DOCSLIB.ORG

Annual Report 2011

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

2011 ANNUAL REPORT Content: 1. At-a-glance ........................................................................................... 4 2. Statement of the Chairman ................................................................ 8 3. Statement of the Chief Executive Officer ..........................................10 4. Board of Directors ..............................................................................12 5. Management Board ..........................................................................16 6. Key events 2011 ...............................................................................20 7. Macroeconomic environment and banking sector of the Republic of Kazakhstan ..........................................................23 8. Financial review .................................................................................26 9. Business review ................................................................................30 10. Risk management ...........................................................................34 11. Social report ....................................................................................42 12. Corporate governance statement ..................................................45 13. Responsibility statement .................................................................58 14. Consolidated financial statements, Notes to the consolidated financial statements ............................59 15. Information for shareholders .......................................................146 4 ANNUAL REPORT At- a- Glance Financial highlights 2011 2010 Indicator KZTm US$m KZTm US$m Total assets 2,273,930 15,323 2,097,935 14,223 Total equity 310,327 2,091 317,884 2,155 Customer loans, net 1,184,240 7,980 1,089,273 7,385 Amounts due to customers 1,557,476 10,495 1,415,755 9,598 Net interest income 48,117 324 43,608 296 Fees and commissions, net 35,254 238 29,972 203 Net income 39,508 266 36,216 246 2011 2010 Indicator % % Return on average common equity 12.3 11.8 Return on average assets 1.8 1.7 Net interest margin 4.4 4.8 Net interest spread 4.2 4.5 Cost to income ratio 34.2 32.4 Cost to assets ratio 2.1 2.1 Tier 1 Capital Adequacy ratio (BIS guidelines) 16.7 17.3 Total Capital Adequacy ratio (BIS guidelines) 19.1 20.5 JSC HALYK BANK 5 Number of customers/accounts Indicator 2011 2010 Retail accounts: millions 5.8 5.2 Corporate clients 1,695 1 835 SME clients 62,483 69 455 Cards: millions 3.16 3.0 Retail loans: millions 0.44 0.44 Mortgage loans 25,077 27,844 Salary-backed consumer loans: millions 0.4 0.4 Other consumer loans 19,448 23,666 Payroll project customers: millions 2.0 2.1 Payroll project entities, including government entities 17,177 16,232 Pension Fund customers: thousands 2,266 2,259 Distribution network JSC “Halyk Bank” Kazakhinstrakh Halyk Pension Fund 589 outlets, including: 18 branches 191 outlets, including 22 regional branches 228 sales outlets 13 territorial offices 122 district branches 1,135 agents 69 service centres 490 limited service branches 109 servicing outlets 4 VIP-centres 18 branches 50 personal service centres 1 “All for Small business” Financial centre 1,789 ATMs 5,234 POS-terminals 591 multikiosks Number of employees of Halyk Group as at 31 December 2011 – 11,958 6 ANNUAL REPORT Structure of Halyk Group JSC «Halyk Bank» Full service commercial bank 100% 100% 100% 100% NBK Bank, Russia Halyk Bank Halyk Bank Georgia Halyk Finance (corporate & SME Kyrgyzstan (SME & (corporate & SME (brokerage and AM) bank) retail bank) bank) 100% 100% 99% 96% Halyk Pension Fund Halyk Leasing Halyk Life (life Kazakhinstrakh (pension fund and (leasing activity) insurance) (general insurance) AM) Ratings Agency Long-term Moody’s Investor Services Ba2 Fitch Ratings BB- Standard&Poor’s BB JSC HALYK BANK 7 Shareholders of the Bank holding not less than 5% of total shares issued as at 1 January 2012*: Common Total shares shares owned as owned as % Preferred shares Pref. shares % of total Common shares of authorised owned (NIN owned as % Total number of shares owned (NIN common KZ1P33870117, of total pref. № Name shares owned issued KZ1C33870011) shares issued KZ1P33870216) shares issued 1 JSC “Holding Group “ALMEX” 755,997,382 51.96% 755,997,382 69.40% - - Joint-stock company 2 “Sovereign Wealth Fund 196,323,499 13.49% - - 196,232,499 53.67% “Samruk-Kazyna” JSC Accumulative Pension 3 162,851,804 11.19% 66,136,771 6.07% 96,715,033 26.45% Fund of Halyk Bank held through GDR program 4 (ISIN: US46627J3023, 250,242,684 17.20% 250,242,684 22.97% - - US46627J2033) 5 Total issued 1,698,500,612 - 1,308,415,960 - 390,084,652 - held as treasury stock by the 6 (217,272,121) - (217,272,121) - - Bank 7 held by group companies (26,239,252) - (1,805,041) - (24,434,211) - Total outstanding (on 8 1,454,989,239 - 1,089,338,798 - 