Notes to the financial statements prepared in accordance with international financial reporting standards
| NOTES TO THE FINANCIAL STATEMENTS PJSC "ICHNYANSKY DAIRY AND CANNERY" FOR 2012 1. 1. Organization Public Joint Stock Company "Ichnyansky Dairy and Cannery" is the new name of OJSC "Ichnyansky Dairy and Cannery" according to the decision of the General Meeting of Shareholders (Minutes No. 1 dated February 09, 2011). The company was registered by the Ichnia District State Administration of Chernihiv Region on December 06, 1995, decision No. 157. The latest version of the Charter was approved by the General Meeting of Shareholders (Minutes No. 1 dated 09.02.2011) and registered by the Ichnia District Administration of Chernihiv Region on 22.02.2011, registration number 1045105001400282. The Company was established with the aim of carrying out business activities for the purpose of making a profit in the interests of the Company's shareholders. The Company's principal activities are the production of canned milk and dairy products and milk processing. Legal address: 4 Vyshneva str., Ichnia, 16700, Ukraine Date of state registration: 06.12.1995 As of December 31, 2012, the following shareholders held shares in the Company: Shareholders of the company 01.01.2012 (%) 31.12.2012 (%) Individuals 15.4% 15.4% Legal entities 84.6% 84.6% PJSC Ichnia Milk Cannery has the following structural divisions: management (accounting, planning and economic department, commercial department, human resources department, legal department, technical department, laboratory), canning shop, whole milk shop, raw materials warehouse and finished goods warehouse. 2. Preparation of financial statements 2.1. Basis of preparation and purpose of the statements These financial statements have been prepared on the historical cost basis, except for the fair value measurement of property, plant and equipment at the date of initial application of IFRS in accordance with IFRS 1 "First-time Adoption of International Financial Reporting Standards" and IAS 16 "Property, Plant and Equipment" and the fair value measurement of certain financial instruments in accordance with IAS 39 "Financial Instruments: Recognition and Measurement". The financial statements are presented in thousands of Ukrainian hryvnias. The objective of financial statements is to provide information about the financial position, results of operations and changes in financial position that is useful to users. The date of transition to IFRS is January 1, 2012. The transition period for the company is the period from January 1, 2012 to January 1, 2013. Compliance statement The conceptual basis of the preliminary financial statements for the year ended 31.12.2012 are accounting policies based on the requirements of IFRS, including disclosure of the impact of transition from Ukrainian Accounting Standards to IFRS, assumptions made by management in applying the standards and interpretations that are expected to become effective, are expected to become effective, and accounting policies that are expected to be adopted up to the date of preparation of the first full set of IFRS financial statements as at 31.12.2013 р., as well as restrictions on the application of IFRS, in particular in terms of determining the form and composition of financial statement items in accordance with IAS 1. Adjustments may be made to the opening balance sheet balances as of 01.01.2012 and the preliminary financial statements for 2012 when preparing the balance sheet of the first full set of IFRS financial statements as of 31.12.2013. 2.2. Reconciliation of equity to profit or loss Reconciliation of the equity of PJSC "Zavod MK&MO" as of January 01, 2012 (as of the date of transition) is presented as follows: (UAH thousand) Items UAS Corrections of errors Effect of transition to IFRS IFRS Intangible assets 32752 32752 Property, plant and equipment 31529 5654 37183 Construction in progress 5654 -5654 0 Financial assets Deferred tax assets Long-term receivables Other non-current assets 35 -35 0 Total non-current assets 67335 -35 67300 Inventory 3690 35 3725 Work in progress Finished goods 4491 4491 Trade and other receivables 84827 -6413 78414 Other assets Cash and cash equivalents 4 4 Prepaid expenses Total current assets 93012 86634 Total assets 160347 153934 Targeted financing Deferred tax liabilities Long-term liabilities Short-term collateral Trade and other payables 92123 -6388 85735 Total liabilities 92123 -6388 85735 Total assets less liabilities 68224 -25 68199 Authorized capital 110 110 Additional capital 43873 -43873 0 Reserve capital Retained earnings / losses 24241 43848 68089 Total equity 68224 -25 68199 Explanation of reconciliation of equity at the date of transition to IFRS (UAH thousand) 1 Write-off of assets that do not meet the recognition criteria 0 2 Measurement of property, plant and equipment at fair value at the date of transition to IFRS 0 3 Adjustments to the value of assets and liabilities (provision for doubtful debts and provision for employee benefits) resulted in a decrease in equity 25 4 Write-off of liabilities that do not meet the recognition criteria 0 5 Accrual of deferred tax 0 Together 1. Provision for doubtful debts in the amount of UAH 25 thousand was created. Reconciliation of equity as at 01.01.2012 and 31.12.2012 in the financial statements under Ukrainian Accounting Standards and IFRS is as follows: 31.12.2012 01.12.2012 Capital Earnings Capital Earnings UAS reporting 68320 24337 68224 24241 Error correction 0 0 0 0 Deferred taxes 4 4 Write-off of assets that do not meet the recognition criteria Revaluation of property, plant and equipment Amortization of property, plant and equipment and intangible assets Reclassification of articles 43873 43873 Adjustments to the value of assets and liabilities -22 -22 -25 -25 IFRS financial statements 68302 68192 68199 68089 1. As at the end of the year, provision for doubtful debts in the amount of UAH 13 thousand and provision for future employee benefits in the amount of UAH 9 thousand were made, which resulted in tax differences. 