Notes to Consolidated Financial Statements continued Thousands of Georgian Lari 19. Commitments and Contingencies continued Financial commitments and contingencies As at 31 December 2018, 31 December 2017 and 31 December 2016 the Group’s financial commitments and contingencies comprised the following: 2018 2017 2016 Credit-related commitments Guarantees issued 1,015,566 621,267 508,685 Undrawn loan facilities 278,254 261,397 231,704 Letters of credit 42,009 40,350 58,561 1,335,829 923,014 798,950 Less – Cash held as security against letters of credit and guarantees (Note 16) (125,393) (98,399) (96,692) Less – Provisions (Note 15) (4,582) (5,915) (4,086) Operating lease commitments Not later than 1 year 29,397 22,731 35,823 Later than 1 year but not later than 5 years 74,341 54,620 110,466 Later than 5 years 28,754 25,671 18,994 132,492 103,022 165,283 Capital expenditure commitments 6,616 2,538 13,174 20. Equity Share capital As at 31 December 2018, issued share capital comprised 49,169,428 common shares of BOGG (2017: 39,384,712 of BGEO, 2016: 39,500,320 of BGEO), all of which were fully paid. Each share has a nominal value of one (1) British Penny. hares issued and outstanding as at 31 December 2018 are described below: Number of Amount of ordinary ordinary shares shares 31 December 2015 39,500,320 1,154 31 December 2016 39,500,320 1,154 Share buyback and cancelation (115,608) (3) 31 December 2017 39,384,712 1,151 Replacement of BGEO as the Group’s parent (39,384,712) (1,151) Establishment and share issue by the new parent company 39,384,714 4,375,378 Capital reduction – (4,373,910) Cancelation of redeemable shares (2) (172) Issue of share capital in course of Demerger 9,784,716 322 31 December 2018 49,169,428 1,618 244 Annual Report 2018Bank of Georgia Group PLC