Mmikrosafinanso organizacia Sps izikred jorjia finansuri angariSgeba 2010 wlis 31 dekembris mdgomareobiT

sarCevi
damoukidebel auditorTa daskvna ........................................................................................................................... 3 sruli mogeba-zaralis angariSgeba .......................................................................................................................... 5 finansuri mdgomareobis angariSgeba ....................................................................................................................... 6 fuladi saxsrebis moZraobis angariSgeba ....................................................................................................... 7 kapitalSi cvlilebebis angariSgeba ..................................................................................................................... 8 finansur angariSgebasTan arsebuli SeniSvnebi ........................................................................................ 9

KPMG CIS-is Tbilisis filiali tel: +995 (32) 2935713 besikis q.4, faqsi: +995 (32) 2982276 Tbilisi, 0108, interneti: www.kpmg.ge saqarTvelo

damoukidebel auditorTa daskvna mikrosafinanso organizacia Sps izikred jorjia-s direqtorTa sabWos daskvna finansur angariSgebaze

Cvens mier Catarebul iqna mikrosafinanso organizacia Sps izikred jorjia-s (SemdgomSi ,,kompania) finansuri angariSgebis (Tan erTvis) auditoruli Semowmeba, romelic Sedgeba finansuri mdgomareobis angariSgebisagan 2010 wlis 31 dekembris mdgomareobiT, agreTve sruli mogeba-zaralis angariSgebisgan, kapitalSi cvlilebebis angariSgebisgan da fuladi saxsrebis moZraobis angariSgebisgan 2010 wlis 31 dekembris mdgomareobiT; garda amisa finansur angariSgebaSi Sesulia mniSvnelovani saaaRricxvo politikis anotacia da sxva ganmartebiTi SeniSvnebi.

xelmZRvanelobis pasuxismgebloba finansur angariSgebaze

kompaniis xelmZRvaneloba pasuxismgebelia finansuri angariSgebis warmoebaze da samarTlian wardgenaze finansuri angariSgebis saerTaSoriso standartebis Sesabamisad. es pasuxismgebloba moicavs: Sida kontrolis sistemis SemuSavebas, danergvas da SenarCunebas finansuri angariSgebis samarTliani da utyuari wardgenisaTvis, romelic ar Seicavs arsebiTi xasiaTis uzustobebs, SesaZlo TaRliTobisa an Secdomebis gamo.

auditorTa pasuxismgebloba
Cveni pasuxismgeblobaa, Cvens mier Catarebuli auditis safuZvelze gamovxatoT mosazreba warmodgenili finansuri angariSgebis Sesaxeb. Cven auditi CavatareT auditis saerTaSoriso standartebis Sesabamisad. es standartebi moiTxovs, rom Cveni samuSao Seesabamebodes eTikis normebs da auditis imgvarad dagegmvasa da Catarebas, rom miviRoT gonivruli rwmuneba imisa, Seicavs Tu ara aRniSnuli finansuri angariSgeba arsebiT uzustobebs. auditi moicavs garkveuli procedurebis Catarebas finansur angariSgebaSi warmodgenil Tanxebsa da ganmartebebze auditoruli mtkicebulebis mosapoveblad. SerCeuli procedurebi damokidebulia auditoris profesiul msjelobaze, romelic moicavs finansur angariSgebaSi TaRliTobis an Secdomis Sedegad warmoqmnili arsebiTi uzustobis riskebis Sefasebas. am riskebis Sefasebis procesSi, auditori ganixilavs Sida kontrolis sistemas da finansur angariSgebis samarTlian da utyuar asaxvas im mizniT rom, SeimuSaos auditis procedurebi, romlebic Seesabameba konkretul garemoebebs, da ara im mizniT, rom gamoxatos mosazreba klientis Sida kontrolis efeqturobis Sesaxeb. auditi aseve gulisxmobs finansuri angariSgebis momzadebisas xelmZRvanelobis mier gamoyenebuli buRaltruli aRricxvis principebisa da mniSvnelovani buRaltruli Sefasebebis sisworis

2011 KPMG CIS Limited-is Tbilisis filiali, registrirebuli saqarTvelos kanonmdeblobis Sesabamisad, KPMG Europe LLP-is Svilobili da KPMG-is qselis damoukidebeli wevri firmebis wevri, romelic erTiandeba Sveicarul organizaciaSi KPMG International Cooperative (KPMG International). yvela ufleba daculia.

mikrosafinanso organizacia Sps izikred jorjia finansuri mdgomareobis angariSgeba 2010 wlis 31 dekembris mdgomareobiT

SeniSvna aqtivebi fuladi saxsrebi da maTi eqvivalentebi klientebze gacemuli sesxebi ZiriTadi saSualebebi da aramaterialuri aqtivebi gadavadebuli sagadasaxado aqtivi sxva aqtivebi sul aqtivebi 10 11 12 9 13

2010 000 lari

2009 000 lari

165 4,676 527 17 145 5,530

147 2,810 548 9 3,514

valdebulebebi sesxebi gadasaxdeli mogebis gadasaxadi gadavadebuli sagadasaxado valdebuleba sxva valdebulebebi sul valdebulebebi sakuTari kapitali sawesdebo kapitali gaunawilebeli mogeba sul kapitali sul kapitali da valdebulebebi 16 2,313 1,098 3,411 5,530 2,313 199 2,512 3,514 9 15 14 1,932 144 43 2,119 929 35 5 33 1,002

finansuri mdgomareobis angariSgebis wakiTxva unda moxdes SeniSvnebTan erTad, romlebic warmoadgens finansuri angariSgebis Semadgenel nawils.

mikrosafinanso organizacia Sps izikred jorjia fuladi saxsrebis moZraobis angariSgeba 2010 wlis 31 dekembris mdgomareobiT

SeniSvna fuladi saxsrebi saoperacio saqmianobidan saangariSgebo periodis mogeba

2010 000 lari

2008 wlis 21 noembridan (daarsebis dRe) 2009 wlis 31 dekembris mdgomareobiT 000 lari

899 141 (103) 47 (1,664) 207 (178) 10 159 (1,799) (136) 10 1,737 (217) (72) (959)

199 (30) 26 (277) 11 (100) 18 40 (2,734) (9) 33 331 (29) (2,521)

koreqtireba:
gaufasurebis zarali gacvliTi kursiT gamowveuli wminda mogeba cveTa saprocento Semosavali saprocento xarji mosakreblebi da sakomisio Semosavali mosakreblebi da sakomisio xarjebi mogebis gadasaxadi saoperacio aqtivebis zrda klientebze gacemuli sesxebi sxva aqtivebi saoperacio valdebulebebis zrda sxva valdebulebebi miRebuli procentebi, mosakreblebi da sakomisioebi gadaxdili procentebi, mosakreblebi da sakomisioebi gadaxdili mogebis gadasaxadi saoperacio saqmianobisTvis gamoyenebuli fuladi saxsrebi fuladi saxsrebi sainvesticio saqmianobidan ZiriTadi saSualebebis SeZena sainvesticio saqmianobisTvis gamoyenebuli fuladi saxsrebi fuladi saxsrebi finansuri saqmianobidan sawesdebo kapitalis gamoSvebiT miRebuli amonagebi sesxebidan miRebuli fuladi saxsrebi fuladi saxsrebi finansuri saqmianobidan fuladi saxsrebis da maTi eqvivalentebis wminda zrda fuladi saxsrebi da maTi eqvivalentebi saaangariSgebo periodis dasawyisisTvis fuladi saxsrebi da maTi eqvivalentebi saangariSgebo periodis bolosTvis 1,003 1,003 2,313 929 3,242 (26) (26) (574) (574)

18 147 10 165

147 147

fuladi saxsrebis moZraobis angariSgebis wakiTxva unda warmoadgens finansuri angariSgebis Semadgenel nawils.

moxdes

SeniSvnebTan

erTad,

romlebic

mikrosafinanso organizacia izikred saqarTvelo kapitalSi cvlilebebis angariSgeba 2010 wlis 31 dekembr mdomareobiT

sawesdebo kapitali 000 lari naSTi 2008 wlis 21 noembris mdgomareobiT sruli Semosavali saangariSgebo periodisTvis saangariSgebo periodis mogeba sruli Semosavali saangariSgebo periodisTvis kapitalSi aRricxuli tranzaqciebi damfuZneblebTan sawesdebo kapitalis zrda mTliani tranzaqciebi damfuZneblebTan naSTi 2009 wlis 31 dekemberis mdgomareobiT naSTi 2010 wlis 1 ianvris mdgomareobiT sruli Semosavali saangariSgebo periodisTvis saangariSgebo periodis mogeba sruli Semosavali saangariSgebo periodisTvis naSTi 2010 wlis 31 dekembris mdgomareobiT -

gaunawilebeli mogeba 000 lari -

sul kapitali 000 lari -

199 199

199 199

2,313 2,313 2,313

199

2,313 2,313 2,512

2,313

199

2,512

2,313

899 899 1,098

899 899 3,411

kapitalSi cvlilebebis angariSgebis ganxilva unda moxdes SeniSvnebTan erTad, romlebic warmoadgens finansuri angariSgebis Semadgenel nawils.

mikrosafinanso organizacia Sps izikred jorjia finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi N2010 wlisN31Ndekembris mdgomareobiT

1
(a)

organizaciis Sesaxeb
saqmianobis ZiriTadi mimarTulebebi
mikrosafinanso organizacia Sps izikred jorjia (SemdgomSi kompania) daarsda 2008 wlis 21 noembers, raTa uwyvetad uzrunvelyos sesxis gacemis momsaxureba im individualur mewarmeebze, romelTac ar gaaCniaT SesaZlebloba miiRon sakredito momsaxureba Cveulebrivi sabanko sistemis meSveobiT. kompania exmareba saqarTvelos ekonomikis ganviTarebas mcire biznesis dafinansebiT, raTa ganviTardes biznesi da gaumjobesdes ekonomikuri situacia. kompania daregistrirebuli iqna saqarTvelos erovnuli bankis mier 2009 wlis 20 Tebervals da misi iuridiuli misamarTia saqarTvelo, Tbilisi, mickeviCis q. # 64. kompaniis damfuZnebeli aris Sps laponeto komerciali da makontrolebeli mxare aris elena papaqristodolou fsintrou. upirvelesi

2010 da 2009 wlebis 31 dekembris mdgomareobiT kompaniis damfuZneblebis struqtura Semdegnairad gamoiyureboda:
2010 damfuZneblis wili, % Sps laponeto komerciali laerti zubadalaSvili kaxaber kaxiani nodar dauSvili 51.0% 25.0% 15.0% 9.0% 100.00% 2009 damfuZneblis wili, % 51.0% 25.0% 15.0% 9.0% 100.00%

operaciebi dakavSirebul mxareebTan warmodgenilia me-20 SeniSvnaSi.

