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"value": "\n
\n\n
\n
\n
\n
\n1.\u2005CORPORATE\u2005INFORMATION
\nMHP SE (the \u201cParent\u201d or \u201cMHP SE\u201d), a limited liability
\ncompany (Societas Europaea) registered under the laws
\nof Cyprus, was formed on 30 May 2006. Hereinafter, MHP
\nSE and its subsidiaries are referred to as the \u201cMHP SE
\nGroup\u201d or the \u201cGroup\u201d. The registered address of MHP SE
\nis 16-18 Zinas Kanther Street, Agia Triada, 3035 Limassol,
\nCyprus. The MHP SE shares are listed on the London
\nStock Exchange (\u201cLSE\u201d) in the form of global depositary
\nreceipts (\u201cGDRs\u201d).
\nThe controlling shareholder of MHP SE is Mr. Yuriy Kosyuk
\n(\u201cPrincipal Shareholder\u201d), who owns 100% of the shares
\nof WTI Trading Limited (\u201cWTI\u201d), which is the immediate
\nmajority shareholder of MHP SE, which in turn directly
\nowns of 59,7% of the total outstanding share capital of
\nMHP SE.
\nThe principal business activities of the Group are poultry
\nand related operations, grain growing, as well as meat
\nprocessing and other agricultural operations. The Group\u2019s
\npoultry and related operations integrate all functions
\nrelated to the production of chicken, including hatching,
\nfodder manufacturing, raising chickens to marketable
\nage (\u201cgrow-out\u201d), processing and marketing of branded
\nchilled products and include the production and sale of
\nchicken products, vegetable oil and mixed fodder. Grain
\ngrowing comprises the production and sale of grains. Meat
\nprocessing and other agricultural operations comprise
\nthe production and sale of cooked meat, sausages,
\nconvenience food products, milk and feed grains. As of
\n31 December 2022 the Group employed 31,701 people (31
\nDecember 2021: 30,890 people).
\n\nThe primary subsidiaries, the principal activities of the
\ncompanies forming the Group and the Parent\u2019s effective
\nownership interest as of 31 December 2022 and 2021 were
\nas follows:
\nNAME
\nCOUNTRY\u2005OF\u2005
\nREGISTRATION
\nYEAR\u2005
\nESTABLISHED/\u2005
\nACQUIRED PRINCIPAL\u2005ACTIVITIES
\n31\u2005DECEMBER\u2005
\n2022
\n31\u2005DECEMBER\u2005
\n2021
\nMHP Lux S.A. Luxembourg 2018 Finance Company 100.0% 100.0%
\nMHP Ukraine 1998 Management,
\nmarketing and sales
\n99.9% 99.9%
\nMyronivsky Plant of
\nManufacturing Feeds
\nand Groats
\nUkraine 1998 Fodder and vegetable
\noil production
\n88.5% 88.5%
\nVinnytska Ptakhofabryka Ukraine 2011 Chicken farm 100.0% 100.0%
\nPeremoga Nova Ukraine 1999 Breeder farm 99.9% 99.9%
\nOril-Leader Ukraine 2003 Chicken farm 99.9% 99.9%
\nMyronivska Pticefabrika Ukraine 2004 Chicken farm 99.9% 99.9%
\nStarynska Ptakhofabryka Ukraine 2003 Breeder farm 100.0% 100.0%
\nZernoprodukt MHP Ukraine 2005 Grain cultivation 99.9% 99.9%
\nKaterinopilskiy Elevator Ukraine 2005 Fodder production
\nand grain storage,
\nvegetable oil
\nproduction
\n99.9% 99.9%
\nSPF Urozhay Ukraine 2006 Grain cultivation 99.9% 99.9%
\nAgrofort Ukraine 2006 Grain cultivation 99.9% 99.9%
\nMHP-Urozhayna Krayina Ukraine 2010 Grain cultivation 99.9% 99.9%
\nUkrainian Bacon Ukraine 2008 Meat processing 79.9% 79.9%
\nMHP-AgroKryazh Ukraine 2013 Grain cultivation 51.0% 51.0%
\nMHP-Agro-S Ukraine 2013 Grain cultivation 51.0% 51.0%
\nZakhid-Agro MHP Ukraine 2015 Grain cultivation 100.0% 100.0%
\nPerutnina Ptuj d.d. Slovenia 2019 Poultry production 100.0% 100.0%
\nMHP Food Trading United Arab
\nEmirates
\n2016 Trading in vegetable oil
\nand poultry meat
\n100.0% 100.0%
\nMHP B.V. Netherlands 2014 Trading in poultry meat 100.0% 100.0%
\nMHP Trade B.V. Netherlands 2018 Trading in poultry meat 100.0% 100.0%
\nMHP Saudi Arabia Trading Saudi Arabia 2018 Trading in poultry meat 75.0% 75.0%
\nMHP Food UK Limited United Kingdom 2021 Trading in poultry meat 100.0% 100.0%
\nThe Group\u2019s primary operational facilities are located in different regions of Ukraine as well as in Southeast Europe,
\nincluding Slovenia, Serbia, Croatia and Bosnia and Herzegovina (represented by Perutnina Ptuj d.d. together with its
\n
\n
\n\nsubsidiaries).
