saaqcio sazogadoeba “telasi” · saaqcio sazogadoeba “telasi” damtkicebulia saaqcio...

saaqcio sazogadoeba “Telasi”

damtkicebulia

saaqcio sazogadoeba “Telasis”

aqcionerTa saerTo krebis mier

26 ivnisi 2008 w.

oqmi #1 26 ivnisi 2008 w.

winaswar damtkicebulia

ss “Telasis” sameTvalyureo sabWos mier

25 ivnisi 2008 w.

oqmi # 3 25 ivnisi 2008 w.

wliuri angariSi

2007 wels Sesrulebuli

samuSaos Sedegebis mixedviT

2

Sinaarsi Tavi I. sawarmos saqmianoba . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

1.1. zogadi cnobebi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 1.1.1. sazogadoebis mokle istoria . . . . . . . . . . . . . . . . . . . . . . 4 1.1.2. konkurentuli garemo da riskis faqtorebi . . . . . . . . . . . . 5

1.2. ss “Telasis” 2005-2007 wlebis ZiriTadi sawarmoo maCveneblebi . . 7 1.3. korporaciuli marTva . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 1.4. sazogadoebis marTvisa da kontrolis organoebis struqtura . . . . 8

1.4.1. informacia sazogadoebis marTvisa da kontrolis organoebis

Sesaxeb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10

1.4.1.1. aqcionerTa saerTo kreba . . . . . . . . . . . . . . . . . . . . . 10 1.4.1.2. sazogadoebis sameTvalyureo sabWo . . . . . . . . . . . . . . 11 1.4.1.3. sazogadoebis Sida kontrolis sistemis daxasiaTeba . . . . 15

1.5. sawarmoo saqmianoba . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 1.5.1. eleqtruli qselebis daxasiaTeba da teqnikuri mdgomareoba . . 17 1.5.2. avtosatransporto saSualebebi da specmeqanizmebi . . . . . . . . 18 1.5.3. 2005-2007 wlebis sawarmoo-teqnologiuri maCveneblebi . . . . 19 1.5.4. eleqtrul qselebSi eleqtroenergiis danakargebi . . . . . . . . 19 1.5.5. eleqtroenergiis aRricxvis mdgomareoba, ekaas-is danergva . . 20 1.5.6. teqnikuri zedamxedveloba eleqtroqseluri meurneobis

obieqtebis mdgomareobaze . . . . . . . . . . . . . . . . . . . . . . . . . . .

21

1.5.7. eleqtrul qselTan teqnologiuri mierTebebi . . . . . . . . . . 22 1.5.8. saremonto saqmianobis organizeba . . . . . . . . . . . . . . . . . . 23

1.6. saqmianoba energogasaRebis dargSi . . . . . . . . . . . . . . . . . . . . . . 25 1.6.1. satarifo politika . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 1.6.2. eleqtroenergiis Sesyidva . . . . . . . . . . . . . . . . . . . . . . . 26 1.6.3. eleqtroenergiis moxmarebis struqtura . . . . . . . . . . . . . . 27 1.6.4. eleqtroenergiis gayidva . . . . . . . . . . . . . . . . . . . . . . . . 27 1.6.5. moxmarebuli eleqtroenergiis mosakrebeli . . . . . . . . . . . . 28 1.6.6. saabonento debitoruli davalianeba . . . . . . . . . . . . . . . . 28

1.7. sazogadoebis sainvesticio saqmianoba . . . . . . . . . . . . . . . . . . . . 29 1.7.1. sazogadoebis 2005-2007 wlebis sainvesticio gegmis

Sesruleba . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

29

1.7.2. 2007 wels sainvesticio saqmianobis dafinansebis wyaroebi . . 30

3

1.7.3. sazogadoebis 2008 wlis sainvesticio gegmebi . . . . . . . . . . 31 1.8. saqmianoba Sesyidvebis dargSi . . . . . . . . . . . . . . . . . . . . . . . . . 32

1.8.1. zogadi cnobebi. Sesyidvis saqmianobis organizeba . . . . . . . . . 32 1.8.2. cnobebi 2007 wlis ganmavlobaSi Sesyidvebis Sesaxeb . . . . . . 33

1.9. sazogadoebis kavSirgabmulobis qselis da sainformacio teqnologiebis

ganviTareba . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

35

1.9.1. ss “Telasis” kavSirgabmulobis korporaciuli qseli . . . . . . 35 1.9.2. “Telasis” ass da regionebis daSorebuli wertilebi . . . . . . 35 1.9.3. sazogadoebis sainformacio teqnologiebi da biznes-

procesebis marTva . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

36

1.10. sazogadoebis momavali wlis amocanebi da saqmianobis perspeqtivebi,

strategiuli amocanebis gadawyveta . . . . . . . . . . . . . . . . . . . . . . . .

37

Tavi II. sawarmos qoneba . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

38

2.1. sazogadoebis ZiriTadi saSualebebi . . . . . . . . . . . . . . . . . . 38 2.2. sakuTrebis marTva . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

Tavi III. sasamarTlo procesi . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 3.1. sapretenzio-sasarCele muSaoba . . . . . . . . . . . . . . . . . . . . . 40 3.2. aRZruli da gagrZelebuli sasamarTlo procesebi . . . . . . . . . 41 3.3. 2007 wels dasrulebuli sasamarTlo procesebi . . . . . . . . . 42

Tavi IV. aqcionerTa saerTo krebaze sakiTxebis gatana . . . . . . . . . . . 43 Tavi V. sawarmos fasiani qaRaldebiT vaWroba . . . . . . . . . . . . . . . . . 44 Tavi VI. SerCeuli finansuri informacia . . . . . . . . . . . . . . . . . . . 45 Tavi VII. sawarmos finansuri mdgomareobis da saqmianobis Sedegebis mimoxilva

da analizi mmarTveli organos mier . . . . . . . . . . . . . . . .

46

7.1. 2007 wels sazogadoebis saqmianobis ZiriTadi pirobebi . . . . . 46 7.2. ss “Telasis” produqciis, samuSaos, momsaxurebis realizaciiT

miRebuli amonagebi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

47

7.3. warmoebasa da realizaciaze gaRebuli xarjebi . . . . . . . . . . . 48 7.4. saoperacio da arasarealizacio Semosavlebi da xarjebi . . . . 49 7.5. fuladi saxsrebis moZraoba . . . . . . . . . . . . . . . . . . . . . . . 50 7.6. debitoruli da kreditoruli davalianebis dinamika da

analizi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

51

7.6.1. debitoruli davalianeba . . . . . . . . . . . . . . . . . . . . . 51 7.6.2. kreditoruli davalianeba . . . . . . . . . . . . . . . . . . . . . 52

7.7. sakredito politika, kreditebTan dakavSirebuli valdebulebebi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

52

7.8. sazogadoebis saangariSo periodis buRaltruli balansi . . . . 53 7.9. angariSi mogebisa da zaralis Sesaxeb . . . . . . . . . . . . . . . . 53 7.10. efeqturobis ZiriTadi maCveneblebi . . . . . . . . . . . . . . . . . . 54 7.11. cvlileba mmarTvel organoSi . . . . . . . . . . . . . . . . . . . . . 55 7.12. sakadro da socialuri politika. socialuri partnioroba . . 55

Tavi VIII. sawarmos sakuTrebaSi arsebuli fasiani qaRaldebis sabazro riski .. 58 Tavi IX. finansuri angariSgeba . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 Tavi X. sawarmos mier mowveuli auditoris Secvla . . . . . . . . . . . . . 58 Tavi XI. mmarTveli organos wevrebi da sxva mniSvnelovani Tanamdebobis pirebi. 59

4

11.1. ss “Telasis” sameTvalyureo sabWo . . . . . . . . . . . . . . . . . . 59 11.2. sazogadoebis aRmasrulebeli organo . . . . . . . . . . . . . . . . 62

11.2.1.informacia generaluri direqtorisa da aRmasrulebeli direqciis wevrebis Sesaxeb 63 Tavi XII. sazogadoebis xelmZRvanelTa Sromis anazRaureba . . . . . . . . . 65 Tavi XIII. pirebi, romlebic floben an akontroleben saerTo krebis xmaTa 5 an met procents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

66

Tavi XIV. dakavSirebuli mxareebi da urTierToba . . . . . . . . . . . . . . 67 Tavi XV. mdgomareobis damadasturebeli da mimdinare angariSebi . . . . . 69

15.1. angariSi mogebisa da zaralis Sesaxeb . . . . . . . . . . . . . . . . 69 15.2. sabuRaltro balansi . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 15.3. angariSi fuladi saxsrebis moZraobis Sesaxeb . . . . . . . . . . . 71 15.4. angariSi sakuTar kapitalSi cvlilebebis Sesaxeb . . . . . . . . . 71 15.5. reestridan amonaweri . . . . . . . . . . . . . . . . . . . . . . . . . . 72 15.6. auditoris daskvna buRaltruli (finansuri) angariSgebis

Sesaxeb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

73

Tavi XVI. xelmowerebi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75

Tavi I. sawarmos saqmianoba

1.1. zogadi cnobebi

1.1.1. sazogadoebis mokle istoria

Tbilisis eleqtroqseli (“Tbileleqtroqseli”) dafuZnda 1937 wels, ori

funqciiT – teqnikuri da komerciuli, romlebsac akontrolebda Tbilisis saqalaqo

sabWo. “Tbileleqtroqseli” eleqtroenergias iRebda generaciis erTi obieqtidan – zahesidan, romelic aSenda goelro-s gegmis Sesabamisad.

1965 wels ssrk energetikisa da eleqtrifikaciis saministros gadawyvetilebiT

“Tbileleqtroqselis” komerciuli funqciebi gadaeca saqenergos. Tumca, am periodSi

aRiniSna fuladi saxsrebis Segrovebis mniSvnelovani Semcireba da 1968 wels

komerciuli funqciebi isev gadaeca “Tbileleqtroqsels”. 1973 wels gamanawilebeli qseli gayofil iqna 10 nawilad, Tbilisis

administraciuli (raionuli) dayofis Sesabamisad. Semdeg daemata me-11 raioni.

1993 wlis 7 oqtombridan “Tbileleqtroqseli” gaxda Tbilisis saqalaqo

sabWosTan arsebuli municipaluri sawarmo.

saaqcio sazogadoeba “Telasi” dafuZnebulia “mewarmeTa Sesaxeb” saqarTvelos kanonis, saqarTvelos respublikis ministrTa kabinetis 1993 w. 14 aprilis № 228

dadgenilebis «saxelmwifo sawarmoTa da saxelmwifo sawarmoTa gaerTianebebis saaqcio

sazogadoebebad gardaqmnis Sesaxeb” da Tbilisis saxelmwifo qonebis marTvis

departamentis 1998 wlis 6 maisis №1-3/188 brZanebulebis Tanaxmad. saqarTvelos

mTavrobas, saqarTvelos saxelmwifo qonebis marTvis saministros saxiT, da AES Silk Road Holdings B.V.-s Soris 1998 wlis 21 dekembers dadebuli “ss “Telasis” yvela

aqciaTa samocdaTxuTmeti procentis nasyidobis” xelSekrulebis Sesabamisad, AES korporaciam SeiZina saaqcio sazogadoeba “Telasis” aqciaTa 75%. 2003 wlis

5

agvistoSi bolo mflobelma - AES korporaciam, mihyida aqciaTa paketis 100% finur

kompanias – saaqcio sazogadoeba RAO Nordic Oy, romlis erTaderTi aqcioneri aris dss

“inter rao ees”.

sazogadoeba axorcielebs saqmianobis Semdeg ZiriTad saxeobebs:

● eleqtrogasaReba (Sesyidva da gayidva);

● sawarmoo-teqikuri saqmianoba (eleqtroqselebis momsaxureba da

eqspluatacia);

● eleqtroenergiis tranzitTan dakavSirebuli momsaxureba;

● abonentTa teqnikuri momsaxureba; ● bilingis da gadasaxadebis akrefis momsaxureba gare servisis

organizaciebisaTvis. momxmarebelTa momsaxureba da eleqtroqselebis eqspluatacia xorcieldeba erT

biznescentrSi, abonentTa momsaxurebis 16 centrSi, 2 servis-centrSi, fuladi

saxsrebis Segrovebis 4 damatebiT punqtSi da 14 saeqspluatacio raionSi, romlebic

ganTavsebulia qalaqis yvela administraciul centrSi. zemoaRniSnuli obieqtebis

ganlageba warmodgenilia rukaze.

1.1.2. konkurentuli garemo da riskis faqtorebi

ss “Telasis” saqmianobis ZiriTad saxeobas warmoadgens momxmarebelTa

eleqtroenergiiT momarageba da qseluri momsaxurebis (eleqtroenergiis gadacemis)

ganxorcieleba TbilisSi. amitom, amJamad ss “Telass” ar gaaCnia konkurentebi, maTi

gamoCena arc uaxloes momavalSia mosalodneli. sazoadoebis saqmianobaSi SesaZlebeli riskebia:

dargobrivi riskebi. tarifebis dausabuTebeli saxelmwifo regulirebis riski.

riski, romelic dakavSirebulia saqarTvelos erovnuli energomaregulirebeli

komisiis (semeki) mier iseTi tarifebis dawesebasTan, romlebic ar aris adekvaturi

sazogadoebis xarjebTan. kompaniaSi mimdinareobs gegmiuri muSaoba semek-Tan, mocemuli riskis warmoqmnis aRkveTis mizniT.

qveynisa da regionaluri masStabis riski. qveynisa da regionaluri masStabis risks

ekuTvnis saqarTvelos kanonmdeblobis, sagadasaxado politikis, saxelmwifo

regulirebis pirobebis cvlilebasTan dakavSirebuli riski. saangariSo periodis

ganmavlobaSi sagadasaxado kanonmdeblobaSi ar yofila Setanili iseTi cvlilebebi, romlebic gavlenas moaxdenda ss “Telasis” finansur mdgomareobaze. TbilisSi da

mTlianad saxelmwifoSi bolo wlebis ganmavlobaSi Camoyalibebuli politikuri da

6

ekonomikuri stabilurobis gaTvaliswinebiT, sazogadoeba ar dgas qveynisa da

regionaluri masStabis raime mniSvnelovani riskis winaSe.

sadReisod, saqarTvelos kanonmdeblobis, sagadasaxado politikis, saxelmwifo regulirebis pirobebis sazogadoebisaTvis negatiuri cvlilebis winapiroba ar

arsebobs. Tbilisis ekonomikuri ganviTareba, romelic gavlenas axdens ss “Telasis”

sameurneo-finansur saqmianobasa da operaciebis rentabelobaze, ZiriTadad, sasikeToa.

SesaZlo SeiaraRebul konfliqtebTan, sagangebo mdgomareobis SemoRebasa da

gaficvebTan dakavSirebuli riskebi regionSi ar arsebobs. regionis geografiul TaviseburebebTan dakavSirebuli riskebi Sefasebulia rogorc

umniSvnelo, stiqiuri ubedurebebis gazrdili safrTxe ar arsebobs. am riskebis

Sesamcireblad energetikuli kompleqsis Semowmeba, avariis, katastrofebisa da

stiqiuri ubudurebebis dacvis organizeba mudmivad xorcieldeba.

finansuri riskebi. sazogadoeba Tavisi saqmianobis procesSi eqvemdebareba finansuri riskis sxvadasxva faqtorebs: ucxouri valutis kursis cvlilebas, saprocento

ganakveTis cvlilebas, sakredito xelSekrulebebis pirobebis daucvelobis CaTvliT.

• saprocento ganakveTis cvlilebasTan dakavSirebuli riski. arsebiTad, Semosavali

da saoperacio naRdi fulis moZraoba ar aris damokidebuli sabazro saprocento

ganakveTis cvlilebebze. sazogadoeba saprocento risks eqvemdebareba saprocento

ganakveTiani grZelvadiani kreditebis sabazro Rirebulebis meryeobis Sedegad. bazarze

sazogadoebis poziciebis gamyareba saWiroebs mniSvnelovan damatebiT sainvesticio

dabandebebs. sakuTari sainvesticio moTxovnebis dasakmayofileblad, sazogadoebas

sWirdeba damatebiTi dafinansebis mozidva. bazarze saprocento ganakveTebis zrdam

SeiZleba migviyvanos iqamde, rom sazogadoeba iZulebuli iqneba moizidos ufro ZviradRirebuli saxsrebi sakuTari sainvesticio programis da mimdinare saqmianobis

dasafinanseblad. Tu sazogadoeba ver SeZlebs miiRos sakmarisi saxsrebi komerciulad

xelsayreli pirobebiT, igi SeiZleba iZulebuli gaxdes Seamciros ganviTarebisaTvis

gankuTvnili xarjebi, rasac uaryofiTi gavlena eqneba sameurneo-finansur saqmianobaze.

amave dros, saprocento ganakveTebis zrda Seamcirebs momsaxurebis Rirebulebas ukve arsebuli sesxebis, romelTa ganakveTebi ukve dafiqsirebulia, realur gamoxatulebaSi.

sainvesticio klimatis gaumjobesebasTan da kompaniis mier sakredito portfelis

optimizaciasTan dakavSirebuli RonisZiebebis ganxorcielebis mizniT, moziduli

sabanko kreditebis saprocento ganakveTi Semcirda wliur 15%-16%-dan 11,5%-12,0%-

mde. • sakredito xelSekrulebebTan dakavSirebuli riskebi. sazogadoebis

xelmZRvaneloba miiCnevs, rom sakredito xelSekrulebebis pirobebis daucvelobasTan

dakavSirebuli riski momavalSi naklebad mosalodnelia.

• inflacia da savaluto kursi. saqarTvelos mTavroba, saqarTvelos erovnul bankTan

erTad, atarebs mkacr monetarul politikas inflaciis SesaCereblad saxelmwifos biujetSi Sesuli parametrebis farglebSi, dadebiTi sagadasaxado balansis

SenarCunebis fonze. sazogadoeba savaluto risks eqvemdebareba qarTuli larisagan

gansxvavebul valutaSi gamoxatul Sesyidvebsa da kreditebTan dakavSirebiT. valuta,

romelic aseTi riskis gamomwvevia, upirveles yovlisa, amerikis SeerTebuli Statebis

dolaria. sazogadoeba ar axorcielebs savaluto riskisadmi daqvemdebarebis dazRvevas.

saxelmwifos monetaruli politikis erT-erTi mimarTulebaa erovnuli valutis

gacvlis dabali kursis SenarCuneba msoflio wamyvani valutebis mimarT. qvemoT

moyvanilia laris kursis dinamika aSS dolaris mimarT saangariSo periodis

ganmavlobaSi:

7

Tve gegmiuri faqtobrivi Tve gegmiuri faqtobrivi ianvari 1.8049 1.7199 ivlisi 1.7635 1.6680

Tebervali 1.8240 1.7130 agvisto 1.7540 1.6625

marti 1.8245 1.7000 seqtemberi 1.7780 1.6580

aprili 1.8088 1.6900 oqtomberi 1.6600 1.6225

maisi 1.7934 1.6780 noemberi 1.6800 1.6210

ivnisi 1.7644 1.6695 dekemberi 1.7000 1.5916

samarTlebrivi riskebi. samarTlebrivi riski SeiZleba warmoiqmnas sagadasaxado,

savaluto da sabaJo kanonmdeblobis sferoSi saxelmwifo regulirebis cvlilebis

Sedegad. sazogadoebis xelmZRvaneloba miiCnevs, rom sagadasaxado, savaluto da sabaJo kanonmdeblobis sferoSi saxelmwifo regulirebis cvlileba uaxloes momavalSi ar

aris mosalodneli.

mosaxleobis gadaxdis unarianoba. bolo wlebis ganmavlobaSi warmoebis zrdis

tendencia da umuSevrobis donis Semcireba dadebiTad aisaxa saerTo fuladi masis

zrdaze. sazogadoebis saqmianobasTan dakavSirebuli riskebi:

• im mimdinare sasamarTlo procesebTan dakavSirebuli riskebi, romlebSic monawileobs sazogadoeba. am momentisaTvis sazogadoeba monawileobs sasamarTlo

procesebSi, romlebmac Sedegad SeiZleba warmoqmnas sazogadoebis saqmianobasTan

dakavSirebuli riskebi. • riskebi, romlebic dakavSirebulia sazogadoebis mier garkveuli saxis saqmianobis ganxorcielebis an im obieqtebis gamoyenebis, romlebic mimoqcevaSi SezRudulia (bunebrivi resursebis CaTvliT), licenziis moqmedebis gagrZelebis SeuZleblobasTan. Tu sazogadoeba ver SeZlebs miiRos/gaagrZelos misi Semdgomi saqmianobisaTvis

aucilebeli licenzia, aRniSnuli faqti umniSvnelod aisaxeba mis saqmianobaze. aseTi movlenebis albaToba mcirea.

• riskebi, romlebic dakavSirebulia sazogadoebis SesaZlo pasuxismgeblobasTan mesame pirebis, maT Soris sazogadoebis Svilobili sazogadoebebis, valebTan dakavSirebiT. Svilobili da damokidebuli sazogadoebebis valebTan dakavSirebuli

pasuxismgeblobis dadgomis riski ar arsebobs.

• sazogadoebis saqmianobasTan dakavSirebuli sxva riskebi. sazogadoebis

Semosavalze gavlenas axdens sezonuri (sezonurad icvleba sasargeblo gaSveba)

cvalebadoba. aRniSnulis Sedegad 1-l da me-4 kvartalSi arsebobs sakaso maCveneblebs

Soris mniSvnelovani gansxvavebis warmoqmnis riski. sazogadoeba ar axorcielebs

sezonuri riskebis xejirebas. saqarTvelos energetikis saministrosTan, saqarTvelos erovnul

energomaregulirebel komisiasTan (semeki) da Tbilisis administraciasTan

konstruqciuli urTierTobebi, ganviTarebuli eleqtroqseluri infrastruqturis

arseboba, energiis samomxmareblo bazris kargi codna, sazogadoebis dadebiTi

sakredito istoria, maRalkvalificiuri personali, danaxarjebis marTvis

gamocdileba, sainvesticio programebis dafinansebis gamocdileba saSualebas aZlevs sazogadoebas ganaxorcielos Tavisi saqmianoba eleqtroenergetikisadmi wayenebuli

Tanamedrove moTxovnebis Sesabamisad.

1.2. ss “Telasis” saqmianobis ZiriTadi maCveneblebi 2005-2007 wlebis ganmavlobaSi

8

№№ dasaxeleba zomis

erTeuli 2005 weli

2006 weli

2007 weli

1 2 3 4 5 6 1 eleqtrogadamcemi xazebis sigrZe km 3 296 3 334 3525,7 2 mZ qvesadgurebis raodenoba cali 25 36 35 3 satransformatoro qvesadgurebis

raodenoba cali 1 470 1 548 1496

4 eleqtroenergiis Sesyidva mln. kvt.sT 2 047 2 015 1936,8 5 danakargebi gadacemis dros mln. kvt.sT - 29 36,9 6 qselSi gaSveba mln. kvt.sT 2 047 1 986 1899,9 7 teqnologiuri danakargebi mln. kvt.sT 266 252 235,6 8 komerciuli danakargebi mln. kvt.sT 455 335 258,1 9 sasargeblo gaSveba mln. kvt.sT 1 326 1 399 1406,2 10 qseluri momsaxureba (gadacema) mln. kvt.sT 285 321 309,2 11 TanamSromelTa saSualo siobrivi

raodenoba adamiani 2 125 2 200 2206

12 amonagebi realizaciidan (neto) aTasi lari 143 415 174 621 199,366 13 mogeba (zarali) dabegvramde aTasi lari (832) 38 089 23,753 14 wminda mogeba (zarali) aTas. lari 6 866 55 258 35,467

1.3. korporaciuli marTva

korporaciuli marTvis principebi. ss “Telasis” korporaciuli marTva

xorcieldeba sazogadoebis wesdebis, sazogadoebis Sida dokumentebis, agreTve

korporaciuli samarTalurTierTobebis sferoSi saqarTvelos fuZemdebluri

samarTlebriv-normatiuli aqtebis: “mewarmeTa Sesaxeb”, “fasiani qaRaldebis Sesaxeb”

kanonebis da saqarTvelos sxva samarTlebriv-normatiuli aqtebis Sesabamisad.

sazogadoebaSi SemuSavebuli da aqcionerTa saerTo krebis mier damtkicebulia

ZiriTadi Sida korporaciuli dokumentebi, romlebic axorcielebs misi marTvisa da

kontrolis organoebis saqmianobis regulirebas: - debuleba aqcionerTa saerTo krebis momzadebis da Catarebis wesis Sesaxeb;

- debuleba sameTvalyureo sabWos sxdomis mowvevis da Catarebis wesis Sesaxeb;

- debuleba sameTvalyureo sabWos wevrebisaTvis anazRaurebis da kompensaciis

gadaxdis Sesaxeb;

- debuleba specialuri kontrolioris (revizoris) Sesaxeb; -debuleba sazogadoebis specialuri kontroliorisaTvis (revizorisaTvis)

anazRaurebisa da kompensaciis gadaxdis Sesaxeb.

sazogadoebis aqcionerTa da investorTa uflebebis uzrunvelyofa. sazogadoebis

sameTvalyureo sabWo, sazogadoebis generaluri direqtori uzurnvelyofen

sazogadoebis aqcionerTa da investorTa uflebebisa da kanonieri interesebis dacvas. aqcioneris ZiriTadi uflebebia – dividendebis miRebis da sazogadoebis

marTvaSi monawileobis ufleba – uzrunvelyofilia “mewarmeTa Sesaxeb” saqarTvelos

kanoniT da sazogadoebis wesdebiT.

sazogadoebis aqcionerebs ufleba aqvT monawileoba miiRon sazogadoebis

marTvaSi, pirvel rigSi, aqcionerTa saerTo krebaze maT kompetenciaSi Semaval sakiTxebTan dakavSirebiT gadawyvetilebebis miRebis saSualebiT.

aqcionerebs ufleba aqvT Tavisuflad gankargon Tavisi aqciebi moqmedi

kanonmdeblobis debulebebis Sesabamisad. aRricxvis sistema uzrunvelyofs aqciebze

9

sakuTrebis uflebas aRricxvis saimedoobas, agreTve aqciebis Tavisufali da swrafi

gasxvisebis SesaZleblobas. sazogadoebis aqciebze aqcionerTa sakuTrebis uflebebis

dacva nebismieri darRvevisagan uzrunvelyofilia aqcionerTa reestris damoukidebeli registratoris mier warmoebis da Senaxvis saSualebiT.

saerTo krebaze sazogadoebas SeuZlia ganacxados aqcionerTaTvis dividendebis

gadaxdis Sesaxeb, gasanawilebel mogebaze maTi uflebebisa da privilegiebis gaTvaliswinebiT. sazogadoebas ufleba ara aqvs miiRos gadawyvetileba dividendebis

gadaxdasTan dakavSirebiT mogebis ararsebobis SemTxvevaSi, dauSvebelia agreTve

dividendebis gacema iseTi raodenobiT, romelic aWarbebs sameTvalyureo sabWos

rekomendaciebs.

gamWvirvaleba da sainformacio gaxsniloba. sazogadoebis aqcionerebs sazogadoebis saqmianobis Sesaxeb informaciis SeuzRudavi wvdoma aqvT moqmedi

kanonmdeblobis Sesabamisad. sainformacio politika aqcionerTa mimarT xorcieldeba

informaciis wardgenis sisrulis, operatiulobis, obieqturobis da namdvilobis

gaTvaliswinebiT. sazogadoeba aqcionerTaTvis uzrunvelyofs wesdebis me-6.3 punqtiT

gaTvaliswinebuli dokumentebis wvdomas. aqcioneris moTxovniT sazogadoeba

valdebulia miawodos mas wesdebis 21.4-e punqtiT gaTvaliswinebuli dokumentebis

aslebi.

biznesis marTvis kontroli da xarisxis Sefaseba. kontrols sazogadoebis

sameurneo-finansur saqmianobaze axorcielebs sazogadoebis sameTvalyureo sabWo,

specialuri kontroliori (revizori) da Sida auditis departamenti.

1.4. sazogadoebis marTvisa da kontrolis organoebis struqtura

wesdebis Sesabamisad ss “Telasis” sazogadoebis marTvis organoebia:

• aqcionerTa saerTo kreba;

• sameTvalyureo sabWo;

• generaluri direqtori.

ss “Telasis” marTvis umaRlesi organoa aqcionerTa saerTo kreba.

kontroli marTva

aqcionerTa saerTo kreba sazogadoebis specialuri

kontroliori (revizori)

sameTvalyureo sabWo

generaluri direqtori

aRmasrulebeli direqcia

10

sazogadoebis sameTvalyureo sabWo axorcielebs sazogadoebis saqmianobis zogad

xelmZRvanelobas da moqmedebs saqarTvelos kanoniT “mewarmeTa Sesaxeb” da ss

“Telasis” wesdebiT gansazRvruli kompetenciis farglebSi. generaluri direqtori axorcielebs sazogadoebis mimdinare saqmianobis

xelmZRvanelobas. igi aris sazogadoebis erTpirovnuli aRmasrulebeli organo.

generaluri direqtori axorcielebs sazogadoebis xelmZRvanelobas, yoveldRiur

marTvas da warmomadgenlobiT uflebamosilebas.

kontrols ss “Telasis” finansur da sameurneo saqmianobaze axorcielebs sazogadoebis specialuri kontroliori (revizori).

11

ss “Telasis” organizaciuli struqtura 31.12.2007 mdgomareobiT


energogasaRebis direqtori

Sida auditis

departamenti

iuridiuli

departamenti

personalis

marTvis

departamneti

saxelmwifo org-

Tan muSaobis

departamenti

teqnikuri

direqtori

ekonomikisa da finansebis direqtori – generaluri

direqtoris moadgile

logistikisa da

sameurneo

uzrunvelyofis direqtori

gamanawilebeli qselebis dep-i

sabuRaltro aRricxvisa da angariSgebis dep-i

eleqtroenergiis Sesyidvebis

departamenti

ekonomikisa da finansebis dep-i

Sromis dacvis da

saxanZro usafrTxoebis

dep-i

qonebis departamenti

sadispetCero marTvis dep-i

eleqtroenergiis gayidvebis

dep-i

transportis

departamenti

logistikisa da

sameurneo

uzrunvelyofis dep-i

sameurneo

uzrunvelyofis dep-i

fuladi Semosavlebis dep-i

sazogadoebasTan

urTierTobis dep-i

generaluri

direqtoris saqmeTa

mmarTveli

uSiSroebis direqtori

dacvis

departamenti

uSiSroebis

departamenti

sainformacio

teqnologiebis dep.

gare servisis samsaxuri

12

1.4.1. informacia sazogadoebis marTvisa da kontrolis organoebis Sesaxeb

1.4.1.1. aqcionerTa saerTo kreba

aqcionerTa saerTo kreba aris sazogadoebis marTvis umaRlesi organo.

sazogadoebis aqcionerTa saerTo krebis kompetencias ganekuTvneba Semdegi sakiTxebi:

1) wesdebaSi cvlilebebisa da damatebebis Setana an sazogadoebis wesdebis

axali redaqciis damtkiceba; 2) sxva sazogadoebasTan Serwyma, sazogadoebis gayofa an gardaqmna;

3) sazogadoebis likvidacia, salikvidacio komisiis daniSnva, Sualeduri da

saboloo salikvidacio balansebis damtkiceba;

4) sazogadoebis sawesdebo kapitalis gazrda aqciaTa nominaluri Rirebulebis

gazrdis saSualebiT, agreTve sazogadoebis sawesdebo kapitalis gazrda damatebiTi

aqciebis ganTavsebis saSualebiT;

5) sazogadoebis sawesdebo kapitalis Semcireba aqciaTa nominaluri

Rirebulebis Semcirebis saSualebiT, sazogadoebis mier aqciaTa nawilis SeZena maTi

saerTo raodenobis Semcirebis mizniT, agreTve sazogadoebis mier SeZenili an

gamosyiduli aqciebis dafarvis saSualebiT;

6) sazogadoebis aqciaTa danawileba da konsolidacia;

7) sazogadoebis mier sxva fasiani qaRaldebis ganTavsebasTan dakavSirebiT

gadawyvetilebis miReba;

8) sazogadoebis daSveba aqciaTa da sxva fasiani qaRaldebis sabirJo

vaWrobaze; 9) sazogadoebis sameTvalyureo sabWos wevrTa arCeva da maTi

uflebamosilebis vadamdeli Sewyveta;

10) sazogadoebis sameTvalyureo sabWos wevrTa Sromis anazRaurebis

odenobis gansazRvra;

11) specialuri kontrolioris (revizoris) arCeva da misi uflebamosilebis vadamdeli Sewyveta, sazogadoebis specialuri kontroliorisaTvis (revizorisaTvis)

anazRaurebis da (an) kompensaciis gadaxdis Sesaxeb gadawyvetilebis miReba;

12) sazogadoebis auditoris arCeva da misi anazRaurebis odenobis gansazRvra;

13) wliuri angariSebis, wliuri sabuRaltro angariSgebis damtkiceba, mogebis

ganawileba (maT Soris, dividendebis gadaxda (gamocxadeba) sameTvalyureo sabWos an generaluri direqtoris rekomendaciiT, xolo, rodesac am organoebs ar SeuZliaT

erTiani rekomendaciis micema, ganawilebis Sesaxeb damoukidebeli gadawyvetilebis

miReba;

14) sazogadoebis aqcionerTa saerTo krebis warmarTvis wesis dadgena;

15) gadawyvetilebis miReba holdingur kompaniebSi, samrewvelo-safinanso

jgufebSi da komerciuli organizaciebis sxva gaerTianebebSi monawileobasTan

dakavSirebiT;

16) sazogadoebis organoebis saqmianobis maregulirebeli Sida dokumentebis

damtkiceba;

17) gadawyvetilebis miReba aqcioneris aqciaTa upiratesi Sesyidvis uflebis

srul an nawilobriv gauqmebasTan dakavSirebiT sawesdebo kapitalis gazrdis dros,

agreTve gadawyvetilebis miReba gamoSvebuli aqciebis formis an saxeobis SecvlasTan

dakavSirebiT;

13

18) gadawyvetilebis miReba sameTvalyureo sabWos wevrTa an/da generaluri

direqtoris winaaRmdeg sasamarTlo procesis dawyebasTan dakavSirebiT, aRniSnul

procesze warmomadgenlis daniSnvis CaTvliT; 19) sazogadoebis saqmianobis sagnis Secvla;

20) saqarTvelos kanonmdeblobiT gaTvaliswinebuli sxva sakiTxebis

gadawyveta.

sazogadoebis aqcionerTa saerTo krebis momzadebis da Catarebis wesis

reglamentirebas axorcielebs debuleba “ss “Telasis” aqcionerTa saerTo krebis

momzadebis da Catarebis wesis Sesaxeb” da sazogadoebis wesdeba. aqcionerTa saerTo

krebaze xmebis damTvleli komisiis funqciebs asrulebs Sps “saqarTvelos fasiani

qaRaldebis gaerTianebuli registratori” – fasiani qaRaldebis damoukidebeli

registratori.

saangariSo periodSi Catarda aqcionerTa ori saerTo kreba – 29.06.2007 da

10.08.2007. detaluri informacia warmodgenilia winamdebare angariSis TavSi IV.

1.4.1.2. sazogadoebis sameTvalyureo sabWo

sazogadoebis sameTvalyureo sabWo axorcielebs sazogadoebis saqmianobis

saerTo xelmZRvanelobas. sameTvalyureo sabWos kompetenciaSi Semdegi sakiTxebi

Sedis:

1) sazogadoebis saqmianobis prioritetuli mimarTulebebis da sameurneo

politikis zogadi principebis gansazRvra, ekonomikuri saqmianobis axali saxeobis dawyebis an saqmianobis arsebuli saxeobis Sewyvetis Sesaxeb gadawyvetilebebis

miReba;

2) generaluri direqtoris angariSis ganxilva sazogadoebis saqmianobis,

Svilobil sawarmoebTan urTierTobis CaTvliT, aqcionerTa saerTo krebis

gadawyvetilebebis Sesrulebis Sesaxeb; 3) generaluri direqtoris daniSnva da uflebamosilebis Sewyveta, agreTve

masTan SromiTi xelSekrulebis dadeba da gauqmeba;

4) sazogadoebis generaluri direqtoris disciplinaruli pasuxismgeblobis

sakiTxis dayeneba da misi waxaliseba;

5) generalur direqtorTan garigebis ganxorcielebis dros sazogadoebis

saxeliT moqmedeba, agreTve aqcionerTa saerTo krebis gadawyvetilebiT, sazogadoebis

saxeliT generaluri direqtoris winaaRmdeg samarTlebrivi davis warmoeba;

6) aqcionerTa sagangebo saerTo krebis mowveva, agreTve misi dRis wesrigis

damtkiceba;

7) sazogadoebis wliuri angariSis, wliuri sabuRaltro angariSgebis

winaswari miReba, agreTve mogebis (zaralis) ganawilebasTan dakavSirebiT

rekomendaciebis micema, maT Soris finansuri wlis Sedegebis mixedviT dividendebis

gadaxda (gamocxadeba);

8) sazogadoebis monawileoba sxva organizaciebSi, maT Soris organizaciebis,

romlebSic monawileobs sazogadoeba, damfuZnebeli dokumentebis da marTvisa da

14

kontrolis organoebSi kandidaturebis SeTanxmeba, monawileobis wilis (aqciebis

raodenobis, pais odenobis, wilebis) Secvla, aqciebis, wilis datvirTva da

sazogadoebis sxva organizaciebSi monawileobis Sewyveta; 9) im organizaciebTan, romlebSic monawileobs sazogadoeba, urTierTqmedebis

wesis damtkiceba;

10) warmomadgenlobebisa da filialebis Seqmnasa da likvidaciaze Tanxmobis

micema, prokuristebis daniSnva da ukan gamoZaxeba;

11) uZravi qonebis SeZenaze, gasxvisebaze, datvirTvaze an arendaze Tanxmobis micema;

12) sazogadoebis sakredito politikis gansazRvra sazogadoebis mier sesxis,

sakredito xelSekrulebebis da sesxis Sesaxeb xelSekrulebebis dadebis, Tavdebobis

gacemis, Tamasuqis Sesabamisad (ubralo da gadasagzavni Tamasuqis) valdebulebebis

aRebis, qonebis dagiravebis da sazogadoebis mier aRniSnuli garigebebis dadebis

Sesaxeb gadawyvetilebebis nawilSi im SemTxvevaSi, rodesac maTTan dakavSirebiT

gadawyvetilebebis miRebis wesi ar aris gansazRvruli sazogadoebis sakredito

politikiT;

13) garigebebi (ramdenime urTierTdakavSirebuli garigebis CaTvliT), romlebic dakavSirebulia im qonebis gasxvisebasTan an gasxvisebis SesaZleblobasTan,

romelic Seadgens ZiriTad saSualebebs, aramaterialur aqtivebs, dausrulebeli

mSeneblobis obieqtebs, romelTa gamoyenebis mizania eleqtroenergiis warmoeba,

gadacema, dispetCerizacia, ganawileba im SemTxvevaSi, Tu misi odenoba ar aRemateba

sazogadoebis aqtivebis sabalanso Rirebulebis 10% bolo saangariSo TariRisaTvis; 14) garigebebi, romelTa sagania sazogadoebis arasabrunavi an araprofiluri

aqtivebi odenobiT, romelic ar aRemateba sazogadoebis aqtivebis sabalanso

Rirebulebis 10 procents aseTi garigebis ganxorcilebasTan dakavSirebiT miRebuli

gadawyvetilebis TariRisaTvis;

15) investiciebis ganxorcileba, romelTa odenoba calcalke an sameurneo wlis ganmavlobaSi aRemateba sazogadoebis aqtivebis sabalanso Rirebulebis 10%

bolo saangariSo TariRis mdgomareobiT, im garigebebis garda, romelTa dadeba

xorcieldeba Cveulebrivi sameurneo saqmianobis mimdinareobisas;

16) biznes-gegmis (koreqtirebuli biznes-gegmis) da misi Sesrulebis Sedegebis

Sesaxeb angariSis damtkiceba, sazogadoebis efeqturobis ZiriTadi maCveneblis (eZm)

miznobrivi mniSvnelobebis (koreqtirebuli mniSvnelobebis) da maTi Sesrulebis

Sesaxeb angariSebis damtkiceba;

17) sazogadoebaSi Sesyidvis politikis gansazRvra, maT Soris saqonlis,

samuSaos, momsaxurebis reglamentirebuli Sesyidvis ganxorcielebis wesis Sesaxeb

debulebis damtkiceba, sazogadoebis centraluri Semsyidveli organos

xelmZRvanelis, agreTve Sesyidvebis wliuri kompleqsuri programis damtkiceba da

sxva gadawyvetilebebis miReba sazogadoebis damtkicebuli, Sesyidvis saqmianobis

mareglamentirebeli, dokumentebis Sesabamisad;

18) sazogadoebis mier im garigebebis ganxorcielebasTan dakavSirebuli

gadawyvetilebebis winaswari damtkiceba, romlebic dakavSirebulia sazogadoebis

15

qonebis an sakuTrebis uflebis (moTxovnis) usasyidlo gadacemasTan mesame

pirebisaTvis, agreTve im garigebebis, romlebic dakavSirebulia sazogadoebis mier

mesame pirebis usasyidlo momsaxurebasTan (samuSaoebis SesrulebasTan), da garigebebis, romlebic dakavSirebulia mesame pirebis sazogadoebis winaSe qonebrivi

valdebulebisagan gaTavisuflebasTan;

19) garigebebi, romlebic dakavSirebulia aRmasrulebeli organos (mmarTveli

kompaniis funqciebis Sesruleba) saxiT mesame pirebis momsaxurebasTan;

20) xelmZRvaneli muSakebis mogebaSi da msgavsi saxis sxva urTierTobaSi monawileobis principis, agreTve pensiis gacemis principebis gansazRvra;

21) kanoniT gaTvaliswinebul SemTxvevebSi, sazogadoebis mier gamoSvebuli

aqciebis gamosyidvasTan dakavSirebuli gadawyvetilebis miReba;

22) sazogadoebis im Sida dokumenetebis damtkiceba, romlebic gansazRvravs

sazogadoebis fondebis formirebisa da gamoyenebis wess, agreTve sazogadoebis

fondebis gamoyenebasTan dakavSirebiT gadawyvetilebis miReba, specialuri

daniSnulebis fondebis mixedviT saxsrebis gamoyenebis xarjTaRricxvis damtkiceba da

specialuri daniSnulebis fondebis mixedviT saxsrebis gamoyenebis xarjTaRricxvis

Sesrulebis Sedegebis ganxilva;

23) Tavmjdomaris, Tavmjdomaris moadgilis da sameTvalyureo sabWos mdivnis

arCeva da maTi uflebamosilebis vadamdeli Sewyveta;

sameTvalyureo sabWos saqmianobis mareglamentirebeli ZiriTadi dokumentebia

sazogadoebis wesdeba, debuleba ss “Telasis” sameTvalyureo sabWos sxdomebis

mowvevis da Catarebis Sesaxeb, debuleba ss “Telasis” sameTvalyureo sabWos

wevrebisaTvis anazRaurebis da kompensaciebis gadaxdis Sesaxeb. debulebebi SemuSavebulia “mewarmeTa Sesaxeb” da “fasiani qaRaldebis bazris Sesaxeb”

saqarTvelos kanonebis Sesabamisad da miRebulia ss “Telasis” aqcionerTa saerTo

wliur krebaze.

sazogadoebis wesdebaSi da ss “Telasis” sameTvalyureo sabWos sxdomebis

mowvevis da Catarebis Sesaxeb debulebaSi asaxulia sameTvalyureo sabWos,

sameTvalyureo sabWos Tavmjdomaris arCevis, sxdomebis mowvevis da Catarebis, gadawyvetilebebis miRebis wesi. debuleba ss “Telasis” sameTvalyureo sabWos

wevrebisaTvis anazRaurebis da kompensaciebis gadaxdis Sesaxeb axorcielebs

sameTvalyureo sabWos wevrTaTvis anazRaurebis da kompensaciis wesis

reglamentirebas.

sazogadoebis sameTvalyureo sabWo mniSvnelovan rols asrulebs aqcionerTa

uflebebis uzrunvelyofaSi, sazogadoebis ganviTarebis strategiis formirebasa da

realizaciaSi, agreTve misi warmatebuli sameurneo-finansuri saqmianobis

uzrunvelyofaSi.

saangariSo wlis ganmavlobaSi sameTvalyureo sabWos mTeli saqmianoba

gamWvirvale iyo aqcionerTaTvis, ramdenadac sameTvalyureo sabWos sxdomebis yvela

oqmi xelmisawvdomia sazogadoebis nebismieri aqcionerisaTvis moTxovnisTanave.

sameTvalyureo sabWos saqmianoba organizebuli iyo damtkicebuli samuSao

gegmis Sesabamisad, regularulad xorcieldeboda kontroli gadawyvetilebebis

Sesrulebaze.

16

saangariSo periodis ganmavlobaSi Seusrulebeli gadawyvetilebebi ar yofila.

saangariSo periodSi Sedga sameTvalyureo sabWos sami sxdoma:

2007 wlis 3 aprili:

1. 2006 wlis 9 Tvis ganmavlobaSi sazogadoebis saqmianobis Sesaxeb

generaluri direqtoris angariSis ganxilva.

2. 2006 wlis 9 Tvis ganmavlobaSi sazogadoebis biznes-gegmis Sesrulebis Sesaxeb angariSis damtkiceba, finansuri angariSgebis aRricxvisa da Sedgenis

meTodoligiur safuZvelSi naklis aRmofxvrasTan dakavSirebuli RonisZiebebis

programis realizaciis mimdinareobis Sesaxeb informaciis, ss “Telasis” angariSgebis

saaRricxvo procesis da Sedgenis organizebis CaTvliT.

3. 2006 wlis me-3 kvartalSi efeqturobis ZiriTadi kvartaluri

maCveneblebis (eZm) Sesrulebis Sesaxeb angariSis damtkiceba.

4. sazogadoebis 2007 wlis biznes-gegmis damtkicebis Sesaxeb.

5. 2007 wlisaTvis efeqturobis ZiriTadi maCveneblebis (eZm) CamonaTvalis da

gegmiuri (miznobrivi) kvartaluri da wliuri mniSvnelobebis damtkicebis Sesaxeb.

6. 2007 wels ss “Telasis” dakreditebis moculobebis damtkicebis Sesaxeb.

7. 2007 wlis 1-l naxevarSi sazogadoebis sameTvalyureo sabWos sxdomebis

gegmis damtkicebis Sesaxeb.

2007 wlis 27 ivlisi:

1. 2006 wlis ganmavlobaSi sazogadoebis biznes-gegmis Sesrulebis Sesaxeb

angariSis damtkiceba.

2. 2006 wlis me-4 kvartalSi sazogadoebis efeqturobis ZiriTadi

kvartaluri maCveneblebis Sesrulebis da 2006 wlis Sedegebis mixedviT

efeqturobis ZiriTadi maCveneblebis Sesaxeb angariSis damtkiceba. 3. sazogadoebis 2006 wlis wliuri angariSis ganxilvis Sesaxeb.

4. wliuri sabuRaltro angariSgebis, maT Soris, 2006 wlis ganmavlobaSi

sazogadoebis mogebisa da zaralis Sesaxeb angariSis, ganxilvis Sesaxeb.

5. sazogadoebis aqcionerTa saerTo wliuri krebisaTvis mogebis (zaralis)

ganawilebasTan da 2006 wlis Sedegebis mixedviT dividendebis gadaxdasTan dakavSirebiT rekomendaciebis Sesaxeb.

6. generaluri direqtoris 2007 wlis 1-li kvartlis angariSis ganxilvis

Sesaxeb.

7. 2007 wlis 1-l kvartalSi sazogadoebis biznes-gegmis Sesrulebis Sesaxeb

angariSis damtkiceba.

8. 2007 wlis 1-l kvartalSi efeqturobis ZiriTadi kvartaluri


9. sazogadoebis mier arasacxovrebeli saTavsos SeZenis Sesaxeb.

10. dss “inter rao ees”-sa da ss “Telass” Soris sesxis Sesaxeb

xelSekrulebis arsebiTi pirobebis damtkicebis Sesaxeb im garigebis saxiT, romelTan

dakavSirebiTac ss “Telasis” sakredito politikiT ar aris gansazRvruli

gadawyvetilebis miRebis wesi.

17

2007 wlis 1 noemberi:

1. ss “Telasis” sameTvalyureo sabWos Tavmjdomaris arCevis Sesaxeb. 2. ss “Telasis” sameTvalyureo sabWos Tavmjdomaris moadgilis arCevis

Sesaxeb.

3. ss “Telasis” sameTvalyureo sabWos mdivnis arCevis Sesaxeb.

4. 2007 wlis 1-l naxevarSi sazogadoebis biznes-gegmis Sesrulebis Sesaxeb

angariSis damtkiceba. 5. 2007 wlis me-2 kvartalSi efeqturobis ZiriTadi kvartaluri


6. 2007 wlisaTvis ss “Telasis” Sesyidvebis wliuri kompleqsuri programis

damtkicebis Sesaxeb.

7. 2007 wlis 1-l naxevarSi ganxorcielebuli Sesyidvebis Sesaxeb generaluri

direqtoris angariSis damtkiceba.

8. 2007 wlis 1-l naxevarSi sazogadoebis saqmianobis Sesaxeb generaluri

direqtoris angariSis damtkiceba.

