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ISC Ziraat Bank Tbilisi Branch ISC Ziraat Bank Tbilisi Branch Financial Statements |anuary 1, 2015 - December 31, 2015 Table of Contents lndependent Auditor' Report Statement of Financial Position 4 Profit-loss and Other Comprehensive Income Statements 5 Cash Flow Statements 6 Statement of Changes in Equity 7 Explanatory Notes to the Financial Statements 8 Auditing Concern "TSODNISA" Ltd 4 I,Y azha-Pshavela ave., Tbilisi, Georgia. Identiflcation code 2ll344l8$ Tel.: 239-33-50 E-mail: [email protected] Independent Auditor's Repoft (on the reuiew of financial t,Ziraat statements of Bank rbilisi Branch,,, ISC) I' Independent auditor - LTD Audit Concern'Tsodnisa" has audited the (accompanying) financial statements of the lsC "ziraat Bank Tbilisi Branch,,(hereinafter referred to as the company) financial statements (attached to). The financial statements comprised the statement of financial position as December at 31, 2015, the statement of profit-loss and other comprehensive income for 2015, statement of changes in equity, cash flow statement for the reporting period, the basic principles ofaccounting policies and explanatory notes, 2' The Companf s management is responsible for the performance of the financial statements and its fair presentation in accordance with International Financial Reporting Standards (//,?S), This responsibility includes: designing and implementing the relevant internal control free from material misstatement' whether due to fraud or error. our responsibility rs to express an opinion on the presented financial statements based on the performed audit, The audit was planned and per.fbrmed in accordance with International Stand.ards on Auditing so as to obtain reasonable assurance of reliability of accounting. The audit procedures selection depends on the auditors, judgment, to include the assessment of the risk of material misstatements of the financial statements whether due to fraud or error' Audit also includes evaluating the appropriateness of accounting policies used by the management and the reasonableness of accounting records rnade, as well as evaluating the overall presentation of the financial statements. We believe that the audit performed by us provides substantiated basis for our opinion. 3' According to the results of the audit, the 2015 accounting records of the Joint Stock company t'ziraat Bank rbilisi Branch'/ were kept in accordance with International Accounting Standards and International Financial Reporting Standards (IFR$, The presented 2015 financial statements in all major aspects give a true and fair view of the financial position, income and expenses' cash flows of the Bank as at the end of the year ended December 31, 2015. Audit Concern "Tsodnisa,, LLC General Director Tsertsvadze May 13,2016 Ziraat Bank Tbilisi Branch |SC Sta[ement of financial position as at December 2015 31.12.2015 31.12.2014 Notes Assets Cash and Cash Equivalents 30,029,049 36,847,951 Obligatory Reserve in NBG(National Bank of Georgia) '1,073,6',74 4,346,319 Amounts due from credit institutions 31,864 30,841 Loans to Custot-ners 13,396,273 10,867,006 6 ,7 Investment Securities 10,738,254 13,019,615 Other Assets 333,526 189,111 8 Deferred Income Tax Assets 42,331 18,91 I 9 2,158,770 l,l 35,587 Fixed Assets l0 253,098 243,993 Intangible Assets - 64,056,839 66,700,000 Total Assets _ Liabilities Amounts dure to credit institutions 2,394,900 6,707,545 ll Liabilities due to customers 41,295,901 4I ,968,87 5 l2 Interests payable 45,265 31,709 Provisions 201,992 305,043 l3 Other liabilities 489,639 129,845 8 44,427,703 49,143,017 _ Capital Share capital 15,204,182 15,204,182 t4 Retained earnings 4,412,954 2,336,801 Other reserve 12,000 16,000 19,629,136 17,556,983_ Total liabilities and eguilv 64,056,839 66,700,000 Director Mehmet Uchar Chief A Davit Kistauri l- I Ziraat Bank Tbilisi Branch ]SC Profit-loss and other comprehensive income statement frorn January l, 2015 - through December3l, 2015 201 5 2014- Notes lnterest lncome 2,8 10,695 I,988,766 I nterest E,xpense (356, I 71 ) (222,197) Net Interest Income 2,454,524 1,766,569 15 Possible Impairment Charge Reserve on Loans ( 158,970) (29,347) Net lnterest lncor.ne 2,295,553 | ,7 37 ,222 679,226 Fee and Commission lncome 895,327 l6 Fee and Commission Expense (t67,279) (t44,316) Other income 221,141 t 6l,000 t7 Cains/(losses) fiom Foreign Cun'ency Operations 2,t77,012 r,050,5 l9 Cain (loss) tlom Foreign Currencies Exchange (3 r,584) (63,251) Gain/Loss trom lmpairrnent Charge on Other Assets Provisions 104,549 (89,r3r) Adnrinistrative and Othet Operating Expense (3, r 98,520) (2,603,078) l8 