Annual Report. 2011/June group

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1 Annual Report 2011/June 2012 group

2 Credits Editors: Clémence Rousselet, Maylis de la Loge, Michaël Knaute, Alexis Surun Pictures: Gwenn Dubourthoumieu, Alexis Surun 2 OXUS Group Annual Report June 2012

3 Table of Contents OXUS Group in facts A message from the CEO OXUS Group geographical footprint OXUS Group key figures Review of the last 12 months The road ahead OXUS Group presentation OXUS Group structure Our Management Information System (MIS) A unique group approach Our investors Our network of MFIs OXUS Tajikistan OXUS Afghanistan OXUS Kyrgyzstan OXUS Group consolidated statements Contact us

4 OXUS Group in facts 4 OXUS Group Annual Report June 2012

5 A message from the CEO As CEO of the OXUS Group, it is with a great pleasure that I introduce this Group s annual report. The report presents the results as of June 2012 for each of our operating affiliates, with a focus on our key achievements. We have come a long way since the OXUS Group was established as a separate entity from its mother non-governmental organization (NGO) Agency for Cooperation and Development (ACTED). At inception, we barely had 1,000 clients to whom we were lending USD 700,000, whereas as of June 2012 we were serving more than 22,000 borrowers and had disbursed just over USD 119 million in total. Following a challenging 2009 due to a context of global financial crisis and the gradually return to pre-crisis levels, 2011 has been a remarkably good year for the OXUS Group. This has been made possible thanks to the tremendous work of our employees and the continued trust placed upon us by our funding partners. I would like to highlight our last twelve months growth of 76% across our affiliates, from kusd 13,738 in June 2011 to kusd 24,219 in June Likewise, I am very proud of the focus on portfolio quality at OXUS Afghanistan despite an unstable socioeconomic context. After our OXUS Tajikistan affiliate had received the BBB- rate from MicroFinanza Rating in 2009, we decided to continue working on social performance by implementing social indicators that are operational in all our MFIs since the beginning of This is an important focus for the OXUS Group as it underpins our vision of setting up MFIs with the double mission of social impact and financial selfsustainability. Notwithstanding these achievements, a number of milestones remains ahead for the OXUS Group. In this respect, in the forthcoming year, we will finalize the greenfield MFI we started to implement this year in the Democratic Republic of Congo and we will launch muchvalued deposit-taking facilities across all of our affiliates. In the meantime, we will take social performance on board as an integral part of our performance evaluation. This initiative will have the double objective of consistently increase our accountability to our founders while enhancing our financial bottom line. The road to continued growth for the OXUS Group will be with no doubt challenging but I am certain that with the continuous support of our funding partners, expertise of our Board of Directors and the hard work of our employees we will succeed in bringing financial inclusion to the working poor while in the meantime establishing the OXUS Group as a leading provider of microfinance. Michaël Knaute OXUS Group Chief Executive Officer 5

6 OXUS Group geographical footprint as of June 2012: Headquarters located in Paris 10 staff 1 office in Kinshasa 16 staff 7,750 active clients 7,142 kusd portfolio 10 offices 273 staff 4,233 active clients 3,706 kusd portfolio 19 offices 85 staff 10,030 active clients 13,370 kusd portfolio 34 offices 265 staff 90 users 30 clients 360 kusd turnover 16 staff Note 1 : In this report kusd stands for thousands of dollars Note 2 : OXUS Uzbekistan not operational 6 OXUS Group Annual Report June 2012

7 OXUS Group key figures: Consolidated income statement, kusd June 2012 December 2011 (6 months) (12 months) Total operating income Total financial & operating expenses Net operating profit/(loss) before tax & grants Total consolidated profit/(loss) after tax & grants Consolidated balance sheet, kusd June 2012 December 2011 Total assets Total liabilities Total equity Key operational figures June 2012 December 2011 Countries of intervention 4 3 Number of clients Outstanding portfolio, k USD Total staff Number of loan officers Number of offices Number of loans disbursed since 01/01/ Amount of loans disbursed since 01/01/2006, k USD Average outstanding loan balance, USD PAR > 30 days, % 1,16% 1,04% Write-off ratio, % 0,0% 0,6% Annualized yield on portfolio, % 36% 36% Portfolio in rural areas, % 73% 77% Group lending portfolio, % 24% 32% 7

