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27.09.2010 PWC Mongolia, Mr. Dan Feder

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Mr. Dan Feder, Partner, PriceWaterhouseCoopers

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27.09.2010 PWC Mongolia, Mr. Dan Feder

  1. 1. PricewaterhouseCoopers LLP PwC PwC Mongolia September 2010
  2. 2. PricewaterhouseCoopers LLP Slide 2 Agenda  PwC Global  PwC in Mongolia  Mining  Capital Markets
  3. 3. PricewaterhouseCoopers LLP Slide 3 Who we are
  4. 4. PricewaterhouseCoopers LLP Slide 4 PwC Global Creating relationships that create value  The PwC global network is one of the world’s largest providers of assurance, tax, and business consulting services.  We believe that the best outcomes are achieved through close collaboration with our clients and the many stakeholder communities we serve.  So every day, 161,000 PwC people in 154 countries work hard to build strong relationships with others and understand the issues and aspirations that drive them.  At PwC, we measure success by our ability to create the value that our clients, our people and the wider investing public are looking for. www.pwc.com
  5. 5. PricewaterhouseCoopers LLP Slide 5 PwC in Mongolia  Opening of our new office in Ulaanbaatar took place on 7 September 2010.  PwC Mongolia as part of the PwC Global network is ready to provide assurance, advisory and taxation services to both Mongolian and international companies with operations in Mongolia.  The main areas of focus include the mining sector, financial services, telecommunications and manufacturing.  Over 20 predominately national staff; many with international experience.
  6. 6. PricewaterhouseCoopers LLP Slide 6 What do we do? Assurance Financial Statement Audit Financial Accounting Systems & Process Assurance Internal Audit Contractual & Regulatory Compliance Audit Taxation Compliance Services Tax Accounting Indirect Tax (VAT) Tax Function Effectiveness Transfer Pricing International Tax Structuring Advisory Performance Improvement Forensic Services Corporate Governance Risk Management Mergers & Acquisitions Due Diligence
  7. 7. PricewaterhouseCoopers LLP Slide 7 Global Mining Trends & Outlook Where does Mongolia fit? Poised to take advantage of the next boom • Demand is strong – the industry will grow dramatically • Supply struggling to keep up • Opportunities exist for those with resources – Mongolia very prospective • Proximity to China • Wealth, infrastructure, employment, development Difference to baseline in % Source: IMF
  8. 8. PricewaterhouseCoopers LLP Slide 8 PwC – serving the mining sector  PwC currently audits 32% of mining companies worldwide with more than $1 billion in revenue.  We audit 47% of the FT Global 500 mining companies and provide other professional services to the remainder of them.  We audit twelve of the top 40 global mining companies by market capitilisation. • 1,500 professionals work in mining sector across the globe. PwC 31% Other 7% E&Y 14% KPM G 24% Deloitte 24% Top 40 global mining market share by market capitalisation
  9. 9. PricewaterhouseCoopers LLP Slide 9 We help our clients confront the mining industry's most challenging issues, including:  Addressing sustainability Issues  Complying with regulatory & Reporting requirements  Improving performance & Operational effectiveness  Industry transactions & Consolidation  Managing financial risk  Recruiting & Retaining a skilled workforce  Financing & Managing Capital Projects Our audit clients globally include:  Barrick Gold  Central Asia Metals  Chalco  Eurasia Natural Resources Corporation (ENRC)  Katanga Mining  Namakwa Diamonds  Newmont Mining  OceanaGold  Rio Tinto  Southern Copper  Vale PwC – serving the mining sector
  10. 10. PricewaterhouseCoopers LLP Slide 10 Mining Center of Excellence The Central Asia Mining Center of Excellence (MCoE) was founded by PwC in Kazakhstan in early 2009, reflecting the growth and development of our mining practice. MCoE is a group of professionals specialising in the mining industry with the aim of serving as a central point for industry specific research and education. Its main strategic goal is to maintain excellence in mining client service. MCoE holds regular client and internal meetings, conducts industry related training and actively participates in external industry events and activities. Recent activities: • MINEX • Central Asia Mining Congress • Association of Mining Companies (AGMP)
  11. 11. PricewaterhouseCoopers LLP Slide 11 Mining publications Financial Reporting in the Mining Industry Describes the financial reporting implications of IFRS across a number of areas selected for their particular relevance to the mining industry. Total Tax Contribution Total Tax Contribution of the Global Mining Industry is the first industry wide study looking at the total taxes of 14 of the world’s largest mining companies. It is the first study of income and non-income taxes prepared for the mining industry on a global basis Junior Mine An annual publication that provides a consolidated view of the UK’s junior mining industry, as represented by 50 of the largest mining companies listed on AIM. Mining Deals An annual comprehensive analysis of M&A activity in the mining industry. Examining both the rationale behind the overall trends, looking at the key individual deals under review and ahead to the future direction of deal-making in the sector. Mine An annual survey of the top 40 global mining companies by market capitalisation. Our report provides a comprehensive analysis of the financial performance and position of the global mining industry and also discusses current trends in the global mining industry. The sixth publication includes an article around sustainable development which focuses on balancing the long term benefits of a clear SD program against the realities of the current economic climate. Global Mine Bulletin This quarterly bulletin is prepared by our global mining team and aims to focus on current issues within the mining industry, how these impact our clients business as well as providing information around our global skills and services in the sector.
