dmb booklet fh14 version english

8/11/2019 DMB Booklet FH14 Version English

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THE DEVELOPMENT BANK OF MONGOLIA

SUMMARY REPORT FOR THE FIRST-HALF OF 2014


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TYPES OF DEVELOPMENT BANKS

Policy bank a type of bank that is exists in countries

such as Japan, the PRC, th e Republic of Korea and

Malaysia, and which directly supports governmenteconomic policies and planning.

Special-purpose financial institution an entity that has

a specific organisational structure and duties such assmall- and medium-enterprise development (Thailand),

agricultural intensification (India), infrastructure

(Malaysia), environmental protection (the Federal Republic

of Germany), housing (in most countries), etc.

Universal bank a type of bank that concurrently grants

multiple types of financing in addition to developmentpolicy financing (Philippines, Indonesia and India).

Commercial development bank a bank that operates

under purely commercial principles and supports economicdevelopment (Singapore).

A DEVELOPMENT BANK IS AFINANCIAL INSTITUTION WHICHIS OBLIGATED TO PROVIDE WITHREQUIRED FINANCING ANDPROFESSIONAL ADVICES FOR

ACHIEVING THE SOCIO-ECONOMICDEVELOPMENT OBJECTIVES OF APARTICULAR COUNTRY.

WHAT IS ADEVELOPMENT BANK?

THE DEVELOPMENT BANKOF MONGOLIA ISA POLICY BANK.

As loans granted by domestic commercial baa relatively high interest rate, were shortteimposed limits on the maximum amount of

granted, financing opportunities for major p

would support economic development were

as the foreign trade balance of our country and our infrastructure development is relativ

has been necessary to create a development

On 20 July 2010, the Government of Mongo

establish the Development Bank of Mongoli

that, on 10 February 2011, the Parliament of

enacted the Law on the Development Bankstipulating that the Development Bank will b

state-owned for-profit legal entity with the

functions of conducting activities aimed at f

major projects and programmes for the deve

Mongolia.

When raising financial sources, the Developmoperates in accordance with approval obtain

of guarantee by the Government.

THE DEVELOPMENTBANK OF MONGOLIA


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HOW BIG IS THE DEVELOPMENT BANK OF MONGOLIA?

THE TOTAL CAPITAL OF BANKS; BANKS ASSETS AS OF THE FIRST-HALF OF 2014

The Development Bank of Mongolia

Trade and Development Bank

Khan Bank

Golomt Bank

Xac Bank

UB City Bank

Capital Bank

Chinggis Khaan Bank

Capitron Bank

National Investment Bank

Erel Bank

Trans Bank

Credit Bank

State Bank

1.000 2.000 3.000 4.000 5.000 6.000

INVESTMENTS MADE BY THE DEVELOPMENTBANK OF MONGOLIA EXCEED INVESTMENTSBY THE STATES BUDGET FUNDS. THISINDICATES THE DEVELOPMENT BANKSMAJOR ROLE IN OUR COUNTRYS ECONOMY.

In billion MNT

billion MNT billion MNT

EXPENSES OFINVESTMENTS BY THESTATES BUDGET FUNDS(2013)

LOANS ANDADVANCES GRANTEDBY THE DEVELOPMENTBANK (2013)

1,447 1,686

SOURCE: The National Statistical Office

12 May 2011

Launched itsoperations

31 Dec embe r 2 01 1

CORPORATEGOVERNANCE

THE DEVELOPMENT BANKS FINANCIAL STATARE VERIFIED BY INDEPENDENT AUDITING EAFOUND THAT THE BANK COMMITTED NO VIAND ITS LOAN FINANCING IS ENSURED WITGUARANTEES IN EXCESS OF THE APPLICABLE

Nomination Subcommittee

Remuneration Subcommittee

Internal Audit Subcommittee

Assets and LiabilitiesManagement Department

Loan Department

THE DEVELOPMENT BANK OF MONGOLIFOR THE COUNTRYS DEVELOPMENT APPEACH YEAR THE PARLIAMENT WILL APPRO


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THE STATE AND CIVIL SOCIETY REPRESENTATIVESINTERNATIONAL FINANCIAL INSTITUTIONS