(b)

biznes garemo saqarTveloSi

saqarTveloSi mimdinare politikuri da ekonomikuri cvlilebebi zemoqmedebas axdens sawarmoTa saqmianobaze. saqarTvelosa da ruseTs Soris arsebulma konfliqtma Seqmna damatebiTi gaurkvevloba. saqarTvelosa da ruseTis federacias Soris politikuri, ekonomikuri Tu biznes garemos negatiuri cvlilebebis gamo kompaniis muSaoba da aqtivebi riskis qveS SeiZleba aRmoCndes. Sesabamisad, saqarTveloSi saqmianoba iseTi riskis Semcvelia, romelic Cveulebriv ar aris damaxasiaTebeli sxva bazrebisaTvis. amasTan, kapitalisa da sakredito bazris Semcirebis Sedegad garemoSi ekonomikuri gaurkvevloba kidev ufro gaizarda. finansuri angariSgeba warmogvidgens xelmZRvanelobis mosazrebas imis Sesaxeb, Tu rogor zemoqmedebs kompaniis saqmianobasa da finansur mdgomareobaze qveyanaSi arsebuli biznes garemo. momavali biznes garemo, SesaZloa, gansxvavdebodes xelmZRvanelobis Sefasebebisgan.

mikrosafinanso organizacia Sps izikred jorjia finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi N2010 wlisN31Ndekembris mdgomareobiT

2
(a)

momzadebis safuZvlebi
Sesabamisobis angariSgeba
TandarTuli finansuri angariSgeba momzadebulia finansuri angariSgebis saerTaSoriso standartebis (,,fass) Sesabamisad.

(b)

Sefasebis safuZvlebi
finansuri angariSgeba Sesabamisad. momzadda istoriuli Rirebulebis koncefciis

(g)

funqciuri da warsadgeni valuta

saqarTvelos erovnuli valuta aris lari, romelic aris kompaniis funqciuri valuta da valuta, romelSic winamdebare finansuri angariSgeba aris warmodgenili. larSi warmodgenili yvela finansuri informacia damrgvalebulia uaxloes aTasamde.

(d) daSvebebis da Sefasebebis gamoyeneba

xelmZRvanelobam gaakeTa rigi daSvebebi da gamoTqva varaudi aqtivebis, valdebulebebis, pirobiTi aqtivebisa da valdebulebebis aRricxvasTan dakavSirebiT am finansuri angariSgebis saerTaSoriso standartebTan SesabamisobaSi momzadebis mizniT. faqtobrivi Sedegebi SesaZlebelia gansxvavdebodes aRniSnuli Sefasebebisgan. ufro konkretulad informacia Sefasebebis arasarwmunoobis da saaRricxo politikis gamoyenebis dros arsebuli mniSvnelovani daSvebebis Sesaxeb aRwerilia me-11 SeniSvnaSi, romelic exeba sesxebis gaufasurebis Sefasebas.

arsebiTi saaRricxvo politika

qvemoT mocemulia is arsebiTi saaRricxvo politika, romelic Tanmimdevrulad iqna gamoyenebuli finansur angariSgebaSi warmodgenili yvela periodis mimarT.

(a) (i)

ucxouri valuta

finansuri operaciebi ucxour valutaSi

finansuri operaciebi ucxour valutaSi konvertirdeba larSi operaciis Sesabamisi TariRisTvis arsebuli gacvliTi kursiT. angariSgebis Sedgenis TariRisTvis ucxour valutaSi denominirebuli fuladi aqtivebisa da valdebulebebis funqciur valutaSi konvertacia xorcieldeba am TariRisTvis dadgenili gacvliTi kursiT. fulad aqtivebsa da valdebulebebTan dakavSirebuli konvertaciis Sedegad miRebuli
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mikrosafinanso organizacia Sps izikred jorjia finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi N2010 wlisN31Ndekembris mdgomareobiT

mogeba/zarali aris sxvaoba amortizirebul Rirebulebas, funqciur valutaSi periodis dasawyisSi, romelic dakoreqtirebulia efeqturi procentis da gadaxdebis gaTvaliswinebiT periodis ganmavlobaSi, da amortizirebul Rirebulebas Soris ucxour valutaSi, dakonvertirebuls saangariSgebo TariRisTvis arsebuli kursiT. ucxour valutaSi samarTliani RirebulebiT dafiqsirebuli ara-fuladi aqtivebisa da valdebulebebis funqciur valutaSi konvertacia xdeba im dRis kursiT, roca moxda samarTliani Rirebulebis gansazRvra. konvertaciis dros valutis gacvliT gamowveuli sxvaoba aisaxeba mogeba-zaralis angariSebze. ucxour valutaSi istoriuli RirebulebiT dafiqsirebuli ara-fuladi aqtivebisa da valdebulebebis funqciur valutaSi konvertacia xdeba operaciis ganxorcielebis momentisaTvis dadgenili gacvliTi kursiT.

(b) (i)

finansuri instrumentebi

klasifikacia
warmoadgenen arawarmoebul finansur aqtivebs, fiqsirebuli an gansazRvradi gadaxdebiT, romlebic ar arian qvotirebuli aqtiur bazarze.

sesxebi

da

moTxovnebi

fuladi saxsrebi da maTi eqvivalentebi Seadgenen fuladi saxsrebis naSTebs da moTxovnamde depozitebs sami Tvis an naklebi dafarvis vadiT. sesxebi warmoadgenen arawarmoebul finansur valdebulebebs, fiqsirebuli
an gansazRvradi bazarze. gadaxdebiT, romlebic ar arian qvotirebuli aqtiur

(ii)

aRiareba
finansuri aqtivebisa da valdebulebebis aRiareba finansuri mdgomareobis angariSgebaSi warmoebs im momentidan, ra momentidanac kompania gaxdeba instrumentis saxelSekrulebo pirobebis mxare. finansuri aqtivebis standartuli SeZena aRiricxeba safasuris gadaxdis dRes.

(iii) Sefaseba
finansuri aqtivis an valdebulebis Tavdapirveli Sefaseba xorcieldeba samarTliani RirebulebiT, damatebuli tranzaqciis Rirebuleba, romelic pirdapir ukavSirdeba finansuri aqtivis an valdebulebis SeZenas an gamoSvebas. Tavdapirveli aRiarebis Semdeg finansuri aqtivebi fasdeba amortizebuli RirebulebiT efeqturi saprocento ganakveTis meTodis gamoyenebiT. yvela finansuri valdebuleba aRiricxeba amortizirebuli RirebulebiT.

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mikrosafinanso organizacia Sps izikred jorjia finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi N2010 wlisN31Ndekembris mdgomareobiT

amortizacirebuli Rirebulebis daTvla warmoebs finansuri aqtivebis da valdebulebis Tavdapirvel Rirebulebas gamoklebuli ZiriTadi gadaxdebi, damatebuli an gamoklebuli erToblivi amortizacia, gamoTvlili efeqturi saprocento ganakveTis daricxvis meTodis saSualebiT, romelic warmoadgens sxvaobas Tavdapirvel aRiarebul Tanxasa da vadis bolos arsebul Tanxas Soris, Semcirebuli gaufasurebis TanxiT. fasnamati da fasdaTmoba, Tavdapirveli saoperacio xarjebis CaTvliT, CarTulia Sesabamisi instumentis sabalanso RirebulebaSi da amortizirdeba efeqturi saprocento ganakveTis safuZvelze.

(iv) samarTliani Rirebulebis Sefasebis principebi

samarTliani Rirebuleba is Tanxaa, romlezec aqtivis gadacvla SesaZlebelia an romliTac valdebuleba SeiZleba daifaros Sefasebis dRes mcodne da survilis mqone damoukidebel mxareebs Soris garigebis safuZvelze. kompania instrumentis samarTlian Rirebulebas gansazRvravs mocemul instrumentis moqmed bazarze qvotirebuli fasiT. Bbazari moqmedad iTvleba, Tu qvotirebuli fasi Tavisuflad da regularulad aris xelmisawvdomi da wardmoadgens damoukidebel mxareebs Soris garigebis safuZvelze faqtobriv da regularulad warmoebul sabazro tranzaqciebis fass. Tu finansuri instrumentis bazari moqmedi ar aris, kompania samarTlian Rirebulebas gansazRvravs Sefasebis meTodis gamoyenebiT. Sefasebis amgvari meTodebi moicavs miTiTebas mcodne da survilis mqone damoukidebel mxareTa Soris axlo warsulSi ganxorcielebul sabazro operaciebze (maTi arsebobis SemTxvevaSi), arsebiTad msgavsi instrumentebis mimdinare sabazro fasebze, diskontirebuli fuladi nakadebis analizebze da ofciuri faswarmoqmnis modelebze da sxva meTodebze, romlebsac bazris monawileebi Cveulebriv iyeneben mocemuli instrumentis fasis gansazRvris mizniT. SerCeuli Sefasebis meTodi maqsimalurad iyenebs sabazro resursebs, minimalurad eyrdnoba kompaniisTvis damaxasiaTebel gaangariSebebs, iTvaliswinebs yvela im faqtors, romlebsac bazris monawileebi fasis dadgenisas miiRebdnen mxedvelobaSi, da Seesabameba finansuri instrumentebs Sefasebis miRebul ekonomikur meTodebs. Sefasebis meTodebis resursebi gonivrulad asaxavs sabazro molodinebs da mocemuli finansuri riskisTvis damaxasiaTebeli riskebisa da ukugebis faqtorebis moculobebs. Tavdapirveli aRiarebisas ama Tu im finansuri instrumentis samarTliani Rirebulebis saukeTeso mtkicebulebaa garigebis fasi, anu gadaxdili an miRebuli anazRaurebis samarTliani Rirebuleba, Tu am instrumentis samarTliani Rirebuleba ar dasturdeba imave instrumentze dakvirvebad mimdinare sabazro garigebebTan (e.i. modifikaciis an gadafuTvis gareSe) Sedarebis safuZvelze an im Sefasebis meTodis safuZvelze, romlis cvladebic moicavs mxolod dakvirvebadi bazrebis monacemebs. roca garigebis fasi uzrunvelyofs Tavdapirveli aRiarebisas samarTliani Rirebulebis saukeTeso mtkicebulebas, finansuri instrumenti jer garigebis fasiT fasdeba, xolo am fassa da Sefasebis meTodiT miRebul Tavdapirvel Rirebulebas Soris nebismieri sxvaoba Semdeg saTanado wesiT aRiardeba mogebaSi an zaralSi instrumentis saeqspluatacio vadis
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mikrosafinanso organizacia Sps izikred jorjia finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi N2010 wlisN31Ndekembris mdgomareobiT

ganmavlobaSi, magram ara ugvianes im droisa, roca Sefaseba mTlianad dasruldeba dakvirvebadi bazris monacemebiT an garigeba daixureba.