  12. 12. PricewaterhouseCoopers LLP Slide 12 PwC Capital Markets Group Global network - Local knowledge CMG practice of 480 professionals across 27 territories, including over 130 people in London PwC Capital Markets Group locations SPAIN MEXICO CHILE LONDON AMSTERDAM BELGIUM BRAZIL SINGAPORE FRANKFURT NORDIC REGION SYDNEY TORONTO ISRAEL MOSCOW ARGENTINA KOREA JAPAN SWITZERLAND FRANCE INDIA POLAND SOUTH AFRICA ITALY DUBAI TAIWAN CHINA NEW YORK HONG KONG
  13. 13. PricewaterhouseCoopers LLP Slide 13 What do we do in Capital Markets? Capital Markets Capital markets execution services - assurance and advisory Capital markets support services - centre of excellence IPO readiness Accounting Advisory Complex GAAP conversions and embedding Complex accounting standards implementation Acquisitions or carve-out accounting advice and support Structuring Debt for equity, refinancing, IPO and M&A structures Reserves planning and solving dividend blocks Corporate simplification, reorganisation and inversions
  14. 14. PricewaterhouseCoopers LLP Slide 14 PwC – London Capital Markets • In 2007-2010, our UK Capital Markets Group acted as a Reporting Accountant on 41 London Main Market listings, raising in excess of £6.5 billion. • We have worked on many high profile listings on London’s Main Market including ENRC and Royal Dutch Shell. • We work extensively and increasingly with companies from emerging markets in preparing them for and advising them on London listings. • Over the past five years, we acted as a Reporting Accountant on 15 Main Market IPOs of Russian and CIS companies, and advised on nearly 40% of CIS listings on the London Main Market in 2007-2010. PwC 23% EY 20% Deloitte 16% KPMG 17% Other 23% London Main Market IPO share – number of IPOs in 2007-2010* * For the period from 1 January 2007 to 30 June 2010
  15. 15. PricewaterhouseCoopers LLP Slide 15 London capital market credentials – mining, energy, utilities IPO on the Official List of the London Stock Exchange £707m pwc July 2010 Reporting Accountant IPO on the Official List of the London Stock Exchange £581m pwc March 2010 Reporting Accountant IPO on the Official List of the London Stock Exchange $100m pwc December 2009 Reporting Accountant IPO on the Official List of the London Stock Exchange $3,042m pwc December 2007 Reporting Accountant Rights Issue $15,200m pwc June 2009 Reporting Accountant ROYAL DUTCH SHELL Listing on the Official List of the London Stock Exchange Restructuring pwc May 2005 Reporting Accountant Class 1 acquisition of Alcan Incorporated Total equity consideration $38b pwc October 2007 Reporting Accountant IPO of GDRs on the Official List of the London Stock Exchange $369m pwc November 2006 Reporting Accountant IPO of GDRs on the Official List of the London Stock Exchange $605m pwc February 2007 Reporting Accountant IPO of GDRs on the Official List of the London Stock Exchange Introduction only pwcz August 2009 Reporting Accountant IPO on the Official List of the London Stock Exchange $420m pwc June 2007 Reporting Accountant IPO on the Official List of the London Stock Exchange $185m December 2007 pwc Reporting Accountant
  16. 16. PricewaterhouseCoopers LLP Slide 16 PwC – HK Capital Markets  In 2009 Hong Kong ranked first in terms of the IPO funds raised (HK$244 billion or US$31 billion) globally.  Our HK Capital Markets Group acted as Reporting Accountant on 12 HK listings in 2009, raising in excess of HK$105 billion (US$13 billion) and positioning us as the market leader.  We have advised on 5 out of the 8 largest IPOs, individually raising more than HK$10 billion. HK Market share – funds raised in HK IPOs in 2009 PwC 43% EY 26% Deloitte 15% KPMG 15% Other 1%
