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Annual Report & Financial Statements 2014 ANNUAL REPORT & FINANCIAL STATEMENTS EASTERN AND SOUTHERN AFRICAN TRADE AND DEVELOPMENT BANK TABLE OF CONTENTS LETTER OF TRANSMITTAL 3 CHAIRMAN’S STATEMENT 5 PRESIDENT’S STATEMENT 8 Strategic Overview 8 Operations 11 Project and Infrastructure Finance (PIF) 11 Trade Finance 11 Funds Management 11 Risk Management 11 Resource Mobilization 12 International Ratings 13 Financial Management 14 Human Resources and Administration 15 Conclusion 15 3 STATEMENT ON CORPORATE GOVERNANCE 16 SUSTAINABILITY REPORTING STATEMENT 20 ECONOMIC ENVIRONMENT 24 FINANCIAL MANAGEMENT & TREASURY 30 OPERATIONS 36 Project and Infrastructure Finance 38 Trade Finance 40 Funds Management 43 Portfolio Management 44 Compliance and Risk Management 45 Human Resources and Administration 47 2014 Annual Report & Financial Statements & Financial Annual Report 2014 Information Technology 48 ANNUAL REPORT & FINANCIAL STATEMENTS 2014 49-151 FINANCIAL HIGHLIGHTS 24% 30% LOAN ASSETS EQUITY CAPITAL US$ 2.51billion US$ 622 million 16% 31% NET PROFIT NON-PERFORMING US$ 77 million LOANS 3.04% LETTER OF TRANSMITTAL 5 The Chairman Board of Governors Eastern and Southern African Trade and Development Bank Dear Mr. Chairman, In accordance with Article 35(2) of the Bank’s Charter, I have the honour, on behalf of the Board of Directors, to submit herewith the Annual Report of the Bank for the period 1 January to 31 December 2014. The report covers the year’s activities and audited financial statements for the period. 2014 Annual Report & Financial Statements & Financial Annual Report 2014 Mr. Chairman, please accept the assurances of my highest consideration. MR. RUPERT HORACE SIMEON Chairman of the Board of Directors 6 2014 Annual Report & Financial Statements & Financial Annual Report 2014 CHAIRMAN’S STATEMENT Chairman’s Statement The African and International Economic Context subscribed up to 98% of the General Capital Increase launched in 2007. However, the most pleasing development and testimony In 2014, Africa projected to close the year with an average is the sustained increase and interest in the Bank’s new class B growth rate of 4.8%, 0.8% higher than 2013. This demonstrates shares. In 2013, the Bank rolled out the new class B share equity the continent’s sustained resilience compared to the global investment, and attracted its first pension fund investor. In 2014, economy, which continued to recover, albeit, at a more subdued 6 new institutional investors signed up, together with an existing pace. Sub-Saharan Africa grew by 5.8% in 2014 with an shareholder, who joined in as a class B shareholder, bringing improved projection of 6.8% in 2015. Overall, Africa’s medium in a total of US$51M of fresh equity capital, 50% higher than term growth prospects are positive, mainly driven by increased the amounts contributed in 2013.To all our new shareholders, I domestic demand, infrastructure development and continued wish to welcome you aboard and look forward to your valued inflows of foreign direct investment (FDI). contribution in our shareholder community. The African growth trajectory is expected to be sustained in the Corporate Governance short to medium term should downside risks associated with insecurity, political tensions and low commodity export prices During the year, the Bank implemented the new governance of oil and minerals be contained. With particular reference framework in line with reforms rolled out in 2013. To this end, to commodity prices, it is worth noting that in 2014, oil prices two new Board Committees comprising the Investment & Credit declined significantly during the latter part of the year dropping below the psychological peg of US$100 per barrel, the first Committee and the Remuneration & Nomination Committee in 5 years, to end at a low of US$54 per barrel in December. were operationalized. Positions for independent directors on the Key factors were of oversupply and the sluggish global demand boards of the Bank and its special purpose funds were filled particularly from China. based on a competitive selection process. Training was also held for board members in the areas of enterprise-wide risk 7 The world economy edged higher in 2014, but by a more management, and further training was planned in the area of modest 0.3% higher than the 2013 level, to 3.3%. The United anti-money laundering to be carried out in 2015. States of America positive growth on the backdrop of the success of the Federal Reserve’s Quantitative Easing (QE) program. Acknowledgements However, in the Euro-zone, concerns of stagnation and deflation accelerated with slower than expected recovery. Unfortunately, Finally, I wish to place on record special recognition and thanks the Japanese economy remained in recession. This was further to our esteemed shareholders for the trust, support and guidance accentuated by slower economic performance in Emerging bestowed upon us to deliver the Bank’s mandate in the region Markets (EMs). China and India’s growth rates averaged about and beyond. 