2.3 Statement of cash flows The adoption of IFRS did not result in any significant adjustments to the statement of cash flows for the year ended 31 December 2012. For 2012 UAS Effect of transition to IFRS Net cash flows from operating activities 4620 Net cash flows from investing activities -4193 Net cash flows from financing activities 0 Effect of changes in exchange rates on cash 0 Net cash flows for the reporting period 427 2.4 Use of estimates and assumptions In preparing the financial statements, the Company makes estimates and assumptions that affect the reported amounts of assets and liabilities and the reported income and expenses of the reporting period and the disclosure of contingent assets and liabilities at the date of the financial statements based on IFRS, IAS and interpretations issued by the International Financial Reporting Interpretations Committee. When preparing the opening balance sheet under IFRS, an enterprise: - assets and liabilities that are not recognized in accordance with IFRS were derecognized (excluded from the balance sheet); - all assets and liabilities required to be recognized in accordance with IFRS are recognized; - reclassified items that are classified in a different category of assets, liabilities or equity in accordance with IFRS than in UAS. Derecognition means derecognition of assets and liabilities that do not meet the criteria for recognition under international standards at the date of initial application of IFRS. In particular, this applies to obsolete items of property, plant and equipment and intangible assets that should be recognized as expenses in accordance with IAS 38. The measurement of all recognized assets and liabilities is based on the measurement rules (with exceptions) prescribed by IFRSs that are current at the balance sheet date. The Company has applied the exemption permitted by IFRS 1, which allows to measure property, plant and equipment at the date of transition to IFRS at fair value and use that fair value as the cost of property, plant and equipment. Management anticipates that the carrying amounts of all of the Company's property, plant and equipment approximate their fair values, and the carrying amounts may be subject to adjustment in the future based on the valuation by independent appraisers. All adjustments related to the transition to IFRS at the date of initial application are recognized directly in retained earnings. 3. BASIC ACCOUNTING PRINCIPLES 3.1 Recognition and measurement of financial instruments An entity recognizes a financial asset or financial liability on its balance sheet when, and only when, it becomes a party to the contractual provisions of the instrument. The Company recognizes the following categories of financial instruments: - financial assets; - financial liabilities; - equity instruments; Financial assets comprise: - money - receivables for products, goods and services sold - bills - Investments in equity instruments - (shares, options) Financial liabilities include: - accounts payable - bills, bonds and other debt securities payable - accounts payable for advances received - liabilities for taxes and other payments. Financial assets and liabilities are initially measured and recognized at fair value. Transactions on the recognition or sale of financial instruments are recognized using settlement date accounting, which is the date on which the asset is transferred to or by the entity. The accounting policies for subsequent measurement of financial instruments are disclosed below. Financial assets Cash and cash equivalents Cash consists of cash on hand and balances with banks. Accounts receivable Receivables are recognized as financial assets (except for receivables that do not collect cash or financial instruments, operating leases and budgetary settlements) and are measured at fair value. If there is an indication that an impairment loss has been incurred, the carrying amount of the asset is reduced by the amount of the loss through the use of an allowance account. The allowance for loan losses is defined as the difference between the carrying amount and the present value of estimated future cash flows. Allowance for doubtful debts is accrued using the receivables periodization method. For financial assets that are individually significant, allowances are created based on an individual assessment of individual debtors, and for financial assets that are not individually significant, allowances are created based on a group assessment. Factors that the Company considers when determining whether it has objective evidence that an impairment loss has been incurred include information about trends in debt overdue status and the debtor's ability to pay. For the group of debtors, such factors include negative changes in the payment status of borrowers in the group, such as an increase in the number of overdue payments, negative economic conditions in the industry. The amount of the loss is recognized in profit or loss. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed by adjusting the allowance account. The amount of the reversal is recognized in profit or loss. When a receivable is uncollectible, it is written off against the allowance for impairment losses. Financial assets available for sale The Company classifies equity investments as available-for-sale financial assets if the percentage of ownership is less than 20%. After initial recognition, the Company measures them at fair value. A change in the fair value of an available-for-sale financial asset is recognized directly in equity through the statement of changes in equity, except for impairment losses and foreign currency losses, until the financial asset is derecognized, at which time the cumulative gain or loss previously recognized in equity is recognized in profit or loss. If there is objective evidence that an available-for-sale financial asset has been impaired, the cumulative loss is removed from equity and recognized in profit or loss. Non-marketable shares for which no fair value can be determined are carried at cost, less impairment losses, if any. Financial assets held to maturity Held-to-maturity financial assets include bonds and promissory notes that the Company has the positive intention and ability to hold to maturity. Subsequent to initial recognition, the Company measures them at amortized cost using the effective interest method, less impairment losses, if any. |