SUPPORT ECONOMIC DEVELOPMENT

THE BANK IS UNDER DUTY TO FINANCE PROJECTS RELATED TO THESECTORS THAT ARE ESSENTIAL FOR ECONOMIC DEVELOPMENT

FUNDINGS FROM THE ISSUE OF BONDS AND SOFT LOANS MAINLYRAISED FROM INTERNATIONAL FINANCIAL MARKETS AS WELL ASFUNDINGS FROM OTHER INTERNATIONAL FINANCIAL INSTITUTIONS

LOANS INTEREST RATE IS LOWER AND AMOUNT IS GREATER

LOANS ARE GRANTED IRRESPECTIVE OF TIME FRAME

FLEXIBLE REQUIREMENTS IN TERMS OF COLLATERAL

MEDIUM AND/OR LONG-TERM FINANCIAL CAPACITY

THE AIM

BUSINESS OPPORTUNITIES

LOAN TERMS

STUDIESREGARDING PROJECTS

FUNDINGSSOURCES

SUPERVISION

COMMERCIAL BAN

MANAGEMENT BY THE BANK

LOAN AMOUNT LIMITATION A

SHORT OR MEDIUM-TERM LOA

STRICT REQUIREMENTS IN TERM

BALANCE AND FINANCIAL STAFINANCIAL CAPACITY OF BOR

SEEK TO INVEST IN PROFITABLBUSINESSES

MAINLY CURRENT AND SAVIN

BUSINESS PROFIT


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CHRONOLOGY

The official opening of theDevelopment Bank of Mongoliatook place and its operationscommenced.

12 May 2011The Development Bank of Mongoliasuccessfully issued USD580 millionbonds.The Bank organised meetings with

investors in Hong Kong, Singaporeand London, the world financialmarket centres, and for thefirst time via open subscription,traded 5year bonds, guaranteedby the Government of Mongolia,of USD580 million in value atan interest rate of 5.75% in theinternational markets.

21 March 2012The Development Bank ofMongolia granted its firstfinancing to road projects.In accordance with

Government ResolutionsNos.47, 110, 106, 336, 124and 105 dated 2012, theDevelopment Bank grantedMNT202,5 billion in totalto road projects in 2012,enabling the commencementof construction of 1,280 kmof roads.

6 August 2012The Development Bank ofMongolia received an awardfrom the Bloomberg TelevisionMongolia.

During the closing ceremonyof the economic forumof Mongolia 2012, theBloomberg Television grantedits Best Debut Bond awardto the Development Bankteam that had successfullyissued the bonds, guaranteedby the Government ofMongolia, in the internationalmarkets for the first time.

31 December 2012

The Development Bank of Mongoliaand the Korea Development Bankentered into a Managementcontract. An open internationalbid was announced by the State

Property Committee for competitiveselection of an experiencedteam to implement the executivemanagement of the DevelopmentBank of Mongolia, resulting in theselection of the Korea DevelopmentBank. It was decided that the Banksexecutive management would beimplemented by a joint team fromthe Development Bank of Mongoliaand the Korea Development Bankthat had been selected through theinternational bid.

30 August 2011The Development Bank ofMongolia granted financing tothe housing-purpose soft loanproject. Under GovernmentResolution No.55 dated 2012

and for the programmeProject for granting housing-purpose soft loans to citizensat an interest rate of up to 6%per annum, the DevelopmentBank of Mongolia grantedMNT50 billion to the StateBank in 2012.

15 June 2012Under Government ResolutionNo.148 dated 2012, theDevelopment Bank ofMongolia granted USD100million financing to Erdenes

Tavantolgoi JSC. The projectsactivities will lead to thedevelopment of the mining,energy and other economicsectors.

5 October 2012MIAT JSC (Mongolian Civil AviationCorporation) purchased an aircraft of767300R model in May 2013. Thispurchase is of significant importance insupporting Mongolias aviation industry

development by increasing MIAT JSCsoperational effectiveness. Consideringthe significance of this purchase, theDevelopment Bank of Mongolia lent intotal USD83,9 million including USD5,34million toward the aircrafts advancepayment on 20 June 2012 and a bridgeloan of USD78,55 million on 7 May2013 toward the principal payment, inaccordance with Government ResolutionNo.137.