\n
\n\n
\n\n
\n\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES
\n
\n\n
\n
\n
\nBasis of presentation and accounting
\n\nThe consolidated financial statements have been prepared
\nin accordance with International Financial Reporting
\nStandards (IFRS) as adopted by the European Union and
\nthe requirements of the Cyprus Companies Law Cap 113.
\nThe operating subsidiaries of the Group maintain their
\naccounting records under local accounting standards.
\nLocal principles and procedures may differ from
\nthose generally accepted under IFRS. Accordingly, the
\nconsolidated financial statements, which have been
\nprepared from the Group entities\u2019 local accounting
\nrecords, reflect adjustments necessary for such financial
\nstatements to be presented in accordance with IFRS.
\n
\n\nBasis of preparation
\nThe consolidated financial statements of the Group
\nare prepared on the basis of historical cost except for
\nrevalued amounts of buildings and structures, grain storage
\nfacilities, production machinery, vehicles and agricultural
\nmachinery, biological assets, agricultural produce, and
\ncertain financial instruments, which are carried at fair
\nvalues. Historical cost is generally based on the fair value
\nof the consideration given in exchange for goods and
\nservices at the date of initial recognition of an item.
\n\nGoing concern
\nAs a result of the Russian invasion, the Group has
\nexperienced a number of significant disruptions and
\noperational issues within its business. The Group incurred
\na net loss of USD 230,937 thousand in 2022. During
\n2022 and up to the date of authorization to issue these
\nconsolidated financial statements the Group has analyzed
\nthe observable impact of the War on its business as
\ndescribed below, but not limited to:
\n\u2022 the Group\u2019s poultry production facilities have not suf-
\nfered any physical damage;
\n\u2022 certain inventories and biological assets were damaged
\nand written-off;
\n\u2022 a substantial amount of poultry products was provided
\nas humanitarian aid to the population of Ukraine; for de-
\ntails please refer to Note 33 Operating environment;
\n\u2022 MHP continues commercial poultry sales in Ukraine al-
\nmost at the pre-War level, despite domestic deliveries
\nin some regions having been and continuing to be sig-
\nnificantly disrupted due to active hostilities;
\n\u2022 during the first half of 2022, export sales reduced signifi-
\ncantly due to closure of all Ukrainian seaports. Only cer-
\ntain roads and railways were available for export. Howev-
\ner, beginning from 22 July, the date of signing of a grain
\nagreement between the United Nations (UN), Ukraine,
\nRussia and Turkey, the large-scale demining of Ukraine\u2019s
\nports was performed and movement of cargo ships car-
\nrying grain in the Black Sea was partially renewed. This
\nallowed the Group to facilitate optimization of certain
\nexport sales of vegetable oils and grain;
\n\u2022 due to lower sales, MHP slightly decreased poultry pro-
\nduction comparing to the pre-war level, but as at 31 De-
\ncember 2022 has already returned to normal capacity
\nutilization;
\n\u2022 operations of \u201cUkrainian Bacon\u201d (a meat-processing
\noperation with 34,000 tonnes annual capacity located
\nin the Donetsk region) were temporarily suspended due
\nto continuing military attacks and further escalation of
\nthe situation in the Donetsk region;
\n\u2022 during the fourth quarter of 2022, there were severe
\npower outages in Ukraine caused by Russia's attacks
\non Ukrainian power generation and distribution infra-
\nstructure. These outages caused temporary instability
\nof oilseed processing, poultry and silo operations;
\n\u2022 the Group\u2019s European operations at Perutnina Ptuj have
\nnot been directly affected by events in Ukraine as they
\nare fully independent and self-sufficient from an oper-
\national and supply chain perspective, and continue to
\nproduce at full capacity;
\n\u2022 for the period after the Russian invasion of Ukraine
\nmore than 1,800 MHP employees joined the Ukrainian
\nmilitary forces and territorial defence;
\n\u2022 as a result of the disruptions described above, the
\nGroup\u2019s ability to service debt in 2022 was limited, and
\n
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\n
\n\nGoing concern (continued)
\nnegotiations were held with creditors regarding deferral
\nof debts repayment.