| Financial liabilities Bank loans Borrowings from banks are initially recognized at fair value, which is the amount of proceeds received less transaction costs. Subsequently, financial liabilities are stated at amortized cost using the effective interest rate method and any difference between net proceeds and the redemption value is recognized in profit or loss over the period of the borrowings using the effective interest rate. Offsetting financial assets and liabilities Financial assets and liabilities are offset when the Company has a legal right to set off the recognized amounts and the Company intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. 3.2. Property, plant and equipment An enterprise recognizes a tangible asset as a fixed asset if it is held for the purpose of using it in the course of its activities, rendering services, or for administrative, social and cultural functions, with an expected useful life of more than one year and a cost of more than UAH 1000.00. The Company initially measures property, plant and equipment at cost. After considering the appropriateness of applying any of the retrospective application exceptions provided by IFRS 1, management decided to apply fair value as the appropriate cost of property, plant and equipment. The Company has not measured property, plant and equipment at fair value at the date of transition to IFRS (01.01.2012) and uses historical cost as the deemed cost of property, plant and equipment at that date. Once recognized as an asset, an item of property and equipment is carried at cost less any accumulated depreciation and any accumulated impairment losses. Any accumulated depreciation or amortization to the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount restated to the revalued amount of the asset. A revaluation surplus included in equity is transferred to retained earnings when the related asset is derecognized. The Company has decided to apply the following classes of property, plant and equipment for accounting purposes: - land; - land and buildings; - machinery and equipment; - cars; - furniture; - office equipment. Further expenses An entity does not recognize in the carrying amount of an item of property, plant and equipment the costs of the day-to-day servicing, repairs and maintenance of the item. These expenses are recognized in profit or loss when incurred. Subsequent costs are recognized in the carrying amount of an item of property, plant and equipment when they meet the criteria for recognition as an asset. Depreciation and amortization of property, plant and equipment The company applies the straight-line method of depreciation. Useful life - the period during which an asset is expected to be available for use is determined by the Company separately for each class: The building is 20 years old Machinery and equipment - 5 years Cars - 5 years old The furniture is 5 years old Office equipment - 2 years. Depreciation of an asset ceases on the earlier of the date on which the asset is classified as held for sale or the date on which the asset is derecognized. Intangible assets Intangible assets are measured at cost less any accumulated amortization and any accumulated impairment losses. Intangible assets are amortized using the straight-line method over their estimated useful lives. Intangible assets that arise from contractual or other legal rights are amortized over the estimated useful lives of those rights. Impairment of property, plant and equipment and intangible assets The Company assesses at each reporting date whether there is any indication that an asset may be impaired. The carrying amount of an asset is reduced to its recoverable amount if, and only if, the recoverable amount is less than its carrying amount. Such a decrease is recognized in profit or loss. A loss recognized for an asset in prior periods is reversed if, and only if, there has been a change in the estimates used to determine the asset's recoverable amount. Once an impairment loss has been recognized for an asset, depreciation and amortization is adjusted in future periods to allocate the revised carrying amount of the property, plant and equipment to its estimated useful life on a systematic basis. Investment property The Company classifies investment property as buildings, premises or parts of buildings held to earn rentals rather than for use in supplying services or for administrative purposes or for sale in the ordinary course of business. If a building comprises part held to earn rentals and part held for use in the Company's operations or for administrative purposes, the parts are measured and reported separately if they are available for sale in the ordinary course of business. Investment property is initially measured at cost, including transaction costs. Subsequent to recognition, the measurement is based on the fair value model. Gains and losses arising from changes in the fair value of investment property are recognized in profit or loss. Non-current non-current assets held for sale An entity classifies a non-current asset as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. Non-current assets held for sale are measured and reported at the lower of their carrying amount and fair value, less costs to sell. No depreciation is charged on such assets. An impairment loss on the initial or subsequent write-down of an asset to fair value less costs to sell is recognized in the statement of operations. Rent Leases of assets under which the risks and rewards incidental to ownership are effectively retained with the lessor are classified as operating leases. Lease payments under an operating lease are recognized as expenses on a straight-line basis over the lease term. The Company recognizes rental income from operating leases on a straight-line basis over the lease term. Costs, including depreciation and amortization, incurred in earning rental income are recognized as expenses. 