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JSC Georgia Capital and Subsidiaries Consolidated Financial Statements

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JSC Georgia Capital and Subsidiaries Consolidated Financial Statements JSC Georgia Capital and Subsidiaries Consolidated Financial Statements 31 December 2019 CONTENTS INDEPENDENT AUDITOR’S REPORT Consolidated statement of financial position ........................................................................................................................................ 1 Consolidated income statement ............................................................................................................................................................... 2 Consolidated statement of comprehensive income ............................................................................................................................. 3 Consolidated statement of changes in equity ....................................................................................................................................... 4 Consolidated statement of cash flows ................................................................................................................................................... 6 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Principal Activities ........................................................................................................................................................................... 8 2. Basis of Preparation......................................................................................................................................................................... 8 3. Summary of significant accounting policies .............................................................................................................................. 16 4. Significant Accounting Judgements and Estimates ................................................................................................................. 38 5. Business Combinations ................................................................................................................................................................. 40 6. Segment Information .................................................................................................................................................................... 47 7. Cash and Cash Equivalents .......................................................................................................................................................... 50 8. Amounts Due from Credit Institutions ..................................................................................................................................... 50 9. Marketable Securities ..................................................................................................................................................................... 50 10. Loans Issued ................................................................................................................................................................................... 50 11. Equity Investments at Fair Value................................................................................................................................................ 51 12. Accounts Receivable ..................................................................................................................................................................... 51 13. Inventories ...................................................................................................................................................................................... 52 14. Investment Properties ................................................................................................................................................................... 52 15. Property and Equipment .............................................................................................................................................................. 53 16. Leases ............................................................................................................................................................................................... 55 17. Goodwill and Intangible Assets .................................................................................................................................................. 56 18. Other Assets and Liabilities ......................................................................................................................................................... 58 19. Taxation ........................................................................................................................................................................................... 58 20. Insurance Contract Liabilities and Reinsurance Assets ........................................................................................................... 60 21. Borrowings ...................................................................................................................................................................................... 60 22. Debt Securities Issued ................................................................................................................................................................... 61 23. Deferred Income............................................................................................................................................................................ 61 24. Accounts Payable ........................................................................................................................................................................... 62 25. Commitments and Contingencies ............................................................................................................................................... 62 26. Equity ............................................................................................................................................................................................... 63 27. Gross Profit .................................................................................................................................................................................... 64 28. Salaries and Other Employee Benefits, and General and Administrative Expenses ......................................................... 67 29. Impairment of insurance premiums receivable, accounts receivable, other assets and provisions ................................. 68 30. Net Non-recurring Items ............................................................................................................................................................. 70 31. Share-based Payments ................................................................................................................................................................... 70 32. Risk Management ........................................................................................................................................................................... 71 33. Fair Value Measurements ............................................................................................................................................................. 78 34. Maturity Analysis............................................................................................................................................................................ 85 35. Related Party Disclosures ............................................................................................................................................................. 86 36. Events after the Reporting Period .............................................................................................................................................. 87 EY LLC შპს იუაი Kote Abkhazi Street, 44 საქართველო, 0105 თბილისი Tbilisi, 0105, Georgia კოტე აფხაზის ქუჩა 44 Tel: +995 (32) 215 8811 ტელ: +995 (32) 215 8811 Fax: +995 (32) 215 8822 ფაქსი: +995 (32) 215 8822 www.ey.com/ge Independent auditor’s report To the Shareholder and the Supervisory Board of JSC Georgia Capital Opinion We have audited the consolidated financial statements of JSC Georgia Capital (the Company) and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at 31 December 2019, and the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at 31 December 2019 and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs). Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical
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