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GB Auto “The Leading Automotive Assembler and Distributor in The “EVERYTHINGGB Auto ON WHEELS” “TheThe Leading Ghabbour Automotive Group of Companies Assembler GB Auto, S.A.E and DistributorInitial Publicin the Offering MENA Region” InvestorItPtti|Investor Presen Presentation tation | BltBeltone Financi al MENA D ay, N ew Y ork Cit y – May 2009 1 GB Auto Agenda for Today Company & Business Dr. Raouf Ghabbour Overview Chief Executive Financial Colin Sykes Overview Chief Financial Officer 2 GB Auto GB Auto I. Company Overview Corporate Overview 72% of FY08 Group Sales 14% of FY08 Group Sales 11% of FY08 Group Sales 3% of FY08 Group Sales Passenger Cars Commercial Vehicles Motorcycles & 3-Wheelers Others Overview Import, retail distribution, Distribution of locally Local assembly of imported Includes tires, construction fleet sales and assembly of assembled trucks and buses Semi Knocked Down (SKD) equipment, transportation cars units and distribution services and export activities Exclusive agent and sole Buses Exclusive agent for Bajaj Tires distributor for Hyundai Exclusive agent for Mitsubishi, three-wheelers and GB Auto distributes passenger Imports and distributes CBU Volvo and Hyundai buses motorcycles and light tires under a license units and assembles CKD Assembles and distributes SKD assembly and with Lassa; seeking new buses for public, commercial units distribution of Bajaj three- representations for bus, truck and tourism sectors We have begun work on our wheelers and off-road tires JV with Marcopolo for 8,000 largest passenger car after- capacity bus-body assembly Distribution via three retail sales center to date on the Construction equipment Description facility in Suez targeting local showrooms as well as Cairo-Ismaliyya Highway; and export markets netkflldltwork of local dealers IldIncludes const ruc tion an d expected to be online by material handling (forklifts) 30.3% market share in 2008 Three after-sale services and mid-2010 (excl. microbuses) equipment supplied under spare parts centers Large distribution and after- licenses from Volvo and Linde Trucks 10 sales centers for sales network with four 3S Exclusive agent for Mitsubishi, facilities (sales, service and Volvo and Hyundai trucks motorcycles and 40 for Transportation Services three-wheelers spare parts) and 373 service Includes heavy, medium and Haram Transport Company is bays (expected to increase light weight trucks GB Auto is the market for a fully owned subsidiary that by 164% to 983) three-wheelers in Egypt 16.0% market share in 2008 operates over 200 buses in 5 Market share of 25.9% in (excluding pickups) governorates and provides Egypt in 2008 Trailers cargo services with a fleet of >30,000-unit sales opp. in 23,000-unit opportunity in 90 trucks 2009 alone, to replace taxis Egypt as draw-bar trailers are more than 20 years old banned and distribution JV in Algeria Brands 4 GB Auto GB Auto is the Leading Player in the Egyptian Automotive Market Key Financial Data (LE million) FY2006 FY2007 FY2008 1Q2008 1Q2009 Sales 3,103.3 4,630.1 5,192.4 1,103.8 642.0 % growth 50.1 49.2 12.1 30.3 -41.8 EBITDA 417.4 500.7 678.5 142.0 59.5 %margin 13.5 10.8 13.1 12.9 9.3 EBIT 503.6 582.1 646.5 128.1 52.4 %margin 16.2 12.6 12.5 11.6 8.2 Net Income 281.5 433.5 415.9 84.6 7.2 %margin% margin 9.1 9.4 8.0 7.7 1.1 Key Products Sales Breakdown (FY2008) 3% 1. Passenger Cars 11% 2. Commercial Vehicles 14% 3. 3-wheelers & Motorcycles 4. Other: Tires 72% Construction Equipment Transportation Services 5 GB Auto Unique, Diversified Position Covering the Automotive Value Chain Sales & Distribution After-sales Transportation Assembly + Service Services Exports Assembly of passenger cars and commercial vehicles (CKD) at 2 plants in Cairo, 1 plant in Sadat City + JV bus-body assembly in Suez (GB Polo) Sales and distribution: Distribution and retail sales of CKD and CBU (imported) passenger cars, commercial vehicles, motorcycles and three-wheelers, and construction equipment Growing national after-sales service network with 6 passenger car and 6 commercial vehicle outlets (planned expansion to 25 PC and 10 CV) Partnerships with 41 independent passenger car retailers Growing network of partnerships , including buses with Marcopolo (GB Polo) and trailers in Algeria with Sentrax (GB-Allab Remourque) 6 GB Auto Remarkable Growth Through 2008, Recent Industry Challenges Passenger Cars Commercial Vehicles 80,000 250,000 CAGR: 62,312 29.1% 198,800 CAGR: 200,000 179,178 60,000 29.7% 48,310 150,000 133,591 38,191 40,000 94,322 26,848 Historical Market 100,000 55,471 Size and Growth, 20,000 16, 946 50,000 2004 to 2008 0 0 Vehicle Units 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 Passenger Cars Buses Trucks 60,000 5,000 4,774 15,000 48,441 50,000 12,259 4,000 12,000 3,319 40,000 