3.3 Income taxes Income tax expense represents the sum of the current and deferred tax expense. Current tax is the amount of income taxes payable (recoverable) on the taxable profit (loss) for the reporting period. The Company's current tax expense is calculated using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax is calculated using the balance sheet liability method and represents tax assets and liabilities attributable to temporary differences between the carrying amounts of assets and liabilities in the balance sheet and their tax bases. Deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which deductible temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at each date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Deferred tax is calculated at tax rates that are expected to apply to the period when the respective assets or liabilities are realized. The Company recognizes current and deferred taxes as expenses or income and includes them in profit or loss for the reporting period. 3.4 Security Provisions are recognized when the Company has a present obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. A provision is recognized at the amount that an entity can pay to settle a liability, taking into account risks and uncertainties. Provisions are reviewed at each balance sheet date. Provisions are used for the expenses for which they were recognized. The company recognizes collateral: - for unused vacation time. 3.5 Employee benefits An entity recognizes short-term employee benefits as an expense and as a liability after deducting any amount already paid. Employee benefits include: a) short-term employee benefits, such as wages, salaries, social security contributions, paid annual leave and temporary disability, profit-sharing and bonuses (if they are payable within twelve months after the end of the period); b) post-employment benefits, such as pensions, other retirement benefits, life insurance, and post-employment medical care; c) other long-term employee benefits, including additional long service leave or paid sabbaticals, jubilee payments or other service-related benefits, long-term disability benefits, and profit-sharing, bonuses and deferred compensation if they become payable on or after twelve months after the end of the period; d) severance payments. 3.6 Retirement obligations In accordance with the Ukrainian legislation, the Company withholds contributions from employees' salaries to the State pension fund. Current contributions are calculated as a percentage of current gross salary payments and are charged in the period in which the associated service is rendered by the employees in order to earn the contributions and the related salaries are earned. The Company calculates the contributions required by Ukrainian legislation from the employer as a percentage of current gross salaries and recognizes them in the period in which the related salaries are earned. In addition, the Company does not have a non-state defined contribution pension plan. 3.7 Income and expenses Revenues and expenses are recognized on an accrual basis. Revenue from services rendered is recognized when earned, regardless of the date of receipt of funds, and is determined based on the stage of completion of the service transaction at the balance sheet date. Dividends are recognized as income when the right to receive payment is established. Expenses incurred in earning revenue are recognized in the same period as the related income. No dividend income and expenses were accrued in the reporting year 2012. 3.8 Borrowing costs Borrowing costs that are not part of the financial instrument and are not capitalized as part of the cost of assets are recognized as an expense in the period. An entity capitalizes borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that asset. In the reporting year 2012, the Company did not use loans and did not incur any borrowing costs. 3.9 Foreign currency transactions Transactions in foreign currencies are recorded in Ukrainian hryvnia at the official exchange rate of the National Bank of Ukraine at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into UAH at the respective NBU exchange rates at the balance sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign exchange differences arising on the translation of monetary items are recognized in profit or loss in the period in which they arise. Exchange differences arising on translation of monetary items are recognized in profit or loss in the period in which they arise. Contingent liabilities and assets The Company does not recognize contingent assets and liabilities. 3.10 Adoption of new standards In preparing its financial statements, the Company has applied all new and amended standards and interpretations issued by the IASB and IFRIC that are relevant to its operations and effective as of December 31, 2012, and IFRS 1 "Presentation of Financial Statements" as amended. In accordance with the requirements of IFRS 1, the Company has elected to present information about comprehensive income in a single statement, the Statement of Comprehensive Income. Standards and interpretations issued but not yet effective IFRS 9 "Financial Instruments" In November 2009, the IASB issued the first phase of IFRS 9 Financial Instruments. The standard will gradually replace IAS 39 Financial Instruments: Recognition and Measurement". IFRS 9 is effective for annual periods beginning on or after January 1, 2013. The first phase of IFRS 9 introduces new requirements for the classification and measurement of financial assets. In particular, for subsequent measurement, all financial assets must be classified as either measured at amortized cost or at fair value through profit or loss, with an irrevocable election to designate equity instruments not held for trading, through other comprehensive income. The Company is currently assessing the impact of the standard on its financial statements. IFRS 10 "Consolidated financial statements" IFRS 10 replaces the part of IAS 27 Consolidated and Separate Financial Statements that dealt with accounting for consolidated financial statements. The standard also incorporates the issues addressed in IFRIC-12 Consolidation: Special Purpose Entities. IFRS 