9. 2007 wlisaTvis sazogadoebis koreqtirebuli biznes-gegmis damtkicebis

Sesaxeb.

10. 2007 wlisaTvis efeqturobis ZiriTadi maCveneblebis koreqtirebuli

mniSvnelobebis damtkicebis Sesaxeb.

11. 2007 wlis meore naxevarSi ss “Telasis” dakreditebis moculobebis

damtkicebis Sesaxeb.

12. eZm-is “warmoebaSi ubedur SemTxvevaTa raodenoba sasikvdilo SedegiT, jgufur ubedur SemTxvevaTa raodenoba, Tu arsebobs dazaralebuli mZime SedegiT”

Sesaxeb.

13. sazogadoebis umaRles xelmZRvanelTa kategoriaSi Semavali Tanamdebobebis

CamonaTvalis cvlilebis Sesaxeb.

14. ss “Telasis” umaRlesi xelmZRvanelobis premirebis Sesaxeb. 15. sazogadoebis sameTvalyureo sabWos wina sxdomebze miRebuli

gadawyvetilebebis Sesrulebis Sesaxeb.

sameTvalyureo sabWos wevrTa muSaobis Sefasebisas, unda aRiniSnos, rom

sabWos yvela wevri, Tavisi uflebebis ganxorcielebisas da movaleobebis Sesrulebisas, moqmedebda sazogadoebis interesebis dasacavad, keTilsindisierad da

gonivrulad, sabWos yevla im sxdomaSi aqtiur monawileobas iRebda, romelic

praqtikulad 100% daswrebiT tardeboda.

momaval wlebSi sameTvalyureo sabWo udides yuradRebas dauTmobs

korporaciuli marTvis xarisxis sakiTxebs, kompaniis momgebianobis amaRlebas,

agreTve myari, saimedo da konkurentunariani politikis gatarebas gasaRebis ZiriTad

bazrebze (produqcia, samuSao, momsaxureba).

sameTvalyureo sabWo sazogadoebis ganviTarebis Sedegebs afasebs, 2007 wels

misi saqmianobis prioritetuli mimarTulebebis mixedviT, rogorc warmatebuls. am

periodis ganmavlobaSi ss “Telasma” SeZlo kompaniis funqcionirebis uzrunvelyofa

35,47 milioni laris odenobis mogebiT.

18

1.4.1.3. sazogadoebis Sida kontrolis sistemis daxasiaTeba

sazogadoebis Sida kontrolis sistema Seiqmna sazogadoebis sameurneo-

finansur saqmianobaze, calkeul qvedanayofebze, sazogadoebis mmarTvelobiTi

organoebis Tanamdebobis pirebze da sazogadoebis aRmasrulebeli aparatis

struqturuli qvedanayofebze mudmivi kontrolis ganxorcielebis mizniT

saqarTvelos kanonmdeblobasTan, sazogadoebis wesdebasa da Sida dokumentebTan SesabamisobasTan dakavSirebiT, aRniSnuli moicavs specialur kontroliors

(revizors) da sazogadoebis Sida auditis departaments.

sazogadoebis specialuri kontroliori (revizori)

sazogadoebis sameurneo-finansur saqmianobaze kontrolis ganxorcielebis

mizniT, aqcionerTa saerTo krebaze 13.12.2006 arCeul iqna sazogadoebis specialuri

kontroliori (revizori) irina olegis asuli posevina – dss “inter rao ees”-is

Sida auditis departamentis ufrosi.

revizoris saqmianobis mareglamentirebeli ZiriTadi dokumentebia

sazogadoebis wesdeba, debuleba ss “Telasis” specialuri kontrolioris

(revizoris) Sesaxeb, debuleba ss “Telasis” specialuri kontroliorisaTvis

anazRaurebis da kompensaciis gadaxdis Sesaxeb da sazogadoebis aqcionerTa saerTo

krebis mier damtkicebuli sxva Sida dokumentebi.

specialuri kontroliori sazogadoebis Sida kontrolis mudmivmoqmedi organoa, romelic mudmivad axorcielebs kontrols sazogadoebis sameurneo-

finansur saqmianobaze, calkeul qvedanayofebze, sazogadoebis mmarTvelobiTi

organoebis Tanamdebobis pirebze da sazogadoebis aRmasrulebeli aparatis

struqturul qvedanayofebze saqarTvelos kanonmdeblobasTan, sazogadoebis wesdebasa

da Sida dokumentebTan SesabamisobasTan dakavSirebiT. sazogadoebis specialuri kontroliori moqmedebs sazogadoebis aqcionerTa

interesebis dacviT da Tavis saqmianobis dros angariSvaldebulia sazogadoebis

aqcionerTa saerTo krebis winaSe. Tavisi saqmianobis ganxorcielebisas revizori

damoukidebelia sazogadoebis marTvis organoebis Tanamdebobis pirebisagan da

sazogadoebis aRmasrulebeli aparatis struqturuli qvedanayofebis xelmZRvanelebisagan.

sazogadoebis specialuri kontrolioris mTavari amocanebia:

a) sazogadoebis sameurneo-finansur saqmianobaze kontrolis ganxorcieleba;

b) sazogadoebis mier ganxorcielebuli sameurneo-finansuri operaciebis

Sesabamisoba saqarTvelos kanonmdeblobasTan da sazogadoebis wesdebasTan;

g) sazogadoebis finansuri mdgomareobis Sesaxeb informaciis damoukidebeli

Sefasebis ganxorcieleba.

sazogadoebis specialur kontroliors unazRaurdeba faqtobrivad yvela mis

mier gaRebuli xarji, romelic dakavSirebulia sazogadoebis sarevizio

SemowmebasTan (mgzavroba, sastumro, kveba da a.S.). kompensaciis gadaxdas sazogadoeba

axorcielebs gaRebuli xarjebis damadasturebeli dokumentebis wardgenidan ori

kviris vadaSi.

specialuri kontroliorisaTvis sameurneo-finansuri saqmianobis SemowmebaSi

(reviziaSi) monawileobisaTvis gadaxdil unda iqnes erTdrouli anazRaureba 1000

laris odenobiT. sazogadoebis sameurneo-finansuri saqmianobis TiToeuli

19

ganxorcielebuli SemowmebisaTvis (reviziisaTvis), specialuri kontrolioriosaTvis

SeiZleba gadaxdil iqnes damatebiTi anazRaureba 1000 laris odenobiT. damatebiTi

anazRaurebis gadaxdis wess da vadebs adgens sazogadoebis sameTvalyureo sabWo. specialuri kontrolioris mier mowveuli specialistebisaTvis

(eqspertebisaTvis) anazRaurebisa da kompensaciis gadaxdas sazogadoeba axorcielebs

maTTan sazogadoebis mier dadebuli xelSekrulebebis safuZvelze. aseTi

xelSekrulebebis pirobebs amtkicebs sazogadoebis sameTvalyureo sabWo.

sazogadoebis Sida auditis departamenti

sazogadoebis Sida auditis departamenti Seiqmna yvela sameurneo operaciebis

warmoebis wesis yoveldRiuri Sida kontrolis mizniT, rac finansuri da saoperacio

riskebis, agreTve Tanamdebobis pirebis mier SesaZlo borotad gamoyenebis faqtebis,

operatiuli gamovlenis, aRkveTisa da minimizciis saSualebas iZleva. Sida kontroli

xels uwyobs sazogadoebis xarjebis gegmiur Semcirebas da misi resursebis efeqtur

marTvas.

sazogadoebis sameurneo-finansuri saqmianobis kontrolis sistema

mowodebulia uzrunvelyos sameurneo-finansuri gegmis zusti Sesruleba.

sazogadoebis sameTvalyureo sabWo yovelkvartalurad ganixilavs da amtkicebs

generaluri direqtoris angariSebs saqmianobis Sedegebis Sesaxeb da angariSebs

biznes-gegmis Sesrulebis Sesaxeb, rac sameurneo saqmianobis finansuri maCveneblebis operatiuli Tvalyuris devnebis da sazogadoebis biznesis xarisxis marTvis

saSualebas iZleva. garda amisa, sameTvalyureo sabWo amtkicebs sazogadoebis

efeqturobis kvartaluri da wliuri ZiriTadi maCveneblebs da angariSebs maTi

Sesrulebis Sesaxeb.

20

1.5. sawarmoo saqmianoba

1.5.1. eleqtruli qselebis daxasiaTeba da teqnikuri mdgomareoba

№№ dasaxeleba zomis

erTeuli maCveneblebi

1 2 3 4 1 egx-is saerTo sigrZe, sul km 3525,7 maT Soris:

1.1 sahaero egx (jaWvebze), sul km 1476.9 maTgan:

1.1.1 - Zabvis done 110 kv km 247.3 1.1.2 - Zabvis done 35 kv km 88.8 1.1.3 - Zabvis done 10 kv km 115.4 1.1.4 - Zabvis done 6 kv km 149.4 1.1.5 - Zabvis done 500 volti da ufro mcire km 876.0 1.2 sakabelo egx, sul km 2048.8

maTgan: 1.2.1 - Zabvis done 35 kv km 14.6 1.2.2 - Zabvis done 10 kv km 280.8 1.2.3 - Zabvis done 6 kv km 924.8 1.2.4 - Zabvis done 500 volti da ufro mcire km 828.6

2 damwevi qvesadgurebi 35 kv da maRla 2.1 qvesadgurebis raodenoba, sul cali 35

maT Soris: 2.1.1 damwevi qvesadgurebi 35/6 -10 kv cali 12 2.1.2 damwevi qvesadgurebi 110 kv cali 23 2.2 saerTo dadgmuli simZlavre mvt 1 694

maT Soris: mvt 2.2.1 damwevi qvesadgurebi 35/6 -10 kv mvt 335 2.2.2 damwevi qvesadgurebi 110 kv mvt 1359

21

3 satransformatoro qvesadgurebi 10/6/0,4 kv 3.1 qvesadgurebis raodenoba cali 1496 3.2 saerTo dadgmuli simZlavre mvt 1093

maT Soris: 3.4 kompleqturi cali 144

mvt 64,0 3.5 daxuruli cali 1352

mvt 1029,0 maRali Zabvis qvesadgurebis mowyobiloba ekuTvnis 1970-1980 wlebis

teqnologiur bazas. mdgomareoba, ZiriTadad, damakmayofilebelia. “ss “Telasis” 2006-2008 wlebis sainvesticio programis” Sesabamisad, xorcieldeba zeTis

amortizebuli amomrTvelebis gamocvla axali Taobis vakuumuri amomrTvelebiT.

dabali Zabvis (satransformatoro) qvesadgurebis mowyobiloba, aseve ekuTvnis

1970-1980 wlebis teqnologiur bazas. 0,4 kv gamanawilebeli mowyobilobis

mdgomareoba damakmayofilebelia. 2000-2003 wlebSi da 2006-2007 wlebSi

ganxorcielda sareabilitacio samuSaoebi. 6-10 kv gamanawilebeli mowyobilobis

mdgomareoba aradamakmayofilebelia (2005 wlamde konkretuli mowyobilobis

mwyobridan gamosvlis SemTxvevaSi xorcieldeboda mxolod aRdgeniTi samuSaoebi).

2006 wlidan xorcieldeba 2006-2008 wlebis sainvesticio programa da 6-10kv

gamanawilebeli mowyobilobebis teqnikuri mdgomareoba sagrZnoblad gamosworda.

35 da 110 kv eleqtrogadamcemi xazebi – teqnikuri mdgomareoba damakmayofilebelia.

6-10 kv eleqtrogadamcemi xazebi – sahaero da, gansakuTrebiT, miwisqveSa

eleqtrogadamcemi xazebi mZime teqnikuri mdgomareobaSia. cveTa Seadgens daaxloebiT

70%. cveTis maRali done SeiZleba ori mizeziT aixsnas:

- eqspluataciis vada; - muSaobis reJimis rTuli pirobebi.

0,4 kv eleqtrogadamcemi xazebi (sahaero):

- saerTo sigrZis (SiSveli sadenebi) 30% - gacveTilia eqspluataciis

xangrZlivi vadis da muSaobis rTuli pirobebis gamo.

- saerTo sigrZis (Tis) 70% - aSenda 2001-2007 wlebSi, teqnikuri mdgomareoba kargia.

0,4 kv eleqtrogadamcemi xazebi (sakabelo) – mdgomareoba damakmayofilebelia.

2000-2007 wlebSi gacveTili xazebis umetesoba Seicvala mricxvelebis gatanis

procesis dros.

1.5.2. avtosatransporto saSualebebi da specmeqanizmebi

№№

maCveneblebis dasaxeleba

raod.

1 2 4 1 TviTmavali manqanebi da specmeqanizmebi eleqtrul qselebSi, sul, cali 170 maT Soris:

1.1 avtoamweebi tvirTamweobiT 6-20 t, cali 3 1.2 saburRi da amwe manqanebi, cali 2

22

1.3 avtohidroamweebi, teleskopuri koSkurebi, cali 26 1.4 eleqtromeqanikuri saxelosnoebi avtomanqanis bazaze, cali 1.5 eleqtrolaboratoriebi avtomanqanebis bazaze, cali 13 1.6 avtomanqanebi saxazo, sabrigade, saqselo maRali gamavlobis, cali 18 1.7 avtomanqanebi saxazo, sabrigade, saqselo 1 wamyvani RerZiT 14 1.8 manqanebi gamanawilebeli qselebisaTvis (mgq), cali 38 1.9 samsaxurebrivi msubuqi avtomobilebi, maRali gamavlobis, cali 41

1.10 8-40 adgiliani avtobusebi, cali 4 1.11 satvirTo, maRali gamavlobis avtomobilebi, cali 2 1.12 satvirTo avtomanqanebi erTRerZiani, cali 4 1.13 TviTmclelebi, cali 3 1.14 buldozerebi, buCqsaWrelebi, amosaZirkvebi muxluxa svlaze, Tvliani traqtorebi,

muxluxa traqtorebi, cali 2 2 specialuri misabmelebi da meqanizmebi misabmelebze – sul, cali 14 maT Soris:

2.1 misabmeli-mZime woniani (treileri) tvirTamweoba 20-40 t, cali 1 2.2 avtomisabmeli (traqtoris misabmeli) orRerZiani tvirTamweoba 5 tonamde, cali 2 2.3 avtomisabmeli-saZvrisi tvirTamweobiT 1,5-3 t, cali. 6 2.4 moZravi kompresori mwarmoebluroba 5-10 kub. m, cali 4 2.5 avtocisterna avtomanqanaze, cali 1

sul 184

23

1.5.3. ss “Telasis” sawarmoo-teqnologiuri maCveneblebi 2005-2007 wlebis

ganmavlobaSi

№№

maCveneblis

dasaxeleba

zomis erTeuli

2005

weli

2006

weli

2007 weli gegm. faqt. gadaxra

(+/-) % 1 2 3 4 5 6 7 8 9 1 ss “Telasis”

Sesyidvebi mln. kvt.sT 2,047 2,015.3 2,013.6 1,936.8 - 76.8 - 3.84

1.1

danakargebi

gadacemis dros mln. kvt.sT - 29.4 48.4 36.9 - 11.4 - 23.7

% Sesyidvidan - 1.46 4.41 1.29 - 3.12 - 70.7 2 miRebulia

(gaSvebulia) qselSi mln. kvt.sT 2,047 1,985.9 1,965.2 1,899.9 - 65.3 - 3.3

2.1

eleqtroenergiis

danakargebi

qselebSi, sul

mln. kvt.sT 721 587.1 569.2 493.7 - 75.5 - 13.3 % qselSi

gaSvebidan 35,2 29.56 29.00 26.00 3.0 10.3

maT Soris:

2.1.1 teqnologiuri

danakargebi mln. kvt.sT 266 252.1 243.9 235.6 - 8.3 - 3.4

% qselSi

gaSvebidan 13,0 12.7 12.4 12.4 0 0

2.1.2

komerciuli

danakargebi mln. kvt.sT 455 335.0 325.3 258.1 - 67.2 - 20.7

% qselSi

gaSvebidan 22,2 16.9 16.6 13.6 - 3.0 - 18.1

3

sasargeblo gaSveba mln. kvt.sT 1,326 1,398.8 1,396.0 1,406.2 10.2 0.7

% qselSi

gaSvebidan 64.8 70.44 71.0 74.0 3.0 4.2

4

qseluri momsaxureba

mln. kvt.sT 285 321.4 314.2 309.2 - 5.0 - 1.6 % qselSi

gaSvebidan 13.90 16.18 16.00 16.28 0.28 1.75

1.5.4. eleqtrul qselebSi eleqtroenergiis danakargebi

2007 wels Sesyidulia 1936,8 mln. kvt.sT eleqtroenergia. gadacemis dros danakargebma Seadgina 36,9 mln. kvt.sT. qselSi gaSvebam Seadgina 1899,9 mln. kvt.sT.

momxmarebelTaTvis sasargeblo gaSvebam Seadgina 1406.2 mln. kvt.sT. ss “Telasis” qselSi

eleqtroenergiis jamurma danakargebma Seadgina 493,7 mln. kvt.sT, rac 93,4 mln. kvt.sT

naklebia, vidre 2006 wels. 2007 wels eleqtroenergiis danakargebis sididem qselSi

gaSvebasTan dakavSirebiT Seadgina 26,0%, 2006 wels 29,6% SedarebiT.

24

2007 wels danakargebis Sesamcireblad RonisZiebebis ganxorcieleba

2007 wels danakargebis SedarebiTi sididis Semcirebas, gasul welTan SedarebiT,

adgili hqonda saorganizacio-teqnikuri RonisZiebebis xarjze, maT Soris, eleqtrul

qselebSi (aRricxvis kvanZebis gatana momxamreblis teritoriis sazRvrebs gareT)

eleqtroenergiis aRricxvis sistemis srulyofiT.

danakargebis Sesamcireblad ganxorciebuli RonisZiebebis farglebSi, Sesrulebulia 0,4 kv sx-is sarekonstruqcio samuSaoebi (araizolirebuli sadenebis Secvla Tis-iT). sul

Secvlilia xazebis 338 km, gatanilia mricxvelebi abonentTa teritoriis sazRvrebs gareT,

16919 abonentisaTvis axali izolirebuli Semyvanebis mowyobiT. 0,4 kv sx-is

rekonstruqciis proeqtiT ganxorcielda gadasvla erTfaziani xazidan samfazianze,

mimdebare s/q Soris datvirTvis optimaluri gadanawileba, fazebis mixedviT datvirTvis

Tanabari gadanawileba.

eleqtroenergiis danakargebis dinamika qselSi gaSvebasTan dakavSirebiT mimarT 2004-

2007 wlebSi

0

500

1000

1500

2000

2500

Sesyiduli

eleqtroenergia

danakargebi gadacemisas

qselSi gaSveba teqnologiuri

danakargebikomerciuli danakargebi

gaSveba

mln. kvt.sT 1936.8

36.9

1899.9

235.6 258.1

1406.2

05

10 15 20 25 30 35 40 45

2004 weli 2005 weli 2006 weli 2007 weli

danakargebi, sul teqnologiuri danakargebi komerciuli danakargebi

qselSi gaSvebis % 39,4

26,4

13,0

35,2

22,2

13,0

29,6

16,9

12,7

26,0

13,6

12,4

25

1.5.5. eleqtroenergiis aRricxvis mdgomareoba, ekaas-is danergva

eleqtroenergiis aRricxvisTvis ZiriTadad gamoiyeneba induqciuri

eleqtromricxvelebi. eleqtroenergiis Sesyidvis wertilebSi da msxvili

momxmareblebisaTvis damontaJebulia cifruli eleqtromricxvelebi. kompaniaSi aris

saqarTvelos saxstandartis mier eleqtromricxvelebis atestirebuli laboratoria.

laboratoriaSi xorcieldeba yvela eleqtromricxvelis dakalibreba da daluqva da,

agreTve eqspluataciaSi arsebuli eleqtromricxvelebis saeqsperto Semowmeba. kompania

Tavisi xarjebiT awarmoebs wundebuli, dazianebuli da arazusti mricxvelebis Secvlas.

damuSavebis procesSia proeqti ekaasgs. mimdinareobs winasaproeqto Semowmeba da

qselis topologiis gaTvaliswinebiT konfiguraciis SerCeva. ss “TelasSi” ekaasgs-s

Seqmnis da danergvis ZiriTadi mizania eleqtroenergiis da simZlavris aRricxvis Sesaxeb zusti, sarwmuno da legitimuri informaciis uzrunvelyofa eleqtroenergiis

momwodeblebTan urTierTangariSsworebisTvis.

1.5.6. teqnikuri zedamxedveloba eleqtroqseluri meurneobis obieqtebis mdgomareobaze

ss “Telasi” 2007 wlis 1-l naxevarSi zedamxedvelobis ganyofilebis ZalebiT,

yvela klasis Zabvis eleqtroqselis obieqtebze, sruli moculobiT axorcielebda

saorganizacio-teqnikur, sainformacio-meTodur, sazedamxedvelo da profilaqtikuri

RonisZiebebis kompleqss, romelic miznad isaxavda xanZrebis, avariebis da sxva

teqnologiuri darRvevebis acilebas, mowyobilobebis da personalis saeqspluatacio saimedoobis gazrdas, avariulobis da tramvatizmis Semcirebas.

ganyofilebis saerTo saStato raodenoba Seadgens 5 adamians, maT Soris – 4

adamiani inspeqtorebis personalia.

eleqtroqselis sakontrolo obieqtebze Catarebuli Semowmebebis Sejerebuli

monacemebi moyvanilia cxrilSi.

eleqtroqselis obieqtebis Catarebuli Semowmebebis Sejerebuli monacemebi

№№ cnobebi Semowmebebis Sesaxeb 2005 weli

2006 weli

2007 weli

1 2 4 5 6 1 obieqtebis Semowmebis saerTo ricxvi 2256 1965 1717 2 miwerilobaTa raodenoba 292 183 165 3 miwerilobebSi RonisZiebaTa raodenoba 1460 1098 1024 maT Soris:

3.1 Sesrulebuli 1168 879 844 3.2 gadavadebuli RonisZiebebi 292 219 180

26

saangariSo periodis ganmavlobaSi, sazogadoebis qvedanayofebSi xorcieldeboda

sayovelTao Semowmebebi, personalis mier Sromis dacvis da samrewvelo usafrTxoebis

moTxovnaTa dacvis nawilSi. Semowmebebis Sedegebis mixedviT Catarda analizi, gamovlinda

travmasaSiSi situaciebi da faqtorebi, SemuSavda RonisZiebebi maT aRsakveTad.

avariuloba. teqnologiuri darRvevebi

2007 wels ss “Telasis” eleqtruli qselebis muSaobisas sul moxda 9149

teqnologiuri darRveva (incidenti), 2006 wels momxdar 13 299 incidentTan SedarebiT,

rac Seesabameba 31,2% Semcirebas. avariebs aRniSnuli periodis ganmavlobaSi adgili ar

hqonia.

2007 wels eleqtroenergiis gaSvebis danaklisma Seadgina 5102,4 aTasi kvt.sT, rac

gasul welTan SedarebiT 79,2% naklebia. 2007 wels ekonomikurma zaralma Seadgina 523,7 aTasi lari, rac 2006 welTan SedarebiT 75,9% naklebia.

teqnologiuri darRvevebis SemTxvevaTa Semcireba da, Sesabamisad, ekonomikuri

zaralis Semcireba eleqtroenergis gaSvebis danaklisis gamo miRweul iqna eleqtruli

qselebis sareabilitacio samuSaoebis Sesrulebis, maRalefeqturi masalebis danergvis da

eleqtroqselebis momsaxurebis, remontis da rekonstruqciis dros Tanamedrove teqnologiebis gamoyenebis xarjze.

analizma gviCvena, rom mowyobilobebi da eleqtrogadamcemi xazebi, romelTa Zabvaa

0,4 35 da 110 kv, sakmaod saimedoa, mowyobilobebisa da 6/10 kv Zabvis xazebisgan

gansxvavebiT, romelTa dazianeba 2007 wels yvela teqnologiuri darRvevis warmoqmnis

ZiriTadi wyaro iyo. qvemoT cxrilebSi moyvanilia cnobebi 2006-2007 wlebSi incidentebis, avariebis da teqnologiuri darRvevebis Sesaxeb ss “Telasis” eleqtroqselebSi.

cnobebi incidentebisa da avariebis Sesaxeb 2006-2007 wlebSi

№№

maCveneblis dasaxeleba 2006 weli

2007 weli

gadaxra (+/-) %

1 2 3 4 5 61 incidentebi 13299 9149 - 4150 - 31,2 2 avariebi - - - - 3 eleqtroenergiis gaSvebis danaklisi (aTasi kvt.sT) 24480,4 5102,4 - 19378,0 - 79,2 4 ekonomikuri zarali (aTasi lari) 2172,0 523,7 - 1648,3 - 75,9

2006-2007 wlebSi ss “Telasis” eleqtroqselebSi teqnologiuri darRvevebi

Tveebi

incidentebi

eleqtroenergiis gaSvebis

danaklisi (aTasi kvt.sT) ekonomikuri zarali

(aTasi lari) 2006 2007 2006 2007 2006 2007

1 2 4 6 7 9 10

27

ianvari 1492 775 11,634.5 458.7 968.0 47.6 Tebervali 1289 826 620.4 403.1 51.5 41.7 marti 1462 973 1,437.4 522.8 119.3 54.1 aprili 1614 868 1,117.8 472.5 92.6 48.8 maisi 1127 719 644.1 477.5 53.2 48.8 ivnisi 961 623 1,495.2 398.8 126.3 40.6 ivlisi 1249 754 1,285.9 393.4 128.7 40.0 agvisto 789 597 1,246.2 367.1 124.2 37.2

seqtemberi 800 574 998.9 287.2 100.6 29.1 oqtomberi 672 624 520.1 348.0 52.1 35.2 noemberi 993 937 1,602.6 507.5 162.3 51.9 dekemberi 851 876 1,877.3 465.8 193.5 48.7

sul 13 299 9146 24 480.4 5102.4 2 172.0 523.7

1.5.7. ss “Telasis” eleqtrul qselTan teqnologiuri mierTebebi 2005 – 2007 wlebis

ganmavlobaSi

ukanaskneli sami wlis

ganmvlobaSi ganxorcielda 7048 teqnologiuri mierTeba

momxmarebelTa eleqtrul

qselTan, saerTo jamuri

simZlavriT 222,9 aTasi kvt. aqedan 6855 mierTeba saerTo jamuri simZlavriT 106,2 aTasi kvt Zabvaze 0,4 kv (mierTebebis saerTo simZlavris 48 %) da 193 mierTeba saerTo jamuri

simZlavriT 116,7 aTasi kvt Zabvaze - 6/10 kv (mierTebebis saerTo simZlavris 52%).

№№

mierTebis

simZlavre

sruli mierebebis raod-ba xelSekrulebebis da tp mixedviT, c

mierTebis faqtobrivi simZlavre, aTasi kvt

2005 weli 2006 weli 2007 weli


1 2 3 4 5 6 7 8 1 6 -10 kv 41 71 81 24,2 37,3 55,2 2 0,4 kv 1850 2137 2868 31,5 38,6 36,1 sul 1891 2208 2949 55,7 75,9 91,3

1.5.8. saremonto saqmianobis organizeba

ss “Telasis” eleqtroqseluri obieqtebis teqnikuri momsaxureba da remonti

xorcieldeba gamanawilebeli qselis departamentis samsaxurebis da mowveuli

kontragentebis mier. eleqtrogadamcemi xazebis remonti xorcieldeboda maTi teqnikuri

0

10

20

30

40

50

60

6 - 10 кВ 0.4 кВ2004 год 2005 год 2006 год 2007 год

тыс.кВт55,2

18,724,2

37,3 36.1

21,0

31,5

38,6

28

mdgomareobidan gamomdinare, “mowyobilobebis teqnikuri momsaxurebisa da remontis

organizebis” moqmedi wesebis dacviT. qvesadgurebis mowyobilobebis remonti

xorcieldeboda mowyobilobebis mwarmoebeli qarxnebis wesebiT, instruqciebiT da

moTxovnebiT gansazRvrul vadebsa da moculobebSi. 2007 wels remontisaTvis gaRebulma faqtobrivma xarjebma Seadgina 2,904 milioni

lari, rac gegmiT gaTvaliswinebulze 0,981 milioni lariT naklebia. qvemoT warmodgenilia

Sesrulebul samuSaoTa struqtura da aRweriloba.

eleqtruli qselebis remonti 2005 – 2007 wlebSi

(aTasi lari)

№№

dasaxeleba

2005 weli

2006 weli

2007 weli gegma faqt. gadaxra

(+/-) % 1 2 3 4 5 6 7 8 1 sayrdenebi 7.00 5.30 30.70 43.90 13.20 43.1 2 sadenebi 60.00 47.70 3015.10 1,233.30 - 1,781.80 - 59.1 3 kabelebi 963.00 1,210.30 351.40 668.50 317.10 90.3 4 mowyobiloba qvesadgurebze 236.00 184.00 231.30 527.00 295.70 127.8 5 Senobebi da nagebobebi 11.00 19.20 87.80 114.60 26.80 30.5 6 sxva obieqtebi eleqtrul qselebSi 274.00 134.00 168.50 316.10 147.60 87.6 7 Arasawarmoo sferos obieqtebi - - 197.40 197.4 0 0 sul 1,551.00 1,600.30 3884.80 2903.50 - 981.30 - 25.3

remontebis struqtura 2007 wels

Sesrulebuli samuSaoebis aRwera: sayrdenebi. faqtobrivma danaxarjebma Seadgina 43,9 aTasi lari – sayrdenebis Semowmeba da gamagreba, traversebis da damiwebis konturis (elementebis) remonti da Secvla. sadenebi. faqtobrivma danaxarjebma Seadgina 1 233,3 aTasi lari – sadenebis gawyvetis da gadawvis (izolatoris yelze, malze) SemTxvevaSi zomamcire monakveTebiT remonti da

Secvla, sadenebis daWimulobis regulireba, sahaero xazebze gabaritebis darRvevis aRmofxvra. samagri armaturis manWvlisebri izolatorebis remonti da Secvla. kabelebi. faqtobrivma danaxarjebma Seadgina 668,5 aTasi lari – kabelis saavario remonti dazianebis adgilebSi – quroebis (SemaerTebeli da kiduri) dayeneba sakabelo CanarTiT.

37%

29%

6%

17%

11%kabelebi

mowyobilobebi qeesadgurebze

Senoba-nagebobebi

sxva obieqtebi arasawarmoo sferos obieqtebi

29

sakabelo xazis zomamcire monakveTebis saavario remonti – gadamwvari (darRveuli)

monakveTis Secvlis, SemaerTebeli quroebis dagrovebis monakveTis amoWris da

dabrkolebis acilebis mizniT. mowyobiloba qvesadgurebze. faqtobrivma danaxarjebma Seadgina 527,0 aTasi lari – mowyobilobis revizia da regulireba, mowyobilobis dazianebuli da gacveTili arasabazo

elementebis, saltesadenebis, SeerTebebis, damiwebis konturis, metalokonstruqciebis,

karadebisa da karebis remonti da Secvla. transformatorebisa da sxva zeTSevsebuli

aparatebis zeTiT Sevseba, Senobebis Senaxva, saketebis dayeneba, ganaTebis remonti da

naTurebis Secvla, warwerebis Sesruleba.

Senobebi da nagebobebi. faqtobrivma danaxarjebma Seadgina 114,6 aTasi lari –sawarmoo Senobebis remonti da teritoriebis SemoRobva, ksq metalokonstruqciebis da sxva

nagebobebis remonti. sxva obieqtebi eleqtrul qselebSi. faqtobrivma danaxarjebma Seadgina 316,1 aTasi lari –

qvesadgursgare mowyobilobis remonti, gazomvis saSualebaTa da aRricxvis kvanZebis remonti, xelsawyoebis SeZena da remonti, laboratoriuli mowyobilobis

makompleqteblebisa da satransformatoro saamqros teqnologiuri mowyobilobis remonti

da sxva. arasawarmoo sferos obieqtebi. faqtobrivma danaxarjebma Seadgina 197,4 aTasi lari.

1.6. saqmianoba energogasaRebis dargSi 1.6.1. satarifo politika

sazogadoebisTvis tarifs adgens saqarTvelos erovnuli energomaregulirebeli

komisia (semeki) sazogadoebis mier wardgenili Sesabamisi ganacxadis ganxilvis Semdeg. tarifis Secvlis Sesaxeb ganacxadis wardgenis ufleba sazogadoebas aqvs weliwadSi orjer.

saangariSo periodSi moqmedebda semek-is 2006 wlis 15 maisis №18 dadgenilebiT dadgenili

tarifebi (yvela tarifi moyvanilia dRg-s gareSe): eleqtroenergiis ganawilebis tarifebi

№№ Zabva TeTri/kvt sT

30

1 220/380 volti (saSualod) 8.08 2 6 - 10 kilovolti 7.138 3 35 - 110 kilovolti 1.8

eleqrtoenergiis samomxmareblo tarifebi

eleqtroenergiis Sesyidvis tarifebi ss “Telasis’ momxmareblebisTvis


1 220/380 volti (saSualod) 13.56 2 6 – 10 kilovolti 12.618 3 35 – 110 kilovolti 7.28 mosaxleobis socialuri dacvis damatebiTi garantiebis Sesaqmnelad da

eleqtroenergiis racionaluri gamoyenebis xelSewyobisTvis, Tbilisis macxovreblebisTvis,

romlebic arian ss “Telasis” abonentebi 220/380 volt Zabvaze, eleqtroenergiis Sesyidvis

tarifebi dadgenilia moxmarebuli eleqtroenergiis moculobis Sesabamisad:

№№ TveSi moxmarebuli eleqtroenergiis raodenoba TeTri/kvt sT 1 100 kvt-sT CaTvliT 11.424 2 101 kvt-sT-dan 300 - mde CaTvliT 13.56 3 301 kvt-sT da zemoT 14.998

eleqtroenergiis Sesyidvis tarifebi (sabiTumo) gamanawilebeli kompaniebisa da

pirdapiri momxmareblebisTvis

№№ dasaxeleba TeTri/kvt sT

1

warmoebis saSualoSewonili tarifi (importisa da eleqtroqselSi

normatiuli danakargebis komponentis CaTvliT)

4.615 2

eleqtroenergiis gadacemis tarifebi: a) Sps “saqarTvelos saxelmwifo eleqtrosistema”: 35-110-220 kv

6-10 kv b) ss «saqrusenergo»

0.535 1.115 0.18

3

eleqtroenergiis dispetCerizaciis tarifi (Sps “saqarTvelos saxelmwifo

eleqtrosistema”)

0.15 sul: 35_110_220 kilovolti 5.48 sul: 6_10 kilovolti 6.06

momsaxureba eleqtroenergiis tarnzitze


1 220/380 v (saSualo) 3.6 2 6 - 10 кВ 2.59 3 35 - 110 кВ 1.275

eleqtroenergiis mwarmoeblebisTvis gayidvebis dadgenili tarifebi (ss”Telasis” momwodeblebi 2007 w)

№№ dasaxeleba

ganzomilebis

erTeuli

maCvenebeli

1 2 3 4 1 Sps «mtkvari energetika» lari/kvt sT 0.09110 2 ss «xramhesi - 1» lari/kvt sT 0.01760 3 ss «xramhesi - 2» lari/kvt sT 0.01510 4 orTaWalhesi lari/kvt sT 0.02500

31

5 engurhesi lari/kvt sT 0.01187 6 xadori hesi lari/kvt sT 0.07160 7 Jinvalhesi lari/kvt sT 0.01830 8 rionhesi lari/kvt sT 0.03500 9 varcixe hesi lari/kvt sT 0.01250

10 zahesi lari/kvt sT 0.01420 11 eleqtroenergiis komerciuli operatori lari/kvt sT 0.07532

1.6.2. eleqtroenergiis Sesyidva

eleqtroenergiis Sesyidva xorcieldeba “saqarTvelos eleqtroenergiis (simZlavris)

bazris wesebis” Tanaxmad. eleqtroenergiis Sesyidvebis aucilebeli struqtura – kompaniis wliuri moTxovnilebis aranakleb 32% Sesyidul unda iqnes ZviradRirebuli wyaroebisgan. eleqtroenergiis ZviradRirebuli wyaroebia – Tes-is mier gamomuSavebuli eleqtroenergia; importirebuli eleqtroenergia; axali hes-ebis (romlebic eqspluataciaSi Sevida

01.09.2004-dan) mier gamomuSavebuli eleqtroenergia.

№№

dasaxeleba Sesyiduli

eleqtroenergiis

moculoba

(mln. kvt sT)

wili

Sesyidvis

saerTo

moculobaSi (%)

1 2 3 4 1 Sesyiduli eleqtroenergia, sul 1936,800 100 maT Soris:

1.1.1 eleqtroenergiis komerciuli operatori 286,124 14,8 1.1.2 Sps «mtkvari energetika» 453,141 23,4 1.1.3 ss «xramhesi - 1» 237,890 12,3 1.1.4 ss «xramhesi – 2» 183,099 9,5 1.1.5 xadori hesi 20,482 1,1 1.1.6 orTaWalhesi 78,672 4,1 1.1.7 zahesi 125,564 6,5 1.1.8 engurhesi 392,931 20,3 1.1.9 Jinvalhesi 45,815 2,4

1.1.10 rionhesi 75,500 3,9 1.1.11 varcixe hesi 0,646 0,03 1.1.12 danakargebi mZ 36,990 1,9

maTgan dss “inter rao ees”-is Svilobili kompaniebi 874,130

45,10

Sesyiduli

eleqtroenergiis

struqtura

1.6.3.eleqtroenergiis moxmarebis struqtura

54,9%

45,1%Поставщики внутреннего рынка

Дочерние компании ЗАО "ИНТЕРРАО ЕЭС"

32

2007 wels eleqtroenergiis sasargeblo gaSvebis saerTo raodenobam Seadgina 1 399,0 mln kvt.sT. qvemoT moyvanilia 2005-2007 wlebis ganmavlobaSi eleqtroenergiis

moxmarebis struqtura abonentTa kategoriebis mixedviT. ( aTasi kvt. sT )

№№

dasaxeleba

2005 weli

2006 weli

2007 weli

gegma

faqt. gadaxra

(+/-) % 1 2 3 4 5 6 7 8 1 mosaxleoba 663,0 728,0 706,5 716,8 10,3 1,5 2 komerciuli organizaciebi 439,0 478,0 511,1 532,4 21,3 4,2 3 sabiujeto organizaciebi 222,0 90,0 99,4 89,5 - 9,9 - 10,04 ltolvilebi - 98,8 78,0 64,1 - 13,9 - 17,95 centraluri momxmareblebi 2,0 4,2 2,7 3,4 0,7 25,2 sul 1611,0 1720,22 1397,8 1406,2 0,7 25,2

2007 wels eleqtroenergiis moxmarebis struqtura

1.6.4. eleqtroenergiis gayidva

eleqtroenergiis gayidvis saerTo moculobam 2007 wels Seadgina 189,83 mln lari (dRg-s gareSe), rac gegmiT gaTvaliswinebulze 10,18 mln lariT metia. (mln lari dRg-is gareSe)

№№

dasaxeleba

2005 weli

2006 weli

2007 weli

gegma

faqt gadaxra (+/-) %

1 2 3 4 5 6 7 8 1 mosaxleoba 67,32 86,52 93,70 100,09 6,39 6,82 2 sxva pirdapiri momxmareblebi

* 69,72 79,06 85,95 89,74 3,79 4,4

sul gyidvebi 137,04 165,58 179,65 189,83 10,18 5,7 *) sxva pirdapiri momxmareblebi: komerciuli seqtori, sabiujeto seqtori, ltolvilebi da centraluri momxmareblebi.

51,0%

6,4% 4,5%

37,9%

0,2%mosaxleoba komerciuli organizaciebi

sabiujeto organizacibi

ltolvilebi centraluri momxmareblebi

33

1.6.5. moxmarebuli eleqtroenergiis mosakrebeli

moxmarebuli eleqtroenergiis mosakreblis saerTo moculobam 2007 wels Seadgina 181,16 mln lari, (dRg-s gareSe), rac gegmiT gaTvaliswinebulze 4,44 mln lariT metia.

(mln lari)

№№

dasaxeleba

2005 weli

2006 weli

2007 weli gegma faqt gadaxra

(+/-) % 1 2 3 4 5 6 7 8 1 mosaxleoba 60,040.00 76,280.00 88,100.00 94,600.00 6,500.00 7,38 2 sxva pirdapiri momxmareblebi 61,670.00 67,340.00 88,620.00 86,560.00 - 2,06 - 2,3 sul mosakrebeli 121,710.00 143,620.00 176,720.00 181,160.00 4,44 2,5

eleqtroenergiis pirdapir momxmareblebze gayidvebidan mosakrebelma 2007 wels Seadgina

– 95,4 %, 2006 wlis 86,7 % SedarebiT.

1.6.6. saabonento debitoruli davalianeba moxmarebuli eleqtroenergiis saabonento debitoruli davalianebis done 2007 wels

Semcirda 43,119 mln lariT da Seadgina 175,279 mln lari. debitoruli davalianebis

Semcireba 2007 wlis dasawyisidan moxda momxmarebelTa mier moxmarebuli eleqtroenergiis

safasuris Segrovebis gazrdis xarjze momxmarebelTa Semdegi jgufebisgan: komerciuli organizaciebi, sabiujeto organizaciebi da ltolvilebi. qvemoT moyvanilia saabonento debitoruli davalianebis struqtura.

(aTasi lari)

№№

dasaxeleba

2007wlis

01 ianvrisTvis

2008 wlis 01 ianvrisTvis

gadaxra (+/-) %

1 2 3 4 5 6 1 mosaxleoba 119,993.00 124,978.00 4,985.00 4,2 2 komerciuli organizaciebi 35,060.00 32,719.00 - 2,341.00 - 6,7 3 sabiujeto organizaciebi da ltolvilebi 60,240.00 14,400.00 - 45,840.00 - 76,0 4 centraluri momxmareblebi 3,105.00 3,183.00 78.00 2,5 sul 218,398.00 175,279.00 - 43,119.00 - 19,7

71%

19%

8% 2%mosaxleoba

komerciuli organizaciebi sabiujeto organizacibi da ltolvilebi

centraluri momxmareblebi

34

1.7. sazogadoebis sainvesticio saqmianoba

sainvesticio saqmianobas sazogadoeba qmnis ekonomikuri efeqturobis da

mizanSewonilobis principebidan gamomdinare. sainvesticio politikis formirebis mizniT

sazogadoebis sameTvalyureo sabWos mier mowonebul iqna “ss Telasis” 2006-2008 wlebis

periodis saSualovadiani sainvesticio programa”, romelSic Camoyalibebulia, sazogadoebis saqmianobis ZiriTadi perspeqtiuli mimarTulebebi: komerciuli danakargebis Semcireba, avariulobis Semcireba, eleqtroqselis saimedoobis da usafrTxoebis amaRleba da sawarmoo simZlavreebis gafarToeba.

1.7.1. sazogadoebis 2005-2007 wlebis sainvesticio gegmis Sesruleba

sazogadoebis sainvesticio dabandebebma 2007 wels Seadgina 37,754 mln lari, rac 15,029 mln lariT metia 2006 welze da gegmiT gaTvaliswinebulze 3,996 mln lariT naklebia.

№№


2006 weli

2007 weli (mln lari) gegma faqt gadaxra

(+/-) % 1 2 3 4 5 6 7 8 1 investiciebi rekonstruqciaSi da

modernizaciaSi 11,759.00 20,791.00 40,020.00 36,150.00 - 3,870.00 - 10.0

maT Soris: 1.1 investiciebi saabonento seqtorSi 7,044.00 12,170.00 17,530.00 20,323.00 2,793.00 16.0 1.2 investiciebi m/Z da d/Z qselSi 4,715.0 8,621.00 22,493.00 15,827.00 6,666.00 - 30.0 2 kapitaluri remonti 190.00 114.00 173.00 503.00 33.00 190.0 3 sxva (Zs da aa sameurneo danisnulebis) 864.00 1,820.00 1,556.00 1,101.00 - 455.00 - 29.0

sul investiciebi ZiriTad kapitalSi 12,813.00 22,725.00 41,750.00 37,754.00 - 3,996.00 10.0

2,9%1,3%

53,8%42,0%

saabonento seqtori

m/Z da d/Z elqselebi

kapitaluri remonti

sxva Zs da aa

investiciebis struqtura 2007 wels

35

Sesrulebuli samuSaoebis aRwera:

investiciebi saabonento seqtorSi. investiciebma saabonento seqtorSi Seadgina 20,323 mln

lari. Sesrulda Semdegi samuSaoebi: • aRricxvis kvanZebis gamotana 16919 abonentisTvis; • aRricxvis kvanZebis aRdgena 4574 abonentisTvis; • Tis-is montaJi saerTo sigrZiT 230 km; • ekaas-is mowyobilobis montaJi 110/35 kvt 30 q/s-ze . investiciebi maRali Zabvisa da dabali Zabvis qselebSi. investiciebma maRali Zabvisa da

dabali Zabvis qselebSi Seadgina 15,827 mln lari. Sesrulda Semdegi samuSaoebi: • 110/35 kv 3 q/s-ze dawyebulia 110 kv Rgm mSenebloba, maTgan erTi dasrule-bulia,

110(35) kv erT qvesadgurze ganxorcielda 110/10/6 kv Zalovani transformatoris Secvla, 110(35) kv sam qvesadgurSi dasrulda gm - 10/6 kv mSenebloba Sesabamisi sakabelo

arxebiT da akumulatorTa batareebiT, Catarda retrofiti gm - 10 kv da 110/35 kv 6 qs; • 110/35 kv segx-ze ganxorcielda xazis da mexdacvis gvarlebis Secvla, mzidi

sayrdenebis aRdgena;

• daidga 5 axali qksq, aSenda eleqtroteqnikuri nawili cgm 3269, dawyebulia

cgp0100-s mowyobilobis rekonstruqcia da sakabelo estakadis mSenebloba qs “mTawminda”

– cgp4055, cgp-Si Catarda 79 Semyvanis retrofiti, Seicvala 480 cali gm-10/6/0,4 kv

da 67 cali 10/6/0,4kv Zalovani transformatori, mTlianad Seicvala daaxloebiT 8km

sx-10 kv da 1,4 km sx-0,4kv; • ganxorcielda sakabelo egx-10/6 kv mTliani da nawilobrivi Secvla 47 km

sigrZeze; • ganxorcielda Zalovani transformatorebis kapitaluri remonti 10/6/0,4 kv - 72c da sx-is 10/6kv monakveTebis– 4,6km.

kapitaluri remonti. investiciebma sawarmoo da arasawarmoo Senobebisa da nagebobebis

kapitalur remontSi Seadgina 0,503 mln lari. ganxorcielda, rogorc sawarmoo, ise arasawarmoo Senoba-nagebobebis kapitaluri remonti. sxva saxis dabandebebi Zs-sa da aa-Si. 2007 wlis ganmavlobaSi sazogadoebam SeiZina ZiriTadi

saSualebebi da aramaterialuri aqtivebi 1,101 mln laris TanxiT. Sesyidul iqna

kavSirgabmulobis saSualebebi, orgteqnika da kompiuterebi, programuli uzrunvelyofa,

nagebobebi da miwis nakveTi da sxva (lizingi).

1.7.2. 2007 wels sainvesticio saqmianobis dafinansebis wyaroebi

0

10

20

30

40


sul investiciebi ZiriTad kapitalSi investiciebi saabonento seqtorSiinvesticiebi m/Z da d/Z qselebSi investiciebi kapitalur remontSi sxva investiciebi

?

mln lari

sazogadoebis investiciebis dinamika 2005-2007 wlebSi

36

samuSaoebis da proeqtebis dafinansebis wyaros warmoadgens sazogadoebis sasesxo da sakuTari saxsrebi. cxrilSi warmodgenilia investiciebis dafinansebis satruqtura.

