Independent
Auditors’
Report
Financial
Statements
Statement of financial position
as at 31 December 2023
| KZT thousand | Note | 31 December 2023 |
31 December 2022 |
| Assets | |||
| Cash and cash equivalents | 6 | 43.800.988 | 64.764.023 |
| Amounts due from credit institutions | − | 61.833 | |
| Loans to customers | 7 | 8.110.763 | 13.287.308 |
| Finance lease receivables | 8 | 448.423.563 | 381.874.141 |
| Inventories | 3.042.877 | 2.869.777 | |
| Current corporate income tax assets | 16 | 134.115 | 134.115 |
| Property, plant and equipment | 872.477 | 972.822 | |
| Intangible assets | 412.854 | 447.612 | |
| VAT and other taxes receivable | 10.493.470 | 8.196.088 | |
| Advances paid | 9 | 6.371.028 | 554.302 |
| Investments in associates | 434.037 | − | |
| Other assets | 18 | 1.207.279 | 1.180.100 |
| Total assets | 523.303.451 | 474.342.121 | |
| Liabilities | |||
| Amounts due to the Shareholder | 10 | 17.640.752 | 22.062.088 |
| Amounts due to NMH Baiterek JSC | 11 | 12.423.531 | 11.584.240 |
| Amounts due to credit institutions | 12 | 34.080.723 | 30.638.480 |
| Debt securities issued | 13 | 210.268.288 | 206.717.109 |
| Payables to suppliers | 14 | 5.209.262 | 2.713.514 |
| Government grants | 15 | 43.518.065 | 27.025.951 |
| Deferred corporate income tax liabilities | 16 | 7.132.562 | 7.584.525 |
| Advances received | 17 | 5.013.679 | 6.900.816 |
| Other liabilities | 18 | 2.447.689 | 2.164.986 |
| Total liabilities | 337.734.551 | 317.391.709 | |
| Equity | |||
| Share capital | 19 | 102.837.204 | 82.837.204 |
| Additional paid-in capital | 19 | 57.791.144 | 57.791.144 |
| Reserve capital | 19 | 1.436.184 | 1.436.184 |
| Retained earnings | 23.504.368 | 14.885.880 | |
| Total equity | 185.568.900 | 156.950.412 | |
| Total liabilities and equity | 523.303.451 | 474.342.121 | |
| Book value per ordinary share (KZT) | 19 | 1.800,48 | 1.889,28 |
Statement of profit or loss and other comprehensive income
for the year ended 31 December 2023
| KZT thousand | Note | 2023 | 2022 |
| Interest income calculated using the effective interest rate | |||
| Cash and cash equivalents | 6.786.477 | 6.738.036 | |
| Loans to customers | 254.663 | 840.600 | |
| Amounts due from credit institutions | 116.391 | 949.961 | |
| 7.157.531 | 8.528.597 | ||
| Other interest income | |||
| Finance lease receivables | 64.329.244 | 49.602.034 | |
| 64.329.244 | 49.602.034 | ||
| Total interest income | 71.486.775 | 58.130.631 | |
| Interest expense | |||
| Debt securities issued | (27.472.284) | (20.907.428) | |
| Amounts due to credit institutions | (3.450.400) | (5.529.242) | |
| Amounts due to the Shareholder | (2.228.583) | (1.745.951) | |
| Amounts due to NMH Baiterek JSC | (1.349.291) | (652.041) | |
| Total interest income | (34.500.558) | (28.834.662) | |
| Net interest income | 36.986.217 | 29.295.969 | |
| Credit loss expenses | 21 | (12.075.773) | (3.053.870) |
| Net interest income after credit loss expense | 24.910.444 | 26.242.099 | |
| Other income | 22 | 1.210.161 | 838.104 |
| Personnel expenses | 23 | (3.964.676) | (3.498.647) |
| Other operating expenses | 23 | (1.703.372) | (1.482.335) |
| Net loss from modification of loans to customers and finance lease receivables non-resulting in derecognition | (592.722) | (70.013) | |
| Other impairment losses and provisioning expenses | 21 | (488.940) | (443.743) |
| Net foreign exchange loss | (440.772) | (553.372) | |
| Non-interest expense | (5.980.321) | (5.210.006) | |
| Profit before corporate income tax | 18.930.123 | 21.032.093 | |
| Corporate income tax expense | 16 | (1.948) | (412.719) |
| Profit for the year | 18.928.175 | 20.619.374 | |
| Other comprehensive income | − | − | |
| Total comprehensive income for the year | 18.928.175 | 20.619.374 | |
| Basic and diluted earnings per ordinary share (KZT) | 19 | 207,62 | 248,91 |
Statement of changes in equity
for the year ended 31 December 2023