365,650,441 - consolidated basis) JSC “Holding Group “ALMEX” (“Almex”) cilitate competitiveness and stabil- largest number of customers among is a holding company, which, in addi- ity in the Kazakhstan economy and to pension funds in Kazakhstan. The tion to its controlling interest in the prevent negative developments in the main activity is collecting pension Bank, has interest in AON Kazakhstan international markets from impacting contributions and pension asset man- LLP, a company engaged in insurance economic growth in Kazakhstan. agement. Halyk Pension Fund insures brokerage activities, and in JSC “Ka- safety and real growth of pension sav- zakh-Austrian Joint enterprise “Ra- JSC Accumulative Pension Fund of ings by proving services in accordance khat”. Halyk Bank (“Halyk Pension Fund”) is with international standards. a leading pension fund in the Republic Joint-stock company “Sovereign of Kazakhstan which was established As at 1 January 2012 none of the Wealth Fund “Samruk-Kazyna (”Sam- in January 1998. Halyk Pension Fund members of the Board of Directors ruk-Kazyna”) is the Government’s holds the largest market share by as- or of the Management Board owned national welfare fund, created to fa- sets under management and has the shares in the Bank. * Shares of the Bank have been listed on the Kazakhstan Stock Exchange since 1998 and common shares in the form of global depositary receipts on the London Stock Exchange since December 2006. 8 ANNUAL REPORT Statement of the Chairman Dear shareholders, Acknowledging the significance of our financial institution for the Kazakh- The year of 2011 can be deemed as stan economy, we continue to increase the year of the Kazakhstan economy financing for the large, country-wise recovery after the world financial cri- strategically important projects of the sis of 2007-2009. The gross domestic real sector. product of the country grew by 7.5%, population employment has been im- We in any possible way support the proving, and intensive implementa- national undertakings aimed at devel- tion of the governmental program for opment of the economic activities of accelerated innovative-industrial de- the population, we extend our partici- velopment of the country commenced. pation in the governmental programs Halyk Bank which remained the most for small and medium enterprises sup- reliable and efficiently developing fi- port, we actively assist in formation nancial institution, actively contribut- and development of the entrepreneur- ed to the crisis overrun and the further ial sector. And our branches network economic growth. the widest among the commercial banks, which covers all regions of the In March 2011 we early bought-back Republic. common shares of the Bank which were previously acquired by “Samruk- We keep the leading positions in the Kazyna” within the anti-crisis actions retail segment proposing our clients of the Government. Thus, we refunded new programs and products, we en- the governmental money given for sure timely payments of pensions and support of the banking sector during social allowances via our numerous the crisis. cash offices. JSC HALYK BANK 9 We work on increasing recognition of During the 2007-2009 financial crisis, day-to-day basis, and our sharehold- Halyk Group brand, we improve the Halyk Bank proved to be the most sta- ers contribute to these activities. quality and culture of services, we im- ble financial institution in Kazakhstan. plement the most sophisticated bank- And we intend to continue our policy At the same time, we do not forget about ing technologies. aimed at growing confidence to our the corporate social responsibility. As Bank, first of all among mere people. such, in 2011 we financed social pro- The Board of Halyk Bank pays signifi- This goal is even more important in the jects for the total amount of over 138 cant attention to the strategic devel- light of global economic changes and million tenge. This includes support of opment of the Bank in particular and potential threats. the sponsored orphanages and disa- the Group as a whole. We identified bled persons clinics, talented students, the new priorities in the development We continuously work on improving veteran and medical organizations, im- strategy of the Bank and the Group, qualifications of the Board and the provement of interest to sports among updated our understanding of the for- Management, as well as on the right the population including sponsorship eign assets of the Group, we analyze balance in these bodies’ composi- of the 7th Winter Asian Games, the Ka- and control the state of our non-per- tions. A wide outlook and joint expe- zakhstan Gymnastics Federation, and forming loans portfolio. rience of our team in various
Recommended publications
  • Halyk Finance” Has Been Named “The Best Investment Bank in Kazakhstan” for the 6Th Consecutive Year by a Renowned International Financial Magazine, EMEA Finance