\nDuring 2022 and up to the date of authorization to issue
\nthese consolidated financial statements, in response to
\nthese matters, the Group has taken the following actions:
\n\u2022 optimized utilization of production facilities to meet
\ndomestic demand and export orders;
\n\u2022 inventories were maintained at the normal level during
\nthe year. As a result of these actions, as well as the
\nrelative stabilization of the economic and political
\nsituation in Ukraine, the Group has returned to normal
\nproduction capacity;
\n\u2022 established alternative export routes, including by
\nroad and rail, to address the logistical issues caused by
\nthe war and optimized transport costs in the existing
\ncircumstances;
\n\u2022 the Group asked its employees of \u201cUkrainian Bacon\u201d
\n(over 1,900 people) and their families to relocate to safer
\nregions of Ukraine. Some employees were redeployed
\nto other Group production facilities. Production has
\nbeen partly redeployed on the Group`s production sites
\nin central Ukraine. Full commissioning of all production
\nwhich will require additional time and resources, is
\nplanned to be completed by the end of 2023;
\n\u2022 to mitigate the impact of power outages on its business,
\nthe Group equipped its key assets with diesel generators
\nas well as continued to operate two biogas facilities to
\nproduce electricity, industrial steam and heating;
\n\u2022 MHP has accumulated sufficient seeds, fertilizers, fuel,
\npesticides and other inputs required for the 2022 sowing
\nand harvesting campaigns, as well as the necessary
\nvehicles, agricultural machinery and human resources.
\nAs a result, the harvesting campaign was 98% complete
\nas at 31 December 2022, with a small amount of corn
\nharvested in January 2023;
\n\u2022 the Group has secured forthcoming sowing campaign by
\nbuilding up the required level of inventories. It is planned
\nto sow and harvest more than 350,000 hectares of grains
\nand oilseeds in 2023 (73,000 hectares are represented
\nby already planted winter crops);
\n\u2022 to preserve cash for operational priorities, on 30
\nMarch 2022 the Group received consent from holders
\nof its Eurobonds to postpone the semi-annual interest
\npayments due in Spring 2022 on each of its 2024, 2026
\nand 2029 Notes for a period up to 270 days. As at the
\ndate of publication, all the postponed amounts had
\nbeen paid in time (Note 29);
\n\u2022 to comply with consent solicitation restrictions, the
\nGroup has agreed a general postponement of debt
\nservicing under the loan agreements with the bank
\nlenders, where the payments were initially scheduled
\nduring the 270-days support period as mentioned
\nabove. During the year ended 31 December 2022,
\nManagement signed legally binding agreements for
\nrelevant bank loans with the total amount of USD 137
\nmillion to comply with consent solicitation requirements
\n(Note 28);
\n\u2022 the Directors have decided not to declare any dividends
\nfor the 2021 and 2022 financial years.
\nManagement have prepared adjusted financial forecasts,
\nincluding cash flow projections, for the twelve months
\nfrom the date of approval of these financial statements,
\ntaking into consideration most likely and possible
\ndownside scenarios for the ongoing business impacts of
\nthe War. The Group considered the impact of conditions
\nand events described in the Notes 33 and 40 on the
\nfinancial forecast.
\nThese forecasts were based on the following key
\nassumptions:
\n\u2022 the impact of the War on business will continue for the
\nnext 12 months;
\n\u2022 further development of the War will not severely affect
\nthe Group's assets and will allow the Group to have 85%
\nutilization of poultry production facilities;
\n\u2022 all of the Group\u2019s assets remain safe and in good
\ncondition;
\n\u2022 remaining logistic routes (rail and road) will continue to
\nbe available;
\n\u2022 the Group takes into consideration restrictions
\nimposed by the existing indebtedness agreements
\n(Notes 28 and 29);
\n\u2022 MHP will be able to procure sufficient levels of vitamins
\nand minerals for production of feed as well as the
\nrequired volume of plant protection materials, fuel and
\nother inputs for grain growing;
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\n
\n\nGoing concern (continued)
\n\u2022 the Group will be able to run the sowing and harvesting
\ncampaign on its entire landbank.
\nThese forecasts indicate that, the Group has adequate
\nresources to continue in operational existence for the
\nforeseeable future. The Directors have therefore concluded
\nthat it is appropriate to apply the going concern basis
\nof accounting in preparing these consolidated financial
\nstatements. However, due to the currently unpredictable
\neffects of the ongoing War on the significant assumptions
\nunderlying management forecasts, the Directors have
\nconcluded that a material uncertainty exists, which
\nmay cast significant doubt about the Group\u2019s ability to
\ncontinue as a going concern, in which case the Group may
\nbe unable to realize its assets and discharge its liabilities
\nin the normal course of business.
\n
\n\n
\n\n\nAdoption of new and revised International Financial
\nReporting Standards
\nThe Group applied for the first time certain standards
\nand amendments which are effective for annual periods
\nbeginning on or after 1 January 2022. The Group has
\nnot early adopted any other standard, interpretation or
\namendment that has been issued but is not yet effective.