7 May 2013

Government Resolution No.180dated 18 May 2013 approved thefinance of a togrog equivalentof up to USD14 million required

for implementation of the projectHousing construction industrialcomplex1 within the scopeof the medium-term targetprogramme New Developmentand the work to provide citizenswith housing by way of enteringinto a direct loan contract in2013, and financing through theDevelopment Bank with the capitalraised via Government securitiestrading.

18 May 2013During the official visit of Prime Minister of Mongol912 September 2013, theMemorandum of Unders

Japan Bank for Internation(JBIC), which led to Monglaunch of fund raising in ycapital market, and tradingindustrial bonds Samuraithe Government of MongJapans capital market at a1,52 % per annum, and reits yen account with the M

6 January 2014

From 18 November 2013 to 1 February 2014,jointly with the Bloomberg Television Singapore,the Development Bank of Mongolia organisedan advertising campaign Inside Mongolia.This aimed at raising Mongolias international

reputation, introduction to the investmentenvironment and creating a positive impressionwith investors. Within the scope of this work,90-second short editorial broadcasts forinvestors covering five topics and 30-secondcommercials were cast. These resulted in over2,887,500 comments being received via thewww.bloomberg.com website.

18 November 2013


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THE TOTAL ASSETS OF

THE DEVELOPMENTBANK OF MONGOLIAWAS MNT4,493.8BILLION AS OF 30 JUNE2014, A 1.4-FOLD RISECOMPARED TO THE ENDOF THE PREVIOUS YEAR.

FINANCIALINDICATORS

In billion MNT

0

50

100

150

200

49 67

143,8

175,1

2011 2012 2013

In billion MNT(halfyear)

(halfyear)

0

1.000

2.000

3.000

4.000

2011 2012 2013 2014

2014

77

888

3,231

4,493.8TOTAL ASSETS

TOTAL EQUITY

In billion MNT

In billion MNT

0

1.000

500

1.500

2.000

2.500

2011 2012

494

-10

0

10

20

30

(6)

(1)

2011 2012

LOANS AND ADVANCES

NET PROFIT AFTER TAX


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THREE-YEAR FINANCIAL INDICATORS

* The Development bank paid MNT 23,4 billion in full, to the states budget, in incorporate income tax imposed as of the first-half of 2014.

The first-halfof 2014 2013 2012 2011

TOTAL ASSETS 4,493.8 3,230.9 888.1 76.9

Cash and cash equivalents 937.8 379.5 216.5 75.8

Bank deposits 709.7 652.3 168.9 0.0

Loans and advances 2,799.6 2,179.6 493.6 0.0

Investment 10.0 - - -

Other assets 11.3 6.0 2.3 0.0

Current income tax prepayment - 3.8 0.0 0.0

Fixed assets 0.6 0.6 0.2 0.2

Intangible assets 0.8 0.8 0.7 0.8

Deferred tax assets 24.0 8.2 5.9 0.0

TOTAL LIABILITIES 4,318.6 3,087.0 821.1 27.8

Customer accounts 23.0 16.3 0.0 0.0

Customer accounts 2.2 0.4 0.5 1.1

Current income tax payable* 15.2 0.0 3.3 0.0

Due to other banks 57.3 111.0 0.0 0.0

Bonds 1,698.2 972.1 817.3 26.6

Borrowings 2,522.7 1,987.2 0.0 0.0

TOTAL EQUITY 175.1 143.9 67.0 49.1

Contributed capital 143.8 123.3 73.3 49.7

Retained earnings 31.3 20.6 (6.3) (0.6)

TOTAL LIABILITIES AND EQUITY 4,493.8 3,230.9 888.1 76.9

BALANCE INDICATORS (In billion MNT)

Unaudited

NET INTEREST INCOME/(EXPENSE)

Interest income

Interest expense

Provision for loan impairment

Gains less losses from trading in foreign currenci

Foreign exchange translation gain/losses

Administrative and other operating expenses

PROFIT/(LOSS) BEFORE TAX

Income tax (expenses)/return

PROFIT/(LOSS) FOR THE YEAR

INCOME STATEMENT INDICATORS

Return on equity (R)

Return on assets (R)

Net interest margin (NIM)

Capital adequacy ratio (CAR)

KEY FINANCIAL RATIOS

(In


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THE DEVELOPMENT BANK IS UNDER DUTYTO RAISE FUNDS, TO A CERTAIN EXTENT,

FOR FINANCING MAJOR PROJECTS ANDPROGRAM FOR THE DEVELOPMENT OFMONGOLIA. THROUGH COOPERATIONWITH FINANCIAL INSTITUTIONS OFINTERNATIONAL REPUTE, THE BANKSUCCESSFULLY RAISED THE REQUIREDFUNDS IN THE PAST.

