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Managing Directors of the Fund annual report. 1 vol. Annual report Electronic presentation Annual Report of “Samruk-Kazyna” Joint Stock Company for 2010 Astana, 2011 Annual Report. 2010. Volume 1 4 Introduction Table of Contents - “Samruk-Kazyna” Fund Facts and Figures - Key events in 2010 - Opening speech of the Chairman of the Board of Directors - Opening speech of the Chief Executive 12 The Fund - Key financial and economic figures - Key focus areas, goals and objectives - Results of the crisis bailout programme - Recovery of the financial sector - Support of small and medium - sized businesses - Increase of Kazakhstani content in the projects executed by the Fund - Implementation of industrial and infrastructure projects with Sovereign Wealth Fund participation of the Fund “Samruk-Kazyna” JSC 38 Corporate Governance - Report on Corporate Governance - Report on the Fund’s Board of Directors and Management Board activity - Audit and control - Risk Management 64 Human Resources Development and Corporate Social Responsibility - Occupational and health safety - Personnel development and occupational training - Sponsorship and charity - Environmental protection 98 Performance of the Fund’s Subsidiary Organizations Industrial Group: - JSC “NC “KazMunayGas” - JSC “NAC “Kazatomprom” - “United Chemical Company” LLC - “Tau-Ken Samruk” NMC JSC Infrastructure Group: - “KEGOC” JSC - “Kazakhtelecom” JSC - “Samruk-Energy” JSC - “Kazpost” JSC - JSC “NC “Kazakhstan Temir Zholy” - “Air Astana” JSC Financial Group: - “Development Bank of Kazakhstan” JSC - “Entrepreneurship Development Fund “Damu” JSC - “Real Estate Fund “Samruk-Kazyna” JSC - “Housing Construction Savings Bank of Kazakhstan” JSC Second Tier Banks (STB) 112 Appendix: - Etymology of “Samruk-Kazyna” - Glossary Sovereign Wealth Fund “Samruk-Kazyna” JSC Annual Report. 2010. Volume 1 Introduction 6 “Samruk-Kazyna” Fund Facts and Figures 8 Key events in 2010 12 Opening speech of the Chairman of the Board of Directors 14 Opening speech of the Chief Executive 6 Annual Report. 2010 “SAMRUK-KAZYNA” FUND FACTS AND FIGURES IN 2010 NUMBER OF PERSONNEL OF THE FUND’S GROUP OF COMPANIES TOTAL TAX AND OTHER BUDGET PAYMENTS PAID IN THE AMOUNT CONSTITUTES 320,429 PEOPLE (including operational personnel to OF KZT606.8 BILLION (by 36 % more than in 2009) the number of 291,899 people or 91 % of the total number of staff) CONSOLIDATED assets KZT billion CONSOLIDATED INCOME KZT billion 3 609 12 815 2 874 2 912 11 074 7 388 2008 2009 2010 2008 2009 2010 EBITDA MARGIN (WitHOUT STB*), % EBITDA (WitHOUT STB*), KZT billion 2010 40 % 2010 1 414 2009 39 % 2009 1 084 2008 37 % 2008 1 072 Note: * Second tier banks (hereinafter – STB) such as “Alliance Bank” JSC, “BTA Bank” JSC, “Halyk Bank of Kazakhstan” JSC and “KKB” JSC are not included into EBITDA and EBITDA margin calculation. Sovereign Wealth Fund “Samruk-Kazyna” JSC Annual Report. 2010 7 THE BANKS WITH PARTICIPATION OF “SAMRUK-KAZYNA” JSC CONSTITUTE ABOUT 15% OF THE TOTAL DEPOSIT BASE OF THE NET CONSOLIDATED INCOME (LOSS), KZT billion COUNTRY (nearly one trillion KZT or approximately seven billion US Dollars) IN DECEMBER 2010, FOR THE FIRST TIME, “SAMRUK-KAZYNA” 2010 634 JSC IS AWARDED AN ISSUER RATING BY STANDARD & POOR’S: • IN FOREIGN CURRENCY: “BВВ/A-3”; • IN LOCAL CURRENCY: “ВBB+/A-2”; (625) 2009 THE RATING OUTLOOK: “STABLE”. THE NATIONAL SCALE RATING: kzAAA 2008 476 The Fund’s rating relates to investment level and is equal to sovereign rating of Kazakhstan, which shows its high borrowing power and financial standing. NET CONSOLIDATED INCOME FOR 2010 SEPARATELY FOR EACH COMPANY, KZT billion JSC “NC “KazMunayGas” 397 CC “Samruk-Kazyna” JSC 132 “Alliance Bank” JSC 63 JSC “NC “Kazakhstan Temir Zholy” 65 JSC “NAC “Kazatomprom” 60 “Kazakhtelecom” JSC 34 “Entrepreneurship Development Fund “Damu” JSC 14 “Air Astana” JSC 11 “Samruk-Energy” JSC 11 “KEGOC” JSC 6 Others 15 “Temirbank” JSC – 11 “Bank Turan Alem” JSC – 163 Consolidated 634 0 100 200 300 400 500 600 700 800 900 8 Annual Report. 2010 KEY EVENTS IN 2010 I quarter JANUARY FEBRUARY MARCH • “Samruk-Kazyna” JSC undertakes • During the teleconference bridge “Let’s • Acquisition by “Samruk-Kazyna” Fund General Sponsor obligations for one of build strong Kazakhstan together” with of 50 % of share of participation in the strongest cycling team of the world participation of Head of State Nursultan “Ekibastuskaya GRES-1” LLP from “Astana”. Nazarbayev, “Samruk-Kazyna” JSC Kazakhmys, in the framework of the policy presents its projects executed in the for increase of national energy security. framework of the State Programme on Forced Industrial – Innovative • Completion of “Alliance Bank” JSC Development. restructuring; the bank is capitalized for KZT24 billion, its foreign debt reduced • Management Board meeting