\nThe following standards were adopted by the Group on 1
\nJanuary 2022:
\n\u2022 Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013
\nAmendments to IAS 37;
\n\u2022 Reference to the Conceptual Framework \u2013 Amendments
\nto IFRS 3;
\n\u2022 Property, Plant and Equipment: Proceeds before
\nIntended Use \u2013 Amendments to IAS 16 Leases;
\n\u2022 IFRS 1 First-time Adoption of International Financial
\nR e p o r t i n g S t a n d a r d s \u2013 S u b s i d i a r y a s a fi r s t-t i m e a d o p te r ;
\n\u2022 IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019
\ntest for derecognition of financial liabilities;
\n\u2022 IAS 41 Agriculture \u2013 Taxation in fair value measurements.
\nOnerous Contracts \u2013 Costs of Fulfilling a Contract \u2013
\nAmendments to IAS 37
\nThe amendments specify that when assessing whether
\na contract is onerous or loss-making, an entity needs to
\ninclude costs that relate directly to a contract to provide
\ngoods or services including both incremental costs (e.g.,
\nthe costs of direct labour and materials) and an allocation
\nof costs directly related to contract activities (e.g.,
\ndepreciation of equipment used to fulfill the contract and
\ncosts of contract management and supervision). General
\nand administrative costs do not relate directly to a contract
\nand are excluded unless they are explicitly chargeable to
\nthe counterparty under the contract.
\nThese amendments had no impact on the consolidated
\nfinancial statements of the Group as there were no onerous
\ncontracts within the scope of these amendments during
\nthe reporting period.
\nProperty, Plant and Equipment: Proceeds before
\nIntended Use \u2013 Amendments to IAS 16 Leases
\nThe amendment prohibits entities from deducting from
\nthe cost of an item of property, plant and equipment, any
\nproceeds of the sale of items produced while bringing
\nthat asset to the location and condition necessary for
\nit to be capable of operating in the manner intended by
\nmanagement. Instead, an entity recognises the proceeds
\nfrom selling such items and the costs of producing those
\nitems in profit or loss.
\nThese amendments had no impact on the consolidated
\nfinancial statements of the Group as there were no sales
\nof such items produced by property, plant and equipment
\nmade available for use on or after the beginning of the
\nearliest period presented.
\nIFRS 1 First-time Adoption of International Financial
\nReporting Standards \u2013 Subsidiary as a first time
\nadopter
\nThe amendment permits a subsidiary that elects to
\napply paragraph D16(a) of IFRS 1 to measure cumulative
\ntranslation differences using the amounts reported in the
\nParent\u2019s consolidated financial statements, based on the
\nParent\u2019s date of transition to IFRS, if no adjustments were
\nmade for consolidation procedures and for the effects of
\nthe business combination in which the Parent acquired
\nthe subsidiary. This amendment is also applied to an
\nassociate or joint venture that elects to apply paragraph
\nD16(a) of IFRS 1.
\nThese amendments had no impact on the consolidated
\nfinancial statements of the Group as it is not a first-time
\nadopter.
\n
\n
\n
\n\n
\n\n
\n\n
\n\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\nAdoption of new and revised International Financial
\nReporting Standards (continued)
\nIFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019
\ntest for derecognition of financial liabilities
\nThe amendment clarifies the fees that an entity includes
\nwhen assessing whether the terms of a new or modified
\nfinancial liability are substantially different from the
\nterms of the original financial liability. These fees include
\nonly those paid or received between the borrower and
\nthe lender, including fees paid or received by either the
\nborrower or lender on the other\u2019s behalf.
\nThis amendment had no impact on the consolidated
\nfinancial statements of the Group.
\nIAS 41 Agriculture \u2013 Taxation in fair value
\nmeasurements
\nThe amendment removes the requirement in paragraph
\n22 of IAS 41 that entities exclude cash flows for taxation
\nwhen measuring the fair value of assets within the scope
\nof IAS 41.
\nThis amendment had no impact on the consolidated
\nfinancial statements of the Group.
\n
\n\n\nStandards and Interpretations in issue but not effective
\nAt the date of authorization of these consolidated financial
\nstatements, the following Standards and Interpretations,
\nas well as amendments to the Standards were in issue but
\nnot yet effective:
\nIFRS 17: Insurance Contracts
\nThe standard is effective for annual periods beginning
\non or after 1 January 2023 with earlier application
\npermitted, provided the entity also applies IFRS 9
\nFinancial Instruments on or before the date it first
\napplies IFRS 17. This is a comprehensive new accounting
\nstandard for insurance contracts, covering recognition
\nand measurement, presentation and disclosure. IFRS 17
\napplies to all types of insurance contracts issued, as
\nwell as to certain guarantees and financial instruments
\nwith discretional participation contracts. This standard
\nis not applicable to the Group as the Group does not
\nhave contracts in scope of IFRS 17.
