Annual Report

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Astarta Holding N.V.Astarta Holding N.V. Consolidated financial statements as at and for the year ended 31 December 2011completion of this project is expected in 2012. The adoption of the first phase of IFRS 9 will have an effecton the classification and measurement of the Group’s financial assets, but will potentially have no impact onclassification and measurements of financial liabilities. The Group will quantify the effect in conjunction withthe other phases, when issued, to present a comprehensive picture. The standard is effective for financialyears beginning on or after 1 January 2015.IFRS 10 Consolidated Financial StatementsIFRS 10 replaces the portion of IAS 27 Consolidated and Separate Financial Statements that addresses theaccounting for consolidated financial statements. It also includes the issues raised in SIC-12 Consolidation -Special Purpose Entities. IFRS 10 establishes a single control model that applies to all entities includingspecial purpose entities. The changes introduced by IFRS 10 will require management to exercise significantjudgement to determine which entities are controlled, and therefore, are required to be consolidated by aparent, compared with the requirements that were in IAS 27. The Group is currently assessing the impact ofthis standard. This standard becomes effective for annual periods beginning on or after 1 January 2013.IFRS 11 Joint ArrangementsIFRS 11 replaces IAS 31 Interests in Joint Ventures and SIC-13 Jointly-controlled Entities – Non-monetaryContributions by Venturers. IFRS 11 removes the option to account for jointly controlled entities usingproportionate consolidation. Instead, jointly controlled entities that meet the definition of a joint venturemust be accounted for using the equity method. The application of this standard will impact the financialposition of the Group. This due to the cessation of proportionate consolidating the joint ventures to equityaccounting for the investments. The standard becomes effective for financial years beginning on or after 1January 2013.IFRS 12 Disclosure of Involvement with Other Entities.IFRS 12 includes all of the disclosures that were previously in IAS 27 related to consolidated financialstatements, as well as all of the disclosures that were previously included in IAS 31 and IAS 28. Thesedisclosures relate to an entity’s interests in subsidiaries, joint arrangements, associates and structuredentities. A number of new disclosures are also required. The standard will affect disclosure only and willhave no impact on the Group’s financial position or performance. This standard becomes effective forannual periods beginning on or after 1 January 2013.IFRS 13 Fair Value Measurement.IFRS 13 establishes a single source of guidance under IFRS for all fair value measurements. IFRS 13 doesnot change when an entity is required to use fair value, but rather provides guidance on how to measure fairvalue under IFRS when fair value is required or permitted. The Group is currently assessing the impact thatthis standard will have on the financial position and performance. This standard becomes effective forannual periods beginning on or after 1 January 2013.IAS 1 Presentation of Financial Statements – Presentation of Items of Other Comprehensive IncomeThe amendment changes the grouping of items presented in other comprehensive income. Items that couldbe reclassified (‘or recycled’) to profit or loss at a future point in time would be presented separately fromitems that will never be reclassified. The amendmentwill affect presentation only and will have no impact onthe Group’s financial position or performance. The amendment becomes effective for financial yearsbeginning on or after 1 July 2012.IAS 12 Income Taxes – Deferred Tax: Recovery of Underlying AssetsThe amendment clarified the determination of deferred tax on investment property measured at fair value.The amendment introduces a rebuttable presumption that deferred tax on investment property measuredusing the fair value model in IAS 40 should be determined on the basis that its carrying amount will berecovered through sale. Furthermore, it introduces the requirement that deferred tax on non-depreciableassets that are measured using the revaluation model in IAS 16 always be measured on a sale basis of theasset. The amendment will have no impact on the Group’s financial position or performance. Theamendment becomes effective for annual periods beginning on or after 1 January 2012.89
Astarta Holding N.V.Astarta Holding N.V. Consolidated financial statements as at and for the year ended 31 December 2011IAS 27 Separate Financial Statements (as revised in 2011). As a consequence of the new IFRS 10 and IFRS12, what remains of IAS 27 is limited to accounting for subsidiaries, jointly controlled entities, andassociates in separate financial statements. The Group does not present separate financial statements. Theamendment becomes effective for annual periods beginning on or after 1 January 2013.IAS 28 Investments in Associates and Joint Ventures (as revised in 2011)As a consequence of the new IFRS 11 and IFRS 12, IAS 28 has been renamed IAS 28 Investments inAssociates and Joint Ventures, and describes the application of the equity method to investments in jointventures in addition to associates. The Group is currently assessing the impact of this standard. Theamendment becomes effective for annual periods beginning on or after 1 January 2013.4 BUSINESS COMBINATIONSDuring 2011, the Group completed acquisitions of 21 entities. The Group’s acquisitions in 2011 and 2010were made to expand the agricultural land leases bank and increase the volumes of sugar, crops, milk andmeat production. The purchase consideration consisted only of cash, and the direct costs related to theseacquisitions are not significant.NameCountry ofincorporationActivityDate ofacquisition% of ownership as atthe date ofaquisitionLLC “Tarasivske” Ukraine Agricultural 04.02.2011 97.98%LLC “Nika” Ukraine Agricultural 11.02.2011 99.98%LLC “Zhytnytsya Podillya” Ukraine Agricultural 21.02.2011 74.99%PC “Valmer” Ukraine Agricultural 25.02.2011 99.98%LLC “Zdobutok” Ukraine Agricultural 31.03.2011 99.98%LLC “Chervona Zirka” Ukraine Agricultural 31.03.2011 99.98%LLC “Niva” Ukraine Agricultural 04.04.2011 99.98%PC “Ukraine” Ukraine Agricultural 18.04.2011 98.75%LLC “Lan-Invest” Ukraine Agricultural 04.05.2011 99.98%AC “Oriy” Ukraine Agricultural 25.05.2011 99.98%LLC “Zoria” Ukraine Agricultural 02.06.2011 99.13%PC “named after Suvorov” Ukraine Agricultural 09.06.2011 99.98%LLC “Horolsky combined forage factory” Ukraine Agricultural 22.07.2011 92.77%PC “Lan-M” Ukraine Agricultural 04.08.2011 99.98%LLC “Agricultural company “named after Vatutin” Ukraine Agricultural 23.08.2011 79.98%LLС “named after Vorovsky” Ukraine Agricultural 13.09.2011 99.98%OJSC “Novoivanivskiy sugar plant”Ukraine Sugar production 02.11.2011 94.28%LLC “Zarichya” Ukraine Agricultural 25.10.2011 99.98%PС “Kumanivske”Ukraine Agricultural 16.11.2011 99.98%LLC “Zbruch” Ukraine Agricultural 22.12.2011 99.98%PC 'Stetkivtci" Ukraine Agricultural 22.12.2011 99.98%For the business combinations the fair value of land lease rights acquired is recognized as part of theidentifiable intangible assets at the date of acquisition. Management commissioned an independentappraiser to determine the fair value of the land lease rights. From the dates of acquisition the net lossincurred by acquired companies amounted to UAH 26,599 thousand (EUR 2,514 thousand).90
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Viktor Ivanchyk, ASTARTA Holding N.
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