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«Тинькофф Банк». Консолидированная финансовая информация (2018 год) - часть 8

TCS Group Holding PLC
Notes to the Consolidated Financial Statements – 31 December 2018

Related Party Transactions (Conitnued)

On 22 February 2018 the Group granted shares to new participants in MLTIP which resulted in an increase

in total shares granted under MLTIP to 5.68% of issued share capital of the Group. For the purpose of the

financial reporting the grant date for newly added rewards is considered to be 22 February 2018,

implementation date is 31 March 2018.

The total number of GDRs attributable to the Management according to MLTIP is 9,781 thousand as at

31 December 2018 (2017: 9,628 thousand).

Participants cannot own or exercise their shareholder rights over GDRs within MLTIP directly. Participants

are entitled to the dividends, if any.

The fair value as at recognition dates of the equity-settled share-based payments (31 March 2016,

8 February 2017 and 22 February 2018) is determined on the basis of a market quote.

The delivery dates as of which the GDRs are allowed to be sold by the participants correspond to the

vesting dates at 14 April 2016 and each subsequent 31 March until 2022 for participants joining in 2016,

then until 2023 for participants joining in 2017, and until 2024 for participants joining in 2018.

Events after the End of the Reporting Period

On 19 February 2019 the Group issued EUR denominated ECP with a nominal value of EUR 12 million

with a discount of 1.25% maturing on 18 February 2020.

In March 2019 the Group acquired an additional stake in Kassir.ru.

On 11 March 2019 the Board of Directors declared an interim dividend in line with the current dividend

policy of USD 0.32 per share/per GDR with a total amount allocated for dividend payment of around

USD 58.4 million.

Accounting Policies Applicable before 1 January 2018

Accounting policies applicable to the comparative period ended 31 December 2017 that were amended by

IFRS 9, are as follows.

Financial instruments

– key measurement terms. Depending on their classification financial instruments

are carried at fair value

or amortised cost as described below. Refer to Note 3 for the definition of fair value

and AC as well as for description of valuation techniques.

Other securities at FVTPL.

Other securities at FVTPL are financial assets designated irrevocably, at initial

recognition, into this category. Management designates securities into this category only if (a) such

classification eliminates or significantly reduces an accounting mismatch that would otherwise arise from

measuring assets or liabilities or recognising the gains and losses on them on different bases; or (b) a group

of financial assets, financial liabilities or both is managed and its performance is evaluated on a fair value

basis, in accordance with a documented risk management or investment strategy, and information on that

basis is regularly provided to and reviewed by the Group’s key management personnel.

Loans and advances to customers.

Loans and advances to customers are recorded when the Group

advances money to purchase or originate an unquoted non-derivative receivable from a customer due on

fixed or determinable dates and has no intention of trading the receivable. Loans and advances to

customers are carried at amortised cost.

Impairment of financial assets carried at amortised cost.

Impairment losses are recognised in profit or

loss for the year when incurred as a result of one or more events (“loss events”) that occurred after the

initial recognition of the financial asset and which have an impact on the amount or timing of the estimated

future cash flows of the financial asset or group of financial assets that can be reliably estimated. If the

Group determines that no objective evidence exists that impairment was incurred for an individually

assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with

similar credit risk characteristics, and collectively assesses them for impairment.

The primary factors that the Group considers in determining whether a financial asset is impaired are its

overdue status and realisability of related collateral, if any.

TCS Group Holding PLC
Notes to the Consolidated Financial Statements – 31 December 2018

Accounting Policies Applicable before 1 January 2018 (Continued)

The following other principal criteria are also used to determine whether there is objective evidence that an
impairment loss has occurred:

an instalment is overdue and the late payment cannot be attributed to a delay caused by the
settlement systems;

the borrower experiences a significant financial difficulty as evidenced by the borrower’s financial
information that the Group obtains;

the borrower considers bankruptcy or a financial reorganisation;

there is an adverse change in the payment status of the borrower as a result of changes in national
or local economic conditions that impact the borrower;

concession is granted by the Bank that would not have otherwise been given.

For the purposes of a collective evaluation of impairment, financial assets are grouped on the basis of
similar credit risk characteristics. Those characteristics are relevant to the estimation of future cash flows
for groups of such assets by being indicative of the debtors’ ability to pay all amounts due according to the
contractual terms of the assets being evaluated.

