Investor Fact Sheet 3Q 2014
Investor Fact Sheet 3Q 2014
GB Auto is a leading Egyptian multinational with operations in key markets and sectors throughout the Middle East and North Africa. The company is focused on automotive assembly, manufacturing, sales & distribution, financing and after-sales services — including vehicle servicing and related products — and has diverse operations spanning six business units.
Shareholder Information Date of Listing: 9 July 2007 Reuters Code: AUTO.CA Bloomberg Code: AUTO.EY Number of Shares Outstanding 128,892,900
Shareholder Structure
GB Auto Stock Performance GB Auto (Rebased to 100)
EGX 30 (Rebased to 100)
(As Of 30 SEPT 2014)
Volume 38.4% 61.6%
Ghabbour Family Ghabbour Family Free Float Free Float
Income Statement Snapshot Three Months Ended (LE million) Total Sales Revenues Total Gross Profit Operating Profit EBIT Earnings Before Tax Net Income
3Q13 2,058.2 244.9 114.9 108.6 22.1 7.5
3Q14 3,081.3 408.6 234.2 208.4 88.9 54.0
Nine Months Ended % Change 49.7% 66.8% 103.9% 92.0% 302.4% 623.1%
9M13 6,307.9 822.8 424.3 410.9 132.9 70.9
9M14 8,830.5 1,168.2 675.6 622.0 255.7 141.9
% Change 40.0% 42.0% 59.2% 51.4% 92.3% 100.2%
Balance Sheet Snapshot As Of (LE million) Total Current Assets Total Long-Term Assets Total Assets Total Current Liabilities Total Long-Term Liabilities Minority Interest Total Shareholder’s Equity Total Liabilities and Shareholder’s Equity
31-Dec-13 *Restated 4,914.9 2,700.2 7,615.2 4,550.8 434.8 611.5 2,018.1 7,615.2
30-Sep-14 5,807.0 3,262.5 9,069.5 5,358.8 925.9 646.3 2,138.5 9,069.5
% Change
Regional Footprint
18.2% 20.8% 19.1% 17.8% 112.9% 5.7% 6.0% 19.1%
* The company has accounted for the Employee Stock Option Plan in accordance with Egyptian Accounting Standard no. 39 which has been approved by the Extraordinary General Assembly Meeting. As a result, an adjustment of LE 26.51 mn has been accounted for.
SHARES COVERED BY
Beltone Financial | CI Capital | CITI | EFG Hermes | Goldman Sachs HC Securities | HSBC | NBK Capital | Pharos
GB Auto’s diverse operations are segmented across six primary lines of business Motorcycles & Three-Wheelers
Passenger Cars 74.2%
3Q14 Group Revenue Contribution
74.2% 9.2%
74.2% 9.2% 6.9%
• Distribution of motorcycles and threewheelers (“tuk-tuks”) • After-Sales service and distribution of spare parts • Financing options provided through Mashroey • Market: Egypt
Financing Businesses
Tires 3.2% 9.2% 6.9%
3Q14 Group Revenue Contribution
• Distribution of passenger car, van, truck, construction equipment and bus tires • Markets: Egypt, Iraq, Libya, Algeria, Jordan
6.1% 6.9% 3.2%
9.2% 6.9% 3.2%
6.9% 3.2% 6.1%
3Q14 Group Revenue Contribution
3Q14 Group Revenue Contribution
• Assembly and distribution of imported completely-knocked-down (CKD) kits with a production capacity of around 70,000 units per year for the Egyptian market • Distribution of imported completely-built-up (CBU) vehicles across footprint • After-Sales service and distribution of spare parts • Financing options provided through Drive in Egypt • Markets: Egypt, Iraq, Algeria, Libya
6.9% 74.2% 9.2%
Commercial Vehicles & Construction Equipment
• Assembly and distribution of trucks • Bus-body manufacturing; distribution of buses • Manufacturing and distribution of superstructures and trailers • Distribution of construction and farming equipment • After-Sales service and distribution of spare parts • Markets: Egypt
Others 0.3%6.1%3.2%
0.3%
6.1%
0.3%
3Q14 Group Revenue Contribution
3Q14 Group Revenue Contribution
• GB Auto’s Financing Businesses offer financing in all segments of the market • GB Lease provides financing for commercial vehicle and corporate lease clients • Mashroey finances the purchase of motorcycles, tuk-tuks, YTO tractors and motor tricycles • Drive offers consumer financing of passenger cars and factoring of auto and non-auto products • HTT provides operational leasing • Market: Egypt
• The Pre-Owned Vehicles division is rolling out a Western-style pre-owned car operation • The Lubricants business distributes Gazprom Neft-Lubricants in Egypt • The Retail division will operate retail After-Sales outlets to distribute tires, tire parts, batteries, parts and lubricants, and will also offer related services in select locations • Market: Egypt
Latest Corporate Developments 1) GB Auto Receives Best Distributor Award from Geely
2) GB Auto Honored by Hyundai Motor Co at Prestigious Event
GB Auto has received the Best Distributor Award from Geely International in recognition of its outstanding performance for the year 2013. The award was given based on total sales volume, market share, network development, and branding, and is considered a testament to the effort and investment GB Auto has made in promoting Geely Emgrand in Egypt. Mr. Osman Sever, Chief Business Development Officer, and Mr. Ahmed Abdel Ghany, Geely Emgrand Franchise Director, received the award in an event held in April at the Chinese city, Xi’an.
