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Accelerating Socio-Economic Development Through Sustainable Financial Interventions

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Accelerating Socio-Economic Development Through Sustainable Financial Interventions Through Sustainable Financial Interventions Accelerating Socio-economic Development Accelerating Socio-economic Development through Sustainable Financial Interventions Plot 6 Nakasero Road Rwenzori Towers, 1st Floor, Wing B P.O.Box 7210, Kampala, Uganda Phone: +256 414 355 550 / +256 414 355 555 / +256 414 355 556 Email: [email protected] 2018 ANNUAL REPORT 2018 Annual Report 1 ACCELERATING SOCIO-ECONOMIC DEVELOPMENT THROUGH SUSTAINABLE FINANCIAL INTERVENTIONS OUR MANDATE To operate as Uganda’s Development Finance Institution, particularly through interventions in priority sectors and in line with the Government of Uganda’s development priorities. TABLE OF CONTENTS COMPANY GOVERNANCE SUSTAINABILITY OVERVIEW 01 13 REPORT 41 Our Business Model 4 Chairman’s statement 14 Key Sustainability Highlights 42 Our Strategy 6 The Board of Directors 16 Sustainability Report 45 Managing our Key Risks Managing Director’s 18 Corporate Social Investments 64 8 and Opportunities statement Financial Sustainability 67 Our Operational Structure 9 The Executive Committee 22 Committed to Good Engaging with our Stakeholders 10 24 Corporate Governance FINANCIAL FINANCIAL HUMAN CAPITAL SUSTAINABILITY 71 76 STATEMENTS 82 2018 Annual Report 3 ACCELERATING SOCIO-ECONOMIC DEVELOPMENT THROUGH SUSTAINABLE FINANCIAL INTERVENTIONS DEFINITIONS Value of Output: This is the measure of total Earnings per share (Shs): Earnings attributable to economic activity in the production of new goods ordinary shareholders divided by the weighted and services in an accounting period for the UDB average number of ordinary shares in issue funded projects. It is a much broader measure of the economy than gross domestic product (GDP), Return on average assets (%): Earnings as which is limited mainly to final output (finished a percentage of average total assets goods and services). Net interest margin (%): Net interest income as Tax contribution: Refers to the annual direct or a percentage of annual average total loans indirect taxes paid by funded projects. These include corporation tax, PAYE, VAT (18%), customs Yield on Loans (%): Total Interest Income as taxes etc. percentage of annual average total loans Foreign exchange earnings: Refers to the foreign Debt to Equity ratio (%): Total Debt as a percentage currency generated by funded projects expressed of Total Equity in Uganda Shillings equivalent. The foreign currency generated includes earnings arising from export of Net asset Impairment ratio (%): Provision goods and services for credit losses per the income statement as a percentage of closing net loans and advances Jobs created and maintained: Refers to the total number of permanent and temporary workers Cost-to-income ratio (%): Operating expenses, employed by funded projects and are paid a excluding provisions for credit losses, wage or income. as a percentage of total income Profit for the year (Shs):Annual income statement profit attributable to ordinary shareholders, minorities and preference shareholders I 2018 Annual Report ABBREVIATIONS AND ACRONYMS AADFI Association of African Development Finance Institutions ADFIMI Association of National Development Finance Institutions in Member Countries of the Islamic Development Bank AfDB African Development Bank AGM Annual General Meeting AGM Annual General Meeting BADEA Arab Bank for Economic Development in African BARC Board Audit and Risk Committee BCC Board Credit Committee BS&PC Board Strategy and Planning Committee CEO Chief Executive Officer DFI Development Finance Institution EOSD European Organization for Sustainable Development ERM Enterprise Risk Management EU European Union EVP Employee Value Proposition EXCO Executive Committee GCF Green Climate Fund GDP Gross Domestic Product GRI Global Reporting Initiatives IDB Islamic Development Bank IFRS International Finance Reporting Standards MD Managing Director MoU Memorandum of Understanding NAADS National Agricultural Advisory Services NARO National Agricultural Research Organization NDP National Development Plan NPA National Planning Authority PSC Private Sector Credit SDG Sustainable Development Goals SME Small and Medium Enterprise UBA Uganda Bankers Association UDB Uganda Development Bank Limited UNCDF United Nations Capital Development Fund USHS Uganda Shillings 2018 Annual Report II ACCELERATING SOCIO-ECONOMIC DEVELOPMENT THROUGH SUSTAINABLE FINANCIAL INTERVENTIONS About 19% of our people still survive on less than a dollar a day and Government is firmly committed to supporting UDB in its drive to eradicate poverty, promote inclusive growth... III 2018 Annual Report FOREWORD FROM THE MINISTER OF FINANCE, PLANNING & ECONOMIC DEVELOPMENT n accord