8 Review of the last 12 months Solid and high quality portfolio growth: Outstanding loan balance for the OXUS Group grew by 76% on an annual basis when compared to June 2011 to reach an active portfolio of 24,219 kusd and 22,013 active clients. Portfolio at Risk (PAR) at 30 days downing at record levels across all affiliates, reflecting the Group s focus on portfolio quality. As of June 2012, PAR 30 reached 1.2% at group level (vs. 2.7% in June 2011). A dynamic of geographical expansion: First OXUS affiliate in Africa, OXUS DR Congo is opening in the Democratic Republic of Congo with the support of Incofin, I&P, Proparco, AFD and Microfinance ACP/EU. The MFI received from the Central Bank of Congo its microcredit license in June and will start its operation by October The first branch is located in Bandal district, in Kinshasa. In Central Asia, 2 branches and 3 sub-branches have been opened: 2 new branches in Afghanistan (in Kabul and in Herat), 1 subbranch opened in Ala-Buka, Kyrgyzstan to replace Kashgar-Kyshtak sub-branch closed in January, 2012 and 2 sub-branches opened in Tajikistan (Gafurov and Hamadoni). An enhanced social performance: OXUS Development Network (ODN) was accredited as Entreprise Sociale et Solidaire by the French Ministry of Economy, Finance and Industry and the French Ministry of Labour, Employment and Health. This label recognizes ODN s efforts to place man at the heart of the economy and to focus on reducing social inequalities. OXUS Kyrgyzstan was assessed by MicroFinanza Rating in June 2012 with the award of a BB, acknowledging the affiliate s adequate operations and performance and its fairly stability and capacity of sufficient strategic vision and planning. OXUS Tajikistan s social performance was also assessed in June 2010 by MicroFinanza Rating with the award of a BBB-, acknowledging the affiliate s completely adequate capacity to effectively translate its mission into practice and to promote social values linked with a high likelihood to achieve social goals. The OXUS Group signed up the Smart Campaign for Client Protection. Concrete measures have thus been taken such as implementing Social Performance Indicators to ensure that basic Client Protection Principles are respected. New products: The Express Loan was launched in OXUS Tajikistan, a 100% gold-backed individual loan, requiring minimum documentation and characterised by its rapid disbursement. An Islamic product loan was successfully designed at OXUS Afghanistan and first tests have been conducted since April OXUS Group Annual Report June 2012

9 The road ahead New markets: In spite of booming microfinance markets across many regions, many vulnerable working poor are still in need of financial services. In order to address this lack of service offering, the OXUS Group has plan to continue to expand financial access to the working poor, across largely underserved markets in Asia, Africa and the Middle East. According to CGAP, still over 80% of the population in Central Africa remains underserved. To respond to the lack of microfinance service providers across the region, the OXUS Group decided to implement its new greenfield MFI in the Democratic Republic of Congo (DRC). It will be operational in October By 2015, the OXUS Group contemplates servicing more than 138,000 active clients across 10 affiliates worldwide: the 3 historical MFIs currently in operation in Central Asia together with 7 new greenfield MFIs. 37% OXUS projected portfolio by % 57% Asia Sub-Saharan Africa Middle East and North Africa New products: In its continued efforts to consistently enhance product offer, the OXUS Group will soon be launching a deposit taking facility available to borrowers across all affiliates. With this new product, OXUS Group expects to offer much valued saving accounts by borrowers while at the same time gaining access to an important source of internal funding for increased breadth of outreach. With the objective of tailoring loan products to the needs of the local population, the OXUS Group is launching an Islamic product at its affiliate in Afghanistan. Expansion plan : 10 affiliates and 138,000 active clients by 2015 New initiatives: Since inception of its lending activities the OXUS Group has played a key role in microfinance initiatives launched by ACTED, including Convergences 2015, SAMN and Babyloan. In the future, and with the objective of strengthening the microfinance sector worldwide, ACTED will continue to develop these activities, while in the meantime remaining closely linked to the OXUS Group for support. Launching of deposittaking facility 9