10 provides a single control model that applies to all entities, including special purpose entities. The changes introduced by IFRS 10 will require management to exercise significant judgment in determining which entities are controlled and therefore should be consolidated by the parent. than when applying IAS 27. The standard is effective for annual periods beginning on or after January 1, 2013. The Company does not expect the amendments to have any impact on its financial statements, as the Company does not prepare consolidated financial statements because it is not a parent. IFRS 11 Joint Arrangements IFRS 11 replaces IAS 31 Interests in Joint Ventures and IFRIC-13 Jointly Controlled Entities: Non-cash Contributions by Controlling Entities. IFRS 11 eliminates the option to account for jointly controlled entities using the proportionate consolidation method. Instead, jointly controlled entities that meet the definition of a joint venture are accounted for using the equity method. The standard applies to effective for annual periods beginning on or after January 1, 2013. The Company does not expect the amendments to have any impact on its financial statements. IFRS 12 Disclosure of Interest in Other Entities IFRS 12 contains all the disclosure requirements previously required by IAS 27 for consolidated financial statements, as well as all the disclosure requirements previously required by IAS 31 and IAS 28. These disclosure requirements relate to an entity's interests in subsidiaries, joint arrangements, associates and structured entities. It also introduces certain new disclosure requirements. The standard is effective for annual periods beginning on or after January 1, 2013. The Company does not expect the amendments to have any impact on its financial statements. IFRS 13 "Fair Value Measurement" IFRS 13 brings together all the fair value measurement guidance in IFRSs into one standard. IFRS 13 does not change when entities are required to use fair value, but provides guidance on measuring fair value in accordance with IFRSs when fair value is required or permitted by other standards within IFRSs. The standard is effective for annual periods beginning on or after January 1, 2013. The adoption of IFRS 13 may affect the measurement of the Company's assets and liabilities carried at fair value. Amendments to IAS 19 Employee Benefits The IASB has issued several amendments to IAS 19, ranging from fundamental changes (e.g., the removal of the corridor approach and the concept of expected return on plan assets) to simple clarifications and wording changes. The amendments are effective for annual periods beginning on or after January 1, 2013. IAS 27 "Separate Financial Statements" (revised 2011) As a result of the new IFRS 10 and IFRS 12, IAS 27 as amended is limited to the accounting for subsidiaries, jointly controlled entities and associates in separate financial statements. The amendment is effective for annual periods beginning on or after January 1, 2013. IAS 28 "Investments in Associates and Joint Ventures" (as revised in 2011) As a result of IFRS 11 and IFRS 12, the name of IAS 28 was changed to IAS 28 Investments in Associates and Joint Ventures. The revised standard describes the application of the equity method not only to investments in associates, but also to investments in joint ventures. The amendment is effective for annual periods beginning on or after January 1, 2013. The Company does not expect the adoption of these amendments to have any impact on its financial position or performance. 4. Revenue from sales 2012 2011 Revenue from sales of finished goods 243654 x х Total revenue from sales 243654 x 5. Cost of sales 2012 2011 Raw materials and consumables 146027 X Personnel costs 6047 Х Depreciation 907 X Changes in work in progress and finished goods x Other expenses 23230 X Total expenses 176211 X 6. Other income, other expenses 2012 2011 Other income Income from operating foreign exchange differences Recovery of previously written-off assets Other income 873 Total 873 Other expenses Foreign exchange losses from operating activities Doubtful and bad debts Recognized fines, penalties, forfeitures 848 Other expenses 7246 Total 8094 |
| 7. 7. administrative expenses 2012 2011 Personnel costs 1051 x Depreciation and amortization 44 x Raw materials and supplies 0 x Other 522 x Total 1617 x 8. 8. income tax (UAH thousand) 31.12.2012 01.12.2012 Profit before tax (accounting) 176 Profit before tax from discontinued operations 0 Total profit before tax 176 Tax rate 21% Tax at the statutory tax rate 37 Tax effect of permanent differences 40 Income tax expense Current income tax expense 77 Deferred income tax -4 Income tax expense 73 Including: - Income tax expense from continuing operations - Income tax expense (benefit) from discontinued operations 0 Income from income tax 4 Including income tax income from continuing operations 4 Deductible temporary differences (DTAs): Allowance for doubtful debts 13 Ensuring payments to staff 10 Trade and other payables stocks Long-term receivables Total deductible temporary differences 23 Temporary differences subject to taxation (DTA): Property, plant and equipment and intangible assets 0 Inventory. Trade and other receivables (allowances for doubtful accounts) Investments Short-term loans Total taxable temporary differences 0 Net taxable temporary differences 28 Net deferred tax liabilities (19%) 0 Net deferred tax assets (19%) 23 Deferred tax liabilities At the beginning of the period Deferred tax expense Tax effect of changes in the revaluation reserve for available-for-sale investments At the end of the period Deferred tax assets At the beginning of the period 0 Deferred tax income 4 At the end of period 4 Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Temporary differences mainly relate to different methods of recognizing the carrying amount of certain assets. 