(aTasi lari)

№№

muxlebis dasaxeleba

gegma

faqt.

gadaxra

(+/-) % 1 2 3 4 5 6 1 sakuTari saxsrebi, sul 16,967.00 14,680.00 - 2,287.00 - 13.5 maT Soris:

1.1 daricxuli amortizacia 6,500.00 4,213.00 - 2,287.00 - 35.0 1.2 sxva sakuTari wyaroebi 10,467.00 10,467.00 0 0 2 moziduli wyaroebi, sul 24,783.00 23,074.00 - 1,709.00 - 6.9 maT Soris:

2.1 sabanko kreditebi 11,394.00 11,394.00 0 0 2.2 sesxebi 13,389.00 11,680.00 - 1,709.00 - 6.9

aqedan korporaciuli sesxebi 13,389.00 11,680.00 - 1,709.00 - 6.9 sul 41,750.00 37,754.00 - 3,996.00 - 9.6

SeniSvna: korporaciul sesxebs miekuTvneba yvela saxis sasesxo operaciebi inter rao ees-

is jgufis kompaniebTan, sasesxo xelSekrulebebis, cesiebis, savalo fasiani qaRaldebis yidvis da sxv. CaTvliT.

investiciebis dafinansebis struqtura 2007 wels

1.7.3. sazogadoebis 2008 wlis sainvesticio gegmebi

2008 wels sazogadoebis sainvesticio dabandebebi Seadgens 38,022 mln lars. amasTan,

sazogadoeba gegmavs investiciebis dafinanseba ganaxorcielos, ZiriTadad, sakuTari

saxsrebiT. maT Soris sainvesticio programiT gaTvaliswinebulia Semdegi proeqtebis

realizacia: • «aRricxvis kvanZebis gamotana da qselis mowesrigeba» 9 907 abonentisTvis; • «Tis-is montaJi» 16 841 abonentisTvis; • «kabelebis gamotana sardafebidan» 49 983 abonentisTvis;

31,0%

30,0%

39,0%sakuTari saxsrebi

sabanko kreditebi

korporaciuli sesxebi

37

• «axali abonentebis mierTebis mizniT qselis rekonstruqcia da gafarToeba»; • m/Z da d/Z qselebis gadaiaraRebisaTvis gankuTvnili investiciebi;

1.8. saqmianoba Sesyidvebis dargSi

1.8.1. zogadi cnobebi. Sesyidvis saqmianobis organizeba

Sesyidvis saqmianoba ss “TelasSi” xorcieldeba saqarTvelos kanonmdeblobis da “ss

“Telasis” saWiroebisaTvis saqonlis, samuSaoebis, momsaxurebis reglamentirebuli

Sesyidvis wesis Sesaxeb” debulebis safuZvelze, romelic ss “Telasis” sameTvalyureo

sabWom 2005 wlis 14 noembers daamtkica (oqmi № 11). qvemoT moyvanilia ss “TelasSi”

Sesyidvebis miRebuli sqema, sazogadoebis im struqturuli erTeulebis miTiTebiT,

romlebic pasuximgebeli arian Sesyidvis garigebis organizaciasa da gaformebaze.

ss “Telasis” saWiroebisTvis saqonlis,

samuSaoebis, momsaxurebis Sesyidva

eleqtroenergiis Sesyidva. satranzito

momsaxureba da infrastruqt.organiz.

momsaxureba

reglamentirebuli Sesyidvebi

momsaxureba da

xarjebi pirdapiri

xelSekrulebebiT

sakonkurso

Sesyidvebi

arareglamentirebuli Sesyidvebi

konkurs-gareSe reglamentirebuli Sesyidvebi

fasebis daxuruli moTxovna

Sesyidva erTaderTi

wyarosgan

sxva Sesyidvebi pirdapiri xelSekrulebebiT

( 12500 laramde)

logostikis departameti

eleqtroenergiis Sesyidvebis

departamenti logostikis departameti

Ria konkursi

fasebis Ria moTxovna

winadadebebis daxuruli

moTxovna

38

sazogadoebaSi reglamentirebul SesyidvebTan dakavSirebuli garigebebis

gaformebasa da organizebas axorcielebs calke struqturuli qvedanayofi – logistikis

departamenti. eleqtroenergiis Sesyidvebis departamenti axorcielebs eleqtroenergiis

SesyidvebTan dakavSirebuli garigebebis, eleqtroenergiis satranzito da erovnuli energobazris infrastruqturuli organizaciebis momsaxurebasTan dakavSirebuli

garigebebis gaformebasa da organizebas. pirdapiri xelSekrulebebiT garigebebis organizeba

da gaformeba, saqmianobis mimarTulebis Sesabamisad, xorcieldeba sazogadoebis

pasuxismgebeli struqturuli qvedanayofebis mier.

1.8.2. cnobebi 2007 wlis Sesyidvebis Sesaxeb

2007 wlis ganmavlobaSi Sesyidvebi xorcieldeboda Sesyidvebis damtkicebuli

wliuri kompleqsuri programis safuZvelze. Catarda 113 konkursi da reglamentirebuli

konkursgareSe Sesyidva. saangariSo periodSi ss ”TelasisTvis” saWiroebisTvis

momsaxurebis, saqonlis, samuSaos Sesasyidad gaRebuli faqtobrivi xarjebis saerTo

moculobam Seadgina 31,70 mln lari, rac dagegmilze 11,9 mln lariT naklebia. aqedan 21,50 mln lari (faqtobrivi Sesyidvebis saerTo moculobis 67,7 %) Seadgina sakonkurso

SesyidvebisaTvis gaRebulma xarjebma da 10,20 mln lari (faqtobrivi Sesyidvebis saerTo moculobis 32,3 %) reglamentirebuli konkursgareSe SesyidvebisaTvis gaRebulma xarjebma.

2007 wels wkSp-is Seusrulebloba gamoiwveuli iyo sazogadoebis 2007 wlis biznes-gegmis koreqtirebis mier. cxrilSi moyvanilia angariSi 2007 wlis ganmavlobaSi wkSp-is

Sesrulebis Sesaxeb.

reglamentirebuli

Sesyidvebis struqtura

Sesyidvebis saxeobis

mixedviT 2007 wlis

ganmavlobaSi

sabuRaltro aRricxvis da

angariSgebis departamenti sazogadoebasTan

urTierTobis departamenti

ekonomikisa da finansebis

departamenti

3,4%

2,7%

10,0%

16,2%

67,7%

Открытый конкурс

Открытый запрос цен

Закрытый запрос цен

Закрытый запрос предложений

Единственный источник

39

№№ dasaxeleba raodenoba

Sesyidvebis saerTo

Rirebuleba dRg-iT

(mln lari)

% Sesyidvebis

saerTo Tanxidan

1 2 3 4 5 1 Ria konkursi 35 21,466 67,7 2 fasebis Ria moTxovna 34 3,169 10,0 3 fasebis daxuruli moTxovna 20 0,865 2,7 4 winadadebebis daxuruli moTxovna 13 5,119 16,2 5 Sesyidva erTaderT wyarosTan 11 1,069 3,4 sul 113 31,688 100,0

r

reglamentirebuli Sesyidvebis struqtura saqmianobis saxeobebis mixedviT 2007 wlis

ganmavlobaSi

№№ dasaxeleba raod-ba

Sesyidvebis saerTo

Rirebuleba dRg-s CaTvliT (mln lari)

% Sesyidvebis

saerTo Tanxidan

1 2 3 4 5

1 axali mSenebloba da eleqtroqseluri

obieqtebis gafarToveba - - -

2 eleqtroqseluri obieqtebis rekonstruqcia

da teqnikuri gadaiaraReba 55 24, 829 78,4

3 energosaremonto (saremonto) warmoeba,

teqnikuri momsaxureba 38 5,640 17,8

4 st –Sesyidvebi 7 0,528 1,7

5 samecniero-teqnikuri da sacdel-

sakonstruqtoro samuSaoebi - - -

6 sakonsultacio momsaxureba - - - 7 SemfasebelTa momsaxureba 2 0,173 0,5 8 sxva Sesyidvebi 11 0,518 1,6 sul 113 31,688 100

0,5%1,6%1,7%17,8%

78,4%

Реконструкция и техническоеперевооружение электросетевых объектовЭнергоремонтное (ремонтное) производство,техническое обслуживаниеИТ - закупки

Услуги оценщиков

Прочие закупки

40

1.9. sazogadoebis kavSirgabmulobis qselis da sainformacio

teqnologiebis ganviTareba

1.9.1. ss “Telasis” kavSirgabmulobis korporaciuli qseli

ss “Telasis” korporaciuli kavSirgabmulobis qseli, ZiriTadad, Seqmnilia

magistraluri sakabelo, kavSirgabmulobis radiosareleo xazebis da sxvadasxva tipis

radiosadgurebis bazaze.

korporaciuli qselis kavSirgabmulobis uzrunvelyofa

centralur ofisSi sarTulebs Soris kavSiri, aseve uaxloes Senobebs Soris kavSiri xorcieldeba optikur-boWkovani kabelebiT. kavSiri centralur ofissa da

abonentTa momsaxurebis centrebs Soris xorcieldeba 12 optikur-boWkovani, 8 ADSL-spilenZis kabeliT da 4 radiosadguriT, sami operatoris gamoyenebiT TbilisSi: Wanex, Sanet, Telenet. centraluri ofisis kavSiri «saqenergosTan», fostasa da bankebTan xorcieldeba ADSL-spilenZis kabelebiT. monacemTa gadacema da miReba daSifrulia.

organizaciuli uzrunvelyofa

sazogadoebis kavSirgabmulobis qselis da sainformacio teqnologiebis

ganviTarebis samuSaoebis organizebas axorcielebs sainformacio teqnologiebis

departamenti, romelic uSualod eqvemdebareba sazogadoebis generalur direqtors.

TanamSromelTa saerTo raodenoba – 25 adamiani.

korporaciuli qselis programuli uzrunvelyofa

● Сheck Point – dacvis, marTvis da uSiSroebis programuli uzrunvelyofa. ● Cisco Works 2000 – Cisco-s moywobilobaTa distanciuri marTvis programa.

41

● Trend-Micro – korporaciuli antivirusuli programa.

● MS Exchange – ss “Telasis” eleqtronuli fostis programa. ● Radmin 3.0 – kompiuterebis distanciuri marTvis programa.

gamoTvliTi teqnikis saSualebebiT (gts) aRWurva

№№

dasaxeleba raod-ba

(erTeulebi

s)

maTgan

akmayofilebs

teqnikur

moTxovnebs

saWiroebs modifikacias

saWiroebs Secvlas

1 2 3 4 5 6 1 pk, muSa sadgurebi 772 650 102 20 2 periferiuli mowyobilobebi 204 174 - 30 3 aqtiuri qseluri mowyobiloba 61 36 - 25 4 serveruli mowyobiloba 29 24 - 5

1.9.2. ass “Telasi” da regionebis daSorebuli wertilebi

teqnologiuri kavSirgabmulobis organizebis mizniT ss “TelasSi” gamoiyeneba ass

“meridiani” 500 nomeris tevadobiT (tevadobis gazrdis teqnikuri SesaZlebloba 2000 nomramde). centraluri ifisi, maRali Zabvis 19 qvesadguri, abonentTa momsaxurebis

centrebi: «gldani», «naZaladevi» da «mTawminda» mierTebulia sxvadasxva ВТС. satelefono

kavSiris uzrunvelsayofad gamoiyeneba: optika: ori nakadi 30 xazis gavliT, sul 60 xazi ass 77 -mde, erTi nakadi - 30 xazi MAGTI COM-mde (GSM Operator). spilenZis gayvaniloba: 100 spilenZis gareTa wyvili ass 34-mde (kavSiri qvesadgurebTan da sxva obieqtebTan), romelTagan 8 xazi ganmoiyeneba Call Centre da 12 qalaqTan kavSirisTvis, 9 satranzito xazi.

kavSiri regionebSi: 121 saqalaqo nomeri amc-Si, 22 saqalaqo nomeri gamanawilebebli qselis

departamentis raionul ubnebTan, 27 saqalaqo nomeri m/Z qvesadgurebTan, 50

radiotelefoni m/Z qvesadgurebTan.

racia: 201 racia, aqedan 178 mobiluri, 23 – stacionaluri.

sakabelo meurneoba: КСПП 1х4 – 5162 m, ЭКБП 1х4 – 2730 m, ТПП 100х2 – 2025 m, ТПП 100х2 – 1126 m, МКС 4х4 – 4250 m, optika – 7356 m.

1.9.3. sazogadoebis sainformacio teqnologiebi da biznes-procesebis marTva

enegrogasaRebis mimarTuleba: ● «bilingis» sistema:

- momxmarebelTa gamorTva-CarTvis moduli. - brjenebis (mricxvelebis, denis da Zabvis transformetoebis) moduli. ● balansebis sistema 6/10 kv «fideri – sq». ● komerciuli danakargebis lokalizaciis programuli kompleqsi. ● pretenziebis moduli. teqnikuri mimarTuleba:

42

● sistema gss. ● qselis pasprotizaciis sistema.

● qselis sadispetCero marTvis sistema (damuSavebis stadiaSia)

finansuri mimarTuleba:

● bilingis sistemaSi gadasaxadebis miRebisa da eqsportis mimarTuleba. ● finansuri sistema (Exact): ● sawyobis moduli. ● aqtivebis moduli. ● xelfasebis moduli. ● dokumentebis arqivaciis sistema. ● personalis marTvis sistema. gare servisebi:

● Tbilisis wyalkanali ● Tbilisis dasufTavebis samsaxuri

sainformacio nakadebis marTva xorcieldeba ss “Telasis” erTian korporaciul

qselSi. 2007 wlis mniSvnelovani Sedegebia:

- centralur ofissa da mZqs (qs 35-110 kv) Soris usadeno korporaciuli kavSiris proeqtis I etapis realizacia - ss “Telasis” 20 mZqs ekaas-is I etapis dasruleba.

1.10. sazogadoebis momavali wlis amocanebi da saqmianobis perspeqtivebi.

strategiuli amocanebis gadAwyveta

sainvesticio programis realizaciis dasruleba 2008 wels dadebiTad aisaxeba sazogadoebis saqmianobis finansur Sedegebze. qvemoT cxrilSi moyvanilia “ss “Telasis”

mogebisa da danakargebis gegma-prognozi 2008–2013 wlebis periodisaTvis”, romelic

efuZneba saqarTvelos parlamentis 2006 wlis 7 ivnisis №3190 dadgenilebiT damtkicebul

“saqarTvelos energetikul seqtorSi saxelmwifo politikis ZiriTadi mimarTulebebis

Sesaxeb” saqarTvelos energobalanss, iTvaliswinebs efeqts sainvesticio programidan da moicavs Semdegi finansuri da ekonomikuri maCveneblebis miRwevas:

maCveneblis dasaxeleba zomis

erTeuli

2008 2009 2010 2011 2012 2013

gegma prog. prog. prog. prog. prog.

1 2 3 4 5 6 7 8

amonagebi aTas. lari 222 077 223 298 230 087 238 300 242 165 247 716

xarjebi eleqtroenergiis

Sesyidvaze

aTas. lari

(121599)

(113 027)

(121 245)

(125 621)

(125 490)

(127 279)

samarJo mogeba aTas. lari 100 478 110 270 108 842 112 679 116 675 120 438

xarjebi xelfasebze aTas. lari (39 025) (41 171) (42 426) (43 694) (44 972) (46 260)

43

sxva saoperacio da

arasaoperacio xarjebi

aTas. lari

(30 344)

(25 079)

(20 839)

(21 189)

(22 059)

(22 448)

EBITDA aTas. lari 31 109 44 020 45 577 47 796 49 644 51 730

xarjebi

amortizaciaze

aTas. lari

(8 102)

(12 715)

(11 765)

(10 788)

(10 070)

(9 420)

sufTa procentuli xarjebi

aTas. lari

(9 949)

(7 811)

(6 579)

(4 017)

(2 383)

(750)

mogeba dabegvramde aTas. lari 13 058 23 494 27 234 32 991 37 191 41 560

mogebis gadasaxadi aTas. lari 0 (4 383) (6 774) (7 461) (7 969) (8 189)

sufTa mogeba aTas. lari 13 058 19 111 20 460 25 530 29 222 33 371

2009 wlidan dawyebuli amonagebis saSualo wliuri zrda Seadgens 2,01%, rac,

Sedegad uzunvelyofs wminda mogebis dadebiT dinamikas. Sesabamisad wminda mogebis saSualo

wliuri zrda Seadgens 12,20 %. 2008-2013 wlebSi sazogadoeba ganaxorcielebs xelSemwyob

investiciebs Semdegi mculobiT: (aTas. lari)


2009 weli

2010 weli

2011 weli

2012 weli

2013 weli

investiciebi Zs-Si 38 023 28 492 3 856 3 877 3 877 3 898 amasTan, sazogadoebas mocemuli programis dafinansebas gegmavs ZiriTadad sakuTri

saxsrebiT. 2008–2009 wlebSi dagegmilia Semdegi sainvesticio proeqtebis ganxorcieleba: - aRricxvis kvanZebis mowyoba da 0,4 kv qselis rekonstruqcia 9 907 abonentisTvis; - Tis-is montaJi 16 841 abonentisTvis (100 km.) iTvaliswinebs SiSveli 0,4 kv sx

Canacvlebas TviTmzidi izolirebuli sadenebiT (Tis) ak mowyobiT; - kabelis gatana sardafebidan 49 983 abonentisTvis sacxovrebel korpusebSi warmoadgens eleqtroenergiis datacebis aRkveTis zomas da 2009 wels moicavs kabelebis

gatanas damatebiT 92 065 abonentisTvis.

Tavi II. sawarmos qoneba

2.1. sazogadoebis ZiriTadi saSualebebi

2007 wlis 1 ianvridan kompaniam Secvala Tavisi saaRricxvo politika im ZiriTad

saSualebebTan mimarTebiT, romlebic amJamad asaxulia gadafasebul RirebulebaSi. gadafasebis Sedegad Rirebulebis gazrdis aRiareba xdeba uSualod ZiriTadi saSualebebis

gadafasebis rezervebSi, odenobiT, romelic ar aRemateba Rirebulebis wina Semcirebas an

Rirebulebis Semcirebis Sedegagad miRebul zarals, rac asaxulia mogebisa da zaralis

Sesaxeb angariSSi. Rirebulebis Semcirebis aRiareba xdeba mogebisa da zaralis Sesaxeb

angariSSi, odenobiT, romelic ar aRemateba sakuTar kapitalSi asaxuli Rirebulebis wina

zrdas, aseT SemTxvevaSi asaxva xdeba sakuTar kapitalSi. gadafasebis TariRisTvis

dagrovili nebismieri amortizaciis likvidacia xorcieldeba aqtivis mTliani Tanxis

44

xarjze, xolo sufTa naSTis dadgena xdeba Tavidan, aqtivis gadafasebuli Tanxis mixedviT.

rodesac xdeba aqtivis Camowera, namati gadafasebidan gadatanil unda iqnes gaunawilebel

mogebaSi. amortizacia. amortizaciis aRiareba xdeba mogebisa da zaralis Sesaxeb angariSSi, individualuri aqtivebis sasargeblo gamoyenebis vadaze Tanabari daricxvis meTodis

gamoyenebiT. aqtivis amortizacia iwyeba maSin, rodesac igi xelmisawvdomi xdeba

gamosayeneblad. miwis amortizacia ar xdeba. qvemoT moyvanilia sxvadsxva aqtivis

sasargeblo gamoyenebis savaraudo vada: • miwis nakveTebi da Senobebi 50 wlamde

• manqanebi da mowyobilobebi 15-dan 30 wlamde

• sakuTno da inventari 5-dan 15 wlamde

• avtosatransporto saSualebebi 5 wlamde

sabalanso Rirebuleba saangariSo periodis 31 dekembris mdgomareobiT

(aTasi lari)

№№

dasaxeleba

2005

2006

2007

1 2 3 4 5 1 miwa da Senobebi 18,834.00 18,415.00 42,985.00 2 manqanebi da mowyobilobebi 26,529.00 32,933.00 49,230.00 3 sakuTno da inventari 4,766.00 4,204.00 4,810.00 4 avtosatransporto saSualebebi 3,072.00 2,884.00 2,943.00 5 dausrulebeli mSenebloba 2,382.00 5,436.00 6,024.00 6 saTadarigo nawilebi 2,368.00 6,362.00 12,086.00 sul 57,951.00 70,234.00 118,078.00

saTadarigo nawilebSi igulisxmeba sagnebi, romlebic gamoiyeneba kompaniis ZiriTadi

saSualebebis elementebis remontisa da SecvlisaTvis, magaliTad satransformatoro

sadgurebis komponentebi da kabelebis monakveTebi. Sesabamisad maTi klasificireba

xorcieldeba ZiriTadi saSualebebis farglebSi, magram maTze ar iricxeba amortizacia maTi Sesabamis aqtivebTan gaerTianebis periodSi, da ar eqvemdebareba gaufasurebas am aqtivis

gamoyenebis darCenili vadis mixedviT. 2007 wlis 31 dekembris mdgomareobiT, ZiriTadi saSualebebi, 2,812 aTasi laris

odenobiT, uzrunvelyofis saxiT Caido saqarTvelos sagadasaxado departamentis msxvil

gadamxdelTa inspeqciaSi.

2.2. sakuTrebis marTva

ss “Telasis” sakuTrebis efeqturi marTva dafuZnebulia, qonebasTan da qonebaze sakuTrebis uflebebTan dakavSirebuli garigebebis momzadebis, ganxilvis da damtkicebis

sazogadoebaSi moqmed sistemas. qonebis gankargva xorcieldeba samoqalaqo kanonmdeblobis, “mewarmeTa Sesaxeb”,

”uZrav sagnebze sakuTrebis uflebis registraciis Sesaxeb”, “miwis registraciis Sesaxeb”,

“saxelmwifos mflobelobaSi arsebuli arasasoflo-sameurneo daniSnulebis miwis marTvis da gankargvis Sesaxeb” saqarTvelos kanonebis, saqarTveloSi moqmedi sxva sakanonmdeblo

aqtebis da ss “Telasis” wesdebis Sesabamisad.

45

am dokumentebis Sesabamisad 2006 wlis 25 dekembris №134 brZanebiT damtkicebul

iqna “yidvis, ijariT aRebis da sxva saxis tranzaqciebis, romlebic xorcieldeba ss

”Telasis” uZrav qonebaze sakuTrebis uflebis gadacemis dros, wesebi”, romlebic

gansazRvravs sakuTrebasTan dakavSirebuli sxvadasxva garigebebis ganxorcielebis xarisxobriv da raodenobriv kriteriumebs, da ss“Telasis” uZravi qonebis tranzaqciebis

komisia.

amJamad, sazogadoebis wesdeba aris ZiriTadi dokumenti, romelic gansazRvravs ss

“Telasis” qonebasTan an qonebaze sakuTrebis uflebebTan dakavSirebul garigebebze gadawyvetilebis miRebis wess. sazogadoebis wesdebis Sesabamisad yvela garigeba

klasificirebulia 3 jgufad:

1 – garigebebi, romlebTan dakavSirebiT sazogadoebis sameTvalyureo sabWo iRebs

gadawyvetilebebs; 2 - garigebebi, romelTac ganixilavs sameTvalyureo sabWo sazogadoebis (misi

warmomadgenlebis) poziciis gansazRvris Sesaxeb sakiTxis farglebSi, aqcionerTa saerTo krebebis dRis wesrigis da sazogadoebis sameTvalyureo sabWos sxdomaTa sakiTxebis

mixedviT; 3 - garigebebi, romlebic ar saWiroebs sazogadoebis sameTvalyureo sabWos gadawyvetilebas an sazogadoebis (misi warmomadgenlebis) poziciis gansazRvras sazogadoebis aqcionerTa

saerTo krebebis dRis wesrigis da sazogadoebis sameTvalyureo sabWos sxdomaTa sakiTxebTan dakavSirebiT.

garigebis 3 jgufidan erT-erTisaTvis mikuTvnebis safuZvlad miCneulia qonebis

Rirebuleba (garigebis fasi). pirveli ori jgufisaTvis mikuTvnebul garigebebTan dakavSirebuli gadawyvetilebebis

proeqtebis ganxilvisa da momzadebis dros gaTvaliswinebulia dagegmili garigebebis eqspertizis Catareba dss “inter rao ees”-is korporaciuli centris qvedanayofebis mier

maTi kompetenciis Sesabamisad, rac mTlianobaSi sazogadoebis da aqcionerTa qonebrivi

interesebis dacvis saSualebas iZleva da xels uwyobs sakuTrebis marTvis xarisxis

amaRlebas. mesame jgufisaTvis mikuTvnebuli garigebebis ganxilva da damtkiceba xorcieldeba

sazogadoebis mier sazogadoebis wesdebisa da lokaluri normatiuli dokumentebis

Sesabamisad. qonebasTan dakavSirebul garigebebze gadawyvetilebebis miRebis wesi amaRlebs

sazogadoebis damoukideblobis da pasuxismgeblobas xarisxs, aseve uzrunvelyofs

sakuTrebasTan dakavSirebul garigebebze gadawyvwtilebebis miRebis operatiulobas da amiT

zrdis misi saqmianobis efeqturobas, amasTan, uzrunvelyofs sakuTrebis gankargvaze

aucilebel kontrols sazogadoebis aqcionerTa interesebis Tanaxmad.

Tavi III. sasamarTlo procesi

3.1. sapretenzio-sasarCele muSaoba

46

sazogadoebis iuridiuli departamenti axorcielebs muSaobas sazogadoebisa da mis aqcionerTa kanonieri uflebebisa da interesebis dasacavad saxelmwifo xelisuflebis da

mmarTvelobis yvela organoSi, dawesebulebaSi, sawarmosa da organizaciaSi sakuTrebis

formebis miuxedavad, sagadasaxado dawesebulebaSi, agreTve, saarbitraJo sasamarTloebsa da

saerTo iurisdiqciis sasamarT;oebSi. sasamarTlo procesebi, romlebic 2007 wels ss

“Telasis” iuridiul departaments mihyavda, SeiZleba daiyos sxvadasxva kategoriis

pretenziebad da sarCelebad (davebad):

1. fiqsirebul daricxvebTan dakavSirebuli pretenziebi da sarCelebi.

saqarTvelos erovnuli energomaregulirebeli komisiis (semeki) mier 1999 wels miRebuli # 29 dadgenilebis Sesabamisad, ss “Telass”, mricxvelebis gareT gamotanamde, mieniWa

abonentebze fiqsirebuli daricxvebis ganxorcielebis ufleba. xSirad abonentebi ar

eTanxmebian am daricxvebs da mimarTaven sasamarTlos. fiqsirebuli daricxvebi xorcieldeba,

aseve mricxvelis ararsebobis dros, rac xSirad davis sagani xdeba.

2. daricxvis aqtebTan dakavSirebuli pretenziebi da sarCelebi. 2001 wlis 31 dekembris

#15 dadgenilebiT, semek-ma miiRo aRuricxavi eleqtroenergiis daricxvis meTodika, romlis

Sesabamisad, eleqtroenergiis aRricxvis darRveva ss “Telasis” mier unda dafiqsirdes da

gaformdes darRvevebis Sesaxeb aqtis saxiT, romelsac Semdeg, Cveulebriv, asaCivrebs abonenti.

3. pretenziebi da sarCelebi, romlebsac ss “Telasi” awarmoebs semek-Tan. xSirad, sadavo

sakiTxebis gadasawyvetad abonentebi mimarTaven semek-s, romelic ganixilavs sadavo sakiTxs ss “Telasis” da ganmcxadeblis monawileobiT. rogorc wesi, msgavsi davebis dros, semek-is

gadawyvetileba ewinaaRmdegeba ss “Telasis” gadawyvetilebas, Sesabamisad, aseT

gadawyvetilebebs sazogadoeba asaCivrebs sasamarTloSi.

4. pretenziebi da sarCelebi, romlebic dakavSirebulia ss “Telasis” abonentebisTvis

xanZris Sedegad miyenebuli moraluri da materialuri zaralis anazRaurebasTan. xanZris

SemTxvevaSi, rogorc wesi, aRiZvreba sisxlis samarTlis saqme, tardeba eqspertiza da Tu

Sedegad gamovlinda an damtkicda ss “Telasis” brali, dazaralebulu mxare sasamarTlo

wesiT iTxovs ss “Telasisagan” miyenebuli moraluri da materialuri zaralis anazRaurebas. im SemTxvevaSi, Tu eqspertiza daadgens ss “Telasis” braleulobas, saqmis

mogebis Sansebi minimaluria, aseT SemTxvevaSi sadavo xdeba ara TviT xanZris faqti, aramed

Tanxis is odenoba, romelic moTxovnili iyo miyenebuli zaralis kompensaciis saxiT.

47

5. saxelmwifo organoebTan dakavSirebuli pretenziebi da sarCelebi, romlebic

ZiriTadad aerTianebs davebs sabaJo da sagadasaxado organoebTan. aseT SemTxvevebSi

mosarCele umeteswilad aris ss ”Telasi”. sasamarTlo Tavs ikavebs precedentis

daSvebisagan radgan, aseTi daricxvebi – biujetis Sevsebis aprobirebuli meTodia.

6. SromiTi davebi, romlebic aerTianebs davebs ss “Telasis” muSebTan da muSakebTan,

samsaxuridan ganTavisuflebis Taobaze. davebi, romlebic warmoiqmna damqiravebelsa

da daqiravebuls Soris SromiTi urTierTobebis procesSi, davebi, romlebic exeba

moraluri da materialuri zaralis anazRaurebas, invalidobas an miRebuli sawarmoo tramvis Sedegad ss “Telasis” TanamSromelTa daRupvas.

sasamarTlo procesebis struqtura kategoriebis mixedviT

3.2. 2007 wels aRZruli sasamarTlo procesebi

№№ dasaxeleba raodenoba

(c)

Tanxa

(lari)

1 2 3 4 1 sazogadoebis mimarT wayenebuli pretenziebsa da

sarCelebTan dakavSirebiT

2535 23 546 972

2 sazogadoebis mier wayenebuli pretenziebsa da

sarCelebTan dakavSirebiT 14 13 589 177

sul 2549 37 136 149

26%

3%

7%

1%

50%7,5%

5,5% fiqsirebul daricxvasTan dakavSirebiT

daricxvis aqtebTan dakavSirebiT

semek-Tan dakavSirebiT saxelmwifo organoebTan dakavSirebiT

SromiT davebTan dakavSirebiT

zaralis anazRaurebasTan dakavSirebiT

sxva

48

3.3. 2007 wels dasrulebuli sasamarTlo procesebi

№№

dasaxeleba

raodenoba

(c)

Tanxa (lari) sul maT Soris

dakmayofilda* uari eTqva

1 2 3 4 5 6 1

sazogadoebis mimarT

wayenebul pretenziebsa da


1840

3 411 338

2 251 007

1 160 331

2

sazogadoebis mier

wayenebuli pretenziebsa da


2

2 982 209

1 411 382

1 570 827

sul 1842 6 393 547 3 662 389 2 731 158

*) ss “Telasis” mimarT da ss “Telasis” mier wayenebul sarCelebsa da pretenziebze sasamrTloebSi ss “Telasis” sasargeblod miRebuli gadawyvwtilebebi.

2007 wels sasamarTloebis mier miRebuli gadawyvetilebebis struqtura

57%

43% dakmayofilda ss “Telasis” sasargeblod

uari eTqva

49

Tavi IV. aqcionerTa saerTo krebaze sakiTxebis gatana

saangariSo periodSi Catarda aqcionerTa ori saerTo kreba – 29.06.2007 da 10.08.2007 erTnairi dRis wesrigiT. krebebi mowveul iqna generaluri direqtoris moTxovniT. saerTo

krebebs eswreboda 8 (rva) aqcioneri, romelTa aqciebma jamSi Seadgina xmaTa saerTo

raodenobis 99,533523%. dRis wesrigi: 1. sazogadoebis 2006 wlis wliuri angariSis, wliuri sabuRaltro angariSgebis, maT Soris mogebisa da zaralis Sesaxeb angariSis, damtkicebis Taobaze. 2. sazogadoebis mogebis (zaralis) ganawilebis Sesaxeb 2006 wlis Sedegebis mixedviT. 3. dividendebis gadaxdis Sesaxeb 2006 wlis Sedegebis mixedviT.

4. 2007 wlisaTvis sazogadoebis auditoris arCevis da misi momsaxurebis gadaxdis

odenobis gansazRvris Sesaxeb. 5. sazogadoebis sameTvalyureo sabWos wevrebis uflebamosilebaTa Sewyvetis Sesaxeb. 6. sazogadoebis sameTvalyureo sabWos wevrebis arCevis Sesaxeb.

7. sazogadoebis wesdebaSi cvlilebebisa da damatebebis Setanis Sesaxeb.

miRebulia Semdegi gadawyvetilebebi: aqcionerTa wliuri saerTo kreba 2007 wlis 29 ivnisi: 1. aqcionerTa wliuri saerTo kreba gagrZeldes 2007 wlis 10 agvistos 15 saaTze igive

dRis wesrigiT.

kenWisyris Sedegebi – erTxmad xmis mimcem aqciaTa (100,0%) aqcionerTa wliuri saerTo kreba 2007 wlis 10 agvisto: 1. sazogadoebis 2006 wlis wliuri angariSis, wliuri sabuRaltro angariSgebis, maT

Soris mogebisa da zaralis Sesaxeb angariSis damtkiceba. 2. ss `Telasis~ wminda mogeba 2006 wlis Sedegebis mixedviT, 55 258 000 laris

odenobiT, miimarTos gasuli wlebis zaralis dasafaravad.

3. dividendebi ss `Telasis~ 2006 wels muSaobis Sedegebis mixedviT ar iqnas

gadaxdili. 4. 2007 wels ss `Telasis~ saqmianobis auditis ganmaxorcielebeli organizaciis saxiT

damtkicdes kompania `praisuoterhaus kupersi~. ganisazRvros auditoris anazRaurebis

odenoba TanxiT ara umetes 105 000 aSS dolarisa, dRg-s da zeddebuli xarjebis CauTvlelad. ss `Telasis~ generalurma direqtorma (i.p. pimonovma) aqcionerTa wliuri

saerTo krebis mier auditoris damtkicebis Sesaxeb gadawyvetilebis miRebis TariRidan sami

Tvis ganmavlobaSi aRniSnul organizaciasTan dados xelSekruleba auditoruli

momsaxurebis Sesaxeb.

50

5. Sewydes ss `Telasis~ sameTvalyureo sabWos yvela wevris uflebamosileba. 6. arCeul iqnes ss `Telasis~ sameTvalyureo sabWo Semdegi SemadgenlobiT: ivanovi

sergei nikolozis Ze; mantrovi mixeil aleqsis Ze; rapoporti andrei naTanis Ze;

tolstoguzovi sergei nikolozis Ze; Temur WinWarauli; irakli petriaSvili. 7. damtkicdes wesdebis cvlilebebi da damatebebi ss `Telasis~.

kenWisyris Sedegebi: dRis wesrigis sakiTxebze: 1, 4, 5, 7 – erTxmad xmis mimcem aqciaTa (100,0%).

dRis wesrigis sakiTxebze: 2, 3 – xmis mimcem aqciaTa xmebis umravlesobiT (99,9%) dRis wesrigis #6 sakiTxze – erTxmad xmis mimcem aqciaTa (100,0%), irakli petriaSvilis garda – xmis mimcem aqciaTa xmebis umravlesobiT (99,9%)

Tavi V. sawarmos fasiani qaRaldebiT vaWroba saaqcio kapitalis zogadi struqtura 2007 wlis 31 dekembrisaTvis Semdegnairad

gamoiyureba::

fasiani

qaRaldebis

klasi

mesakuTre-beneficiaris saxeli, gvari da

misamarTi

sakuTrebaSi arsebuli Tanxa

da sakuTrebis flobis

saxeoba

sakuTrebaSi arsebuli

fasiani qaRaldebis

klasTa procentuli

Semadgenloba 1 2 3 4

Cveulebrivi

aqcia “Silk Road Holdings B.V.” – niderlandi

60 861 452.00 lari

flobis saxeoba - aqciebi

75,0 Cveulebrivi

aqcia saxelmwifo (saqarTvelo) – saqarTvelos

ekonomikuri ganviTarebis saministros

sawarmoTa marTvis saagento, q. Tbilisi

19 904 783.00 lari

flobis saxeoba - aqciebi

24,53

Cveulebrivi

aqcia fizikuri pirebi 381 651.00 lari flobis

saxeoba - aqciebi 0,47

sul 81 147 886 aqcia 100

“Silk Road Holdings B.V.” da saxelmwifo (saqarTvelo), ekonomikuri ganviTarebis

saministros sawarmoTa marTvis saagentos saxiT, saangariSo periodSi da gasuli 2 (ori)

wlis ganmavlobaSi saqarTvelos safondo birJaze vaWrobaSi ar miuRiaT monawileoba. qvemoT moyvanil cxrilSi warmodgenilia cnobebi fasiani qaRaldebiT vaWrobaSi monawileobis

Taobaze, romelTa mflobelebui arian 2 204 aqcioneri – fizikuri piri:

maCveneblis

dasaxeleba 2005 weli 2006 weli 2007 weli

1 kv.

2 kv..

3 kv..

4 kv.

1 kv.

2 kv.

3 kv.

4 kv.

1 kv.

2 kv.

3 kv.

4 kv.

1 2 3 4 5 6 7 8 9 10 11 12 13 yvelaze maRali

fasi 1

aqciisaTvis

vaWrobisas

(lari)

-

2,1

2,05

2,0

2,5

1,6

-

1,6

1,5

1,52

1,8

1,55

yvelaze dabali

51

fasi 1

aqciisaTvis

vaWrobisas

(lari)

- 2,0 2,05 1,5 1,5 1,6 - 1,0 1,1 1,0 1,5 1,2

vaWrobaSi

monawileTa

aqciebis

raodenoba (aT.c)

-

3,0

2,0

3,363

11,429

6,2

-

1,442

2,1

4,15

6,45

3,3

fasiani qaRaldebis saerTo raodenoba, romelTa mflobelebic 2005–2007 ww. saqarTvelos

safondo birJaze vaWrobis monawile fizikuri pirebi arian, Seadgens 43 434 cals, maT

Soris: • 2005 weli - 8363 cali • 2006 weli - 19071 cali

• 2007 weli - 16000 cali

Tavi VI. SerCeuli finansuri informacia finansuri maCveneblebi kategoriebis mixedviT

2005-2007 wlebSi

№№


2006 weli

2007 weli

1 2 3 4 5 1 saoperacio Semosavlebi, mln lari 145,525 173,195 197,237 2 mogeba (zarali) operaciebidan, mln lari 9,799 9,837 - 20,308 3 wminda mogeba, mln lari 6,866 55,258 35,467 4 gayidvebis rentabeloba, % 17% 20% 22%

5 mimdinare likvidurobis koeficienti 0.08 0.06 0.07 6 swrafi likvidurobis koeficienti 0.04 0.23 0.21

7 debitoruli davalianebis brunvadoba, dRe - 98 85

8 wminda mogeba (zarali) aqciaze, lari - 0.10 0.68 0.44 10 aqtivebis jami, mln lari 139,583 151,137 208,690 11 grZelvadiani valdebulebebi, mln lari 1,734 30,240 17,172

12 fuladi dividendebi Cveulebriv aqciaze,

lari - - -

52

Tavi VII. sawarmos finansuri mdgomareobis da saqmianobis Sedegebis mimoxilva da analizi mmarTveli organos mier

7.1 2007 wels sazogadoebis saqmianobis ZiriTadi pirobebi qvemoT moyvanilia ZiriTadi faqtorebi, romlebic aisaxa finansur Sedegebze saangariSo

periodSi:

saqmiani garemo. kompania ZiriTad biznes-saqmianobas axorcielebs saqarTvelos farglebSi.

gasuli wlebis ganmavlobaSi saqarTvelos biznes-garemoSi aRiniSna gaumjobesebis niSnebi,

magram misTvis jer kidev damaxasiaTebelia ganviTarebadi bazris garkveuli Tvisebebi, maT

Soris – valutis arseboba, romelic ar aris konvertirebadi qveynebis umetesobaSi

saqarTvelos farglebs gareT, SedarebiT maRali inflacia da stabiluri ekonomikuri zrda.

sagadasaxado, sabaJo kanonmdeblobaSi, buRaltruli aRricxvis da angariSgebis sferos CaTvliT, daSvebulia sxvadasxvagvari interpretaciis SesaZlebloba, xolo aRniSnuli

kanonmdebloba Seicavs araerTmniSvnelovan debulebebs. saqarTveloSi momavali ekonomikuri

stabilurobis perspeqtivebi mniSvnelovanwilad damokidebulia mTavrobis mier gatarebuli

ekonomikuri zomebis efeqturobaze, samarTlebriv, maregulirebel da politikur

ganviTarebasTan erTad, romelic ar eqvemdebareba kompaniis kontrols.

satarifo politika. 2006 wlis 1 seqtembridan `eleqtroenergetikisa da bunebrivi airis

Sesaxeb~ Secvlili kanonis Tanaxmad eleqtroenergiis sabiTumo bazris nacvlad moqmedeba

daiwyo eleqtroenergetikuli sistemis komerciulma operatorma (esko), romlis

movaleobebSi Sedis sabalanso eleqtroenergiiT vaWroba. aRniSnulTan erTad, aseve Seicvala eleqtroenergiis Sesyidvis wesebic. 2006 wlis 1 seqtembridan sazogadoebam

eleqtroenergiis Sesyidva daiwyo generaciis kompaniebTan dadebuli pirdapiri

53

xelSekrulebebis Sesabamisad da qselebSi danakargebis kompensireba eleqtroenergiis

mwarmoebelTaTvis Sesyiduli eleqtroenergiis gadacemisas 4.41% odenobiT. saqarTvelos

energetikis saministros 2007 wlis 25 aprilis #31 brZanebis Tanaxmad Setanil iqna

cvlilebebi da damatebebi `eleqtroenergiis (simZlavris) sabazro wesebSi~. cvlilebebi aseve Seexo maRali Zabvis qselebSi danakargebis daricxvis proceduras – normatiuli

4.41%-is nacvlad unda daericxos danakargebis faqtobrivi sidide maRali Zabvis qselebSi.

cvlilebebi gavrcelda kvalificiur sawarmoTa mimarT periodSi 2006 wlis 1 seqtembridan

2007 wlis 25 aprilis CaTvliT. 2007 wels maRali Zabvis qselebSi danakargebis

faqtobrivma sididem Seadgina 1.91% anu 36.9 mln. kvt.sT eleqtroenergia.

sagadasaxado politika. saangariSo periodSi cvlilebebs sagadasaxado kanonmdeblobaSi,

romlebsac gavlena eqneboda ss `Telasis~ finansur mdgomareobaze, adgili ar hqonia.

inflacia da savaluto kursi. saqarTvelos mTavroba saqarTvelos erovnul bankTan erTad

atarebs mkacr monetarul politikas inflaciis SesanarCuneblad saxelmwifo biujetSi

Cadebuli parametrebis farglebSi, dadebiTi sagadasaxado balansis SenarCunebis fonze. monetaruli politikis erT-erT mimarTulebad gvevlineba erovnuli valutis dabali

gacvliTi kursis SenarCuneba wamyvani msoflio valutebis mimarT. qvemoT moyvanilia laris

kursis dinamika aSS dolarisadmi saangariSo periodisaTvis:

Tve gegma faqti Tve gegma faqti ianvari 1.8049 1.7199 ivlisi 1.7635 1.6680

Tebervali 1.8240 1.7130 agvisto 1.7540 1.6625 marti 1.8245 1.7000 seqtemberi 1.7780 1.6580 aprili 1.8088 1.6900 oqtomberi 1.6600 1.6225 maisi 1.7934 1.6780 noemberi 1.6800 1.6210 ivnisi 1.7644 1.6695 dekemberi 1.7000 1.5916

kreditebis saprocento ganakveTi. sainvesticio klimatis gaumjobesebasTan da sazogadoebis

mier sakredito portfelis optimizaciis RonisZiebebis gatarebasTan. dakavSirebiT,

moziduli sabanko kreditebis saprocento ganakveTi Seadgens wliur 10,0-12,0%.

7.2 produqciis, samuSaos, momsaxurebis realizaciiT miRebuli amonagebi 2007 wlis ganmavlobaSi produqciis, samuSaos, momsaxurebis realizaciiT miRebulma

erToblivma amonagebma Seadgina 199,366 mln. lari, rac gegmiT gaTvaliswinebulze 8,560 mln. lariT metia. realizaciis saerTo TanxaSi eleqtroenergiis gayidviT miRebulma

amonagebma Seadgina 189,830 mln. lari, anu amonagebis saerTo raodenobis 95,2%, qseluri

momsaxurebis realizaciiT miRebulma amonagebma Seadgina 7,41 mln. lari anu amonagebis

saerTo odenobis 3,7%. qvemoT cxrilSi moyvanilia produqciis, samuSaoTa realizaciiT

miRebuli amonagebis struqtura: (aTasi lari dRg-is gareSe)

№№

maCveneblis dasaxeleba

2005 weli

2006 weli

2007 год gegmiuri faqtob gadaxra

(+/-) % 1 2 3 4 5 6 7 8

1 eleqtroenergiis

realizacia

137,041.00

165, 583.00

179,644.40

189,830.10

10,185.70

6.0

54

2 qselur momsaxurebaTa

realizacia 6,036.00 7,611.30

9,443.00

7,406.90

- 2,036.10

- 22.0

3 sxva momsaxurebaTa

realizacia - 936.80

1,144.80

1,509.10

364.30

32.0

4 sxva samuSaoTa realizacia 338.00 490.30

573.00

619.90

46.90

8.0 sul 143,415.00 174,621.40 190,805.20 199,366.00 8,560.80 4.0

amonagebis struqtura 2007 wlis ganmavlobaSi

7.3. warmoebasa da realizaciaze gaRebuli xarjebi

2007 wlis ganmavlobaSi produqciis, samuSaos, momsaxurebis realizaciis

TviTRirebulebam Seadgina 154,78 mln. lari, rac gegmiT gaTvaliswinebulze 11,83 lariT

naklebia. 2007 wels TviTRirebulebis ZiriTadi wili ekuTvnis eleqtroenergiis Sesyidvaze

gaRebul xarjebs – 88,479 lari anu TviTRirebulebis saerTo Tanxis 56%, Sromis

anazRaurebaze gaRebul xarjebs – 28,386 mln. lari anu saerTo xarjebis moculobis 18%

da satranzito momsaxurebaze gaRebul xarjebs – 16,481 mln. lari anu saerTo xarjebis

moculobis 11%. qvemoT cxrilSi moyvanilia warmoebasa da realizaciaze gaRebuli xarjebis

struqtura.

(aTasi lari dRg-is gareSe) №№

maCveneblis

dasaxeleba

2005 weli

2006 weli

2007 год

gegmiur

i

faqtobr gadaxra (+/-) %

1 2 3 4 5 6 7 8 1 ZiriTadi saSualebebis

amortizacia da 4,961.00 4,017.90

7,535.30

3,936.80

- 3,598.40

- 47,8

0,3%0,8% 3,7%

95,2%

eleqtroenergiis realizacia

qseluri momsaxurebis realizacia

sxva momsaxurebis realizacia

sxva samuSaoTa realizacia

55

aramaterialuri aqtivebi 2 saremonto xarjebi 2,478.00 1,656.50 4,084.80 3,110.70 - 974.00 - 23,8

3 sxva saeqspluatacio

xarjebi 1,722.00 1,670.60 2,109.80 1,628.40 - 481.40 - 22,8

4 nayidi eleqtroenergiis

Rirebuleba 79,997.00 98,551.10

88,598.90

88,478.60

- 120.20

- 0,1

5 satranzito momsaxureba 284.00 616.00 16,762.00 16,480.90 - 281.20 - 1,7

6

Sromis anazRaurebaze

gaRebuli xarjebi 19,479.00 22,143.10

30,176.70

28,386.50

- 1,790.20

- 5,9

7

savaldebulo anaricxebi

Sromis anazRaurebaze 3,200.00 4,428.60

5,972.80

5,677.30

- 295.50

- 4,9

8

warmoebasa da realizaciaze

gaRebuli sxva xarjebi

6,894.00 7,322.30

11,370.20

7,080.40

- 4,289.80

- 37.7

sul 119,015.00 140,406.10 166,610.50 154,779.60 - 11,830.90 - 7,1

xarjebis struqtura 2007 wlis ganmavlobaSi

7.4 saoperacio da arasarealizacio Semosavlebi da xarjebi

saangariSo periodSi saoperacio da arasarealizacio Semosavlebisa da xarjebis

uaryofiTma saldom Seadgina (20,833) mln. lari, rac dagegmilze (14,945) lari 5,887

lariT metia. qvemoT cxrilSi moyvanilia cnobebi saoperacio da arasarealizacio Semosavlebisa da xarjebis Sesaxeb (aTasi lari)

№№

maCveneblis dasaeleba

2007 weli

gegmiuri

faqtob gadaxra (+/-) %

1 2 3 4 5 6

56%18%

3% 4% 2% 11% 1% 5%

nayidi eleqtroenergiis RirebulebaSromis anazRaurebaze xarjebi

ZiriTad saSualebaTa amortizacia da aa

anaricxebi Sromis anazRaurebazesaremonto xarjebisatranzito momsaxurebasxva saeqspluatacio xarjebiwarmoebasa da realizaciaze sxva xarjebi

56

1 misaRebi procentebi 49.20 46.30 - 2.90 - 5.9 2 gadasaxdeli procentebi 5,529.80 5,273.20 - 256.60 - 4.6 3 Semosavlebi sxva organizaciebSi monawileobidan - - - - 4 sxva saoperacio Semosavlebi 17.40 1,424.70 1,407.30 8079.6 5 sxva saoperacio xarjebi 796.20 38,523.30 37,727.10 4738.5 6 arasarealizacio Semosavlebi 31,974.90 62,444.10 30,469.10 95.3 7 arasarealizacio xarjebi 40,661.10 40,951.50 290.40 0.7 8 sul saoperacio da arasarealizacio Semosavlebi 32,041.60 63,915.10 31,873.50 99.5 9 sul saoperacio da arasarealizacio xarjebi 46,987.10 84,748.10 37,760.90 80,4

10 saoperacio da arasarealizacio Semosavlebisa da

xarjebis saldo - 14,945.50 - 20,833.00 - 5,887.40 39.4

uaryofiTi saldos zrdis ZiriTadi Semadgenelia ZiriTadi saxsrebis Camofaseba 2007

wlis 1 ianvrisaTvis – 37 545.8 aTasi. qvemoT moyvanilia biznes-gegmis muxlebi, romelTa

mixedviTac faqtobrivi maCveneblebi mniSvnelovnad gansxvavdeboda gegmiuri maCveneblebisgan:

sxva saoperacio Semosavlebi sxva aqtivebis realizacia (gegmiuri – 17.4 aTasi lari; faqtobrivi – 524.9

aTasi lari) sxva Semosavlebi (gegmiuri – 0.0 aTasi lari; faqtobrivi – 729.6 aTasi

lari) sxva saoperacio xarjebi:

o ZiriTadi saSualebebis realizacia (gegmiuri – 47.3 aTasi lari; faqtobrivi –

550.7 aTasi lari) o sxva aqtivebis realizacia (gegmiuri – 9.5 aTasi lari; faqtobrivi – 288.3

aTasi lari) o sxva xarjebi (gegmiuri – 122.5 aTasi lari; faqtobrivi – 37 635.7 aTasi

lari).

arasarealizacio Semosavlebi aRiarebuli jarimebi (gegmiuri – 0.0 aTasi lari;

faqtobrivi – 579.3 aTasi lari) kreditoruli davalianeba (gegmiuri – 470.9 aTasi

lari; faqtobrivi – 8 874.8 aTasi lari) sxva Semosavlebi (gegmiuri – 122.5 aTasi lari; faqtobrivi – 1 023.9 aTasi lari).

arasarealizacio xarjebi

aRiarebuli jarimebi (gegmiuri – 308.8 aTasi lari;

faqtobrivi – 961.1 aTasi lari). debitoruli davalianeba (gegmiuri – 10 856.4 aTasi

lari; faqtobrivi – 29 748.2 aTasi lari)

57

sxva xarjebi (gegmiuri – 210.0 aTasi lari; faqtobrivi

– 680.2 aTasi lari).