    Halyk Finance” Has Been Named “The Best Investment Bank in Kazakhstan” for the 6Th Consecutive Year by a Renowned International Financial Magazine, EMEA Finance

    Almaty, 11 April 2016 Press release JSC Subsidiary Organization of Halyk Bank of Kazakhstan “Halyk Finance” has been named “The Best Investment Bank in Kazakhstan” for the 6th consecutive year by a renowned international financial magazine, EMEA Finance. Upon its annual rigorous selection of the world’s leading investment banks – “Europe Banking Awards 2015” – EMEA Finance (www.emeafinance.com), a renowned international financial magazine, has named Halyk Finance “The Best Investment Bank in Kazakhstan 2015”. Halyk Finance has for the 6th consecutive year become the winner of this highly prestigious award where voting is made by the leading industry experts from all over the world, which cements Halyk Finance’s multi-year leading position in Kazakhstan’s investment banking market. Earlier in March 2016, Halyk Finance had also won “EMEA Finance Achievement Awards” for the record 6th consecutive year in the following two prestigious nominations: 1. “The Best Sovereign Bond in EMEA” for the Ministry of Finance of the Republic of Kazakhstan’s USD 4 billion 10- and 30-year dual-tranche Eurobond in which Halyk Finance has acted as the Joint Lead Manager in July 2015; and 2. “The Best Financial Institution Bond” for JSC Halyk Bank’s KZT 132 billion 10-year bond in which Halyk Finance has acted as the Sole Financial Advisor and Bookrunner. “This acknowledgement of Halyk Finance – the investment banking arm of Halyk Group – as the best investment bank in Kazakhstan for the record 6th consecutive year is an extraordinary achievement not only for Kazakhstan and our entire region, but also for the Emerging and Frontier Markets as a whole.
  • JSC Halyk Bank

    JSC Halyk Bank

    JSC Halyk Bank Consolidated Financial Statements and Independent Auditors’ Report For the Years Ended 31 December 2016, 2015 and 2014 JSC Halyk Bank Table of contents Page STATEMENT OF MANAGEMENT’S RESPONSIBILITIES FOR THE PREPARATION AND APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2016, 2015 AND 2014 1 INDEPENDENT AUDITORS’ REPORT 2-6 CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED 31 DECEMBER 2016, 2015 AND 2014: Consolidated statements of financial position 7 Consolidated statements of profit or loss 8 Consolidated statements of other comprehensive income 9 Consolidated statements of changes in equity 10-12 Consolidated statements of cash flows 13-14 Notes to the consolidated financial statements 15-113 Why the matter was determined to be a How the matter was addressed in the key audit matter audit Revenue recognition and calculation of the We tested automated controls over the effective interest rate on individually calculation of the effective interest rate in assessed impaired loans the banking system with the involvement As disclosed in Note 27 to the consolidated of IT specialists. financial statements, interest income on We tested the arithmetical accuracy of individually assessed impaired loans for the interest income accrual in accordance the year ended 31 December 2016 with the effective interest rate amounted to KZT 33,437 million. requirements in IAS 39 Financial The recognition of interest income using Instruments: Recognition and the effective interest rate method on Measurement (“IAS 39”) by re- individually assessed impaired loans, which performing a sample of calculations and is calculated through the banking system, comparing these to accounting records.
  • Relationship Between Tax and Price and Global Evidence