5. Losses from non-current assets held for sale As of 31.12.2012 and 01.01.2012, the company has no non-current assets held for sale. 6. Intangible assets At historical cost Intangible assets Total Fair value at the date of transition to IFRS as of January 1, 2012 32752 32752 Including fair value in accordance with Ukrainian Accounting Standards 32752 32752 movement 0 0 Derecognition in accordance with recognition criteria 0 0 Receipts 0 0 As of December 31, 2012 32752 32752 Accumulated depreciation and amortization 01.01.2012 р. 0 0 Accruals for the year 0 0 31.12.2012 0 0 Net book value: 31.12.2012 32752 32752 01.01.2012 32752 32752 7. Property, plant and equipment At historical cost Land plots Buildings Machinery and equipment Trans port Appliances equipment Investment property Total Fair value at the date of transition to IFRS as of January 1, 2012 281 30084 5345 1137 336 37183 Receipts 3533 811 689 218 5251 Moving Disposals 1510 1 1511 Impairment of utility 31.12.2012 р. 281 32107 6156 1825 554 40923 Accumulated depreciation and amortization 01.01.2012 р. 724 1277 465 169 2635 Accruals for the year 526,263 119 44,952 relocation Disposals 86 1 87 Correcting errors 31.12.2012 р. 1164 1540 583 213 3500 Net book value 31.12.2012 р 281 30943 4616 1242 341 37423 01.01.2012 р. 281 29360 4068 672 167 34548 No revaluation of property, plant and equipment was performed at the date of transition. An item of property, plant and equipment that meets the criteria for recognition as an asset is measured at at its cost. The cost of an item of property, plant and equipment consists of its purchase price, and any directly attributable costs of bringing the asset to the location and condition necessary for it to be ready for use in the manner intended by the management. The Company has elected the cost model, i.e., after recognition as an asset, an item of property, plant and equipment is carried at its cost less any accumulated depreciation and any accumulated impairment losses. In the reporting year 2012, the company did not calculate the impairment of fixed assets. Depreciation and amortization is provided on a straight-line basis (note 3.2) There are no assets classified as held for sale or included in a liquidation group. In the reporting year, the company purchased fixed assets totaling UAH 5251 thousand. The company's balance sheet includes fixed assets pledged as collateral to secure obligations at the cost of UAH 9917 thousand. The company did not recognize expenses in the carrying amount of an item of property, plant and equipment during its construction. There are no contractual obligations related to the purchase of property, plant and equipment. At the request of the company and on the basis of the decision of the Executive Committee of the Ichnia City Council No. 185 of 17.12.2012, a decision was made to cancel the ownership of real estate in connection with the reconstruction of some of the facilities: a passageway, a laboratory, a dining room, a slaughterhouse, a water pumping station, and a shed. The canning shop was reconstructed. The confectionery, candy, and soft drink shops and the office remained, and the ownership of these facilities needs to be re-registered. As at 31 December 2012, there were no fully depreciated property, plant and equipment still in use with gross carrying amounts. As of 31.12.2012, there were no fixed assets temporarily not in use. There are no property, plant and equipment held for sale, and they were not classified in accordance with IFRS 5. 8. 8. Investments available for sale 31.12.2012 01.01.2012 Share % Amount Share % Amount Share in the authorized capital x 0 x 0 As of December 31, 2012, there were no investments available for sale. 9. Long-term accounts receivable No long-term receivables as at 31.12.2012 10.Investment property (UAH thousand, fair value) 31.12.2012 01.01.2012 At the beginning of the period x x Change in fair value 0 Transfers from property, plant and equipment 0 At the end of the period 0 x The Company did not determine the amount of recognized impairment losses in accordance with IAS 36. 11. Inventory. 31.12.2012 01.01.2012 Work in progress at historical cost Raw materials and supplies at historical cost 6547 3725 Finished goods at net realizable value 5712 4491 Goods at net realizable value Total reserves 12259 8216 As at 31 December 2012, the Company recognized impairment of inventories in the amount of UAH 0 thousand. The amount of inventories recognized as expenses during the year is UAH 150213 thousand. Inventories are carried at cost in the financial statements. There was no reversal of any partial write-down recognized as a reduction of inventories recognized as an expense in the period. No inventory was pledged as collateral to guarantee obligations. 12.Trade and other receivables 31.12.2012 01.01.2012 Trade receivables 41093 28863 Advances issued 71147 45820 Settlements with the budget 1074 2215 Other receivables 7303 1541 Provision for impairment of receivables 13 25 Net value of trade receivables 120604 78414 The analysis of accounts receivable past due but not impaired is as follows: 31.12.2012 01.01.2012 Up to 30 days 24910 17227 30-60 days 11292 9738 60-90 days 11451 7914 More than 90 days 18249 4609 More than 1095 days 54715 38951 Total 120617 78439 As at 31.12.2012 and 01.01.2012, there were no trade receivables outstanding. Movements in allowances for trade receivables are presented below: 31.12.2012 01.01.2012 Provision at the beginning of the period x 25 Increase -12 Write-offs at the expense of the reserve 0 Provision at the end of the period 13 x For financial assets with short-term maturities (less than three months) It is assumed that their carrying amounts approximate their fair values. 13.Cash and cash equivalents 31.12.2012 01.01.2012 Cash and bank accounts, UAH 431 4 Cash and bank accounts, USD. U.S. DOLLARS Cash and bank accounts, euros Cash and bank accounts, RUB thousand Bank deposits, UAH Total 431 4 As at 31 December 2012 and 01 January 2012, there were no bank deposits. 14. Authorized capital As of December 31, 2012, the registered and paid-in capital consisted of 439,404 ordinary shares with a nominal value of UAH 0.25. As of January 1, 2012, the registered and paid-up capital consisted of 439,404 ordinary shares with a nominal value of UAH 0.25. The Company did not conduct any transactions with its own shares during the year. 15. State subsidies As of December 31, 2012 and January 1, 2012, there were no government grants. 31.12.2012 01.01.2012 As of January 01, 0 0 Recognized in the income statement 0 0 As of December 31, 0 0 16. Short-term collateral 31.12.2012 01.01.2012 Vacation provision at the beginning of the period x Accruals for the year 10 Utilized for the year x Vacation provision at the end of the period 10 x |