7.5 fuladi saxsrebis moZraoba

fuladi nakadebis saldo. fuladi saxsrebis naSTma 01.01.08 mdgomareobiT Seadgina 1 623.2

aTasi lari, rac dagegmilze 1 575.6 aTasi lariT metia. saangariSoO periodis ganmavlobaSi

sazogadoebis saqmianobis Sedegad fuladi saxsrebis dadebiTi saldo dagegmilTan SedarebiT

gaizarda 1 575.6 aTasi lariT da Seadgina 1 132.2 aTasi lari. (aTasi lari)

№№


2007 weli

gegmiuri

faqtob gadaxra

(+/-) % 1 2 3 4 5 6 1 Semosavlebi saoperacio saqmianobidan 220,836.90 226,773.60 4,936.70 2.2 2 saoperacio saqmianobis xarjebi 204,414.10 194,087.90 - 10,326.30 - 5.1 3

sul fuladi nakadi saoperacio

saqmianobidan 16,422.80 31,685.70 15,263.00 92.9

4

fuladi saxsrebis Semosavali sainvesticio saqmianobidan - - - -

5

fuladi saxsrebis danaxarji sainvesticio

saqmianobaze

42,234.50

42,275.20

40.70

0.1

6

sul fuladi nakadi sainvesticio

saqmianobidan - 42,234.50

- 42,275.20

- 40.70

0.1

7

fuladi saxsrebis Semosavali finansuri

saqmianobidan 90,044.50 76,254.20 - 13,790.40 - 15.3

8

fuladi saxsrebis danaxarji finansur

saqmianobaze 64,676.10 64,532.50 - 143.70 - 0.2

9 sul fuladi nakadi finansuri saqmianobidan 25,368.40 11,721.70 - 13,646.70 - 53.8

10 fuladi saxsrebis naSTi periodis

dasawyisisaTvis 491.00 491.00 - 0

11

fuladi saxsrebis Semosavalisa da

danaxarjis saldo saqmianobis yvela

saxeobisaTvis periodis ganmavlobaSi - 443.30

1,132.20

1,575.60

- 355.4

12

fuladi saxsrebis naSTi periodis dasasrulisTvis

47.70

1,623.20

1,575.60

3304

7.6 debitoruli da kreditoruli davalianebis dinamika da analizi

7.6.1. debitoruli davalianeba

58

davalianebis donem miwodebuli eleqtroenergiisaTvis, 31.12.2007 mdgomareobiT, Seadgina

175,364 mln. lari. debitoruli davalianebis Semcireba 2007 wlis dasawyisidan moxda

miwodebuli eleqtroenergiis safasuris Segrovebis gazrdis xarjze momxmarebelTa Semdeg

jgufebSi: mosaxleoba da ltolvilebi. debitoruli davalianebis amoRebasTan dakavSirebuli samuSao warmoadgens kompaniis

muSaobis erT-erT prioritetul mimarTulebas. SemuSavebulia amoRebis da aRniSnuli

davalianebis zrdis tempis Semcirebis RonisZiebaTa programa. saangariSoO wels gamkacrda

argadamxdelTa, pirvel rigSi sabiujeto da komerciuli organizaciebis, gamorTvebi.

mevaleebTan ideba valis xelSekrulebebi restruqturizacis Sesaxeb, romlebic Seicavs misi

dafarvis mkacr pirobebs.

saangariSo periodSi sazogadoebis xelmZRvanelobam 2007 wlis 1 ianvris

mdgomareobiT Camowera debitoruli davalianeba 50,353 laris odenobiT mosakreblis

analizis safuZvelze. aRniSnuli finansuri aqtivis aRiarebis Sewyveta (debitoruli

davalianeba) gamowveulia imiT, rom sazogadoeba ar elis ekonomikuri sargeblis miRebas ltolvilTa debitoruli davalianebidan. debitoruli davalianebis aRiarebis Sewyvetis

Sedegad sazogadoebam Sesabamisad Camowera debitoruli davalianebis dagrovili rezervi

48,704 mln. laris odenobiT.

gadauxdelobis riskTan dakavSirebiT sazogadoeba axorcielebs saeWvo valebis

rezervis gadasinjvas, romelmac 31.12.07 mdgomareobiT Seadgina 136,104 mln. lari. sazogadoebis xelmZRvanelobam daadgina saeWvo mevaleTa rezervi abonentTa jgufebis

identifikaciis, abonentTa sagadamxdelo tendenciebis, Semdgomi Semosavlebisa da

gaangariSebebis safuZvelze, aseve momavalSi savaraudo fuladi nakadebis analizis

safuZvelze. mosakrebelTa mosalodneli procentis safuZvelze, fuladi saxsrebis momavali

nakadebis mimdinare Rirebulebis gamoTvlisas wlisaTvis, romelic mTavrdeba 2007 wlis 31 dekembers, gamoyenebul iqna diskonturi ganakveTebi 17.80%-19.2% (2006: 17.80%-19.20%).

sazogadoebis xelmZRvaneloba imedovnebs, rom sazogadoeba SeZlebs miiRos wminda misaRebi

Tanxa pirdapiri mosakreblebis meSveobiT da, Sesabamisad, daregistrirebuli Rirebuleba

daaxloebiT udris maT samarTlian Rirebulebas.

diskonturi ganakveTi abonentebis TiToeuli kategoriisaTvis efuZneba saqarTvelos erovnuli bankis savaluto da sabanko biuletens, saxeldobr:

sayofacxovrebo seqtori – saSualoSewonili wliuri saprocento ganakveTis

safuZvelze, komerciuli bankebis mier fizikuri pirebisaTvis erovnul valutaSi gacemul

sesxebze;

saqarTvelos mTavrobis da centraluri abonentebis debitoruli davalianeba -

saSualoSewonili wliuri saprocento ganakveTis safuZvelze, komerciuli bankebis mier

rezidenti-sajaro pirebisaTvis erovnul valutaSi gacemul sesxebze, savaWro sesxebze

(sesxebi vaWrobaze);

komerciuli da samrewvelo seqtori - saSualoSewonili wliuri saprocento

ganakveTis safuZvelze, komerciuli bankebis mier rezidenti-sajaro iuridiuli pirebisaTvis erovnul valutaSi gacemul komerciul sesxebze;

restruqturirebuli savaWro debitoruli davalianebis anazRaurebis vada dadgeba

restruqturizaciis Sesaxeb individualur xelSekrulebaTa gaformebidan xuTi wlis

Semdeg. 2006 wels xelmowerili xelSekrulebebi iTvaliswinebs dafarvis vadas 2011 wlis

ganmavlobaSi, xolo 2007 wels xelmowerili xelSekrulebebi – dafarvis vadebs 2012 wlis ganmavlobaSi. kuTvnili Tanxebi diskontirebul iqna moqmedi 20%-iani saprocento

ganakveTiT sayofacxovrebo seqtoris momxmarebelTaTvis da 18.7% samrewvelo seqtoris

organizaciebisa da momxmareblebisaTvis.

59

7.6.2. kreditoruli davalianeba

kreditoruli davalianeba mimwodeblebisa da sxva kontragentebis winaSe, 31.12.07

mdgomareobiT, Seadgens 190,386 mln. lars. valebi eleqtroenergiis momwodeblebis winaSe

Seadgens saerTo kreditoruli davalianebis 63.2%. saangariSoO periodis ganmavlobaSi

kompaniam srulad aanazRaura mimdinare davalianeba mowodebul energiaze.

(aTasi lari)

eleqtroenergiis

mimwodebeli balansi 01.01.07mdgomareobiT Sesyidva gadaxda

balansi 01.01.08

mdgomareobiT

Sps `mtkvari energetika 80,902.29 39,445.02 39,406.91 80,940.40 sa `xrami-1~ 4,867.01 4,186.87 5,557.25 3,496.63 ss `xrami-2~ 3,510.99 2,764.79 3,761.14 2,514.64 sul 89,280.29 46,396.68 48,725.30 86,951.67

19.9 % - davalianeba biujetis mimarT 17.0 % - valebi sxva kreditorebisadmi, maT Soris, saTao kompaniis (Management & Technical Fees) da masalebisa da momsaxurebis momwodeblebis winaSe.

7.7. sakretido politika, kreditebTan dakavSirebuli valdebulebebi

saangariSo periodis ganmavlobaSi sazogadoebam moizida sabanko kreditebi da

overdrafti 64,249 mln. laris odenobiT, 10.0-12%-iani saprocento ganakveTiT weliwadSi. sabanko kreditebisa da overdraftebis gadaxdam imave periodis ganmavlobaSi Seadgina 46,319 mln. lari. 2007 wlis 27 ivliss ss `Telasma~ dado #17 xelSekruleba sesxis Sesaxeb da

miiRo 7 300 mln. aSS dolari dss `inter rao ees~-gan wliuri 9%-iani saprocento

ganakveTiT.

rao nordiki – sesxis daTmoba

sazogadoebam rao nordikTan sesxis Sesaxeb xelSekruleba dado 2006 wlis 15 dekembers.

kreditis SeTanxmebulma Tanxam Seadgina 14,0 mln. evro (32,641 mln. lari). 2007 wlis 31

dekembris mdgomareobiT sazogadoebis mier aRniSnuli kreditidan gamoyenebulia 6,0 mln.

evro (13,989 mln. lari). sesxi gamoxatulia evroSi da gaaCnia wliuri 11.1%s-iani

saprocento ganakveTi.

saangariSo periodis ganmavlobaSi sesxi daTmobil iqna dss `inter rao ees~-is sasargeblod. sazogadoebam sesxi unda dafaros 2008 wlis 20 dekembers. saerTo TanxaSi,

romelic dafiqsirebulia sabalanso angariSis Sedgenis TariRisaTvis, Setanilia daricxuli

procentebi 249 aTasi laris odenobiT, romlebic eqvemdebareba gadaxdas

yovelkvartalurad sesxis periodis ganmavlobaSi.

60

saangariSo periodSi sruliad daifara saqarTvelos energetikis saministros sesxi 13,554

mln. laris odenobiT.

7.8. sazogadoebis saangariSo periodis buRaltruli balansi (aTasi lari)

№ п/п muxlebis dasaxeleba

31.12.06 1.12.07 31.12.07 gadaxra

faqtobrivi gegmiuri faqtobr (+|-) %

1 2 3 4 5 6 7 Aaqtivi

I arasabrunavi aqtivebi 95,512.00 125,677.00 148,861.00 23,184.00 18,4 II sabrunavi aqtivebi 55,625.00 54,907.00 60,099.00 5,193.00 9,5 balansi 151,137.00 180,584.00 208,961.00 28,377.00 15,7

pasivi

III kapitali da

rezervebi

(750,046.00)

(740,796.00)

(671,485.00)

69,311.00

-9,4

IV grZelvadiani

valdebulebebi

30,240.00

42,373.00

17,172.00

(25,201.00)

-59,5

V moklevadiani

valdebulebebi

870,943.00

879,007.00

863,274.00

(15,734.00)

-1,8

balansi 151,137.00 180,584.00 208,961.00 28,377.00 15,7

7.9. angariSi mogebisa da zaralis Sesaxeb saangariSo periodis ganmavlobaSi sazogadoebam miiRo mogeba produqciis, samuSaos

da momsaxurebis realizaciidan 199,805 mln. laris odenobiT, rac gegmiT

gaTvaliswinebulze 8,560 mln. lariT naklebia. mTlianad sazogadoebis danaxarjebma

produqciis warmoebasa da realizaciaze Seadgina 154,780 mln. lari, rac gegmiT

gaTvaliswinebulze 11,831 mln. lariT naklebia. gayidvebidan miRebulia mogeba 44,586 mln.

lari, rodesac dagegmili mogeba Seadgenda 24,1958 mln. lars. saoperacio da

arasarealizacio Semosavlebisa da xarjebis saldom Seadgina - (20,833) mln.lari. wminda

mogebam Seadgina 35.470 mln. lari, rodesac dagegmili iyo 9,250 mln. lari. qvemoT

cxrilSi moyvanilia sazogadoebis ZiriTadi safinanso Sedegebis struqtura. (aTasi lari)

№№


2005 weli

2006 weli

2007 weli

gegmiur

faqtob gadaxra (+/-) %

1 2 3 4 5 6 7 8

1 mogeba (neto) produqciis,

saqonlis, samuSaos, momsaxurebis

realizaciidan

143,415.00

174,621.40 190,805.20 199,366.00 8,560.80 - 4

2 produqciis, saqonlis, samuSaos,

momsaxurebis TviTRirebuleba,

119,015.00

140,433.90 166,610.50 154,779.60 -11,830.90 7

61

komerciuli da marTvis xarjebi 3 mogeba (zarali) gayidvebidan 24,400.00 34,187.50 24,194.80 44,586.40 20,391.70 84

4 saoperacio da arasarealizacio

Semosavlebisa da xarjebis saldo

- 32,637.00

3,901.10 -14,945.50 - 20,833,00 - 5,887.40 - 39

5 mogeba (zarali) gadasaxadiT

dabegvramde

- 8,237.00

38,088.70 9,249.20 23,753.50 14,504.20 157

mimdinare (gadadebuli) mogebis

gadasaxadi

- 17,169.0 - 1,713.40 - -

6 wminda mogeba (zarali) - 8,237.0 55,257.7 9 249,2 35 466,8 26 217,6 283

7.10. efeqturobis ZiriTadi maCveneblebi 2007 wels sazogadoebam Seasrula efeqturobis yvela ZiriTadi maCvenebeli. qvemoT

cxrilSi moyvanilia efeqturobis ZiriTad maCvenebelTa miznobrivi (gegmiuri) mniSvnelobebi

da maTi Sesrulebis Sefaseba: №№ eZm dasaxeleba mniSvneloba Sesrulebis

Sefaseba gegmiur faqtob

1 2 3 4 5 1 sufTa mogeba, aTasi lari 9 249 35 467 Sesrulebulia

2 mogeba gayidvebidan, amortizaciis

gaTvaliswinebis gareSe, aTasi lari 31 730 48 523 Sesrulebulia

3 pirobiTi-mudmivi xarjebis limiti, aTasi lari 60 426 49 058 Sesrulebulia

4 eleqtroenergiis danakargebi qselSi gaSvebisas,

% 28.98 25.98 Sesrulebulia

5 energoobieqtebis muSaobis saimedoobisa da usafrTxoebis uzrunvelyofa 5.1 avariebis raodenoba, romlebic eqvemdebareba qvemoT CamoTvlil niSnebs:

5.1.1

afeTqeba an xanZari teqnologiuri Senobebis,

energetikuli obieqtis nagebobaTa sayrdeni

elementebis CamongreviT, Tu aRniSnulma

gamoiwvia jgufuri ubeduri SemTxveva

sasikvdilo SedegiT

0

0

Sesrulebulia

5.1.2

Zaluri transformatoris dazianeba, Tu aRniSnulma gamoiwvia generaciis mowyobilobis

iZulebiTi gaCereba an eleqtroenergiis

momxmarebelTa SezRudva vadiT 25 dRe-Rame an

meti

0

0

Sesrulebulia

5.1.3

momxmarebelTa avariuli gamorTvebi jamuri

simZlavriT 5,0 mgv meti, an saerTo moxmarebis 50%

0

0

Sesrulebulia

5.1.4

eleqtruli qselis muSaobis reJimis darRveva, ramac gamoiwvia momxmarebelTa

eleqtromomaragebis Sewyveta 24 saaTis da

metis ganmavlobaSi

0

0

Sesrulebulia

62

5.2 mzadyofnis pasportis miReba (arseboba), % 100.00 100.00 Sesrulebulia

5.3 saremonto programisa da teqnikuri gadaiaraRebis programis Sesruleba, %

100.00 100.00

Sesrulebulia

6

angariSisa da angariSgebis Sedgenis, saaRricxvo

procesis organizaciisa da angariSgebis Sedgenis

meTodologiur safuZvelSi xarvezebis

aRmofxvris RonisZiebaTa programis Sesruleba

100.00

100.00

Sesrulebulia

7.11. cvlilebebi mmarTvel organoSi saangariSo periodSi cvlilebebi moxda sazogadoebis sameTvalyureo sabWos

SemadgenlobaSi. aqcionerTa morig saerTo krebaze 2007 wlis 10 agvistos sameTvalyureo

sabWos Semadgenlobidan gamoyvanil iqnen iuri vladimiris Ze Sarovi, konstantine valeris

Ze besmertni da aleqsandre evgenis Ze vagneri. maT nacvlad sameTvalyureo sabWos

SemadgenlobaSi Seyvanil iqnen mixeil aleqsis Ze mantrovi – generaluri direqtoris moadgile – dss ìnter rao ees~-is korporaciuli centris xelmZRvaneli, sergei

nikolozis Ze ivanovi – generaluri direqtoris moadgile dss ìnter rao ees~-is

strategiisa da investiciebis dargSi da sergei nikolozis Ze tolstoguzovi –

generaluri direqtoris moadgile dss ìnter rao ees~-is aqtivebis marTvis dargSi

ss `Telasis~ sameTvalyureo sabWos Semadgenloba 01.01.2007-dan 10.08.2007 periodSi:

1. rapoporti andrei naTanis Ze – sameTvalyureo sabWos Tavmjdomare

2. WinWarauli Temur grigolis Ze – sameTvalyureo sabWos Tavmjdomaris moadgile

3. Sarovi iuri vladimiris Ze – sameTvalyureo sabWos wevri

4. besmertni konstantine valeris Ze - sameTvalyureo sabWos wevri 5. vagneri aleqsandre evgenis Ze - sameTvalyureo sabWos wevri

6. petriaSvili irakli leris Ze - sameTvalyureo sabWos wevri

ss `Telasis~ sameTvalyureo sabWos Semadgenloba 10.08.2007-dan 31.12.2007 periodSi:

1. rapoporti andrei naTanis Ze – sameTvalyureo sabWos Tavmjdomare 2. WinWarauli Temur grigolis Ze – sameTvalyureo sabWos Tavmjdomaris moadgile 3. mantrovi mixeil aleqsis Ze - sameTvalyureo sabWos wevri

4. ivanovi sergei nikolozis Ze - sameTvalyureo sabWos wevri

5. tolstoguzovi sergei nikolozis Ze - sameTvalyureo sabWos wevri

6. petriaSvili irakli leris Ze - sameTvalyureo sabWos wevri

63

7.12. sakadro da socialuri politika. socialuri partnioroba ss `Telasis~ sakadro politika warmoadgens sazogadoebis mmarTvelobiTi

saqmianobisa da sawarmoo strategiis nawils.

sakadro politikis ZiriTadi principebia: ■ personalis marTvis dargSi sazogadoebis mier miRebul gadawyvetilebaTa

Sesabamisoba saqarTvelos SromiT kanonmdeblobasTan da ss `Telasis~ koleqtiur

xelSekrulebasTan;

■ mimarTuleba koleqtivis gaaxalgazrdavebisken; ■ upiratesobis miniWeba muSakebisTvis, romelTac gaaCniaT Tanamdebobis Sesatyvisi ganaTleba; ■ sakadro rezervis Camoyalibeba xelmZRvaneli TanamdebobebisaTvis.

sazogadoebis sakadro politikis ZiriTadi miznebia:

■ sazogadoebis uzrunvelyofa sawarmos uwyveti muSaobisaTvis saWiro raodenobis personaliT, romelic ganaTlebis doniTa da momzadebiT Seesatyviseba dakavebul Tanamdebobas; ■ muSakebis kvalifikaciis amaRleba, kadrebis momzadeba da gadamzadeba;

■ sakadro rezervis Camoyalibeba; ■ sazogadoebis muSakebisgan maqsimaluri ukugebis miRweva personalis perioduli

atestaciis Catarebis gziT. sazogadoebis strategia personalis ganviTarebis dargSi mdgomareobs

sazogadoebaSi iseTi muSakebis mozidvaSi, romlebic Seesabamebian personalisadmi

Tanamedrove moTxovnebs, da sawarmosaTvis yvelaze Rirebuli kadrebis SenarCunebaSi.

sazogadoebis strategiis ZiriTadi mimarTulebebi personalis ganviTarebis dargSi Semdegia:

■ warmoebis dakompleqteba saWiro kvalifikaciis muSakebiT, muSaobis Catareba

personalis asakobrivi maCveneblebis Semdgomi gaumjobesemis mizniT;

■ personalis swavleba, momzadeba da kvalifikaciis amaRleba, rezervis momzadeba

xelmZRvanelTa Casanacvleblad; ■ muSakTa Sromis stimulirebis pirobebis uzrunvelyofa, kadrebTan muSaobis

socialuri mimarTulebis uzrunvelyofa, muSakTa interesebis dacva. sawarmoo personali mTlianad kvalificiuri kadrebiTaa dakompleqtebuli. personalis

swavleba mimdinareobs saswavlo centrebSi da sakuTar saswavlo centr-kabinetSi. 2007

wels ss `TelasSi~ atestacia gaiara 57 adamianma. kvalifikaciis amaRlebis kursebi gaiara

36 adamianma. swavleba da gadamzadeba saqarTvelos saswavlo centrebSi gaiara 9 adamianma.

swavleba, instruqtaJi da kvalifikaciis amaRleba sakuTar saswavlo centrSi gaiara 1554 adamianma. am mizniT saangariSo periodSi daixarja 3 364,0 lari.

ss `Telasis~ muSakebis raodenoba, 2007 wlis 31 dekembris mdgomareobiT, Seadgens

2206 adamians. 2007 wels, 2006 welTan SedarebiT, personalis raodenoba gaizarda 0,27%-

iT. 2007 wels sazogadoebaSi gaTavisuflebul iqna 154 adamiani, xolo samuSaoze miRebul

iqna 158 adamiani. momuSaveTa raodenoba kategoriebis mixedviT

(adamiani) weli xelmZRvanelebi specialistebi mosamsaxureebi muSebi sul

2005 weli 26 977 741 381 2125 2006 weli 219 366 353 1262 2200 2007 weli 224 417 330 1235 2206

64

momuSaveTa raodenoba kategoriebis mixedviT

muSakTa asakobrivi Semadgenloba

ss `Telasis~ muSakTa asakobrivi done Seadgens: 30 wlamde – 268 adamiani; 31-dan 40

wlamde – 631 adamiani; 41-dan 50 wlamde – 661 adamiani; 51-dan 60 wlamde – 455 adamiani;

61-dan 70 wlamde – 172 adamianii; da 71 wlis zemoT – 19 adamiani.

muSakTa xarisxobrivi Semadgenloba

ss `Telasis~ muSakTa xarisxobrivi Semadgenloba Semdegnairad gamoiyureba: umaRlesi ganaTlebiT – 1392 adamiani; saSualo-specialuri ganaTlebiT – 73 adamiani, da saSualo

ganaTlebiT – 441 adamiani.

socialuri politika socialuri partnioroba samuSaos mimcemsa da ss `Telasis~ TanamSromlebs Soris xorcieldeba koleqtiuri xelSekrulebis formatiT, sazogadoebis profkavSirul komitetsa

da administracias Soris. xelSekruleba mimarTulia mSromelTa socialuri da ekonomikuri

uflebebisa da interesebis dacvisaken, muSakebis cxovrebis sakmarisi donis SenarCinebisa da

sazogadoebis efeqturi muSaobis uzrunvelyofisken. gansakuTrebuli yuradReba eTmoba

muSaobis srulyofas TanamSromelTa sicocxlisa da janmrTelobis dasacavad, sawarmoo travmatizmis Tavidan asacileblad. muSakTa calkeuli kategoriebi ufasod iyvnen

uzrunvelyofili spectansacmliT da individualuri dacvis sxva saSualebebiT, cxovrebis

pirobebisa da moqmedi dargobrivi normebis Sesabamisad. sazogadoeba axorcielebs muSakTa

samedicino dazRvevas. mTlianad sruldeboda koleqtiuri xelSekruleba, droulad gaicemoda

xelfasi. muSakTa saSualo Tviuri xel

fasi da socialuri SeRavaTebi,

romlebic gaicema koleqtiuri

xelSekrulebis Sesabamisad

10%

19%

15%

56%

xelmZRvanelebi

specialistebi

mosamsaxureebi

muSebi

Среднемесячная зарплата за 2004-2007 г.г.

0

200

400

600

800

1000

1200

2004 год 2005 год 2006 год 2007 год

лари/месяц

564

764

8391038

65

№№

SeRavaTis saxeobebi

gadaxdis odenoba (lari) 2005 weli

2006 weli 2007 weli

1 2 3 4 5 1 TanamSromlebis materialuri daxmareba ritualur

momsaxurebaze 23 068,0 23 865,0 17 046,0

2 TanamSromlebisTvis satransporto xarjebisa da

momsaxurebis anazRaureba

525 869,0

520 567,0

498 422,0 3

erTdrouli gadaxdebi saiubileo TariRebTan (50, 55

da 60 weli) da sazogadoebaSi muSaobis staJTan

dakavSirebiT

48 887,0

165 144,0

207 893,0

4 SeRavaTebi muSakebs eleqtroenergiis fasdaklebaze 310 590,0 330 320,0 305 860,0 sul 908 414,0 1 039 896,0 1 029 221,0

Tavi VIII. sawarmos sakuTrebaSi arsebuli fasiani qaRaldebis

sabazro riski

saangariSo periodSi da gasuli 3 wlis manZilze sazogadoeba ar axorcielebda investirebas fasiani qaRaldebis meSveobiT.

Tavi IX. finansuri angariSgeba

sameurneo wlis finansuri angariSis Catarebuli auditi, `angariSvaldebul

sawarmoTa finansuri angariSgebis Sedgenisa da wardgenis wesebis~ Sesabamisad, romelic

66

damtkicebulia saqarTvelos fasiani qaRaldebis erovnuli komisiis 2005 wlis 10

ianvris #54 dadgenilebiT, warmodgenilia winamdebare wliuri angariSis danarTSi.

Tavi X. sawarmos mier mowveuli auditoris Secvla

sazogadoebis auditoria `praisuoterhauskupers centraluri azia da kavkasia b.v.-s

saqarTvelos filiali~ (Georgian Branch of PricewaterhouseCoopers Central Asia and Caucasus B.V.). auditoruli momsaxureba xorcieldeba auditoruli momsaxurebis gawevis Sesaxeb

2007 wlis 22 noembris SeTanxmebis Sesabamisad. saangariSoO periodSi auditoris Secvla ar momxdara.

67

Tavi XI. mmarTveli organos wevrebi da sxva mniSvnelovani

Tanamdebobis pirebi

11.1. ss `Telasis~ sameTvalyureo sabWo 2007 wlis 31 dekembrisaTvis

sazogadoebis sameTvalyureo sabWo arCeulia 2007 wlis 10 agvistos aqcionerTa

wliuri saerTo krebis gadawyvetilebis Sesabamisad.

rapoporti andrei

naTanis Ze

sameTvalyureo sabWos

Tavmjdomare

WinWarauli Temur

grigolis Ze


Tavmjdomaris moadgile

mantrovi mixeil

aleqsis Ze


wevri

ivanovi sergei

nikolozis Ze


wevri

tolstoguzovi

sergei nikolozis Ze


wevri

petriaSvili irakli

leris Ze


wevri

68

informacia sameTvalyureo sabWos wevrebis Sesaxeb

sameTvalyureo sabWos Tavmjdomare rapoporti andrei naTanis Ze

dabadebis weli 1963ZiriTadi samuSao adgili Rss èrTiani energetikuli sistemis

federaluri qseluri kompania~

ganaTleba umaRlesi, doneckis saxelmwifo universiteti

Tanamdebobis dasaxeleba ZiriTadi samuSao adgilis

mixedviT Gamgeobis Tavmjdomare

moqalaqeoba ruseTis federacia

sameTvalyureo sabWoSi pirveli arCevis TariRi 04.11.2003wili sazogadoebis sawesdebo kapitalSi, % 0ss `Telasis~ aqciaTa raodenoba sakuTrebaSi, % 0informacia garigebaTa Sesaxeb sameTvalyureo sabWos

wevrsa da sazogadoebas Soris Ggarigebebi ar dadebula

informacia sameTvalyureo sabWos wevris winaaRmdeg sarCelis Setanis Sesaxeb sarCeli Setanili ar yofila

sameTvalyureo sabWos Tavm. moadgile WinWarauli Temur grigolis Ze

dabadebis weli 1944ZiriTadi samuSao adgili saqarTvelos teqnikuri universiteti

ganaTleba umaRlesi, saqarTvelos politeqnikuri

instituti, Tbilisi


mixedviT saqarTvelos teqnikuri universitetis

profesori moqalaqeoba saqarTvelo


wevrsa da sazogadoebas Soris garigebebi ar dadebula

informacia sameTvalyureo sabWos wevris winaaRmdeg

sarCelis Setanis Sesaxeb sarCeli Setanili ar yofila

sameTvalyureo sabWos wevri mantrovi mixeil aleqsis Ze

dabadebis weli 1965 ZiriTadi samuSao adgili dss ìnter rao ees~ ganaTleba umaRlesi, moskovis energetikis instituti


mixedviT generaluri direqtoris moadgile – dss ìnter

rao ees~-is korporaciuli centris

xelmZRvaneli




69



sameTvalyureo sabWos wevri ivanovi sergei nikolozis Ze

dabadebis weli 1961ZiriTadi samuSao adgili dss ìnter rao ees~

ganaTleba umaRlesi, moskovis sainJinro-fizikuri

instituti (msfi)


mixedviT generaluri direqtoris moadgile dss ìnter

rao ees~-is strategiisa da investiciebis

dargSi moqalaqeoba ruseTis federacia



informacia sameTvalyureo sabWos wevris winaaRmdeg sarCelis Setanis Sesaxeb sarCelebi Setanili ar yofila

sameTvalyureo sabWos wevri tolstoguzovi sergei nikolozis Ze dabadebis weli 1964ZiriTadi samuSao adgili dss ìnter rao ees~ ganaTleba umaRlesi, magnitogorskis g.i. nosovis sax.

samTo-metalurgiuli instituti


mixedviT generaluri direqtoris moadgile dss ìnter

rao ees~-is aqtivebis marTvis dargSi






sameTvalyureo sabWos wevri petriaSvili irakli leris Ze dabadebis weli 1969ZiriTadi samuSao adgili saqarTvelos damoukidebeli profkavSirebi


instituti, Tbilisi


mixedviT

Tavmjdomare

70

moqalaqeoba saqarTvelo





11.2.sazogadoebis aRmasrulebeli organo

sazogadoebis wesdebis Sesabamisad, erTpirovnuli aRmasrulebeli organos

uflebamosilebebs axorcielebs generaluri direqtori. kolegialuri aRmasrulebeli organo gaTvaliswinebuli ar aris.

generaluri direqtori axorcielebs sazogadoebis mimdinare saqmianobis

xelmZRvanelobas, sazogadoebis yoveldRiur marTvas da sazogadoebis warmomadgenlobiT

uflebamosilebebs. sameTvalyureo sabWo generalur direqtorTan aformebs SromiT

xelSekrulebas, sadac individualurad ganisazRvreba generaluri direqtoris uflebamosilebaTa farglebi, uflebebi da movaleobebi. generaluri direqtoris funqciebi

ar SeiZleba gadaeces sameTvalyureo sabWos. sameTvalyureo sabWos gadawyvetilebiT, 2005 wlis 27 oqtombris oqmi #10,

sazogadoebis generalur direqtorad daniSnulia pimonovi iuri pavles Ze.

ss `Telasis~ aRmasrulebeli direqcia 31.21.2007 mdgomareobiT

pimonovi iuri

pavles Ze


qobalia mamuka

igoris Ze

teqnikuri direqtori

oganesiani eduard

sergeis Ze ekonomikisa da

finansebis

direqtori

71

11.2.1. informacia generaluri direqtorisa da aRmasrulebeli direqciis wevrebis Sesaxeb

generaluri direqtori pimonovi iuri pavles Ze dabadebis weli 1955samuSao adgili saaqcio sazogadoeba `Telasi~

ganaTleba umaRlesi, novoCerkaskis politeqnikuri

instituti, novoCerkaski


mixedviT generaluri direqtori

pirvelad damtkicda erTpirovnuli aRmasrulebeli

organos Tanamdebobaze 27.10.2005 г.


wili sazogadoebis sawesdebo kapitalSi, % 0ss `Telasis~ aqciaTa raodenoba sakuTrebaSi, % 0

finansuri direqtori oganesiani eduard sergis Ze

dabadebis weli 1974samuSao adgili saaqcio sazogadoeba `Telasi~


instituti, Tbilisi Tanamdebobis dasaxeleba ZiriTadi samuSao adgilis

mixedviT ss `Telasis~ekonomikisa da finansebis

direqtori pirvelad damtkicda aRmasrulebeli organos

Tanamdebobaze 10.09.2007 г.


wili sazogadoebis sawesdebo kapitalSi, % 0ss `Telasis~ aqciaTa raodenoba sakuTrebaSi, cal. 0

teqnikuri direqtori qobalia mamuka igoris Ze



instituti, Tbilisi Tanamdebobis dasaxeleba ZiriTadi samuSao adgilis mixedviT

ss `Telasis~ teqnikuri direqtori

pirvelad damtkicda aRmasrulebeli organos

Tanamdebobaze 17.11.2006 г.


qarTveliSvili

daviT iuris Ze

energogasaRebis

direqtori

Satirovi vladimir

leonides Ze


ZnelaZe vladimer

SoTas Ze

logistikis direqtori

72


energogasaRebis direqtori qarTveliSvili daviT iuris Ze


ganaTleba umaRlesi, Tbilisis saxelmwifo

universiteti, Tbilisi


mixedviT ss `Telasis~ energogasaRebis direqtori


Tanamdebobaze

01.11.2006 гmoqalaqeoba saqarTvelo

wili sazogadoebis sawesdebo kapitalSi, % 0ss `Telasis~ aqciaTa raodenoba sakuTrebaSi, cali 0

logistikisa da sameurneo uzrunvelyofis direqtori ZnelaZe vladimer SoTas Ze


ganaTleba umaRlesi, damoukidebeli instituti

`egrisi~, Tbilisi


mixedviT ss `Telasis~ logistikisa da

sameurneo uzrunvelyofis

direqtori


Tanamdebobaze

03.01.2007 .г



uSiSroebis direqtori Satirovi vladimir leonidis Ze


ganaTleba umaRlesi, kaspiiskis s.m. kirovis

sax. sazRvao saswavlebeli


mixedviT ss `Telasis~ uSiSroebis

direqtori


Tanamdebobaze

17.05.2007 г



saangariSo wlis ganmavlobaSi sazogadoebis aRmasrulebel direqciaSi Sediodnen Semdegi

pirebi, romlebic amJamad ar warmoadgenen ss `Telasis~ aRmasrulebeli organoebis wevrebs:

finansuri direqtori romanovi vladimir evgenis Ze

dabadebis weli 1964

73

samuSao adgili saaqcio sazogadoeba `Telasi~

Tanamdebobis dasaxeleba ZiriTadi samuSao

adgilis mixedviT

generaluri direqtoris moadgile – ss

`Telasis~ ekonomikisa da finansebis

direqtori wili sazogadoebis sawesdebo kapitalSi, % 0ss `Telasis~ aqciaTa raodenoba sakuTrebaSi,

cal. 0

uSiSroebis direqtori kalugini valeri aleqsis Ze


Tanamdebobis dasaxeleba ZiriTadi samuSao

adgilis mixedviT ss `Telasis~ uSiSroebis direqtori


2007 wlis ganmavlobaSi sazogadoebis aRmasrulebeli organoebis wevrebs sazogadoebis

aqciebTan dakavSirebiT ar ganuxorcielebiaT garigebebi.

Tavi XII. sazogadoebis xelmZRvanelTa Sromis anazRaureba

sazogadoebis aRmasrulebeli direqciis wevrebisTvis 2007 wels gadaxdili anazRaurebis

odenoba (lari)

№№ s.g.m. da Tanamdeboba xelfasi premia gadadebuli

kompensacia sul

anazRaureba 1 2 3 4 6 8

1 pimonovi iuri pavles Ze,


86,607.32

83,160.00

153,259.56

323,026.88

2

oganesiani eduard sergeis Ze,

ekonomikis da finansebis direqtori

63,453.85

13,000.00

4,000.00

80,453.85

3 qobalia mamuka igoris Ze,

teqnikuri direqtori

163,200.00

44,406.81

-

207,606.81

4 qarTveliSvili daviT iuris Ze,

energogasaRebis direqtori

165,240.00

41,409.09

-

206,649.09

5

ZnelaZe vladimer SoTas Ze,

logistikis da sameurneo

uzrunvelyofis direqtori

149,000.00

3,850.00

-

152,850.00

6 Satirovi vladimir leonidis Ze,


45,000.00

-

25,169.84

70,169.84

sul 672,501.17 185,825.90 182,429.40 1 040,756.47

74

Tavi XIII. pirebi, romlebic floben an akontroleben saerTo

krebis xmaTa 5 an met procents

saaqcio kapitali

ss `Telasis~ sawesdebo kapitali Sedgeba 81 147 886 cali Cveulebrivi aqciisgan. 1 aqciis nominaluri Rirebulebaa 1 lari. saaqcio kapitalis saerTo struqtura 2007 wlis 31 dekembrisaTvis Semdegnairad gamoiyureba::

fasiani

qaRaldebis

klasi

beneficiar-mesakuTris saxeli, gvari

da misamarTi

sakuTrebaSi

arsebuli Tanxa

da sakuTrebis

flobis saxeoba

sakuTrebaSi

arsebuli fasiani

qaRaldebis klasTa

procentuli

Semadgenloba

1 2 3 4 Cveulebrivi

aqcia

“Silk Road Holdings B.V.” – niderlandi 60 861 452.00

lari

flobis saxeoba -

aqciebi

75,0

Cveulebrivi

aqcia

saxelmwifo (saqarTvelo) – saqarTvelosekonomikuri ganviTarebis saministros

sawarmoTa marTvis saagento, q. Tbilisi

19 904 783.00

lari, flobis

saxeoba - aqciebi

24,53

Cveulebrivi

aqcia

fizikuri pirebi 381 651.00 lari,

flobis saxeoba – aqciebi

0,47

sul 81 147 886 aqcia 100 sameTvalyureo sabWos wevrebi da direqtorebi fasian qaRaldebs ar floben.

informacia sazogadoebis reestris mwarmoeblis Sesaxeb

sazogadoebis fasiani qaRaldebis mflobelTa reestris mwarmoebelia Sps

`saqarTvelos fasiani qaRaldebis gaerTianebuli registratori~ - fasiani qaRaldebis

damoukidebeli registratori, licenzia #70006, gacemulia fasiani qaRaldebis erovnuli komisiis mier. fasiani qaRaldebis reestris warmoeba xorcieldeba 2000 wlis 18

Tebervlis #192 xelSekrulebis Tanaxmad.

misamarTi: saqarTvelo, 0162 q.Tbilisi, WavWavaZis gamziri #74a

tel: (99532)22-53-51, 91-31-42

faqsi: (8832) 25-19-60

75

Tavi XIV. dakavSirebuli mxareebi da urTierTobebi

(informaciis gaxsna dakavSirebuli mxareebis Sesaxeb) urTierTobebi kontrolis sferoSi. sazogadoebis saTao kompaniaa Silk Road Holdings B.V., romelsac akontrolebs kompania rao ees (`mTavari saTao kompania~). sazogadoebaze

saboloo kontrolis uflebis mqone mxarea ruseTis federaciis mTavroba.

xelmZRvaneloba miiCnevs, rom operaciebi mTavar saTao da masTan dakavSirebul sxva

kompaniebTan im jgufis meSveobiT, romelsac akontrolebs ZiriTadi Svilobili kompania,

xorcieldeba sabazro ganakveTebiT, romlebic ar aris ufro metad xelsayreli, vidre aradakavSirebul mxareebTan warmoebuli operaciebi. yvelaze mniSvnelovani operaciebi

dakavSirebulia Cveulebriv operaciebTan sazogadoebis saqmianobis farglebSi –

eleqtroenergiiT momaragebasTan misi Semdgomi ganawilebis mizniT, da es operaciebi

xorcieldeba saqarTvelos mTavrobis mier dadgenili satarifo ganakveTebiT.

operaciebi xelmZRvanelobasTan da ojaxis axlo wevrebTan. sameTvalyureo sabWos

wevrebisa da umaRlesi xelmZRvanelobis anazRaureba Sedgeboda muSakebis moklevadiani

anazRaurebisgan, ISO 19-is Sesabamisad: muSakTa anazRaureba, Sesabamisad 102 aTasi laris

da 1,282 laris odenobiT (2006: 106 aTasi lari da 939 aTasi lari Sesabamisad),

umaRlesi xelmZRvanelobis fuladi anazRaurebis CaTvliT 305 aTasi laris odenobiT

(2006: 419 aTasi lari) operaciebi sxva dakavSirebul mxareebTan. saqarTvelos mTavroba warmoadgens

sazogadoebis aqciaTa 24.53% mflobels saxelmwifo qonebis marTvis saagentos saSualebiT;

amrigad, saqarTvelos mTavrobis mier kontrolirebadi iuridiuli pirebi aseve warmoadgenen

sazogadoebasTan afilirebul (dakavSirebul) mxareebs. ar arsebobs specialuri debulebebi

aseTi organizaciebisaTvis da xelmZRvaneloba miiCnevs, rom yvela operacia xorcieldeba

sazogadoebis Cveulebrivi saqmianobis nawilis saxiT da warmoebs sabazro ganakveTebiT, romlebic ar aris ufro xelsayreli, vidre aradakavSirebul mxareebTan warmoebuli

operaciebi. Ar xorcieldeba saxelmwifo sawarmoebTan ganxorcielebuli operaciebis gaxsna,

rodesac isini xorcieldeba normaluri saqmiswarmoebisas pirobebiT, romlebic Sesabamisad

gamoiyeneba yvela sazogadoebrivi da kerZo sawarmosaTvis da rodesac ar arsebobs

mimwodeblis arCevis SesaZlebloba, romelic uzrunvelyofs eleqtroenergiis gadacemas,

telekomunikaciebTan dakavSirebul momsaxurebas da a.S. xarjebi

(aTasi lari) №№ dasaxeleba 2007 weli 2006 weli

1 eleqtroenergiis Sesyidva: 1.1 Svilobili kompaniebi

1.1.1 Sps `mtkvari energetika 38,449 86,4871.1.2 ss `xramhes-1~ 4,187 4,9581.1.3 ss `xramhes-2~ 2,765 1,7201.1.4 dss sek - 28

2 sxva Sesyidvebi: inter rao ukraina 378 1,0663 gadaxdili procentebi:

3.1 saTao kompaniebi 3.1.1 rao nordik, inter rao ees 1,257 1,392

76

3.1.2 inter rao ees 1,646 -3.2 Svilobili kompaniebi

3.2.1 ss “xramhesi-1” 540 192 sul dakavSirebul mxareebTan warmoebuli operaciebis xarjebi 49,222 95,843

balansi

(aTasi lari)

№№

dasaxeleba

2007

wlis 31

dekemberi

2006

wlis 31

dekemberi

1 2 3 4 1 moklevadiani aqtivebi

1.1 savaWro da sxva debitoruli davalianeba, gaufasurebis Sedegad miRebuli zaralisaTvis GgaTvaliswinebuli rezervis CauTvlelad:

inter rao ukraina - 82 2 grZelvadiani valdebulebebi

2.1 sesxebi da kreditebi: 2.1.1 saTao kompaniebi

inter rao ees (sakontraqto saprocento ganakveTi: 9% aSS

dolarebSi) 11,825 - rao nordik (sakontraqto saprocento ganakveTi: 11.1% evroSi) - 13,537 3 moklevadiani valdebulebebi

3.1 savaWro da sxva kreditoruli davalianeba 3.1.1 saTao kompaniebi

Silk Road Holdings B.V. 14,678 17,895 3.1.2 saTao kompaniebi

Sps `mtkvari energetika~ 80,940 80,902 ss xramhesi-1 3,497 5,036 ss xramhesi-2 2,515 5,472 dss sek - 242

3.2 Sesxebi: 3.2.1 saTao kompaniebi

Silk Road Holdings B.V. (sakontraqto saprocento ganakveTi: 0% aSS dolarebSi) 618,076 665,512

inter rao ees (sakontraqto saprocento ganakveTi: 11,1%

evroSi) 14,342 - inter rao ees (sakontraqto saprocento ganakveTi: 12 % aSS

dolarebSi) 9,810 10,530 ss xramhesi-1 (sakontraqto saprocento ganakveTi: 12% aSS

dolarebSi) 4,905 5,280 specialuri miTiTebis ararsebobis SemTxvevaSi, yvela Tanxa, romelic eqvemdebareba gadaxdas

an miRebas dakavSirebuli mxareebisgan, gamoxatulia larebSi, ar eqvemdebareba aranair

saprocento gadaxdas an gadaxdis dagvianebisaTvis dakisrebul sxva jarimebs da raime

saSemosavlo gadasaxadi rezidentebze/ararezidentebze gaTvaliswinebuli ar aris.