    Relationship Between Tax and Price and Global Evidence

    Relationship between tax and price and global evidence Introduction Taxes on tobacco products are often a significant component of the prices paid by consumers of these products, adding over and above the production and distribution costs and the profits made by those engaged in tobacco product manufacturing and distribution. The relationship between tax and price is complex. Even though tax increase is meant to raise the price of the product, it may not necessarily be fully passed into price increase due to interference by the industry driven by their profit motive. The industry is able to control the price to certain extent by maneuvering the producer price and also the trade margin through transfer pricing. This presentation is devoted to the structure of taxes on tobacco products, in particular of excise taxes. Outline Tax as a component of retail price Types of taxes—excise tax, import duty, VAT, other taxes Basic structures of tobacco excise taxes Types of tobacco excise systems Tax base under ad valorem excise tax system Comparison of ad valorem and specific excise regimes Uniform and tiered excise tax rates Tax as a component of retail price Domestic product Imported product VAT VAT Import duty Total tax Total tax Excise tax Excise tax Wholesale price Retail Retail price Retail & retail margin Wholesale Producer Producer & retail margin Industry profit Importer's profit price CIF value Cost of production Excise tax, import duty, VAT and other taxes as % of retail price of the most sold cigarettes brand, 2012 Total tax
  • ANNUAL REPORT 2013 Vol. I CONSOLIDATED

    ANNUAL REPORT 2013 Vol. I CONSOLIDATED

    Vol. I Vol. II ANNUAL REPORT 2013 JOINT-STOCK COMPANY CONSOLIDATED FINANCIAL STATEMENTS SOVEREIGN WEALTH FUND «SAMRUK-KAZYNA» 1. INTRODUCTION 5. CORPORATE GOVERNANCE KZ 1.1 ABOUT THE ETYMOLOGY OF THE WORD “SAMRUK-KAZYNA” 5.1. PRINCIPLES AND REPORT ON CORPORATE GOVERNANCE 1.2. SAMRUK-KAZYNA JSC IN FIGURES AND FACTS IN 2013 5.2. THE COMPOSITION OF THE BOARD OF DIRECTORS. REPORT ON WORK OF THE BOARD OF RU 1.3. IMPORTANT EVENTS OF SAMRUK-KAZYNA JSC IN 2012 DIRECTORS 5.2.1. The composition of the Board of Directors, CV of the Members of the Board of Directors of 2. WELCOME ADDRESS BY THE CHAIRMAN OF THE BOARD Samruk-Kazyna JSC OF DIRECTORS OF SAMRUK-KAZYNA JSC 5.2.2. Report on the Work of the Board of Directors of Samruk-Kazyna JSC for 2013 EN 3. WELCOME ADDRESS BY THE CHIEF EXECUTIVE OF SAMRUK-KAZYNA JSC 5.3. THE COMPOSITION OF THE MANAGEMENT BOARD OF Samruk-Kazyna JSC. REPORT ON 4. ABOUT US WORK OF THE MANAGEMENT BOARD OF Samruk-Kazyna JSC 4.1. THE LIST AND BRIEF INFORMATION ON MAJOR SUBSIDIARIES OF SAMRUK-KAZYNA JSC 5.3.1. Composition of the Management Board, CV of the top manager of Samruk-Kazyna JSC 4.2. ORGANIZATION STRUCTURE OF SAMRUK KAZYNA JSC 5.3.2. Report on work of the Management Board of Samruk-Kazyna JSC 4.3. MAIN ACTIVITIES, GOALS AND OBJECTIVES OF SAMRUK-KAZYNA JSC 5.4. SUMMARY ON REMUNERATION OF THE MEMBERS OF THE MANAGEMENT BOARD AND 4.4. ENHANCING THE LONG-TERM VALUE OF COMPANIES THE BOARD OF DIRECTORS OF SAMRUK-KAZYNA JSC 4.4.1.
  • Doing Business in Kazakhstan