GB Auto was recognized for its excellent after-sales service at the Hyundai Africa and Middle East Dealers Convention in South Africa. In attendance at the event were Chairman and Chief Executive Officer Dr. Raouf Ghabbour, Group Chief Operating Officer Mr. Nader Ghabbour and Hyundai Franchise Director Mr. Mostafa Abdelhalim.
Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of GB Auto. Such statements involve known and unknown risks, uncertainties and other factors; undue reliance should not be placed thereon. Certain information contained herein constitutes “targets” or “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “seek,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Actual events or results or the actual performance of GB Auto may differ materially from those reflected or contemplated in such targets or forward-looking statements. The performance of GB Auto is subject to risks and uncertainties.
Menatalla Sadek, CFA Corporate Finance and Investments Director
Rania El Shenoufy Investor Relations Analyst
Hoda Yehia Investor Relations Manager
Direct: +20 (0)2 3910 0485 Fax: +20 (0)2 3539 0139
ir.ghabbourauto.com
E-mail: [email protected]
GB Auto is a leading Egyptian multinational with operations in key markets and sectors throughout the Middle East and North Africa. The company is focused on automotive assembly, manufacturing, sales & distribution, financing and after-sales services — including vehicle servicing and related products — and has diverse operations spanning six business units.
Shareholder Information Date of Listing: 9 July 2007 Reuters Code: AUTO.CA Bloomberg Code: AUTO.EY Number of Shares Outstanding 128,892,900
Shareholder Structure
GB Auto Stock Performance GB Auto (Rebased to 100)
EGX 30 (Rebased to 100)
(As Of 30 SEPT 2014)
Volume 38.4% 61.6%
Ghabbour Family Ghabbour Family Free Float Free Float
Income Statement Snapshot Three Months Ended (LE million) Total Sales Revenues Total Gross Profit Operating Profit EBIT Earnings Before Tax Net Income
3Q13 2,058.2 244.9 114.9 108.6 22.1 7.5
3Q14 3,081.3 408.6 234.2 208.4 88.9 54.0
Nine Months Ended % Change 49.7% 66.8% 103.9% 92.0% 302.4% 623.1%
9M13 6,307.9 822.8 424.3 410.9 132.9 70.9
9M14 8,830.5 1,168.2 675.6 622.0 255.7 141.9
% Change 40.0% 42.0% 59.2% 51.4% 92.3% 100.2%
Balance Sheet Snapshot As Of (LE million) Total Current Assets Total Long-Term Assets Total Assets Total Current Liabilities Total Long-Term Liabilities Minority Interest Total Shareholder’s Equity Total Liabilities and Shareholder’s Equity
31-Dec-13 *Restated 4,914.9 2,700.2 7,615.2 4,550.8 434.8 611.5 2,018.1 7,615.2
30-Sep-14 5,807.0 3,262.5 9,069.5 5,358.8 925.9 646.3 2,138.5 9,069.5
% Change
Regional Footprint
18.2% 20.8% 19.1% 17.8% 112.9% 5.7% 6.0% 19.1%
* The company has accounted for the Employee Stock Option Plan in accordance with Egyptian Accounting Standard no. 39 which has been approved by the Extraordinary General Assembly Meeting. As a result, an adjustment of LE 26.51 mn has been accounted for.