\nIAS 1 Presentation of Financial Statements and IFRS
\nPractice Statement 2: Disclosure of Accounting policies
\n(Amendments)
\nThe Amendments are effective for annual periods
\nbeginning on or after 1 January 2023 with earlier
\napplication permitted. The amendments provide
\nguidance on the application of materiality judgements
\nto accounting policy disclosures. In particular, the
\namendments to IAS 1 replace the requirement to disclose
\n\u2018significant\u2019 accounting policies with a requirement to
\ndisclose \u2018material\u2019 accounting policies. Also, guidance
\nand illustrative examples are added in the Practice
\nStatement to assist in the application of the materiality
\nconcept when making judgements about accounting
\npolicy disclosures. The Group is currently revisiting their
\naccounting policy information disclosures to ensure
\nconsistency with the amended requirements.
\nIAS 8 Accounting policies, Changes in Accounting
\nEstimates and Errors: Definition of Accounting Estimates
\n(Amendments)
\nThe amendments become effective for annual reporting
\nperiods beginning on or after 1 January 2023 with earlier
\napplication permitted and apply to changes in accounting
\npolicies and changes in accounting estimates that occur
\non or after the start of that period. The amendments
\nintroduce a new definition of accounting estimates,
\ndefined as monetary amounts in financial statements
\nthat are subject to measurement uncertainty, if they do
\nnot result from a correction of prior period error. Also,
\nthe amendments clarify what changes in accounting
\nestimates are and how these differ from changes in
\naccounting policies and corrections of errors. The
\namendments are not expected to have a material impact
\non the Group\u2019s consolidated financial statements.
\n
\n
\n\n
\n\n
\n\n
\n\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\nStandards and Interpretations in issue but not
\neffective (continued)
\nIAS 12 Income taxes: Deferred Tax related to Assets
\nand Liabilities arising from a Single Transaction
\n(Amendments)
\nThe amendments are effective for annual periods
\nbeginning on or after 1 January 2023 with earlier application
\npermitted. The amendments narrow the scope of and
\nprovide further clarity on the initial recognition exception
\nunder IAS 12 and specify how companies should account
\nfor deferred tax related to assets and liabilities arising from
\na single transaction, such as leases and decommissioning
\nobligations. The amendments clarify that where payments
\nthat settle a liability are deductible for tax purposes, it is
\na matter of judgement, having considered the applicable
\ntax law, whether such deductions are attributable for tax
\npurposes to the liability or to the related asset component.
\nUnder the amendments, the initial recognition exception
\ndoes not apply to transactions that, on initial recognition,
\ngive rise to equal taxable and deductible temporary
\ndifferences. It only applies if the recognition of a lease
\nasset and lease liability (or decommissioning liability and
\ndecommissioning asset component) give rise to taxable
\nand deductible temporary differences that are not equal.
\nThe Group is currently assessing the impact of the
\namendments on the consolidated financial statements.
\nIAS 1 Presentation of Financial Statements:
\nClassification of Liabilities as Current or Non-current
\n(Amendments)
\nThe amendments are effective for annual reporting
\nperiods beginning on or after 1 January 2024, with
\nearlier application permitted, and will need to be applied
\nretrospectively in accordance with IAS 8. The objective
\nof the amendments is to clarify the principles in IAS 1 for
\nthe classification of liabilities as either current or non-
\ncurrent. The amendments clarify the meaning of a right to
\ndefer settlement, the requirement for this right to exist at
\nthe end of the reporting period, that Management intent
\ndoes not affect current or non-current classification, that
\noptions by the counterparty that could result in settlement
\nby the transfer of the entity\u2019s own equity instruments do
\nnot affect current or non-current classification. Also, the
\namendments specify that only covenants with which an
\nentity must comply on or before the reporting date will
\naffect a liability\u2019s classification. Additional disclosures
\nare also required for non-current liabilities arising from
\nloan arrangements that are subject to covenants to be
\ncomplied with within twelve months after the reporting
\nperiod. The amendments have not yet been endorsed
\nby the EU. The amendments are not expected to have
\na material impact on the Group\u2019s consolidated financial
\nstatements.
\nIFRS 16 Leases: Lease Liability in a Sale and Leaseback
\n(Amendments)
\nThe amendments are effective for annual reporting
\nperiods beginning on or after 1 January 2024, with earlier
\napplication permitted. The amendments are intended
\nto improve the requirements that a seller-lessee uses in
\nmeasuring the lease liabilit y arising in a sale and leaseback
\ntransaction in IFRS 16, while it does not change the
\naccounting for leases unrelated to sale and leaseback
\ntransactions. In particular, the seller-lessee determines
\n\u2018lease payments\u2019 or \u2018revised lease payments\u2019 in such a way
\nthat the seller-lessee would not recognise any amount of
\nthe gain or loss that relates to the right of use it retains.