| KZT thousand | Share capital | Additional paid-in capital | Reserve capital | Retained earnings | Total |
| At 1 January 2022 | 82.837.204 | 56.818.898 | 1.436.184 | 6.377.728 | 147.470.014 |
| Total comprehensive income for the year | − | − | − | 20.619.374 | 20.619.374 |
| Discount on initial recognition of bonds issued at below-market rates net of tax of KZT 189,110 thousand (Note 13) | − | 756.439 | − | − | 756.439 |
| Gain on initial recognition of loans received from the Shareholder at below-market rates net of tax of KZT 53,951 thousand. | − | 215.807 | − | − | 215.807 |
| Dividends declared (Note 19) | − | − | − | (12.111.222) | (12.111.222) |
| At 31 December 2022 | 82.837.204 | 57.791.144 | 1.436.184 | 14.885.880 | 156.950.412 |
| Total comprehensive income for the year | − | − | − | 18.928.175 | 18.928.175 |
| Issue of own equity instruments (shares) | 20.000.000 | − | − | − | 20.000.000 |
| Dividends declared (Note 19) | − | − | − | (10.309.687) | (10.309.687) |
| At 31 December 2023 | 102.837.204 | 57.791.144 | 1.436.184 | 23.504.368 | 185.568.900 |
Statement of cash flows
for the year ended 31 December 2023
| KZT thousand | Note | 2023 | 2022 |
| Cash flow from operating activities | |||
| Interest received | 65.640.006 | 56.211.181 | |
| Interest paid | (30.212.765) | (23.936.576) | |
| Realised income less realised (loss) on foreign exchange operations | 173.589 | 123.697 | |
| Personnel expenses paid | (3.937.908) | (3.354.447) | |
| Other operating expenses paid | (1.450.136) | (1.167.203) | |
| Other income received | 921.332 | 329.873 | |
| Cash flows from operating activities before changes in operating assets and liabilities | 31.134.118 | 28.206.525 | |
| Net change in operating assets | |||
| Amounts due from credit institutions | 1.000 | 35.213.548 | |
| Loans to customers | 2.208.596 | 4.117.738 | |
| Finance lease receivables | (73.679.642) | (79.754.429) | |
| VAT and other taxes receivable | (3.129.099) | (2.957.175) | |
| Advances paid | (6.209.990) | (342.997) | |
| Other assets | 3.616.591 | 3.401.006 | |
| Net change in operating liabilities | |||
| Advances received | 153.628 | 1.429.149 | |
| Other liabilities | (91.707) | (514.858) | |
| Net cash used in operating activities before corporate income tax paid | (45.996.505) | (11.201.493) | |
| Corporate income tax paid | (453.911) | (430.379) | |
| Net cash used in operating activities | (46.450.416) | (11.631.872) | |
| Cash flows from investing activities | |||
| Purchases of property, plant and equipment and intangible assets | (141.876) | (295.806) | |
| Proceeds from sales of property, plant and equipment | 11.636 | 12.761 | |
| Net cash used in investing activities | (130.240) | (283.045) | |
| Cash flows from financing activities | |||
| Proceeds from loans due to the Shareholder | 28 | − | 5.500.000 |
| Repayment of loans due to the Shareholder | 28 | (4.802.194) | (3.941.071) |
| Repayment of loans due to NMH Baiterek JSC | 28 | − | (176.191) |
| Receipt of loans due to credit institutions | 28 | 30.000.000 | 30.000.000 |
| Repayment of loans due to credit institutions | 28 | (10.479.201) | (20.068.509) |
| Proceeds from debt securities issued | 28 | 30.278.337 | 65.230.366 |
| Repayment of debt securities issued | 28 | (28.952.250) | (17.990.000) |
| Proceeds from increase in share capital | 20.000.000 | − | |
| Dividends paid to the Shareholder | 28 | (10.309.687) | (12.111.222) |
| Net cash flows from financing activities | 25.735.005 | 46.443.373 | |
| Effect of changes in exchange rates on cash and cash equivalents | (119.434) | 226.506 | |
| Effect of movements in expected credit losses on cash and cash equivalents | 21 | 2.050 | (2.121) |
| Net (decrease)/increase in cash and cash equivalents | (20.963.035) | 34.752.841 | |
| Cash and cash equivalents at the beginning of the year | 6 | 64.764.023 | 30.011.182 |
| Cash and cash equivalents at the end of the year | 6 | 43.800.988 | 64.764.023 |