SHARES COVERED BY
Beltone Financial | CI Capital | CITI | EFG Hermes | Goldman Sachs HC Securities | HSBC | NBK Capital | Pharos
GB Auto’s diverse operations are segmented across six primary lines of business Motorcycles & Three-Wheelers
Passenger Cars 74.2%
3Q14 Group Revenue Contribution
74.2% 9.2%
74.2% 9.2% 6.9%
• Distribution of motorcycles and threewheelers (“tuk-tuks”) • After-Sales service and distribution of spare parts • Financing options provided through Mashroey • Market: Egypt
Financing Businesses
Tires 3.2% 9.2% 6.9%
3Q14 Group Revenue Contribution
• Distribution of passenger car, van, truck, construction equipment and bus tires • Markets: Egypt, Iraq, Libya, Algeria, Jordan
6.1% 6.9% 3.2%
9.2% 6.9% 3.2%
6.9% 3.2% 6.1%
3Q14 Group Revenue Contribution
3Q14 Group Revenue Contribution
• Assembly and distribution of imported completely-knocked-down (CKD) kits with a production capacity of around 70,000 units per year for the Egyptian market • Distribution of imported completely-built-up (CBU) vehicles across footprint • After-Sales service and distribution of spare parts • Financing options provided through Drive in Egypt • Markets: Egypt, Iraq, Algeria, Libya
6.9% 74.2% 9.2%
Commercial Vehicles & Construction Equipment
• Assembly and distribution of trucks • Bus-body manufacturing; distribution of buses • Manufacturing and distribution of superstructures and trailers • Distribution of construction and farming equipment • After-Sales service and distribution of spare parts • Markets: Egypt
Others 0.3%6.1%3.2%
0.3%
6.1%
0.3%
3Q14 Group Revenue Contribution
3Q14 Group Revenue Contribution
• GB Auto’s Financing Businesses offer financing in all segments of the market • GB Lease provides financing for commercial vehicle and corporate lease clients • Mashroey finances the purchase of motorcycles, tuk-tuks, YTO tractors and motor tricycles • Drive offers consumer financing of passenger cars and factoring of auto and non-auto products • HTT provides operational leasing • Market: Egypt
• The Pre-Owned Vehicles division is rolling out a Western-style pre-owned car operation • The Lubricants business distributes Gazprom Neft-Lubricants in Egypt • The Retail division will operate retail After-Sales outlets to distribute tires, tire parts, batteries, parts and lubricants, and will also offer related services in select locations • Market: Egypt
Latest Corporate Developments 1) GB Auto Receives Best Distributor Award from Geely
2) GB Auto Honored by Hyundai Motor Co at Prestigious Event
GB Auto has received the Best Distributor Award from Geely International in recognition of its outstanding performance for the year 2013. The award was given based on total sales volume, market share, network development, and branding, and is considered a testament to the effort and investment GB Auto has made in promoting Geely Emgrand in Egypt. Mr. Osman Sever, Chief Business Development Officer, and Mr. Ahmed Abdel Ghany, Geely Emgrand Franchise Director, received the award in an event held in April at the Chinese city, Xi’an.
GB Auto was recognized for its excellent after-sales service at the Hyundai Africa and Middle East Dealers Convention in South Africa. In attendance at the event were Chairman and Chief Executive Officer Dr. Raouf Ghabbour, Group Chief Operating Officer Mr. Nader Ghabbour and Hyundai Franchise Director Mr. Mostafa Abdelhalim.
Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of GB Auto. Such statements involve known and unknown risks, uncertainties and other factors; undue reliance should not be placed thereon. Certain information contained herein constitutes “targets” or “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “seek,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Actual events or results or the actual performance of GB Auto may differ materially from those reflected or contemplated in such targets or forward-looking statements. The performance of GB Auto is subject to risks and uncertainties.
Menatalla Sadek, CFA Corporate Finance and Investments Director
Rania El Shenoufy Investor Relations Analyst
Hoda Yehia Investor Relations Manager
Direct: +20 (0)2 3910 0485 Fax: +20 (0)2 3539 0139
ir.ghabbourauto.com
E-mail: [email protected]