\nApplying these requirements does not prevent the seller-
\nlessee from recognising, in profit or loss, any gain or loss
\nrelating to the partial or full termination of a lease. A
\nseller-lessee applies the amendment retrospectively in
\naccordance with IAS 8 to sale and leaseback transactions
\nentered into after the date of initial application, being
\nthe beginning of the annual reporting period in which
\nan entity first applied IFRS 16. The amendments have
\nnot yet been endorsed by the EU. The amendments are
\nnot expected to have a material impact on the Group\u2019s
\nconsolidated financial statements.
\nAmendment in IFRS 10 Consolidated Financial
\nStatements and IAS 28 Investments in Associates and
\nJoint Ventures: Sale or Contribution of Assets between
\nan Investor and its Associate or Joint Venture
\nThe amendments address an acknowledged inconsistency
\nbetween the requirements in IFRS 10 and those in IAS 28,
\nin dealing with the sale or contribution of assets between
\nan investor and its associate or joint venture. The main
\nconsequence of the amendments is that a full gain or
\nloss is recognized when a transaction involves a business
\n(whether it is housed in a subsidiary or not). A partial
\ngain or loss is recognized when a transaction involves
\nassets that do not constitute a business, even if these
\nassets are housed in a subsidiary. In December 2015 the
\nIASB postponed the effective date of this amendment
\nindefinitely pending the outcome of its research project
\non the equity method of accounting. The amendments
\nhave not yet been endorsed by the EU. The amendments
\nare not expected to have a material impact on the Group\u2019s
\nconsolidated financial statements.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\nStandards and Interpretations in issue but not
\neffective (continued)
\n\n
\nFunctional and presentation currency
\n\nThe functional currency of Ukrainian companies of the
\nGroup is the Ukrainian Hryvnia (\u201cUAH\u201d); the functional
\ncurrency of the Cyprus companies and Luxembourg
\ncompany of the Group is the US Dollar (\u201cUSD\u201d); the functional
\ncurrency of the European companies of the Group is the
\nEuro (\u201cEUR\u201d); the functional currency of the United Arab
\nEmirates companies is the Dirham (\u201cAED\u201d); the functional
\ncurrency of the UK company is the British Pound (\u201cGBP\u201d);
\nthe functional currency of the Saudi Arabia company is
\nthe Saudi Riyal (\u201cSAR\u201d). Transactions in currencies other
\nthan the functional currency of the entities concerned are
\ntreated as transactions in foreign currencies.
\n
\n\nSuch transactions are initially recorded at the rates of
\nexchange ruling at the dates of the transactions. Monetary
\nassets and liabilities denominated in such currencies are
\ntranslated at the rates prevailing on the reporting date.
\nAll realized and unrealized gains and losses arising on
\nexchange differences are recognised in the consolidated
\nstatement of profit or loss and other comprehensive
\nincome for the period.
\nThese consolidated financial statements are presented
\nin US Dollars (\u201cUSD\u201d), which is the Group\u2019s presentation
\ncurrency.
\nThe results and financial position of the Group are
\ntranslated into the presentation currency using the following
\nprocedures:
\n\u2022 Assets and liabilities for each consolidated statement
\nof financial position presented are translated at the
\nclosing rate as of the reporting date of that statement
\nof financial position;
\n\u2022 Income and expenses for each consolidated statement
\nof profit or loss are translated at exchange rates at the
\ndates of the transactions;
\n\u2022 Exchange differences arising on translation for consol-
\nidation are recognised in other comprehensive income
\nand presented as a separate component of equity. On
\ndisposal of a foreign operation, the component of OCI
\nrelating to that particular foreign operation is reclassi-
\nfied to profit or loss;
\n\u2022 All equity items, except for the revaluation reserve, are
\ntranslated at the historical exchange rate. The revalu-
\nation reserve is translated at the closing rate as of the
\ndate of the statement of financial position.
\nFor practical reasons, the Group translates items of income
\nand expenses for each period presented in the financial
\nstatements using the quarterly average exchange rates,
\nif such translations reasonably approximate the results
\ntranslated at exchange rates prevailing at the dates of the
\ntransactions.
\nThe relevant exchange rates were:
\nCURRENCY
\nCLOSING\u2005\u2005
\nRATE\u2005AS\u2005OF\u2005\u2005
\n31\u2005DECEMBER\u2005
\n2022
\nAVERAGE\u2005
\nFOR\u20052022
\nCLOSING\u2005
\nRATE\u2005AS\u2005OF\u2005
\n31\u2005DECEMBER\u2005
\n2021
\nAVERAGE\u2005
\nFOR\u20052021
\nUAH/USD 36.5686 3 2 . 3 6 8 4 27.2782 27.2835
\nUAH/EUR 38.9510 33.9954 30.9226 32.3009
\nUSD/EUR 1.0651 1.0503 1.1336 1.1839
\n
\n
\n\n\n
\n\nBasis of consolidation
\nThe consolidated financial statements incorporate the
\nfinancial statements of MHP SE and its subsidiaries.
