Annual Report

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Astarta Holding N.V.Consolidated financial statements as at and for the year ended 31 December 2011(in thousands of Euros)Land leaserightsGoodwillOtherintangibleassetsTotalCost 1 January 2011 8,161 164 319 8,644Additions - - 7 7Additions through acquisition ofsubsidiaries (note 4) 4,826 336 - 5,162Disposals (39) - (4) (43)Currency translation differences 468 26 5 49931 December 2011 13,416 526 327 14,269Accumulated amortizationJanuary 2011 4,014 - 178 4,192Amortization charge 1,780 - 11 1,791Currency translation differences 192 - 2 19431 December 2011 5,986 - 191 6,177Net book value 31 December 2011 7,430 526 136 8,092The movement of intangible assets is as follows:(in thousands of Ukrainian hryvnias)Land leaserightsGoodwillOtherintangibleassetsTotalCost 1 January 2010 63,810 766 2,646 67,222Additions - - 731 731Additions through acquisition ofsubsidiaries (note 4) 22,614 972 - 23,58631 December 2010 86,424 1,738 3,377 91,539Accumulated amortization1 January 2010 22,466 - 1,301 23,767Amortization charge 20,049 - 572 20,62131 December 2010 42,515 - 1,873 44,388Net book value 31 December 2010 43,909 1,738 1,504 47,151103
Astarta Holding N.V.Consolidated financial statements as at and for the year ended 31 December 2011(in thousands of Euros)Land leaserightsGoodwillOtherintangibleassetsTotalCost 1 January 2010 5,520 66 229 5,815Additions - - 69 69Additions through acquisition ofsubsidiaries (note 4) 2,147 92 - 2,239Currency translation differences 494 6 21 52131 December 2010 8,161 164 319 8,644Accumulated amortizationJanuary 2010 1,943 - 113 2,056Amortization charge 1,895 - 54 1,949Currency translation differences 176 - 11 18731 December 2010 4,014 - 178 4,192Net book value 31 December 2010 4,147 164 141 4,4527 BIOLOGICAL ASSETSNon-current cattle is represented by dairy livestock with an average yearly lactation period of ninemonths. Current cattle comprise immature cattle and cattle intended for sale. Other livestock mainlyrepresent pigs, horses and sheep.The following assumptions were made to determine the fair value of biological assets:revenue from the crops sales is projected based on the expected volume of harvested grainsand oilseeds. For dairy cattle revenue is projected based on the expected milk producedduring their productive life after the reporting date and expected volume of meat at the dateof slaughterthe average productive life of a cow is determined based on internal statistical informationprices for grains, oilseeds, milk and meat are obtained from market resources as at the endof the reporting periodproduction and costs to sell are projected based on actual operating coststhe growth in sales prices as well as in production and costs to sell is assumed to be in linewith forecasted consumer price index in Ukrainea pre-tax discount rate is applied in determining fair value of biological assets. The discountrate is based on the estimated average cost of capital at the reporting date.The key assumptions represent management’s assessment of future trends in agriculture and cattlefarming business and are based on both external and internal sources of data.104
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Report of the Board of Directorson
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Viktor Ivanchyk, ASTARTA Holding N.
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