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Design No.101 Design www.jenab.com No.101 In The Name of God Annual Report 2 015 - 2 016 EDBI In Figures for year ended for year ended Performance (USD Million) Change 20.03.2016 20.03.2015 Pre-tax Income 29.03 47.89 -39.38% Net Profit 28.51 23.08 23.53% Total Income 270.18 249.01 8.50% Total Expenses (241.15) (201.12) 19.90% Balance Sheet figures (USD Million) Total Assets 6,613.02 4,111.87 60.83% Total Liabilities 5,237.92 2,846.98 83.98% Total Equity 1,375.10 1,264.89 8.71% Key Ratios Return on Assets 0.40% 1.20% -66.67% Return on Equity 3.50% 5.80% -39.66% Capital Adequacy Core Capital Adequacy Ratio [Basel I] (percentage) 20.54% 31.60% -35.00% Branch Network and Subsidiaries Branches and Rep. Offices 40 40 0% 2 Contents EDBI In Figures 2 Contents 3 Bank's Board of Directors 6 Bank's Managers 7 Statement of Chairman 8 Group's Description 10 Group Profile 12 Organizational Chart 15 EDBI Today 16 Strategies 18 Performance Review 20 Results of Operation 22 Main Activities In the fiscal year 2015 - 2016 28 Some Financed Projects 32 Financial Review 38 INDEPENDENT AUDITOR’S REPORT 44 Financial Statements 50 Internal Controls & Risk Management 62 Social & Organizational Responsibilities 70 Group Network 78 EDBI's Contact Details 84 Annual Report 2015 - 2016 PERSPECTIVE - Islamic Exim Bank of the Region - Pioneer in presenting timely and cost-effective innovative banking services to the exporters - Equipped with the world’s state-of-the-art technologies - Enjoying financial and banking specialists at the international level and standing in a special position among financial and monetary entities inside and outside the country, - A safe backrest for Iranian exporters, Mission - Providing all-inclusive support from development of Iran’s nonoil exports, - A trusted administrator of government’s policies in financing and facilitating national exports, Bank’s Goal - Contributing to the “development of national exports and expansion of trade and economic transactions with other states” 4 Bank's Board of Directors Annual Report 2015 - 2016 Hossein Eivazloo Board Member Ph.D. in Economics Ali Salehabadi Chairman and Managing Director PHD in Financial Management Saied Nikzad Larijani Board Member Ph.D. in Strategic Management Mohammad j. Mazdeh Board Member Ms in Business Management Morteza Akbari Board Member Ph.D. in Accounting 6 Bank's Managers VALIOLLAH KHARAZI MANAGER OF FINANCE AFFAIRS HAMID REZA MABOUDI MANAGER OF INTERNATIONAL AFFAIRS REZA SAEDIFAR MANAGER OF CREDIT AFFAIRS MOHAMMAD H. MEHRANI MANAGER OF COMMUNITY AND INFORMATION TECHNOLOGY HABIB AHMADI MANAGER OF BRANCHES ADMINISTRATION MOHSEN ASHRAFPOUR MANAGER OF COMMUNICATIONS MANAGING DIRECTOR’S AFFAIRS ALI AHMADI MANAGER OF SECURITY ABOLFAZL NOFERESTI MANAGER OF INSPECTION AND INTERNAL AUDIT SEYED MORTEZA ZEKAVAT MANAGER OF PLANNING & PROCEDURES IMPROVEMENT REZA GHARAEIPOUR MANAGER OF HUMAN RESOURCE AFFAIRS MANAGING DIRECTOR’S MESSAGE With a look at expansion of international trade and supporting national production, as the two important and strategic targets in development of state nonoil exports, Export Development Bank of Iran (EDBI) has always orchestrated its activities to strengthen export-oriented production and play an axial role in achievement of gen- eral policies of resistive economy of the Islamic Republic of Iran, and it has taken effective measures in this regard. An overview of the credit performance of this state-owned financial entity, which is known as the Exim Bank of Iran, over the years of its activity shows that, despite some limitations in the route of international economic relations, EDBI’s share in financing state nonoil exports maintains an acceptable growth. In the credit rating conducted by Capital Intelligence (CI), EDBI’s long-term foreign currency rate in the Iranian year 1394 (year ended March 19, 2016) shows an improvement of two grades. This promotion first happened from B to B+ and then to BB-. In the year mentioned in this report, the volume of facilities granted by the bank amounts Rls. 57,889 billion; the figure was Rls. 44,741 billion in the last year. In addition, removal of existing barriers facing interbank relations in the area of EDBI’s international activities in this year created the conditions that in the docu- mentary credits section, the bank experienced a growth and 130% and achieved the figure USD 618 million of credit and export bills of exchange. Moreover, in the area of import credit and bills of exchange, this figure has been reported as USD 2,160 million which shows a growth of 158% compared to the previous year. EDBI succeeded to receive a credit line of Rls. 6,800 billion from Central Bank in the year ended March 19, 2016, which figure shows a three-time increase compared to the previous year. Our bank’s strategic macro and mid-term goals emphasize on continuous increase of the share of knowledge-based products and number of customers who join EDBI Customer Club, with the bank’s support, and who use the special services of our bank, and our staff members are determined to constantly improve the Financing Effectiveness Index by EDBI. In this annual report, we also point out the arrangements made in order to estab- lish and develop agency relationships with foreign banks, through which presenting trade finance services including foreign currency drafts, documentary credits and issuance of letters of guarantee as well as opening of accounts with international banking brokers and reduction of money transfer costs has been made possible. 