2018
Explanation of reasons for non-achievement/
Target
Actual
% of target
№
Performance indicator
reached
over-achievement of indicators
1
MCs in the Fund’s loan
7,98%
11,9%
149%
Overachievement is related to early utilization of
portfolio, %
credit line funds of the Asian Development Bank
in the amount of KZT 5,868 bln by Microfinance
companies KMF LLP.
2
Micro and small entrepreneurs
77,0%
89,5%
116%
Overachievement through the Program of
in the total number of supported
conditional allocation of funds.
entrepreneurs, %
3
MSMEs that received financial
3,8%
4,7%
124%
Overachievement through
support vs. the the total number
the Program of conditional allocation of funds.
of MSMEs on the market, %
4
The number of new projects and
47 179
58 609
124%
Overachievement through
projects for modernization and
Program of conditional allocation of funds.
expansion of existing capacities in
order to increase productivity and
expand markets with accumulation
from 2014 (programs of the
Government/Fund), units
5
The amount of housing used by
50
163,5
327%
From the beginning of implementation
the Fund to provide support,
of “Nurly Zher” Residential Construction
thous. sq. m
Program on partially subsidizing interest rate
for loans of real estate developers tool, the
amount of commissioned housing made up
225.51 thous. sq. m, 62.01 thous. sq. m in 2017,
163.5 thous. sq. m in 2018.
6
Private sector in the Fund’s loan
100%
100%
100%
portfolio, %
7
Value of products produced by
14 648
-
100%
Actual data will be received in the second half-
supported entrepreneurs, KZT bln
year of 2019 from the State Revenue Committee
of the Ministry of Finance of the RK. Preliminary
performance is as planned.
ANNUAL REPORT 2018
2018
Explanation of reasons for non-achievement/
№
Performance indicator
% of target
over-achievement of indicators
Target
Actual
reached
8
Increase in taxes paid by entrepreneurs
13
-
100%
Actual data will be received in second half-year
supported by the Fund, KZT bln
of 2019 from the State Revenue Committee of
the Ministry of Finance of the RK. Preliminary
performance is as planned
9
Private sources of funding in total
72,3%
72,9%
101%
borrowings for the reporting year, %
10
Automation of the Fund’s key
100%
92%
92%
Of 72 business processes, 6 processes are not
business processes, %
automated.
11
Assessing the Fund credibility from
Not less
91,3%
114%
-
the point of view of MSMEs and their
than
satisfaction levels , %
80%
EFFECTIVE ASSET MANAGEMENT
The Fund’s asset and liability management
• Instability in the economy;
ability to finance emerging investment op-
aims to form and maintain a certain structure
• Need to coordinate the Fund’s activity in all
portunities.
of assets and liabilities that ensures achieve-
areas;
ment of strategic targets, profitability, compli-
• Need to coordinate approaches to provision
As of January 1, 2019, the Fund’s assets totaled
ance with the amounts and terms for attrac-
of funds to counterparties within the general
KZT 304.1 bln, which is a decline of KZT 15.8 bln
tion and allocation of funds and minimization
framework of risk management.
compared to 2017 because a partner bank in the
of unnecessary risks. The main objective of
ADB loan paid off its debt (second, third tranches).
asset and liability management is to regulate
The main tasks of the Fund, with respect to
the Fund’s assets and liabilities to achieve
asset and liability management, are to main-
Loans account for most of the assets (72%).
high financial targets of the Fund’s activity
tain the liquidity at the level sufficient to
Cash makes up 16% of total assets. The Fund’s
with simultaneous minization of risks.
cover all needs for cash flows, with the pos-
securities make up 2% of the assets.
sibility of profitable allocation of surplus
The need for effective management of the
liquidity. Moreover, other tasks of the Fund
At the end of 2018, the Fund’s liabilities to-
Fund’s assets and liabilities in modern condi-
are tomaintain sufficient value of capital to
taled KZT 231.6 bln, which at KZT 12.8 bln
tions is defined by:
repay any business risks, ensure safe-keep-
more compared to the previous period.
• New complex products;
ing of temporarily surplus cash, the capaci-
As of January 1, 2019, the Fund’s equity was
• Changes in the structure of borrowings;
ty to pay interest on current liabilities, the
KZT 72.5 bln.
ANNUAL REPORT 2018
FINANCIAL HIGHLIGHTS
In
2018, the Fund’s combined revenues
from creation of provisions on liabilities
geting, create a management accounting system
reached KZT 31.2 bln, including KZT 19.5 bln
of Tsesnabank JSC due to deterioration of
and determine key performance indicators.
as income from core business, KZT 7.3 bln
financial standing in 2018.
as income from foreing currency swap re-
In 2018, in order to ensure the transparen-
evaulation and KZT 4.4 bln as income from
RATING
cy of revenue and cost accounting by type
non-core business.
of services (programs), to make project out-
Based on the results achieved in
2018,
come reports complete and comprehensive
In
2018, the Fund’s expenditures totaled
Moody’s Investors Service international rat-
with enough detail to facilitate decision
KZT 41.8 bln. The biggest cost items include
ing agency affirmed DAMU Entrepreneur-
making by the management, the Fund intro-
creation of provision (47%), costs associated
ship Development Fund JSC long-term and
duced a system of separate accounting of
with received loans and other financial
short-term rating in the foreign and national
revenues, costs and assets involved.
expenses (19%), currency exchange losses
currency at Baa3. At the same time, Moody’s
(18%), administrative costs (11%).
affirmed Fund`s national rating at Aa1.kz. Rat-
SIGNIFICANT BUSINESS
ing outlook remains Stable.
TRANSACTIONS
At the end of 2018, negative financial result
was obtained at KZT
(-11.9) bln, which
DEVELOPMENT PLANS
Information about the Fund’s non-arm’s
affected profitability indicators.
length transactions, large transactions and re-
To achieve financial targets, the Fund will imple-
lated-party transactions concluded in 2018 is
Negative financial result was obtained
ment uniform approaches to planning and bud-
presented in the Appendix.
PROFITABILITY INDICATORS
Item
2016 (actual)
2017 (actual)
2018 (plan)
2018 (actual)
ROA, return on assets
1,6%
1,2%
-2,8%
-3,8%
ROE, return on equity
5,8%
4,1%
-10,1%
-13,7%
Average IRR
14,23%
9,66%
7,00%
8,6%
Profitability of activities
17,3%
14,1%
-28,6%
-28,6%
NI margin
19,6%
20,7%
-46,6%
-28,6%
Debt/equity
2,5
2,1
4,0
3,2
Share of loan portfolio in assets
58,8%
68,6%
75,8%
71,8%
ANNUAL REPORT 2018