with good corporate practices, the Uganda Development Bank Ltd (UDB) produces annual reports in order to facilitate stakeholders and the general public in gaining a deeper Iunderstanding of the Bank, its operations and performance. As such, I am most pleased to share this very 2018 UDB Annual Report. The Report clearly shows significant improvement in the allocation of the Bank’s credit and corresponding investments in the country’s priority sectors as articulated in the National Development Plan (NDP II). It is my belief that the support to these priority sectors will compliment other measures the Government of Uganda is taking to reduce poverty and improve the quality of life in our country. In providing credit, the Bank is also always mindful of the country’s environmental sustainability concerns. While UDB’s financial interventions in the priority sectors is helping to improve the lives of many Ugandans, additional development finance is needed. For that matter, Government has firmly committed to support UDB in its drive to support Government poverty reduction efforts, promote inclusive growth and develop a local entrepreneurial capacity. In doing so, we will fully capitalize the bank and assist it in assessing development finance lines of credit from other development agencies as we have previously done. Fortunately, its current management is doing a good job as evidenced by the Bank’s performance indicators over the last few years. In this regard, I wish to remind both the Board and Management that the Bank must provide the financial support it does with innovative solutions to better respond to the diverse and sometimes specific needs and challenges of the private sector. It must embrace and continue to uphold best governance practices and preserve the Shareholders’ value and stakeholder confidence in the Bank. As Shareholder and Minister responsible for UDB, I stand ready to do all that is necessary to avoid the pitfalls of its past and all that is necessary for its successes. It is my sincere hope that stakeholders and the general public will find this report useful; and that the information therein will ultimately result in the enhancement of their partnerships with UDB. Finally, I would also like to extend my sincere thanks to the Board for its stewardship and Management and Staff for the improved performance for the year; and not least for joining hands in the preparation of this report. They have demonstrated a real and stalwart partnership in achieving good results and enhancing the visibility of the Bank. Matia Kasaija 2018 Annual Report IV KEY PRIORITY SECTORS TOURISM AND HOSPITALITY The Bank nances projects in the tourism sector geared towards enhancing HUMAN CAPITAL MINERALS the number of tourist DEVELOPMENT OIL & GAS arrivals and creating a memorable Human Capital The Bank oers experience for nancial support for tourists. Funding Development relates to infrastructural focuses on tourism development infrastructure such as increasing the stock of a skilled extended to majorly development of local content accommodation and healthy work force to enhance INFRASTRUCTURE projects, exploita- facilities in game tion of abundant AGRICULTURE parks and other production.This encompasses the The Bank oers renewable energy tourist destinations, sources among ecological sites, sectors of Health & nancial support for The Bank has Education. infrastructural others. museums, heritage MANUFACTURING dedicated lines of sites/cultural centers, development credit at concessional tourist stop overs, extended to majorly terms for primary purchase of The Bank supports local content production, processing specialized tourist feasible projects in projects, exploita- and value addition in transport facilities the manufacturing tion of abundant agriculture. and equipment and industrial renewable energy sources among among others. sectors on competitive terms. others. 51 TRANSACTIONS TOTAL FUNDING 2018 PERFORMANCE APPROVED DISBURSED Ushs 257.8billion Ushs 154.6 billion HIGHLIGHTS ( 54%) ( 62%) UDB continues to play a meaningful role in contributing towards the transformation of Uganda’s economic landscape while APPROVED FOR APPROVED FOR THE AGRICULTURE & THE MANUFACTURING remaining financially sustainable. AGRO - SECTOR INDUSTRIALISATION Ushs 116.2billion Ushs 113.1 billion SECTOR ( 58%) ( 103.8%) JOBS SUPPORTED TAX CONTRIBUTION 54,034 Ushs 156billion ( 19%) ( 23%) TOTAL ASSETS NET PROFIT AFTER TAX Ushs 9.5 billion Ushs 370.1 billion ( 14%) ( 24%) V 2018 Annual Report COMPANY OVERVIEW UDB’s strategy is focused on the need to maximize development impact in key 1priority sectors as spelt out in the National Development Plan of Uganda through channeling resources to address the sector specific constraints, achieving expected development outcomes, and ensuring the long-term sustainability of the Bank. 2018 Annual Report 1 ACCELERATINGCOMPANY
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