8 Annual Report 2015 - 2016 Execution of a cooperation MoU with South Korean Exim Bank and negotiating for receiving refinance credit line from the said bank, the possibility of using Swiss BCP Bank’s 3-month refinance credit line for importing basic commodities and drugs, negotiating with Medio Banca Italy for receiving a USD 2 billion and negotiating with Turkish Exim Bank for receiving USD 350 million credit line with the manage- ment of Central Bank of the Islamic Republic of Iran, as well as membership in Association of Development Financial Institutions in Asia and the Pacific (ADFIAP), are all part of EDBI’s measures taken in 2015 in order to restitute the banking relations. Moreover, in the area of credit activities, as the most important services of EDBI in line with providing finance for national and macro projects, we can point out the Euro 83 million credit line granted to the project for construction of Armenia’s Elec- tric Power 3rd Transmission Grid, with the goal of exporting as to the said country, execution of contract with Russian banks in order to facilitate mutual trade, USD 334 million finance for construction and mobilization of Chabahar’s Shahid Rajaee Port Phase 1 and opening the biggest documentary credit of our bank’s history with the value of Euro 2,200 million for Bushehr Petrochemical project. On the other hand, our bank has taken widespread anti money laundering mea- sures and compliance and carrying out duties assigned by the Financial Informa- tion Unit, in the reported fiscal year, and as an outcome of these measures, the bank could obtain the first rank among state-owned banks in the area of anti mon- ey laundering and compliance in the year ended March 19, 2016. Along with specialty measures in financing the country’s exports and in order to fulfill its organizational social responsibility, EDBI has operated an analytical news portal in the area of international trade, known as Exim News, which is already in operation and it is responsible for publication of specialized news and analyses in the area of export and also introducing local and international capacities for pres- ence and activity of Iranian exporters of goods and services to relevant export and import businesses. EDBI’s high will and motivation along with its significant efforts in order to expand international interbank relations, especially in post-JCPOA period, have provided a suitable opportunity for nonoil exporters of the country and EDBI, to take more steps in order to flourish and improve our homeland’s economy in collaboration with the world’s financial establishments. Ali Saleh Abadi Chairman and Managing Director Export Development Bank of Iran 9 Z Group's Description Z Group Profile About EDBI According to the approval made by the Extraordinary General Meeting of the Annual Report 2015 - 2016 Banks on July 10, 1991, the Export Development Bank of Iran has been founded on November 24, 1991 under registration number 86936 as a governmental bank. It plays a leading role in providing financial facilities as well as other banking and advisory services to Iranian exporters and their foreign clients. The Bank mainly focuses on the promotion of non-oil exports. According to the paragraph 3 of Article of Association, including 12 sub-section and one note, main activities of the Bank according to usury-free Banking Operation Act (enacted on August 30, 1983), are, extending export facilities in domestic and foreign currencies, correspondent banking operation, export financing by different credit lines, issuing bank guarantees, and other banking operations. The Bank offers comprehensive advice to its clients and abroad range of financial solutions. So that EDBI offers its clients a distinct value proposition combining a global reach with a structured advisory process and access to a broad range of sophisticated products and services. The Bank delivers innovative and integrated solutions in close collaboration with Asset Management. Despite the impact of some financial and non-financial crisis, the long term growth prospects of the wealth management sector remain intact. During its life, the Bank has intended to build a strong future for its business and stakeholders. As per content of the article of association, the Bank is mandated to carry out all banking transactions prescribed under the Usury-Free Banking Operations Act of 1983.
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