Главная Учебники - Разные НАК „НАФТОГАЗ УКРАЇНИ“. Річний звіт англійською (2018 рік)
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203 202 FINANCIAL STATEMENTS ANNUAL REPORT 2018 2018 within the individual companies of the Group. Deferred tax assets for deductible temporary differences and tax losses carried forwards are recorded only to the extent that it is probable that future taxable profit will be available against which the deductions can be utilised. Inventories. Inventories are recorded at the lower of cost and net realisable value. The cost of inventories includes expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. Cost of manufactured inventories includes an appropriate share of production overheads based on normal operating capacity. The cost of inventories is determined on the first in first out basis for all inventories except for natural gas, oil and petroleum products. Weighted average cost formula is used for natural gas, oil and petroleum products. Net realisable value is the estimated selling price in the ordinary course of business, less the cost of completion and selling expenses. Trade accounts receivable. Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. Prepayments made and other current assets. Prepayments are carried at cost excluding VAT less provision for impairment. A prepayment is classified as non-current when the goods or services relating to the prepayment are expected to be obtained after one year, or when the prepayment relates to an asset that will itself be classified as non-current upon initial recognition. If there is an indication that the assets, goods or services relating to a prepayment will not be received, the Group recognises provision for impairment in respect of such prepayment made and a corresponding impairment loss is recognised in the consolidated statement of profit or loss. Promissory notes. Some purchases may be settled by promissory notes or bills of exchange, which are negotiable debt instruments. Purchases settled by promissory notes are recognised based on management’s estimate of the fair value to be given up in such settlements. The fair value is determined with reference to observable market information. Cash and cash equivalents. Cash and cash equivalents include cash on hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less. Cash and cash equivalents are carried at amortised cost using the effective interest rate method. Restricted balances are excluded from cash and cash equivalents for the purposes of the statement of cash flows. Balances restricted from being exchanged or used to settle a liability for the period from three to twelve months after the reporting date are included in other current assets. Balances restricted from being exchanged or used to settle a liability for at least twelve months after the reporting date are included in other non-current assets. Share capital. Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. Dividends and mandatory budget contribution of profit share. Dividends and mandatory budget contribution of profit share are recognised as a liability and deducted from equity at the reporting date only if they are declared before or on the reporting date. Dividends are disclosed when they are proposed before the reporting date or proposed or declared after the reporting date but before the consolidated financial statements are authorised for issue. Value added tax (“VAT”). In Ukraine VAT is levied at two rates: 20% on sales and imports of goods, works and services within the country, and 0% on the export of goods and limited list of services (e.g. international transportation). A taxpayer’s VAT liability equals the total amount of VAT accrued within a reporting period, and arises on the earlier of the date of shipping goods or rendering services to a customer or the date of receiving payment from the customer. A VAT input is the amount that a taxpayer is entitled to offset against his VAT liability in a reporting period. Rights to VAT input arise when a VAT invoice is received, which is issued on the earlier of the date of payment to the supplier or the date goods are received or services are rendered. VAT related to sales and purchases is recognised in the consolidated statement of financial position on a gross basis and disclosed separately as an asset and liability. Where provision has been made for impairment of receivables, the impairment loss is recorded for the gross amount of the debtor, including VAT, except provision for impairment of prepayments made. Borrowings. Borrowings include bank borrowings and bonds. Borrowing costs. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognised in consolidated profit or loss in the period in which they are incurred. Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost using the effective interest method. Bank overdrafts are included into borrowings line item in the consolidated statement of financial position. Trade accounts payable. Trade accounts payable are recognised and initially measured under the policy for financial instruments mentioned above. Subsequently, instruments with a fixed maturity are re-measured at amortised cost using the effective interest method. Amortised cost is calculated by taking into account any transaction costs and any discount or premium on settlement. Advances received. Advances received are carried at amounts originally received excluding VAT. Amounts of advances received are expected to be realised through the revenue received from usual activities of the Group. Provisions. Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense on any provision is presented in the consolidated statement of profit or loss net of any reimbursement. If the effect of time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in provision due to the passage of time is recognised as a finance cost. Other liabilities. Other financial liabilities are recognised initially at fair value, net of transaction costs incurred, and are subsequently stated at amortised cost using the effective interest method. Other non- financial liabilities are measured at cost. Contingent assets and liabilities. A contingent asset is not recognised in the consolidated financial statements but disclosed when an inflow of economic benefits is probable. A contingent liability is not recognised in the consolidated financial statements unless it is probable that an outflow of economic resources will be required to settle the obligation and it can be reasonably estimated. Contingent liabilities are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. Revenue recognition. The Group has adopted IFRS 15 Revenue from contracts with customers from 1 January 2018. In accordance to IFRS 15, revenue is recognised to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. A 5- step approach to revenue recognition is used by the Group: ● іdentify the contract with the customer; ● іdentify the performance obligations in the contract; ● determine the transaction price; ● allocate the transaction price to the performance obligations in the contracts; ● recognise revenue when (or as) the entity satisfies a performance obligation. The Group recognises revenue when or as a performance obligation is satisfied, i.e. when ‘control’ of the goods or services underlying the particular performance obligation is transferred to the customer. Revenue gross versus net presentation. When the Group acts as a principal, revenue and cost of sales are reported on a gross basis. If the Group sells goods or services as an agent, revenue is recorded on a net basis, representing the margin/ commission earned. Whether the Group is considered to be a principal or an agent in a transaction depends on the analysis of both legal form and substance of the agreement the Group enters in. Recognition of expenses. Expenses are recorded on an accrual basis. Cost of sales comprises the purchase price, transportation costs, commissions relating to supply agreements and other related expenses. Finance income and costs. Finance income and costs comprise interest expense on borrowings, losses on early repayment of loans, interest income on deposits and current accounts, income or loss on origination of financial instruments, unwinding of interest of the pension obligation and provisions. Interest income is recognised as it accrues, taking into account the effective yield on the asset. Employee benefits: Defined Contributions Plan. The Group makes statutory unified social contributions to the Pension Fund of Ukraine in respect of its employees. The contributions are calculated as a percentage of current gross salary and are expensed when incurred. Discretionary pensions and other post-employment benefits are included in labor costs in the consolidated statement of profit or loss. During the year ended 31 December 2018, the Group recognised expenses from contributions paid to the Pension Fund of Ukraine in amount of UAH 2,358 million (2017: UAH 1,929 million). Employee benefits: Defined Benefit Plan. The Group provides lump sum benefits, payments on reaching certain age, and other benefits as prescribed by the collective agreement. The liability recognised in the consolidated statement of financial position in respect of the defined benefit pension plan is the present value of the defined benefit obligation at the reporting date. The defined benefit obligation is calculated annually using the projected unit credit method. Present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension liability. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income in the period in which they arise. Past service costs are recognised immediately in the consolidated statement of profit or loss. 27. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the Group’s accounting policies, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgements in applying accounting policies. The following are the critical judgements, apart from those involving estimations, that the Group management has made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognised in the consolidated financial statements. Revenue recognition. In accordance with the Code of the gas transmission system, starting from 1 October 2015 “Ukrtransgaz” JSC, as transmission system operator, is responsible for regulating an imbalance of the system which is calculated as the difference between the volumes of natural gas entering through the entry points and the volumes of natural gas exiting through the exit points, on the basis of actual data received through the allocation procedure, in the context of transmission service customers. The Group provides balancing services and recognises revenue from these operations in accordance with the Code of the gas transmission system and terms |