\nControl is achieved when the Company:
\n\u2022 has power over the investee;
\n\u2022 is exposed, or has rights, to variable returns from its in-
\nvolvement with the investee; and
\n\u2022 has the ability to use its power to affect its returns.
\nThe Company reassesses whether or not it controls an
\ninvestee if facts and circumstances indicate that there are
\nchanges to one or more of the three elements of control
\nlisted above. Consolidation of a subsidiary begins when
\nthe Company obtains control over the subsidiary and
\nceases when the Company loses control of the subsidiary.
\nSpecifically, income and expenses of a subsidiary
\nacquired or disposed of during the year are included in
\nthe consolidated statement of profit or loss and other
\ncomprehensive income from the date the Company gains
\ncontrol until the date when the Company ceases to control
\nthe subsidiary. Profit or loss and each component of other
\ncomprehensive income are attributed to the owners of
\nthe Company and to the non-controlling interests. Total
\ncomprehensive income of subsidiaries is attributed to
\nthe owners of the Company and to the non-controlling
\ninterests even if this results in the non-controlling interests
\nhaving a deficit balance.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\n
\n\nBasis of consolidation (continued)
\nAll significant intercompany transactions, balances and
\nunrealized gains or losses on transactions are eliminated on
\nconsolidation, except when the intragroup losses indicate
\nan impairment that requires recognition in the consolidated
\nfinancial statements.
\nWhere necessary, adjustments are made to the financial
\nstatements of subsidiaries to bring the accounting policies
\nused in line with those adopted by the Group.
\n
\n\n
\n\n\n
\n\n
\n
\nAccounting for acquisitions
\nThe acquisitions of subsidiaries from third parties
\nare accounted for using the acquisition method. On
\nacquisition, the assets, liabilities and contingent liabilities
\nof a subsidiary are measured at their fair values.
\nThe consideration transferred by the Group is measured
\nat fair value, which is the sum of the acquisition-date fair
\nvalues of the assets transferred by the Group, liabilities
\nincurred by the Group to the former owners of the acquired
\nsubsidiary and the equity interests issued by the Group in
\nexchange for control of the subsidiary. Acquisition-related
\ncosts are recognised in the consolidated statement of
\nprofit or loss as incurred.
\nWhen the consideration transferred by the Group in
\na business combination includes assets and liabilities
\nresulting from a contingent consideration arrangement, the
\ncontingent consideration is measured at its acquisition-
\ndate fair value and is included as part of the consideration
\ntransferred. Any contingent consideration to be transferred
\nby the acquirer will be recognised at fair value at the
\nacquisition date. Contingent consideration that is classified
\nas equity is not remeasured and subsequent settlement
\nis accounted for within equity. Contingent consideration
\nclassified as an asset or liability that is a financial instrument
\nand within the scope of IFRS 9 Financial Instruments, is
\nmeasured at fair value with changes in fair value recognised
\nin the statement of profit or loss in accordance with IFRS 9.
\nOther contingent consideration that is not within the scope
\nof IFRS 9 is measured at fair value at each reporting date
\nwith changes in fair value recognised in profit or loss.
\n\nNon-controlling interests that are present ownership
\ninterests and entitle their holders to a proportionate share
\nof the subsidiary\u2019s net assets in the event of liquidation
\nmay be initially measured either at fair value or at the non-
\ncontrolling interests\u2019 proportionate share of the recognised
\namounts of the subsidiary\u2019s identifiable net assets. The
\nchoice of measurement basis is made on a transaction-by-
\ntransaction basis. Other types of non-controlling interests,
\nif any, are measured at fair value or, when applicable, on the
\nbasis specified in other IFRS standards.
\n
\n\n\n
\n\nGoodwill is measured as the excess of the sum of the
\nconsideration transferred, the amount of any non-
\ncontrolling interests in the acquired subsidiary, and the
\nfair value of the Group\u2019s previously held equity interest
\nin the acquired subsidiary (if any) over the net of the
\nacquisition-date amounts of the identifiable assets
\n
\n\n
\n\nacquired and the liabilities assumed. If, after reassessment,
\nthe net of the acquisition-date amounts of the identifiable
\nassets acquired and the liabilities assumed exceeds the
\nsum of the consideration transferred, the amount of non-
\ncontrolling interests in the subsidiary and the fair value
\nof the Group\u2019s previously-held interest in the subsidiary
\n(if any), the excess is recognised in the consolidated
\nstatement of profit or loss, as a bargain purchase gain.
\nChanges in the Group\u2019s ownership interests in subsidiaries
\nthat do not result in the Group losing control over the
\nsubsidiaries are accounted for as equity transactions. The
\ncarrying amounts of the Group\u2019s interests and the non-
\ncontrolling interests are adjusted to reflect the changes
\nin their relative interests in subsidiaries. Any difference
\nbetween the amount by which the non-controlling interests
\nare adjusted and the fair value of the consideration paid or
\nreceived is recognised directly in equity and attributed to
\nowners of the Parent.
