Annual Report

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Astarta Holding N.V.Consolidated financial statements as at and for the year ended 31 December 2011shareholders. During the year ended 31 December 2011 the revaluation surplus realized throughdepreciation and disposal of property and equipment was UAH 34,573thousand or EUR3,318thousand (2010: UAH 55,246thousand, EUR 5,217thousand).Currency translation adjustmentThe currency translation adjustment comprises all foreign exchange differences arising from thetranslation of the financial statements of foreign operations to presentation currencies.Other distributable reservesIn accordance with the Dutch law and Ukrainian legislation the distributable reserves are limited tothe balance of statutory retained earnings and additional paid-in-capital. As at 31 December 2011the Group’s consolidated retained earnings as presented in these financial statements, including thenet profit for the year ended 31 December 2011, amounted to UAH 2,405,670 thousand or EUR232,329 thousand (2010: UAH 1,391,589 thousand or EUR 141,177 thousand). Statutory retainedearnings of the Company and its Ukrainian subsidiaries may differ substantially from the retainedearnings presented in these financial statements.Retained earnings include the revaluation reserve for the biological assets and this amount is notavailable for distribution. As of 31 December 2011, revaluation reserve for biological assets includedin retained earnings amount to UAH 140,432 thousand or EUR 12,593 (2010: UAH 109,937thousand or EUR 12,217 thousand).Dividend policyThe Company’s policy is to pay dividends at a level consistent with the Group’s growth anddevelopment plans, while maintaining a reasonable level of liquidity. The current intention of theBoard of Directors is to recommend to the General Meeting of Shareholders that no dividends bedeclared for the year ended 31 December 2011.The dividend policy will, however, be reviewed from time to time and payment of any future dividendswill be effectively at the discretion of the General Meeting of Shareholders by recommendation of theBoard of Directors and after taking into account various factors including business prospects, futureearnings, cash requirements, financial position, expansion plans and requirements of Dutch law. Inaddition, payment of future dividends may be made only if shareholders’ equity exceeds the sum ofthe paid-in share capital plus the reserves required to be maintained by law and by the Articles ofAssociation. All shares carry equal dividend rights.15 NON-CONTROLLING INTERESTSThe movements in non-controlling interests in open joint stock company subsidiaries for the yearended 31 December are as follows:(in thousands of Ukrainian(in thousands of Euros)hryvnias)2011 2010 2011 2010Balance as at 1 January 1,191 864 112 75Share in loss (310) (128) (27) (12)Acquisitions from non-controllingshareholders and other changes - 455 - 43Non-controlling interests acquired withnew subsidiaries 2,791 - 250 -Currency translation difference - - 17 6Balance as at 31 December 3,672 1,191 352 112113
Astarta Holding N.V.Consolidated financial statements as at and for the year ended 31 December 2011The movements in non-controlling interests in limited liability company subsidiaries for the yearended 31 December are as follows:(in thousands of Ukrainian(in thousands of Euros)hryvnias)2011 2010 2011 2010Balance as at 1 January 66,785 40,245 6,306 3,481Non-controlling interests of limitedliability company subsidiaries inprofit (Note 27) 29,635 23,316 2,657 2,221Acquisitions from non-controllingshareholders and other changes (3,088) (2,752) (277) (260)Non-controlling interests acquired withnew subsidiaries 7,281 5,976 653 567Currency translation difference - - 317 297Balance as at 31 December 100,613 66,785 9,656 6,30616 LOANS AND BORROWINGSThis note provides information about the contractual terms of loans and borrowings. Refer to Note32 for more information on exposure to interest rate, foreign currency risk and information onfinancial risk management.Loans and borrowings as at 31 December are as follows:(in thousands of Ukrainianhryvnias)(in thousands of Euros)2011 2010 2011 2010Long-term loans and borrowings:Bank loans 1,145,825 574,880 109,963 54,286Finance lease liabilities (Note 33 c ) 7,545 21,889 724 2,066Transaction costs (32,245) (6,121) (3,094) (578)1,121,125 590,648 107,593 55,774Current portion of long-term loans and borrowings:Bank loans 186,683 222,090 17,915 20,972Finance lease liabilities (Note 33 c ) 15,739 18,381 1,511 1,735Interest-bearing vendor financing аrrangements - 2,614 - 247Transaction costs (13,004) (4,528) (1,248) (427)189,418 238,557 18,178 22,527Short-term loans and borrowings:Bank loans 884,313 375,352 84,867 35,444Borrowings from non-financial institutions - 620 - 59Transaction costs (8,464) (12,887) (812) (1,217)875,849 363,085 84,055 34,2862,186,392 1,192,290 209,826 112,587114
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СonsolidatedFinancial Statements
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Viktor Ivanchyk, ASTARTA Holding N.
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Annual Report

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