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Bank Republic Group Bank Republic Group Consolidated financial statements and Independent auditor’s report For the year ended December 31, 2016 Bank Republic Group Consolidated financial statements Contents Independent auditor’s report Consolidated financial statements Consolidated statement of profit or loss and other comprehensive income ................................................................... 1 Consolidated statement of financial position .................................................................................................................. 2 Consolidated statement of changes in equity ................................................................................................................ 3 Consolidated statement of cash flows ............................................................................................................................ 4 Notes to the consolidated financial statements 1. Organisation ............................................................................................................................................ 6 2. Significant accounting policies ................................................................................................................. 6 3. Critical accounting judgments and key sources of estimation uncertainty ............................................. 18 4. Changes in accounting policies and adoption of new or revised standards and interpretations ............ 20 5. New Accounting Pronouncements ......................................................................................................... 21 6. Reclasifications ...................................................................................................................................... 22 7. Net interest income ................................................................................................................................ 23 8. Allowance for impairment losses and other provisions .......................................................................... 23 9. Net gain on foreign exchange operations .............................................................................................. 24 10. Fee and commission income and expense ............................................................................................ 24 11. Other income ......................................................................................................................................... 24 12. Operating expenses ............................................................................................................................... 25 13. Income taxes ......................................................................................................................................... 25 14. Cash and cash equivalents .................................................................................................................... 26 15. Mandatory cash balance with national bank of Georgia ........................................................................ 26 16. Due from financial institutions ................................................................................................................ 26 17. Loans to customers ............................................................................................................................... 27 18. Investment securities ............................................................................................................................. 30 19. Property and equipment ........................................................................................................................ 32 20. Investment property ............................................................................................................................... 33 21. Other assets .......................................................................................................................................... 33 22. Deposits by banks ................................................................................................................................. 34 23. Deposits by customers .......................................................................................................................... 34 24. Borrowed funds...................................................................................................................................... 35 25. Other liabilities ....................................................................................................................................... 36 26. Subordinated debt ................................................................................................................................. 36 27. Equity ..................................................................................................................................................... 36 28. Commitments and contingencies ........................................................................................................... 37 29. Transactions with related parties ........................................................................................................... 39 30. Fair value of disclosures ........................................................................................................................ 41 31. Capital risk management ....................................................................................................................... 45 32. Risk management policies ..................................................................................................................... 46 33. Offsetting financial assets and financial liabilities .................................................................................. 64 34. Subsequent events ................................................................................................................................ 64 Bank Republic Group Consolidated financial statements Consolidated statement of cash flows For the year ended December 31, 2016 (in thousands of Georgian Lari) Year ended Year ended December 31, December 31, Notes 2016 2015 Cash flows from operating activities Interest received 176,141 138,790 Interest paid (61,234) (49,361) Fees and commissions received 17,982 17,069 Fees and commissions paid (7,818) (6,618) Recovery of asset previously written off 1,840 - Realized gain on foreign exchange operations 17,050 12,796 Other operating income received 1,238 3,223 Operating expenses paid (55,916) (52,199) Cash inflow from operating activities before changes in operating assets and liabilities 89,283 63,700 Changes in operating assets and liabilities (Increase)/decrease in operating assets Mandatory cash balance with the NBG (51,088) (20,204) Due from financial institutions (3,150) (1,392) Loans to customers (257,404) (309,688) Other assets (10,435) 842 Increase/(decrease) in operating liabilities Deposits by banks 123,845 63,830 Deposits by customers 82,030 105,605 Other liabilities 487 (892) Cash outflow from operating activities before taxation (26,432) (98,199) Income taxes paid (8,515) (6,767) Net cash outflow from operating activities (34,947) (104,966) Cash flows from investing activities Purchase of property and equipment, and intangible assets (3,731) (6,172) Dividends received 244 129 Income from lease of investment properties 1,925 860 Purchase of investment property - (3,341) Proceeds on disposal of investment property 20 3,492 4,215 Proceeds from redemption at maturity of investment securities loans and receivables 83,384 45,754 Proceeds from disposal of investment securities available for sale 3,481 - Acquisition of investment securities (120,850) (74,561) Net cash outflow from investing activities (32,055) (33,116) The notes on pages 6-64 form an integral part of these consolidated financial statements. 4 Bank Republic Group Consolidated financial statements Consolidated statement of cash flows (continued) Year ended Year ended December 31, December 31, Notes 2016 2015 Cash flows from financing activities Repayment of borrowed funds (66,673) (98,276) Proceeds from borrowed funds 205,125 315,840 Subordinated debt received 16,830 - Repayment of subordinated debt (31,729) (2,736) Net cash inflow from financing activities 123,553 214,828 Effect of exchange rate changes on the balance of cash held in foreign currencies 638 1,463 Net increase in cash and cash equivalents 57,189 78,209 Cash and cash equivalents, beginning of the year 14 178,676 100,467 Cash and cash equivalents, end of the year 14 235,865 178,676 The notes on pages 6-64 form an integral part of these consolidated financial statements. 5 Notes to the consolidated financial statements Bank Republic Group for the year ended December 31, 2016 (in thousands of Georgian lari) 1. Organisation Joint Stock Company Bank Republic (the “Bank”) is a joint-stock bank, which was incorporated in Georgia in 1992. The Bank is regulated by the National Bank of Georgia (the “NBG”) and conducts its business under general banking license number 5. The Bank’s primary business consists of commercial activities, originating loans and guarantees, attracting deposits by customers, trading with securities and foreign currencies. The registered office of the Bank is located at 2 Grigol Abashidze Street, 0179, Tbilisi Georgia. As at December 31, 2016 and 2015 the Bank had 8 branches and 33 service centers operating in Georgia. The Bank is a parent company of a group (the “Group”) which consists
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