10 OXUS Group presentation OXUS Group Annual Report June 2012

11 OXUS Group structure Who we are: The OXUS Group was created in 2005 with the purpose of taking over microfinance activities provided by ACTED, an apolitical, nonconfessional and relief agency operating since Founded with the mission of reducing poverty through the provision of microfinance services to the working poor, the OXUS Group believes that microfinance can provide households and micro-entrepreneurs with a significant opportunity to step out of the poverty trap. Since inception, the OXUS Group has disbursed over 146,000 loans worth almost USD 119 million and currently operates three MFIs in Central Asia. Moreover OXUS is launching a new MFI in DRC. By October 2012, the first microloan will be disbursed by OXUS on the African continent. Our ambition is to operate worldwide through a network of 10 MFIs in 3 sub-regions by Structure: OXUS Group is structured around a holding created in OXUS Holding, the investment tool and the mother company of the OXUS Group, provides equity and loans to OXUS MFIs and is owned at 86% by ACTED. ODN, the services company set up by the OXUS Group provides technical assistance and consulting services to OXUS MFIs and ACTED s various microfinance initiatives and microfinance expertise to other partners; such as MFIs, networks or investors. 3 operating OXUS MFIs, currently providing microfinance services in Tajikistan, Kyrgyzstan, and Afghanistan. 1 MFI in launch phase in DRC, a co-investment with Incofin, I&P, PROPARCO and supported by AFD and Microfinance ACP/EU. 1 registered MFI in Uzbekistan, on hold, until microfinance regulation is more favourable. 2 microfinance projects should start their activities in Central African Republic and Myanmar in Group Private investors Majority shareholders 86% Minority shareholders 14% HOLDING 11

12 Our Management Information System (MIS): Octopus Octopus Microfinance Software: Our in-house MIS, Octopus, is one of the foremost providers of MIS technology for microfinance institutions. Since 2006, Octopus has successfully assisted 90 institutions in establishing greater efficiency, transparency and timely reporting. Founded on best practices principles, Octopus supports all aspects of microfinance operations. With flexible and intuitive technology, our clients benefit from improved loan, savings portfolio management, interactive client relationship management, integrated accounting and proactive risk management. Our international clients range from greenfield institutions to established Tier2, Tier3, and Tier4 microfinance organisations. Octopus in figures: 5 years of experience 16 staff 90 MFIs using Octopus 9 local Value-Added Resellers 500 download per month 27 field missions (2011) Octopus s users worldwide: Octopus is used in 60 countries and supported by 3 Octopus s centres: Octopus Dakar Octopus Paris Octopus Bishkek Dominican Republic United Kingdom Cameroon Tajikistan India Nazufe is a Tier4 MFI that plays the role of Value- Added Reseller of Octopus in Central and Latin America, and translated the MIS solution to Spanish. When Nazufe implemented Octopus in 2010, it was a small MFI. It has now more than 3,000 active clients. Thanks to Octopus flexibility, the international network of MFIs Agora can at the same time support its organisation in rural areas (Zambia), as well as urban areas (India). Agora has grown from a greenfield MFI to nearly 10,000 active customers in 1 year s use of Octopus. IDEV is a Tier3 MFI that migrated to Octopus in 2011 and in doing so was able to serve 2,000 SMEs with savings services in the Douala area. Thanks to Octopus, IDEV can provide advanced services such as bank checks, current accounts with overdrafts, and tax management. OXUS Tajikistan is a Tier2 MFI that originally implemented Octopus in 2006 to support its credit operations. Six years later the organization is the second-leading MFI in the country, serving 85% of rural clients. Through credit loan OXUS Tajikistan improves the lives of 10,000 customers and their families. ODED is an Octopus Value- Added Reseller that successfully implemented Octopus in 10 MFIs in South Asia (in India, Pakistan, Sri Lanka and Bangladesh) in only 2 years. At the same time, ODED developed custom features (Biometric fingerprint analysis system, SMS Banking Octopus...). in order to meet local needs. 12 OXUS Group Annual Report June 2012