Operating lncome 2,296,799 128,191 Profit Before Income Tax Expense 2,296,199 728,191 Income Tax Expense (220,047) I B,9l r Profit for the Year 2,076,153 747,102 Other Comprehensive Income : Gain/Loss ti'om Properly and Buildings Revaluation Property and Equipment Revaluation Part of Depreciation Revaluation (4,000) Total Other comprehensive income (4,000) Total Income 2,076,153 139,102 Director Mehmet Uchar Chief Accoun Davit Kistauri Ziraat Bank Tbilisi Branch JSC Cash Flow Statements from January l, 2015 - throLrgh December3l, 2015 3r.12.2015 3t.12,20r4 Net inconre 2,076,153 747,102 con'ecllons; Depreciation & Amottization s32,877 518,164 Changes in Reselve ( r07,0s l) 87,863 Cash Flows from Operating Activities before changes in 2,501,978 1,353,129 operative assets and liabilities Net growth/decrease of reserves in NBG (2,727,355) (t,454,147) Changes in leceivables to credit institutions ( r,023) ( r8,070) Changes in investment securities 2,281,361 (3,252,449) Changes in loans to customers (2,529,267) (2,803,309) Changes in difl'ered tax asset (23,420) (16,709) Changes in other assets (143,7 49) 26,116 Changes in liabilities to cfedit institutions (4,312,64s) 4,971,048 Changes in liabilities [o customers (672,968) 22,294,290 Changes in other liabilities 359,795 (4,043,823) Net cash provided (used) by operating activities (5,267,293) 11,056,071 Cash Flows from Investing Activities Acquisition of flxed and intangible assets (92,092) Net cash provided (used) by investing activities (92,092) _ Cash Flows from Financing Activities Changes in intelests payable 8,3 86 Net cash provided (used) in financing activities 8,386 Increase (decrease) in cash during the period (6.818,902) t6,972,37 | Cash balance at the beginning of the period 36,847,951 I 9,875,580 Cash balance at the end of the period 30,029,049 36,947,951 Director Mehmet Uchar Davit Kistauri Ziraat Bank Tbilisi Branch )SC Statement olChanges in Equiry asatDecember3l,20l5 Propefty Share-holders and Retained Earnings Surr Equity equi pment fevaluation Property and Equipment Revaluation 20,000 20,000 Tuesdav, December 3 1, 20 1 3 I 5,204,1 82 589,699 20,000 1 6,8 1 3,88 1 2014 Dividends to Shareholders lssue of Share Capital Net Income (Loss) 747,\02 747,t02 Property and Equipment Revaluation (4,000) (4,000) llednes4av, December 3 1, 20 I 4 15,204,182 2,336,801 16,000 I 7,5 56,983 2015 Dividends to Shareholders Issue of Share Capital Net Income (Loss) 2,076,153 2,076,153 Properly and Equi pment Revaluation Thursclav, December 3 1, 201 5 I 5,204,1 82 4,41 2,954 16,000 I 9,633, I 36 Director Mehmet Uchar Davit Kistauri Ziraat Bank Tbilisi Branch JSC Explanatory Notes lronr.lanLrary l, 2015 -through December3l, 2015 L Key activities Joint Stock Company Ziraat Bank Tbilisi Branch (the Bank) was established based on the Decision #4 of the General Division of the Turkish JSC Eemlak Bank of February 12, 1998, and Permit #7775 of the Treasury Advisory of the Prime Minister of the Republic of Turkey of February 24, 1998 as Turkish JSC Emlak Bank Tbilisi branch, In 2001, the assets and liabilities of the ISC T, Emlak Bank were paftly transferred to the TR Ziraat Bank, which is why in September of 2001, the bank changed its name and was registered as the JSC TR Ziraat Bank Tbilisi Branch, The Bank's legal address: Georgia, 0102 Tbilisi, David the Builder Ave, #148. Bank Identification Code: 202057610. As at December 31,2015, the Bank's founder wasZLraat BanklSC, Turkey, which owned 1000/o shares of the Bank. The Bank's authorized capital is 15 204 182 GEL. In accordance with the banking license granted by the National Bank of Georgia (NBG), the Bank was entitled to carry out all the banking transactions, but upon request of the TR JSC Ziraat Bank General Division the NBG by the letter of 27 /0312002 restricted the Bank's license and suspended the right to issue credits and guarantees, However, in response to the new request of the TR JSC Ziraat Bank General Division of September7,2006, the National Bank of Georgia established the right to issue credits to Ziraat Bank according to the Ietter of December 22, 2006. JSC Ziraat Banks Tbilisi Branch had 1 service center by the end of 2015. The average number of Bank employees was 36 during the year, 2, Basis for presentation These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), The Bank maintains its records in accordance with the Georgian Regulations on banking activities and accounting, The financial statements have been prepared from the mentioned accounting record and corrected as required to comply with the International Financial Reporting Standards.
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