ANNUAL%20REPORT%202015%20eng

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Directors’ Report Prospects A description of the likely future development in the Company’s business is provided in the subsection headed “OUTLOOK AND BUSINESS STRATEGIES IN 2016” under the Management Discussion and Analysis section on pages 33 to 34 of this annual report. Subsequent Events A description of particulars of important events affecting the Company that have occurred since the end of the financial period can be found in the paragraph headed “Other and Subsequent Events” under the Management Discussion and Analysis section on pages 46 and 47 of this annual report. Save as disclosed above, there have been no events subsequent to 31 December 2015 which require adjustment to or disclosure in the annual report. MAJOR CUSTOMERS AND SUPPLIERS The information in respect of the Group’s sales and purchases attributable to the major customers and suppliers respectively during the financial year is set out in Table 22. Table 22. Sales and purchases attributable to the major customers and suppliers Percentage of the Group’s total Revenue from sales of goods and rendering of services Purchases The largest customer 26.3% Five largest customers in aggregate 73.7% The largest supplier 57.9% Five largest suppliers in aggregate 81.9% Dr. Oyungerel Janchiv, Director of the Company, holds interests in NIC LLC which is one of the five largest suppliers disclosed above. Each of MCS Mining Group Limited, the controlling shareholder of the Company and Mr. Odjargal Jambaljamts and Mr. Od Jambaljamts, Directors of the Company, has interests in MCS International LLC and Uniservice Solution LLC which are two of the five largest suppliers disclosed above. Save as disclosed above, to the best knowledge of the Directors, none of the Directors nor any of their close associates nor any shareholder who holds more than 5% of the Shares has any interests in the customers or suppliers disclosed above. Annual Report 2015 91
Directors’ Report FINANCIAL STATEMENTS The results of the Group for the year ended 31 December 2015 and the state of the Group’s affairs as at that date are set out in the consolidated financial statements on pages 109 to 196. TRANSFER TO RESERVES Loss attributable to equity shareholders, before dividend, of USD187,763,000 (2014: loss of USD282,837,000) have been transferred to reserves. Other movements in reserves are set out in the consolidated statement of changes in equity on page 113. DIVIDEND No dividend has been declared and paid by the Group during the year ended 31 December 2015. The Board does not recommend the payment of a dividend for the year ended 31 December 2015 (dividend for the year ended 31 December 2014: nil). CHARITABLE DONATIONS Charitable donations made by the Group during the year ended 31 December 2015 amounted to USD84,000 (2014: USD21,000). PROPERTY, PLANT AND EQUIPMENT During the year, the Group acquired property, plant and equipment for approximately USD21,509,000. Details of these acquisitions and other movements in the property, plant and equipment of the Group are set out in note 13 to the consolidated financial statements. SHARE CAPITAL Details of the movements in share capital of the Company during the year are set out in note 29 to the consolidated financial statements. BANK LOANS AND OTHER BORROWINGS Particulars of bank loans and other borrowings of the Group as at 31 December 2015 are set out in note 23 to the consolidated financial statements. The borrowing amount totals USD197.6 million (2014: USD276.8 million) and all of it is in USD. The borrowing of USD55 million is at fixed rate and the remaining borrowings are at variable rate (with a fixed margin over LIBOR). 92 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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Group Structure 14 Annual Report 20
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Management Discussion and Analysis
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