13 A unique group approach From food relief to full scale microfinance: In 1997, ACTED started a food security project in Tajikistan which gradually evolved into a rural credit programme. Lending activities gradually became an integral part of ACTED s interventions and in 2002 microfinance was established as one of its nine pillars. In 2005, ACTED decided to separate its microcredit programs from its not-for-profit activities with the double objective of adapting to evolving microfinance regulations as well as to raise adequate financing for the development of its affiliates in Central Asia. With transformation, the OXUS Group vision was to scale up lending operations developed by ACTED so as to create a network of selfsustainable microfinance banks Microfinance bank MFI Rural credit Emergency food relief Microfinance as a development tool: The OXUS Group started operations with the aim of integrating microfinance into ACTED s broad human development framework. In this respect ACTED works as a breeding ground for the OXUS Group, with the later providing microfinance services following the implementation of emergency relief projects. This approach stemmed from the growing recognition that while humanitarian efforts in a post-crisis situation have been completed, ACTEDs beneficiaries are still ever too poor to develop incomegenerating activities and are in dire need of affordable financial services. Bridging the gap between emergency aid, relief efforts and economic development initiatives ACTED OXUS continuum Humanitarian disaster Emergency and development Development and microfinance 13

14 Our investors Equity investors OXUS Holding: ACTED: ACTED is an international relief agency founded in Afghanistan in Its vocation is to support vulnerable population worldwide and to accompany them in building a better future. With a budget close to EUR 112 million in 2011, the organisation developed 340 projects across 32 countries in fields as diversified as emergency relief, food security or advocacy. Akuo Energy: Akuo Energy is a private group aiming at becoming a global producer of renewable energy including: wind, solar and water energy, biogas and biomass. CEO Office: CEOffice is a family office specialized in the support of business managers. It addresses a fortunate clientele having a minimal net worth standing around EUR 10 million. CEO Office FAR CHEMICAL: Founded in 1983, FAR Chemical produces pharmaceutical reagents and intermediates. Its products service electronic, fragrance, cosmetic and imaging companies. FAR CHEMICAL INC Makers of Fine Organics Tiaré Groupe: Tiaré Groupe is organised around four business lines: wealth management; strategic consulting services; foundations and associations and coaching to family members. Equity investors OXUS DRC: I&P Afrique Entrepreuneurs: I&P Afrique Entrepreuneurs has been created in 2003 to contribute to the development of an enduring and efficient private sector and strengthen the economic fabric in Africa, as well as the Indian Ocean, and promote entrepreneurship values. PROPARCO: Proparco is a Development Finance Institution (DFI) created over 30 years ago on the conviction that the private sector plays a key role in the development of South countries. Proparco is owned at 57% by the Agence Française de Développement (AFD). INCOFIN: Incofin Investment Management manages funds that invest in microfinance institutions (MFIs) in developing countries. Incofin IM s main goal is to reach out to people who live in more secluded rural areas and/or who are active in the agricultural sector. 14 OXUS Group Annual Report June 2012

15 Our investors Debt investors: Banks: MIVs: APEX: 15

16 Our network of MFIs OXUS Group Annual Report June 2012

17 OXUS Tajikistan

18 OXUS Tajikistan Background: OXUS Tajikistan was founded in 2005 with the purpose of taking over lending activities initiated by ACTED in Since inception, OXUS Tajikistan has provided the working poor with over 55,000 loans and disbursed USD 66.5 million, gradually establishing itself as a leading microfinance provider across the country. Tajikistan economic and political setting: Despite being the poorest country in the former Soviet sphere, Tajikistan has been experiencing a constant and solid growth since Even in 2009 and due to the global economic crisis, GDP growth for the Tajik economy slowed only to 3.4%. Due to rising in remittance inflows, strong industry and construction outturns, GDP climbed to stabilize at 6% at the end of After having experienced several security incidents in 2010, the political situation came back to normal in 2011 and is remaining stable in Key country indicators Population, millions HDI (*) Population below national poverty line Life expectancy at birth GDP (**) per capita, USD Source: CIA Factbook & World Bank Data (*): Human Development Indicator (**): Gross Domestic Product 7.8 (2011) (2011) 53% (2009) (2011) 820 (2010) Key figures achievement: OXUS Tajikistan key figures June 2012 December 2011 Number of active clients % of portfolio in rural areas Gross loan portfolio, USD PAR 30, % Average loan balance per active client, USD Annualized yield on portfolio Operationnal self-sufficiency Number of staff Number of offices % ,1% % 112% % % % 117% OXUS Group Annual Report June 2012