| In the reporting period, the Company created a provision for future employee benefits, namely, a vacation reserve. The reserve was not used in the reporting year. Пiдприємство має достатнi свiдчення того, що вiдбудуться подiї, якi вплинуть на суму потрiбну для погашення зобов’язання за рахунок створеного забезпечення. Додатковi забезпечення протягом перiоду не здiйснювались. 17. Короткостроковi позики Короткостроковi позики станом на 31.12.2012 р. – вiдсутнi. 18. Торговельна та iнша кредиторська заборгованiсть (UAH thousand) 31.12.2012 01.01.2012 Торговельна кредиторська заборгованiсть 53822 31728 Розрахунки з бюджетом 115 66 Одержанi аванси Заробiтна плата та соцiальнi внески 1053 580 Iншi 80184 53361 Всього кредиторська заборгованiсть 135176 160347 Вiдносно фiнансових зобов’язань з коротким термiном погашення (менше трьох мiсяцiв) It is assumed that their carrying amounts approximate their fair values. 19. Умовнi зобов’язання Судовi позиви Судовi процеси не є звичайними подiями для Пiдприємства. Пiсля консультацiї з квалiфiкованими юристами i розумної оцiнки суми збитку Пiдприємство проводить коректування з тим, щоб врахувати негативний вплив, який судовi позови можуть здiйснити на його фiнансовий стан. За станом на 31 грудня 2012 р. судовi позови до Пiдприємства вiдсутнi, вiдповiдно резерви у фiнансовiй звiтностi не створювалися. Оподаткування Внаслiдок наявностi в українському комерцiйному та податковому законодавствi положень, якi дозволяють бiльш нiж один варiант тлумачення, а також через практику, що склалася в загалом нестабiльному економiчному середовищi, ймовiрно, що Пiдприємство змушене буде сплатити додатковi податки, штрафи та пенi. Така невизначенiсть може вплинути на вартiсть фiнансових iнструментiв, втрати та резерви пiд знецiнення, а також на ринковий ринок цiн на угоди. На думку керiвництва, Пiдприємство сплатило усi податки, тому фiнансова звiтнiсть не мiстить резервiв пiд податковi збитки. Податковi звiти можуть переглядатися вiдповiдними податковими органами протягом трьох рокiв. Економiчне середовище Пiдприємство здiйснює свою основну дiяльнiсть на територiї України. Закони та нормативнi акти, якi впливають на операцiйне середовище в Українi, можуть швидко змiнюватися. Подальший економiчний розвиток залежить вiд спектру ефективних заходiв, а також iнших подiй, якi перебувають поза зоною впливу Пiдприємства. Внаслiдок ситуацiї, яка склалась в Українi на дату затвердження фiнансової звiтностi мають мiсце фактори економiчної нестабiльностi. Стан економiчної нестабiльностi може тривати i надалi, i, як наслiдок, iснує ймовiрнiсть того, що активи Пiдприємства не зможуть бути реалiзованi за їхньою балансовою вартiстю в ходi звичайної дiяльностi, що вплине на результати його дiяльностi, а також на здатнiсть Пiдприємства сплачувати заборгованостi згiдно зi строками погашення. Керiвництво Пiдприємства провело найкращу оцiнку щодо можливостi повернення та класифiкацiї визнаних активiв, а також повноти визнаних зобов’язань. Однак пiдприємство ще досi знаходиться пiд впливом нестабiльностi, вказаної вище. 20. Розкриття iнформацiї про пов’язанi сторони Пiдприємство не має дочiрнiх та асоцiйованих пiдприємств i не являється дочiрнiм пiдприємством для iнших компанiй, немає фактичної контролюючої сторони у формi юридичної особи. Пiдприємство не складає консолiдовану фiнансову звiтнiсть. До пов’язаних сторiн або операцiй з пов’язаними сторонами належать: а) пiдприємства, якi прямо або опосередковано контролюють або перебувають пiд контролем, або ж перебувають пiд спiльним контролем разом з Пiдприємством; б) асоцiйованi компанiї; в) спiльнi пiдприємства, у яких Пiдприємство є контролюючим учасником; г)члени провiдного управлiнського персоналу Пiдприємства; д) близькi родичi особи, зазначеної у п.а) та г); ж) компанiї, що контролюють Пiдприємство, або здiйснюють суттєвий вплив, або мають суттєвий вiдсоток голосiв у Пiдприємствi. Для пiдприємства пов’язаними особами є: -Голова правлiння – Кудрик В.К. -Головний бухгалтер – Iльченко О.В. -Голова Наглядової ради – Кiнах М.В. -Член Наглядової ради – Запорощук В.А. – Акцiонер, що має значний вiдсоток акцiй – ТОВ “Провiант” Провiдний управлiнський персонал перебуває з Пiдприємством у трудових вiдносинах та отримує винагороду у виглядi заробiтної плати. Iншi компенсацiйнi виплати вiдсутнi. Комерцiйнi операцiї ( купiвлi- продажу та операцiйної оренди) з ТОВ “Провiант” здiйснюються за звичайними цiнами. Операцiї з пов’язаними сторонами ( тис.грн) Операцiї з пов’язаними сторонами Всього Реалiзацiя 145877 243654 Придбання сировини та матерiалiв 0 153031 Торгова дебiторська заборгованiсть 0 41106 Торгова кредиторська заборгованiсть 2852 53822 в т.ч. суб’єкт господарювання, який перебуває пiд спiльним контролюючим власником Компенсацiя провiдному управлiнському персоналу Короткостроковi виплати працiвникам Виплати по закiнченнi трудової дiяльностi Залишок заборгованостi за розрахунками iз пов’язаними сторонами станом на 31.12.2012р.: Кредиторська заборгованiсть – 2852тис. грн. за договором надання послуг. 