Notes to Consolidated Financial Statements continued Thousands of Georgian Lari 1. Principal Activities continued As at 31 December 2018, the members of the Board of Directors of BOGG owned 115,549 shares or 0.2% (31 December 2017: 109,573 shares or 0.3%, 31 December 2016: 106,073 shares or 0.3%) of BOGG. Interests of the members of the Board of Directors of BOGG were as follows: 31 December 31 December 31 December Shareholder 2018, shares held2017, shares held2016, shares held Neil Janin 39,880 39,229 35,729 Kaha Kiknavelidze 45,869 26,337 26,337 Al Breach 24,000 16,400 16,400 Tamaz Georgadze 5,000 – – Hanna Loikkanen 800 – – Kim Bradley* – 1,250 1,250 David Morrison* – 26,357 26,357 Jonathan Muir – – – Cecil Quillen – – – Andreas Wolf – – – Total 115,549 109,573 106,073 *Stepped down from the Board as a result of Demerger. 2. Basis of Preparation General In accordance with the exemption permitted under section 408 of the Companies Act 2006, the separate income statement of BOGG is not presented as part of these financial statements. BOGG’s income for the year is disclosed within the separate statement of financial position and the separate statement of changes in equity. The financial statements of Bank of Georgia Group PLC represent continuation of consolidated financial statements of BGEO Group PLC and are prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union (“EU”) and International Financial Reporting Interpretations Committee (“IFRIC”) interpretations issued by the International Accounting Standards Board (“IASB”) effective for 2018 reporting and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. These financial statements are prepared under the historical cost convention except for: •the measurement at fair value of financial assets and investment securities, derivative financial assets and liabilities and investment properties; •the measurement of inventories at lower of cost and net realisable value; and •the measurement of non-current assets classified as held for sale at lower of cost and fair value less costs to sell. The financial statements are presented in thousands of Georgian Lari (“GEL”), except per-share amounts and unless otherwise indicated. Going concern The Board of Directors of BOGG has made an assessment of the Group’s ability to continue as a going concern and is satisfied that it has the resources to continue in business for a period of at least 12 months from the date of approval of the financial statements. Furthermore, management is not aware of any material uncertainties that may cast significant doubt upon the Group’s ability to continue as a going concern for the foreseeable future. Therefore, the financial statements continue to be prepared on the going concern basis. 178 Annual Report 2018Bank of Georgia Group PLC