7.1%, for the first time in decades; the Chinese economy has recorded a lower growth rate. This led to an increase in global On behalf of the Board of Directors, I wish to also congratulate downside risks characterized by a worsening of geopolitical and thank the President of the Bank, Mr. Admassu Tadesse, and tensions and a reversal of recent risk spreads. Over the medium his management team and staff for another year of outstanding term, risks include stagnation and low potential growth in results, that has seen the Bank rated as one of the best Statements & Financial Annual Report 2014 advanced economies and a potential decline in growth in EMs. performing development finance institutions in the continent for the second year running. The Bank’s modernization, innovation Financial Highlights and institutional strengthening is indeed inspiring, and unfolding a brighter future for the Bank. Notwithstanding the average global and African economic performance in 2014, I am delighted and honored to report that I also wish to place on record, our appreciation of the excellent the Bank has continued to record excellent financial performance contributions made by the Board, in growing and modernizing both on a year-on-year basis and with respect to the targets of the Bank, and guiding it through reforms and new performance the 5th Corporate Plan (2013 – 2017). Total assets grew by 42% to US$3,54Billions; equity capital grew by 30% to US$ heights. I also wish to thank our clients, our lenders and partners 622M; net profits increased by 16% to US$ 77M; and non- for their continued confidence. performing loans ratio decreased to 3.04% from 4.43% in 2013. This is splendid performance by any standard and deserves recognition and commendation by stakeholders and partners. The Bank also continued to receive unqualified support and MR. RUPERT HORACE SIMEON confidence from its shareholders who by the close of the year had Chairman, PTA Bank Board of Directors 8 2014 Annual Report & Financial Statements & Financial Annual Report 2014 PRESIDENT’S STATEMENT President’s Statement STRATEGIC OVERVIEW the Bank was able to drive down it’s cost of funding by 25% from the levels achieved in the 2012 debut syndicated loan. The year 2014, the second year of the Bank’s Fifth Corporate Among new lines of credit secured, the European Investment Plan (2013-2017), marked yet another successful one. Bank (EIB) provided a EUR 80 million line of credit to support SME and the midcap enterprise sector. China Development In line with the overarching thrust of the five-year corporate Bank’s partnership with PTA Bank entered its third phase with plan, the Bank has continued in its journey of transforming an additional amount of US$ 60M. As at 31st December into a world class African financial institution. The Bank 2014, total resources available for lending amounted continues to diversify its loan exposure, entering into new to US$2.8B. The Bank has strong commitment from its frontier markets and extending its market coverage, whilst shareholders and partners, attested by continual growth of increasing its attractiveness to institutional shareholders and its capital as well as a positive response from the financial markets. funding partners. During the year, the Bank was able to conclude and sign the In terms of growth, the Bank’s balance sheet grew annually transfer agreement of the COMESA Infrastructure Fund (CIF). by 42% to US$3.54B, reflecting another strong increase in Further, the Bank signed an agreement with Harith General the volume of financing to Member States, spread across Partners and finalized the terms of engagement with a view various sectors and countries. The Bank’s loan portfolio has of establishing a fund management vehicle. In this regard, the grown by 24% year on year commensurate with its capital Bank approved a seed investment of US$15M for the first growth and asset quality. The strong capital growth of 30% closing of the COMESA Infrastructure Fund (CIF or the Fund). to US$622M, compared to US$477M in 2013, is the result The Bank has also made significant progress in establishing a of both new equity subscriptions particularly class B shares new Trade Finance Fund. The open-ended Fund will provide as well as growth in retained earnings. The Bank’s net profit 9 trade financing to importers and exporters located in or for the year rose by 16% to US$77M, up from US$67M having trade relationships with other importers and exporters in 2013. The budgeted profit of US$67M was exceeded in the Bank’s member countries. by 16%. Accordingly, the Bank attained a Return on Capital Employed ratio of 14.01% and also recorded continuous The Bank continued to strengthen its risk management improvements in its asset quality with the non-performing framework to incorporate best practices especially in credit loans ratio decreasing further to 3.04% from 4.43% in 2013.
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