77

Tavi XV. mdgomareobis damadasturebuli da mimdinare angariSebi

15.1. angariSi mogebisa da zaralis Sesaxeb

(aTasi lari) №№ dasaxeleba 2007 weli 2006 weli

1 2 3 4 1 Semosavlebi amonagebi 197,237 173,195 sxva Semosavali 5,063 6,482

2 xarjebi da sxva anaricxebi Sesyiduli eleqtroenergia (104,167) (99,174) Sromis anazRaureba da gadasaxadi xelfasze (35,442) (28,675) rezervebi da gaufasurebis Sedegad miRebuli

zarali (56,637) (13,640) cveTa da amortizacia (3,938) (4,018) sxva gadasaxadebi, mogebis gadasaxadis garda (7,257) (11,000) Camowerili uimedo valebi (1,649) - sxva mimdinare xarjebi (13,518) (13,333)

3 mogeba/zarali ZiriTadi saqmianobidan (20,308) 9,837 Semosavali finansuri saqmianobidan 49,334 31,982 finansur saqmianobaze gaRebuli xarjebi (5,273) (3,730)

4 mogeba dabegvramde 23,753 38,089 Semosavali mogebis gadasaxadidan 11,714 17,169

5 wminda mogeba wlis ganmavlobaSi 35,467 55,258

78

15.2. sabuRaltro balansi (aTasi lari)

№№ dasaxeleba 2007 wlis

31

dekemberi

2006 wlis

31

dekemberi 1 2 3 4 I aqtivebi

1.1 grZelvadiani aqtivebi 1.1.1 ZiriTadi saSualebebi 118,078 70,234 1.1.2 aramaterialuri aqtivebi 428 412 1.1.3 gadadebuli sagadasaxado aqtivebi 30,355 24,867 1.1.4 restruqturirebuli debitoruli davalianeba 1,813 1,478 sul grZelvadiani aqtivebi 150,674 96,991

1.2 mimdinare aqtivebi 1.2.1 savaWro debitoruli davalianeba 37,448 32,515 1.2.2 sxva debitoruli davalianeba 8,367 11,632 1.2.3 materialur-sawarmoo maragebi 10,848 9,508 1.2.4 fuladi saxsrebi da fuladi saxsrebis ekvivalentebi 1,623 491 sul mimdinare aqtivebi 58,286 54,146 sul aqtivebi 208,960 151,137 II sakuTari kapitali da valdebulebebi

2.1 sakuTari kapitali

2.1.1 saaqcio kapitali 81,148 81,148 2.1.2 gadafasebis rezervi 42,665 - 2.1.3 dagrovili zarali (795,298) (831,193)

sul sakuTari kapitali (671,485) (750,045)

2.2 grZelvadiani valdebulebebi 2.2.1 kreditebi da sesxebi 17,172 30,240

sul grZelvadiani valdebulebebi 17,172 30,240

2.3 moklevadiani valdebulebebi 2.3.1 sabanko overdrafti 1,088 1,131 2.3.2 kreditebi da sesxebi 663,226 682,414 2.3.3 kreditoruli da sxva davalianeba 152,582 149,017 2.3.4 davalianeba mogebis gadasaxadis gadaxdaze 1,354 - 2.3.5 sxva gadasaxadebi, romlebic eqvemdebareba gadaxdas 36,451 28,717 2.3.6 SefasebiTi valdebulebebi 8,572 9,663

sul moklevadiani valdebulebebi 863,273 870,942

sul sakuTari kapitali da valdebulebebi 208,960 151,137

79

15.3. angariSi fuladi saxsrebis moZraobis Sesaxeb (aTasi lari)

dasaxeleba 2007 weli 2006 weli 2 3 4

fuladi saxsrebis moZraoba saoperacio saqmianobidan fuladi saxsrebi, miRebuli momxmareblebisgan 225,593 179,962 fuladi saxsrebi, gadaxdili Sesyiduli eleqtroenergiisaTvis (83,041) (126,143) TanamSromlebisaTvis gadaxdili fuladi saxsrebi (28,214) (20,055) gadaxdili procentebi (4,350) (2,747) miRebuli procentebi 46 109 sxva gadasaxadebi, mogebis gadaxdili gadasaxadis garda (48,886) (40,878) saremonto da teqnikuri momsaxurebis xarjebi (3,856) (2,382) sxva gadaxdili xarjebi (30,095) (17,849) wminda fuladi saxsrebi saoperacio saqmianobidan/(gamoyenebuli

saoperacio saqmianobis dros) 27,197 (29,983) sainvesticio saqmianobidan miRebuli fuladi saxsrebis moZraoba ZiriTadi kapitalisa da aramaterialuri aqtivebis SeZena (42,275) (22,668) wminda fuladi saxsrebi, romlebic gamoiyeneba sainvesticio saqmianobisas (42,275) (22,668)

fuladi saxsrebi finansuri saqmianobidan Semosavlebi sesxebidan 76,374 80,302 valis gadaxda (59,967) (34,522) wminda fuladi saxsrebi finansuri saqmianobidan 16,407 45,780 savaluto kursis ryevis zemoqmedeba fulad saxsrebze da fuladi

saxsrebis ekvivalentebze (197) (219) fuladi saxsrebisa da fuladi saxsrebis ekvivalentebis wminda namati 1,132 (7,090) fuladi saxsrebi da fuladi saxsrebis ekvivalentebi wlis dasawyisSi 491 7,581

fuladi saxsrebi da fuladi saxsrebis ekvivalentebi wlis bolos

1,623

491

15.4. angariSi sakuTar kapitalSi cvlilebebis Sesaxeb

(aTasi lari) №№ dasaxeleba saaqcio

kapitali

gadafasebis

rezervi

dagrovili

zarali

sul

1 2 3 4 5 6

1 balansi 2005 wlis 31

dekembris mdgomareobiT 81,148

-

(886,451)

(805,303)

wliuri wminda mogeba - - 55,258 55,258 2 balansi 2006 wlis 31


-

(831,193)

(750,045)

wliuri wminda mogeba - - 35,467 35,457 ZiriTadi saSualebebi - gadafaseba - 43,093 - 43,093 - gadafasebis

realizebuli rezervi - (428) 428 - 3 balansi 2007 wlis 31


42,665

(795,298)

(671,485)

80

15.5. amonaweri reestridan

81

15.6. auditoris daskvna ss “Telasis” 2007 wlis buRaltruli (finasuri) angariSgebis

Sesaxeb

damoukidebeli auditoris daskvna ss “Telasis” aqcionerebsa da direqtorTa sabWos

Cven ganvaxorcieleT ss “Telasis” (Semdgom “kompania”) TandarTuli finansuri angariSgebis auditi, romelic Seicavs sabalanso angariSs, 2007 wlis 31 dekembris mdgomareobiT,

angariSs mogebisa da zaralis Sesaxeb, angariSs sakuTar kapitalSi cvlilebebis Sesaxeb da

angariSs wlis ganmavlobaSi fuladi saxsrebis moZraobis Sesaxeb, agreTve ZiriTadi

saaRricxvo politikis mokle mimoxilvas da sxva ganmartebiT SeniSnvebs.

xelmZRvanelobis pasuxismgebloba finansur angariSgebaze

xelmZRvaneloba pasuxismgebelia winamdebare finansuri angariSgebis momzadebasa da

keTilsindisier wardgenaze, finansuri angariSgebis saerTaSoriso standartebis Sesabamisad.

aRniSnuli pasuxismgebloba moicavs: im Sida kontrolis SemuSavebas, danergvasa da dacvas,

romelic dakavSirebulia finansuri angariSebis momzadebasa da keTilsindisier wardgenasTan arsebiTi damaxinjebebis gareSe, romelic ganpirobebulia TaRliTobiT an SecdomiT;

Sesabamisi saaRricxvo politikis arCevasa da gatarebas; saangariSo Sefasebebis gamoyenebas,

romlebic mocemul garemoebebSi yvelaze dasabuTebulia.

auditoris pasuxismgebloba Cveni pasuxismgebloba mdgomareobs imaSi, rom, Cvens mier Catarebuli auditis safuZvelze,

gamovxatoT Cveni azri winamdebare finansur angariSgebasTan dakavSirebiT. saauditoro

Semowmeba ganxorcielda auditis saerTaSoriso standartebis Sesabamisad. aRniSnuli

standartebis Sesabamisad, auditi unda daigegmos da ganxorcieldes iseTnairad, rom

gvqondes gonivruli rwmena imisa, rom finansuri angariSgeba ar Seicavs mniSvnelovan damaxinjebebs.

auditi moicavs procedurebis ganxorcielebas finansur angariSgebaSi mocemuli ricxobrivi

monacemebisa da ganmartebebis misaRebad. procedurebis SerCeva damokidebulia auditorebis

mosazrebaze, finansur angariSgebaSi mniSvnelovani damaxinjebebis arsebobis riskis Sefasebis

CaTvliT, romelic SeiZleba gamowveuli iyos TaRliTobis an Secdomis Sedegad. am riskebis

Sefasebisas auditori ganixilavs, organizaciis mier finansuri angariSgebis momzadebasa da

utyuar wardgenasTan dakavSirebul Sida kontrols imisaTvis, rom SeimuSaos mocemuli

garemoebebis Sesabamisi auditis procedurebi. amasTan, organizaciis Sida kontrolTan

dakavSirebiT, Sexedulebis gamoxatva ar warmoadgens TviTmizans. auditoruli Semowmeba,

agreTve moicavs buRaltruli aRricxvis gamoyenebuli principebisa da xelmZRvanelobis mier ganxorcielebuli mniSvnelovani saaRricxvo Sefasebebis, aseve finansuri angariSgebis

wardgenis saerTo Sefasebas.

PricewaterhouseCoopers Central Asia and Caucasus B.V. filiali saqarTveloSi saqarTvelo, Tbilisi

bambis rigis q. 7

biznes-centri “manTaSevi”

0105 Tbilisi, saqarTvelo

telefoni (995) 32 50 80 50

faqsi (995) 32 50 80 60 www.pwc.com

82

migvaCnia, rom Catarebuli auditoruli Semowmeba sakmaris safuZvels gvaZlevs Cveni azris

gamosaTqmelad.

azri Cveni azriT, TandarTuli finansuri angariSgeba, yvela materialuri aspeqtis Sesabamisad,

utyuarad asaxavs kompaniis finansur mdgomareobas, 2007 wlis 31 dekembris mdgomareobiT,

mis finansur Sedegebsa da fuladi saxsrebis moZraobas wlis ganmavlobaSi, finansuri

angariSgebis saerTaSoriso standartebis Tanaxmad.

ganmartebiTi nawili

• Cveni azris kvalificirebis gareSe, gvsurs Tqveni yuradReba mivapyroT TandarTuli finansuri angariSgebis me-4(z) SeniSvnas, sadac ganmartebulia, rom 2007 wlis 31

dekembris mdgomareobiT, kompaniis moklevadianma valdebulebebma gadaaWarba mis

mimdinare aqtivebs 804,987 aTasi lariT. es piroba, me-4(g) SeniSnvaSi

formulirebul sxva sakiTxebTan erTad, miuTiTebs seriozuli gaurkvevlobis

arsebobaze, romelmac SeiZleba gamoiwvios eWvi kompaniis unarTan dakavSirebiT –

gaagrZelos uwyveti saqmianoba.

2008 wlis 29 maisi

Tbilisi, saqarTvelo

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nprnfej!lboponefcmpcjt!Tftbcbnjtbe!

sawarmos sruli dasaxeleba

saaqcio sazogadoeba "Telasi"

sawarmos mokle dasaxeleba

ss "Telasi"

saidentifikacio kodi

202052580

adgilmdebareoba

saqarTvelo q. Tbilisi

safosto misamarTi

vanis q 3

saxelmwifo registraciis

nomeri2/5-86

registraciis TariRi

21.05.1998

sakontaqto telefonebi

(995 32) 77-99-67

sakontaqto piri

omar ogbaiZe

faqsi

(995 32) 77-99-81

el. fosta

[email protected]

www.telasi.gedireqtori

iuri pimonovi

saqmianobis sfero

el. energiis ganawileba

xelmZRvanelis xelmowera

aqtivebi SeniSvna 2007 2006aTasi lari aTasi lari

grZelvadiani aqtivebi

ZiriTadi saSualebebi 9 118 078 70 233 aramaterialuri aqtivebi 10 428 412 gadavadebuli xarji-grZelvadiani nawili 11 32 168 26 345

150 674 96 991 mimdinare aqtivebi

gadavadebuli xarji-moklevadiani nawili 11 - - sagadasaxado moTxovnebi 12 - - sasaqonlo materialuri maragebi 13 10 848 9 508 moTxovnebi miwodebidan da momsaxurebidan 14 37 448 32 515 sxva moTxovnebi 15 8 367 11 631

fuladi saxsrebi da maTi eqvivalentebi 16 1 623 491

58 286 54 146

sul aqtivebi 208 960 151 137

valdebulebebi da sakuTari kapitali

sakuTari kapitali

sawesdebo kapitali 81 148 81 148 gadafasebis rezervi 42 665 -

gaunawilebeli mogeba ( daufaravi zarali) (795 298) (831 193)

sul (671 485) (750 045)

grZelvadiani valdebulebebi

grZelvadiani Tamasuqi 750 778 finansuri lizingi 29 503 grZelvadiani sesxebi 16 393 28 959

17 172 30 240

mimdinare valdebulebebi

grZelvadiani Tamasuqi- moklevadiani nawili 17 139 139

moklevadiani Tamasuqi - - moklevadiani sesxebi 17 664 175 683 406 sagadasaxado valdebulebebi 18 37 804 28 718 mowodebidan da momsaxurebidan warmoqmnili

valdebulebebi19 120 236 118 248

miRebuli avansebi 7 027 3 510 gadasaxdeli Tanxebi 20 14 678 17 653rezervebi 21 8 572 9 663 sxva mimdinare valdebulebebi 10 642 9 605

863 273 870 942

sul sakuTari kapitali da valdebulebebi 208 960 151 137


wliuri balansi 2007 wlis 31 dekembris mdgomareobiT

SeniSvnebi 2007 2006

Semosavali realizaciidan 1 197 237 173 195

realizirebuli produqciis TviTRirebuleba 2 (104 167) (99 174)

saerTo mogeba 93 070 74 021

xelfasebi, TanamSromlebze gasacemi Tanxebi,

saxelfaso fondis anaricxebi 3 (35 443) (28 675)

cveTa da amortizacia (3 937) (4 018)remonti da teqnikuri momsaxureba 4 (4 829) (3 723)

gadasaxadebi, mogebis gadasaxadis gamoklebiT 5 (7 257) (11 000)

gaufasurebis (zarali)/mogeba 6 (41 912) (12 752)rezervebi (14 725) (888)uimedo valebis Camowera (1 649) - sxva saoperacio xarjebi 7 (8 688) (9 608)

mogeba saoperacio saqmianobidan (25 370) 3 355

sxva Semosavlebi 5 063 6 482 sxva xarjebi - -

wminda finansuri Semosavlebi/ (danaxarjebi) 8 44 060 28 252

mogeba dabegvramde 23 753 38 089

mogebis gadasaxadi 11 713 17 169

mogeba dabegvris Semdeg 35 467 55 258

wminda mogeba/zarali Cveulebrivi

saqmianobidan 35 467 55 258

gansakuTrebuli muxlebi - -

saangariSo periodis wminda mogeba 35 467 55 258

Semosavali erT aqciaze 0,44 0,68

ganzavebuli Semosavali erT aqciaze


mogebisa da zaralis angariSgeba 2006 w. 31 dekembris- 2007 w. 31 dekembris periodis

(xarjebis klasifikaciis ilustrireba funqciebis mixedviT)

aTasi lari

sawesdebo

kapitali

saemisio

kapitali

gadafasebis rezervi miznobrivi

dafinanseba

akumulirebuli mogeba

(zarali)

gamosyiduli

sakuTari aqciebi

jami

aTasi lari

2005w. 31 dekemberi balansi 81 148 - - - (886 451) - (805 303)

saangariSo periodis wminda mogeba - - - - 55 258 - 55 258

2006 w. 31 dekemberi balansi81 148 - - - (831 193) - (750 045)

gadafasebis rezervis realizacia 428 428

saangariSo periodis wminda mogeba - - 42 665 - 35 467 - 78 132

2007 w. 31 dekemberi balansi81 148 - 42 665 - (795 298) - (671 485)


auditoris xelmowera

sakuTari kapitalis cvlilebebis angariSgeba

pirdapiri meTodi SeniSvna 2007 2006aTasi lari aTasi lari

fuladi saxsrebis moZraoba saoperacio saqmianobidan:

myidvelebisa da damkveTebisgan miRebuli fuladi saxsrebi 225 593 179 962 mimwodeblebze gacemuli fuladi saxsrebi (83 041) (126 143)gacemuli Sromis anazRaureba (28 214) (20 055)gadaxdili gadasaxadebi (mogebis gadasaxadis garda) (48 886) (40 878)gadaxdili mogebis gadasaxadi - - saoperacio saqmianobasTan dakavSirebuli sxva gacemebi (33 951) (20 231)wminda fuladi saxsrebi saoperacio saqmianobidan 31 501 (27 346)

fuladi saxsrebis moZraoba sainvesticio saqmianobidan:

ZiriTadi saSualebebis da aramaterialuri aqtivebis gasxviseba - - ZiriTadi saSualebebis da aramaterialuri aqtivebis SeZena (42 275) (22 668)wminda fuladi saxsrebi sainvesticio saqmianobidan (42 275) (22 668)

fuladi saxsrebis moZraoba safinanso saqmianobidan :

moklevadiani sesxebis gacema - - gacemuli moklevadiani sesxebis amoReba - - moklevadiani sesxebis aReba 76 374 80 302 moklevadiani sesxebis dafarva (59 967) (34 522)grZelvadiani sasesxo da sxva valdebulebebis dafarva - - miRebuli procentebi 46 109 gadaxdili procentebi (4 350) (2 747)safinanso saqmianobisaTvis gamoyenebuli wminda fuladi saxsrebi 12 103 43 142

valutis kursis cvlilebiT gamowveuli zrda an kleba (197) (219)

fuladi saxsrebi da maTi eqvivalentebi saangariSo periodis

dasawyisSi

16 491 7 581

fuladi saxsrebi da maTi eqvivalentebi saangariSo periodis bolos 16 1 623 491

fuladi saxsrebisa da maTi eqvivalentebis wminda zrda an kleba 1 132 (7 090)


auditoris xelmowera

fuladi saxsrebis moZraobis angariSgeba

saaRricxvo politika da axsna-ganmartebiTi SeniSvnebi

Semosavlebi realizaciidan

SeniSvna 1 2007 2006aTasi lari aTasi lari

eleqtroenergiis gayidva

mosaxleobis seqtori 100 091 86 524 komerciuli da samrewvelo seqtori 70 052 57 324

saxelmwifo seqtori 19 230 21 206 sxva 457 529

eleqtroenergiis gadacema 7 407 7 612 sxva Semosavlebi - -

197 237 173 195

Sesyiduli eleqtroenergia

SeniSvna 2

2007 2006aTasi lari aTasi lari

eleqtroenergia 87 686 98 551 eleqtroenergiis gadacema da ganawileba 16 481 623

104 167 99 174

xelfasebi, TanamSromlebze gacemuli Tanxebi da anaricxebi

SeniSvna 3

2007 2006

aTasi lari aTasi lari

xelfasi 29 469 26 349 socuzrunvelyofis xarjebi 5 375 1 701 sapensio fondis anaricxebi, sxva gadasaxadebi da

SeRavaTebi

598 625

35 443 28 675


auditoris xelmowera

saremonto samuSaoebze da teqnikur momsaxurebaze gaweuli xarjebi

SeniSvna 4


maRali da dabali Zabvis sadgurebi 3 080 1 942 sxva 1 749 1 781

4 829 3 723

gadasaxadebi, mogebis gadasaxadis garda

SeniSvna 5


dRg 6 627 7 501 qonebrivi gadasaxadi 546 485 sagzao gadasaxadi - 2 425 ekonomikuri saqmianobis gadasaxadi - 544 sxva 84 45

7 257 11 000

gaufasurebis Sedegad miRebuli zarali/(mogeba)

SeniSvna 6


uimedo da saeWvo valebi 253 9 436 sxva debitoruli davalianebebi 4 901 3 230 dasabrunebeli dRg - 86 gaufasurebis mogeba/zarali 36 758 -

41 912 12 752


auditoris xelmowera

sxva saoperacio xarjebi

SeniSvna 7


mmarTvelobiTi xarjebi - - teqnikuri xarjebi - - sawevro gadasaxadebi 496 822 komunaluri da sakomunikacio xarjebi 2 438 2 189 ijara, saofise mowyobilobis teqnikuri momsaxureba 1 175 1 446 mivlinebebi da gadazidvebi/transportireba 602 514 sxva 3 978 4 637

8 688 9 608

wminda finansuri danaxarjebi

SeniSvna 8


saprocento Semosavlebi 46 109 saprocento xarjebi:

aqcioneris mier micemuli kreditebi - - grZelvadiani dafinanseba - - grZelvadiani kreditis dafinansebis xarjebis Camowera

- - grZelvadiani Tamasuqebis diskonti - - xarjebis amortizacia grZelvadiani dafinansebis mixedviT

(lizingi) (72) (180) moklevadiani kreditebi (1 483) (1 690) sabanko komisiebi - - Tamasuqi (159) (103) grZelvadiani krediti (3 559) (1 757)

kursTa Soris sxvaobiT miRebuli (mogeba) /zarali 49 287 31 872

44 060 28 252


auditoris xelmowera

SeniSvna 9

aTasi lari

miwis

nakveTebe da

Senobebi

manqanebi da

danadgarebi

xelsawyoebi da

inventari

avto

transporti

dausrulebeli

mSenebloba

saTadarigo

nawilebijami

Rirebuleba gadafasebis Semdeg

naSTi 01.01.07 19 122 36 108 6 097 3 991 5 436 6 362 77 116 dagrovili amortizaciis da

gaufasurebis amoReba (9 147) (19 441) (2 315) (2 013) (5 035) (5 652) (43 603)

gadafasebis rezervi 32 755 15 157 1 441 1 345 - 50 698

ZiriTadi saSualebebis namati 821 19 889 665 90 13 643 25 019 60 127

aqtivebis gasvla (26) (420) (52) - (8 020) (13 643) (22 161) fizikuri daTvlis Sedeg

Camowerili aqtivebi (315) (162) (40) - - - (517)

naSTi 31.12.07 43 210 - 51 131 5 796 3 413 6 024 12 086 121 660

akumulirebuli cveTis naSTi

01.01.07 707 3 175 1 893 1 107 - - 6 882

anaricxebi gaufasurebaze 8 477 16 266 422 906 5 035 5 652 36 758 dagrovili amortizaciis da

gaufasurebis amoReba (9 147) (19 441) (2 315) (2 013) (5 035) (5 652) (43 603)

cveTis xarji wlis ganmavlobaSi 188 2 030 995 470 - - 3 683

aqtivebis gasvla - (104) (6) - - - (110) fizikuri daTvlis Sedeg

Camowerili aqtivebi - - (25) (3) - - - (28) naSTi 31.12.07 225 - 1 901 986 470 - - 3 582 narCeni Rirebuleba - naSTi 01.01.07 18 415 32 933 4 204 2 884 5 436 6 362 70 234

naSTi 31.12.07 42 985 - 49 230 4 810 2 943 6 024 12 086 118 078


auditoris xelmowera

ZiriTadi saSualebebis moZraoba

aramaterialuri aqtivebi SeniSvna 10

kompiuteruli

programebi licenziebi jami

naSTi 01.01.07 366 95 461

Sesyidvebi 271 - 271

inventarizacia - - - aramaterialuri aqtivebis realizacia/Camowera - - - gaufasureba - - - naSTi 31.12.07 637 95 732

amortizacia da gaufasurebis rezervi

akumulirebuli amortizaciis da gaufasurebis

rezervis naSTi 01.01.07 43 6 49

-

amortizaciis xarji wlis ganmavlobaSi 208 47 255

wlis ganmavlobaSi Seqmnili gaufasurebis rezervi - - - wlis ganmavlobaSi gasul aramaterialur

aqtivebze daricxuli amortizacia - - -

wlis ganmavlobaSi usasyidlod miRebul an gasul

aramaterialur aqtivebze daricxuli amortizacia - - -

naSTi 31.12.07 251 53 304

narCeni Rirebuleba

naSTi 01.01.07 323 89 412

naSTi 31.12.07 386 42 428


auditoris xelmowera

gadavadebuli xarjebi

SeniSvna 11


gadavadebuli xarjebi- mimdinare nawili - - gadavadebuli xarjebi –grZelvadiani nawili 32 168 26 345

mTliani gadavadebuli xarjebi 32 168 26 345

wlis ganmavlobaSi amortizebuli xarjebi - -


naSTi 01 ianvris mdgomareobiT 26 345 9 592

wlis ganmavlobaSi amortizebuli 5 823 16 753

naSTi 31 dekembris mdgomareobiT 32 168 26 345

sagadasaxado moTxovnebi

SeniSvna 12


misaRebi dRg - - sxva - -

- -

gaufasurebis rezervi (ix. SeniSvna 9) - -

- -

maragebi

SeniSvna 13


masalebi da saqmianobis warmoebisaTvis saWiro

momaragebis sagnebi 9 735 8 201 sxva sasaqonlo-materialuri faseulobebi 1 112 1 307

10 848 9 508


auditoris xelmowera

moTxovnebi miwodebidan

SeniSvna 14


sacxovrebeli seqtori 120 429 118 134 komerciuli da samrewvelo seqtorebi 32 719 35 077 saxelmwifos debitoruli davalianeba 14 400 60 605 sxva 3 276 3 253

170 824 217 069

gaufasurebis rezervi (133 376) (184 554)

37 448 32 515

sxva moTxovnebi

SeniSvna 15


avansebi da winaswari gadaxdebi 12 643 13 505 dakavSirebuli mxaris debitoruli davalianeba 92 240 TanamSromlebisaTvis gacemuli avansebi 5 25 sxva 254 250

12 994 14 021

gaufasurebis rezervi (4 627) (2 389)

8 367 11 631

fuladi saxsrebi da maTi ekvivalentebi SeniSvna 16


mimdinare sabanko angariSebi 44 37 salaro 1 572 312 sabanko depozitebi - 106 korporaciuli baraTebi 6 37 fuli da fuladi saxsrebis eqvivalentebi

balansis mixedviT 1 623 491

sabanko overdrafti - -

fuli da fuladi saxsrebis eqvivalentebi

fuladi saxsrebis moZraobis angariSgebis

mixedviT 1 623 491


auditoris xelmowera

moklevadiani sabanko da sxva sesxebi

SeniSvna 17


Silk Road Holding B.V.-is krediti 618 076 665 512 mTavari aqcioneris krediti 23 539 13 548 bankebis mier gamoyofili kreditebi 21 088 3 304 danarCeni kreditebi 1 144 748

663 846 683 111

daricxuli procentebi 468 434

664 314 683 545

gadasaxdeli gadasaxadebiSeniSvna 18


gadasaxdeli dRg 17 639 26 236 socialuri gadasaxadi 221 1 001 sagzao gadasaxadi 3 329 668 ararezidenti pirebis saSemosavlo gadasaxadi - - gadasaxadi pirad Semosavlebze 93 592 sxva 16 522 220

37 804 28 718


auditoris xelmowera

mowodebidan da momsaxurebidan warmoqmnili valdebulebebiSeniSvna 19


kreditoruli davalianeba 33 356 29 039 kreditoruli davalianeba – dakavSirebuli

mxareebi 86 881 89 209 saxelmwifo SeRavaTebi - -

120 236 118 248

gadasaxdeli Tanxebi SeniSvna 20


mmarTvelobiTi xarjebi 5 831 8 128 teqnikuri xarjebi 7 925 8 532 sxva 922 993

14 678 17 653

rezervebi

SeniSvna 21


rezervebi -iuridiuli saqmeebi 8 572 9 663 sxva - -

8 572 9 663


auditoris xelmowera

SeniSvna 24

2007 2006

0,44 0,68

2,29 1,47

0 0

-131% -120%

-12,1% 2,2%

18% 32%

0,07 0,06

0,05 0,05

finansuri analizi

Semosavali erT aqciaze (EPS) Semosavali erT aqciaze/brunvaSi arsebuli aqciebs

saSualo Sewonili raodenoba

aqciis sabazro fasis Sefardeba aqciaze wminda

SemosavalTan

aqciis sabazro fasi/aqciaze wnimda Semosavali

ukugeba gamoyenebul kapitalze saoperacio mogeba/saoperacio aqtivebi

mogebis marJa wminda mogeba/gayidvebi

aqciis Semosavlainoba sul wluri dividendi/aqciis sabazro Rirebuleba

savalo koeficienti sul valdebulebebi/sul sakuTari kapitali


auditoris xelmowera

mimdinare likvidurobis koeficienti mimdinare aqtivebi/mimdinare valdebulebebi

swrafi likvidurobis koeficienti mimdinare aqtivebi_maragebi/mimdinare valdebulebebi

The firm is an authorised licensee of the tradename and logo of PricewaterhouseCoopers.

Targmani inglisur enaze momzadebuli originalidan, romelic warmoadgens angariSgebis oficialur versias da aqvs upirobo prioriteti.

ss “Telasi”

finansuri angariSgebis saerTaSoriso standartebi

finansuri angariSgeba da damoukidebeli auditoris

daskvna

2007 wlis 31 dekembris mdgomareobiT


Sinaarsi damoukidebeli auditoris daskvna .................................................................................................... 1

finansuri angariSgeba

angariSgeba mogebisa da zaralis Sesaxeb ......................................................................................................... 2 balansi ........................................................................................................................................................................ 3 angariSgeba fuladi saxsrebis moZraobis Sesaxeb .......................................................................................... 4 angariSgeba sakuTar kapitalSi cvlilebebis Sesaxeb ................................................................................... 5

finansuri angariSgebis SeniSvnebi

1 Sesavali ..................................................................................................................................................................................................................................... 6 2 saqmiani garemo .................................................................................................................................................................................................................... 6 3 saaRricxvo politikis ZiriTadi principebi ....................................................................................................................................... 7 4 mniSvnelovani sabuRaltro Sefasebebi da mosazrebebi saaRricxvo politikis gatarebasTan

dakavSirebiT ...................................................................................................................................................................................................................... 16 5 axali an gadasinjuli standartebis da interpretaciebis miReba ........................................................................... 20 6 axali standartebi da interpretaciebi, romlebic jer ar aris damtkicebuli ....................................... 20 7 Semosavlebi .......................................................................................................................................................................................................................... 23 8 sxva Semosavlebi ............................................................................................................................................................................................................. 23 9 Sesyiduli eleqtroenergia ................................................................................................................................................................................. 24 10 Sromis anazRaureba da gadasaxadi xelfasze ................................................................................................................................. 24 11 rezervebi da gaufasurebis Sedegad miRebuli zarali ........................................................................................................ 25 12 sxva gadasaxadebi, mogebis gadasaxadis garda ................................................................................................................................ 25 13 sxva saoperacio xarjebi ........................................................................................................................................................................................ 26 14 finansuri Semosavlebi da xarjebi ............................................................................................................................................................. 26 15 mogebis gadasaxadi ........................................................................................................................................................................................................ 26 16 ZiriTadi saSualebebi ................................................................................................................................................................................................ 30 17 aramaterialuri aqtivebi ........................................................................................................................................................................................ 33 18 savaWro debitoruli davalianeba ................................................................................................................................................................ 35 19 sxva debitoruli davalianeba .......................................................................................................................................................................... 37 20 sasaqonlo-materialuri maragebi .................................................................................................................................................................. 38 21 fuladi saxsrebi da fuladi saxsrebis eqvivalentebi ......................................................................................................... 39 22 sakuTari kapitali ........................................................................................................................................................................................................ 39 23 kreditebi da sesxebi .................................................................................................................................................................................................. 40 24 savaWro da sxva kreditoruli davalianeba ...................................................................................................................................... 45 25 davalianeba sxva gadasaxadebze ...................................................................................................................................................................... 45 26 SefasebiTi valdebulebebi ................................................................................................................................................................................... 45 27 finansuri riskis marTva ........................................................................................................................................................................................ 46 28 finansuri instrumentebis samarTliani Rirebuleba ............................................................................................................... 52 29 finansuri instrumentebi kategoriebis mixedviT ......................................................................................................................... 52 30 valdebulebebi................................................................................................................................................................................................................... 53 31 pirobiTi valdebulebebi ........................................................................................................................................................................................ 53 32 informaciis gaxsna dakavSirebul mxareebze ................................................................................................................................... 55 33 movlenebi saangariSo TariRis Semdeg ................................................................................................................................................... 57


damoukidebeli auditoris daskvna

ss “Telasis” aqcionerebsa da direqtorTa sabWos

Cven CavatareT ss “Telasis” (Semdgom “kompania”) TandarTuli finansuri angariSgebis

auditi, romelic moicavs balanss 2007 wlis 31 dekembris mdgomareobiT ada amave wlis

dasasrulisaTvis angariSgebas mogebisa da zaralis Sesaxeb, angariSgebas sakuTar kapitalSi

cvlilebebis Sesaxeb da angariSgebas fuladi saxsrebis moZraobis Sesaxeb, agreTve ZiriTadi

saaRricxvo politikis mokle mimoxilvas da sxva ganmartebiT SeniSnvebs.

xelmZRvanelobis pasuxismgebloba finansur angariSgebaze

xelmZRvaneloba pasuxismgebelia winamdebare finansuri angariSgebis momzadebasa da

keTilsindisier wardgenaze, finansuri angariSgebis saerTaSoriso standartebis Sesabamisad.

aRniSnuli pasuxismgebloba moicavs: im Sida kontrolis SemuSavebas, danergvasa da dacvas,

romelic dakavSirebulia finansuri angariSebis momzadebasa da keTilsindisier wardgenasTan

arsebiTi damaxinjebebis gareSe, romelic ganpirobebulia TaRliTobiT an SecdomiT;

Sesabamisi saaRricxvo politikis arCevasa da gatarebas; saangariSo Sefasebebis gamoyenebas,

romlebic mocemul garemoebebSi yvelaze dasabuTebulia.

auditoris pasuxismgebloba

Cevni pasuxismgebloba mdgomareobs imaSi, rom, Cvens mier Catarebuli auditis safuZvelze,

gamovxatoT Cveni azri winamdebare finansur angariSgebasTan dakavSirebiT. auditoruli

Semowmeba ganxorcielda auditis saerTaSoriso standartebis Sesabamisad. aRniSnuli

standartebis Sesabamisad, auditi unda daigegmos da ganxorcieldes iseTnairad, rom

gvqondes gonivruli rwmena imisa, rom finansuri angariSgeba ar Seicavs mniSvnelovan

damaxinjebebs.

auditi moicavs procedurebis ganxorcielebas finansur angariSgebaSi mocemuli ricxobrivi

monacemebisa da ganmartebebis misaRebad. procedurebis SerCeva damokidebulia auditorebis

mosazrebaze, finansur angariSgebaSi mniSvnelovani damaxinjebebis arsebobis riskis Sefasebis

CaTvliT, romelic SeiZleba gamowveuli iyos TaRliTobis an Secdomis Sedegad. am riskebis

Sefasebisas auditori ganixilavs, organizaciis mier finansuri angariSgebis momzadebasa da

utyuar wardgenasTan dakavSirebul Sida kontrols imisaTvis, rom SeimuSaos mocemuli

garemoebebis Sesabamisi auditis procedurebi. amasTan, organizaciis Sida kontrolTan

dakavSirebiT, Sexedulebis gamoxatva ar warmoadgens TviTmizans. auditoruli Semowmeba,

agreTve moicavs buRaltruli aRricxvis gamoyenebuli principebisa da xelmZRvanelobis mier

ganxorcielebuli mniSvnelovani saaRricxvo Sefasebebis, aseve finansuri angariSgebis

wardgenis saerTo Sefasebas.

migvaCnia, rom Catarebuli auditoruli Semowmeba sakmaris safuZvels gvaZlevs Cveni azris

gamosaTqmelad.

daskvna

Cveni azriT, TandarTuli finansuri angariSgeba, yvela materialuri aspeqtSi, utyuarad

asaxavs kompaniis finansur mdgomareobas 2007 wlis 31 dekembris mdgomareobiT, mis finansur


Sedegebsa da fuladi saxsrebis moZraobas wlis ganmavlobaSi, finansuri angariSgebis

saerTaSoriso standartebis Sesabamisad.

ganmartebiTi nawili

Cveni azris kvalificirebis gareSe, gvsurs Tqveni yuradReba gavamaxviloT TandarTuli

finansuri angariSgebis me-4(z) SeniSvnaze, sadac ganmartebulia, rom 2007 wlis 31 dekembris

mdgomareobiT, kompaniis moklevadianma valdebulebebma gadaaWarba mis mimdinare aqtivebs

804,987 aTasi lariT. es piroba, me-4(z) SeniSvnaSi formulirebul sxva sakiTxebTan erTad,

miuTiTebs seriozuli gaurkvevlobis arsebobaze, romelmac SeiZleba gamoiwvios eWvi

kompaniis unarTan dakavSirebiT gaagrZelos uwyveti saqmianoba.

PricewaterhouseCoopers Central Asia and Caucasus Georgian Branch

2008 wlis 29 maisi

Tbilisi, saqarTvelo

ss «Telasi» angariSgeba mogebisa da zaralis Sesaxeb – 2007 wlis 31 dekemberi

TandarTuli SeniSvnebi gverdebze 10-54 Seadgens winamdebare angariSgebis ganuyofel nawils 2

aTasi lari SeniSvna 2007 2006 Semosavali realizaciidan miRebuli Semosavali 7 197,237 173,195sxva Semosavali 8 5,063 6,482 xarjebi da sxva anaricxebi Sesyiduli eleqtroenergia 9 (104,167) (99,174)Sromis anazRaureba da gadasaxadebi

xelfasze 10 (35,442) (28,675)rezervebi da gaufasurebiT miRebuli

zarali 11 (56,637) (13,640)cveTa da amortizacia (3,938) (4,018)sxva gadasaxadebi, mogebis gadasaxadis

garda 12 (7,257) (11,000)Camowerili uimedo valebi 18 (1,649) -sxva mimdinare xarjebi 13 (13,518) (13,333) ZiriTadi saqmianobidan miRebuli

zarali/mogeba (20,308) 9,837 finansuri Semosavlebi 14 49,334 31,982finansuri xarjebi 14 (5,273) (3,730) mogeba dabegvramde 23,753 38,089mogebis gadasaxadiT miRebuli sargebeli 15 11,714 17,169 wminda mogeba wlis ganmavlobaSi 35,467 55,258

damtkicebulia gasacemad da xelmowerilia direqtorTa sabWos mier 2008 wlis 29 maiss.

______________________________ _______________________

iuri pimonovi medea nadimaSvili

generaluri direqtori mTavari buRalteri

ss «Telasi» balansi – 2007 wlis 31 dekembris mdgomareobiT


aTasi lari SeniSvna 2007 wlis 31

dekemberi 2006 wlis 31

dekemberi aqtivebi grZelvadiani aqtivebi ZiriTadi saSualebebi 16 118,078 70,234aramaterialuri aqtivebi 17 428 412gadavadebuli sagadasaxado aqtivebi 15 30,355 24,867restruqturirebuli debitoruli

davalianeba 18 1,813 1,478sul grZelvadiani aqtivebi 150,674 96,991 mimdinare aqtivebi debitoruli davalianeba 18 37,448 32,515sxva davalianeba 19 8,367 11,632sasaqonlo-materialuri maragebi 20 10,848 9,508fuladi saxsrebi da fuladi

ekvivalentebi 21 1,623 491sul mimdinare aqtivebi 58,286 54,146 sul aqtivebi 208,960 151,137 sakuTari kapitali da valdebulebebi sakuTari kapitali saaqcio kapitali 22 81,148 81,148gadafasebis rezervi 42,665 -dagrovebuli zarali (795,298) (831,193)sul sakuTari kapitali (671,485) (750,045) grZelvadiani valdebulebebi kreditebi da sesxebi 23 17,172 30,240sul grZelvadiani valdebulebebi 17,172 30,240 moklevadiani valdebulebebi sabanko overdraftebi 21 1,088 1,131kreditebi da sesxebi 23 663,226 682,414kreditoruli da sxva davalianeba 24 152,582 149,017sagadasaxado davalianeba 1,354 -sxva gadasaxadebi, romlebic

eqvemdebareba gadaxdas 25 36,451 28,717rezervebi 26 8,572 9,663sul moklevadiani valdebulebebi 863,273 870,942 sul sakuTari kapitali da

valdebulebebi 208,960 151,137

ss «Telasi» angariSgeba fuladi saxsrebis moZraobis Sesaxeb – 2007 wlis 31 dekemberi


aTasi lari 2007 2006 fuladi saxsrebis moZraoba ZiriTadi saqmianobidan momxmareblebisgan miRebuli fuladi saxsrebi 225,593 179,962Sesyidul energiaze gadaxdili fuladi saxsrebi (83,041) (126,143)TanamSromelTaTvis gadaxdili fuladi saxsrebi (28,214) (20,055)gadaxdili procentebi (4,350) (2,747)miRebuli procentebi 46 109gadasaxadebi, mogebis gadaxdili gadasaxadis garda (48,886) (40,878)remontisa da teqnikuri momsaxurebisaTvis gaRebuli

xarjebi (3,856) (2,382)sxva gadaxdili xarjebi (30,095) (17,849)wminda fuladi saxsrebi ZiriTadi

saqmianobidan/(gamoyenebuli ZiriTad saqmianobaSi) 27,197 (29,983) fuladi saxsrebis moZraoba sainvesticio

saqmianobidan ZiriTadi kapitalisa da aramaterialuri aqtivebis

SeZena (42,275) (22,668)sainvesticio saqmianobaSi gamoyenebuli wminda

fuladi saxsrebi (42,275) (22,668) fuladi saxsrebis moZraoba finansuri saqmianobidan Senatanebi kreditebidan da sesxebidan 76,374 80,302valebis dafarva (59,967) (34,522)wminda fuladi saxsrebi finansuri saqmianobidan 16,407 45,780 savaluto kursis ryevis gavlena fulad saxsrebsa da

maT ekvivalentebze (197) (219) fuladi saxsrebisa da maT ekvivalentebis wminda

namati 1,132 (7,090) fuladi saxsrebi da maTi ekvivalentebi wlis

dasawyisSi 491 7,581 fuladi saxsrebi da maTi ekvivalentebi wlis bolos 1,623 491

ss «Telasi» angarSgeba sakuTar kapitalSi cvlilebebis Sesaxeb – 2007 wlis 31 dekemberi


aTasi lari

saaqcio

kapitali

gadafasebis

rezervi

dagrovili

danakargebi sul balansi 2005 wlis 31 dekembris

mdgomareobiT 81,148 - (886,451) (805,303) wlis wminda mogeba - - 55,258 55,258 balansi 2006 wlis 31 dekembris

mdgomareobiT 81,148 - (831,193) (750,045) wlis wminda mogeba - - 35,467 35,457 ZiriTadi saSualebebi - gadafaseba - 43,093 - 43,093- gadafasebis Sesabamisad realizebuli rezervi - (428) 428 - balansi 2007 wlis 31 dekembris

mdgomareobiT 81,148 42,665 (795,298) (671,485)

ss «Telasi» finansuri angariSgebis SeniSvnebi – 2007 w. 31 dekemberi


1 Sesavali

ss “Telasi” (Semdgom “kompania”) aris qarTuli saaqcio sazogadoeba, “mewarmeTa Sesaxeb”

saqarTvelos kanonis gansazRvrebis Tanaxmad. kompania daarsda 1937 wels saxelmwifo

sawarmos saxiT. 1998 wels ganxorcielda kompaniis privatizacia da gardaqmna saaqcio

sazogadoebad, “saaqcio sazogadoeba “Telasis” yvela aqciis samocdaTxuTmeti procentis

(75%) nasyidobis xelSekrulebis” Tanaxmad, romelic daido 1998 wlis 21 dekembers

saqarTvelos mTavrobis, saxelmwifo qonebis marTvis saministros saxiT, da Silk Road Holdings B.V.–s Soris.

2003 wlis agvistoSi ZiriTadma mflobelma - Silk Road Holdings B.V., korporacia AES, mihyida Tavisi aqciebis 100% Silk Road Holdings B.V.-Si SezRuduli pasuxismgeblobis finur

kompanias RAO Nordic OY-s, romelsac mTlianad flobs ruseTSi dafuZnebuli saaqcio

sazogadoeba “inter rao ees”-i.

uSualo saTao kompania aris Silk Road Holdings B.V., xolo ZiriTadi mflobelia – rao ees

ruseTi (“ZiriTadi aqcioneri”). ZiriTadi aqcioneris kontrols axorcielebs ruseTis

federaciis mTavroba.

kompanias mTlianad akontroleben rao ees-is jgufis wevrebi (“aqcionerTa jgufi”). kompaniis

ZiriTadi dafinanseba Semodis, xolo sakredito riskebi exeba aqcionerTa aRniSnul jgufs.

aRniSnulis Sedegad kompania damokidebulia aqcionerTa jgufze. garda amisa, kompaniis

saqmianoba mWidrod aris dakavSirebuli aqcionerTa jgufis moTxovnebTan. operaciebi

“dakavSirebul mxareTa Soris” – aqcionerTa jgufTan – moyvanilia SeniSvnaSi 32.

kompaniis registrirebuli ofisi mdebareobs vanis q. 3, Tbilisi 0154, saqarTvelo. kompaniis

saqmianobis ZiriTadi saxeobaa eleqtroenergiis Sesyidva da ganawileba sayofacxovrebo da

samrewvelo momxmareblebze TbilisSi, saqarTvelo.

kompaniis TanamSromelTa raodenoba, 2007 wlis 31 dekembris mdgomareobiT, Seadgens 2,206

(2006: 2,200).

direqtorTa sabWo uflebamosilia Seitanos cvlilebebi finansur angariSSi misi gamocemis

Semdeg.

2 saqmiani garemo

kompania ZiriTad biznes-saqmianobas axorcielebs saqarTvelos farglebSi. gasuli wlebis

ganmavlobaSi saqarTvelos biznes-garemoSi aRiniSna gaumjobesebis niSnebi, magram misTvis jer

kidev damaxasiaTebelia ganviTarebadi bazris garkveuli Tvisebebi, maT Soris – valutis

arseboba, romelic ar aris konvertirebadi qveynebis umetesobaSi saqarTvelos farglebs

gareT, SedarebiT maRali inflacia da stabiluri ekonomikuri zrda. sagadasaxado, sabaJo

kanonmdeblobaSi, buRaltruli aRricxvis da angariSgebis sferos CaTvliT, daSvebulia

sxvadasxvagvari interpretaciis SesaZlebloba, xolo aRniSnuli kanonmdebloba Seicavs

araerTmniSvnelovan debulebebs.

saqarTveloSi momavali ekonomikuri stabilurobis perspeqtivebi mniSvnelovanwilad

damokidebulia mTavrobis mier gatarebuli ekonomikuri zomebis efeqturobaze, samarTlebriv,

maregulirebel da politikur ganviTarebasTan erTad, romelic ar eqvemdebareba kompaniis

kontrols.

ganviTarebadi bazrebisaTvis damaxasiaTebelma, ekonomikuri xasiaTis xangrZlivma sirTuleebma

SeiZleba uaryofiTi gavlena iqonios saqarTveloSi kompaniis finansur mdgomareobasa da

momaval saqmianobaze. xelmZRvanelobas ar ZaluZs winaswar gamoicnos ekonomikuri



2 saqmiani garemo (gagrZeleba)

sirTuleebis arc moculoba da xangrZlivoba, arc zemoqmedebis xarisxi, arsebobis

SemTxvevaSi, winamdebare finansur angariSgebaze.

axlo warsulSi globaluri finansuri bazrebis arastabiluroba

2007 wlis meore naxevridan dawyebuli, aSS-is saipoTeko bazrebze dafiqsirda dagiravebuli

qonebis gamsesxeblis sakuTrebaSi gadasvlis mkveTri zrda. Sedegebi gavrcelda aSS-is

sacxovrebeli saxlebis bazris gareT, vinaidan globalurma investorebma xelaxla Seafases

sakuTari midrekileba riskebisadmi, romlebic iwvevs mudmivi Semosavlebis, sakuTari

kapitalis, warmoebuli fasiani qaRaldebis bazris gazrdil arastabilurobas da dabal

likvidurobas.

aseTma garemoebebma SeiZleba gavlena iqonios kompaniis SesaZleblobaze miiRos axali sesxebi

da xelaxla daafinansos arsebuli sesxebi iseTi pirobebiT, romlebic gamoyenebuli iyo

bolo tranzaqciebisaTvis.

dabali likvidurobis mdgomareobam SeiZleba, aseve gavlena iqonios kompaniis debitorebze,

rasac, Tavis mxriv, SeuZlia zemoqmedeba moaxdinos maT SesaZleblobaze daabrunon vali.

xelmZRvanelobas ar SeuZlia utyuarad Seafasos finansuri bazrebis likvidurobis nebismieri

Semdgomi gauaresebis zemoqmedeba kompaniis finansur mdgomareobaze.

3 saaRricxvo politikis ZiriTadi principebi

(a) momzadebis safuZveli

winamdebare finansuri angariSi momzadebulia finansuri angariSgebis saerTaSoriso

standartebis (IFRS) Sesabamisad, sawyisi Rirebulebis meTodis Tanaxmad, ZiriTadi

saSualebebis gamoklebiT, romlebic savaraudo Rirebulebis gansazRvris mizniT, xelmeored

iqna Sefasebuli IFRS-is miRebis nawilSi pirvelad 2005 wlis 1 ianvris mdgomareobiT.

ZiriTadi saaRricxvo politika, romelic gamoyenebulia winamdebare finansuri angariSgebis

momzadebisas, moyvanilia qvemoT. es meTodika gamoyenebuli iyo Tanmimdevrulad yvela

warmodgenili periodisaTvis, Tu sawinaaRmdego ar aris daTqmuli (ixileT am SeniSnvis

qvepunqti (d), saaRricxvo politikaSi ZiriTad saSualebebTan dakavSirebuli cvlilebebis

mimarT). (b) funqcionaluri valuta da angariSgebis valuta

saqarTvelos erovnuli valutaa lari, romelic kompaniis funqcionaluri valutaa da,

amasTan, valuta, romelSic warmodgenilia winamdebare finansuri angariSgeba IFRS-is Sesabamisad. larSi warmodgenili mTeli finansuri informacia damrgvalebulia uaxloes

aTasamde. (c) ucxouri valuta

fuladi aqtivebi da valdebulebebi, romlebic gamoxatulia ucxour valutaSi gadaiTvleba

larSi saqarTvelos erovnuli bankis mier dadgenili gacvlis oficialuri kursis

Sesabamisad balansis TariRisaTvis. angariSgeba ucxour valutaSi ganxorcielebuli



operaciebis Sesabamisad warmodgenilia gacvlis oficialuri kursiT, romelic dadgenilia

operaciis ganxorcielebis TariRisaTvis. arafuladi aqtivebi da valdebulebebi, romlebic 3 saaRricxvo politigis ZiriTadi principebi (gagrZeleba)

gamoxatulia ucxour valutaSi da asaxulia sawyisi RirebulebiT, gadaiTvleba larSi

gacvlis kursis Sesabamisad, romelic moqmedebs tranzaqciis ganxorcielebis TariRisaTvis.

arafuladi aqtivebi da valdebulebebi, romlebic gamoxatulia ucxour valutaSi da

asaxulia samarTliani Rirebulebis Sesabamisad, gadaiTvleba larSi gacvlis kursis

Sesabamisad, romelic moqmedebs samarTliani Rirebulebis gansazRvris TariRisaTvis. mogeba

da zarali, romlebic gamomdinareobs aseTi garigebebis dadebidan da ucxour valutaSi

gamoxatuli fuladi aqtivebis da valdebulebebis gacvlisas, aRiarebulia angariSSi mogebisa

da zaralis Sesaxeb.

2007 wlis 31 dekembris mdgomareobiT, saqarTvelos erovnuli bankis mier dadgenili

gacvlis oficialuri kursi Seadgenda: 1 aSS dolari = 1.5916 lars da 1 evro = 2.3315

lars (2006 wels: 1 aSS dolari = 1.7135 lars da 1 evro = 2.2562 lars). amJamad, lari

ar warmoadgens Tavisuflad konvertirebad valutas qveynebis umravlesobaSi saqarTvelos

gareT.

