Financial statements
STATEMENT OF FINANCIAL POSITION As at 31 December 2018, in thousands of tenge
| Note | 31 December 2018 |
31 December 2017 |
|
| Assets | |||
| Cash and cash equivalents | 5 | 44.798.305 | 41.239.167 |
| Amounts due from credit institutions | 6 | - | 149.809 |
| Loans to customers | 7 | 43.004.358 | 45.066.761 |
| Finance lease receivables | 8 | 186.617.217 | 183.288.007 |
| Property held for finance lease | 9 | 10.740.178 | 5.131.712 |
| Current corporate income tax assets | 17 | 175.427 | 125.579 |
| Property and equipment | 10 | 995.816 | 1.040.490 |
| Intangible assets | 11 | 554.969 | 530.043 |
| VAT and other taxes recoverable | 12 | 3.891.038 | 3.106.338 |
| Advances paid | 13 | 7.190.060 | 2.558.452 |
| Other assets | 20 | 966.510 | 576.406 |
| Total assets | 298.933.878 | 282.812.764 | |
| Liabilities | |||
| Amounts due to the Shareholder | 14 | 67.232.037 | 75.539.402 |
| Amounts due to credit institutions | 15 | 41.807.710 | 40.429.623 |
| Debt securities issued | 16 | 64.596.068 | 46.969.316 |
| Deferred corporate income tax liabilities | 17 | 1.338.197 | 1.669.304 |
| Advances received | 18 | 4.263.925 | 3.555.199 |
| Deferred VAT liabilities | 5.070.632 | 3.979.227 | |
| Other liabilities | 20 | 8.275.597 | 7.885.742 |
| Total liabilities | 192.584.166 | 180.027.813 | |
| Equity | |||
| Share capital | 21 | 82.837.204 | 82.837.204 |
| Additional paid-in capital | 21 | 25.730.293 | 24.912.791 |
| Reserve funds | 21 | 1.436.184 | 1.436.184 |
| Provision for notional distribution | 21 | (9.605.611) | (9.542.733) |
| Retained earnings | 5.951.642 | 3.141.505 | |
| Total equity | 106.349.712 | 102.784.951 | |
| Total liabilities and equity | 298.933.878 | 282.812.764 | |
| Book value per common share (in tenge) | 21 | 1.277,14 | 1.234,41 |
STATEMENT OF PROFIT OR LOSS for the year ended 31 December 2018, in thousands of tenge
| Note | 2018 | 2017* | |
| Interest revenue calculated using effective interest rate | |||
| Cash and cash equivalents | 1.486.056 | 1.953.413 | |
| Loans to customers | 4.491.387 | 6.184.998 | |
| Investment securities | 173.417 | - | |
| 6.150.860 | 8.138.411 | ||
| Other interest revenue | |||
| Finance lease receivables | 19.995.116 | 18.966.880 | |
| 19.995.116 | 18.966.880 | ||
| Total interest income | 26.145.976 | 27.105.291 | |
| Interest expenses | |||
| Due to the Shareholder | (5.150.325) | (5.990.768) | |
| Debt securities issued | (4.859.740) | (4.551.325) | |
| Due to credit institutions | (3.757.399) | 3.555.199 | |
| Total interest expense | (13.607.169) | (14.299.492) | |
| Net interest income | 12.538.807 | 12.805.799 | |
| Credit loss expense | 19 | (2.818.840) | (3.440.540) |
| Net interest income after credit loss expense | 9.719.967 | 9.365.259 | |
| Net losses from transactions with derivative financial assets | - | (786.945) | |
| Net gains/(losses) from foreign currencies | 469.670 | (1.274.414) | |
| Other income | 23 | 970.887 | 1.024.387 |
| Personnel expenses | 24 | (2.729.776) | (2.620.500) |
| Other operating expenses | 24 | (913.138) | (1.034.092) |
| Net loss from modification of loans to customers | 7 | (664.681) | (599.402) |
| Other impairment and provision expenses | 19 | (189.906) | (376.102) |
| Depreciation and amortisation | 10, 11 | (231.506) | (192.108) |
| Non-interest expenses | (3.288.450) | (5.859.176) | |
| Profit before corporate income tax expense | 6.431.517 | 3.506.083 | |
| Corporate income tax benefit | 17 | 296.855 | 66.137 |
| Profit for the year | 6.728.372 | 3.572.220 | |
| Basic and diluted earnings per common share (in tenge) | 21 | 81,22 | 43,12 |
STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 December 2018, in thousands of tenge
| Note | 2018 | 2017 | |
| Profit for the year | 6.728.372 | 3.572.220 | |
| Other comprehensive income for the year | - | - | |
| Total comprehensive income for the year | 6.728.372 | 3.572.220 |
STATEMENT OF CHANGES IN EQUITY for the year ended 31 December 2018, in thousands of tenge
| Share capital | Additional paid-in capital | Reserve funds | Provision for notional distribution | Retained earnings | Total | |
