDUSTRY MANUFACTURING GB Auto has built a solid reputation for its OPERATIONS INCLUDE automotive service oferings. It is renowned for Passenger cars, commercial vehicles, and providing unmatched after-sales services in Egypt motorcycles and three-wheelers. The company also along with positioning its passenger cars as some designs and manufactures components, complete of the best value for money in the Egyptian buses, semi-trailers and superstructures at plants in market. Also making a name for itself as a the Greater Cairo Area and facilities in the Suez front-runner in the manufacturing and distribution Canal Area. of two- and three-wheelers, as well as Commercial Vehicles and Construction Equipment. OPERATING SIX LINES OF GB AUTO REMAINS BUSINESS ACROSS FOUR A STRONG PLAYER MAJOR MARKETS IN THE with an unmatched distribution and After-sales MIDDLE EAST & NORTH AFRICA network, while growing its regional after-sales GB AUTO GB Auto is a leading regional automotive player service network. This includes passenger car AT A GLANCE with a strong operational footprint in key markets centers in Egypt for both body and mechanical and sectors with plans to expand into new, lucrative work. With new vehicle sales, the company’s markets. The company is focused on automotive service and parts outlets make GB Auto a fully assembly, manufacturing, sales and distribution, integrated, “one-stop-shop” automotive GB Auto operates under two distinct and after-sales services, which includes vehicle provider that delivers on promises of lower segments: servicing and related products. ownership costs and real value to customers. Auto and Auto Related which operates the core automotive business, and GB Capital, which oversees the GB AUTO’S PORTFOLIO operations of the group’s fve non-bank OF PARTNERS INCLUDES fnancial service providers. the leading global brands of Hyundai, Mazda, Geely, Chery, Bajaj, Marcopolo, Iveco, Volvo Truck The distinction, which came into efect & Bus, Volvo Construction Equipment, Sinotruk, in 2017, presents a clear and accurate Mitsubishi Fuso, YTO, Karry, SDLG, Aksa, Lassa, Yokohama, Pirelli, Westlake, Double Coin, Double- picture of each business, its operations, star, Verde, Techking and Gazpromneft. and value for stakeholders. 8 9 HEAD OFFICE - Giza, Egypt EGYPT PASSENGER CARS - Assembly - Sales & Distribution EGYPT MOTORCYCLES & THREE WHEELERS - Assembly - Manufacturing - Sales & Distribution EGYPT CV & CE - Assembly - Manufacturing - Sales & Distribution EGYPT TIRES - Sales & Distribution EGYPT AFTER-SALES - Sales & Distribution of Spare parts for passenger cars, two- and three- wheelers, and commercial vehicles REGIONAL - SKD Assembly - Sales & Distribution - After-sales services for passenger cars & two- and three-wheelers 10 11 GB CAPITAL GB Capital oversees the operations of the group’s fve non-bank fnancial service providers: GB Lease, which ofers fnancial leasing services to a wide range of companies; Mashroey, which ofers asset-based lending to microfnance eligible clients; Drive, which ofers consumer fnance and factoring services to retail and corporates; Haram Limousine, which ofers car rental services on a quasi- operational lease basis to companies in the market; and Tasaheel which, ofers direct microfnance lending services to micro-entrepreneurs. GB Capital’s strategy is to benchmark its operations against the best in the feld, building on strict and robust credit, risk classifcation and provisioning policies specifcally developed for each industry. The companies’ credit approval and disbursement mechanisms comply with best practices of fnancial institutions in the country. Asset quality and collections - the backbone for the success of any fnancial institution are closely monitored, well- maintained and controlled within the group. 12 13 EGYPT COMMERCIAL STARTUPS GB CAPITAL 14.3 VEHICLES & WHAT CONSTRUCTION WE DO... EQUIPMENT Assembly and distribution of trucks Bus-body Parts and lubricants business, PAL, GB Capital’s subsidiaries cater to all market manufacturing, distribution through GB Polo distributes Gazpromneft Lubricants segments Manufacturing and distribution of Fabrika is a Pre-Owned Vehicles division GB Lease provides business-to-business f- superstructures and trailers Retail division 360 operates after sales nancial leasing solutions. Assets fnanced are Distribution of construction and farming services diversifed and include real estate, equipment Market: Egypt automotive, production lines, and other Brands: Volvo, Iveco, Mitsubishi Fuso, Companies: PAL, Fabrika, 360 asset classes. Tenor is medium term, and the Sinotruk, YTO, Marcopolo, Karry, SDLG, AKSA company’s focus is on risk diversifcation by asset class, industry sector, and clients. Mashroey ofers asset-based microfnance lending to eligible clients for the purchase of motorcycles, tuk-tuks, YTO tractors and motor REGIONAL 15.4% EGYPT 4.3% tricycles. Mashroey’s credit policy is stringent, EGYPT TIRES and its portfolio tenor is predominantly short PASSENGER term. CARS Drive provides factoring services to a Distribution of imported completely-built-up diversifed client base, ranging from Distribution of passenger car, van, truck, (CBU) passenger car units in Iraq (Hyundai) business-to-business (SMEs) to business-to Assembly and distribution of imported construction equipment, and bus tires and Algeria (Geely) with after-sales services consumer (retail), with a focus on the auto CKD kits with a production capacity of Brands: Lassa, Yokohama, Pirelli, Westlake, in both markets fnance sector. It continues to expand its around 80,000 units per year Doublecoin, Doublestar, Verde, Techking SKD assembly and distribution of Bajaj mo- factoring solutions, ofering innovative Distribution of imported CBU vehicles torcycles & three-wheelers in Iraq and fnancing products. Operating under a robust Brands: Hyundai, Mazda, Geely, Chery after sales services. credit policy, the company’s portfolio tenor is Distribution of Westlake and Jumbo tires in predominately medium term. Iraq; Lassa, Verde and Grandstone in Algeria Haram Tourism Transport (HTT) provides car EGYPT and Triangle tires in Jordan rental services on a quasi-operational lease ba- AFTER Markets: Iraq, Algeria, Jordan (The latter two sis. Its service agreements are tailored and entail SALES EGYPT have been liquidated by year end as well as acquisition, registration, insurance and main- MOTORCYCLES the tires operations in Iraq) tenance of vehicles, with third party insurance
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