(d) ZiriTadi saSualebebi

I. sakuTari aqtivebi

2007 wlis 1 ianvramde ZiriTadi saSualebebi asaxuli iyo narCeni Rirebulebis Sesabamisad,

gaufasurebiT miRebuli zaralis gamoklebiT. savaraudo Rirebuleba Tavidan dadgenili iyo

mesame pirebis Sefasebis Sesabamisad, 2005 wlis 1 ianvris mdgomareobiT. Tanxebi, romlebic

ganisazRvra mesame pirebis SefasebiT, warmoadgenda amortizaciis Semdeg aqtivis

Casancvleblad gaRebuli xarjebis Sefasebas. Sefaseba mesame pirebis mier ganxorcielda

Rirebulebis gansazRvrisaTvis safuZvelis dadgenis mizniT, vinaidan, istoriuli saaRricxvo

Canawerebi ZiriTadi saSualebebis Sesaxeb, IAS-is 29 me-16 punqtis Sesabamisad, ar arsebobda. Sedegad, mesame pirebis mier ganxorcielebuli es Sefaseba ar warmoadgenda periodul

damaxasiaTebel Tvisebas, radgan gankuTvnili iyo ZiriTadi saSualebebis sawyisi Rirebulebis

safuZvelis dasadgenad maSin, rodesac kompanias 2007 wlis 1 ianvramde jer kidev ar hqonda

miRebuli politika gadafasebasTan dakavSirebiT, Rirebulebis Semdgomi gansazRvris

safuZvelze. angariSis yoveli TariRisaTvis xelmZRvaneloba afasebda ZiriTadi saSualebebis

gaufasurebis raime niSanis arsebobas. aseTi niSnis arsebobis SemTxvevaSi, xelmZRvaneloba

axorcielebda Canacvlebis Rirebulebis gansazRvras, romelic ganisazRvreboda aqtivis

yvelaze maRali samarTliani Rirebulebis saxiT, gasayidad gaRebuli xarjebis da gamoyenebaSi

faseulobis gamoklebiT. sabalanso Rirebuleba Semcirebul iqna anazRaurebad Rirebulebamde,

xolo gansxvaveba ki aisaxa xarjis (gaufasurebiT miRebuli zaralis) saxiT angariSSi

mogebisa da zaralis Sesaxeb. wina wlebSi gaufasurebis Sedegad miRebuli aRiarebuli

zarali, reversirebuli iqneboda im Sefasebis cvlilebis SemTxvevaSi, romelic gamoyenebuli

iyo aqtivis Cancvlebis Rirebulebis gansazRvrisas.

2007 wlis 1 ianvridan kompaniam Secvala Tavisi saaRricxvo politika im ZiriTad

saSualebebTan dakavSirebiT, romlebic amJamad moyvanilia gadafasebul RirebulebaSi.

gadafasebis Sedegad Rirebulebis zrda aRiarebulia uSualod ZiriTadi saSualebebis

gadafasebis rezervSi, odenobiT, romelic ar aWarbebs Rirebulebis wina Semcirebas an

Rirebulebis Semcirebis Sedegad miRebul zarals da romelic asaxulia angariSSi mogebisa

da zaralis Sesaxeb. Rirebulebis Semcireba aRiarebulia angariSSi mogebisa da zaralis

Sesaxeb im odenobiT, romelic ar aWarbebs sakuTar kapitalSi asaxul Rirebulebis wina

zrdas, romelic aseT SemTxvevaSi aisaxeba uSualod sakuTar kapitalSi. gadafasebis



TariRisaTvis nebismieri dagrovili amortizaciis likvidacia xorcieldeba aqtivis mTliani

Tanxis xarjze, xolo wminda naSTis dadgena xelaxla xorcieldeba aqtivis gadafasebuli 3 saaRricxvo politigis ZiriTadi principebi (gagrZeleba)

Tanxis Sesabamisad. aqtivis Camoweris dros, gadafasebiT miRebuli nameti gadaaqvT

gaunawilebel mogebaSi.

ZiriTadi saSualebebi eqvemdebareba gadafasebas regularul safuZvleze. gadafasebis sixSire

damokidebulia im aqtivis samarTliani Rirebulebis cvalebadobaze, romelic eqvemdebareba

gadafasebas. rodesac ZiriTadi saSualebebis obieqti Sedgeba arsebiTi komponentebisgan,

romelTac sasargeblo gamoyenebis sxvadasxva vada aqvs, angariSgeba aseTi komponentebis

Sesabamisad warmoebs, rogorc ZiriTadi saSualebebis calke obieqtebis Sesabamisad.

kompania, ZiriTad saSualebebTan dakavSirebiT, gadavadebuli sagadasaxado valdebulebebis

daricxvas axorcielebs uSualod sakuTar kapitalze. II. arendis saSualebiT SeZenili aqtivebi

arendis, romlis Sesabamisadac kompania Tavis Tavze iRebs arsebiTad yvela risks da

sakuTrebis flobis Sedegad miRebul sargebels, klasificireba xorcieldeba finansuri

arendis saxiT. finansuri arendis saSualebiT SeZenili manqanebisa da mowyobilobebis

aRiareba xdeba TanxiT, romelic tolia maTi samarTliani Rirebulebidan umciresis da

minimaluri saarendo gadaxdis realuri Rirebulebis, dagrovili amortizaciis da

gaufasurebiT miRebuli zaralis gamoklebiT.

III. Semdgomi xarjebi

ZiriTadi saSualebebis obieqtis komponentis, romelTan dakavSirebiTac angariSgeba calke

iwarmoeba, Secvlisas gaRebuli xarjebis kapitalizacia xorcieldeba Camosaweri komponentis

sabalanso RirebulebasTan erTad. Semdgomi xarjebis kapitalizacia xorcieldeba im

SemTxvevaSi, Tu aseTi xarjebidan momavalSi warmoiqmneba ekonomikuri sargebeli. yvela sxva

danarCeni xarjis, mcire remontsa da teqnikur momsaxurebaze gaRebuli xarjebis CaTvliT,

aRiareba xdeba angarSSi mogebasa da zaralis Sesaxeb gaRebuli xarjebis saxiT.

IV. amortizacia

amortizaciis aRiareba xorcieldeba angariSSi mogebasa da zaralis Sesaxeb individualuri

aqtivebis sasargeblo gamoyenebis vadaze Tanabari daricxvis meTodis gamoyenebiT. aqtivis

amortizacia iwyeba, rodesac igi gamosayeneblad xelmisawvdomi xdeba. miwis amortizacia ar

xorcieldeba.

qvemoT moyvanilia sxvadasxva obieqtebis sasargeblo gamoyenebis savaraudo vada: • miwis nakveTebi da Senobebi 50 wlamde • manqanebi da mowyobilobebi 15-dan 30 wlamde • sakuTno da inventari 5-dan 15 wlamde • avtosatransporto saSualebebi 5 weli

(e) aramaterialuri aqtivebi



kompaniis mier SeZenili SezRuduli sasargeblo sicocxlis mqone aramaterialuri aqtivebi

aisaxeba TviTRirebulebis Sesabamisad, dagrovebuli amortizaciis gamoklebiT. gaufasurebis

SemTxvevaSi, aramaterialuri aqtivebis sabalanso Rirebuleba Camoweril unda iqnes

3 saaRricxvo politigis ZiriTadi principebi (gagrZeleba)

gamoyenebaSi umcires faseulobamde da samarTlian Rirebulebamde, gasayidad gaRebuli

xarjebis gamoklebiT.

aramaterialuri aqtivebis amortizacia xorcieldeba sasargeblo gamoyenebis vadaze Tanabari

daricxvis meTodis saSualebiTYim TariRidan, rodesac aqtivi gamosayeneblad xelmisawvdomi

gaxda. qvemoT naCvenebia sasargeblo gamoyenebis savaraudo vadebi: • kompiuteruli programebi 10 weli • licenziebi 10 weli

(f) sasaqonlo-materialuri maragebi

sasaqonlo-materialuri maragebi aisaxeba TviTRirebulebidan umciresis da realizaciis

SesaZlo wminda Rirebulebis Sesabamisad. realizaciis SesaZlo wminda Rirebuleba

warmoadgens gayidvis savaraudo fass saqmianobis normalur pirobebSi, samuSaoebis

dasrulebaze savaraudo danaxarjebis da gasayidad gaRebuli xarjebis gamoklebiT.

maragebis Rirebuleba ganisazRvreba saSualoSewonili Rirebulebis meTodis Sesabamisad da

moicavs maTi SeZenisas, miwodebisas da arsebul mdgomareobamde dayvanisas gaRebul xarjebs.

(g) savaWro debitoruli davalianeba da sxva debitoruli davalianeba

savaWro debitoruli davalianeba aisaxeba, damatebuli Rirebulebis gadasaxadis

gaTvaliswinebiT. savaWro debitoruli davalianeba da sxva debitoruli davalianeba Tavidan

aisaxeba, rogorc samarTliani Rirebuleba da Semdgom gaizomeba amortizebuli Rirebulebis

Sesabamisad efeqturi saprocento ganakveTis meTodis gamoyenebiT, gaufasurebis rezervis

gamoklebiT. uimedo davalianebisaTvis aseTi rezervi dgindeba im SemTxvevaSi, Tu arsebobis

obieqturi safuZveli imisaTvis, rom kompaniam ver SeZlo Seegrovebina yvela kuTvnili Tanxa,

debitoruli davalianebis sawyisi pirobebis gamo.

mevalis mniSvnelovani finansuri sirTuleebi da valis gadaxdaze uari, an aradrouli

gadaxda (15 da meti dRis dagvianebiT) ganixileba, rogorc maCvenebeli imisa, rom

debitoruli davalianeba gaufasurda. rezervis odenoba aris gansxvaveba aqtivis sabalanso

Rirebulebasa da im savaraudo momavali fuladi nakadis mimdinare Rirebulebas Soris,

romelic diskontirebulia saeWvo valebis rezervis gamoyenebiT, xolo zaralis odenoba

aisaxeba angariSSi mogebisa da zaralis Sesaxeb.

rodesac debitoruli davalianeba uimedoa, igi unda Camoiweros debtoruli da sxva

davalianebisaTvis saeWvo valebis rezervis xarjze. adre Camowerili debitoruli

davalianebis Semdgomi anazRaureba aisaxeba angariSSi mogebisa da zaralis Sesaxeb.

(h) fuladi saxsrebi da maTi eqvivalentebi

fuladi saxsrebi da maTi ekvivalentebi moicavs naRd fulad saxsrebs da sabanko angariSebze

arsebul fulad saxsrebs, romlebic eqvemdebareba moTxovnisTanave gadaxdas, an aqvs sam Tveze



naklebi dafarvis sawyisi vada. fuladi saxsrebisa da maTi ekvivalentebis Sefaseba

xorcieldeba amortizebuli Rirebulebis Sesabamisad efeqturi saprocento ganakveTis

meTodis gamoyenebiT.

3 saaRricxvo politigis ZiriTadi principebi (gagrZeleba) (i) ZiriTadi saSualebebis da aramaterialuri aqtivebis gaufasureba

kompania ZiriTadi saSualebebisa da aramaterialuri aqtivebis (kompiuteruli programebisa

da gamoyenebis SezRuduli vadis mqone licenziebis CaTvliT) sabalanso Rirebulebis

gadasinjvas axorcielebs sabalanso angariSis yoveli TariRiT, maTi gaufasurebis niSnebis

gamovlenis mizniT. aseTi niSnebis arsebobis SemTxvevaSi, xorcieldeba aqtivebis Canacvlebis

Rirebulebis Sefaseba.

gaufasurebiT miyenebuli zaralis aRiareba xdeba im SemTxvevaSi, rodesac aqtivis an

magenerirebeli erTeulis sabalanso Rirebuleba metia anazRaurebad Rirebulebaze.

gaufasurebiT miyenebuli zaralis asaxva xorcieldeba angariSSi mogebisa da zaralis Sesaxeb.

aqtivis Canacvlebis Rirebulebis gaangariSeba

ZiriTadi saSualebebisa da aramaterialuri aqtivebis Canacvlebis Rirebuleba warmoadgens

maTi samarTliani Rirebulebebidan udidess, realizaciis Rirebulebisa da gamoyenebaSi

faseulobis gamoklebiT. gamoyenebaSi faseulobis Sefasebisas xorcieldeba fuladi saxsrebis

mosalodneli nakadebis diskontireba maT realur Rirebulebamde gadasaxadebis gadaxdamde

diskontirebis ganakveTis gamoyenebiT, romelic asaxavs fulis droebiTi Rirebulebis

mimdinare sabazro Sefasebebs da riskebs, romlebic damaxasiaTebelia mocemuli aqtivisaTvis.

im SemTxevaSi, rodesac aqtivi ar axdens fuladi saxsrebis modinebis generirebas sxva

aqtivebisagan damoukideblad, Canacvlebis Rirebulebis gansazRvra xorcieldeba

magenerirebeli erTeulisaTvis, romelSic Sedis aRniSnuli aqtivi.

gaufasurebis Sedegad miRebuli zaralis reversireba

im SefasebebSi cvlilebebis SemTxvevaSi, romlebic ganapirobebs Canacvlebis Rirebulebis

gazrdas, gaufasurebis Sedegad miyenebuli zaralis reversireba xorcieldeba moculobiT,

romlis arsebobisas aqtivis sabalanso Rirebuleba ar aWarbebs sabalanso Rirebulebas,

romelic gansazRvrul iqna cveTisa da amortizaciis gamoklebiT im pirobiT, rom

gaufasurebis Sedegad miyenebuli zarali adre ar iyo aRiarebuli.

(j) kreditebi da sesxebi

kreditebisa da sesxebis asaxva pirvelad xorcieldeba maTi samarTliani Rirebulebis

Sesabamisad, xarjebis gamoklebiT, romelic gaRebul iqna operaciis Catarebisas. samarTliani

Rirebulebis gansazRvra xorcieldeba cnobili sabazro saprocento ganakveTis gamoyenebiT

amgvari instrumentisaTvis. sawyisi aRiarebis Semdeg kreditebi da sesxebi aisaxeba

amortizebuli Rirebulebis Sesabamisad efeqturi saprocento ganakveTis meTodis gamoyenebiT.

amasTan, sxvaoba pirvelad aRiarebul Tanxasa da dafarvis Tanxas Soris aisaxeba angariSSi

mogebisa da zaralis Sesaxeb saprocento xarjebis saxiT kreditebis mTeli vadis

ganmavlobaSi.

mTavrobisagan nulovani an dabali saprocento ganakveTiT miRebuli sesxebi warmoadgens

samTavrobo daxmarebis formas, magram sargebelis gansazRvra ar xorcieldeba procentis

daricxviT.



(k) saxelmwifo sapensio fondi

Tavis Cveuli saqmianobis ganxorcielebisas kompania Tavisi TanamSromlebis saxeliT ixdis

Senatanebs saqarTvelos saxelmwifo sapensio fondSi. sapensio uzrunvelyofis samTavrobo 3 saaRricxvo politigis ZiriTadi principebi (gagrZeleba)

programaSi savaldebulo Senatanebis amoReba xorcieldeba aseTi valdebulebis arsebobis

SemTxvevaSi.

(l) finansuri aqtivebi

kompania Tavisi finansuri saxsrebis klasificirebas axorcielebs Semdeg kategoriebSi:

kreditebi da debitoruli davalianeba, samarTliani Rirebulebis Sesabamisad uSualod

mogebidan da zaralidan, xelmisawvdomia gasayidad da SeCerebulia dafarvamde. klasifikacia

damokidebulia im mizanze, romlisTvisac SeZenil iqna finansuri saxsrebi. menejmenti Tavisi

finansuri saxsrebis klasifikacias gansazRvravs sawyisi aRiarebis Tanaxmad. a) sesxebi da debitoruli davalianeba

sesxebi da debitoruli davalianeba warmowadgens arawarmoebul finansur aqtivebs

fiqsirebuli an gansasazRvri gadaxdebiT, romlebic ar aris kotirebuli aqtiur bazarze.

isini aisaxeba mimdinare aqtivebSi, maT garda, romelTa gadaxdis vada metia 12 Tveze

sabalanso angariSis TariRis Semdeg. isini klasificirebulia arasabrunavi aqtivebis saxiT.

kompaniis sesxebi da debitoruli davalianeba Seicavs savaWro debitorul davalianebas da

sxva davalianebas, fulad saxsrebs da fuladi saxsrebis ekvivalentebs, romlebic sabalanso

angariSis mixedviT eqvemdebareba dakavSirebul mxareTa mier gadaxdas. finansuri

instrumentebis klasifikaciisaTvis kategoriebis Sesabamisad ixileT SeniSnva 29. b) finansuri aqtivebi, romelTa Sefaseba xorcieldeba samarTliani Rirebulebis Sesabamisad mogebidan da zaralidan

finansuri aqtivebi, romelTa Sefaseba xorcieldeba samarTliani Rirebulebis Sesabamisad

mogebidan da zaralidan, warmoadgens finansur saxsrebs, romlebic SeCerebulia savaWrod.

finansuri aqtivis klasificireba am kategoriaSi xorcieldeba misi SeZenis SemTxvevaSi,

umTavresad moklevadian perspeqtivaSi gasayidad. warmoebuli finansuri instrumentebi aseve

klasificirdeba, rogorc SeCerebuli savaWrod im SemTxvevaSi, rodesac ar aris

gansazRvruli xejirebis instrumentis saxiT. am kategoriaSi aqtivebis klasificireba

xorcieldeba sabrunavi aqtivebis saxiT. kompania saangariSo periodis ganmavlobaSi ar

flobda raime finansur aqtivebs, romelTa Sefaseba xorcieldeba samarTliani Rirebulebis

Sesabamisad mogebidan da zaralidan. g) dafarvamde SeCerebuli investiciebi

dafarvamde SeCerebuli investiciebis klasifikacia moicavs kotirebul arawarmoebul

finansur saxsrebs fiqsirebuli an dadgenili fuladi SemosavlebiT da gadaxdis dadgenili

vadebiT, romelTa SeCerebas kompania apirebs da SeuZlia dafarvamde. saangariSo periodis

ganmavlobaSi kompanias ar hqonda gankargulebaSi raime dafarvamde SeCerebuli investicia. d) gasayidad xelmisawvdomi finansuri aqtivebi

yvela sxva finansuri saxsrebi Setanilia kategoriaSi “xelmisawvdomia gasayidad”.

(m) finansuri instrumentebis sawyisi aRiareba



savaWro investiciebi pirvelad aisaxeba samarTliani Rirebulebis Sesabamisad. xolo yvela

sxva finansuri aqtivi da valdebuleba – samarTliani Rirebulebis Sesabamisad plus

saoperacio danaxarjebi. garigebis fasi samarTliani Rirebulebis saukeTeso damowmebaa misi

sawyisi aRiarebisas. sawyisi aRiarebisas mogeba da zarali fiqsirdeba mxolod sxvaobis

arsebobis SemTxvevaSi samarTlian Rirebulebasa da garigebis fass Soris, romelic SeiZleba

dadasturdes msgavsi insturmentTan dakavSirebiT mimdinare sabazro operaciebidan 3 saaRricxvo politigis ZiriTadi principebi (gagrZeleba)

gamomdinare, an Rirebulebis gansazRvris meTodis saSualebiT, romlis moTxovnebi

iTvaliswinebs monacemTa aRricxvas mxolod im bazrebidan, romlebic dakvirvebis obieqtia.

finansuri aqtivebis yvela SeZena da gayidva, romlebic moiTxovs miwodebas debulebiT an

sabazro xelSekrulebiT (“Cveulebrivi garigebebi” yidva-gayidvasTan dakavSirebiT)

gaTvaliswinebul drois intervalSi, registrirdeba garigebis TariRiT, romelic aris

kompaniis mier finansuri aqtivebis miwodebasTan dakavSirebuli valdebulebis aRebis TariRi.

yvela sxva Sesyidva da gayidva aisaxeba saangariSsworebo TariRiT, Rirebulebis cvlilebiT

valdebulebis aRebis TariRs da angariSsworebis TariRs Soris periodSi, romlis aRiareba

ar xdeba Rirebulebis an amortizebuli Rirebulebis Sesabamisad dafiqsirebuli

aqtivebisaTvis; savaWro investiciebisaTvis Seitaneba mogebasa da zaralSi; aisaxeba sakuTar

kapitalSi aqtivebisaTvis, romlebic klasificirebulia “gasayidad xelmisawvdomis” saxiT.

(n) finansuri aqtivebis aRiarebis Sewyveta

kompania wyvets finansuri aqtivebis aRiarebas im SemTxvevaSi, Tu (I) finansuri aqtivebi

gamosyidulia, an finansuri aqtivis Sesabamisad iwureba fuladi saxsrebis nakadebis

moTxovnaze saxelSekrulebo uflebebis vada, an (II) kompaniam gadasca yvela riskisa da

finansuri aqtivis flobasTan dakavSirebuli sargebelis mniSvnelovani nawili, an (III)

kompaniam arc gadasca da arc SeinarCuna yvela riskisa da finansuri aqtivis flobasTan

dakavSirebuli sargebelis mniSvnelovani nawili da amasTan, ar SeinarCuna kontroli.

kontrolis SenarCuneba xdeba im SemTxvevaSi, Tu meore mxares, gayidvaze Sezrudvebis

dawesebis aucileblobis gareSe, ar gaaCnia praqtikuli SesaZlebloba mTlianad mihyidos

aqtivi aradakavSirebul mesame mxares.

(o) SefasebiTi valdebulebebi

SefasebiTi valdebulebis aRiareba xorcieldeba sabuRaltro balansSi, rodesac, warsuli

movlenis Sedegad, kompanias aqvs iuridiuli an dakisrebuli valdebuleba da ekonomikuri

sargebelis gadineba savaraudoa. Tu zegavlena arsebiTia, SefasebiTi valdebulebebis sidide

ganisazRvreba fuladi saxsrebis mosalodneli nakadebis diskontirebiT dabegvramde arsebuli

ganakveTis gamoyenebiT, romelic asaxavs fulis droebiTi Rirebulebis mimdinare sabazro

fass da, aucileblobis SemTxvevaSi, am valdebulebis damaxasiaTebel riskebs. (p) savaWro kreditoruli davalianeba da sxva kreditoruli davalianeba

kreditoruli davalianeba pirvelad izomeba samarTliani Rirebulebis Sesabamisad da aisaxeba

damatebuli Rirebulebis gadasaxadis gaTvaliswinebiT.

(q) mogebis gadasaxadi

mogebis gadasaxadebi aisaxeba, sabalanso angariSis TariRisaTvis miRebuli an arsebiTad

miRebuli saqarTvelos kanonmdeblobis Sesabamisad. mogebis gadasaxadi Seicavs mimdinare

gadasaxads da mogebis gadavadebul gadasaxads da aisaxeba angariSSi mogebisa da zaralis

Sesaxeb, im SemTxvevebis garda, rodesac igi Seexeba sakuTari kapitalis SemadgenlobaSi

asaxul muxlebs imis gamo, rom Seexeba operaciebs, romlebic aseve aRiarebulia imave an sxva

periodSi uSualod sakuTari kapitalis SemadgenlobaSi.



mogebis mimdinare gadasaxadi warmoadgens sagadasaxado organoebisaTvis gadasaxdel an maT

mier dasabrunebel Tanxas, romliTac ibegreba mimdinare an wina periodis mogeba. dasabegri

mogeba dafuZnebulia gaangariSebaze, Tu finansuri angariSebi oficialurad miRebulia

Sesabamisi sagadasaxado deklaraciis wardgenamde. sxva gadasaxadebi asaxulia saeqspluatacio

xarjebSi. 3 saaRricxvo politigis ZiriTadi principebi (gagrZeleba)

mogebis gadavadebuli gadasaxadis daricxva xorcieldeba valdebulebebis aRricxvis

sabalanso meTodis gamoyenebiT asaxvisaTvis finansuri angariSgebis, droebiTi gansxvavebis,

romelic warmoiqmneba aqtivebis sagadasaxado bazis, valdebulebebs da maT sabalanso

Rirebulebas Soris, miznebisaTvis. gadavadebuli sagadasaxado aqtivebi aRiricxeba im

odenobiT, romliTac arsebobs im dasabegri mogebis miRebis albaToba momavalSi, romelTan

dakavSirebiTac SesaZlebelia droebiTi gansxvavebis gamoyeneba. sawyis aRiarebasTan

dakavSirebuli daTqmis Sesabamisad, gadavadebuli gadasaxadebi ar aisaxeba droebiTi

gansxvavebis Sesabamisad aqtivis an operaciis valdebulebebis (kompaniebis gaerTianebis garda)

sawyisi aRiarebisas, Tu operacia, misi sawyisi asaxvis SemTxvevaSi, gavlenas ar axdens arc

saaRricxvo da arc dasabegr mogebaze. gadavadebuli gadasaxadis naSTi ganisazRvreba

sagadsaxado ganakveTiT, romelic ZalaSi Sevida an arsebiTad Sevida ZalaSi sabalanso

angariSis TariRiT da romelic savaraudod gamoyenebuli iqneba periodisaTvis, rodesac

xdeba droebiTi sxvaobis reversireba, an gamoiyeneba sagadasaxado zaralis gadadebis meTodi.

(r) damatebiTi Rirebulebis gadasaxadi

damatebuli Rirebulebis gadasaxadi (dRg) asaxulia gayidvis aRiarebis momentSi

valdebulebis saxiT. iq, sadac dRg gadaxdil unda iqnes sagadasaxdo organoebisaTvis,

rodesac mis safuZvlad arsebuli debitoruli davalianeba miRebulia an Camowerilia, es

Tanxa Caiwereba, rogorc gadavadebuli dRg nominaluri Tanxis Sesabamisad.

(s) Semosavali

eleqtroenergiis gayidvis aRiareba xorcieldeba sayofacxovrebo da arasayofacxovrebo

momxmarebelTa mier eleqtroenergiis aRricxuli an savaraudo moxmarebis safuZvelze.

(t) finansuri Semosavali da xarjebi

finansuri Semosavali da xarjebi moicavs sesxebis Sesabamisad procentebis gadasaxdelad

gaRebul xarjebs, Semosavlebs sainvesticio Tanxebis procentebis saxiT da ucxouri

valutis gacvlis Sedegad miRebul mogebasa da zarals.

sesxebTan dakavSirebuli yvela procenti da sxva xarjebi Caiwereba finansuri xarjebis

nawilis saxiT.

procentis saxiT miRebuli mogebis aRiareba xorcieldeba dagrovebis SemTxvevaSi, aqtivze

realuri xarjis gaTvaliswinebiT.

(u) cvlilebebi klasifikaciaSi

gasuli wlis Sesabamisad garkveuli SedarebiTi maCveneblebi ganaxlebul iqna im cvlilebebis

asaxvis mizniT, romlebic Setanili iyo klasifikaciis garkveuli saTaurebis striqtonis

elementebSi mogebisa da zaralis Sesaxeb angariSSis angariSebisaTvis, wardgenis

SesaTanxmeblad 2007 wlis 31 dekembris mdgomareobiT.

reklasifikaciis Sedegad wlis ganmavlobaSi, romelic dasrulda 2006 wlis 31 dekembers,

miRebul wminda mogebaze zemoqmedeba ar yofila aRniSnuli. koreqtirebis Sedegebi moyvanilia

qvemoT:



3 saaRricxvo politigis ZiriTadi principebi (gagrZeleba)

aTasi lari

adre

gancxadebuli reklasifikaciis

Semdgom zegavlena reklasifikacia angariSSi mogebisa

da zaralis Sesaxeb

Semosavali (SeniSnva 7) 174,662

173,195 (1,467)

sxva Semosavali (SeniSnva 8) 5,015

6,482 1,467 Sromis anazRaureba da gadasaxadi xelfsze (SeniSnva 10) (27,299)

(28,675) (1,376)

sxva mimdinare xarjebi (SeniSnva 13) (14,709)

(13,333) 1,376



4 mniSvnelovani sabuRaltro Sefasebebi da mosazrebebi saaRricxvo politikis gatarebasTan dakavSirebiT

kompania akeTebs Sefasebebsa da daSvebebs, romlebic zegavlenas axdens momdevno finansuri

wlisaTvis gancxadebuli aqtivebisa da valdebulebebis raodenobaze. saxarjTaRricxvo

varaudebi da mosazrebebi mudmivad fasdeba da efuZneba xelmZRvanelobis gamocdilebasa da

sxva faqtorebs, romlebic gonivrulad miiCneva mimdinare garemoebis dros, momavali

movlenebis molodinis CaTvliT.

saaRricxvo politikis gatarebis procesSi xelmZRvaneloba aseve iyenebs garkveul

mosazrebebs, SefasebasTan dakavSirebuli mosazrebebis CaTvliT. mosazrebebSi, romlebic

yvelaze did zegavlenas axdens finansur angariSgebaSi asaxul Tanxebze, da SefasebebSi,

romlebsac SeuZlia gamoiwvios momavali finansuri wlis aqtivebisa da valdebulebebis

saaRricxvo Rirebulebis mniSvnelovani koreqtireba, Sedis Semdegi:

(a) ZiriTadi saSualebebis samarTliani Rirebulebi gansazRvra, 2007 wlis 1 ianvris mdgomareobiT

kompaniis ZiriTadi saSualebebis samarTliani Rirebuleba da ZiriTdi saSualebebis

sasargeblo gamoyenebis darCenili vada ganisazRvreboda damoukidebeli Semfaseblis mier

2007 wlis 1 ianvrisaTvis. aqtivis Canacvlebis Rirebulebis, amortizebuli Canacvlebis

Rirebulebis da sasargeblo gamoyenebis darCenili vadis Sefaseba zegavlenas axdens ZiriTadi

saSualebebis sabalanso Rirebulebasa da amortizaciaze. am daSvebebSi Setanil cvlilebebs

SeuZlia mniSvnelovani zegavlena iqonios ZiriTadi saSualebebis samarTlian Rirebulebaze

(ix. SeniSnva 16).

(b) ZiriTadi saSualebebis sasargeblo gamoyenebis vadebi

ZiriTadi saSualebis erTeulis sasargeblo gamoyenebis vadis Sefaseba eqvemdebareba

xelmZRvanelobis gadawyvetilebas, romelic, Tavis mxriv, efuZneba amgvar aqtivebTan muSaobis

gamocdilebas. aqtivis sasargeblo gamoyenebis vadis gansazRvrisas, xelmZRvaneloba

iTvaliswinebs mis mosalodnel gamoyenebas, Sesafasebel teqnikur cveTas, fizikur cveTas,

agreTve fizikur garemos, romelSic gamoiyeneba aqtivi. am pirobebidan nebismierSi da

SefasebaSi Setanilma cvlilebam SeiZleba momavalSi gamoiwvios amortizaciis normebis

cvlileba momavalSi.

(c) aqtivebis gaufasureba da rezervebis aRricxva

balansis TiToeuli TariRisaTvis xelmZRvaneloba afasebs arsebobs Tu ara niSnebi imisa, rom

kompaniis aqtivebis Canacvlebis Rirebuleba Camovida sabalanso Rirebulebis qvemoT.

aRdgeniTi Rirebuleba aris aqtivebis umaRlesi samarTliani Rirebuleba, gasayidad gaRebuli

xarjebis da gamoyenebaSi maTi faseulobis gamoklebiT. aseTi Semcirebis identifikaciisas

sabalanso Rirebuleba mcirdeba Canacvlebis Rirebulebamde. Semcirebis Tanxa aisaxeba

angariSSi mogebisa da zaralis Sesaxeb im periodisaTvis, rodesac Semcireba iyo

identificirebuli. Tu pirobebi Seicvala da xelmZRvaneloba gadwyvets, rom aqtivebis

Rirebuleba gaizarda, gaufasurebis rezervi nawilobriv an mTlianad gauqmdeba.

gaufasurebis aRricxva moicavs ZiriTadi saSualebebis rezervs, aramaterialur aqtivebs,

debitorul da sxva davalianebas, sxva arasabrunav aqtivebs da sasaqonlo-materialuri

maragebis cveTas. fuladi valdebulebebis rezervi da xarjebi, upirveles yovlisa, moicavs

sagadasaxado valdebulebebisa da sasamarTlo ganxilvebis rezervs.

kompania gaufasurebas asaxavs an agrovebs am rezervebs, rodesac ganxorcielebuli Sefaseba

miuTiTebs imaze, rom aRebuli valdebulebis an aqtivis Canacvleba da Tanxis gonivruli

Sefasebac SeuZlebelia. kompaniis fuladi valdebulebebis da xarjebis rezervebis Sefaseba



4 mniSvnelovani sabuRaltro Sefasebebi da mosazrebebi saaRricxvo politikis gatarebasTan dakavSirebiT (gagrZeleba)

efuZneba arsebul faqtebs da kompaniis mier saboloo Sedegebis Sefasebebs an kompaniis

erTgulebas nakisri valdebulebebis mimarT momavalSi.

debitoruli davalianebis Sedegad miRebuli zaralis rezervi efuZneba kompaniis unaris

Sefasebas marTos klientis specifiuri angariSebi. Tu saxezea mTavari klientebis

kreditunarianobis gauareseba an zemoaRniSnulis faqtobrivi Seusrulebloba, maSin

SesaZlebelia faqtobrivi debitoruli davalianeba gansxvavdebodes am Sefasebebisgan.

Tu kompania daadgens, rom calke Sefasebuli debitoruli davalianebis gaufasurebis

obieqturi mtkicebuleba ar arsebobs, maTi mniSvnelobisagan damoukideblad, Seaqvs

debitoruli davalianeba sakredito riskebis msgavsi maxasiaTeblebis mqone debitoruli

davalianebebis jgufSi da erTad afasebs maT gaufasurebis TvalsazrisiT.

gaufasurebis erTdrouli Sefasebis miznebisaTvis debitoruli davalianeba jgufdeba

sakredito riskebis msgavsi maxasiaTeblebis safuZvelze. es maxasiaTeblebi Seesabameba aseTi

aqtivebis jgufebis mixedviT momavali fuladi nakadebis Sefasebas, radgan es maxasiaTeblebi

maCvenebelia mevalis unarisa gadaixados yvela dasafari Tanxa Sesafasebeli aqtivebis

sakontraqto vadebis Sesabamisad.

debitoruli davalianebis jgufSi, romelic erTad fasdeba gaufasurebis TvalsazrisiT,

momavali fuladi nakadebi unda Sefasdes sakontraqto fuladi nakadebis safuZvelze

aqtivebis da xelmZRvanelobis gamocdilebis Sesabamisad im odenobasTan dakavSirebiT,

romelTa mixedviT Tanxebi vadagasuli gaxdeba warsuli danakargebis da vadagasuli Tanxebis

dabrunebis warmatebulobis Sedegad. wina gamocdilebis regulireba xorcieldeba mimdinare

SemCneuli monacemebis safuZvelze im mimdinare pirobebis zemoqmedebis asaxvis, romlebic

gavlenas axdenda warsul periodSi da wina pirobebis, romlebic amJamad ar arsebobs,

zemoqmedebis Tavidan acilebis mizniT.

faqtobrivi Sedegebi SeiZleba gansxvavdebodes Sefasebebisgan, xolo kompaniis mier

ganxorcielebuli Sefasebebi SeiZleba momavalSi gadaisinjos negatiurad an pozitiurad,

faqtebze dafuZnebuli im Sedegidan an molodonidan gamomdinare, romlebic Tansdevs

finansuri riskisadmi daqvemdebarebis TiToeul SemTxvevas.

(d) sagadasaxado kanonmdebloba

Semdgom 31-e SeniSnvaSi ganxilulis Sesabamisad, saqarTvelos sagadasaxado kanonmdeblobasTan

Sesabamisoba seriozuli interpretaciis sagania da SeiZleba Sedavebul iqnes sagadasaxado

xelisuflebis mier.

xelmZRvaneloba SefasebiT mosazrebas iyenebs savaraudo damatebiTi sagadasaxado gadaxdebis

da Sesabamisi jarimebisa da im procentebis Casawerad, romelTa gadaxda kompanias mouwevs Tu

Sesabamisi sagadasaxado organoebi sadavos gaxdian sagadasaxado moTxovnebTan kompaniis

saqmianobis Sesabamisobas.

xelmZRvaneloba kompaniis meryev sagadasaxado mdgomareobas xelaxla afasebs yoveli

sabalanso angariSis TariRisaTvis. valdebulebebi aisaxeba mogebis gadasaxadis poziciiT,

romelic, kompaniis xelmZRvanelobis SexedulebiT, savaraudod ar gamoiwvevs damatebiTi

gadasaxadebis warmoqmnas, romelic ibegreba sagadasaxado organoebis mier sxva poziciiT

asaxvis SemTxvevaSi. Sefaseba dafuZnebulia im sagadasaxado kanonebis

interpretaciaze, romlebic arsebiTad balansis Sedgenis TariRisaTvis ZalaSia Sesuli an

miRebulia, nebismieri sasamarTlos mier an aseTi sakiTebis sxva gansazRvrebaze.




pirgasamtexlosTan, procentebsa da gadasaxadebTan, mogebis gadasaxadis garda, dakavSirebuli

valdebulebebi aRiarebulia valdebulebebis dasaregulireblad aucilebebli xarjebis

xelmZRvanelobis saukeTeso Sefasebis safuZvelze, balansis TariRisaTvis arsebuli

mdgomareobiT.

(e) gadavadebuli sagadasaxado aqtivebis aRiareba

xelmZRvanelobam, gadavadebuli sagadasaxado aqtivebis donis gansasazRvrad, gamoiyena

kompaniis mier aRiarebuli mosazreba. 2007 wels xelmZRvanelobam SeniSna kompaniis

momgebianobis gaumjobeseba da daaskvna, rom momavalSi xelmisawvdomi iqneba sakmarisi

dasabegri mogeba, romlis mimarT SesaZlebeli iqneba droebiTi gansxvavebis gamoyeneba.

Sesabamisad, xelmZRvanelobam srulad aRiara gadavadebuli sagadasaxado aqtivebi 2007 wlis

31 dekembris mdgomareobiT (ix. SeniSnva 15). kompaniis saqmianobis xasiaTis, sagadasaxado

kanonmdeblobisaTvis damaxasiaTebeli Sida orazrovnebis da kompaniis im momavali

momgebianobis gaTvaliswinebiT, romelic eqvemdebareba tarifebis donis da kompaniis

kontrols gare sxva faqtorebis zemoqmedebas, aRiarebuli gadavadebuli sagadasaxado

aqtivebis anazRaurebadoba SeiZleba mtkivneuli gaxdes kompaniis dasabegri mogebisaTvis

momavalSi. im SemTxvevaSi, Tu kompaniis xelmZRvaneloba momavals ar ganixilavs, rogorc

pozitiurs, maSin yvela an zogierTi aRiarebuli gadavadebuli sagadasaxado aqtivebisgan

misaRebi potenciuri mogeba 37,884 aTasi laris (24,867 aTasi lari 2006 wels) odenobiT

SeiZleba ar iqnes dabrunebuli da kompanias ar moutanos mosalodneli mogeba.

(f) uari finansuri aqtivebis aRiarebaze

Semdgom me-18 SeniSnvaSi ganxilulis Sesabamisad, xelmZRvaneloba imis Sesafaseblad

akmayofilebs Tu ara garkveuli debitoruli davalianeba saxelmwifo seqtoris mxridan

aRiarebaze uaris Tqmis kriteriumebs iyenebs mosazrebas IAS 39-is “finansuri instrumentebi: aRiareba da Sefaseba” Sesabamisad. xelmZRvanelobam ganaxorciela warsuli da mimdinare

tendenciebis analizi fuladi saxsrebis amoRebaSi am mevaleebisgan da Seisawvla kompaniis

kanonieri uflebis gamoyenebis SesaZlebloba am aqtivebisagan ekonomikuri sargebelis

miRebaSi. am mosazrebebis safuZvelze, xelmZRvanelobam daaskvna, rom aRniSnuli finansuri

aqtivebi akmayofilebs aRniSnuli finansuri aqtivebis aRiarebaze uaris Tqmis kriteriumebs,

vinaidan maTi anazRaurebis albaToba ganixileba, rogorc Soreuli momavlis saqme.

Sesabamisad, xelmZRvanelobam gadawyvita saeWvo valebis Sesabamisad istoriulad dadgenili

rezervi gamoiyenos am savaWro davalianebasTan dakavSirebiT da uari Tqvas am finansuri

aqtivebis aRiarebaze finansur angariSgebaSi.

xelmZRvanelobas es finansuri aqtivebi rom ganexila anazRaurebadad da aesaxa isini

finansuri angariSgebis sabalanso angariSSi, savaWro debitoruli davalianebis balansi da

mimdinare sagadasaxado daricxvebi iqneboda meti 1,192 aTasi lariT da 8,943 aTasi lariT

meti, Sesabamisad, 2007 wlis 31 dekembris mdgomareobiT.

(g) moqmedi sawarmo

es finansuri angariSgeba momzadda im moqmedi sawarmoebis safuZvelze, romlebic

iTvaliswinebs aqtivebis realizacias da valdebulebebis Sesrulebas normaluri biznes-

procesis dros.

kompaniis mimdinare valdebulebebma, 2007 wlis 31 dekembris mdgomareobiT, gadaaWarba mis

mimdinare aqtivebs 804,987 aTasi lariT da am TariRisaTvis mas hqonda uaryofiTi sakuTari

kapitali 671,485 aTasi laris odenobiT. finansuri angariSgeba IFRS-is Sesabamisad momzadda




moqmedi sawarmoebis mixedviT, ramdenadac inter rao ees-is jgufma daadastura Tavisi

ganzraxva aRmouCinos daxmareba kompanias operaciebis saWiro saxiT SesanarCuneblad, rodesac

amis saWiroeba iqneba, drois im monakveTSi, romlis ganmavlobaSi kompania iqneba inter rao

ees-is Svilobili kompania.



5 axali an gadasinjuli standartebis da interpretaciebis miReba

zogierTi axali IFRS kompaniisaTvis ZalaSi Sevida 2007 wlis 1 ianvridan. qvemoT

moyvanilia is axali standartebi da interpretaciebi, romlebic Seesabameba kompaniis

operaciebs an momavalSi iqneba Sesabamisi, agreTve miTiTebulia maTi zemoqmedebis xarisxi

kompaniis saaRricxvo politikaze.

IFRS 7, finansuri instrumentebi: gaxsna da buRaltruli aRricxvis saerTaSoriso

standartis (IAS) 1-is damatebiTi Sesworebebi. finansuri angariSgebis wardgena – kapitalis

Sesaxeb informaciis gaxsna (ZalaSia 2007 wlis 1 ianvridan). IFRS-iT SemoRebul iqna

informaciis gaxsnis axali forma, finansuri instrumentebis, riskisadmi daqvemdebarebis

raodenobrivi aspeqtebis da riskis marTvis meTodebis CaTvliT, Sesaxeb informaciis

miwodebis xarisxis amaRlebis mizniT. axali raodenobrivi gaxsnebi asaxavs informacias

riskisadmi daqvemdebarebis xarisxis Sesaxeb, romelic efuZneba kompaniis SigniT umaRlesi

xelmZRvanelobisaTvis miwodebul monacemebs. informaciis raodenobrivi da xarisxobrivi

gaxsna moicavs daqvemdebarebas sakredito riskis, likvidurobis da sabazro riskis mimarT,

sabazro riskisadmi mgrZnobelobis analizis CaTvliT. IFRS 7-ma Secvala yofilia IAS 30 “bankebis da analogiuri institutebis finansur angariSgebaSi informaciis gaxsna” da IAS 32 “finansuri instrumentebi: informaciis gaxsna da wardgena” zogi moTxovna. IAS 1-is

SesworebiT SemoRebul iqna informaciis gaxsna organizaciis kapitalis donis Sesaxeb da am

organizaciis mier kapitralis marTvis Sesaxeb. es axali gaxsna gamoyenebulia winamdebare

finansur angariSgebaSi.

IFRIC 10 (finansuri angariSgebis interpretaciis saerTaSoriso komiteti), Sualeduri

finansuri angariSgeba da gaufasureba (ZalaSia wliuri periodebisaTvis 2006 wlis 1

noembers an 1 noembris Semdeg, e.i. 2007 wlis 1 ianvridan). es interpretacia dabrkolebebs

qmnis gaufasurebis Sedegad miRebuli zaralisaTvis, romelic aRiarebulia Sualedur

periodSi aramaterialur aqtivebTan, wilobriv instrumentebSi investiciebTan da finansur

aqtivebSi investiciebTan dakavSirebiT, romlebic ganxorcielda im Rirebulebis Sesabamisad,

romelic reversirebuli iqneba sabalanso angariSis momdevno TariRisaTvis. es interpretacia

gavlenas ar axdens kompaniis finansur angariSgebaze.

garda amisa, 2007 wlis 1 ianvridan kompaniisaTvis ZalaSi Sevida Semdegi standartebi da

interpretaciebi, romlebic ar gamoiyeneba misi operaciebisaTvis: IFRS 4, sadazRvevo

xelSekrulebebi; IFRIC 7, romelsac Semoaqvs finansuri angariSgebis gadasinjva IAS 29

Sesabamisad, finansuri angariSgeba hiperinflaciis pirobebSi; IFRIC 8, IFRS 2-is gamoyenebis sfero; IFRIC 9, CaSenebuli sawarmoo instrumentebis gadafaseba; da IFRIC 11, IFRS 2,

aqciebTan dakavSirebuli tranzaqciebi – (ZalaSia wliuri periodebisaTvis 2007 wlis 1

martidan an 1 martis Semdeg).

6 axali standartebi da interpretaciebi, romlebic jer ar aris damtkicebuli

gamoqveynda zogierTi axali standarti da interpretacia, romlebic kompaniis saangariSo

periodebisaTvis savaldebuloa 2008 wlis 1 ianvridan an momdevno periodebisaTvis da adre

kompaniis mier ar gamoiyeneboda.

IFRS 8, saoperacio segmentebi (ZalaSi Sedis wliuri periodebisaTvis dawyebuli 2009

wlis 1 ianvridan an 1 ianvris Semdeg). standarti Seexeb sawarmoebs, romelTa valebi an

fasiani qaRaldebi iyideba sazogadoebriv bazarze, an romlebsac SeaqvT Tavisi finansuri

angariSgeba an Setanis procesSi arian maregulirebel organizaciaSi, sazogadoebriv bazarze

instrumentebis romelime klasis gamoSvebis mizniT. IFRS 8 sawarmosagan moiTxovs Tavisi saoperacio segmentebis Sesaxeb finansuri an aRwerilobiTi informaciis wardgenas da am

informaciis wargdebis saSualebis gansazRvras. xelmZRvaneloba miiCnevs, rom IFRS 8-s

gavlena ar eqneba kompaniis finansur angariSgebaze, radgan kompania erT segmentSi muSaobs.



6 axali standartebi da interpretaciebi, romlebic jer ar aris damtkicebuli (gagrZeleba)

finansuri instrumentebi: informaciisa da likvidaciisas warmoqmnili valdebulebebis gaxsna

da miwodeba – IAS 32 da IAS 1 Sesworeba (ZalaSi Sedis 2009 wlis 1 ianvridan). Sesworeba

moiTxovs zogierTi finansuri instrumentis, romelic pasuxobs finansuri valdebulebis

gansazRvras, klasifikacias saaqcio kapitalis saxiT. kompania ar miiCnevs, rom Sesworebas

uaryofiTi gavlena eqneba mis finansur angariSgebaze.

IAS 23, sesxebTan dakavSirebuli xarjebi (gadaisinja 2007 wlis martSi; ZalaSi Sedis

wliuri periodebisaTvis 2009 wlis 1 ianvridan an 1 ianvris Semdeg). gadasinjuli IAS 23 gamoica 2007 wlis martSi. IAS 23-is mTavari cvlileba mdgomareobs sesxebTan

dakavSirebuli danaxarjebis dauyovnebliv im xarjebis saxiT aRiarebis gauqmebas, romlebic

dakavSirebulia aqtivebTan, romlebic saWiroebs drois mniSvnelovan periods gamosayeneblad

momzadebis an gayidvisaTvis. aRniSnulis Sedegad sawarmosgan moiTxoveba sesxebTan

dakavSirebuli xaarjebis kapitalizacia aqtivis Rirebulebis nawilSi. gadasinjuli

standarti Seexeba sesxebTan dakavSirebul momaval xarjebs, romlebic dakavSirebuli

sakvalifikacio aqtivebTan da romelTaTvisac kapitalizaciis dawyebis TariRi aris 2009

wlis 1 ianvari an 1 ianvris Semdeg.

IAS 1, finansuri angariSgebis wardgena (gadaisinja 2007 wlis seqtemberSi; ZalaSi Sedis

wliuri periodebisaTvis 2009 wlis 1 ianvars an 1 ianvris Semdeg). IAS 1-is ZiriTadi

cvlileba aris mogebisa da zaralis Sesaxeb angariSis Secvla erToblivi mogebis Sesaxeb

angariSiT, romelic aseve moicavs sakuTari kapitalis yvela cvlilebas, romelic ar Seexeba

mflobelebs, iseTi, rogoricaa gasayidad xelmisawvdomi finansuri aqtivebis gadafaseba.

sawarmoebs neba eZlevaT alternatives saxiT warmoadginon ori angariSi: calke angariSi

mogebisa da zaralis Sesaxeb da angariSi erToblivi mogebis Sesaxeb. gadasinjuli IAS 1, agreTve Semoaqvs moTxovna finansuri mdgomareobis (sabalanso angariSis) Sesaxeb angariSis

wardgenasTan dakavSirebiT yvelaze adreuli SedarebiTi periodis dasawyisisaTvis yovelTvis,

rodesac sawarmo reklasifikaciis Sedegad xelaxla ganacxadebs SedarebiT maCveneblebis,

saaRricxvo politikis cvlilebisa da Secdomebis gasworebis Sesaxeb. kompania miiCnevs, rom

gadasinjuli IAS 1 zemoqmedebas moaxdens mis finansur angariSgebaze, magram gavlenas ar

moaxdens garkveuli garigebebisa da balansebis aRiarebaze an Sefasebaze.