is held with from 4.5 billion US Dollars to 1.1 billion participation of the Prime Minister Karim US Dollars, loan conditions considerably Massimov. Contribution to modernization optimized. As a result of the restructuring, of the economy and development of the 33 % and 67 % of ordinary shares were corporate governance within the Fund’s provided to creditors and “Samruk- Group of Companies are defined as Kazyna” JSC respectively. business priorities. • The project for restructuring of “Temirbank” • Development of the new Human JSC assuming capitalization of the bank Resources policy in the post-crisis period. for the amount of KZT23.5 billion is resolved with participation of creditors. • Running of the Fifth International Foreign debt of the bank is decreased HR Conference “Human Resources from 770 million US Dollars to 61 million management: lessons of the past and US Dollars, debt management terms are future perspectives”. significantly extended and average loan rate is reduced to 9 % per annum. 20 % of the new ordinary shares are transferred to foreign creditors, more than 79 % of shares transferred to “Samruk-Kazyna” JSC and the rest distributed between the existing shareholders. Sovereign Wealth Fund “Samruk-Kazyna” JSC Annual Report. 2010 9 II quarter APRIL MAY JUNE • Holding of round table meeting “On • “Air Astana” JSC takes third place in • Presentation of investment priorities of performance of the development Skytrax “The best Eastern Europe airline “Samruk-Kazyna” JSC to participants of institutions of “Samruk-Kazyna” company of 2010” rating, being the only the Fourth Almaty Investment International Group, with participation of deputies airline company of the CIS territory which Summit organized by “International Herald of the Parliament, representatives of was marked in the list. Tribune” (USA). state authorities, expert and business community of the country. • Restructuring plan of “BTA Bank” JSC assuming decrease of its foreign • Transfer of the Fund’s stock of shares of • Memorandum of understanding under debts from 12 billion US Dollars to 4.2 JSC “NC “Kazakhstan Engineering” in trust shunting diesel locomotive production billion US Dollars, as well as significant management to the Ministry of Defence of programme for the CIS countries is signed extension of payment terms and the Republic of Kazakhstan. Before that, between JSC “NC “KTZ” (subsidiary and decrease of the average rate to 10 % per the stock of shares of JSC “Kazakhstan affiliated company of “Samruk-Kazyna” annum was approved by the decision of Engineering” was in trust management JSC) and “General Electric Transportation” creditors. According to the results of the of the Ministry of Industry and Trade Company, in the framework of working visit restructuring which was fully completed of the Republic of Kazakhstan (from 7 of the Head of State Nursultan Nazarbayev in September 2010, 18.5 % of the bank’s September 2009). to USA. ordinary shares were transferred to foreign creditors, the share of “Samruk-Kazyna” • “Kazakhtelecom” JSC (subsidiary and JSC comprising 81.4 %. affiliated company of “Samruk-Kazyna” JSC) starts fiber optics subscriber • JSC “NAC “Kazatomprom” distributes line construction under FTTH (G-PON) inaugural bonds for the amount of 500 technology, allowing provision of billion US Dollars for five years at 6.25 % comprehensive range of services to coupon rate, which is the best indicator subscribers in accordance with TriplePlay in the history of Eurobonds issuance (Мegaline + IDphone + ID TV) concept. In in the emerging markets. The demand the framework of this project, construction exceeded the offer in more than eight of line plants of fiber – optical network times. The result of inaugural placement access containing more than 60,000 of the company’s Eurobonds shows high ports in Astana, Almaty, Karaganda and authority and confidence of the world Atyrau is finalized in 2010. community in Kazakhstan and “Samruk- Kazyna” JSC Group of Companies. • Agreements on provision of simultaneous operation of the unified power systems of Kazakhstan and Russia are signed between “KEGOC” JSC and the largest Russian energy companies, such as “FGC UES” OJSC, “SO UPS” OJSC and “Inter RAO UES” OJSC. 10 Annual Report. 2010 KEY EVENTS IN 2010 III quarter JULY AUGUST SEPTEMBER • Signing of shareholder agreement in • Approval of “Human Resources Strategy of • Participation of “Samruk-Kazyna” Fund the framework of North-Caspian project ‘Samruk-Kazyna’ JSC Group of Companies delegation governed by the Chief Executive by JSC “KazMunayGas” and “Shell for 2010–2020” by the Decision of the Kairat Kelimbetov in the “Summer Asian Kazakhstan Development B.V.” (subsidiary Fund’s Management Board. Davos” in the People’s Republic of China. and affiliated company
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