Future cash flows in a group of financial assets that are collectively evaluated for impairment, are estimated
on the basis of the contractual cash flows of the assets and the experience of management in respect of
the extent to which amounts will become overdue as a result of past loss events and the success of recovery
of overdue amounts.  Past  experience  is adjusted on  the  basis of current  observable data to reflect  the
effects of current conditions that did not affect past periods, and to remove the effects of past conditions
that do not exist currently. If the terms of an impaired financial asset held at amortised cost are renegotiated
or otherwise modified because of financial difficulties of the borrower or issuer, impairment is measured
using the original effective interest rate before the modification of terms. The renegotiated asset is then
derecognized  and  a  new  asset  is  recognized  at  its  fair  value  only  if  the  risks  and  rewards  of  the  asset
substantially changed.

This is normally evidenced by a substantial difference between the present values of the original cash flows
and the new expected cash flows. Impairment losses are always recognised through an allowance account
to write down the asset’s carrying amount to the present value of expected cash flows (which exclude future
credit losses that have not been incurred) discounted at the original effective interest rate of the asset.

If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related
objectively to an event occurring after the impairment was recognised (such as an improvement in the
debtor’s credit rating), the previously recognised impairment loss is reversed by adjusting the allowance
account through profit or loss for the year. Uncollectible assets are written off against the related impairment
loss provision after all the necessary procedures to recover the asset have been completed and the amount
of the loss has been determined. The amount of uncollectible loan balance is estimated on a loan portfolio
basis taking into account defaulted loans recovery statistics. In 2017 the Group refined the approach to
determination of uncollectible loan balance as sufficient and appropriate loans recovery statistics has now
been accumulated.

Gains or losses on disposal of impaired loans are recognized in the consolidated statement of profit or loss
and other comprehensive income in the period when sale occurred.

Investment securities available for sale.

This classification includes investment securities which the

Group intends to hold for an indefinite period of time and which may be sold in response to needs for
liquidity or changes in interest rates, exchange rates or equity prices.

Investment securities available for sale are carried at fair value. Interest income on available-for-sale debt
securities is calculated using the effective interest method, and recognised in profit or loss for the year.

TCS Group Holding PLC
Notes to the Consolidated Financial Statements – 31 December 2018

Accounting Policies Applicable before 1 January 2018 (Continued)

Dividends on available-for-sale equity instruments are recognised in profit or loss for the year when the
Group’s right to receive payment is established and it is probable that the dividends will be collected. All
other  elements  of  changes  in  the  fair  value  are  recognised  in  other  comprehensive  income  until  the
investment is derecognised or impaired, at which time the cumulative gain or loss is reclassified from other
comprehensive income to profit or loss for the year. Impairment losses are recognised in profit or loss for
the  year  when  incurred  as  a  result  of  one  or  more  events  (“loss  events”)  that  occurred  after  the  initial
recognition of investment securities available for sale. A significant or prolonged decline in the fair value of
an  equity  security  below  its  cost  is  an  indicator  that  it  is  impaired.  The  cumulative  impairment  loss  –
measured as the difference between the acquisition cost and the current fair value, less any impairment
loss on that asset previously recognised in profit or loss – is reclassified from other comprehensive income
to profit or loss for the year. Impairment losses on equity instruments are not reversed and any subsequent
gains are recognised in other comprehensive income. If, in a subsequent period, the fair value of a debt
instrument classified as available for sale increases and the increase can be objectively related to an event
occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed through
profit or loss for the year.

Income and expense recognition.

Interest income and expense are recorded for all debt instruments on

an accruals basis using the effective interest method. This method defers, as part of interest income or
expense, all fees paid or received between the parties to the contract that are an integral part of the effective
interest rate, transaction costs and all other premiums or discounts. Fees integral to the effective interest
rate include origination fees received or paid by the entity relating to the creation or acquisition of a financial
asset or issuance of a financial liability, for example fees for evaluating creditworthiness, negotiating the
terms of the instrument, for servicing of account, and cash withdrawals. Commitment fees received by the
Group to originate loans at market interest rates are integral to the effective interest rate if it is probable
that the Group will enter into a specific lending arrangement and does not expect to sell the resulting loan
shortly after origination. The Group does not designate loan commitments as financial liabilities at fair value
through profit or loss.

When loans and other debt instruments become doubtful of collection, they are written down to present
value of expected cash inflows and interest income is thereafter recorded for the unwinding of the present
value discount based on the asset’s original effective interest rate which was used to measure the
impairment loss.

All other fees, commissions and other income and expense items are generally recorded on an accruals
basis by reference to completion of the specific transaction assessed on the basis of the actual service
provided as a proportion of the total services to be provided.

Commissions and fees arising from negotiating, or participating in the negotiation of a transaction for a third
party, such as the acquisition of loans, shares or other securities or the purchase or sale of businesses,
which are earned on execution of the underlying transaction are recorded on its completion.

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