    Doing Business in Kazakhstan

    DOING BUSINESS 2021 IN KAZAKHSTAN Doing Business in Kazakhstan 2021 Baker McKenzie – CIS, Limited Almaty office Samal Towers, 8th Floor 97 Zholdasbekov Street Almaty, Kazakhstan 050051 Phone: +7 727 3 300 500 Facsimile: +7 727 258 40 00 [email protected] www.bakermckenzie.com The information in this brochure is for informational purposes only and it may not reflect the most current legal developments, judgments or settlements. This information is not offered as legal or any other advice on any particular matter. The Firm and the contributing authors expressly disclaim all liability to any person in respect of anything and in respect of the consequences of anything done or omitted wholly or partly in reliance upon the whole or any part of the contents of Baker McKenzie’s “Doing Business in Kazakhstan” brochure. No client or other reader should act or refrain from acting on the basis of any matter contained in this brochure without seeking the appropriate legal or other professional advice on the particular facts and circumstances. Doing Business in Kazakhstan Table of Contents 1 Kazakhstan — an overview ..................................................... 1 1.1 Geography .................................................................... 1 1.2 Population .................................................................... 1 1.3 History.......................................................................... 1 1.4 Government and political system ................................. 2 1.5 Economy .....................................................................
  • Doing Business Guide Kazakhstan

    Doing Business Guide Kazakhstan

    www.pwc.kz Doing Business Guide Kazakhstan December 2014 PRICEWATERHOUSECOOPERS IN KAZAKHSTAN www.pwc.kz Almaty Office: Astana Office: PwC PwC 34 Al-Farabi Ave. 6 Saryarka street Building A, Business Center “Arman” 4th Floor 16th floor Almaty, 050059, Astana 010000 Republic of Kazakhstan Republic of Kazakhstan Main office number Main office number Tel: +7 (727) 330 3200 Tel: +7 (717) 255 0707 APPENDICES Please see Appendices A through C for key facts and tax and legal information. Doing Business Guide November 2014 TABLE OF CONTENTS 1 KAZAKHSTAN – A PROFILE .............................................................................. 5 1.1 Government Structure ....................................................................................................... 5 Politics ................................................................................................................................... 5 The President ........................................................................................................................ 5 National Government ......................................................................................................... 6 Local Government ............................................................................................................... 7 The Parliament ..................................................................................................................... 7 Courts ....................................................................................................................................
  • Georgian Banking Sector Overview

    Georgian Banking Sector Overview

    Georgian Banking Sector Overview 2016 3rd Quarter Results December, 2016 Contents Page 3 Basis of Preparation At a Glance 4 General Highlights 5 Sector Highlights 6 Bank Profiles 7 Appendix 1: Shareholding Structure & General Information 24 Appendix 2: Sector Insights 27 Appendix 3: Key Financial Indicators 28 Appendix 4: Bank Contact Details 32 Glossary of Terms 34 © 2016 KPMG Georgia LLC, a company incorporated under the Laws of Georgia, a member firm of the KPMG network of 2 independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Basis of Preparation This report summarizes and analyzes the financial results of the 17 commercial banks of Georgia for the 3rd quarter of 2016, as well as provides some insights into the recent developments in the sector. The financial information has been obtained from the published interim reports for the 3rd quarter of 2016. The banks are listed in the alphabetical order throughout the publication. We have used simple headline numbers in our analysis unless stated otherwise; each bank has its own way of reporting performance and this has proved to be the most consistent method of presenting their results. All the key ratios are calculated based on the obtained data unless stated otherwise. The general information, such as the number of branches, employee headcount, etc, are mainly taken from the Notes to the Financial Statements prepared by the banks. The official websites of the banks serve as the only alternative source, however they are not always properly updated. Due to this, the figures presented may not necessarily be as of 30th September 2016.
  • Short Selling – Allowed (100% of Securities for Sell Orders and Repo Open Orders) • Securities Lending – Repo with Netting