IN JANUARY 2014, THEDEVELOPMENT BANK OF MONGOLIASUCCESSFULLY TRADED JPY30BILLION BONDS TERMED FOR10 YEARS GUARANTEED BY THEGOVERNMENT OF MONGOLIAAND THE JAPAN BANK FORINTERNATIONAL COOPERATION(JBIC) TO JAPANESE INVESTORS,FURTHER STRENGTHENING ITSSUCCESS WITH THE 2011 MEDIUM-TERM USD BONDS.

INDUSTRIAL BONDSSAMURAI

FUND RAISINGOPERATIONS

FINANCING BY THE EX-IM BANK OF THE

The Development Bank granted in total USD

which is bridge financing and an advance re

payment of an aircraft of Boeing767 30

be purchased by MIAT SOJSC from Boeinof the USA, in the first phase, within the sc

Mongolian Governments Action Plan for 20

the state policies in relation to the civil aviatthe period until 2020. Also, the Bank jointly

re-financing, using long-term funds guarant

Ex-Im Bank of the USA.

FINANCING BY THE COMMERZBANK

The Bank entered into a contract with the Co

on 28 April 2014 in order to raise EUR13,1 miwas required for implementation of the proje

construction industrial complex1 within the

the medium-term target programme New Dand the work to provide citizens with housin


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LENDING ANDFINANCINGOPERATIONS

Within the scope of the resolution

enacted by the Government of Mongolia

regarding the financing throughthe Development Bank, loans have

been granted to the road, railway,

manufacturing, mining, power plant,aviation and infrastructure investment

sectors as well as housing finance

and small- and m edium-enterprise

development funds, on terms wherebythey are repayable from the states

budget, and also from proceeds of the

projects. Such financing was granted toprojects in implementation within the

scope of the economic development

policies for increasing export,

substituting import and supportingindustrialisation.

Projects name Using fundsfrom the issue ofChinggis bonds

From theDevelopmentBanks resources

Total financing

Repayable from the states

budget revenues596.7 371.1 967.7

Roads 396.8 364.6 761.3

The Street project 54.8 0 54.7

Infrastructure 145.1 3.8 148.8

The Mongolian StockExchange

- 2.7 2.7

Repayable from proceedsof the projects

767.1 1.026.6 1.793.6

Roads 0 170.6 170.5

Power plants 33.4 146.0 179.4

Railway 324.1 41.1 365.1

Housing finance - 106.6 106.6

Industrial ComplexSainshand

- 6.3 6.2

SME Development Fund - 45.8 45.7

Aviation 5.3 0 5.2

Mining 23.4 381.9 405.2

Housing construction 84.7 14.3 98.9

Agriculture & light industry 270.7 0 270.7

Construction materials 25.5 114.1 139.6

TOTAL 1.363.8 1.397.6 2.761.4

THE DEVELOPMENT BANKSTOTAL LOANS AND ADVANCES (as of 30 June 2014)

In billion MNT

LOAN FINANCINGSOURCES

R

38

Power plants

10.5%

Constructionmaterials

8.0%

Housing program

finance

7.7%

Others

8.0%

Mining

27.4%

PROJECTS FINANCED WITH THE DEVELOPBANKS OWN RESOURCES

1,397.6billion MNT


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PROJECTS BEING FINANCED WITH FUNDS FROM THE ISSUE OF CHINGGISBONDS AND THE DEVELOPMENT BANKS OWN RESOURCES

ROADS

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014*

1.600

1.800

1.400

1.200

1.000

800

600

400

200

209.3billion MNT

BALANCE

FINANCED

157

724

1.020

at the end of the first-half of 2014

km

km

km

535.2billion MNT

THE DEVELOPMENT BANK

396.8billion MNT

CHINGGIS BONDS

kmTOTAL FINANCING APPROVED BY

GOVERNMENT RESOLUTIONS

IN TOTAL

billion MNT1141.3

The Development Banksconcurrent financing forroad projects along withtheir monitoring consultancycompanies will lead to theincrease of the effectivenessof those projects and the roadquality improvement.

