ANNUAL%20REPORT%202015%20eng

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Notes to Consolidated Financial Statements 7 INCOME TAX (Continued) (b) Reconciliation between tax expense and accounting loss at applicable tax rates: (Continued) Note: (i) (ii) (iii) (iv) (v) Pursuant to the prevailing income tax rules and regulations of Mongolia, the Group is liable to Mongolian Enterprise Income Tax at a rate of 10% of first MNT3 billion taxable income and 25% of the remaining taxable income for the years ended 31 December 2015 and 2014. According to the Corporate Income Tax Law of China, the Company’s subsidiary in China is subject to statutory income tax rate of 25%. Pursuant to the rules and regulations of the Cayman Islands, the Group is not subject to any income tax in the Cayman Islands. The Group is not subject to Hong Kong and Luxembourg profits tax as it has no assessable income arising in or derived from Hong Kong and Luxembourg during the years ended 31 December 2015 and 2014. Non-deductible items mainly represent the non-deductible expenses and the unrealised exchange losses which are non-deductible pursuant to the income tax rules and regulations of Mongolia during the years ended 31 December 2015 and 2014. Non-taxable items mainly represent the unrealised exchange gains which are non-taxable pursuant to the income tax rules and regulations of Mongolia during the years ended 31 December 2015 and 2014. The waiving is pursuant to the adoption of the new law on Economic Transparency on 7 August 2015 as approved by Mongolian Parliament for amnesty from tax obligations and administrative penalties. 8 LOSS PER SHARE (a) Basic loss per share The calculation of basic loss per share is based on the loss attributable to ordinary equity shareholders of the Company of USD187,763,000 (2014: USD282,837,000) and the 9,262,591,250 ordinary shares (2014: 4,751,758,537 ordinary shares after adjusting for the rights issue in 2014) in issue during the year. In calculating basic loss per share, the weighted average number of shares outstanding during the years ended 31 December 2015 and 2014 were calculated as if the bonus elements without consideration included in the rights issue had existed from the beginning of the comparative year. (b) Diluted loss per share For the years ended 31 December 2015 and 2014, basic and diluted loss per share are the same as the effect of the potential ordinary shares outstanding is anti-dilutive. The equity-settled share-based payment transactions (see Note 27) are anti-dilutive and therefore not included in calculating diluted loss per share for the years ended 31 December 2015 and 2014. Annual Report 2015 151
Notes to Consolidated Financial Statements 9 DIRECTORS’ REMUNERATION Details of the directors’ remuneration disclosed are as follows: Year ended 31 December 2015 Directors’ fee Salaries, allowances and benefits in kind Discretionary bonuses Retirement scheme contributions Equity-settled share-based payment expenses Total USD’000 USD’000 USD’000 USD’000 USD’000 USD’000 Executive directors Odjargal Jambaljamts (Chairman) 16 251 328 40 — 635 Battsengel Gotov 16 205 328 37 833 1,419 Non-executive directors Oyungerel Janchiv 16 — — — — 16 Batsaikhan Purev 15 — — — — 15 Od Jambaljamts 16 — — — — 16 Gankhuyag Adilbish 16 — — — — 16 Independent non-executive directors Ochirbat Punsalmaa 21 — — — — 21 Unenbat Jigjid 24 — — — — 24 Chan Tze Ching, Ignatius 51 — — — — 51 Total 191 456 656 77 833 2,213 152 Annual Report 2015
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(Incorporated in the Cayman Islands
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Company Profile Mongolian Mining Co
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Corporate Information BOARD OF DIRE
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Directors and Senior Management BOA
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Directors and Senior Management Gan
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Directors and Senior Management Une
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Directors and Senior Management SEN
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Group Structure 14 Annual Report 20
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Chairman’s Statement I believe th
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Management Discussion and Analysis
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Sustainability Report OUR APPROACH
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Sustainability Report Fair operatin
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Sustainability Report Figure 3. HR
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Sustainability Report The Company
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Sustainability Report In September
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Sustainability Report Figure 5. LTI
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Sustainability Report Biodiversity
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Sustainability Report In 2015, appr
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Sustainability Report There are num
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Sustainability Report OUR COMMUNITY
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Sustainability Report We receive gr
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Sustainability Report As part of th
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Sustainability Report Procurement W
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Corporate Governance Report BOARD O
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Corporate Governance Report Continu
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Corporate Governance Report Remuner
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Corporate Governance Report The Cor
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Corporate Governance Report SHAREHO
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Directors’ Report The Directors s
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Directors’ Report Risk Management
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Directors’ Report FINANCIAL STATE
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Directors’ Report DIRECTORS’ SE
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Directors’ Report DIRECTORS’ AN
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Directors’ Report The basis of el
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Glossary and Technical Terms “Ore
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Appendix I Technical details of the
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Appendix I Criteria Commentary •
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Appendix I Criteria Commentary Infr
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