( v)

mogeba an zarali Semdgomi Sefasebisas

amortizebuli RirebulebiT aRricxul finansur aqtivebTan da pasivebTan dakavSirebiT, mogeba an zarali mogeba-zaralSi aRiardeba finansuri aqtivis an pasivis aRiarebis gauqmebisas an gaufasurebisas, da amortizaciis procesSi.

(vi) aRiarebis Sewyveta

finansuri aqtivis aRiarebis Sewyveta xdeba maSin, roca finansuri aqtividan Semosul fulad nakadebTan dakavSirebuli saxelSekrulebo uflebebis vada amoiwureba an roca kompania gaasxvisebs aRniSnuli finansuri aqtivis sakuTrebidan gamomdinare arsebiTad yvela risksa da sargebels an roca kompania arc gadascems da arc itovebs aqtivis flobasTan dakavSirebul mniSvnelovan riskebsa da sargebels da agrZelebs gadacemuli aqtivis kontrols. amgvari gasxvisebiT Seqmnili an darCenili nebismieri ufleba da valdebuleba aRiardeba calke aqtivebad an valdebulebebad. finansuri valdebulebis aRiarebis Sewyveta xdeba misi dafarvisas. garda amisa, kompania wyvets garkveuli miCneuli aqtivebis naSTebis Camowerisas. aqtivebis aRiarebas uimedod

(vii) CaTvla
finansuri aqtivebisa da valdebulebebis CaTvla da finansuri mdgomareobis angariSgebaSi wminda Tanxis asaxva warmoebs maSin, rodesac arsebobs aRiarebuli Tanxebis CaTvlis iuridiuli ufleba da arsebobs ganzraxva, rom moxdes CaTvla an aqtivis realizacia da valdebulebis dafarva erTdroulad.

(g)

ZiriTadi saSualebebi da aramaterialuri aqtivebi

(i)

akuTrebaSi arsebuli aqtivebi

ZiriTadi saSualebebi da aramaterialuri aqtivebi aisaxeba TviTRirebulebiT dagrovili cveTisa/amortizaciisa da gaufasurebis danakargebis gamoklebiT. Tu ZiriTadi saSualeba iseTi msxvili komponentebisagan Sedgeba, romelTac sxvadasxva sasargeblo moxmarebis vada aqvT, komponentebis asaxva xdeba cal-calke.

(ii)

ijariT miRebuli aqtivebi

yvela ijara warmoadgens saoperacio ijaras da ijariT miRebuli aqtivebis aRiareba ar xdeba finansuri mdgomareobis angariSgebaSi.

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mikrosafinanso organizacia Sps izikred jorjia finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi N2010 wlisN31Ndekembris mdgomareobiT

(iii) cveTa
cveTa/amortizacia aisaxeba mogeba-zaralSi wrfivi meTodis gamoyenebiT calkeuli aqtivis sasargeblo moxmarebis vadis ganmavlobaSi. cveTis/amortizaciis daricxva iwyeba ZiriTadi saSualebis SeZenis momentidan. miwas ar ericxeba cveTa/amortizacia. sasargeblo mosaxurebis miaxloebiTi vadebi mocemulia qvemoT: - Senobebi - aramaterialuri aqtivebi - sxva 20 weli 5 weli 3 weli

(d) gaufasureba

( i)

amortizebuli RirebulebiT aRricxuli finansuri aqtivi

amortizebuli RirebulebiT aRricxuli finansuri aqtivebi Sedgeba sesxebisagan da sxva misaRebi Tanxebisagan (sesxebi da moTxovnebi). kompania regularulad ganixilavs sakuTar sesxebs da moTxovnebs gaufasurebis Sefasebis mizniT. sesxis an moTxovnis gaufasureba xdeba da gaufasurebis zarali warmoiqmneba mxolod da mxolod maSin, Tu arsebobs im gaufasurebis saimedo mtkicebuleba, romelic gamowveulia erTi an ramdenime im movleniT, romelic/romlebic moxda sesxis an moTxovnebis Tavdapirveli aRiarebis Semdeg da amgvarma movlenam (an movlenebma) zegavlena iqonia sesxis momavali periodis savaraudo fulad nakadebze, romlis sarwmunod gaangariSebac SesaZlebelia. obieqturi mtkicebuleba imis Taobaze, rom finansuri aqtivebi gaufasurda, moicavs msesxeblis mier sesxis Tanxis gadauxdelobas an sesxTan dakavSirebuli sxva valdebulebisa Tu pirobis darRvevis SemTxvevas, sesxis restruqturizacias an avansis gacemas iseTi pirobebiT, romlebsac kompania sxva SemTxvevaSi ar gaakeTebda, niSnebs imis Taobaze, rom msesxebeli an Tavmdebi gakotrda, fasiani qaRaldisTvis aqtiuri bazris gaqrobas, uzrunvelyofis gaufasurebas an aqtivebis jgufTan dakavSirebul sxva SesamCnev monacemebs, magaliTad, jgufSi Semavali msesxeblebis gadaxdis maCvenebelSi uaryofiT cvlilebebs, an ekonomikur cvlilebebs, romlebic dakavSirebulia jgufSi Semavali msesxeblebis mier valdebulebebis SeusruleblobasTan. kompania upirvelesad afasebs imas, arsebobs Tu ara gaufasurebis obieqturi mtkicebuleba individualurad sesxebisa da moTxovnebisaTvis, romlebic individualurad mniSvnelovania da arsebobs Tu ara gaufasurebis obieqturi mtkicebuleba individualurad da koleqtiurad sesxebisa da moTxovnebisaTvis, romlebic ar aris individualurad mniSvnelovani. Tu kompania gansazRvravs, rom ar arsebobs individualurad Sefasebuli sesxebis an moTxovnebis (miuxedavad imisa, mniSvnelovania Tu ara) gaufasurebis obieqturi mtkicebuleba, kompanias sesxi Seaqvs msgavsi sakredito riskebis mqone sesxebsa da moTxovnebSi da gaufasurebis TvalsazrisiT erToblivad afasebs maT. sesxebi da moTxovnebi, romlebic individualurad fasdeba gaufasurebis kuTxiT da romelTaTvisac
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gaufasurebis zaralis aRiareba xdeba da grZeldeba erToblivi Sefasebisas, mxedvelobaSi ar miiReba.

gaufasurebis

im SemTvevaSi, Tu arsebobs sesxTan an moTxovnasTan dakavSirebiT gaufasurebis zaralis dadgomis obieqturi mtkicebuleba, am zaralis odenoba ganisazRvreba, rogorc sxvaoba sesxis an moTxovnis sabalanso Rirebulebasa da sesxis an moTxovnis, maT Soris Tavdapirveli efeqturi saprocento ganakveTiT diskontirebuli garantiebidan da uzrunvelyofidan amoRebadi momavali fuladi nakadebis, mimdinare Rirebulebas Soris. mosalodneli fuladi nakadebis gaangariSebis safuZvels warmoadgens xelSekrulebiT gaTvaliswinebuli fuladi nakadebi da mimdinare ekonomikuri pirobebis amsaxveli Sesabamisi SesamCnevi monacemebis safuZvelze dakoreqtirebuli istoriuli zarali. sesxebsa da moTxovnebTan dakavSirebuli gaufasurebis zarali aRiarebulia mogeba-zaralis angariSgebaSi da koreqtirdeba im SemTxvevaSi, Tu aRdgeniTi Rirebulebis Semdgomi zrda SeiZleba obieqturad ukavSirdebodes aRniSnuli gaufasurebis zaralis aRiarebis Semdeg momxdar movlenas. maSin, rodesac sesxis amoReba SeuZlebelia, xdeba misi Camowera sesxis gaufasurebis rezervebis mimarT. kompania Camowers sesxis darCenil nawils (da sesxis gaufasurebis Sesabamis rezervs), rodesac xelmZRvaneloba daadgens, rom SeuZlebelia sesxis amoReba da rodesac dasruldeba yvela is qmedeba, romelic gamiznuli iyo sesxis amosaRebad.

(ii) arafinansuri aqtivebi

gadavadebuli gadasaxadebis garda, kompaniis sxva arafinansuri aqtivebis Sefaseba xdeba TiToeuli saaangariSgebo TariRisTvis imis dasadgenad, arsebobs Tu ara gaufasurebis niSani. aqtivebis aRdgeniTi Rirebuleba ganisazRvreba, rogorc Semdegi ori Rirebulebidan ufro maRali: aqtivis gamoyenebiTi Rirebuleba da misi samarTliani Rirebuleba realizaciis xarjebis gamoklebiT. gamoyenebiTi Rirebulebis Sefasebisas samomavlo saangariSo fuladi nakadebi diskontirdeba maT mimdinare Rirebulebamde, dabegvramde arsebuli diskontirebis ganakveTis gamoyenebiT, romelic asaxavs fulis droiTi Rirebulebis mimdinare sabazro Sefasebebs da aqtivisTvis damaxasiaTebel riskebs. im aqtivTan dakavSirebiT, romelsac ar Semoaqvs fuladi nakadebi, anazRaurebadi Rirebuleba ganisazRvreba fuladi nakadebis warmomqmneli im erTeulisaTvis, romelsac aRniSnuli aqtivi miekuTvneba. gaufasurebis zaralis aRiareba xdeba maSin, roca aqtivis an misi fuladi nakadis warmomqmneli erTeulis sabalanso Rirebuleba gadaaWarbebs mis aRdgeniT Rirebulebas. arafinansur aqtivebTan dakavSirebuli gaufasurebis yvela zarali aisaxeba mogeba-zaralSi da koreqtirdeba mxolod im SemTxvevaSi, Tu moxda cvlileba anazRaurebadi Rirebulebis gansazRvrisas gamoyenebul monacemebSi. koreqtirebuli gaufasurebis zarali koreqtirdeba mxolod im zomiT, rom aqtivis sabalanso Rirebulebam ar gadaaWarbos mis anazRaurebad Rirebulebas, romelic ganisazRvreba, cveTisa Tu amortizaciis gamoqviTviT, Tu ar moxdeboda gaufasurebis zaralis aRiareba.
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(e)

sawesdebo kapitali
sawesdebo kapitali klasificirebulia rogorc sakuTari kapitali. sawesdebo kapitalTan dakavSirebuli dividendebis gaunawilebeli mogebis ganawilebis punqtSi periodisaTvis. asaxva maTi xorcieldeba gamocxadebis

