Главная Учебники - Разные НАК „НАФТОГАЗ УКРАЇНИ“. Річний звіт англійською (2017 рік)
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FINANCIAL STATEMENTS ANNUAL REPORT 2017 261 260 In the event a decision is taken on further development of the field and from putting into operation of the first producing well, the Group classifies the capitalised exploration and evaluation costs related to this well as oil and gas extraction assets within property, plant, and equipment in the state- ment of financial position. Depreciation and depletion. Depreciation is charged to the consolidated statement of profit or loss on a straight-line basis to allocate costs of individual assets except their residual value over their estimated useful lives. Depreciation commences on the date of acquisition or, in respect of self-constructed assets, from the time an asset is completed and ready for use. Hydrocarbon extraction wells are depleted using a unit-of-pro- duction method over a period of proved and probable hydrocar- bons reserves. Specialised drilling tools and other fixed assets used to perform any work on the well are depleted using a unit-of-pro- duction method based on rele- vant output standard established by the Group. Other property, plant and equipment are depreciated on a straight line basis over its expected useful life. The useful lives of the Group’s other prop- erty, plant and equipment are as follows: Useful lives in years Pipelines and related 5–60 Machinery and 3–60 Buildings 3–60 Drilling and exploration 3–30 Other fixed assets 3–30 Construction in progress and cushion gas are not depreciated. Intangible assets. Intangible assets have definite useful lives and primarily include licenses for exploration and extraction and capitalised computer software. Acquired computer software is capitalised on the basis of the costs incurred to acquire and bring it to use. Intangible assets are carried at cost less accumu- lated amortisation and impair- ment losses, if any. If impaired, the carrying amount of intangible assets is written down to the higher of value in use and fair value less costs to sell. Leases. Leases in which a sig- nificant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the con- solidated statement of profit or loss on a straight-line basis over the period of the lease. Finance leases are capitalised at the lease commencement at the lower of the fair value of the leased prop- erty and the present value of the minimum lease payments. Decommissioning liabilities. The Group’s assessment of the decommissioning liabilities is based on the estimated future costs expected to be incurred in respect of the decommissioning and site restoration, adjusted for the effect of the projected inflation for the upcoming periods and discounted using interest rates applicable to the provision. Estimated costs of dismantling and removing an item of property, plant and equipment are added to the cost of an item of property, plant and equipment when the item is acquired, and corresponding obligation is recognised. Changes in the measurement of an existing decommissioning liability, that result from changes in the estimated timing or amount of the outflows, or from changes in the discount rate used for measurement, are recognised in the consolidated statement of profit or loss or, to the extent of any revaluation balance existence in respect of the related asset, in other comprehensive income or loss. Provisions in respect of decommissioning activities are evaluated and re-estimated annually, and are included in the consolidated financial statements at each reporting date at their expected present value, using discount rates which reflect the economic environment in which the Group operates. Interest expense related to the provision is included in finance costs in profit or loss. Impairment of non-financial assets. Assets are reviewed for impairment whenevents and changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the assets carrying amount exceeds its recoverable amount. The recoverable amount is the higher of fair value less cost to sell and value in use. For purposes of assessing impairment, assets are grouped to the lowest levels for which there are separately identifiable cash flows (cash generating unit). Non-financial assets that have suffered impairment are reviewed for possible reversal of the impairment at each reporting date. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. When an impairment loss subsequently reverses, the car- rying amount of the asset (or a cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. Classification of financial assets. The Group classifies its financial assets into the following measure- ment categories: (a) loans and receivables; (b) available-for-sale financial assets. Loans and receivables include financial receivables created by providing money, goods or services directly to a debtor, other than those receivables which are created with the intention to be sold immediately or in the short term, or which are quoted in an active market. Loans and receivables comprise primarily loans, trade accounts receivable including purchased loans and promissory notes. All other financial assets are included in the available-for-sale category. Classification as debt or equity. Debt and equity instruments issued by the Group are classi- fied as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the defini- tions of a financial liability and an equity instrument. Equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by a Group entity are recognised at the proceeds received, net of direct issue costs. Repurchase of the Group’s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group’s own equity instruments. Financial liabilities. Financial liabilities are classified as either financial liabilities “at fair value through profit or loss (FVTPL)” or “other financial liabilities”. Initial recognition of financial instruments. Financial assets and financial liabilities are initially measured at fair value. The Group’s principal financial instruments comprise borrow- ings, cash and bank balances. The Group has various other financial instruments, such as trade receiv- ables and trade payables, which arise directly from its operations. All purchases and sales of finan- cial instruments that require delivery within the time frame established by regulation or market convention (“regular way” purchases and sales) are recorded at trade date basis, which is the date that the Group commits to deliver a financial instrument. All other purchases and sales are rec- ognised on the settlement date with the change in value between the commitment date and set- tlement date not recognised for assets carried at cost or amortised cost, and recognised in equity for assets classified as available-for- sale. Subsequent measurement of financial instruments. Subse- quent to initial recognition, the Group’s financial liabilities, loans and receivables are measured at amortised cost. Amortised cost is calculated using the effective interest method and, for financial assets, it is determined net of any impairment losses. Premiums and discounts, including initial trans- action costs, are included in the carrying amount of the related instrument and amortised based on the effective interest rate of the instrument. The face values of financial assets and liabilities with a maturity of less than one year, less any estimated credit adjustments, are assumed to be their fair values. The fair value of financial liabilities is estimated by discounting the future contractual cash flows at the current market interest rate available to the Group for similar financial instruments. Gains and losses arising from a change in the fair value of avail- able-for-sale assets are recognised directly in other comprehensive income. In assessing the fair value of financial instruments, the Group uses a variety of methods and makes assumptions based on market conditions existing at the reporting date. When available-for-sale assets are sold or otherwise disposed of, the cumulative gain or loss recognised in other compre- hensive income is included in the determination of net profit. When a decline in fair value of available-for-sale assets has been recognised in equity and there is objective evidence that the assets are impaired, the loss recognised in other comprehensive income is removed and included in the determination of net profit, even though the assets have not been derecognised. Dividends on available-for-sale equity instruments are recognised |