19 group OXUS Tajikistan Product range: Trade and Services As of June 2012, OXUS Tajikistan was offering 6 different products: 6% Individual business loan product for SMEs in urban areas; Handicrafts and Manufacturing 20% Group loan product for farmers and entrepreneurs living mainly in rural areas; Agriculture 45% Individual agro loan product for farmers in rural areas; Livestock External consumer loan generally not intended for in come-generating activities; 27% 2% Others Express loan designed to cover for unexpected events; Internal consumer loan product intended for OXUS Tajikistan staff. Gross Loan Portfolio (kusd) Following economic stabilization in 2010, OXUS Tajikistan was able to increase portfolio size by nearly 65% from USD 8,086,867 in June 2011 to USD 13,370,486 one year later. At the same time, number of active clients increased from 7,949 in June 2011 to 10,030 as of June This performance was achieved with the support of 265 staff members, 122 of which were loan officers. In addition, the average loan balance per active client as of June 2012 stood at USD 1,333 (vs. USD 1,017 in June 2011). This is a reflection of client graduation to larger loan sizes as well as increased focus on urban areas for OXUS Tajikistan, including SME lending Active number of clients Portfolio development and number of borrowers Loan disbursement activities: 0 Jun Jul Aug Sep Oct Nov Dec Jan Gross loan portfolio $ Feb Mar Apr May Jun Active number of clients Physical expansion: PAR 30 evolution, % In the context of continued expansion of its operations across 2011/2012, OXUS Tajikistan opened 2 new sub-branches in Gafurov, Sughd region and in Hamadoni, in the Khatlon region. 5,0% Portfolio quality: Since 2009, economic recovery combined with an enhanced collection policy enabled OXUS Tajikistan to gradually reduce PAR 30 to 2.9% in June 2011 and continuous efforts brought the PAR 30 to an historical low of 1% in June ,0% 3,0% 2,0% 1,0% 0,0% Profitability: OXUS Tajikistan has been profitable since 2006, and experienced losses only in 2009 due to the financial crisis. As of June 2012 the Return on Equity stood at 17% and Return on Asset at 3%. Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun PAR 30 ratio (%) 19

20 OXUS Tajikistan OXUS Tajikistan balance sheet - kusd June 2012 December 2011 ASSETS Cash and bank balances Net portfolio Other current assets Long term assets Total assets LIABILITIES Total current liabilities Total long term liabilities Total liabilities EQUITY Total equity OXUS Tajikistan income statement - kusd June 2012 December 2011 INCOME (6 months) (12 months) Interest/service charge on loans Other operating income Interest on investment 6 - Total Operating Income EXPENSES Total financial expenses Total operational expenses Total expenses Net operating profit/loss before tax & grants Non operating income, grants & expenses Income tax Total consolidated profit/loss after tax OXUS Group Annual Report June 2012

21 OXUS Afghanistan

22 OXUS Afghanistan Background: Founded in 2007 with funding from the Microfinance Investment Support Facility for Afghanistan (MISFA), OXUS Afghanistan has grown remarkably fast since inception, being ranked 3th microfinance provider in portfolio terms as of June Since the start of operations OXUS Afghanistan had disbursed just over 67,796 loans worth USD 38.9 million. Afghanistan economic and political setting: Since the fall of the Taliban regime in 2001, Afghanistan s economy has recovered considerably with GDP growing steadily and standing at 7.1% in This has largely been driven by the inflow of international humanitarian aid, recovery of the agricultural sector and service sector growth. In 2011 and as a result of ongoing conflict, the security situation continued to be a burden for development, hindering private sector development, supply of services and causing population displacement. Key figures achievement: Key country indicators Population, millions HDI (*) Population below national poverty line Life expectancy at birth GDP (**) per capita, USD Source: CIA Factbook & World Bank Data (*): Human Development Indicator (**): Gross Domestic Product 30.4 (2011) (2011) 36% (2009) (2011) 501 (2010) OXUS Afghanistan key figures June 2012 December 2011 Number of active clients % of portfolio in rural areas Gross loan portfolio, USD PAR 30, % Average loan balance per active client, USD Annualized yield on portfolio Operationnal self-sufficiency Number of staff Number of offices % ,4% % 78% % ,1% % 49% OXUS Group Annual Report June 2012