21. Цiлi та полiтика управлiння фiнансовими ризиками Основнi фiнансовi iнструменти пiдприємства включають торгову кредиторську заборгованiсть, цiннi папери. Основною цiллю даних фiнансових iнструментiв є залучення коштiв для фiнансування операцiй Пiдприємства. Також Пiдприємство має iншi фiнансовi iнструменти, такi як : торгова дебiторська заборгованiсть, грошовi кошти . Основнi ризики включають: кредитний ризик, ризик лiквiдностi . Полiтика управлiння ризиками включає наступне: Кредитний ризик Пiдприємство укладає угоди виключно з вiдомими та фiнансово стабiльними сторонами. Операцiї з новими клiєнтами здiйснюються на основi попередньої оплати. Дебiторська заборгованiсть пiдлягає постiйному монiторингу. Вiдносно кредитного ризику, пов’язаного з iншими фiнансовими iнструментами, якi включають фiнансовi iнвестицiї, доступнi для продажу, та фiнансовi iнвестицiї до погашення, ризик пов’язаний з можливiстю дефолту контрагента, при цьому максимальний ризик дорiвнює балансовiй вартостi iнструменту. Ризик лiквiдностi Пiдприємство здiйснює контроль лiквiдностi шляхом планування поточної заборгованостi. Пiдприємство аналiзує термiни платежiв, якi пов’язанi з дебiторською заборгованiстю та iншими фiнансовими активами, а також прогнознi потоки грошових коштiв вiд операцiйної дiяльностi. Iнформацiя щодо не дисконтованих платежiв за фiнансовими зобов’язаннями Пiдприємства в розрiзi погашення представлена наступним чином: Рiк, що закiнчився 31 грудня 2012 р. До 1 мiсяця Вiд 1 мiсяця до 3 мiсяцiв Вiд 3 мiсяцiв до 1 року Вiд 1 року до 5 рокiв Бiльше 5 рокiв Всього Короткостроковi позики банка 0 0 0 0 0 0 Торговельна та iнша кредиторська заборгованiсть 19875 10720 24326 80255 135176 Поточна заборгованiсть за довгостроковими зобовязаннями 0 0 0 0 0 0 Всього 19875 10720 24326 80255 135176 Станом на 01.01.2012 р. До 1 мiсяця Вiд 1 мiсяця до 3 мiсяцiв Вiд 3 мiсяцiв до 1 року Вiд 1 року до 5 рокiв Бiльше 5 рокiв Всього Короткостроковi позики банка 0 0 0 0 0 0 Торговельна та iнша кредиторська заборгованiсть 15623 15235 27694 27183 92123 Поточна заборгованiсть за довгостроковими зобовязаннями 0 0 0 0 0 0 Всього 15623 15235 27694 27183 85735 Управлiння капiталом Пiдприємство здiйснює заходи контролю з управлiння капiталом, спрямованi на зростання рентабельностi капiталу, за рахунок оптимiзацiї структури заборгованостi та власного капiталу, таким чином, щоб забезпечити безперервнiсть своєї дiяльностi. Керiвництво пiдприємства здiйснює огляд структури капiталу на щорiчнiй основi. При цьому керiвництво аналiзує вартiсть та притаманнi його складовим ризики. На основi отриманих висновкiв Пiдприємство здiйснює регулювання капiталу шляхом залучення додаткового капiталу або фiнансування, погашення iснуючих позик. Структура власного капiталу (тис.грн) 31.12.2012 01.01.2012 Authorized capital 110 110 Нерозподiленi прибутки 68192 68089 Разом власний капiтал 68302 68199 Заборгованiсть 135176 85735 22.Справедлива вартiсть фiнансових iнструментiв Нижче представлена методологiя i припущення, використанi для визначення справедливої вартостi фiнансових iнструментiв, що не вiдображенi за справедливою вартiстю у фiнансовiй звiтностi. Активи, справедлива вартiсть яких приблизно дорiвнює їх балансовiй вартостi: Вiдносно фiнансових активiв i фiнансових зобов’язань з коротким термiном погашення (менше трьох мiсяцiв) робиться припущення, що їх балансова вартiсть приблизно дорiвнює їх справедливiй вартостi. Дане припущення також застосовується вiдносно депозитiв до запитання з невстановленим термiном погашення. Фiнансовi iнструменти з фiксованою процентною ставкою: Справедлива вартiсть фiнансових активiв i зобов’язань з фiксованою ставкою, вiдображених за амортизованою вартiстю, оцiнюється шляхом порiвняння ринкових процентних ставок при їх першому визнаннi з поточними ринковими ставками по аналогiчним фiнансовим iнструментам. Розрахункова справедлива вартiсть депозитiв з фiксованою процентною ставкою грунтується на дисконтованих грошових потоках з використанням переважаючих процентних ставок на грошовому ринку по боргових iнструментах з аналогiчним кредитним ризиком i термiном погашення. Нижче приводиться порiвняння балансової вартостi i справедливої вартостi в розрiзi класiв фiнансових iнструментiв Пiдприємством, якi не враховуються за справедливою вартiстю у фiнансовiй звiтностi. Балансова вартiсть Справедлива вартiсть 31.12.2012 01.01.2012 31.12.2012 01.01.2012 Iнвестицiї доступнi для продажу 0 0 0 0 Iнвестицiї до погашення 0 0 0 0 Довгострокова дебiторська заборгованiсть 0 0 0 0 Торговельна дебiторська заборгованiсть 41093 28838 41093 28838 Грошовi кошти та їх еквiваленти 431 4 431 4 Short-term loans Торгова кредиторська заборгованiсть 53822 31728 53822 31728 Справедливу вартiсть дебiторської та кредиторської заборгованостi, а також iнвестицiй, доступних для продажу, неможливо визначити достовiрно, оскiльки немає ринкового котирування цих активiв. 23. Звiтнiсть за сегментами Пiдприємство має один основний сегмент : виготовлення та реалiзацiя готової продукцiї. Сегмент “Iншi” включає реалiзацiя товарiв столової, оренднi операцiї, та iншi доходи Операцiйнi сегменти Реалiзацiя готової продукцiї Iншi Виключення та коригування Данi за перiод ,що закiнчився 31.12.2012 Дохiд вiд реалiзацiї 203045 203045 Iншi доходи 873 873 Всього зовнiшнi доходи 203045 873 203918 Доходи вiд iнших сегментiв Дохiд, усього 203045 873 203918 Прибуток до оподаткування 1019 4 1023 Амортизацiя 948 3 951 Формування резервiв пiд дебiторську заборгованiсть 13 13 Збитки вiд зменшення корисностi запасiв 0 0 0 Зменшення корисностi необоротних активiв 0 0 0 Сегментнi активи 195398 785 196183 Сегментнi зобов’язання 134635 541 135176 Прибуток сегментiв до оподаткування не включає (вийняток) iншi доходи, збитки вiд курсових рiзниць, штрафи та iншi витрати. Активи сегменту включають торгову дебiторську заборгованiсть, основнi засоби та нематерiальнi активи i не включають iншу дебiторську заборгованiсть та iнвестицiйну нерухомiсть, якi контролюються на рiвнi Пiдприємства в цiлому. Сегментнi зобов’язання включають торгову кредиторську заборгованiсть та короткостроковi зобов’язання i не включають доходи майбутнiх перiодiв, короткостроковi позики, iншу короткострокову заборгованiсть, якi контролюються на рiвнi Пiдприємства в цiлому. Обставин, якi привели б до окремого розкриття iнформацiї статей доходу та витрат, а саме: а) списання запасiв до чистої вартостi реалiзацiї або списання основних засобiв до суми вiдшкодування, а також сторнування таких списань; б) реструктуризацiю напрямiв дiяльностi суб’єкта господарювання та сторнування будь-яких забезпечень на витрати на реструктуризацiю; в) вибуття iнвестицiй; ґ) припинена дiяльнiсть; д) урегулювання судових позовiв; е) iншi сторнування забезпечень – протягом перiоду не було. 24. Подiї пiсля дати Балансу Несприятливi подiї мiж датою складання балансу i датою затвердження фiнансової звiтностi до випуску не вiдбувалися. Керiвник ____________________ В.К. Кудрик Головний бухгалтер___________ О.В. Iльченко |