Главная Учебники - Разные НАК „НАФТОГАЗ УКРАЇНИ“. Річний звіт англійською (2017 рік)
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FINANCIAL STATEMENTS ANNUAL REPORT 2017 229 228 6� PROPERTY, PLANT AND EQUIPMENT Movements in the carrying amount of property, plant and equipment were as follows: In millions of Ukrainian hryvnias Pipelines and r ela ted equipmen t O il and gas pr oducing pr oper ties M achiner y and equipmen t Buildings Cushion gas D rilling and e xplor ation equipmen t O ther fix ed assets Construc -tion in pr og ress Total Net book value at 31 December 2015 210,782 53,405 75,920 62,392 142,140 582 3,900 10,675 559,796 Cost or valuation 212,066 53,826 76,593 63,439 142,140 861 5,122 11,617 565,664 Accumulated (1,283) (420) (673) (1,047) – (279) (1,224) (942) (5,868) Additions and transfers (12,549) 5,487 38,019 (22,236) – 790 (2,588) 1,851 8,774 Revaluation – – – – 13,282 – – – 13,282 Disposals (3) (33) (16) (68) – (34) (1) (247) (402) Depreciation charge (7,137) (5,719) (7,104) (3,521) – (295) (307) – (24,083) Impairment (20) (799) (1) (2,156) (1,856) (91) – (783) (5,706) Net book value at 31 December 2016 191,074 52,342 106,818 34,411 153,566 952 1,002 11,496 551,661 Cost or valuation 199,270 59,300 116,533 39,194 155,422 1,447 2,724 13,117 587,007 Accumulated (8,196) (6,958) (9,715) (4,783) (1,856) (495) (1,722) (1,621) (35,346) Additions and transfers (522) 4,335 2,106 1,673 – 870 338 6,740 15,540 Revaluation (42,181) 27,140 (8,506) (6,383) (3 526) 548 (99) – (33,007) Disposals – (19) (20) (6) – (20) (4) (289) (358) Depreciation charge (16,882) (6,202) (14,919) (2,728) – (565) (292) – (41,588) Impairment – – (41) (119) – (74) (6) (526) (766) Net book value at 31 December 2017 131,489 77,596 85,438 26,848 150,040 1,711 939 17,421 491,482 Cost or valuation 132,909 77,944 86,105 27,484 150,045 1,738 2,128 19,443 497,796 Accumulated (1,420) (348) (667) (636) (5) (27) (1,189) (2,022) (6,314) The Group engaged independent appraisers to determine the fair value of its major groups of property, plant and equipment as at 31 December 2017. The fair value was determined in accordance with International Valuation Standards. Taking into account the nature of the Group’s property, plant and equipment, fair value was determined using depreciated replacement cost for specialised assets, and using market-based evidence for non-specialised assets. Consequently, the fair value of main producing properties and equipment was primarily determined using depreciated replacement cost. This method considers the cost to reproduce or replace the property, plant and equipment, adjusted for physical, functional and economic depreciation, and obsolescence. The depreciated replacement cost was estimated based on internal sources and analysis of available market information for similar property, plant and equipment (published information, catalogues, statistical data etc), and industry experts and suppliers. The results obtained using different valuation approaches provided evidence of the existence of economic obsolescence and impairment costs. Economic obsolescence is caused by the fact that replacement cost of assets less physical depreciation exceeded the future economic benefits that could be obtained from the use of assets (with future economic benefits calculated based on current estimates of the Group’s management, expectations of independent appraisers and consensus forecasts). Therefore, the fair value of specialised assets was determined using the depreciated replacement cost approach as adjusted for economic obsolescence amount. If the fair value is lower than carrying value of property, plant and equipment, an impairment loss is recognised (Note 26). The major part of economic obsolescence identified is attributed to the cash generating unit “Gas Transmission System”. It is explained by the implied expectation of the Group’s management that there would not be any gas transit flows starting from 1 January 2020 after the expiration of existing Gas Transit Contract with Gazprom, because currently Gazprom has not booked any gas transit capacities beyond 2019 and is actively investing in construction of alternative gas pipelines bypassing Ukraine. Should the assumption of no transit flows from 1 January 2020 change, this could have resulted in lower economic obsolescence per results of income approach in valuation procedures. The following table summarises values of property, plant and equipment by selected cash generating units based on different valuation approaches as at 31 December 2017: Cash generating unit In millions of Ukrainian hryvnias Cost Approach (net replacement costs less physical depreciation) Income Approach Gas Transmission System 419,309 188,628 Underground Gas Storages 160,533 126,579 Gas upstream, refinery and fuel filing stations 120,479 91,094 Oil transmission and transit 15,923 14,444 Group’s management expectations of gas transit flows after 1 January 2020 (Note 27) is the main assumption that affected both revaluation of property, plant and equipment and remaining useful lives revision for gas transit assets included to the ”Gas Transmission System” cash generating unit. Expectation of no gas transit flows after this date has resulted in shortened useful lives for gas transit assets planned for decommissioning after 31 December 2019, their higher depreciation in 2017, and lower net replacement costs less physical depreciation as at 31 December 2017. Should expectation of material transit beyond 2019 have been used for revaluation, net replacement costs less physical depreciation of “Gas Transmission System” cash generating unit would be 10% higher. For other assets, expectation of no gas transit flows after 1 January 2020 has resulted in a lower value under income approach with respective impairment loss, if any, according to the accounting policy (Note 26). In 2017, the depreciation and depletion expenses of UAH 39,144 million (2016: UAH 22,387 million) was included in cost of sales, UAH 604 million (2016: UAH 1,065 million) in other operating expense, UAH 775 million (2016: UAH 631 million) were capitalised in the cost of property, plant and equipment, and UAH 1,085 million were capitalised in cost of inventories. As at 31 December 2017 and 2016, the Group has pledged its property, plant and equip- ment with carrying amount of UAH 2,682 million and UAH 10,536 million, respec- tively, to secure its borrowings (Note 14). Included in property, plant and equipment in 2016 are capital expenditures of |