(v)

dabegvra
mogebis gadasaxadi warmoadgens mimdinare da gadavadebul gadasaxadebs. mimdinare sagadasaxado xarji aris mosalodneli gadasaxadi dasabegr Semosavalze wlis ganmavlobaSi, im sagadasaxado ganakveTebis gamoyenebiT, romlebic moqmedebs an arsebiTad moqmedebs saangariSgebo TariRisTvis, agreTve, wina wlebSi gadaxdili nebismieri gadasaxadis koreqcia. gadavadebuli gadasaxadis daTvla warmoebs sabalanso uwyisis valdebulebis meTodis gamoyenebiT, im droebiTi sxvaobebis uzrunvelyofiT, romlebic arsebobs finansuri angariSgebis miznebisaTvis gamoyenebuli aqtivebisa da valdebulebebis sabalanso Rirebulebebsa da sagadasaxado miznebisaTvis gamoyenebul Tanxebs Soris. im aqtivebisa da valdebulebebis droebiTi cvlilebebi Tavdapirveli periodisaTvis, romlebic ar zemoqmedebs arc saaRricxvo da arc dasabegr mogebaze, ar iqneba gaTvaliswinebuli. mocemuli gadavadebuli gadasaxadis Tanxa damokidebulia aqtivebisa da valdebulebebis realizaciis an dafarvis mosalodnel wesze, im sagadasaxado ganakveTebis gamoyenebiT, romlebic moqmedebs an arsebiTad moqmedebs momzadebis dRes. gadavadebuli sagadasaxado aqtivis aRiareba xdeba mxolod im SemTxvevaSi, Tu arsebobs momavalSi dasabegri Semosavlebis miRebis albaToba, romlic mimarTac SesaZlo iqneba droebiTi sxvaobebis, gamouyenebeli sagadasaxado zaralisa da kreditis utilizireba. gadavadebuli sagadasaxado aqtivebi mcirdeba, Tu aRar aris mosalodneli, rom moxdeba Sesabamisi sagadasaxado SeRavaTis realizeba. gadavadebuli sagadasaxado aqtivis da valdebulebebis gaqviTva SeiZleba moxdes mxolod iuridiuli uflebis arsebobis SemTxvevaSi, raTa gaiqviTos mimdinare mogebis gadasaxadis aqtivebi da valdebulebebi, maSin rodesac es gadasaxadebi daricxulia erT da imave sagadasaxado inspeqciis mxridan erT sawarmoze, an sxvadasxva sawarmoze, Tu maT surT daaricxon mimdinare sagadasaxado aqtivebi da valdebulebebi wminda RirebulebiT, unda moaxdinon sagadasaxado aqtivebis da valdebulebebis realizacia erTdroulad.

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(z) Semosavlisa da xarjis aRiareba

saprocento Semosavalis da xarjis aRiareba xdeba efeqturi saprocento ganakveTis meTodis gamoyenebiT. mogeba-zaralSi

sesxis gacemis sakomisio, sesxis momsaxurebis sakomisio da sxva sakomisioebi, romlebic warmoadgens sesxis zogadi Semosavlianobis ganuyofel nawils, dakavSirebul pirdapir xarjebTan erTad, eqvemdebareba gadavadebas da amortizacias saprocento Semosavlis mimarT finansuri instrumentis mosalodneli sargeblianobis vadis ganmavlobaSi, efeqturi saprocento ganakveTis meTodis saSualebiT. sxva mosakreblebis, sakomisioebis da sxva Semosavlis da xarjis aRiareba xdeba Sesabamisi momsaxurebis gawevisas. saoperacio ijarasTan dakavSirebuli xarjebi aRiardeba mogeba-zaralSi wrfivi meTodis gaTvaliswinebiT saoperacio ijaris vadis amowurvamde.

(T) axali standartebi da axsna-ganmartebebi, romlebic jer ar aris danergili

mTeli rigi standartebi, agreTve, cvlilebebi standartebsa da axsnaganmartebebSi jer kidev ar moqmedebs 2010 wlis 31 dekembris mdgomareobiT. amdenad, aRniSnuli finansuri angariSgeba maTi gamoyenebis gareSe momzadda. maTgan kompaniis saqmianobaze potenciurad zegavlenas moaxdens CamonaTvalSi mocemuli standartebi. kompania danergavs aRniSnul standartebs maTi ZalaSi SesvlisTanave. Sesworebuli bass 24 dakavSirebul mxareTa ganmartebiTi SeniSvnebi (2009) warmoadgens sabaziso wardgenis moTxovnebisgan ganTavisuflebas dakavSirebul mxareTa ganmartebiT SeniSvnebTan, naSTebTan da agreTve valdebulebebTan mimarTebaSi saxelmwifo organizaciebisTvis. damatebiT, standarti iyo Sesworebuli, raTa gamartivebuliyo wardgenis zogierTi miTiTebebi, romelic adre ar iyo saTanado. Sesworebuli standartis gamoyeneba unda moxdes retrospeqtiulad wliuri periodebisTvis 2011 wlis 1 ianvris Semdeg. kompanias jer ar Cautarebia analizi aRniSnuli cvilebebis savaraudo zegavlenisa kompaniis finansur mdgomareobasa da operaciebze. fass 9 finansuri instrumentebebi iqneba ZalaSi wliuri periodebisTvis 2013 wlis 1 iavridan. axali standarti gamoSvebuli iqna ramodenime nawilad da ganzraxulia, rom Secvalos bass 39 finansuri instrumentebi: aRiareba da Sefaseba. fass 9-is pirveli nawili gamoSvebulia 2009 wlis noemberSi da exeba finansuri aqtivebis aRiarebasa da Sefasebas. meore nawili exeba finansuri valdebulebebis Sefasebas da klasifikacias, romelic gamoSvebulia 2010 wlis oqtomberSi. danarCeni nawili standartisa gamoSvebul iqneba 2011 wlis ganmavlobaSi. kompania acnobierebs, rom axal standarts Seaqvs bevri cvlileba finansuri intrumentebis aRricxvaSi da SesaZloa iqonios arsebiTi zegavlena kompaniis finansur angariSgebaze. am cvlilebebis gavlenis analizi Catardeba proeqtis ganmavlobaSi, mas Semdeg rac gamoSvebuli iqneba standartis danarCeni nawili. Kkompania ar apirebs am standartis adre danergvas.
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fass-Si Setanili sxvadasxva Sesworebebi mocemulia TiToeuli standartis safuZvelze. yvela cvlileba, romelic gamoiwvevs saaRricxvo cvlilebas warmodgenis, aRiarebis da Sefasebis mxriv, moqmedi gaxdeba arauadres 2011 wlis 1 ianvrisa. kompanias jer ar Cautarebia analizi aRniSnuli cvilebebis savaraudo zegavlenisa kompaniis finansur mdgomareobasa da operaciebze.

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wminda saprocento Semosavali

2008 wlis 21 noembridan (daarsebis dRe) 2009 wlis 31 dekembris mdgomareobiT 000 lari 273 4 277 (11) 266

2010 000 lari saprocento Semosavali klientebze gacemuli sesxebi bankebSi ganTavsebuli saxsrebi sul saprocento Semosavali saprocento xarji sesxebi wminda saprocento Semosavali 1,660 4 1,664 (207) 1,457

mosakreblebi da sakomisio Semosavali

2008 wlis 21 noembridan (daarsebis dRe) 2009 wlis 31 dekembris mdgomareobiT 000 lari 89 11 100

2010 000 lari sakomisio Semosavali winswrebiT dafaruli sesxebidan sxva 177 1 178

gaufasurebis zarali
2008 wlis 21 noembridan (daarsebis dRe) 2009 wlis 31 dekembris mdgomareobiT 000 lari -

2010 000 lari klientebze gacemuli sesxebi 141

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saxelfaso xarjebi
2008 wlis 21 noembridan (daarsebis dRe) 2009 wlis 31 dekembris mdgomareobiT 000 lari 56

2010 000 lari TanamSromelTa xelfasebi 351

sxva saerTo administraciuli xarjebi

2008 wlis 21 noembridan (daarsebis dRe) 2009 wlis 31 dekembris mdgomareobiT 000 lari 14 26 7 4 6 2 4 3 17 83

2010 000 lari profesiuli momsaxurebis xarjebi cveTa da amortizacia sakomunikacio da sainformacio momsaxurebis xarjebi dacvis xarjebi reklamis da marketingis xarjebi saofise maragebis xarji ijaris xarjebi gadasaxadebi (mogebis gadasaxadis garda) sxva xarjebi 51 47 15 13 5 4 2 41 178

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mogebis gadasaxadi
2008 wlis 21 noembridan (daarsebis dRe) 2009 wlis 31 dekembris mdgomareobiT 000 lari 35 35 5 40

2010 000 lari mimdinare periodis gadasaxadi mimdinare periodi gadavadebuli mogebis gadasaxadi droebiTi sxvaobebis warmoSoba da ukugatareba sul mogebis gadasaxadi (22) 159 181 181

2010 wlisTvis mimdinare da gadavadebuli gadasaxadebis ganakveTi 15%-ia (2009: 15%).