IN TOTAL

billion MNT932.0

assumption

FINANCED WITHFUNDS FROM THE

ISSUE OF CHINGGIS

BONDS AND THE

DEVELOPMENT BANKS

OWN RESOURCES

FINANCED WITH

OTHER SOURCES

RAILWAY

22.THE DEVELOPMEN

million

With the Tavantolgoi-Gashuunsukhait railroadbeing brought into operationin 2016, transport costs willbe reduced by 50% and thecompetitiveness in export ofraw materials ofmining-origin will increase.


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URAL ROADPROJECTS INIMPLEMENTATIONFINA CED BY THEDEVELOPMENTBANK OFMONGOLIA

PROJECTS BEING FINANCEDBY FUNDS FROM THE ISSUE OFCHINGGIS BONDS

128 km Altai Bayankhongor road

Budgeted costs: 54.4

100 km Mankhan Darvi road


100 km Ulaangom Khyargas road

Budget costs: 45.0

67 km Tosontsengel Uliastai road


90 km Ulaangom Naranbulag road


Naranbulag

Songgino

Myangad

Bulgan

Bugat

Buutsagaan

Durvuljin

Khovd

Ulaangom

Altai

Ulaanbaishint

Artssuuri

K

Dayan

Burgastai

Durgun

Darvi

Shiveekh

Gurvantes

Tsagaankhairkhan

Delger

Tugrug

Bayanleg

Bogd

Numrug

Telmen

Uyench

Gurvanbulag

Tsagaannuur

Ulgii

Khandgait

MankhanUliastai

Rashaant

Teshig

Basengel

Arvaikheer

Murun

Erdenet

Darkhan

Ulaanbaatar

Sainsh

Mandalgovi

Dalanzadgad

Baga-Ilenkh

hankh

Altanbulag

Gashuun-Sukhait

Kharkhorinetserleg

Tushig

Zelter

huren

Sukhbaatar

Buregkhangai

Zuunmod

Tarialan

A

Undur-Ulaan

Nariinteel

Tsogsetsii

Nalaikh

Baganuur

Bagakhangai

luut

Lun

nkhongor

Tsogt-Ovoo

U

107 km Arvaikheer Bayankhongor road


100 km Khanzanburgedei Solongot road



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PROJECTS FINANCED WITH FUNDS FROM THE ISSUE OF CHINGGISBONDS AND THE DEVELOPMENT BANKS OWN RESOURCES

POWER AND HEATING PLANTS

EXPANSION OF THE COMBINEDHEAT AND POWER PLANT III

EXPANSION OF THE COMBINEDHEAT AND POWER PLANT IV

31.5 48.5MILLION USDThis expansion will enable a50 megawattcapacity, whichis higher than the Darkhan

CHPs. When it is operational, 1

kW-power generation costs will

reduce from MNT74.7 to MNT36.

Power generation will increase by

over 500,000,000 kW.h, and heatgeneration by 400,000 Gcal/h

these equate to 10% of the current

consumption.

THE TAVANTOLGOIPOWER PLANT

THE EG RIVERHYDROELECTRIC PLANT

14.8

3.5

Value added products will be manufactured

using thermal coal from the Erdenes

Tavantolgoi and Ukhaa Khudag mines, and

energy for the Oyutolgoi Project will besupplied with domestic sources.

Mongolia will have a regime adjustment and

emergency backup capacity, thereby achievingdiversification in terms of the power regime.

Also, USD10 million cash flow, which is paid

annually to the power grid of the Federation

of Russia will be retained in Mongolia.

HOUSING, CONSTRU

THE SOHCS MICRO-DISTRICT

BUYANTUKHAA I

RE

TO

184.7

NT50 billion financincontract between thMinistry of Financeand the State Bank

THRE

billionMNT

THE STATE BANKS HOUSINGLOANS AT AN INTEREST RATE OF 6%

80 billionMNT

Individuals of target groups will beable to purchase at a price 40%cheaper than the market rate, i.e.,MNT1,28 million per square metre.