3,000 9,000 7,887 28,083 30,000 2,000 6,000 Recent Market Size 20,000 and Change, 1Q08 vs. 1Q09 10,000 1,000 3,000 0 0 0 Vehicle Units 1Q08 1Q09 1Q08 1Q09 1Q08 1Q09 7 GB Auto …With Long-term Durability on the Back of Numerous Macro Drivers Key Growth Drivers Comments Reduction of Import duties on passenger vehicles with engine capacity < 1.6 liters came down in 2004 from 105% to 40%. Duties are expected 1 Import Duties on to contidinue decreasi ng as per th hEUe EU-EEgypt AiiAAssociation Agreement. Consumption Cars growth may continue to slow Consumer spending on everything from mobile phones to vehicles in 2009, but is 2 Reduction of has boomed since the halving in 2006 of income taxes and is expected to ITIncome Taxes show ing resili ence d espit e a sl owd own i n growth . resume as the GDP growth accelerates Legislation passed in summer 2008 will support demand over the 3 Legggislative Changes coming two years by capping the age limit for passenger cars used as titaxis, ou tlitlawing d raw-bar tra ilers and all owi ng th e li censi ng of three-wheelers (tuk-tuks) as motorcycles. GDP per capita is approaching the USD 2,000 range, accelerating Increase in 4 demand for cars, with multipliers of up to 2.5x the rate of GDP GDP/Capita Levels growth be ing sus ta ine d for severa l years. Income per cap ita at purchasing power parity now exceeds that of India and China. Driving strong demand in Egypt’s Availability of Auto loans have only recently been introduced to the Egyptian 5 market. Evidence now suggests national banks are expanding their automotive Consumer Finance consumer credit activities, filling a vacuum left by the retreat of market international brands in wake of global economic crisis. Lingering Pent-Up Demand repressed during the downturn of 2001-04 lingers, and 6 new demand is being created by the rapid formation of a middle Demand class. Current slowdown in sales is as a result of consumers’ expectations of price cuts, not evaporation of demand. 8 GB Auto GB Auto is the Undisputed Leader of the Egyptian Passenger Car Market Market Segmentation | as of end FY2008 60,000 26% 30% 40,000 13% 20% The nat ion’ s top selling PC bdbrand, 8% 6% 6% 20,000 6% 10% Hyundai has a market share of 26%, reflecting GB Auto’s superior 0 0% value proposition for consumers. Hyundai Chevrolet Toyota Speranza Nissan Daewoo Top 6 BdBrands Vehicle units 2007 2008 3.1% 2.7% <1.3L 16.3% 19% 1.3-1.5L 1.5-1.6L Up to 1.6 L engine capacity bracket 16% >1.6L 22.2% enjoys preferential tariff on imports of CBU vehicles. Engine Capacity 58.4% 62.3% Vehicle units CBU CKD 46% 45% 54% 55% Car market almost equally split between CKD and CBU vehicles. CBU vs. CKD Vehicle units 9 GB Auto Factors Supporting GB Auto Competitive Advantages Over the Long-Term Strong market position. The largest player in the Egyptian automotive market in terms of sales revenue, market share, and production capacity. Unparalleled distribution and after-sales network. Largest distribution and after-sales network in the passenger vehicle and motorcycles and three-wheelers lines of business relative to competition. Ongoing investment to expand both passenger car and commercial vehicle after-sales networks. Strong partnerships with leading global OEMs with access to ‘best-in-class’ products.Strategic relationships as exclusive distributor and assembler of Hyundai passenger cars and commercial vehicles, Mitsubishi commercial vehicles, Volvo commercial vehicles and construction equipment, Linde materials handling equipment, Bajaj motorcycles and three-wheelers, and Lassa (Turkish) tires, among others. Diversified business portfolio. GB Auto boasts a highly diversified business portfolio (from cars to commercial vehicles and earth movers) with outstanding exposure to aftermarket. Best-in-Class assembly and manufacturing operations. Capitalize on Egypt’s low-cost labor and production environment, leveraging existing operations and rolling out capacity expansions for passenger car assembly and trailers. Impressive revenue growth and profitability. Top-line compounded annual revenue growth over the past five years is 39.3%, as the Group exceeded sales of LE 5 billion in 2008, coupled with earnings of over LE 415 million that same year. Profitable in 1Q09 even in a down market for vehicle sales. Untapped export potential. Very strong export potential, particularly as regards locally-assembled and -manufactured commercial vehicles (buses and trailers) into the largely untapped and under-served markets of the Middle East and Africa. Positive market outlook. Egyptian automotive market’s impressive growth rates are expected to continue over the medium term, driven by improving macro-economic environment driving consumption patterns, coupled with existing low auto penetration rates.
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