(a)

moqmed sagadasaxado ganakveTTan Sejereba:

2010 000 lari mogeba dabegvramde mogebis gadasaxadi moqmedi ganakveTiT gamouqviTavi xarjebi 1,058 159 159 2009 000 lari 239 36 4 40

% 100% 15% 15%

% 100% 15% 2% 17%

(b)

gadavadebuli sagadasaxado aqtivi da valdebuleba

droebiTi sxvaoba finansuri angariSgebis miznebisTvis aqtivebis da valdebulebebis sabalanso naSTebs da miznebisTvis gamoyenebul Tanxebs Soris warmoSobs wminda sagadasaxado aqtivs da valdebulebas 2010 da 2009 wlebis mdgomareobiT. droebiTi sxvaobebis moZraobebi mdgomareobiT wamodgenilia qvemoT: 2010 da 2009 wlebis gamoyenebuli sagadasaxado gadavadebul 31 dekembris

31

dekembris

lari 000 klientebze gacemuli sesxebi ZiriTadi saSualebebi da aramaterialuri aqtivebi

NnaSTi 1 ianvari 2010 (5) (5)

aRiarebuli mogeba-zaralSi 21 1 22

naSTi 31 dekemberi 2010 21 (4) 17

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lari 000 ZiriTadi saSualebebi da aramaterialuri aqtivebi

naSTi 21 noemberi 2008 -

aRiarebuli mogeba-zaralSi (5)

naSTi 31 dekemberi 2009 (5)

10 fuladi saxsrebi da maTi eqvivalentebi

fuladi saxsrebi da maTi eqvivalentebi 31 dekembris mdgomareobiT Sedgeba Semdegi erTeulebisagan, rogorc es mocemulia fuladi saxsrebis moZraobis angariSgebaSi:
2010 000 lari mcire salaro bankSi ganTavsebuli saxsrebi reitingi B reitingi B+ ureitingo moTxovnamde depozitebi reitingi B ureitingo sul fuladi saxsrebi da maTi eqvivalentebi 165 9 1 147 15 2 7 5 148 2009 000 lari 125

aRniSnuli reitingebi warmodgenilia fitC reitingi mixedviT. aranairi fuli da fuladi saxsrebi ar gaufasurebula. saprocento ganakveTis riski da finansuri aqtivebisa da mgrZnobiarobis analizi warmodgenilia me-17 SeniSvnaSi. valdebulebebis

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11 klientebze gacemuli sesxebi

2010 000 lari komerciuli sesxebi sesxebi mcire kompaniebze 600 2009 000 lari 1,375

sesxebi fizikur pirebze sesxebi uzrunvelyofili uZravi qonebiT samomxmareblo sesxebi saavtomobilo sesxebi sul sesxebi fizikur pirebze klientebze gacemuli sesxebi bruto gaufasurebis rezervi klientebze gacemuli sesxebi neto 3,725 303 189 4,217 4,817 (141) 4,676 973 144 318 1,435 2,810 2,810

2010 wlis 31 dekembris mdgomareobiT gaufasurebul sesxebze daricxuli procenti aris 82 aTasi lari. (2009 wlis 31 dekembris mdgomareobiT nuli). 2010 wlis 31 dekembris mdgomareobiT sexebis gaufasurebis klientebze gacemuli sesxebis klasebis mixedviT Semdegia:
komerciuli sesxebi 000 lari naSTi wlis dasawyisSi wminda cvlileba naSTi wlis bolos 20 20 sesxebi fizikur pirebze 000 lari 121 121

moZraoba

sul 000 lari 141 141

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(a)

sesxebis xarisxi sakredito portfelSi

mocemuli cxrili gviCvenebs gacemuli sesxebis sakredito xarisxs komericul sakredito portfelSi 2010 wlis 31 dekembris mdgomareobiT:
gaufasureba bruto sesxebisa %

sesxebi bruto 000 lari komerciuli sesxebi sesxebi gaufasurebis individualuri maCveneblebis gareSe gaufasurebuli sesxebi: - 90 dRemde vadagadacileba - 90 dReze meti da 1 welze naklebi vadagadacileba sul gaufasurebuli sesxebi sul komerciuli sesxebi 101 67 168 600

gaufasurebis rezervi 000 lari

sesxebi neto 000 lari

432

20 20 20

432 101 47 148 580

29.9% 11.9% 3.3%

sesxebi fizikur pirebze sesxebi uzrunvelyofili uZravi qonebiT - ara vadagadacilebuli - 30 dRemde vadagadacileba - 30-89 dRe vadagadacileba - 90-179 dRe vadagadacileba 3,128 96 176 68 257 3,725 3 7 108 118 3,128 96 173 61 149 3,607 1.7% 10.3% 42.0% 3.2%

- 180-360 dRe vadagadacileba

sul sesxebi uzrunvelyofili uZravi qonebiT samomxmareblo sesxebi - ara vadagadacilebuli - 30 dRemde vadagadacileba - 30-89 dRe vadagadacileba sul samomxmareblo sesxebi

241 25 37 303 143 24 18 4 189 4,217 4,817

1 1 2 2 121 141

241 25 36 302 143 24 18 2 187 4,096 4,676

2.7% 0.3% 50% 1.1% 2.9% 2.9%

saavtomobilo sesxebi - ara vadagadacilebuli - 30 dRemde vadagadacileba - 30-89 dRe vadagadacileba

- 180-360 dRe vadagadacileba

sul saavtomobilo sesxebi sul sesxebi fizikur pirebze sul klientebze gacemuli sesxebi

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mikrosafinanso organizacia Sps izikred jorjia finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi N2010 wlisN31Ndekembris mdgomareobiT

qvemoT mocemuli cxrili gviCvenebs gacemuli sesxebis sakredito xarisxs komericul sakredito portfelSi 2009 wlis 31 dekembris mdgomareobiT:
gaufasureba bruto sesxebisa %

sesxebi bruto 000 lari komerciuli sesxebi sesxebi gaufasurebis individualuri maCveneblebis gareSe gaufasurebuli sesxebi: - 90 dRemde vadagadacileba sul gaufasurebuli sesxebi sul komerciuli sesxebi sesxebi fizikur pirebze sesxebi uzrunvelyofili uZravi qonebiT - ara vadagadacilebuli sul sesxebi uzrunvelyofili uZravi qonebiT samomxmareblo sesxebi - ara vadagadacilebuli - 30-89 dRe vadagadacileba sul samomxmareblo sesxebi saavtomobilo sesxebi - ara vadagadacilebuli sul saavtomobilo sesxebi sul sesxebi fizikur pirebze sul klientebze gacemuli sesxebi 318 318 1,435 2,810 121 23 144 973 84 84 1,375

gaufasurebis rezervi 000 lari

sesxebi neto 000 lari

1,291

1,291

84 84 1,375

973

973

973

121 23 144 318 318 1,435 2,810

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(b)

ZiriTadi daSvebebi gaufasurebis gamoTvlisTvis

(i) komerciuli sesxebi

sesxebi gaufasurebulad iTvleba, rodesac finansuri aqtivis Tavdapirveli aRiarebis Semdeg arsebobs imis obieqturi safuZveli, rom erTi, an ramdenime garemoeba, romelTa saimedod Sefaseba SesaZlebelia, gavlenas axdens sesxebidan mosalodneli fuladi saxsrebis Semodinebaze. sesxebs, romelTac ar gaaCniaT gaufasurebis individualuri niSnebi, ar aqvT obieqturi gaufasurebis safuZveli, romelic konkretulad maT miekuTvneba. sesxis gaufasurebis obieqturi maCveneblebi moicavs: sesxis xelSekrulebiT gansazRvruli vadagadacilebuli gadaxda msesxeblis finasur mdgomareobaSi arsebiTi sirTuleebi

kompania komerciuli sesxebis gaufasurebis zarals gaiangariSebs gaufasurebul sesxTan dakavSirebuli momavali fuladi nakadebis analizisa da warsuli sesxis portfelis danakargis safuZvelze, romelTa mimarTac ar arsebobda gaufasurebis maCveneblebi gamocdilebaze dayrdnobiT. komerciul sesxebze gaiTvaliswina Semdegi: gaufasurebis rezervis gansazRvrisas menejmentma

warsuli danakargebis gamocdilebis safuZvelze ar arsebobs istoriuli gaufasurebis zaralis ganakveTi sesxebisTvis individualuri gaufasurebis maCveneblebis gareSe. 6-dan 12 Tvemde periodis saWiroeba Tanxis misaRebad uzrunvelyofis dasakuTrebisas.

am gamoTvlebSi cvlilebebs efeqti eqneba gaufasurebis zaralze. magaliTad, mosalodneli fuladi moZraobis wminda mimdinare RirebulebaSi gansxvaveba minus erTi procentiT, gamoiwvevs 2010 wlis 31 dekembris mdgomareobiT komerciuli sesxebis gaufasurebis rezervis gazrdas 6 aTasi lariT. (2009 wlis 31 dekembris mdomareobiT 14 aTasi lariT).

(ii) fizikuri pirebis sesxebi

kompania awarmoebs fizikuri pirebis sesxebis gaufasurebis gamoTvlebs calkeuli tipebis sesxebisTvis istoriuli zaralidan gamomdinare. ZiriTadi daSvebebi gamoyenebuli fizikur pirebze gacemuli sesxebis gaufasurebis zaralis gansazRvraSi aris Semdegi: zaralis migraciis ganakveTebi mudmivia da maTi gaangariSeba SesaZlebelia uZravi qonebiT uzrunvelyofili sesxebis, avto sesxebisa da sxva samomxmareblo sesxebis gasuli 12 Tvis ganmavlobaSi istoriuli zaralis migraciis modelis safuZvelze. 180-ze meti dRiT vadagadacilebul fizikur pirebze gacemul sesexebs eniWeba gaufasurebis 50%-iani albaToba.
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mikrosafinanso organizacia Sps izikred jorjia finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi N2010 wlisN31Ndekembris mdgomareobiT

fizikur pirebze gacemuli sesxebis gaufasurebis zaralis gaangariSebisas gamoyenebuli mniSvnelovani daSvebebi iTvaliswinebs sesxis gaufasurebis Semdeg ganakveTebs:

uZravi qonebiT uzrunvelyofili sesxebi 3.2% samomxmareblo sesxebi 0.3% avto sesxebi 1.1%

am gamoTvlebSi cvlilebas efeqti eqneba gaufasurebis zaralze. magaliTad, mosalodneli fuladi moZraobis wminda mimdinare Rirebulebis gansxvaveba minus sami procentiT, gamoiwvevs 2010 wlis 31 dekembris mdgomareobiT fizikur pirebze gacemuli sesxebis gaufasurebis rezervis gazrdas 41 aTasi lariT. (2009 wlis 31 dekembris mdomareobiT 14 aTasi lariT).

(g)

uzrunvelyofis analizi
qvemoT moyvanil cxrilSi asaxulia 2010 wlis 31 dekembris mdgomareobiT klientebze gacemuli sesxebi, gaufasurebis gamoqviTviT, uzrunvelyofis saxeebis mixedviT:
2010 000 lari uZravi qoneba avtomobilebi oqro da sauveliro nawarmi uzrunvelyofis gareSe sul 4,117 219 203 137 4,676 sakredito portfelis % 88% 5% 4% 3% 100% 2009 000 lari 2,400 275 31 104 2,810 sakredito portfelis % 85% 10% 1% 4% 100%

zemoT moyvanil cxrilSi naCvenebi Tanxebi asaxavs sesxebis sabalanso Rirebulebas da ara aucileblad uzrunvelyofis samarTlian Rirebulebas. 2010 wlis 31 dekembriT dasrulebuli wlis ganmavlobaSi kompaniam miiRo 84 aTasi laris (2009 weli: nuli) sabalaso Rirebulebis aqtivi komerciul sesxebze uzrunvelyofis saxiT dagiravebul obieqtebze kontrolis damyarebiT.

