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Board Report
The Directors of GB Auto are pleased to present their Annual
Report together with the audited consolidated financial state-
ments for the year ended December 31, 2015.
Principal Activities
GB Auto is a leading player in the MENA region’s automo-
tive industry and is the holding company for a group of
subsidiaries operating at all levels of the value chain, includ-
ing assembling, distributing, and selling Passenger Cars
and commercial vehicles, manufacturing semi-trailers and
superstructures for trucks and buses, selling automotive
components, motorcycles, and three-wheelers, tires, and
construction equipment, as well as providing after-sales ser-
vice through a nation-wide after-sales service network and
non-bank financial services that include financial leasing,
factoring, consumer finance, and microfinancing. The com-
pany owns and operates four manufacturing and assembly
facilities for Passenger Cars and commercial vehicles.
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 2015 reached
LE 12,264.7 million versus LE 12,322.1 million the previous
year, a decrease of 0.5%. Net profit for the year, after account-
ing for minority interest, stood at LE 233.1 million, rising by
34.4% from 2014 levels.
Dividends
The shareholders will discuss any suggested profit distribu-
tions at the upcoming Annual General Assembly Meeting.
Directors
The Directors of the company are shown on pages 34 and 35
of this Annual Report. Also provided is their industry back-
ground information. The Board is constituted of four Non-
Executive Directors and three Executive Directors.
Corporate Governance
The Board is committed to and provides oversight to the
management of GBAuto and its subsidiaries, meeting at least
three times each year. The Boardhas created a CorporateGov-
ernance Committee of three members, an Audit Committee
of three independent directors along with representatives
fromcompanymanagement, and a RemunerationCommittee
made up of three independent directors together with repre-
sentatives from company management.
Employees
The number of employees at GB Auto and its subsidiaries as
of December 31, 2015 was 8,034 including all subsidiaries
and ventures.
Shareholders
The shareholding structure of the company as of December
31, 2015 was as follows: Dr. Raouf Ghabbour family and re-
lated parties holding 58.7%; public holding 41.3%.
Annual General Meeting
The annual general meeting was held at 11:00 am on 1 April
2016 at the GB Academy Building, 6th of October – KM 28,
Cairo-Alexandria Desert Road.
Auditor
A resolution will be proposed to appoint the external auditor
and authorize the fees charged. The external auditor autho-
rizes the directors to determine their remuneration at the
Annual General Meeting.
Approved by the Board
1 April 2016
46 | GB Auto |
2015
Audited Financial Statements