23 OXUS Afghanistan Product range: At present OXUS Afghanistan offers 5 different products: Group loans for 6 or 12 months to meet the short term working capital requirements of entrepreneurs in rural and urban areas; Small personal loan following an individual lending methodology requiring guarantors as opposed to collateral; Individual loan product requiring both guarantor and collateral to compensate for significantly bigger loan sizes; 0,15% 3% 9% 4% 85% Trade and Services Handicrafts and Manufacturing Agriculture Livestock SME loan to meet the investment and working capital needs of Small and Medium sized Enterprises (SME); Others Staff loans to meet the consumption requirements of OXUS Afghanistan s most committed employees. Loan disbursement activities: 2011 showed an increase of 45% of its number of active clients from 5,334 in June 2011 to 7,750 in June Portfolio development and number of borrowers As a result, OXUS Afghanistan s gross loan portfolio increased by 85% from USD 3.9 million in June 2011 to USD 7.1 million in June In the meantime, average loan size rose from USD 724 in June 2011 to USD 922 in June Physical expansion: Gross Loan Portfolio (kusd) Active number of clients OXUS Afghanistan has opened 2 new branches since June 2011, in Kabul and in Herat. As a result, OXUS Afghanistan significantly expanded its human resource base during 2011 with the hiring of 69 new staff members, including 36 new loan officers. Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Avr May Jun Gross loan portfolio $ Active number of clients Portfolio quality: PAR 30 evolution, % Despite an economic and political situation that still remains unstable, OXUS Afganistan succeded in maintaining its PAR 30 level under 1.5%. Profitability: OXUS Afghanistan is still loss making but the institution is financially supported by MISFA, the local APEX which covers the insitution losses. Our affiliate has reached an OSS of 92% for the month of June 2012 from 49% six month earlier and expects to reach the break-even in the second 2012 semester. 3,0% 2,5% 2,0% 1,5% 1,0% 0,5% 0,0% Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Avr May Jun PAR 30 ratio (%) 23

24 OXUS Afghanistan OXUS Afghanistan balance sheet - kusd June 2012 December 2011 ASSETS Cash and bank balances Net portfolio Other current assets Long term assets Total assets LIABILITIES Total current liabilities Total long term liabilities Total liabilities EQUITY Total equity OXUS Afghanistan income statement - kusd June 2012 December 2011 INCOME (6 months) (12 months) Interest/service charge on loans Other operating income Interest on investment - - Total operating income EXPENSES Total financial expenses Total operational expenses Total expenses Net operating profit/(loss) before tax & grants Non operating income & expenses (including grants) Income tax - - Total consolidated profit/(loss) after tax OXUS Group Annual Report June 2012

25 OXUS Kyrgyzstan

26 OXUS Kyrgyzstan Background: OXUS Kyrgyzstan was founded in 2006 to respond to the lack of financial service provided to the working poor across the country. OXUS Kyrgyzstan has since then succeeded escalating to the 5th position by June Since the beginning of operations, the affiliate has disbursed 23,114 loans, for a total amount of USD 13.3 million. Kyrgyzstan economic and political setting: The overthrow of President Bakiev in April 2010 and subsequent June 2010 ethnic clashes left hundreds of deaths and damaged infrastructure. After presidential election held on October 30 th 2011 and newly formed coalition government, the political situation has stabilized. This given, economic growth increased by 5.7% for the year Key figures achievement Key country indicators Population, millions HDI (*) Population below national poverty line Life expectancy at birth GDP (**) per capita, USD Source: CIA Factbook & World Bank Data (*): Human Development Indicator (**): Gross Domestic Product 5.5 (2011) (2011) 33.7% (2011) (2011) 847 (2010) OXUS Kyrgyzstan key figures June 2012 December 2011 Number of active clients % of portfolio in rural areas Gross loan portfolio, USD PAR 30, % Average loan balance per active client, USD Annualized yield on portfolio Operationnal self-sufficiency Number of staff Number of offices % ,0% % 94% % ,0% % 121% OXUS Group Annual Report June 2012