  17. 17. PricewaterhouseCoopers LLP Slide 17 SINOPHARM GROUP CO LTD H Shares IPO on Main Board of Hong Kong stock exchange HK $10.040 billion. pwc September 2009 Advised by Capital market credentials – Hong Kong CHINA MINSHENG BANKING CORP H and A shares IPO on Hong Kong and Shanghai stock exchanges US $5.2 billion BELLE INTERNATIONAL HOLDINGS LTD IPO on Main Board of Hong Kong stock exchange HK $9.955 billion. pwc November 2009 Advised by pwc May 2007 Advised by CHINA MINSHENG BANKING CORP IPO on Hong Kong stock exchanges US $3.86 billion pwc May 2007 Advised by
  18. 18. PricewaterhouseCoopers LLP Leading in the Capital Markets highlights some of the issues that need to be resolved in advance, during and post a successful flotation process and how we can assist clients in resolving many of the issues identified. IPO Watch Europe is a quarterly survey tracking the value and volume of primary listings on Europe’s principal stock markets. The annual IPO Watch Europe – Review of the year collates data from the quarterly reviews conducted. The Listing in London series comprises a number of guides giving an overview of the key requirements for listing on one of the London markets including primary listing, secondary listing, listing of depositary receipts, listing of debt and AIM flotation. Capital Markets publications Going Public guide gives an overview of the key issues and regulations to be aware of when listing on one of the Greater China markets for a range of capital markets transactions including China A-share and B- share listings, Hong Kong H-share listings, and GEM flotations. IPO Watch Greater China is a quarterly survey tracking the value and volume of primary listings on Greater China’s principal stock markets. The annual IPO Watch Greater China – Review of the year collates data from the quarterly reviews conducted.
  19. 19. PricewaterhouseCoopers LLP Slide 19 PwC contacts in Mongolia PwC Mongolia Dan Feder Partner in charge Tel: +976-11- 322069, 322068 Email: dan.feder@kz.pwc.com Bolormaa Tsedenpil Assurance Senior Manager bolormaa.tsedenpil@mn.pwc.com Sebastian Merriman Tax Senior Manager sebastian.merriman@mn.pwc.com Esentsengel Sukhee Markets Leader esentsengel.sukhee@mn.pwc.com PwC Mongolia office Central Tower, 6th floor, Suite 601 Ulaanbaatar, Mongolia Tel: +976-11- 322069, 322068
  20. 20. PricewaterhouseCoopers LLP Slide 20 PwC CMG contacts London Clifford Tompsett Tel: +44 20 7804 4703 Email: clifford.tompsett@uk.pwc.com Europe Leandro van Dam Tel: +31 20 5687144 Email: leandro.van.dam@nl.pwc.com New York Scott Gehsmann T: +1 646 471 8310 Email: scott.j.gehsmann@us.pwc.com Hong Kong Kennedy Liu Telephone: +852 2289 1881 Email:kennedy.liu@hk.pwc.com Toronto Geoff Leverton Telephone: +1 416 815 5053 Email: geoff.m.leverton@ca.pwc.com Dubai Stephen Drake Telephone: +971 4 304 3416 Email: james.anderson@ae.pwc.com
  21. 21. PricewaterhouseCoopers LLP Slide 21 PwC This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. © 2010 PwC. All rights reserved. Not for further distribution without the permission of PwC. "PwC" refers to the network of member firms of PricewaterhouseCoopers International Limited (PwCIL), or, as the context requires, individual member firms of the PwC network. Each member firm is a separate legal entity and does not act as agent of PwCIL or any other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way. No member firm is responsible or liable for the acts or omissions of any other member firm nor can it control the exercise of another member firm's professional judgment or bind another member firm or PwCIL in any way.