1.280.000


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PROJECTS FINANCED WITH FUNDS FROM THE ISSUE OF CHINGGISBONDS AND THE DEVELOPMENT BANKS OWN RESOURCES

AGRICULTURE AND LIGHT INDUSTRY

40.1%

26.2%

16.1%

9.7%

7.9%

SUPPORT THE WOOLAND CASHMEREINDUSTRY

MILK AND DAIRYPRODUCT FACTORY

GREENHOUSEFARMING

WOOLPROCESSINGAND WASHING

SEWN PRODUCTFACTORY

BEING GRANTEDTHROUGHGOLOMT BANK

270.7BILLION MNT

FINANCING WITH FUNDS FROM

THE ISSUE OF CHINGGIS BONDS

OTHER PROJECTS FINANCED WIBONDS AND THE DEVELOPMENT

89MIAT SOJSCSAIRCRAFT

61BASEMENT LLC(KHUTUL CEMENT)

48SMALL AND MEDIUMENTERPRISE DEVELOPMENT

6INDUSTRIAL COMPLEXSAINSHAND

MILL

MILL

BILLI

BIL

Mongolias aviation sector development will be suppo

increasing MIAT JSCs operational efficiency and updating

fleet wit

With granting soft loans to 62 small and medium

manufacturers for expanding their factories and plants, job owill increase and the populations livelihood w

An industrial zone will be created, providing over 2,700 in

rural areas with job opportunities and increasing export

Will supply approximately 40% of domestic cemen


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PROJECTS AND PROGRAMMES

FINANCED WITHIN THE SCOPE OF

THE EXPORT PROMOTION AND

IMPORT SUBSTITUTION POLICIES

Increase the export of coal from

the Tavantolgoi deposit

Increase the export of wet

iron ore concentrate

500.1

FINANCING AIMED AT THE

CAPITAL CITYS SOCIO-

ECONOMIC DEVELOPMENT

Create new electricity and heat

sources in the capital city

Increase housing supply

844.1

FINANCINGAIMED AT

THE SOCIO-ECONOMIC

DEVELOPMENT IN RURAL AREAS

Support stable employmentin rural areas

Connect rural areas tonational and foreign markets

697.0

790.2

230.4

45.1

160.7

892.1

258.9

45.3

234.5

846.9 580.8

44.6

IN TOTAL

959.7BILLION MNT

CHINGGIS BONDS:

CHINGGIS BONDS:

CHINGGIS BONDS:

IN TOTAL

891.3BILLION MNT

IN TOTAL

626.3BILLION MNT

FINANCED PROJECTS AND

Increase the export of

non-mineral resources

Substi

constr

Improve housing ownership capability of

medium-income individuals

Suppo

in the

Support urbanisationin rural areas

176.5

275.5

33.0

90.0

82.2

31.1

90.0

0.4

THE D

THE DEVELOPMENT BANK

a pp ro ved gr an


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With the Development Banks financing, the project to

expand the capacity of the Combined heat and power

KHUTUL CEMENTAND LIME JSC

With the Development Banks loans, the dry method plant

will increase the Khutul cement production capacity to

1,000,000 TONSper year. The plant was fully commissioned and brought

into operation in May 2014.

With the Development Banks financing, construction

work of

SOME MAJOR PROJECTSSUCCESSFULLY COMPLETED WITH THEDEVELOPMENT BANKS FINANCING INTHE FIRST-HALF OF 2014

BAGANUURJSC

THE COMBINED HEATAND POWER PLANT III ROADS

plant III bysuccessfully implemented,

commissioned and brought into

operation on 16 June 2014.

The coal crushing and loading capacity

has increased to 4,500,000 tons per yearand enabled the continuous coal supply to

heating plants and ger district households.

50 267 KM

4.5This plant is able to supply

40%

of the UlaanbaatarMandalgovi

Dalanzadgad road has been completed

and is ready to be handed over to theState Commissioning Authority.

km

megawatts

of domestic cement demands.


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www.dbm.mnwww.dbm.mn

loor 2, Max Towerloor 2, Max TowerJuulchin Street 4/4Juulchin Street 4/4

Ulaanbaatar 15170, MongoliaUlaanbaatar 15170, MongoliaTel: 70130512Tel: 70130512ax: 70130602ax: 70130602

Me iaReations@ m.mnMe iaReations@ m.mn


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