IAS 27, konsolidirebuli da calke finansuri angariSgeba (gadaisinja 2008 wlis ianvarSi;

ZalaSi Sedis wliuri periodebisaTvis 2009 wlis 1 ivliss an 1 ivlisis Semdeg, anu 2010

wlis ianvridan). gadasinjuli IAS 27 moiTxovs saTao kompaniis mflobelebis da aqciebis

arasakontrolo paketis (zemoT “aqciebis minoritaruli paketi”) sruli erToblivi

Semosavlis gaxsnas maSinac ki, Tu es iqamde migviyvans, rom aqciebis arasakontrolo pakets

eqneba deficituri balansi (mimdinare standarti moiTxovs, rom SemTxvevebis umravlesobaSi

zaralis nameti gadanawildes saTao kompaniis mflobelebze). gadasinjuli standartiT

gansazRvrulia, rom saTao kompaniis interesebis cvlileba Svilobili kompaniis mimarT,

romelic ar moiTxovs kontrolis dakargvas, unda ganisazRvros, rogorc aqciebTan

dakavSirebuli garigeba. igi aseve gansazRvravs rogor unda daadginos subieqtma nebismieri

mogeba da zarali, Svilobil kompaniaze kontrolis dakargvis Sedegad. kontrolis dakargvis

TariRidan nebismieri investicia yofil Svilobil kompaniaSi unda gaizomos misi samarTliani

Rirebulebis Sesabamisad.

IFRS 3, biznesis gaerTianeba (gadaisinja 2008 wlis ianvarSi; ZalaSi Sedis kompaniebis

Serwymisas, romelTaTvisac SeZenis TariRs warmoadgens pirveli wliuri saangariSo periodis

dawyeba an am TariRis Semdeg, 2009 wlis 1 ivliss an 1 ivlisis Semdeg, anu 2010 wlis



6 axali standartebi da interpretaciebi, romlebic jer ar aris damtkicebuli (gagrZeleba)

ianvridan). gadasinjuli IFRS 3 sawarmoebs saSualebas aZlevs airCion umciresobis wilis

Sefasebis xerxi IFRS 3-is arsebuli meTodis gamoyenebiT (SesaZeni kompaniis

identificirebuli neto-aqtivebis wilis proporciulad) an US GAAP meTodis (samarTliani

Rirebulebis) Sesabamisad. gadasinjuli IFRS 3 – ufro detaluria kompaniebis Serwymis

mimarT SeZenis meTodis gamoyenebis saxelmZRvanelos uzrunvelyofaSi. gauqmebulia yoveli

aqtivis da valdebulebis samarTliani Rirebulebis Sefaseba etapobrivi SeZenisas gudvilis

Rirebulebis gamoangariSebis mizniT. amis magivrad gudvili ganisazRvreba, rogorc sxvaoba

SeZenis TariRisaTvis SeZenamde biznesSi nebismier investiciis samarTlian Rirebulebasa da

SeZenili aqtivebis nominalur Rirebulebas Soris. SeZenisas gaRebuli xarjebi aRricxuli

unda iyos biznesis gaerTinebisgan calke da asaxuli unda iyos xarjebis da ara SeZenisas

kompensaciis saxiT. SeZenis TariRisaTvis myidvels mouwevs nebismier pirobiT SesyidvasTan

dakavSirebuli valdebulebis cnoba. SeZenis TariRis Semdeg am valdebulebis RirebulebaSi

cvlilebebi aRiarebul unda iqnes sxva moqmedi IFRS-ebis, saWiroebis Tanaxmad, da ara

gudvilis regulirebis Sesabamisad. gadasinjuli IFRS 3 moicavs erTobliv sawarmoebs da

erTobliv sawyisebze dafuZnebul sawarmoebs, agreTve kompaniebs, romlebic gaerTianebulia

mxolod xelSekrulebis safuZvelze.

IFRIC 13, “momxmarebelTa waxalisebis programa” (gamoica 2007 wlis ivnisSi; ZalaSi Sedis

wliuri periodebisaTvis 2008 wlis 1 ivliss an 1 ivlisis Semdeg). IFRIC 13 ganmartavs, rom, rodesac saqoneli da momsaxureba iyideba “momxmarebelTa waxalisebis programis”

Sesabamisad (magaliTad erTgulebisaTvis xdeba qulebis daricxva an saqoneli ufasod

gaicema), maSin garigeba mravalelementiania da momxmarebelTa mier gadaxda nawildeba

garigebis komponentebs Soris samarTliani fasebis gamoyenebiT. amJamad, IFRIC 13 ar

Seesabameba kompaniis operaciebs, vinaidan ar axorcielebs momxmarebelTa waxalisebis

programas.

wilobrivi instrumentebis safuZvelze Semosavlis miRebis uflebis miniWeba

TanamSromelTaTvis da uflebis warTmeva – IFRS 2-is Sesworeba, gadaxdebi wilobrivi

instrumentebiT (gamocemulia 2008 wlis ianvarSi, ZalaSi Sedis wliuri periodebisaTvis

2008 wlis 1 ianvars an 1 ianvris Semdeg). Sesworeba ganmartavs, rom anazRaurebis gadaxda

Sesrulebuli samuSaosaTvis da anazRaurebis gadaxda konkretuli Sedegebis miRwevidan

gamomdinare warmoadgens uflebis miniWebis pirobebs. sxva danarCeni pirobebi ar aris

uflebis miniWebis pirobebi. SesworebaSi daTqmulia, rom wilobrivi instrumentebis

safuZvelze Semosavlis miRebaze uflebis warTmeva TanamSromlebisaTvis unda aRiricxos

erTnairad, imisgan damoukideblad uflebis aseTi warTmeba xorcieldeba Tavad organizaciis

Tu sxva mareTa mier.

sxva axali standartebi da interpretaciebi. kompaniis mier adre ar iyo miRebuli Semdegi

axali standartebi da interpretaciebi: IFRIC 11, IFRS 2 – jgufisa da xazinis aqciebTan dakavSirebuli garigebebi (ZalaSi

Sevida wliuri periodebisaTvis 2008 wlis 1 marts);

IFRIC 12, momsaxurebis sferos xelSekrulebebi koncesiis Sesaxeb (ZalaSi Sevida wliuri

periodebisaTvis 2008 wlis 1 ianvars an 1 ianvris Semdeg, anu 2008 wlis 1 ianvars); da

IFRIC 14, IAS 19 – sapensio gegmis aqtivis SezRudvebi dadgenili gadaxdebiT, fondirebis

minimaluri moTxovnebi da maTi urTierTkavSiri (ZalaSi Sevida wliuri periodebisaTvis

2008 wlis 1 ianvars an 1 ianvris Semdeg).

Tu zemoT sxvagvarad ar aris aRwerili, axali standartebi da interpretaciebis gavlenas

ar moaxdens kompaniis finansur angariSgebaze.



7 Semosavlebi aTasi lari 2007 2006 sayofacxovrebo seqtorisaTvis eleqtroenergiis miyidva 100,091 86,524 komerciuli da samrewvelo seqtorisaTvis

eleqtroenergiis miyidva 70,052 57,324 saxelmwifo seqtorisaTvis eleqtroenergiis miyidva 19,230 21,206 centraluri momxmareblebisaTvis eleqtroenergiis

miyidva 457 529 eleqtroenergiis tanziti centraluri

momxmareblebisaTvis 7,407 7,612 sul Semosavlebi 197,237 173,195

centraluri momxmareblebisgan miRebuli Semosavlebi moicavs Semdeg saxelmwifo sawarmoebs

da municipalur organizaciebs: • Sps “TbilqalaqganaTeba”

• Sps “saqarTvelos rkinigza”

• Sps “Tbilmetropoliteni”

• Sps “tramvai-troleibusebis sawarmo”

• Sps “Tbilwyalkanali”

centraluri momxmarebelTaTvis eleqtroenergiis tranzitidan miRebuli Semosavali

warmoadgens ss “Telasis” mier eleqtroenergiis tranzitisaTvis daricxul Tanxas,

romelsac centraluri momxmareblebi yiduloben kompaniis qseluri kabelebis saSualebiT

uSualod komerciuli operatorisgan.

8 sxva Semosavlebi

aTasi lari 2007 2006

kompensacia mimwodeblebisgan 1,235 2,230 Suamavlis sakomisio 1,175 726 gadaxda montaJisa da saremonto

momsaxurebisaTvis 942 490 uimedo Camowerili valebis amoReba 502 67 qselidan masalebis dabruneba 454 305 kreditoruli davalianebis koreqtireba 39 2,177 sxva Semosavlebi 716 487 sul sxva Semosavlebi 5,063 6,482

eleqtroenergiis mimwodeblebisgan kompensacia miRebuli iqna mimwodeblebis mier

saxelSekrulebo valdebulebebis Seusruleblobis gamo Sesabamisi kontraqtebis mixedviT.

wina wlebis kreditoruli davalianebis koreqtireba ganxorcielda Sedarebis aqtebis



safuZvelze, romlebic miRebul da SeTanxmebul iqna sxvadasxva mimwodeblebTan. Suamavlis

sakomisio Sedgeba gadaxdisgan momsxurebisaTvis, rogoricaa gadasaxdeli angariSebis 8 sxva Semosavlebi (gagrZeleba)

damuSaveba da inkasireba mesame pirebis saxeliT (magaliTad wyalmomarageba, komunaluri

momsaxureba).

457 aTasi lari, romelic Setanilia uimedo Camowerili valebis amoRebaSi wlis

ganmavlobaSi, romelic dasrulda 2007 wlis 31 dekembers, warmoadgens fuladi saxsrebis

Segrovebas uimedo Camoweril valebTan dakavSirebiT, 2007 wlis 31 dekembris mdgomareobiT,

ganxilulia Semdgom SeniSnvaSi 18.

garkveuli SedarebiTi maCveneblebi gadaisinja striqonis elementebis 2007 wels xelaxla

gadasinjuli klasifikaciis asasaxad. ix. SeniSnva 3.

9 Sesyiduli eleqtroenergia aTasi lari 2007 2006 eleqtroenergia 82,864 98,551eleqtroenergiis gadacema da dispetCerizacia 16,481 623sarezervo simZlavris sakomisio 4,822 - sul Sesyiduli eleqtroenergia 104,167 99,174

kompania eleqtroenergias yidulobs, ZiriTadad, dakavSirebuli mxareebisgan, e.i. inter rao

ees-is Svilobili kompaniebisgan an am kompaniebis mier marTuli kompaniebisgan.

• Sps “mtkvari energetika”

• ss “xramhesi 1”

• ss “xramhesi 2”

2007 wlamde eleqtroenergiis gadacemisa da dispetCerizaciis Rirebuleba Setanili iyo

eleqtroenergiis eleqtroenergiis sabiTumo bazrisagan da eleqtrosistemis komerciuli

operatorisagan Sesyidvis tarifSi. 2007 wels kompaniam dado pirdapiri xelSekrulebebi

eleqtroenergiis gadacemis mTavar kompaniebTan, xolo gadacemisa da dispetCerizaciis

Rirebuleba gamoiyo Sesyiduli eleqtroenergiis tarifisagan.

2007 wels saqarTvelos kanonSi “eleqtroenergetikisa da bunebrivi gazis Sesaxeb” Sesuli

cvlilebebisa da damatebebis da eleqtroenergiis bazris gadasinjuli wesebis Sesabamisad,

kompanias daericxa sarezervo simZlavris sakomisio wlis ganmavlobaSi moxmarebuli

eleqtroenergiis Rirebulebis 10% odenobiT.

10 Sromis anazRaureba da gadasaxadi xelfasze aTasi lari 2007 2006 Sromis anazRaureba 26,871 22,228 socialuri uzrunvelyofisaTvis gaRebuli xarjebi 5,375 4,446 sxva SeRavaTebi TanamSromelTaTvis 2,706 1,665 umaRlesi xelmZRvanelobis binisa da usafrTxoebis

xarjebi 490 336



sul Sromis anazRaureba da masTan dakavSirebuli

sxva gadasaxadebi 35,442 28,675

10 Sromis anazRaureba da gadasaxadi xelfasze (gagrZeleba)

garkveuli SedarebiTi maCveneblebi gadaisinja striqonis elementebis 2007 wels xelaxla

gadasinjuli klasifikaciis asasaxad. ix. SeniSnva 3.

11 rezervebi da gaufasurebis Sedegad miRebuli zarali aTasi lari 2007 2006 ZiriTad saSualebebze gaufasurebiT miyenebuli

zaralis daricxva (SeniSnva 16) 36,758 - rezervi gadasaxadebis gadasaxdelad 12,639 91 specialuri angariSebis koreqtireba 4,901 3,230 debitoruli da sxva davalianebis gaufasureba 2,491 8,822 sasaqonlo-materialuri maragebis gaufasureba 1,122 (175) samarTlebrivi pretenziebis rezervi (gauqmeba) (1,091) 1,536 ZiriTad saSualebebze gaufasurebiT miyenebuli

zaralis daricxva (SeniSnva 16) (183) 136 sul gazrdili rezervebi da gaufasurebiT miRebuli

zarali 56,637 13,640

rezervi sagadasaxado xarjebisaTvis Seiqmna sagzao gadasaxadis (2,918 aTasi lari) da masTan

dakavSirebuli jarimebisa da sauravis (9,721 aTasi lari) mimarT, romelic dakisrebul iqna

saqarTvelos sagadasaxado inspeqciis mier 2007 wlis ganmavlobaSi. kompania awarmoebs

sasamarTlo process saqarTvelos sagadasaxado inspeqciis winaaRmdeg, sagadasaxado

valdebulebis gasaprotesteblad.

abonentebisaTvis mricxvelebis dayenebamde, kompaniam gamoiyena gadawyvetilebebi da daSvebebi

umricxvelo abonentebis mier eleqtroenergiis saSualo gamoyenebis Sesafaseblad.

mricxvelebis dayenebis Semdeg, gaanalizes faqtobrivi moxmareba da ganaxorcielos im

abonentTa piradi angariSebis koreqtireba, romelTac aReniSnaT gansxvaveba faqtobrivad

moxmarebul da xelmZRvanelobis mier mricxvelebis dayenebamde Sefasebuls Soris.

12 sxva gadasaxadebi, mogebis gadasaxadebis garda aTasi lari 2007 2006 eleqtroenergiis danakargebTan dakavSirebuli dRg 6,627 7,501 ZiriTad kapitalTan dakavSirebuli dRg - 2,425 socialuri gadasaxadi da individualuri saSemosavlo

gadasaxadi - 544 sakuTrebis gadasaxadi 546 485 sxva 84 45 sul gadasaxadebi, mogebis gadasaxadis garda 7,257 11,000



12 sxva gadasaxadebi, mogebis gadasaxadebis garda (gagrZeleba)

eleqtroenergiis danakargebTan dakavSirebiT gadaxdili dRg dakisrebul iqna normatiuli

danakargebis nametis mimarT abonentebisaTvis eleqtroenergiis miyidvis periodis

ganmavlobaSi.

13 sxva saoperacio xarjebi aTasi lari 2007 2006

remonti da teqnikuri momsaxureba 4,829 3,723 komunaluri da sakomunikacio xarjebi 2,438 2,189 saofise mowyobilobis arenda da teqnikuri

momsaxureba 1,175 1,447 Camowerili uimedo valebi 619 358 mgzavroba da transportireba 602 514 sawevro Sesatanebi 496 823 auditi da sakonsultacio momsaxureba 299 563 sakancelario saqoneli 247 251 bankebis sakomisio 206 209 sxva 2,607 3,256

sul sxva saoperacio xarjebi 13,518 13,333

14 finansuri Semosavlebi da xarjebi


finansuri Semosavali procentebidan miRebuli Semosavali 46 109 kursebs Soris sxvaobidan miRebuli Semosavali,

wminda 49,288 31,873

sul finansuri Semosavlebi 49,334 31,982

finansuri xarjebi saprocento xarjebi (5,273) (3,730)

sul finansuri xarjebi (5,273) (3,730)

15 mogebis gadasaxadi


mimdinare daricxuli gadasaxadebi (1,379) -

gadavadebuli sagadasaxado krediti 13,093 17,169

mogebis gadasaxadis sargebeli wlis ganmavlobaSi 11,714 17,169



kompaniisTvis mogebis gadasaxadis ganakveTia – 20%. 2008 wlis 1 ianvridan korporaciuli

mogebis gadasaxadi 20%-dan Semcirda 15%-mde. 2007 wlis 31 dekembris mdgomareobiT

gadavadebuli gadasaxadi gamoangariSebulia 15%-iani sagadasaxado ganakveTiT, radgan misi

daricxva xdeba aqtivis realizaciis an valdebulebebis gadaxdis periodze.

15 mogebis gadasaxadi (gagrZeleba)

mosalodneli da faqtobrivi sagadasaxado daricxvebis Sejereba:


IFRS mogeba dabegvramde 23,753 38,089

gadasaxadis Teoriuli daricxva dadgenili 20%

ganakveTiT (2006:20%) (4,751) (7,618)sagadasaxado zemoqmedeba muxlebis, romlebic ar

gamoiqviTeba sagadasaxado miznebisTvis (11,089) (2,224)

sagadasaxado ganakveTis Secvlis zemoqmedeba (2008 w.

1 ianvridan – 15%) (12,654) - adre ar aRiarebuli gadmotanili sagadasaxado

zaralis da sxva gadavadebuli sagadasaxado aqtivebis

gamoyeneba da aRiareba, wminda 40,208 27,011

wliuri Semosavali mogebis gadasaxadze 11,714 17,169

muxlebi, romlebic ar gamoiqviTeba sagadasaxado miznebisTvis: dasabegri mogeba komerciuli

danaxarjebidan da Sesabamisi dRg-s xarjebi, rezervi sajarimo sanqciebze sagzao

gadasaxadTan dakavSirebiT da sxva xarjebi, romlebic ar eqvemdebareba gamoqviTvas. konkretuli gadavadebuli sagadasaxado muxlebis anazRaurebadobis da gasuli wlis

konkretuli tranzaqciebis Sefasebis mizniT 2007 w. xelmZRvanelobam moaxdina gadafaseba da

gamoiyena gadasinjuli msjeloba (ix. SeniSvna 4 (v)).

2007 w. 31 dekembers dasrulebuli wlisTvis 40,208 aTasi laris wminda zemoqmedeba mogebis

gadasaxadze qvemoT aris detalizirebuli: • aRiareba adre ar aRiarebuli gadavadebuli sagadasaxado aqtivebis 58,152 aTasi laris

odenobiT ZiriTad saSualebebze, debitorul davalianebaze da rezervze, kompaniisTvis

wardgenil sarCelebze; • gauqmeba adre ar aRiarebuli gadavadebuli sagadasaxado aqtivebis komerciul da sxva

danaxarjebze 18,100 aTasi laris odenobiT, romlebic gaiRo kompaniam biznesis

procesSi da Sefasebulia, rogorc anazRaurebadi momovali sagadasaxado gamoqviTviT

an fuladi saxsrebis amoRebiT faqtobrivad miwodebul eleqtroenergiaze; da • xelmZRvanelobis iniciativiT Setanili Sesworebebi adre wardgenil sagadasaxado

deklaraciebSi kompaniis sagadasaxado gegmebis Secvlis da kompaniisTvis misaRebi



dabegvris sxvadasxva wesebis gamoyenebis safuZvelze wminda zemoqmedebiT 156 aTasi

laris odenobiT. gansxvavebebi IFRS da Sesabamis dadgenil wesebs Soris warmoSobs garkveul droebiT

gansxvavebebs konkretuli aqtivebis da pasivebis narCeni Rirebulebis finansuri angariSgebis

miznebisTvis da maTi sagadasaxado bazas Soris. mogebis gadasaxadis gadavadebuli aqtivebis

da pasivebis Sefaseba xdeba dadgenili ganakveTis mixedviT balansis Sedgenis TariRisTvis

da romelic gamoiyeneba periodisTvis, romlis ganmavlobaSi droebiTi gansxvavebebi iqneba

anulirebuli.


(a) aRiarebuli gadavadebuli sagadasaxado aqtivebi da valdebulebebi

gadavadebuli sagadasaxado aqtivebi da valdebulebebi Semdegi muxlebis mixedviT: aqtivi pasivi sxvaoba

aTasi lari 2007 2006 2007 2006 2007 2006

ZiriTadi saSualebebi

13,234 6,777 (7,529) -

5,705 6,777

aramateriauri aqtivebi

88 101 - -

88 101 savaWro debitoruli davalianeba da

sxva debitoruli davalianeba

21,956 9,688 - -

21,956 9,688

sasaqonlo-materialuri maragebi

174 - - -

174 -

grZelvadiani gadasaxdeli Tamasuqebi

- 712 - -

- 712

rezervebi

1,286 - - -

1,286 - savaWro kreditoruli davalianeba da

sxva kreditoruli davalianeba

1,146 980 - -

1,146 980

gadatanili sagadasaxado zarali

- 6,609 - -

- 6,609

sagadasaxado aqtivebi/(pasivebi)

37,884 24,867 (7,529) -

30,355 24,867 gadavadebuli gadasaxadis aqtivi aRiarebuli iyo, radgan kompania varaudobs momavali

dasabegri Semosavlis miRebas, romlis mimarT SesaZlebelia droebiTi gansxvavebebis

gamoyeneba.



(b) wlis ganmavlobaSi moZraoba droebiT gansxvavebebSi

aTasi lari 31 dekemberi

2006 w.

kredit./ (daricxuli)

mogebis angariSSi

aRiarebuli

sakuTar

kapitalSi 31 dekemberi

2007 w.

ZiriTadi saSualebebi 6,777 6,533 (7,605) 5,705 aramateriauri aqtivebi 101 (13) - 88 savaWro debitoruli davalianeba

da sxva debitoruli davalianeba 9,688 12,268 - 21,956 sasaqonlo-materialuri maragebi - 174 - 174 grZelvadiani gadasaxdeli

Tamasuqebi 712 (712) - - rezervebi - 1,286 - 1,286 savaWro kreditoruli davalianeba

da sxva kreditoruli davalianeba 980 166 - 1,146 gadatanili sagadasaxado zarali 6,609 (6,609) - - wminda gadavadebuli sagadasaxado

aqtivi 24,867 13,093

(7,605) 30,355


aTasi lari 31 dekemberi 2005 w. kredit. mogebis

angariSSi 31 dekemberi 2006 w.

ZiriTadi saSualebebi - 6,777 6,777 aramaterialuri aqtivebi (10) 111 101 debitoruli davalianeba savaWro

operaciebidan da sxva debitoruli

davalianeba 6,733 2,955 9,688

grZelvadiani gadasaxdeli

Tamasuqebi 45 667 712

savaWro kreditoruli davalianeba

da sxva kreditoruli davalianeba 930 50 980

gadatanili sagadasaxado zarali - 6,609 6,609

sagadasaxado aqtivebi/(pasivebi) 7,698 17,169 24,867



16 ZiriTadi saSualebebi

aTasi lari

miwis

nakveTebi

da

Senobebi

manqanebi

da danadga-

rebi

xelsawyoebi

da

inventari

avtotrt

r. ausrule

-beli

mSenebl

oba

saTada-

rigo

nawilebi

sul

Rirebuleba 2006 w. 1 ianvris mdgomareobiT 19,120 28,730 5,922 3,794 2,382 2,368 62,316

ZiriTadi saSualebebis namati 624 9,102 390 567 8,881 12,875 32,439

aqtivebis gasvla - (322) (10) (370) (5,827) (8,881) (15,410)

fizikuri daTvlis Semdeg

Camowerili aqtivebi (579) (916) (176) - - - (1,671)

aqtivebis sxva Camowera (43) (486) (29) - - - (558)

2006 w. 31 dekembris mdgomareobiT

19,122 36,108 6,097 3,991 5,436 6,362 77,116

dagrovili amortizaciis da

gaufasurebis amoReba

(9,147) (19,441) (2,315) (2,013) (5,035) (5,652) (43,603)

gadafasebis rezervi 32,755 15,157 1,441 1,345 - - 50,698

ZiriTadi saSualebebis namati 821 19,889 665 90 13,643 25,019 60,127

aqtivebis gasvla (26) (420) (52) - (8,020) (13,643) (22,161)

fizikuri daTvlis Sedeg

Camowerili aqtivebi

(315) (162) (40) - - - (517)


43,210 51,131 5,796 3,413 6,024 12,086 121,660

dagrovili amortizacia 2006 w. 1 ianvris mdgomareobiT 286 2,201 1,156 722 - - 4,365saamortizacio anaricxebi 476 1,539 809 514 - - 3,338

aqtivebis gasvla - (34) (5) (129) - - (168)


Camowerili aqtivebi (12) (45) (38) - - - (95)

aqtivebis sxva Camowera (43) (486) (29) - - - (558)


707 3,175 1,893 1,107 - - 6,882

anaricxebi gaufasurebaze 8,477 16,266 422 906 5,035 5,652 36,758

dagrovili amortizaciis da

gaufasurebis amoReba (9,147) (19,441) (2,315) (2,013) (5,035) (5,652) (43,603)

saamortizacio anaricxebi 188 2,030 995 470 - - 3,683

aqtivebis gasvla - (104) (6) - - - (110)


Camowerili aqtivebi - (25) (3) - - - (28)


225 1,901 986 470 - - 3,582

sabalanso Rirebuleba

2006 w. 1 ianvris mdgomareobiT 18,834 26,529 4,766 3,072 2,382 2,368 57,951

sabalanso Rirebuleba

2006 w. 31 dekembris

mdgomareobiT

18,415 32,933 4,204 2,884 5,436 6,362 70,234

sabalanso Rirebuleba 42,985 49,230 4,810 2,943 6,024 12,086 118,078



2007 w. 31 dekembris

mdgomareobiT

16 ZiriTadi saSualebebi (gagrZeleba)

saTadarigo nawilebSi igulisxmeba sagnebi, romlebic gamoiyeneba kompaniis ZiriTadi

saSualebebis elementebis remontis an Secvlisas, magaliTad, satransformatoro sadgurebis

komponentebi da kabelis CamonaWrebi. Sesabamisad maTi klasifikacia xdeba ZiriTadi

saSualebebis farglebSi, magram maTze ar xdeba amortizaciis daricxva maTi ZiriTad

saSualebebTan gaerTianebis periodSi da isini ar eqvemdebareba gaufasurebas am aqtivis

darCenili vargisianobis mixedviT.

2007 wlis 31 dekembris mdgomareobiT, ZiriTadi saSualebebi 2,812 aTasi laris odenobiT

Cadebulia giraos saxiT saqarTvelos sagadasaxado departamentis msxvil gadamxdelTa

inspeqciaSi.

(a) gadafaseba

2007 w. xelmZRvanelobam kompaniis ZiriTadi saSualebebis gadafasebis mizniT daavala

daxurul saaqcio sazogadoebas “deloit da tuSi, dsT” Caetarebina kompaniis ZiriTadi

saSualebebis damoukidebeli Sefaseba maTi samarTliani Rirebulebis dasadgenad 2007 wlis 1

ianvris mdgomareobiT. ZiriTadi saSualebebis samarTliani Rirebuleba gadafasebis

TariRisTvis dadginda 49.2 milioni aSS dolaris odenobiT: 2007 w. 1 ianvari 2007 w. 1 ianvari milioni aSS dolari milioni lari

miwis nakveTebi da Senobebi 24.9 42.7 manqanebi da danadgarebi 18.7 31.9 xelsawyoebi da inventari 3 5.2 avtotransporti 1.9 3.3 dausrulebeli mSenebloba 0.2 0.4 saTadarigo nawilebi 0.4 0.7

sul 49.1 84.2

kompaniis ZiriTadi saSualebebis umravlesoba specializirebulia da iSviaTad iyideba Ria

bazarze an moqmedi biznesis SemadgenlobaSi. msgavsi ZiriTadi saSualebebisTvis saqarTveloSi

ar arsebobs bazari, romelic uzrunvelyofs analogiuri ZiriTadi saSualebebis gayidvebis

sakmaris moculobas maTi sabazro Rirebulebis dadgenis mizniT samarTliani Rirebulebis

Sesafaseblad.

aqedan gamomdinare, ZiriTadi saSualebebis samarTliani Rirebuleba dadgenili iyo

Canacvlebis Rirebulebis gamoyenebiT. es meTodi iTvaliswinebs ZiriTadi saSualebebis

aRdgenis an CanacvlebisTvis saWiro xarjebs fizikuri, funqcionaluri an ekonomikuri cveTis

da daZvelebis koreqtirebiT.



Canacvlebis Rirebuleba dadgenili iyo Sidakorporaciuli informaciis, saqarTvelos,

ruseTis da saerTaSoriso analogiuri ZiriTadi saSualebebis bazrebis analizis safuZvelze.

sxvadasxva sabazro monacemebi miRebulia gamoqveynebuli imformaciidan, katalogebidan,

statistikuri monacemebidan da a.S. aseve miRebuli iyo informacia am dargis

specialistebisgan saqarTveloSi da sazRvargareT.


fuladi saxsrebis nakadebis analizisas gakeTda Semdegi ZiriTadi daSvebebi da miTiTebulia

yvelaze mniSvnelovani mgrZnobiare momentebi:

• 2007 w. saSualoSewonili Rirebulebis diskontirebis ganakveTi iyo wliuri 15.90%.

2008 wlidan gamoiyeneba diskontirebis ganakveTi 16.23%;

• mosalodnelia, rom tarifi eleqtroenergiaze gaizrdeba 15%-iT 2010 w. kidev 15%-iT

2014 w. da umniSvnelod gaizrdeba 2012 da 2015 ww.. (1%-ze naklebi);

• mosalodnelia, rom kompaniis Semosavlebi gaizrdeba daaxloebiT 65% 2007-dan 2016

wlamde;

• mosalodnelia, rom komerciuli danakargebi 2008 w. Semcirdeba 12.5%-iT Semdgom mcire

klebis tendenciiT;

• gamoyenebuli iyo debitoruli davalianebis amoRebis sawyisi periodi “20 dRe” da

kreditoruli davalianebis dafarvis “30 dRe”;

• mosalodnelia, rom kompania daxarjavs daaxloebiT 114 milion aSS dollars 2007-2016

wlebSi ZiriTadi saSualebebis komponentebis Canacvlebaze/remontze; da • ZiriTadi daSvebebi warmoadgenen kompaniis xelmZRvanelobis momovali saqmianobis

Sefasebas da eyrdnobian Sida da gare wyaroebidan miRebul monacemems (wina periodebis

monacemebi).

cvlileba kapitalis mosaledneli saSualoSewonili Rirebulebis 1%-iani diskontirebis

ganakveTiT, eleqtroenergiis gayidvebis mosalodneli moculobis 1%-iT an mosalodneli

tarifis ganakveTis 1%-iT imoqmedebs ZiriTadi saSualebebis Rirebulebaze daaxloebiT 2%,

11% da 16% Sesabamisad.

gadafasebis Sedegad, kompaniis sakuTari kapitali gaizarda 43,093 aTasi lariT, rac moicavs

ZiriTadi saSualebebis sabalanso Rirebulebis zrdas 50,698 aTasi lariT da wminda

dakavSirebuli gadavadebuli sagadasaxado valdebulebebis - 7,605 aTasi laris odenobiT.

(b) ZiriTadi saSualebebi – faqtobrivi RirebulebiT



aTasi lari

miwis

nakveTebi

da

Senobebi

manqanebi

da

danadgarebi

xelsawyoebi

da

inventari

avto-

tran-

sporti

ausrule

-beli

mSenebl

o-ba

saTada-

rigo

nawi-

lebi sul

Rirebuleba 19,122 36,108 6,097 3,991 5,436 6,362 77,116dagrovili amortizacia 707 3,175 1,893 1,107 - - 6,882sabalanso (narCeni)

Rirebuleba 2006 w. 31 dekembris

mdgomareobiT 18,415 32,933 4,204 2,884 5,436 6,362 70,234

Rirebuleba 20,295 65,080 7,153 4,189 6,024 12,086 114,827dagrovili amortizacia 853 5,564 2,844 2,258 - - 11,519sabalanso Rirebuleba 2007 w. 31

dekembris mdgomareobiT 19,442 59,516 4,309 1,931 6,024 12,086 103,308

(c) avtomobilebis finansuri ijariT

kompaniam ijariT aiRo avtomobilebi finansuri arendis xelSekrulebebis safuZvelze.

TiToeuli lizingis periodis bolos avtomobilze sakuTrebis ufleba SeiZleba gadaeces

kompanias, Tu ki is gadawyvets am uflebis gamoyenebas. 2007 wlis 31 dekembris mdgomareobiT

finansuri lizingiT, ijariT, aRebuli avtomobilebis wminda sabalanso Rirebulebam Seadgina


411 aTasi lari (2006 w. – 648 aTasi lari). finansuri arendiT, ijariT, aRebuli

avtomobilebi warmoadgenen finansuri arendis gamcemis sakuTrebas da salizingo

valdebulebebis uzrunvelyofas. moqmedi saprocento ganakveTi, romelic gamoiyeneba

finansuri saarendo valdebulebebis dasadgenad meryeobs 16.5% - 17.7%.

17 aramaterialuri aqtivebi



aTasi lari

programuli

uzrunvelyofa licenziebi sul Rirebuleba 2006 w. 1 ianvris mdgomareobiT 1,298 98 1,396 namati 149 3 152 aqtivebis Camowera (1,081) (6) (1,087) 2006 w. 31 dekembris mdgomareobiT 366 95 461 namati 271 - 271 aqtivebis Camowera - - - 2007 w. 31 dekembris mdgomareobiT 637 95 732 amortizacia 2006 w. 1 ianvris mdgomareobiT 451 5 456 xarji wlis ganmavlobaSi 673 7 680 aqtivebis Camowera (1,081) (6) (1,087) 2006 w. 31 dekmbris mdgomareobiT 43 6 49 xarji wlis ganmavlobaSi 208 47 255 aqtivebis Camowera - - - 2007 w. 31 dekmbris mdgomareobiT 251 53 304 narCeni sabalanso Rirebuleba 2006 w.

1 ianvris mdgomareobiT 847 93 940 narCeni sabalanso Rirebuleba 2006 w.

31 dekembris mdgomareobiT 323 89 412 narCeni sabalanso Rirebuleba 2007 w.

31 dekembris mdgomareobiT 386 42 428



18 savaWro debitoruli davalianeba aTasi lari 2007 w. 31 dekemberi 2006 w. 31 dekemberi restruqturirebuli grZelvadiani debitoruli

davalianeba sayofacxovrebo seqtori 4,540 3,245 minus: rezervi gaufasurebaze (2,727) (1,767) sul restruqturirebuli grZelvadiani debitoruli

davalianeba 1,813 1,478 moklevadiani debitoruli davalianeba sayofacxovrebo seqtori 120,438 116,748 saxelmwifo seqtori 14,400 60,240 komerciuli da sawarmoo seqtorebi 32,710 35,060 centraluri momxmareblebi 3,276 3,254 minus: rezervi gaufasurebaze (133,376) (182,787) sul moklevadiani savaWro debitoruli davalianeba 37,448 32,515 sul savaWro debitoruli davalianeba 39,261 33,993

kompaniis xelmZRvanelobam gansazRvra rezervi saeWvo movaleebze abonentTa jgufebis

identificirebis safuZvelze, abonentTa sagadasaxado tendenciebis mixedviT, Semdgomi

fuladi saSualebebis miRebis, angariSsworebebis da, aseve momavali fuladi nakadebis

analizis safuZvelze. mosalodneli fuladi saxsrebis Semosvlis procenti momavali fuladi

nakadebis mimdinare Rirebulebis dasadgenad wlisTvis, romelic dasrulda 2007 wlis 31

dekembers, gamoyenebuli iyo diskontirebis ganakveTi 17.80% - 19.20% (2006: 17.80% -

19.20%). kompaniis xelmZRvanelobas imedi aqvs, rom SesZlebs wminda debitoruli

davalianebis miRebas pirdapiri fuladi saxsrebis amoRebiT da aqedan gamomdinare, asaxuli

Rirebuleba daaxloebiT udris samarTlian Rirebulebas.

abonentTa TiToeuli kategoriis mimarT gamoyenebuli diskontirebis ganakveTi, eyrdnoba

saqarTvelos erovnuli bankis savaluto da sabanko biuletenebSi miTiTebul ganakveTebs,

kerZod:

sayofacxovrebo seqtori – komerciuli bankebis mier fizikur pirebze erovnul valutaSi

gacemul sesxebze wliuri saSualoSewonili procentis safuZvelze;

sajaro seqtoris da centraluri abonentebis debitoruli davalianeba – komerciuli

bankebis mier sajaro iuridiul pirebze erovnul valutaSi gacemul sesxebze wliuri

saSualoSewonili procentis safuZvelze;

komerciuli da sawarmoo seqtori - komerciuli bankebis mier rezidentebze – kerZo

iuridiul pirebze erovnul valutaSi gacemul sesxebze wliuri saSualoSewonili

procentis safuZvelze;

restruqturirebuli savaWro debitoruli davalianebis dafarvis vada dgeba individualuri

restruqturirebis xelSekrulebis gaformebidan xuTi wlis Semdeg. 2006 wels



18 savaWro debitoruli davalianeba (gagrZeleba)

xelmowerili xelSekrulebebi iTvaliswineben dafarvis vadas 2011 wlis ganmavlobaSi, 2007

wels xelmowerili xelSekrulebebi – 2012 wlis ganmavlobaSi. kuTvnili Tanxebi

diskontirebuli iyo 20% moqmedi saprocento ganakveTiT sayofacxovrebo seqtoris

momxmareblebisTvis da 18.7% organizaciebisTvis da sawarmoebebisTvis.

2007 wlis 1 ianvris mdgomareobiT xelmZRvanelobam, wina periodebis fuladi saxsrebis

amoRebis analizis safuZvelze. uari ganacxada sajaro seqtoris abonentebis debitoruli

davalianebis aRiarebaze saerTo TanxiT 50,353 aTasi lari. xelmZRvaneloba Tvlis, rom

aramarTebulia kanonieri uflebis gamoyeneba aseTi momxmareblebis sawinaaRmdegod da

gadawyvita, rom raime ekonomikuri sargebelis miReba Sesabamisi debitorebisgan SeuZlebelia.

aseT finansur aqtivebze uaris Sedegad, dagrovili rezervi am savaWro debitoruli

davalianebis gaufasurebaze iyo reversirebuli 48,704 aTasi lariT da sabalanso

debitoruli davalianeba 1,649 aTasi lari pirdapir iyo Camowerili mogebasa da zaralis

angariSgebaSi 2007 w. 31 dekembers dasrulebuli wlisTvis.

saangariSo periodSi debitoruli davalianebis gaufasurebis rezervSi moZraoba

aTasi lari 2007 2006 wlis dasawyisSi 184,554 175,118rezervi debitorul davalianebaze 253 9,436uimedo valebis Camowera (48,704) - wlis bolos 136,103 184,554

mTliani savaWro debitoruli davalianeba larebSia da ar eqvemdebareba procentul an sxva

jarimebs. savaWro debitoruli davalianebis sakredito xarisxis analizi:

31 dekemberi 2007 w. 31 dekemberi 2006 w .

moklevadiani da aragaufasurebuli sayofacxovrebo seqtori 7,832 6,296 komerciuli da sawarmoo seqtori 4,486 3,887 sajaro seqtori 1,677 1,646

sul moklevadiani da aragaufasurebuli

debitoruli davalianeba 13,995 11,829

vadagadacilebuli, magram aragaufasurebuli vadagadacilebuli 60 dReze naklebi 6,708 5,649 vadagadacilebuli 60-dan 120 dRemde 125 297 vadagadacilebuli 120-dan 180 dRemde 113 34 vadagadacilebuli 180-dan 360 dRemde 36 139 vadagadacilebuli 360 dReze meti 309 238

sul vadagadacilebuli, magram

aragaufasurebuli debitoruli davalianeba 7,291 6,357



individualurad dadgenili rogorc gaufasurebuli (bruto) vadagadacilebuli, magram aragaufasurebuli 3,877 4,535 vadagadacilebuli 60 dReze naklebi 1,453 9,165 vadagadacilebuli 60-dan 120 dRemde 519 1,040 vadagadacilebuli 120-dan 180 dRemde 1,796 5,091 vadagadacilebuli 180-dan 360 dRemde 146,433 180,530

sul individualurad gaufasurebuli 154,078 200,361

minus rezervi gaufasurebaze (136,103) (184,554)

sul 39,261 33,993

19 sxva debitoruli davalianeba

aTasi lari 31 dekemberi 2007 w. 31 dekemberi 2006 w .

avansi da winaswari gadaxda momwodeblebisTvis gacemuli avansebi 6,009 6,149 minus: rezervi gaufasurebaze (1,704) (1,754)

sul avansebi da winaswari gadaxdebi, wminda 4,305 4,395

anazRaurebadi gadasaxadebi anazRaurebadi DdRg 3,422 3,541 sxva anazRaurebadi gadasaxadebi 177 20 minus: rezervi gaufasurebaze (3,346) (3,346)

sul anazRaurebadi gadasaxadebi, wminda 253 215

sxva debitoruli davalianeba 6,732 7,657 minus: rezervi gaufasurebaze (2,923) (635)

sul sxva debitoruli davalianeba, wminda 3,809 7,022

sul sxva debitoruli davalianeba 8,367 11,632

sxva debitorul davalianebis saldo (naSTi) moicavs “saqarTvelos saxelmwifo

eleqtrosistemis” (sse) debitorul davalianebas. sse-s akontrolebs saqarTvelos

saxelmwifo. sse-s debitoruli davalianebis samarTliani Rirebuleba 3,640,377 (2006:

4,430,417) udris debitoruli davalianebis fass, dadgenils mesame pirebisgan SeZenisas.

SeZenili debitoruli davalianebis samarTliani Rirebuleba iyo 5,716,737 lari (2006:

6,506,778 lari). kompania gegmavs am debitoruli davalianebis CaTvlas sse-s kreditoruli

davalianebis dasafarad, kompaniis da sse-s Soris oficialuri xelSekrulebis gaformebis

SemTxvevaSi. mogeba am finansuri aqtivebis SeZenisgan ar aris asaxuli mogebisa da zaralis

angariSgebaSi, radgan angariSgebis TariRisTvis, kompania awarmoebs molaparakebebs sse-sTan

CaTvlis procedurasTan dakavSirebiT. aseTi debitoruli davalianeba xasiaTdeba rogorc

moklevadiani da aragaufasurebuli, radgan iqneba CaTvlili sse-sTan angariSsworebisas.



yvela sxva debitoruli davalianeba larebSia da ar eqvemdebareba procentul an sxva

jarimebs.

19 sxva debitoruli davalianeba (gagrZeleba)

wlis ganmavlobaSi adgili hqonda moZraobas avansebis da winaswari gadaxdebis gaufasurebis

rezrvSi: aTasi lari 2007 2006

wlis dasawyisSi 1,754 2,204

adre gacemuli Tanxebis anazRaureba (77) (619)rezervis zrda wlis ganmavlobaSi 27 169

wlis bolos 1,704 1,754

wlis ganmavlobaSi adgili hqonda moZraobas anazRaurebadi gadasaxadebis gaufasurebis

rezervSi: aTasi lari 2007 2006

wlis dasawyisSi 3,346 3,305

adre gacemuli Tanxebis anazRaureba - (45)rezervis zrda wlis ganmavlobaSi - 86

wlis bolos 3,346 3,346

wlis ganmavlobaSi adgili hqonda moZraobas debitorTa sxva angariSebis gaufasurebis

rezrvSi: aTasi lari 2007 2006

wlis dasawyisSi 635 798

adre gacemuli Tanxebis anazRaureba (250) (224)rezervis zrda wlis ganmavlobaSi 2,538 61

wlis bolos 2,923 635

20 sasaqonlo-materialuri maragebi


masalebi da miwodebebi 9,872 8,191sxva sasaqonlo-materialuri maragebi 2,138 1,357rezervi – moZvelebuli maragebi (1,162) (40)

sul sasaqonlo-materialuri maragebi 10,848 9,508



21 fuladi saxsrebi da fuladi saxsrebis eqvivalentebi

aTasi lari 31 dekemberi 2007 w. 31 dekemberi 2006 w . mimdinare angariSebi (saprocento ganakveTi: 2-3%

wliuri; 2006: 2-3% wliuri) 1,392 311depozitebi (saprocento ganakveTi: 5% wliuri;

2006: 5% wliuri) - 106fuladi saxsrebi 44 37korporatiuli baraTebi 6 37specialuri angariSebi 181 - sul fuladi saxsrebi da fuladi saxsrebis

ekvivalentebi 1,623 491

kompanias aqvs 2,000 aTasi laris overdrafti 2008 wlis 14 ivnisamde. Sesabamisi

saprocento ganakveTia wliuri 12.0%. 2007 wlis 31 dekembris mdgomareobiT kompaniis

overdrafti iyo 1,088 aTasi lari (2006: 1,131 aTasi lari).

kompaniis specialur angariSebzea Tanxebi larebSi, romlebic meriis saxeliT ikribeba

mosaxleobisgan municipalitetis mier gaweuli komunaluri momsaxurebisTvis. municipalitetTan dadebuli momsaxurebis xelSekrulebis Sesabamisad kompania axorcieles

mosaxleobisgan amoRebuli fuladi saxsrebis dagrovebas, awarmoebs Sesabamisi sabilingo

monacemebis damuSavebas da gadaricxavs amoRebul fulad saxsrebs municipalitetis

angariSze. naSTebi specialur angariSebze warmoadgens fulad saxsrebs, romlebic

amoRebulia da ar aris gadaricxuli municipalitetisTvis, radgan balansis Sedgenis

TariRisTvis monacemebi iyo damuSavebis procesSi. kompania aRiarebs 181 aTasi laris finansur

valdebulebebs, romlebic gadasaxdelia municipalitetisTvis 24-e SeniSvnis Sesabamisad.

mTliani fuladi saxsrebi da fuladi saxsrebis ekvivalentebi deponirebulia saukeTeso

qarTuli bankebis aTeulSi da klasificirdebian, rogorc mimdinare da aragaufasurebuli

(2006: wamyvani qarTuli bankebis aTeuli, mimdinare da aragaufasurebuli).

22 sakuTari kapitali

(a) saaqcio kapitali



31 dekemberi 2007 w. 31 dekemberi 2006 w .

gamoSvebuli da bolomde gadaxdili aqcibis

raodenoba 81,147,886 81,147,886aTasi lari 81,148 81,148

Cveulebrivi aqciebis sanqcionirebuli raodenobaa 81,147,886, TiToeuli aqciis nominaluri

Rirebulebaa 1 lari. aqciebi erTnairi klasisaa da yovel aqcias Seesabameba erTi xma. wlis

ganmavlobaSi gamoSvebuli aqciebis raodenoba iyo ucvleli (2006: nuli).

22 sakuTari kapitali (gagrZeleba)

(b) aqcionerebi

31 dekemberi 2007 w. 31 dekemberi 2006 w . Silk Road Holding B.V. 75.00% 75.00%saxelmwifo qonebis marTvis saagento 24.53% 24.53%kerZo pirebi (daaxloebiT 300 kaci) 0.47% 0.47%

sul

100.00% 100.00%

23 kreditebi da sesxebi


grZelvadiani rao nordikis krediti - 13,537dss inter rao ees-is krediti 11,619 10,281xramhes-1-is krediti 4,775 5,141gadasaxdeli Tamasuqebi 750 778finansuri lizingis valdebulebebi 28 503

sul grZelvadiani kreditebi da sesxebi 17,172 30,240

moklevadiani Silk Road Holdings B.V.is krediti 618,076 665,512 saqarTvelos finansTa saministros da energetikis

saministros krediti - 13,548 dss inter rao ees-is krediti 23,539 -sesxebi adgilobrivi bankebidan 20,000 2,173



grZelvadian sesxebze daricxuli procentebi 1,005 434 finansuri lizingis valdebulebebis mimdinare

nawili 467 608 gacemuli Tamasuqebis mimdinare nawili 139 139

sul moklevadiani kreditebi da sesxebi 663,226 682,414

sul kreditebi da sesxebi 680,398 712,654

informacia grZelvadian da moklevadian sesxebze TiToeuli sesxis mixedviT mocemulia

paragrafebSi (a)-dan (z)-mde.

moqmedi saprocento ganakveTi nominaluria kreditebisa, romlebic eqvemdebareba

gadaxdas moTxovnisTanave, da saxelmwifosgan miRebuli kreditebisTvis.

saxelmwifosgan miRebuli kreditebi nulovani an dabali saprocento ganakveTiT

ganixileba, rogorc saxelmwifo subsidia. IAS 20-is ”saxelmwifo subsidiebis aRricxva da saxelmwifo daxmarebaze informaciis gaxsna“ Sesabamisad, mogeba aseTi daxmarebidan ar saWiroebs raodenobriv gansazRvras procentis daricxviT.