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mikrosafinanso organizacia Sps izikred jorjia finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi N2010 wlisN31Ndekembris mdgomareobiT

(d) sesxis portfelis analizi samrewvelo dargebisa da geografiuli adgilmdebareobis mixedviT

sesxebi gacemulia saqarTveloSi mcxovreb klientebze, vinc muSaobs Semdeg ekonomikur seqtorebSi:
2010 000 lari sesxebi fizikur pirebze vaWroba momsaxureba warmoeba meurneoba sxva 4,096 417 125 13 7 18 4,676 2009 000 lari 1,435 768 456 90 17 44 2,810

(e)

mniSvnelovani dakreditebis koncentracia

2010 wlisa da 2009 wlis 31 dekembris mdgomareobiT arcerTi msesxeblis sesxis balansi ar aRemateba sakuTari kapitalis 10%-s.

(v)

sesxebis dafarvis vadebi

kompaniis sasesxo portfelis dafarvis vadis Sesaxeb informacia warmodgenilia me-17 (d) SeniSvnaSi, romelic asaxavs darCenil periods angariSgebis TariRidan saxelSekrulebo vadis dasrulebamde.

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mikrosafinanso organizacia Sps izikred jorjia finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi 2010 wlis 31 dekembris mdgomareobiT

12 ZiriTadi saSualebebi da aramaterialuri aqtivebi

000 lari Rirebuleba 2010 wlis 1 ianvris mdgomareobiT Sesyidva 2010 wlis 31 dekembris mdgomareobiT cveTa 2010 wlis 1 ianvris mdgomareobiT cveTis daricxva 2010 wlis 31 dekembris mdgomareobiT sabalanso Rirebuleba 2010 wlis 31 dekembris mdgomareobiT 9 12 21 17 35 52 26 47 73 miwa da Senobebi 460 460 sxva 114 26 140 sul 574 26 600

439 miwa da Senobebi 460 460

88

527

000 lari Rirebuleba 2008 wlis 21 noembris mdgomareobiT Sesyidva 2009 wlis 31 dekembris mdgomareobiT cveTa 2008 wlis 21 noembris mdgomareobiT cveTis daricxva 2009 wlis 31 dekembris mdgomareobiT sabalanso Rirebuleba 2009 wlis 31 dekembris mdgomareobiT

sxva 114 114

sul 574 574

9 9

17 17

26 26

451

97

548

13 sxva aqtivebi
2010 000 lari sxva moTxovnebi sul sxva finansuri aqtivebi dasakuTrebuli qoneba winaswargadaxdebi winaswar gadaxdili sxva gadasaxadebi masalebi sul sxva arafinansuri aqtivebi sul sxva aqtivebi 9 9 84 46 4 2 136 145 2009 000 lari 5 5 4 4 9

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mikrosafinanso organizacia Sps izikred jorjia finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi 2010 wlis 31 dekembris mdgomareobiT

14 sesxebi
winamdebare SeniSvna warmoadgens informacias sakontraqto pirobebis Sesaxeb sesxebisTvis, romlebsac ericxeba procenti da romelTa Sefaseba xorcieldeba amortizirebuli RirebulebiT. saprocento ganakveTis, likvidobisa da savaluto riskTan dakavSirebiT meti informaciis misaRebad, ixileT me-17 SeniSvna.
2010 000 lari 35 35 1818 79 1,897 1,932 2009 000 lari 870 870 59 59 929

grZelvadiani valdebulebebi arauzrunvelyofili sesxebi fizikuri pirebisgan uzrunvelyofili sabanko sesxebi moklevadiani valdebulebebi uzrunvelyofili sabanko sesxebi arauzrunvelyofili sesxebi fizikuri pirebisgan

(a) vadebi da valdebulebis dafarvis sqema

sesxebis naSTebis vadebi da pirobebi aris Semdegi:
31 dekemberi 2010 nominaluri saprocento dafarvis TariRi valuta ganakveTi aSS evro AaSS aSS lari 12.5% 12.5% 8% 18%-24% 8% 2011 2011 2011 2012 2011 nominaluri Rirebuleba 1,048 770 71 35 8 1,932 sabalanso Rirebuleba 1,048 770 71 35 8 1,932 31 dekemberi 2009 nominaluri Rirebuleba 870 59 929 sabalanso Rirebuleba 870 59 929

000 lari uzrunvelyofili sabanko sexi uzrunvelyofili sabanko sexi arauzrunvelyofili sesxi fizikuri pirisgan arauzrunvelyofili sesxi fizikuri pirisgan arauzrunvelyofili sesxi fizikuri pirisgan

30

mikrosafinanso organizacia Sps izikred jorjia finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi 2010 wlis 31 dekembris mdgomareobiT

15 sxva valdebulebebi
2010 000 lari sxva valdebulebebi sul sxva finansuri valdebulebebi miRebuli avansebi sxva sagadasaxado valdebulebebi sul sxva arafinansuri valdebulebebi sul sxva valdebulebebi 2 2 41 41 43 2009 000 lari 3 3 28 2 30 33

16 kapitali
(a) sawesdebo kapitali
sawarmos kapitali warmoadgens arsebul nominalur kapitals. kompaniis safondo dokumentaciaSi

(b)

dividendebi
saqarTvelos kanonmdeblobis mixedviT, kompaniis gasanawilebeli rezervebi gaunawilebeli mogebis naSTamdea Semcirebuli, rogorc kompaniis fass-is Sesabamis finansur angariSgebaSia aRricxuli. 2010 wlis 31 dekembris mdgomareobiT kompanias hqonda gaunawilebeli mogeba, romelic Seadgenda 1,098 aTas lars (2009: 199 aTas lari).

17 riskis marTva
riskebis marTva mikrosafinanso saqmianobis arsebiT nawilsa da kompaniis operaciebis mniSvnelovan elements warmoadgens. kompaniis winaSe arsebuli ZiriTadi riskebia sabazro riski, sakredito riski da likvidobis riski.

(a)

riskis marTvis politika da procedurebi

kompaniaSi moqmedi riskis marTvis politikis mizania kompaniis winaSe arsebuli riskebis identificireba, analizi da marTva, saTanado riskebis limitebis daweseba, sakontrolo meqanizmis gansazRvra da riskebis donisa da limitebis dacvis regularuli monitoringi. riskebis marTvis politika da procedurebi regularulad gadaixedeba sabazro garemos, saukeTeso praqtikis safuZvelze SeTavazebuli produqtebisa da momsaxurebis gaTvaliswinebis mizniT. kompaniis sameTvalyureo sabWo zogadad pasuxismgebelia riskebis marTvis masStabis zedamxedvelobaze, ZiriTadi riskebis marTvis zedamxedvelobaze, riskebis marTvis politikasa da procedurebis gadaxedva-ganaxlebaze da arsebiTi zemoqmedebis damtkicebaze.
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mikrosafinanso organizacia Sps izikred jorjia finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi 2010 wlis 31 dekembris mdgomareobiT

xelmZRvaneloba pasuxismgebelia riskebis Semcirebisken mimarTuli zomebis monitoringsa da danergvaze, aseve imis uzrunvelyofaze, rom kompaniis operaciebi iyos dadgenili riskebis parametrebis farglebSi. aRmasrulebeli direqtori pasuxismgebelia riskis zogad marTvaze da Sesabamisobis uzrunvelyofis funqciebze, saerTo principebis da meTodebis danergvis uzrunvelyofaze, rogoricaa identificireba, Sefaseba, marTva da moxseneba rogorc finansuri, aseve arafinansuri riskebisa. aRmasurlebeli direqtori angariSs waradgens sameTvalyureo sabWos winaSe.

(b)

sabazro riski
sabazro riski warmoadgens finansuri instrumentebis samarTliani Rirebulebis an momavali fuladi nakadebis cvalebadobis risks, rac gamowveulia sabazro fasebis cvlilebiT. sabazro riski moicavs savaluto risks, saprocento ganakveTis risksa da sxva saxis safaso riskebs. sabazro riski warmoiSoba saprocento ganakveTebis Ria poziciebidan, savaluto da kapitalis finansuri instrumentebidan, romlebic reagirebs zogad da konkretul sabazro cvlilebebsa da sabazro fasebis ryevebze. sabazro riskebis marTvis mizania sabazro riskebis safrTxis marTva da kontroli misaRebi parametrebis safuZvelze, riskis amonagebis optimizaciis fonze. sabazro riskebis marTva mTliand mindobilia xelmZRvanelobaze. sabazro riskebs adgens xelmZRvaneloba.

(i)

saprocento ganakveTis riski

saprocento ganakveTis riski warmoadgens saprocento ganakveTebis ryevebis zegavlenis safrTxes finansuri instrumentebis portfelis Rirebulebaze an momaval fulad nakadebze. kompaniaze SesaZloa zemoqmedebdes finansuri poziciisa da naRdi fuladi nakadebis sabazro saprocento ganakveTebis cvlilebebi. saprocento zRvari SesaZloa gaizardos amgvari cvlilebebis Sedegad, Tumca SesaZloa Semcirdes kidec an ganapirobos zarali, Tu adgili eqneba moulodnel ryevebs. saprocento ganakveTis riski warmoiqmneba maSin, rodesac mocemuli periodis faqtiuri an mosalodneli aqtivebi metia an naklebia aRniSnuli periodis faqtiur an mosalodnel valdebulebebze. xelmZRvanelobas ar gaaCnia oficialuri politika imisa, Tu rogor gansazRvros, zemoqmedebis ra nawili unda iyos dakavSirebuli fiqsirebul saprocento ganakveTTan da ra nawili cvlad saprocento ganakveTTan. Tumca, sesxebis zrdasTan erTad xelmZRvaneloba samarTliani msjelobis safuZvelze wyvets Tu romeli, fiqsirebuli Tu cvladi saprocento ganakveTi, aris metad misaRebi kompaniisTvis vadis bolomde mosalodneli periodis ganmavlobaSi.