27 OXUS Kyrgyzstan Product range: At present OXUS Kyrgyzstan is one of the few MFIs in the country offering a wide range of products intended to match the needs of specific target groups, including: Agro group loans and business group loans intended for rural borrowers as well as micro entrepreneurs; Individual agro loans and individual business loans requiring collateral, but in turn characterised by larger maximum loan sizes; Individual consumer loans designed for consumption purposes as opposed to income-generating activities; 33% 8% 21% 1% 37% Trade and Services Handicrafts and Manufacturing Agriculture Livestock Others Indexed SME loans intended for Small and Medium sized Enterprises. Loan disbursement activities: In a context of economic growth, OXUS Kyrgyzstan was able to increase the size of its portfolio by nearly 107% from USD 1.8 million in June 2011 to USD 3,7 million in June In the meantime, the number of active clients increased by 40%, from in June 2011 to active clients one year later. This good performance was achieved with the support of 85 staff members of which 39 were loan officers each catering for 109 clients. Physical expansion: With the objective of further reaching remote rural areas, OXUS Kyrgyzstan expanded its physical network across 2011 with the opening of a new sub-branch in Ala-Buka, depending on the Jalalabad branch. Gross Loan Portfolio (kusd) Portfolio development and number of borrowers Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Gross loan portfolio $ Active number of clients Active number of clients Portfolio quality: As of June 2012, OXUS Kyrgyzstan shows good portfolio quality with PAR 30 standing at 1%. This performance was mainly due to improved credit policies and procedures. Profitability: OXUS Kyrgyzstan reached break even in 2011 and made a profit of 206 kusd. Recent changes in provision regulation from the Central Bank has temporary deteriorated our affiliate profitability but the situation is expected to be normalized during the second 2012 semester. 3,0% 2,5% 2,0% 1,5% 1,0% 0,5% 0,0% PAR 30 evolution, % Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun PAR 30 ratio (%) 27

28 OXUS Kyrgyzstan OXUS Kyrgyzstan balance sheet - kusd June 2012 December 2011 ASSETS Cash and bank balances Hedging deposit Net portfolio Other current assets Long term assets Total assets LIABILITIES Total current liabilities Total long term liabilities Total liabilities EQUITY Total equity OXUS Kyrgyzstan income statement - kusd June 2012 December 2011 INCOME (6 months) (12 months) Interest/service charge on loans Other operating income Interest on investment 4 - Total operating income EXPENSES Total financial expenses Total operational expenses Total expenses Net operating profit/(loss) before tax & grants Non operating income & expenses (including grants) Income tax - - Total consolidated profit/(loss) after tax OXUS Group Annual Report June 2012

29 OXUS Group consolidated statement

30 OXUS Group consolidated statement OXUS Group consolidated balance sheet - kusd June 2012 December 2011 ASSETS Cash and bank balances Hedging deposit Net portfolio Other current assets Long term assets Total assets LIABILITIES Total current liabilities Total long term liabilities Total liabilities EQUITY Total equity OXUS Group consolidated income statement - kusd June 2012 December 2011 INCOME (6 months) (12 months) Interest & commission on clients Octopus income Other operating income Interest on investment Total operating income EXPENSES Total financial expenses Total operational expenses Total expenses Net operating profit/(loss) before tax & grants Non operating income & expenses (including grants) Income tax Total consolidated profit/(loss) after tax OXUS Group Annual Report June 2012

31 Notes 31

32 OXUS Development Network 33 rue Godot de Mauroy, Paris, France Phone: (+33) paris@oxusnetwork.org OXUS Tajikistan Tolstoi Street 73, Dushanbe, Tajikistan Phone: (+992) dushanbe@oxusnetwork.org OXUS Afghanistan Taimani, District 4#, Street 4#, House 10, Kabul, Afghanistan Phone: (+93) /739 kabul@oxusnetwork.org OXUS Kyrgyzstan 151, Panfilov Street Bishkek, Kyrgyzstan Phone: (+996) bishkek@oxusnetwork.org OXUS RD Congo 2 av Bandoma Simbi, Commune of Kintambo, Kinshasa kinshasa@oxusnetwork.org

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