    Short Selling – Allowed (100% of Securities for Sell Orders and Repo Open Orders) • Securities Lending – Repo with Netting

    Kazakhstan securities market: migration to T+2 settlement cycle Presenter: Idel SABITOV, Deputy CEO KASE 10 September 2015 XII International Conference ACDE Almaty • Shares market: statistics • KASE Index – Kazakhstan's shares market's business card • T+2: goals • Т+2: recommendations and standards • Transition from T+0 to T+2: timeline • T+2: main conditions • T+2: prefunding requirements and risk management elements • T+0: flowchart • T+2: flowchart • From T+0 to T+2 2 Shares market: statistics Traded Volume, bn USD Market Capitalization, bn USD Primary market (IPO) Secondary market 120 100 1.5 80 3.9 bn USD 48.7 bn USD as of 01.09.15 60 as of 01.01.05 40 2.8 Volume, bn USD 1.7 20 0.4 1.1 0.4 0.7 0.7 0.9 0.3 0 0.2 0.1 0.1 0.2 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2009 2010 2011 2012 2013 2014 2015'8M Issuers by Industry Sectors Equities Market Energy Financials 102 103 108 99 92 95 100 7.9% 78 81 79 78 74 66 68 Provision of telecommunications Materials 11.4% 34.7% services Industrials Consumer staples 10.7% Provision of municipal services Information Technology 2009 2010 2011 2012 2013 2014 2015 Health Care Consumer Discretionary (September) 31.5% Issuers Instruments 3 Shares market: statistics 100 Members of securities market 90 Volume of shares trading (as of 01.09.2015) (for 8 months 2015) 80 70 60 5 1 11% 50 40 48 492 30 17 participants 25 mln USD 20 10 89% 0 Shares 1st Shares 2nd category category Number of shares National Bank Brokers: banks KASE Index shares Non-Index shares Brokers: asset managers Other Total
  • Capital Gains Taxation in Kazakhstan by E.S

    Capital Gains Taxation in Kazakhstan by E.S

    Volume 72, Number 1 October 7, 2013 (C) Tax Analysts 2013. All rights reserved. Tax Analysts does not claim copyright in any public domain or third party content. Capital Gains Taxation in Kazakhstan by E.S. Kate Habershon and Bakhytzhan O. Kadyrov Reprinted from Tax Notes Int’l, October 7, 2013, p. 73 (C) Tax Analysts 2013. All rights reserved. does not claim copyright in any public domain or third party content. Capital Gains Taxation in Kazakhstan by E.S. Kate Habershon and Bakhytzhan O. Kadyrov E.S. Kate Habershon is a partner in the London office of Morgan, Lewis & Bockius LLP’s tax practice, and Bakhytzhan O. Kadyrov is an associate in the Almaty, Kazakhstan, office of Morgan, Lewis & Bockius LLP’s business and finance practice. his article describes the main features of the • Capital gains realized upon the sale or other dis- Tamended Kazakhstan capital gains tax regime, posal of shares in a legal entity or consortium which has been in force since the start of 2013. All (articles 133.2(6) and 156.1(15)) if the following legislative references are to the Code of the Republic of requirements (the ‘‘CGT exemption require- Kazakhstan, ‘‘On Taxes and Other Mandatory Pay- ments’’) are met: ments to the Budget (Tax Code),’’ dated December 10, — the seller has owned the shares for more than 2008 (as subsequently amended). three years at the date of disposal; Taxation of Residents — the legal entity or consortium in question is not a subsoil user (for example, engaged in Tax Rate mining or oil/gas production); and When a Kazakhstan legal entity realizes a capital — no more than 50 percent of the value of the gain, the gain is included in its aggregate annual in- charter capital or shares in the legal entity or come.
  • Important Notice

