gb 2q14 fact sheet
Investor Fact Sheet 2Q 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 June 2014)
Volume
60% 40% Ghabbour Family Free Float
Income Statement Snapshot Three Months Ended (LE million)
Six Months Ended
2Q13
2Q14
% Change
HY13
HY14
% Change
2,167.7
3,081.5
42.2%
4,249.7
5,749.2
35.3%
260.0
398.0
53.1%
577.9
759.6
31.4%
Operating Profit
121.8
234.9
92.9%
309.4
441.4
42.7%
EBIT
124.9
217.5
74.1%
302.3
413.6
36.8%
Earnings Before Tax
31.2
78.1
150.1%
110.9
166.8
50.5%
Net Income
16.1
39.9
147.6%
63.4
87.9
38.6%
Total Sales Revenues Total Gross Profit
Balance Sheet Snapshot As Of (LE million)
31-Dec-13
30-Jun-14
% Change
Total Current Assets
4,914.6
5,566.5
13.3%
Total Long-Term Assets
2,700.2
3,078.0
14.0%
Total Assets
7,614.9
8,644.5
13.5%
Total Current Liabilities
4,553.0
5,097.7
12.0%
434.8
822.3
89.1%
Total Long-Term Liabilities Minority Interest
611.5
631.3
3.2%
Total Shareholder’s Equity
2,015.5
2,093.3
3.9%
Total Liabilities and Shareholder’s Equity
7,614.9
8,644.5
13.5%
SHARES COVERED BY
Regional Footprint
Beltone Financial | CI Capital | CITI | EFG Hermes | Goldman Sachs HC Securities HSBC | Naeem Holding | NBK Capital | Pharos
GB Auto’s diverse operations are segmented across six primary lines of business Motorcycles & Three-Wheelers
Passenger Cars 75.5%
2Q14 Group Revenue Contribution
75.5% 8.2%
75.5% 8.2% 7.3%
• 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 3.8% 8.2% 7.3%
2Q14 Group Revenue Contribution
• Distribution of passenger car, van, truck, construction equipment and bus tires • Markets: Egypt, Iraq, Libya, Algeria, Jordan
5.1% 7.3% 3.8%
8.2% 7.3% 3.8%
7.3% 3.8% 5.1%
2Q14 Group Revenue Contribution
2Q14 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
7.3% 75.5% 8.2%
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, Libya
Others 0.1%5.1%3.8%
2Q14 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
0.1%
5.1%
0.1%
2Q14 Group Revenue Contribution
• 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) Capital Increase
2) Upcoming Launch of ESOP
3) New Mazda Model
GB Auto is in the process of presenting plans for the implementation and financing of the group’s expansion strategy to the Board of Directors. If the Board approves the plans, the company intends to seek regulatory approval for an extraordinary general assembly to review the proposed capital increase through rights issue at par value.
On 6 August 2014, GB Auto’s board approved a 5% capital increase to launch the employee stock ownership plan (ESOP).
In late 2Q, GB Auto launched the newest generation of the Mazda 3 Sedan to a warm market reception, where it is expected to be well-received by consumers and complement sales of the CX-9 and Mazda 6. The company also expects to launch additional models in 2015.
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 June 2014)
Volume
60% 40% Ghabbour Family Free Float
Income Statement Snapshot Three Months Ended (LE million)
Six Months Ended
2Q13
2Q14
% Change
HY13
HY14
% Change
2,167.7
3,081.5
42.2%
4,249.7
5,749.2
35.3%
260.0
398.0
53.1%
577.9
759.6
31.4%
Operating Profit
121.8
234.9
92.9%
309.4
441.4
42.7%
EBIT
124.9
217.5
74.1%
302.3
413.6
36.8%
Earnings Before Tax
31.2
78.1
150.1%
110.9
166.8
50.5%
Net Income
16.1
39.9
147.6%
63.4
87.9
38.6%
Total Sales Revenues Total Gross Profit
Balance Sheet Snapshot As Of (LE million)
31-Dec-13
30-Jun-14
% Change
Total Current Assets
4,914.6
5,566.5
13.3%
Total Long-Term Assets
2,700.2
3,078.0
14.0%
Total Assets
7,614.9
8,644.5
13.5%
Total Current Liabilities
4,553.0
5,097.7
12.0%
434.8
822.3
89.1%
Total Long-Term Liabilities Minority Interest
611.5
631.3
3.2%
Total Shareholder’s Equity
2,015.5
2,093.3
3.9%
Total Liabilities and Shareholder’s Equity
7,614.9
8,644.5
13.5%
SHARES COVERED BY
Regional Footprint
Beltone Financial | CI Capital | CITI | EFG Hermes | Goldman Sachs HC Securities HSBC | Naeem Holding | NBK Capital | Pharos
GB Auto’s diverse operations are segmented across six primary lines of business Motorcycles & Three-Wheelers
Passenger Cars 75.5%
2Q14 Group Revenue Contribution
75.5% 8.2%
75.5% 8.2% 7.3%
• 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 3.8% 8.2% 7.3%
2Q14 Group Revenue Contribution
• Distribution of passenger car, van, truck, construction equipment and bus tires • Markets: Egypt, Iraq, Libya, Algeria, Jordan
5.1% 7.3% 3.8%
8.2% 7.3% 3.8%
7.3% 3.8% 5.1%
2Q14 Group Revenue Contribution
2Q14 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
7.3% 75.5% 8.2%
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, Libya
Others 0.1%5.1%3.8%
2Q14 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
0.1%
5.1%
0.1%
2Q14 Group Revenue Contribution
• 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) Capital Increase
2) Upcoming Launch of ESOP
3) New Mazda Model
GB Auto is in the process of presenting plans for the implementation and financing of the group’s expansion strategy to the Board of Directors. If the Board approves the plans, the company intends to seek regulatory approval for an extraordinary general assembly to review the proposed capital increase through rights issue at par value.
On 6 August 2014, GB Auto’s board approved a 5% capital increase to launch the employee stock ownership plan (ESOP).
In late 2Q, GB Auto launched the newest generation of the Mazda 3 Sedan to a warm market reception, where it is expected to be well-received by consumers and complement sales of the CX-9 and Mazda 6. The company also expects to launch additional models in 2015.
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]