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mikrosafinanso organizacia Sps izikred jorjia finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi 2010 wlis 31 dekembris mdgomareobiT

profili
saangariSgebo TariRisaTvis kompaniis saprocento ganakveTis profili iyo: ganakveTiani finansuri instrumentebis

2010 000 lari instrumentebi fiqsirebuli ganakveTiT finansuri aqtivebi finansuri valdebulebebi 4,676 (1,932) 2,744

2009 000 lari

2,810 (929) 1,881

saSualo saprocento ganakveTi

qvemoT warmodgenili cxrilSi asaxulia Semosavliani aqtivebisa da valdebulebebis saSualo moqmedi saprocento ganakveTebi. es saprocento ganakveTebi asaxavs am aqtivebisa da valdebulebebis dafarvamde Semosavlianobis gasaSualoebul maCvenebels.
2010 2009

saSualo moqmedi saprocento ganakveTi %

lari Semosavliani aqtivebi moTxovnamde depozitebi klientebze gacemuli sesxebi Semosavliani aqtivebi nasesxebi saxsrebi 8% 12% 13% 30% 34% 31% aSS dolari evro

saSualo moqmedi saprocento ganakveTi %

lari aSS dolari evro

30% -

3% 37% 12%

2010 da 2009 wlebis 31 dekembris mdgomareobiT Semosavliani aqtivebisa da valdebulebebis mgrZnobeloba saprocento ganakveTis ganfasebis riskis mimarT ar iyo mniSvnelovani.

sabazro Rirebulebis instrumetebisaTvis

mgrZnobiarobis

analizi

fiqsirebuli

ganakveTis

kompania fiqsirebuli ganakveTis mqone finansur aqtivebsa da valdebulebebs sabazro RirebulebiT ar aRricxavs. amitom, finansuri angariSgebis TariRisaTvis saprocento ganakveTSi cvlilebebi mogeba-zaralze gavlenas ar moaxdens.

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mikrosafinanso organizacia Sps izikred jorjia finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi 2010 wlis 31 dekembris mdgomareobiT

(ii) savaluto riski

kompaniis aqtivebi da valdebulebebi gamoxatulia sxvadasxva valutaSi. savaluto riski aris riski imisa, rom finansuri instrumentis samarTliani Rirebuleba an momavali fuladi nakadebi SeiZleba Seicvalos sabazro saprocento ganakveTebSi momxdari cvlilebebis gamo. konvertaciis riski warmoiSoba maSin, rodesac ucxour valutaSi denominirebuli faqtobrivi an mosalodneli aqtivebi metia an naklebia amave valutaSi gamoxatul valdebulebze. kompania ar axorcielebs savaluto riskis hejirebas. Semdegi cxrili warmoadgens finansuri aqtivebisa da valdebulebebis ucxouri savaluto poziciis stqturas 2010 wlis 31 dekebris mdgomareobiT:
lari 000 lari aqtivebi fuladi saxsrebi da maTi eqvivalentebi klientebze gacemuli sesxebi sxva finansuri aqtivebi aqtivebi sul valdebulebebi sesxebi sxva finansuri valdebulebebi sul valdebulebebi 2010 wlis 31 dekembris wminda sabalanso mdgomareoba 8 2 10 1,154 1,154 770 770 1,932 2 1,934 16 8 2 26 87 4,331 7 4,425 62 337 399 165 4,676 9 4,850 dolari 000 lari evro 000 lari sul 000 lari

16

3,271

(371)

2,916

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mikrosafinanso organizacia Sps izikred jorjia finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi 2010 wlis 31 dekembris mdgomareobiT

Semdegi cxrili warmoadgens finansuri aqtivebisa da valdebulebebis ucxouri savaluto poziciis struqturas 2009 wlis 31 dekebris mdgomareobiT:
lari 000 lari aqtivebi fuladi saxsrebi da maTi eqvivalentebi klientebze gacemuli sesxebi sxva finansuri aqtivebi aqtivebi sul valdebulebebi sesxebi sxva finansuri valdebulebebi sul valdebulebebi 2009 wlis 31 dekembris wminda sabalanso pozicia 3 3 929 929 929 3 932 22 46 5 73 111 2,764 2,875 14 14 147 2,810 5 2,962 dolari 000 lari evro 000 lari sul 000 lari

70

1,946

14

2,030

qvemoT warmodgenili mogeba-zaralis mgrZnobiaroba savaluto kursis cvlilebasTan mimarTebaSi 2010 da 2009 wlis 31 dekembris mdgomareobiT arsebuli poziciebis safuZvelze larTan mimarTebaSi aSS dolarisa da evros gacvliTi kursebis 10%-iani gaufasurebis SemTxvevaSi. analizi warmodgenilia gadasaxadebis gareSe da efuZvneba ucxour valutis gadacvlis kursSi im cvlilebebs, romlebic, menejmentis azriT, mosalodnelia saangariSgebo periodis bolomde. analizi efuZvneba im daSvebas, rom yvela sxva cvladebi, kerZod, saprocento ganakveTi, mudmivia.
2010 mogeba -zarali 000 lari 10% dolaris gaufasureba larTan mimarTebaSi 10% evros gaufasureba larTan mimarTebaSi 278 (32) 2009 mogeba -zarali 000 lari 165 1

laris gaufasurebas zemoTmoyvanil valutasTan, 2010 da 2009 wlis 31 dekembers eqneboda Tanabari, Tumca, sawinaaRmdego efeqti naCveneb Tanxaze, imis daSvebiT, rom sxva danarCeni cvladi mudmivia.

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mikrosafinanso organizacia Sps izikred jorjia finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi 2010 wlis 31 dekembris mdgomareobiT

(g) sakredito riski

sakredito riski warmoadgens finansuri zaralis safrTxes, romelic SesaZloa gamowveuli iqnas msesxeblis an garigebasTan dakavSirebuli mxaris gadaxdis uunarobiT, rac gamoixateba maTi kompaniis mimarT valdebulebebis SeusruleblobaSi. kompanias SemuSavebuli aqvs sakredito riskebis marTvis politika da procedurebi, maT Soris portfelis koncentraciis SezRudvis instruqcia da Seqmnilia sakredito komiteti, romelic axorcielebs sakredito riskebis aqtiur monitorings. sakredito politika ganixileba da mtkicdeba sameTvalyureo sabWos mier. sakredito politika gansazRvravs Semdegs: sasesxo/sakredito ganacxadis ganxilvis da damtkicebis procedurebs; msesxeblis kreditunarianobis Sefasebis meTodologias; uzrunvelyofis Sefasebis meTodologias;

fizikuri pirebis sesxebis ganacxadebs sakredito oficrebi adgenen. analizis reportebi dafuZnebulia klientebis saqmianobisa da maT finansuri maCveneblebis struqturul analizze. sesxis oficris wardgenis Semdeg ganacxadebas ganixilavs sakredito komiteti, xolo Semdgom amisa sesxebis ganacxadebs da reportebs damoukideblad ganixilavs aRmasrulebeli direqtori. kompania uwyvetad akontrolebs individualuri sakredito riskis zegavlenebs da regularulad afasebs momxmarebelTa gadaxdisunarianobas. gadaxedva warmoebs momxmarebelTa uaxlesi finansuri informaciis da msesxeblis mier wardgenili an kompaniis mier sxva gziT mopovebuli informaciis safuZvelze. kompaniis maqsimaluri daqvemdebareba sabalanso sakredito riskis mimarT zogadad asaxulia finansuri mdgomareobis angariSgebaSi, finansuri aqtivebis sabalanso RirebulebaSi. riskis SesaZlo zegavlenis Semcirebis mizniT aqtivebisa da valdebulebebis potenciuri gaqviTvis zegavlena ar aris mniSvnelovani. kompaniis maqsimaluri daqvemdebareba sabalanso sakredito riskis mimarT saangariSgebo TariRisTvis aris Semdegnairi:
2010 000 lari 4,676 17 9 4,702 2009 000 lari 2,810 12 10 5 2,837

klientebze gacemuli sesxebi bankebSi ganTavsebuli Tanxebi moTxovnamde depozitebi sxva finansuri aqtivebi sul sakredito riskis maqsimaluri safrTxe

sakredito riskis koncentraciis analizi ixileT me-11 SeniSvnaSi.

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mikrosafinanso organizacia Sps izikred jorjia finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi 2010 wlis 31 dekembris mdgomareobiT

(d) likvidobis riski

likvidobis riski warmoadgens risks, romlis winaSec dgeba kompania im Tanxebis mozidvis garTulebis SemTxvevaSi, romelic aucilebeli iqneba misi valdebulebebis Sesasruleblad. likvidobis riski warmoiqmneba maSin, rodesac aqtivebisa da valdebulebebis vada gansxvavebulia. aqtivebisa da valdebulebebis vadianobisa da saprocento ganakveTebis Sesabamisoba da/an maTi kontrolirebadi Seusabamoba warmoadgens likvidobis marTvis qvakuTxeds. sruli Sesabamisobis miRweva mikrosafinanso organizaciaSi SeuZlebelia, ramdenadac biznesi xSirad ganusazRvreli pirobiT viTardeba da Tanac sxvadasxva tipisaa. Seusabamo pozicia potenciurad zrdis mogebas, Tumca, SesaZloa zrdides zaralis safrTxesac. kompania marTavs likvidobas, uzrunvelyofs ra xelmisawvdom Tanxebs nebismier dros vadamosuli, naRd fulTan dakavSirebuli valdebulebebis jerovani Sesrulebis mizniT. likvidobis risks ganixilavs da amtkicebs xelmZRvaneloba. kompania eZebs stabilur fondebs, romlebic moicavs grZelvadian da moklevadian sesxebs bankebisa da saerTaSoriso finansuri institutebidan maRali likvidobis aqtivebis diversifikaciul portfelTan erTad, raTa SeZlos swrafad da Seuferxeblad upasuxos gauTvaliswinebeli likvidobis moTxovnebs. kompaniis likvidobis marTvis politika moicavs Semdegs: naRdi fulis moZraobis proeqtireba ZiriTadi valutis mixedviT, likviduri aqtivebis donis gaTvaliswinebiT, romelic aucilebeli iqneba am kuTxiT; dafinansebis mravalferovani wyaroebis SenarCuneba; koncentraciis marTva da valdebulebebis profili; valdebulebebis dafinansebis gegmebis uzrunvelyofa; likvidurobisa da dafinansebis gegmebis uzrunvelyofa gauTvaliswinebeli garemoebebis SemTxvevaSi;

winamdebare cxrilebSi asaxulia aradiskontirebuli naRdi fuladi nakadebi kompaniis valdebulebebisa maTi uadresi SesaZlo saxelSekrulebo vadianobis safuZvelze. mTliani gadineba, romelic asaxulia cxrilSi, warmoadgens saxelSekrulebo, aradiskontirebul naRd fulad nakads finansur valdebulebasTan mimarTebaSi.