23 kreditebi da sesxebi (gagrZeleba)

sabalanso Rirebuleba samarTliani Rirebuleba aTasi lari 2007 2006 2007 2006

grZelvadiani rao nordikis krediti - 13,537 - 13,537dss inter rao ees-is krediti 11,619 10,281 11,619 10,281xramhes-1 krediti 4,775 5,141 4,775 5,141gadasaxdeli Tamasuqebi 750 778 750 778finansuri lizingis valdebulebebi 28 503 28 503

sul grZelvadiani kreditebi da sesxebi 17,172 30,240 17,172 30,240

moklevadiani sesxebis samrTliani Rirebuleba udris maT sabalanso Tanxas, radgan

diskontirebis zemoqmedeba umniSvneloa.

yvela kreditis saprocento ganakveTi fiqsirebulia. 2007 w. 31 dekembris mdgomareobiT yvela

krditis da sesxis Sefasebuli samarTliani Rirebuleba Seadgenda 680,398 aTas lars (2006: 712,654 aTas lars). dafarvis cxrili



aTasi lari 31 dekemberi 2007

w. 31 dekemberi 2006

w .

dasafaria

erT wlamde 663,226 682,414 erTidan or wlamde 16,422 24,292 oridan xuT wlamde 750 5,808 xuT welze meti - 140 sul 680,398 712,654

Ffinansuri arendis valdebulebebi gadasaxdelia Semdeg vadebSi: aTasi lari 2007 2006

gadasaxdeli procenti ZiriTadi

Tanxa gadasaxdeli procenti ZiriTadi

Tanxa erT wlamde 481 40 441 827 219 608 erTidan xuT wlamde 29 - 29 593 90 503

(a) grZelvadiani gadasaxdeli Tamasuqebi

kompanias gaaCnia uprocento grZelvadiani gadasaxdeli Tamasuqebi larebSi. Ees gadasaxdeli

Tamasuqebi gamoSvebuli iyo kompaniis wina periodebis davalianebis valdebulebebisgan

zogierTi momwodeblebis mimarT ganTavisuflebis safuZvelze. am gadasaxdeli Tamasuqebis sabalanso Rirebuleba Sefasebuli iyo 15.4% diskontirebis ganakveTiT (2006: 15.4%) miTiTebuli gadaxdis TariRis dadgomabde. iTvleba, rom mocemuli diskontirebis ganakveTi

miaxloebulia sesxebis ekvivalentur momgebianobasTan saqarTvelos bazarze.


Tamasuqebis umravlesobis mimdinare Rirebulieba imis gaTvaliswinebiT rom maTi gadaxdis

vada minimum 90 wlis Semdegaa, finansur angariSebSi dafiqsirebulia, rogorc nuli (2006: nuli). am Tamasuqebis diskontirebuli jami ar aRemateba 500 lars nebismieri calkeuli

sesxisTvis an erToblivad.

2007 wlis 31 dekembris mdgomareobiT gadasaxdeli Tamasuqebi:



aTasi lari dafarvis

vada

nominaluri

Rirebuleba

2007 w. 31

dekembris

mdgomareobiT

sabalanso

Rirebuleba 2007

w. 31 dekembris

mdgomareobiT

nominaluri

Rirebuleba

2006 w. 31

dekembris

mdgomareobiT

sabalanso

Rirebuleba 2006

w 31 dekembris

mdgomareobiT saqenergo 2098 134,000 - 134,000 - orTaWala 2098 388 - 388 - zahesi 2098 119 - 119 - sacxenisi 2098 73 - 73 - ss Telasi 2098 50 - 50 - orbi 2098 9 - 9 - eleqtrogadacema 2021 1,746 889 1,948 917

sul gadasaxdeli

Tamasuqebi 136,385 889 136,587 917

(b) rao nordiki

2006 wlis 15 dekembers kompaniam gaaforma sesxis xelSekruleba rao nordikTan. SeTanxmebuli kreditis Tanxaa 14,000 aTasi evro (32,641 aTasi lari). 2007 wlis 31

dekembris mdgomareobiT kompaniam gamoiyena am kreditidan 6,000 aTasi evro (13,989 aTasi

lari). mocemuli sesxi evroSia da aqvs 11.1% wliuri ganakveTi. saangariSo periodis

ganmavlobaSi sesxi gadaeca dss inter rao ees-s. kompaniam unda dafaros sesxi 2008 wlis

20 dekembers. saerTo TanxaSi, dafiqsirebuls balansis Sedgenis TariRisTvis Sedis

dagrovili procentebi 392 aTasi laris odenobiT, romlebic gadaixdeba kvartalurad sesxis

periodis ganmavlobaSi. (c) dss inter rao eesi

2006 wlis 20 ianvars kompaniam gaaforma sesxis xelSekruleba dss inter rao ees-Tan 6,000 aTas aSS dolarze (9,550 aTasi lari). sesxi aSS dolarebSia 12%-iani wliuri ganakveTiT.

2007 wlis 31 dekembris mdgomareobiT kompaniam mTlianad moxsna kreditis mTliani Tanxa.

kompaniam unda dafaros krediti 2008 wlis 19 dekembers. balansis Sedgenis TariRze

dafiqsirebul TanxaSi Sedis daricxuli procentebi 289 aTasi laris odenobiT, romlebic

gadaixdeba kvartalurad sesxis periodis ganmavlobaSi. 2007 wlis 27 ivliss kompaniam gaaforma sesxis xelSekruleba dss inter rao ees-Tan 7,300 aTas aSS dolarze (11,619 aTasi lari). sesxi aSS dolarebSia wliuri 9% ganakveTiT. 2007 wlis 31 dekembris mdgomareobiT kompaniam mTlianad moxsna kreditis mTliani Tanxa. kompaniam

unda dafaros sesxi 2010 wlis 27 ianvars. balansis Sedgenis TariRze dafiqsirebul TanxaSi

Sedis daricxuli procentebi 206 aTasi laris odenobiT, romlebic gadaixdeba kvartalurad

sesxis periodis ganmavlobaSi.


(d) ss xramhesi-1



2006 wlis 16 marts kompaniam gaaforma sesxis xelSekruleba ss xramhes-1-Tan. kreditis

SeTanxmebulma Tanxam Seadgina 3,000 aTasi aSS dolari (4,775 aTasi lari). 2007 wlis 31

dekembris mdgomareobiT kompaniam mTlianad moxsna kreditis Tanxa. sesxi aSS dolarebSia

wliuri 12% ganakveTiT. kompaniam unda dafaros sesxi 2009 wlis 1 Tebervals. balansis

Sedgenis TariRze dafiqsirebul TanxaSi Sedis daricxuli procentebi 130 aTasi laris

odenobiT, romlebic gadaixdeba kvartalurad sesxis periodis ganmavlobaSi.

(e) Silk Road Holding B.V.

2000 wlis 2 ivniss kompaniam gaaforma subordinirebuli sesxis xelSekruleba Silk Road Holding B.V.-sTan 92,000 aTas aSS dolarze. sesxs hqonda rTuli procentuli ganakveTi -

wliuri 20% da eqvemdebareboda gadaxdas moTxovnisTanave. 2003 wlis 27 ivniss

xelSekrulebaSi Setanili iyo Sesworeba da kreditis Tanxa gaizarda 169,000 aTas aSS

dolaramde. dafiqsirda rTuli saprocento ganakveTi wliuri – 8%. 2003 wlis 22 agvistos kompaniam gaaforma meore sesxis xelSekruleba Silk Road Holding B.V.-Tan 56,207 aTas aSS dolarze. sesxs hqonda rTuli wliuri saprocento ganakveTi 8% da aseve eqvemdebareboda

gadaxdas moTxovnisTanave. orive sesxSi orjer iyo Setanili Sesworeba 2005 wlis

ganmavlobaSi: 2005 wlis 28 ianvars, rodesac saprocento ganakveTi dayvanili iyo 0% -mde

2004 wlis 31 dekembridan 2005 wlis 31 dekembris CaTvliT; da 2005 wlis 31 maiss,

rodesac procentuli ganakveTi Semcirebuli iyo 0% - 2003 wlis 31 dekembridan 2004

wlis 31 dekembris CaTvliT da 2006 wlis 30 ianvars, rodesac saprocento ganakveTi

Semcirda 0% -mde. 2006 wlis 31 dekembris mdgomareobiT kompaniam mTlianad moxsna

kreditis Tanxa - 388,336 aTasi aSS dolari (618,076 aTasi lari).

(f) saqarTvelos finansTa saministro da energetikis saministro

2006 wlis 11 oqtombers kompaniam xeli moawera sesxis samxriv xelSekrulebas saqarTvelos

finansTa da energetikis saministroebTan 13,545 aTas larze. sesxs gaaCnia 0.25% wliuri

ganakveTi. 2007 wlis 31 dekembris mdgomareobiT kompaniam srulad dafara kreditis mTliani

Tanxa. kompaniam gadaixada krediti sami Tanabari gadaxdiT: 2007 wlis 31 maiss, 2007 wlis

30 ivniss da 2007 wlis 31 ivliss.

(g) sesxebi adgilobrivi bankebidan

2007 wlis 17 ivliss kompaniam gaaforma sakredito xazis xelSekruleba ss “Tibisi

bankTan” 3,000 aTas larze. krediti larebSia wliuri 12.0% ganakveTiT. kompaniam

unda dafaros sesxi 2008 wlis 17 ivliss.

2007 wlis 5 dekembers kompaniam gaaforma sakredito xazis xelSekruleba ss “Ti bi

si bankTan” 4,500 aTas larze. 2007 wlis 31 dekembris mdgomareobiT kompaniam

gamoiyena 4,500 aTasi lari. krediti larebSia wliuri 12.0% ganakveTiT. kompaniam

unda dafaros sesxi 2008 wlis 1 dekembers.

2007 wlis 7 noembers kompaniam gaaforma xelSekruleba sakredito xazis gamoyofaze

ss “standart bankTan” 4,500 aTas larze. 2007 wlis 31 dekembris mdgomareobiT kompaniam gamoiyena am kreditidan 4,500 aTasi lari. krediti larebSia wliuri 12.0% ganakveTiT. kompanias dasafari aqvs sesxi 2009 wlis 16 Tebervals. 2007 wlis 23 maiss kompaniam gaaforma xelSekruleba sakredito xazis gamoyofaze

ss “saxalxo bankTan” 8,000 aTas larze. 2007 wlis 31 dekembris mdgomareobiT




kompaniam srulad aiTvisa es krediti. sesxi larebSia 10.0% wliuri ganakveTiT. kompaniam unda dafaros sesxi 2008 wlis 22 maiss.

24 savaWro da sxva kreditoruli davalianeba aTasi lari 2007 w. 31 dekemberi 2006 w. 31 dekemberi

savaWro kreditoruli davalianeba 120,236 118,248Silk Road Holdings B.V.-vis gadasaxdeli Tanxebi 14,678 17,653momxmareblebis winaswari gadaxdebi 7,027 3,510sxva kreditoruli davalianeba 10,641 9,606 sul savaWro da sxva kreditoruli davalianeba 152,582 149,017

25 davalianeba sxva gadasaxadebze

aTasi lari 2007 w. 31 dekemberi 2006 w. 31 dekemberi

gadasaxdeli dRg 23,283 26,236socialuri gadasaxadi 221 1,001saSemosavlo gadasaxadi 94 540gadasaxadi ararezidentebze 107 38sagzao gadasaxadi 412 668rezervi sagzao gadasaxadze (ix. SeniSvna 11) 12,334 -sxva gadasaxadebi - 234 sul gadasaxdeli sxva gadasaxdelebi 36,451 28,717

gadasaxdeli damatebuli Rirebulebis gadasaxadSi Sedis gadavadebul dRg-sTan

dakavSirebuli nominaluri Tanxa 17,142 aTasi lari (2006: 17,766 aTasi lari), romelic

gadaexdeba Sesabamis organoebs marto maSin, rodesac asanazRaurebeli balansi

anazRaurebulia an Camowerilia. Tanxa ar eqvemdebareba diskontirebas imis gaTvaliswinebiT

rom anazRaurebis an Camoweris vada ar aris gansazRvruli da radganac asanazRaurebeli

Tanxa SeiZleba iyos amoRebuli nebismier dros, dRg, faqtobrivad, eqvemdebareba gadaxdas

moTxovnisTanave.

26 SefasebiTi valdebulebebi

aTasi lari 2007 2006 wlis dasawyisSi 9,663 8,127(rezervebis Semcireba)/zrda wlis ganmavlobaSi (1,091) 1,536 wlis bolos 8,572 9,663

26 SefasebiTi valdebulebebi (gagrZeleba)

zemoaRniSnuli rezervi gansazRvrulia kompaniis winaaRmdeg aRZrul sasamarTlo sarCelebze.



rezervSi Sedis saqarTvelos mTavrobis mier kompaniis mimarT aRZruli sarCeli 7,454 aTas

larze (2006: 7,454 aTasi lari). es sarCeli Setanilia 2004 wels kompaniis mier

tarifebis kanonis darRvevis gamo, zogirTi momxmareblebisTvis vadamde eleqtroenergiis

Rirebulebis daricxvisTvis.

rezervis sxva elementi dakavSirebulia kompaniis momxmareblebis sarCelebTan, romlebic

warmoiSveba kompaniis Cveulebrivi saqmianobis procesSi, magaliTad, sarClebi xanZris Sedegad

miyenebuli zaralis, savaraudod, kompaniis kuTvnili mowyobilobebis gaumarTaobis gamo - 1,118 aTasi laris odenobiT (2006: 2,209 aTasi lari).

xelmZRvaneloba Tvlis rom SeuZlebelia zusti gansazRvra Tu rodis iqneba gamoyenebuli

bolomde es rezervi, proocesebis sxvadasxva doneebis gaTvaliswinebiT sasamarTloebSi da

saapelacio sasamarTloebSi TiToeul sarCelze. miuxedavad amisa, varaudoben yvela davebis

daregulirebas momovali xuTi wlis ganmavlobaSi. amasTan rCeba gaurkvevloba TiToeuli

sarCelis arsze da TiToeul sarCelze sasamarTlos saboloo gadawyvetilebis Sedegebze.

Sesabamisi iuridiuli konsultaciebis Semdeg, xelmZRvanelobam gamoitana daskvna, rom am

sasamarTlo sarClebis Sedegebi ar gamoiwvevs mniSvnelovan zarals, romelic gadaaWarbebs

finansur angariSgebaSi dagrovil Tanxebs.

27 finansuri riskis marTva

kompania ganixilavs Tavis riskebs finansuri riskebis konteqstSi (sakredito, sabazro,

geografiuli, savaluto, likvidurobis da saprocento ganakveTis riskebi), aseve saoperacio da iuridiuli riskebi. kompaniisTvis finansuri riskebis marTvaSi yvelaze mniSvnelovania

riskis zRvrebis dadgena da Semdeg riskebis SenarCunebis uzrunvelyofa mocemul sazRvrebSi. kompania ganagrZobs Tavisi funqciebis ganviTarebas saoperacio da iuridiuli riskebis

marTvaSi. kompaniis mier dReisTvis miRebuli zomebi, maT Soris aqcionerTa jgufis

zedamxedveloba da miRbuli gaumjobesebebi isaxaven mizans uzrunvelyon Sida wesebis da

procedurebis Sesabamisi funqcionireba raTa saoperacio da iuridiuli riskebi dayvanili

iyos minimumamde, rogorc mimdinare periodSi aseve momavalSi.



27 finansuri riskis marTva (gagrZeleba) (a) sakredito riski (gadauxdelobis riski)

kompania ganicdis sakredito risks, romelic mdgomareobs imaSi, rom kontragenti ver

gadaixdis droulad da sruli moculobiT. finansuri aqtivebi, romlebic potenciurad

ayeneben kompanias sakredito riskis qveS, ZiriTadad Sedgeba savaWro debitoruli

davalianebidan, fuladi saxsrebisgan da fuladi saxsrebis ekvivalentebisgan. kompaniaSi

arsebobs procedura, romelic uzrunvelyofs momsaxureobis gawevas momxmareblebisTvis,

romlebsac gaaCniaT Sesabamisi sakredito istoria, sxva SemTxvevebSi gamoiyeneba gadaxdis

alternatiuli procedura (magaliTad winaswar gadaxda). debitoruli davalianebis sabalanso

Rirebuleba, debitoruli davalianebis, fuladi saSualebebis da fuladi saSualebebis

ekvivalentebis gaufasurebis rezervis gamoklebiT warmoadginen maqsimalur Tanxas, romelic

ganicdis sakredito risks. miuxedavad imisa, rom debitoruli davalianebis amoRebaze

moqmedeben ekonomikuri faqtorebi, xelmZRvaneloba Tvlis, rom kompanias ar emuqreba

mniSvnelovani gadauxdelobis riski, romelic gadaaWarbebs dadgenil rezervebs.

kompanias ar gaaCnia sakredito riskis mniSvnelovani koncentracia, radgan samomxmareblo

portfeli diversificirebulia didi raodenobis momxmareblebs Soris. 2007 wlis 31

dekembris mdgomareobiT kompanias hyavda 450 aTasi abonenti (2006: 438 aTasi). debitoruli

davalianebis jamurma Tanxam Seadgina 124,979 aTasi lari an mTliani savaWro da sxva

debitoruli davalianebis 69% (2006: 119,993 aTasi lari, an mTliani savaWro da sxva

debitoruli davalianebis 53%).

qvemoT moyvanil cxrilSi asaxulia TxuTmeti ZiriTadi momxmareblis debitoruli

davalianeba balansis Sedgenis TariRisTvis:

aTasi lari 2007 w. 31

dekemberi 2006 w. 31

dekemberi

nevrologiis instituti (saerTo sacxovrebeli) 702 491 ss “qaRaldis fabrika” 685 685 akad. n. yifSiZes sax. centraluri klinika Tssu 539 577 stamba Sps “samSoblo” 475 398 Sps “akad. e. fifias sax. klinikuri saavadmyofo” 436 429 Tbilisis pirveli klinikuri saavadmyofo 433 504 Tbilisis satransporto gaerTianeba 350 272 ss “sainJinro geodezia” 331 258 samxedro nawili # 06325 268 268 saqarTvelos standartizaciis, teqnikuri reglamentirebis

da metrologiis erovnuli saagento "saqstandarti" 267 205 Tbilisis profesiuli kvalifikaciis amaRlebis centri 196 195 rkinigzis saerTo sacxovrebeli 184 184 ss “qarTuli filmi” 165 151 ss “centroliti” 151 150 ss “el. teqnikuri qarxana” 151 158

sul 5,333 4,925 fuladi saxsrebis Warbi naSTi moTavsebulia finasur institutebSi, romlebic

deponirebis TariRisTvis iTvlebian yvelaze saimedod.



27 finansuri riskis marTva (gagrZeleba)

(b) sabazro riski

kompania iRebs Tavis Tavze sabazro risks, romelic ZiriTadad exeba tarifebs,

romlebic dadgenilia kompaniisTvis da romlebic moqmedeben Sesasyidi eleqtroenergiis

fasze da fasze, romelic SeiZleba iyos daricxuli abonentebis mier moxmarebul

eleqtroenergiaze. miuxedavad imisa, rom kompania axdens zemoqmedebas am tarifebis

garkveuli doneebis dadgenaze, gadawyvetilebebi tarifebis dadgenaze aRemateba misi

kontrolis farglebs. tarifebis saboloo gansazRvraSi did rols TamaSobs

politikuri faqtorebic. kompaniis saqmianobidan gamomdinare mas hyavs mimwodeblebis

SezRuduli raodenoba, visganac SeiZleba eleqtroenergiis SeZena abonentebisTvis

Semdegi miwodebisTvis. garda amisa, kompanias gaaCnia Ria pozicia procentuli ganakveTis da savaluto

poziciis mimarT, romlebic ganicdis zemoqmedebas bazris saerTo da specifiuri

cvlilebebidan. direqtorebi adgenen riskis misaReb limitebs, romelTa regulireba

xdeba aucileblobis SemTxvevaSi. magram aseTi meTodis gamoyeneba ar aRkveTs zarals

miTiTebuli limitebis farglebs gareT bazarze mniSvnelovani cvlilebebis

SemTxvevaSi.


(c) geografiuli riski

kompaniis aqtivebi ganTavsebulia saqarTveloSi da misi operaciebic am qveynis farglebSi

xorcieldeba. saqarTveloSi bazari isev avlens ganviTarebadi bazris Tvisebebs. saqarTveloSi

saqmiani garemos nebismieri gauareseba zemoqmedebas axdens kompaniaze.

kompaniaze, aseve gavlenas axdens saqarTvelos urTierTobebis ganviTareba sxva qveynebTan,

gansakuTrebiT ki ruseTis federaciasTan. saqarTvelos isev damokidebulia ruseTze, rogorc

gazis da sxva bunebrivi resursebis, romlebic gamoiyeneba eleqtroenergiis gamomuSavebisas,

mimwodebelze. am resursebis saqarTveloSi Semotanis nebismierma SezRudvam SeiZleba imoqmedos

kompaniis eleqtroenergiis Sesyidvis SesaZleblobaze abonentebisTvis misawodeblad. (d) savaluto riski

savaluto riski gamoixateba imaSi, rom finansuri instrumentebi SeiZleba meryeobdes

savaluto kursis cvlilebis gamo. ZiriTadi ucxouri valutis kursis cvlileba moqmedebs

kompaniis finansur poziciaze da fuladi saxsrebis moZraobaze. 2007 wlis 31 dekembris



mdgomareobiT, kompanias hqonda naSTi larebSi da sxva valutaSi sesxebze ZiriTadad aSS

dolarebSi da evroSi.

2007 wlis 31 dekembris mdgomareobiT lari Sesustda/gamagrda aSS dolaris mimarT 10

procentiT sxva faqtorebis ucvlelobis SemTxvevaSi. mogeba yvela gadasaxadebis gadaxdis

Semdeg 2007 wlis 31 dekembers dasrulebuli wlisTvis unda Seadgendes 52 781 aTas lars

(weli dasrulebuli 2006 wlis 31 dekembers: 55 594 aTasi lari) meti/naklebi, ZiriTadad

sabanko balansis, kreditebis da gadasaxadebis aSS dolarebSi larSi gadayvanis Sedegad.

2007 wlis 31 dekembris mdgomareobiT lari dasustda/gamagrda evros mimarT 10% sxva

faqtorebis ucvlelobis SemTxvevaSi. mogeba yvela gadasaxadebis gadaxdis Semdeg 2007 wlis

31 dekembers dasrulebuli wlisTvis unda Seadgendes 1,086 aTas lars (2006 wlis 31

dekembers dasrulebul wels: 1,147 aTasi lari) meti/naklebi ZiriTadad evroSi gamoxatuli

kreditebis larSi gadayvanis Sedegad mogeba/zarali.

saqarTveloSi ganviTarebuli finansuri instrumentebis ararsebobis gamo, xelmZRvaneloba ar

axorcielebs savaluto risks xejirebas.

kompanias gaaCnia Semdegi finansuri aqtivebi da pasivebi ucxour valutaSi: aSS dolarebSi evroSi

aTasi lari 2007 2006 2007 2006 fuladi saxsrebi da fuladi saxsrebis ekvivalentebi 6 5 - - kreditebi da sesxebi (645,092) (677,273) (13,577) (14,342) Silk Road Holdings B.V. –is gadasaxdeli Tanxebi (14,678) (17,653) - - neto-pozicia 31 dekembris mdgomareobiT (659,764) (694,921) (13,577) (14,342)

27 finansuri riskis marTva (gagrZeleba) (e) kapitalTan dakavSirebuli riskis marTva

kompaniis mizans kapitalis marTvisas warmoadgens sawarmoos funqcionirebis uzrunvelyofa

aqcionirebisTvis mogebis da sxva dainteresebuli pirebisTvis sargeblobis da kapitalis

optimaluri struqturis uzrunvelyofas kapitalis Rirebulebis Semcirebis mizniT.

angariSgebis TariRisTvis kompanias hqonda uaryofiTi sakuTari kapitali 671,485 aTasi lari

da wminda davalianeba 679,863 aTasi lari. wminda davalianebis gamoangariSeba xorcieldeba

sesxebis saerTo jamis saxiT (maT Soris, sabuRaltro balansSi asaxuli moklevadiani da

grZelvadiani sesxebi) fuladi saxsrebis da fuladi saxsrebis ekvivalentebis gamoklebiT.

jamuri kapitali ganoangariSeba xdeba sabuRaltro balansSi asaxuli “sakuTari kapitalis”

saxiT, plus wminda vali. gadauxdeli vali ZiriTadad gadasaxdelia ZiriTadi

aqcionerebisTvis, rac metyvelebs maT survilze aRmouCinon kompanias saWiro mxardaWera

kompaniis gamarTuli muSaobis uzrunvelsayofad im periodis ganmavlobaSi, vidre kompania

aris dss inter rao-s Svilobil kompanias.

(f) likvidurobis riski

likvidurobis riskis gonivruli marTva gulisxmobs sakmarisi raodenobis fuladi saxsrebis

SenarCunebas da finansirebis misawvdomobas Cadebuli adekvaturi sakredito TanxebiT.

kompaniis moklevadiani valdebulebebi (sesxebi) gadasaxdelia an misaRebia dakavSirebuli

pirebisgan. kompaniis xelmZRvaneloba Tvlis, rom es aniWebs kompanias garkveul moqnilobas



dafarvis cxrilTan mimarTebaSi, rac aucilebelia biznesSi adekvaturi likvidurobis

uzrunvelsayofad momovalSic da amitom ar aCerebs mniSvnelovan Warb fulad naSTs.

xelmZRvaneloba akontrolebs prognozebs sawarmos likvidur rezervze mosalodneli

fuladi saxsrebis brunvis safuZvelze. kompaniis likviduri rezervi Seicavs gamouyenebel

sakredito saSualebebs (SeniSvna 23), fulad saxsrebs da fuladi saxsrebis ekvivalentebs

(SeniSvna 21). 2007 wlis 31 dekembris mdgomareobiT gamouyenebeli krediti rao nordikisgan

iyo 18,652 aTasi lari (8,000 aTasi evro).

saprognozo likviduri rezervi 2007 wlis 31 dekembris mdgomareobiT: aTasi lari 2008 2009-2012 balansi periodis dasawyisisTvis 20,275 1,187 saoperacio Semosavali 257,250 1,022,723 fuladi saxsrebis operaciuli gasavali (218,503) (865,764) fuladi saxsrebis gasavali investiciebze (44,867) (47,320) mogeba finansirebidan 107,460 1,500 valebis gadaxda (120,428) (71,112) balansi periodis dasrulebisTvis 1,187 41,214

qvemoT moyvanili cxrili asaxavs valdebulebebs, romelTa analizi xorcieldeba darCenili

dafarvis vadebis mixedviT. qvemoT asaxuli Tanxebi warmoadgens aradiskontirebul fulad

nakadebs, sabiTumo finansuri lizingis valdebulebebis CaTvliT (finansirebaze momavali

xarjebis gamoqviTviT) da sesxis valdebulebebis jamur Tanxas. aseTi aradiskontirebuli

fuladi nakadebi gansxvavdeba sabalanso angariSgebaSi asaxuli Tanxebisgan, radgan sabalanso

angariSgebis Tanxebi efuZneba diskontirebul fulad nakadebs.


rodesac gadasaxdeli Tanxebi ar aris fiqsirebuli, gamJRavnebuli Tanxa ganisazRvreba

arsebuli mdgomareobiT angariSgebis TariRisTvis. gadaxdebi ucxour valutaSi gadaiTvleba

valutis kursiT sabalanso angariSis Sedgenis TariRisTvis.

finansuri valdebulebebis dafarvis analizi 2007 wlis 31 dekembris mdgomareobiT:

aTasi lari 1 welze

naklebi 1-dan 2

wlamde 2-dan 5

wlamde 5 welze

meti sul

sabanko overdraftebi 1,086 - - - 1,086 sesxebi da kreditebi 668,083 4,775 11,618 - 684,476 gamoSvebuli Tamasuqebi (savalo

valdebulebebi) 139 139 418 135,690 136,386 finansur lizingTan

dakavSirebuli valdebulebebis

saerTo Tanxa 468 29 - - 497 kreditoruli davalianeba

savaWro operaciebidan 145,555 - - - 145,555

sul momovali gadaxdebi 815,331 4,943 12,036 135,690 968,000

finansuri valdebulebebis dafarvis analizi 2006 wlis 31 dekembris mdgomareobiT:



aTasi lari 1 welze

naklebi 1-dan 2

wlamde 2-dan 5

wlamde 5 welze

meti sul

sabanko overdraftebi 1,131 - - - 1,131 sesxebi da kreditebi 685,226 27,119 5,191 - 717,536 gamoSvebuli Tamasuqebi (savalo

valdebulebebi) 139 139 418 135,878 136,574 finansur lizingTan

dakavSirebuli valdebulebebis

saerTo Tanxa 608 474 29 - 1,111 kreditoruli davalianeba

savaWro operaciebidan 145,507 - - - 145,507

sul momovali gadaxdebi 832,611 27,732 5,638 135,878 1,001,859


(g) procentuli ganakveTis riski

procentuli ganakveTis riski gamoixateba kompaniis finansur poziciaze saprocento

ganakveTebis moZraobis uaryofiT gavlenaze, rac gamoixateba procentuli Tanxebis zrdaSi

mozidul finansur saSualebebze an mogebis Semcirebaze ganawilebuli Tanxebidan. kompaniis

finansuri mdgomareoba da fuladi saxsrebis nakadi damokidebylia sabazro dominirebuli

saprocento ganakveTis meryeobaze. kompanias ar gaaCnia oficialuri politika kompaniisTvis

dasaSvebi fiqsirebuli an cvalebadi ganakveTebis gansazRvrebisTvis. magram axali sesxis

miRebisas kompania TviTon iRebs gadawyvetilebas mosalodneli periodis ganmavlobaSi sesxis

dafarvamde Tu ra ufro momgebiania kompaniisTvis – fiqsirebuli Tu cvalebadi ganakveTi.

procentebis ganakveTebi SeiZleba gaizardos aseTi cvlilebebis Sedegad, magram SeiZleba

Semcirdes da gamoiwvios zarali gauTvaliswinebeli dinamikis Seqmnis SemTxvevaSi. kompania

ar axorcielebs saprocento ganakveTis riskebis xejirebas.

kompania aanalizebs risks dinamikis safuZvelze, ZiriTadad, alternatiuli finansuri

wyaroebis safuZvelze. 2007 wlis 31 dekembris mdgomareobiT, Tu sesxebze saprocento

ganakveTi mocemuli TariRisTvis iyo 100 sabaziso punqtiT maRali/dabali sxva faqtorebis

ucvlelobis SemTxvevaSi, wminda mogeba wlisTvis, romelic dasrulda 2007 wlis 31

dekembers unda Seadgendes daaxloebiT 355 aTas lars (2006 wels 31 dekembers

dasrulebuli wlisTvis: 191 aTasi lari).



28 finansuri instrumentebis samartliani Rirebuleba

samarTliani Rirebuleba warmoadgens Tanxas, romelzec SeiZleba iyos gacvlili finansuri

instrumenti mxareebs Soris mimdinare operaciis dros, romelic ar warmoadgens iZulebiT

gayidvas an likvidacias da romelic Seesabameba arsebul sabazro fass. kompaniis mier

dadgenili iyo finansuri instrumentebis savaraudo Rirebuleba misawvdomi sabazro

informaciis, aseTis arsebobis SemTxvevaSi, da Sesabamisi Sefasebis meTodologiis gamoyenebiT. magram SefasebiTi msjeloba aucilebelia savaraudo samarTliani Rirebulebis dasadgenad.

saqarTvelo jer kidev amJRavnebs ganviTarebadi bazris Tvisebebs da ekonomiuri pirobebi

zRudavs saqmianobis moculobas finansur bazrebze. sabazro fasebi SeiZleba iyos

moZvelebuli an asaxavdes operaciebs likviduri gayidviT da, Sesabamisad, ar warmoadgendes

finansuri instrumentebis samarTlian Rirebulebas. xelmZRvanelobam gamoiyena sruli

xelmisawvdomi sabazro informacia finansuri instrumentebis samarTliani Rirebulebis

Sesafaseblad.

(a) saamortizacio fasad Sefasebuli finansuri aqtivebi

instrumentebis Sefasebuli samarTliani Rirebuleba fiqsirebuli saprocento ganakveTiT

eyrdnoba fuladi saxsrebis mosalodnel nakadebs, diskontirebuls mimdinare saprocento

ganakveTebis Sesabamisad axali instrumentebisTvis msgavsi sakredito riskiT da dafarvis

darCenili vadiT. gamoyenebuli diskontirebis ganakveTebi damokidebulia Semxvedri mxaris

sakredito riskze. kreditoruli davalianebis da sxva finansuri valdebulebebis sabalanso

Rirebuleba miaxloebulia samarTlian RirebulebasTan maT dafarvamde mcire periodis gamo.

28 finansuri instrumentebis samartliani Rirebuleba (gagrZeleba)

(b) saamortizacio fasiT Sefasebuli valdebulebebi

Sefasebuli samarTliani Rirebuleba instrumentebis fiqsirebuli saprocento ganakveTiT

dadgenili dafarvis vadiT gansazRvruli iyo mosalodneli fuladi nakadebis safuZvelze,

diskontirebuls mimdinare saprocento ganakveTiT axali instrumentebisTvis msgavsi

sakredito riskiT da darCenili dafarvis vadiT. kreditoruli davalianebis da sxva

finansuri valdebulebebis sabalanso Rirebuleba miaxloebulia samarTlian RirebulebasTan

maT dafarvamde mcire periodis gamo. 29 finansuri instrumentebi kategoriebis mixedviT

finansuri instrumentebis saaRricxvo politika gamoyenebulia Semdegi muxlebis

mimarT: sesxebi da debitoruli davalianeba 2007 w. 31 dekemberi 2006 w. 31 dekemberi

aqtivebi sabalanso angariSis mixedviT fuladi saxsrebi da fuladi saxsrebis ekvivalentebi 1,623 491 savaWro debitoruli davalianeba 39,261 33,993 sxva debitoruli davalianeba 3,809 7,022



sul 44,693 41,506 kompaniis yvela finansuri valdebuleba Sefasebulia saamortizacio RirebulebiT.

30 valdebulebebi saqarTvels mTavrobas da Silk Road Holding B.V.-is Soris 1988 wlis dekemberSi

gaformebuli aqciebis nasyidobis xelSekrulebis Tanaxmad (ix. SeniSvna 1) kompanias gaaCnia

Semdegi sainvesticio valdebulebebi 5.5 milioni aSS dolaris odenobiT TiToeuli 2006,

2007 da 2008 wlebisTvis. “investiciebi reabilitacisa da modernizaciaSi” – warmoadgens

nebismier danaxarjebs, xarjebs da investiciebs, romlebic mimarTulia saqmiani

infrastruqturis reabilitaciaze an modernizaciaze, maT Soris, SezRudvis gareSe

transformatorebis, kabelebis, xazebis, mcvelebis, satransporto saSualebebis,

gaumarTaobebis aRmosaCeni aparaturis, sareleo dacvis da avtomatizirebuli qvesadgurebis

Canacvlebaze an ganaxlebaze.

2007 wlis 20 ivniss inter rao ees-ma da saqarTvelos mTavrobam xeli moaweres

memorandums “eleqtroenergetikis sferoSi TanamSromlobasa da adre xelmowerili

xelSekrulebebis Sesrulebis Sesaxeb” eleqtroenergiaze momoval grZelvadian tarifebze da

sainvesticio programaze 56.3 aSS milioni dolaris odenobiT 2007-2015 wlebisTvis,

kompaniisTvis qonebis gadacemaze da kompaniis konkretuli saoperacio problemebis

gadasawyvetad. am finansuri angariSgebis damtkicebis TariRisTvis aranairi Sesworeba ar iyo

Setanili memorandumSi gansazRvruli “ss “Telasis” aqciebis 75% nasyidobis

xelSekrulebaSi” mxareTa Soris dadebuli xelSekrulebis Sesasruleblad.

31 pirobiTi valdebulebebi

(a) dazRveva

saqarTveloSi sadazRvevo saqme ganviTarebis stadiazea da sxva qveynebSi damkvidrebuli

dazRvevis mravale saxeoba aq jer kidev ar aris xelmisawvdomi. kompanias ara aqvs srulad

dazRveuli yvela Tavis sawarmoo Senobaze, agreTve ar aris dazRveuli biznesis Sewyvetis an

mesame piris valdebulebebis warmoSobis Sedegad qonebisTvis an garemosTvis miyenebuli

zaralisgan kompaniis operaciebis dros ubeduri SemTxvevebis gamo. vidre kompania ar SeiZens

Sesabamis dazRvevas, arsebobs riski imisa, rom garkveuli aqtivebis dakargva an dazianeba

gamoiwvevs arsebiT araxelsayrel zemoqmedebas kompaniis saqmianobasa da mis finansur

mdgomareobaze.

(b) davebi

kompaniis biznesis normaluri msvlelobisas kompania warmoadgens mxares sasamarTlo

procesebSi. angariSgebis Sedgenis TariRisTvis, xelmZRvaneloba ar aris informirebuli raime

faqtobriv, mimdinare an mosalodneli sarCelebis Sesaxeb, romlebsac SeiZleba arsebiTi

uaryofiTi gavlena hqondes kompaniaze.



aTasi lari

2007 w. 31 dekemberi 2006 w. 31 dekemberi gauTvaliswinebuli

davebi da

sarCelebi

gaTvaliswinebuli

davebi da sarCelebi gauTvaliswinebuli

davebi da sarCelebi

gaTvaliswinebuli

davebi da sarCelebi

abonentTa sarCelebi 1,118 16,602 2,209 2,997dava saxelmwifosTan 7,454 - 7,454 - sul davebi 8,572 16,602 9,663 2,997

(c) pirobiTi gadasaxadebi

saqarTveloSi dabegvris sistema SedarebiT axalia da xasiaTdeba kanonmdeblobis xSiri

cvalebadobiT. oficialuri gancxadebebi da sasamarTlo gadawyvetilebebi xSirad

gaurkveveli, urTierTgamomricxavi da sxvadasxva sagadasaxado organoebis mier

sxvadasxvanairad SeiZleba iyos ganmartebuli. gadasaxadebs ganixilaven da Seiswavlian

organoebi, romlebsac aqvT mkacri jarimebis, sauravebis da procentis dakisrebis ufleba.

sagadasaxado weli Riaa sagadasaxado organoebis gansaxilvelad Semdegi sami kalendaruli

wlis ganmavlobaSi, Tumca zogierT SemTxvevebSi sagadasaxado weli Riad rCeba ufro didi

periodis ganmavlobaSi.

aseTma garemoebam SeiZleba saqarTveloSi warmoqmnas sagadasaxado riski, romelic ufro

mniSvnelovania, vidre sxva qveynebSi. xelmZRvaneloba Tvlis, rom miiRo Sesabamisi zomebi

sagadasaxado valdebulebebTan dakavSirebiT saqarTvelos sagadasaxado kodeqsis, oficialuri

gancxadebebis da sasamarTlo gadawyvetilebebis sakuTari interpretaciis safuZvelze. magram

Sesabamisi organoebis interpretacia SeiZleba gansxvavdebodes kompaniis interpretaciisgan

da Tu isini SeZleben TavianTi interpretaciis ganxorcielebas, am finansurma angariSgebam

SeiZleba ganicados mniSvnelovani zemoqmedeba. 31 pirobiTi valdebulebebi

(d) pirobiTi valdebulebebi gadamcemi xazebis flobasa da miwiT sargeblobasTan dakavSirebiT

saqarTvelos moqmed kanonmdeblobaSi uZravi qonebis obieqtebis sakuTrebasTan dakavSirebiT

arsebobs gaurkvevloba, magaliTad miwasTan dakavSirebiT, romelzec ganlagebulia

eleqtroenergiis gadacemis danadgarebi. kanonis Semdgom dazustebamde, SesaZlebelia

kompanias mouwios garkveuli miwis nakveTebis SeZena da gadauxados ijara garkveuli miwis

nakveTebis sargeblobisTvis sxva mxareebs.

kompania sargeblobs miwis nakveTebiT, romlebic imyofeba sxva mxareebis sargeblobaSi Tavis

qseluri obieqtebis misadgomad ris Sedegad warmoiSoba servitutis urTierTobebi miwis

mflobelTan. saqarTveloSi Zalian swrafad icvleba situacia uZravi qonebis bazarze da

kompaniisTvis 2007 wels wardgenili konkretuli pretenziebi, miuTiTebs rom momsaxureba

servitutis uflebebTan dakavSirebiT SeiZleba daeqvemdebaros gadaxdas rogorc mimdinare,

ise wina periodebisTvis.

am finansuri angariSgebis damtkicebis TariRisTvis xelmZRvaneloba miiCnevs, rom

SeuZlebelia raime damatebiTi xarjis gamoangariSeba, arsebobis SemTxveaSi, romelic SeiZleba

kompanias dakisreboda zemoaRniSnulidan gamomdinare da, Sesabamisad, ar iyo Seqmnili rezervi

aseTi potenciuri valdebulebebisTvis.



(e) garemos dacvasTan dakavSirebuli sakiTxebi

saqarTvelos kanonmdebloba garemos dacvis dargSi viTardeba, xolo samarTalgamoyenebis

formebi samTavrobo organoebis mudmivi gadasinjvis sagans warmoadgens. kompania dro da dro

axorcielebs Tavisi movaleobebis Sefasebas garemos dacvis kanonmdeblobis Sesabamisad.

rogorc ki warmoiqmneba valdebuleba, xdeba misi aRiareba. potenciuri valdebulebebis, romlebic SeiZleba warmoiqmnas arsebul wesebSi an kanonmdeblobaSi cvlilebebis da aseve

samoqalaqo saqmeebTan dakavSirebuli sasamarTlo procesebis Sedegad, Sefaseba SeuZlebelia,

magram SeiZleba mniSvnelovani zemoqmedeba moaxdinos. moqmedi kanonmdeblobis Tanaxmad,

samarTalgamoyenebis arsebuli klimatis gaTvaliswinebiT, xelmZRvaneloba miiCnevs, rom

kompanias garemosaTvis zianis miyenebis gamo ar aqvs mniSvnelovani valdebulebebi.

32 informaciis gaxsna dakavSirebul mxareebze

(a) urTierTobebi kontrolis sferoSi

kompaniis uSualo saTao kompaniaa Silk Road Holdings B.V., romelsac akontrolebs kompania

rao ees-i («mTavari saTao kompania»). ruseTis federaciis mTavroba warmoadgens mxares

saboloo kontrolis uflebiT.

xelmZRvaneloba Tvlis, rom operaciebi saTao kompaniasTan da sxxva masTan dakavSirebul

kompaniebTan, jgufis meSveobiT, romelsac akontrolebs ZiriTadi saTao kompania,

xorcieldeba sabazro ganakveTebiT, romlebic ar aris ufro momgebiani, vidre ganakveTebi

operaciebisTvis aradakavSirebul mxareebTan. yvelaze mniSvnelovani operaciebi kompaniis

saqmianobis farglebSi – eleqtroenergiis miwodeba misi Semdgomi ganawilebisTvis, xolo es

operaciebi xorcieldeba saqarTvelos mTavrobis mier dadgenili satarifo ganakveTebiT.

(b) transaqciebi xelmZRvanelobasTan da ojaxis axlo wevrebTan

sameTvalyureo sabWos wevrebis da umaRlesi xelmZRvanelobis anazRaureba Sedgeboda

muSakebis moklevadiani anazRaurebebidan, rogorc es gansazRvrulia IAS 19, muSakebis

anazRaureba 102 aTasi laris odenobiT da 1,282 aTasi laris Sesabamisad (2006: 106 aTasi

32 informaciis gaxsna dakavSirebul mxareebze (gagrZeleba)

lari da 939 aTasi laris Sesabamisad), maT Soris fuladi jildoebi umaRlesi

xelmZRvanelobisTvis 305 aTasi laris odenobiT (2006: 419 aTasi lari).

(c) tranzaqciebi sxva dakavSirebul mxareebTan

saqarTvelos mTavroba flobs kompaniis 24.53% saxelmwifo qonebis marTvis erovnuli

saagentos meSveobiT; ase rom saqarTvelos mTavrobis mier kontrolirebadi iuridiuli

pirebi aseve warmoadgenen kompaniis dakavSirebul mxareebs. aseTi organizacebisTvis ar

arsebobs specialuri debulebebi da xelmZRvaneloba Tvlis, rom yvela tranzaqcia

xorcieldeba kompaniis Cveulebrivi saqmianobis nawilis saxiT Cveulebrivi sabazro

ganakveTebiT, romlebic ar aris ufro mogebiani, vidre tranzaqciebis ganakveTebi

aradakavSirebul mxareebTan.

tranzaqciebi saxelmwifo sawarmoebTan ar mJRavndeba, rodesac maTi warmoeba xdeba

saqmianobis Cveulebrivi msvlelolbisas im pirobebiT, romlebic Sesabamisad gamoiyeneba yvela

sajaro da kerZo pirebis mimarT da rodesac ar aris mimwodeblis amorCevis saSualeba,

romelic awarmoebs eleqtroenergiis gadacemis momsaxureobas, telekomunikaciis da aS.



xarjebi


ელექტროენერგიის შესყიდვა:

შვილობილი კომპანიები შპს „მტკვარი-ენერგეტიკა“ 38,449 86,487 სს „ხრამჰეს-1“ 4,187 4,958 სს „ხრამჰეს-2“ 2,765 1,720 დსს „სეკ“ - 28

სხვა შესყიდვები: ინტერ რაო უკრაინა 378 1,066

გადახდილი პროცენტები: მშობელი კომპანიები

რაო ნორდიკ, ინტერ რაო ეეს 1,257 1,392 ინტერ რაო ეეს 1,646 -შვილობილი კომპანია

სს „ხრამი ჰეს-1“ 540 192

სულ ხარჯები დაკავშირებულ მხარეებთან ტრანზაქციების შედეგად 49,222 95,843

32 informaciis gaxsna dakavSirebul mxareebze (gagrZeleba)

balansi



aTasi lari

2007 წ. 31 დეკემბრის

მდგომარეობით

2006 წ. 31 დეკემბრის

მდგომარეობით

მოკლევადიანი აქტივები avaWro debitoruli davalianeba da sxva debitoruli davalianeba gaufasurebis rezervis gaT valiswinebis gareSe: ინტერ რაო უკრაინა - 82

გრძელვადიანი ვალდებულებები sesxebi da kreditebi: მშობელი კომპანიები ინტერ რაო ეეს (კონტრაქტის საპროცენტო განაკვეთი: 9%;აშშ დოლარებში) 11,825 -რაო ნორდიკ (კონტრაქტის საპროცენტო განაკვეთი: 11.1%; ევროში) - 13,537

მოკლევადიანი ვალდებულებები კრედიტორული დავალიანება სავაჭრო ოპერაციებიდან და სხვა კრედიტორული დავალიანება: მშობელი კომპანიები

Silk Road Holdings B.V. 14,678 17,895შვილობილი კომპანიები

შპს „მტკვარი-ენერგეტიკა“ 80,940 80,902 სს „ხრამჰესi-1“ 3,497 5,036 სს „ხრამჰეsi-2“ 2,515 5,472 დსს „სეკ“ - 242

კრედიტები და სესხები: მშობელი კომპანიები Silk Road Holdings B.V. (კონტრაქტის საპროცენტო განაკვეთი: 0%; აშშ დოლარებში) 618,076 665,512ინტერ რაო ეეს-ი (კონტრაქტის საპროცენტო განაკვეთი: 11.1%; ევროში) 14,342 -ინტერ რაო ეეს-ი (კონტრაქტის საპროცენტო განაკვეთი: 12%; აშშ დოლარებში) 9,810 10,530სს „ხრამჰეს-1“ (კონტრაქტის საპროცენტო განაკვეთი: 12%; აშშ დოლარებში) 4,905 5,280

Tu sxvagvarad ar aris gansazRvruli, yvela Tanxa, romelic gadasaxdelia an misaRebi

dakavSirebuli mxareebisgan, gamoxatulia larSi da ar eqvemdebareba raime saprocento

cvlilebas an sxva jarimebs dagvianebiT gadaxdisaTvis, arc mogebis raime gadasaxadi aris

gaTvaliswinebuli rezidentebis/ararezidentebisaTvis.

33 movlenebi saangariSo TariRis Semdeg

2008 wlis 14 marts konkretuli Sesworebebi iqna Setanili saqarTvelos kanonSi

“mewarmeTa Sesaxeb” da termini “sawesdebo kapitali” ki amoRebuli. Sesworebis Sesabamisad termini “sawesdebo kapitali” SeiZleba gamoyenebuli iyos sazogadoebis dafuZnebisas misi

kapitalis, Senatanebis jamis, sazogadoebis sakuTari kapitalis, sazogadoebis aqciebis

nominaluri Rirebulebis aqciebis raodenobaze namravlis, sawarmoos partniorTa xmebis

sruli raodenobis mniSvnelobiT. saqarTvelos kanonmdeblobis harmonizaciis procesSi 33 movlenebi saangariSo TariRis Semdeg (gagrZeleba)

Setanili iqneba Semdgomi Sesworebebi, romelTa safuZvelze termini “sawesdebo kapitali”

Secvlili iqneba Sesabamisi terminiT. finansuri angariSgebis damtkicebis periodisTvis

xelmZRvanelobas ar SeuZlia Seafasos am Sesworebebis zemoqmedeba kompaniis struqturaze,

Sefasebaze an informaciis gamJRavnebaze kompaniis sakuTar kapitalze.

saaqcio sazogadoeba “telasi” · saaqcio sazogadoeba “telasi” damtkicebulia saaqcio...

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