The revenue of the Partnership Fund has decreased
In 2016, total value of assets of the state-owned Partnership Fund was 6.9 billion, while in 2015, the value of the Fund’s assets was 6.3 billion.
In 2016, the incomes generated by the Partnership Fund and its affiliated companies exceeded 1.4 billion GEL and in 2015, the incomes were equal to 1.3 billion. The operational revenue of the Fund in 2016 increased to 355 million.
According to the audited financial data, in 2016, the revenue of the Partnership Fund decreased 8 times. In 2016, the Fund’s net revenue was 24.2 million GEL, while in 2015, it was 194.7 million GEL. In 2014, the Fund’s revenue was 124 million.
It is also worth mentioning that the primary cause of the 2015 net loss was foreign currency revaluation loss due to the devaluation of GEL, which represents a challenge for the entire country of Georgia, not only for PF. In 2015, such a loss amounted to 422.5 million GEL, and in 2016 – 226.7 million GEL. If you subtract the above-mentioned loss from 2015 net loss, you will get 227.8 million net income, and in 2016 – 250.9 million net income.
The Fund’s capital has increased and now it makes 2.7 billion GEL.
Representatives of the Partnership Fund claim that the major part of the Fund’s revenues, as well as other financial indicators, is preconditioned by the indicators of the companies owned by the Partnership Fund. Besides, according to the Fund’s representatives, the data do not reflect the investment activity, neither does it include the revenue generated from the investments.
The Partnership Fund presently manages:
Georgian Railway – 100% share
Georgian Oil and Gas Corporation – 100% share
JSC Georgian State Electrosystem – 100% share
JSC Telasi – 24.5% share
According to the 2016 financial report, net revenue of JSC Georgian Oil and Gas Corporation increased by 2.5% compared to 2015 and made 78 million. In 2016 the operational income of GOGC also increased and made 149.6 million GEL, which was 65,5% more than the same value in 2015. In 2015, operational revenue of the Corporation was 90.4 million GEL and total assets increased by 12.6% and made 1.6 billion GEL. total incomes of the Corporation also increased and in 2016 it made 633,6 mil GEL, which was 27,9% more than in 2015. In 2015 this value was 495.4 mln GEL.
The incomes of the Georgian Railway decreased in 2016. Compared to the previous year, total incomes of the state company reduced by 23% and the volume of transportation reduced by 16% annually. In 2016, total income of the Georgian Railway was 440 mln GEL, while in 2015 the incomes made 575 mln GEL. net incomes of the Georgian Railway in 2016 made 65.1 mln GEL.
As far as the Georgian State Electrosystem is concerned, its incomes and the incomes of its affiliated companies increased by 15% in 2016 and the amount made 120.2 mln GEL. Annual revenue before interest rates, taxes, depreciation and amortization increased 1.1 times and made 73.6 mln GEL.
In 2016, the revenue of JSC Telasi showed the biggest increase during the last five years. The company completed the year 2016 with the net revenue of 38.8 mln GEL. in 2015, net revenue was 6.5 mln GEL and in 2014 – 27 ml. GEL. The company ended the year 2013 with the loss of 37,8 mln GEL, but in 2012 the revenue of the company was 24 mln GEL.
Apart from that, the Partnership Fund also owns 100% share of JSC Electricity System Commercial Operator, 100% share of Tbilisi Logistics Center, 100% of Rukhi Trade Center, 50% share of Borjom Likani International, etc.
It is notable that the Georgian Railway and the Oil and Gas Corporation represent the main source of financing of the Partnership Fund’s investment activities.