37

mikrosafinanso organizacia Sps izikred jorjia finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi 2010 wlis 31 dekembris mdgomareobiT

finansuri valdebulebebis likvidobis pozicia 2010 wlis 31 dekembris mdgomareobiT:

moTxovnamde da 1 Tvemde 1 Tvidan 3 Tvemde 3 Tvidan 6 Tvemde 6 Tvidan 12 Tvemde 1 welze meti mTliani gasuli Tanxa sabalanso naSTi

000 lari arawarmoebuli valdebulebebi sesxebi sxva finansuri valdebulebebi sul valdebulebebi

71 2 73

57 57

58 58

1,898 1,898

39 39

2,123 2 2,125

1,932 2 1,934

finansuri valdebulebebis likvidobis pozicia 2009 wlis 31 dekembris mdgomareobiT:

moTxovnamde da 1 Tvemde 1 Tvidan 3 Tvemde 3 Tvidan 6 Tvemde 6 Tvidan 12 Tvemde 1 welze meti mTliani gasuli Tanxa sabalanso naSTi

000 lari arawarmoebuli valdebulebebi sesxebi sxva finansuri valdebulebebi sul valdebulebebi

3 3

28 28

28 28

116 116

956 956

1,128 3 1,131

929 3 932

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mikrosafinanso organizacia Sps izikred jorjia finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi 2010 wlis 31 dekembris mdgomareobiT

qvemoT moyvanil cxrilSi asaxulia mosalodneli dafarvis vadebis mixedviT 2010 wlis 31 dekembrisaTvis finansuri mdgomareobis angariSgebaSi aRiarebuli Tanxebis analizi:

000 lari arawarmoebuli aqtivebi fuli da fuladi eqvivalentebi klientebze gacemuli sesxebi ZiriTadi saSualebebi da aramaterialuri aqtivebi gadavadebuli sagadasaxado aqtviebi sxva aqtivebi sul aqtivebi arawarmoebuli valdebulebebi sesxebi gadasaxdeli mogebis gadasaxadi sxva valdebulebebi sul valdebulebebi wminda mdgomareoba

moTxovnamde da 1 Tvemde

1 Tvidan 3 Tvemde

3 Tvidan 6 Tvemde

6 Tvidan 12 Tvemde

1 welze meti

uvado

sul

165 378 61 604

509 509

771 771

1,543 1,543

1,475 1,475

527 17 84 628

165 4,676 527 17 145 5,530

71 43 114 490

144 144 365

771

1,826 1,826 (283)

35 35 1,440

628

1,932 144 43 2,119 3,411

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mikrosafinanso organizacia Sps izikred jorjia finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi 2010 wlis 31 dekembris mdgomareobiT

qvemoT moyvanil cxrilSi asaxulia mosalodneli dafarvis vadebis mixedviT 2009 wlis 31 dekembrisaTvis finansuri mdgomareobis angariSgebaSi aRiarebuli Tanxebis analizi:

000 lari arawarmoebuli aqtivebi fuli da fuladi eqvivalentebi klientebze gacemuli sesxebi ZiriTadi saSualebebi da aramaterialuri aqtivebi sxva aqtivebi sul aqtivebi arawarmoebuli valdebulebebi sesxebi gadasaxdeli mogebis gadasaxadi gadavadebuli sagadasaxado valdebuleba sxva valdebulebebi sul valdebulebebi wminda mdgomareoba

moTxovnamde da 1 Tvemde

1 Tvidan 3 Tvemde

3 Tvidan 6 Tvemde

6 Tvidan 12 Tvemde

1 welze meti

uvado

sul

147 151 4 302

283 5 288

250 250

301 301

1,825 1,825

548 548

147 2,810 548 9 3,514

35

8 -

51 -

870 -

929 35

31 31 271

2 37 251

8 242

51 250

870 955

5 5 543

5 33 1,002 2,512

zemoTmoyvanil cxrilSi aqtivebi da valdebulebebi warmodgenilia sabalanso RirebulebiT angariSgebis TariRisaTvis da ar moicavs momaval saprocento gadasaxdelebs. mTavari maCvenebeli, romelsac kompania iyenebs likvidobis riskis marTvisTvis, aris wminda likviduri aqtivebis Sefardeba sesxebTan. am miznisTvis, wminda likviduri aqtivebi moicavs fulad saxsrebs da maT eqvivalentebs da klientebze gacemuli sesxebs erT Tvemde vadiT. wminda likviduri aqtivebis Sefardeba sesxebTan saangariSgebo TariRisTvis aris Semdegi:
2010 000 lari 31 dekembris mdgomareobiT 25% 2009 000 lari 32%

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mikrosafinanso organizacia Sps izikred jorjia finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi 2010 wlis 31 dekembris mdgomareobiT

18 kapitalis marTva
kompaniis politikaa SeinarCunos Zlieri sabaziso kapitali, investorebis, kreditorebis da bazris ndobis uzrunvelsayofad da saqmianobis momavali ganviTarebis SesanarCuneblad. valdebulebis Sefardeba kapitalTan saangariSgebo TariRisTvis Semdegia:
2010 000 lari sul valdebulebebi minus fuladi saxsrebi da fuladi maTi eqvivalentebi wminda valdebulebebi sul sakuTari kapitali valdebulebebis Sefardeba kapitalTan 2,119 (165) 1,954 3,411 57% 2009 000 lari 1,002 (147) 855 2,512 34%

saangariSgebo periodis ganmavlobaSi ar momxdara kapitalis marTvaSi cvlilebebi.

19 gauTvaliswinebeli garemoebebi
(a) dazRveva
kompanias ar gaaCnia sruli sadazRvevo dafarva Tavis uZrav qonebaze, danadgar-aRWurvilobaze, saqmis Sewyvetaze an mesame piris valdebulebaze kerZo sakuTrebasTan mimarTebaSi, an SemTxveviTobis wyalobiT wamoWrili raime garemo zianze jgufis sakuTrebis an muSaobis mimarT. sanam kompania miiRebs Sesaferis sadazRvevo dafarvas, arsebobs riski, rom zarals an zogierTi aqtivis ganadgurebas SeiZleba hqondes materialuri uaryofiTi zegavlena kompaniis operaciebsa da finansur poziciaze.

(b)

dabegvris gauTvaliswinebeli garemoebebi

saqarTvelos sagadasaxado sistema SedarebiT axalia da xSirad icvleba misi sakanonmdeblo da oficialuri debulebebi, sasamarTlo gadawyvetilebebi, romlebic xSirad bundovania, winaaRmdegobrivia da maTi interpretacia sxvadasxvagvarad warmoebs. sagadasaxado kanonmdeblobis darRvevis SemTxvevaSi aranairi valdebulebebis, jarimebis da sauravebis daweseba ar aris SesaZlebeli, Tu eqvs welze meti iqneba gasuli sagadasaxado wlidan, rodesac moxda darRveva. aRniSnuli garemo saqarTveloSi qmnis sagadasaxado riskebs, romlebic ufro arsebiTia, vidre sxva qveynebSi. xelmZRvaneloba miiCnevs, rom igi adeqvaturad asrulebs sagadasaxado valdebulebebs, xelmZRvanelobs ra saqarTveloSi moqmedi sagadasaxado kanonmdeblobis interpretaciebis, oficialuri aqtebisa da sasamarTlos gadawyvetilebebis Sesabamisad. miuxedavad amisa, Sesabamis organoebs, SesaZloa hqondeT sxva interpretaciebi da maTi interpretaciebis warmatebiT aRsrulebis SemTxvevaSi finansur angariSgebaze zegavlena SesaZlebelia iyos mniSvnelovani.
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mikrosafinanso organizacia Sps izikred jorjia finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi 2010 wlis 31 dekembris mdgomareobiT

20 operaciebi dakavSirebul mxareebTan

(a) mmarTvelobiTi urTierToba
kompaniis damfuZnebeli aris Sps laponeto komerciali. upirvelesi makontrolebeli mxare aris elena papaqristodoulou fsintrou. kompaniis damfuZnebeli ar gamoscems sajarod xelmisawvdom finansur angariSgebas.

(b)

operaciebi mmarTvel sabWosTan

qvemoT warmodgenilia anazRaureba, xelfasebSi (ix. me-7 SeniSvna): romelic Sesulia TanamSromelTa

2010 000 lari TanamSromelTa xelfasebi 191

2008 wlis 21 noembridan (daarsebis TariRi) 2009 wlis 31 dekembramde 000 lari 27

qvemoT mocemulia balansi da Sesabamisi saSualo saprocento ganakveTebi 31 dekembris mdgomareobiT, mmarTveli sabWos wevrebTan mimarTebaSi:
saSualo saprocento ganakveTi % saSualo saprocento ganakveTi %

2010 000 lari finansuri mdgomareobis angariSgeba aqtivebi klientebze gacemuli sesxebi

2010 000 lari

20%

20%

qvemoT mocemulia mmarTveli sabWos wevrebTan ganxorcielebuli operaciebi, romelic Sesulia mogeba-zaralis angariSgebaSi:
2008 wlis 21 noembridan (daarsebis TariRi) 2009 wlis 31 dekembramde 000 lari 1

2010 000 lari mogeba-zaralis angariSgeba saprocento Semosavali saprocento xarji 1 -

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mikrosafinanso organizacia Sps izikred jorjia finansur angariSebasTan arsebuli da misi Semadgeneli SeniSvnebi 2010 wlis 31 dekembris mdgomareobiT

21 saangariSgebo periodis Semdgomi movlenebi

2011 wlis 23 Tebervals kompaniis mesakuTreTa mier dagrovili mogebis ganawilebasTan dakavSirebiT miRebuli iqna Semdegi gadawyvetilebebi: 2009 wlis 31 dekembris dasrulebuli wlis mogebidan 199 aTasi laris dividendis gacema. 2010 wlis 31 dekembris dasrulebuli wlis mogebidan 900 aTasi laris sawesdebo kapitalSi gadatana, ris Sedegadac gaizarda TiToeuli damfuZneblis wilobrivi monacemebi gadawyvetilebis miRebis dRisTvis kapitalSi arsebuli damfuZnebelTa wilis proporciulad. 155 aTasi laris

2011 wels, am finansuri angariSgebis gamocemamde dividendi iqna gadaxdili kompaniis mflobelebze.

43