    Important Notice

    IMPORTANT NOTICE NOT FOR DISTRIBUTION TO ANY U.S. PERSON OR TO ANY PERSON OR ADDRESS IN THE U.S. IMPORTANT: You must read the following before continuing. The following applies to the Swiss issuing and listing Prospectus (the “Prospectus”) following this page, and you are therefore advised to read this carefully before reading, accessing or making any other use of the Prospectus. In accessing the Prospectus, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from the Issuer, the Guarantors (as each term is defined in the Prospectus), Deutsche Bank AG London Branch, acting through Deutsche Bank AG Zurich Branch, ITI Capital Limited and JSC Halyk Finance, as a result of such access. NOTHING IN THE FOLLOWING PROSPECTUS CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE NOTES AND THE GUARANTEES (TOGETHER, THE “SECURITIES”) HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION AND THESE SECURITIES MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT), EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE OR LOCAL SECURITIES LAWS.
  • Halyk Group Financial Results Presentation 1Q 2020

    Halyk Group Financial Results Presentation 1Q 2020

    October 2020 Disclaimer Certain information contained in this presentation may include forward-looking statements. Such forward-looking statements are not guarantees of future performance. These statements are based on management’s current expectations or beliefs as of the date of this presentation and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The Bank disclaims any intention or obligation to publicly update or revise any forward- looking statements. The alternative performance measures (“APMs”) disclosed in this presentation are unaudited supplementary measures of the Halyk Group’s performance and liquidity that are not required by, or presented in accordance with, IFRS. These measures are not defined by IFRS and the Halyk Group’s use and definition of these metrics may not be comparable to similarly titled APMs used by other companies in the financial industry due to differences in accounting policies or differences in the calculation methodology. These APMs have limitations and should not be considered in isolation, or as substitutes for financial information as reported under IFRS. Accordingly, undue reliance should not be placed on the APMs presented in this presentation. The Halyk Group has included these measures because it believes that they enhance an investor’s understanding of the Halyk Group’s financial performance. The Halyk Group also believes that these APMs are commonly used by investors in comparing the performance of businesses. The management of the Halyk Group uses these measures to monitor and analyse Halyk Group’s performance. Basis of calculation: - all figures in this presentation are based on IFRS audited financial statements or financial statements reviewed by auditors, unless stated otherwise; - the figures shown in this presentation for the 7, 8 and 9 months of 2020 and any monthly figures has been extracted from unaudited management accounts and financials statements.
  • Kazakhstan Oil and Gas Tax Guide 2021 Contents

    Kazakhstan Oil and Gas Tax Guide 2021 Contents

    Kazakhstan oil and gas tax guide 2021 Contents Introduction 1 Background on the oil and gas industry in Kazakhstan 2 Taxation of subsurface users in Kazakhstan 5 Transfer pricing 16 Introduction This guide is intended to provide a general overview of taxation in the oil and gas sector in Kazakhstan. As this guide provides a high-level summary of the taxation regime effective on the date of preparation of this guide, it is not a substitute for comprehensive professional advice, which should be sought before engaging in any transaction. It should also be noted that in this guide we do not deal with all of the taxes of Kazakhstan. Here we cover only the most significant ones applicable to companies operating in the oil and gas sector, so advice should be taken as to the actual taxes applicable to a particular company. Kazakhstan oil and gas tax guide. 2021 | 1 Background on the oil and gas industry in Kazakhstan According to the latest GDP forecast by the Ministry of National Economy of The oil and gas industry of Kazakhstan, growth in 2021 will be 2.8%. Kazakhstan’s economic growth is largely Kazakhstan plays an important driven by oil and gas revenues (35% of GDP and 75% of exports). role in the economic development of the republic. It is one of the Since declaring independence, Kazakhstan has passed a series of reforms to main drivers of gross domestic liberalize its economy and attract foreign investment. However, sanctions imposed product (GDP) growth and an on Russia and negative growth prospects have more recently deterred foreigners important source of national from investing in the region.