| As at 31 December 2016 | 82.837.204 | 23.282.853 | 1.436.184 | (9.372.015) | 1.183.599 | 99.367.825 |
| Total comprehensive income for the year | - | - | - | - | 3.572.220 | 3.572.220 |
| Gain on initial recognition of loans due to the Shareholder at fair value, net of tax (Note 21) | - | 1.629.938 | - | - | - | 1.629.938 |
| Dividends declared (Note 21) | - | - | - | - | (1.614.314) | (1.614.314) |
| Provision for notional distribution for the year, net of tax (Note 21) | - | - | - | (170.718) | - | (170.718) |
| As at 31 December 2017 | 82.837.204 | 24.912.791 | 1.436.184 | (9.542.733) | 3.141.505 | 102.784.951 |
| Impact of adopting IFRS 9 (Note 3) | - | - | - | - | (346.015) | (346.015) |
| Restated opening balance under IFRS 9 | 82.837.204 | 24.912.791 | 1.436.184 | (9.542.733) | 2.795.490 | 102.438.936 |
| Total comprehensive income for the year | - | - | - | - | 6.728.372 | 6.728.372 |
| Gain on initial recognition of loans due to the Shareholder at fair value, net of tax (Note 21) | - | 817.502 | - | - | - | 817.502 |
| Dividends declared (Note 21) | - | - | - | - | (3.572.220) | (3.572.220) |
| Provision for notional distribution for the year, net of tax (Note 21) | - | - | - | (62.878) | - | (62.878) |
| As at 31 December 2018 | 82.837.204 | 25.730.293 | 1.436.184 | (9.605.611) | 5.951.642 | 106.349.712 |
STATEMENT OF CASH FLOWS for the year ended 31 December 2018, in thousands of tenge
| Note | 2018 | 2017 | |
| Cash flows from operating activities | |||
| Interest received | 22.968.078 | 23.717.641 | |
| Interest paid | (9.941.005) | (10.307.315) | |
| Realised gains less losses from transactions with derivative financial assets | - | 42.121 | |
| Realised losses less gains from dealing in foreign currencies | (123.105) | (107.662) | |
| Personnel expenses paid | (2.689.031) | (2.788.270) | |
| Other operating expenses paid | (882.191) | (995.693) | |
| Other income received | 453.882 | 318.740 | |
| Cash flows from operating activities before changes in operating assets and liabilities | 9.786.628 | 9.879.562 | |
| Net (increase)/decrease in operating assets: | |||
| Amounts due from credit institutions | - | 532.728 | |
| Loans to customers | 2.187.468 | 7.561.478 | |
| Finance lease receivables | (7.826.399) | 17.276.929 | |
| VAT and other taxes recoverable | (784.700) | (1.232.312) | |
| Advances paid | (4.644.534) | (2.256.264) | |
| Other assets | (126.120) | (794.817) | |
| Net increase/(decrease) in operating liabilities: | |||
| Advances received | 792.588 | 1.052.974 | |
| Other liabilities | (905.603) | 445.659 | |
| Net cash flows (used in) / from operating activities before corporate income tax | (1.520.672) | 32.465.937 | |
| Corporate income tax paid | (232.401) | (293.319) | |
| Net cash flows (used in) / from operating activities | (1.753.073) | 32.172.618 | |
| Cash flows from investing activities | |||
| Purchase of property and equipment and intangible assets | 10, 11 | (211.840) | (537.062) |
| Proceeds from sale of property and equipment | 795 | 4.526 | |
| Net cash used in investing activities | (211.045) | (532.536) | |
| Cash flows from financing activities | |||
| Proceeds from loans due to the Shareholder | 11.232.415 | 6.653.248 | |
| Repayment of loans due to the Shareholder | (22.971.379) | (18.511.028) | |
| Proceeds from loans due to credit institutions | 19.000.000 | 11.220.884 | |
| Repayment of loans due to credit institutions | (17.617.865) | (10.953.506) | |
| Proceeds from debt securities issued | 17.250.959 | - | |
| Dividends paid to the Shareholder | 21 | (3.572.220) | (1.614.314) |
| Net cash from / (used in) financing activities | 3.321.910 | (13.204.716) | |
| Effect of exchange rate changes on cash and cash equivalents | 2.202.417 | (186.090) | |
| Effect of changes in expected credit losses on cash and cash equivalents | 5 | (1.071) | - |
| Net increase in cash and cash equivalents | 3.559.138 | 18.249.276 | |
| Cash and cash equivalents, beginning of the year | 5 | 41.239.167 | 22.989.891 |
| Cash and cash equivalents, ending of the year | 5 | 44.798.305 | 41.239.167 |
| Non-cash transactions | |||
| Offsetting of current corporate income tax assets against other tax liabilities | - | 300.000 | |