\nIn acquisition of a legal entity that does not constitute
\na business, the cost of the group of assets is allocated
\nbetween the individual identifiable assets in the group
\nbased on their relative fair values.
\n
\n
\n
\n\n
\n
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\n
\n\nFair value measurement
\nFair value is the price that would be received to sell an
\nasset or paid to transfer a liability in an orderly transaction
\nbetween market participants at the measurement date.
\nThe fair value measurement is based on the presumption
\nthat the transaction to sell the asset or transfer the liability
\ntakes place either in the principal market for the asset or
\nliability, or in the absence of a principal market, in the most
\nadvantageous market for the asset or liability. The principal
\nor the most advantageous market must be accessible by
\nthe Group.
\nThe fair value of an asset or a liability is measured using
\nthe assumptions that market participants would use
\nwhen pricing the asset or liability, assuming that market
\nparticipants act in their economic best interest.
\nA fair value measurement of a non-financial asset takes
\ninto account a market participant's ability to generate
\neconomic benefits by using the asset in its highest and
\nbest use or by selling it to another market participant that
\nwould use the asset in its highest and best use.
\nThe Group uses valuation techniques that are appropriate
\nin the circumstances and for which sufficient data are
\navailable to measure fair value, maximizing the use of relevant
\nobservable inputs and minimizing the use of unobservable
\ninputs.
\nAll assets and liabilities for which fair value is measured
\nor disclosed in the financial statements are categorized
\nwithin the fair value hierarchy, described as follows, based
\non the lowest level input that is significant to the fair value
\nmeasurement as a whole:
\n\u2022 Level 1: Quoted (unadjusted) market prices in active
\nmarkets for identical assets or liabilities;
\n\u2022 Level 2: Valuation techniques for which the lowest level
\ninput that is significant to the fair value measurement is
\ndirectly or indirectly observable;
\n\u2022 Level 3: Valuation techniques for which the lowest level
\ninput that is significant to the fair value measurement is
\nunobservable.
\nFor assets and liabilities that are recognised in the
\nfinancial statements on a recurring basis, the Group
\ndetermines whether transfers have occurred between
\nLevels in the hierarchy by re-assessing categorization
\n(based on the lowest level input that is significant to the
\nfair value measurement as a whole) at the end of each
\nreporting period.
\n
\n
\n\n
\n
\n\n\n
\n\n
\n\n
\n\nBorrowing costs
\nBorrowing costs include interest expense, finance charges
\non leases and other interest-bearing long-term payables
\nand debt servicing costs.
\nBorrowing costs directly attributable to the acquisition,
\nconstruction or production of qualifying assets, which are
\nassets that necessarily take a substantial period of time
\nto get ready for their intended use or sale, are added to
\nthe cost of those assets, until such time as the assets are
\nsubstantially ready for their intended use or sale.
\nInvestment income earned on the temporary investment
\nof specific borrowings pending their expenditure on
\nqualifying assets is deducted from the borrowing costs
\neligible for capitalization.
\nAll other borrowing costs are recognised in the statement
\nof profit or loss and other comprehensive income in the
\nperiod in which they are incurred.
\n
\n
\n\n
\n
\n\n
\n
\n\n
\n
\n\n\nContingent liabilities and assets
\nContingent liabilities are not recognised in the consolidated
\nfinancial statements. Rather, they are disclosed in the
\nnotes to the consolidated financial statements unless the
\npossibility of an outflow of resources embodying economic
\nbenefits is remote. Contingent assets are recognised only
\nwhen it has become virtually certain that an inflow of
\neconomic benefits will arise.
\n
\n\n\nSegment information
\nSegment reporting is presented on the basis of
\nManagement\u2019s perspective and relates to the parts of the
\nGroup that are defined as operating segments. Operating
\nsegments are identified on the basis of internal reports
\nprovided to the Group\u2019s chief operating decision maker
\n(\u201cCODM\u201d). The Group has identified its top Management
\nteam as its CODM and the internal reports used by
\nthe top Management team to oversee operations and
\nmake decisions on allocating resources serve as the
\nbasis of information presented. These internal reports
\nare prepared on the same basis as these consolidated
\nfinancial statements.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\nSegment information (continued)
\nBased on the current management structure, the Group
\nhas identified the following reportable segments:
\n\u2022 Poultry and related operations;
\n\u2022 Grain growing operations;
\n\u2022 Meat processing and other agricultural operations;
\n\u2022 Europe operating segment.
\nReportable segments represent the Group\u2019s principal
\nbusiness activities. Poultry and related operations
\nsegment include sales of chicken meat, sales of by-
\nproducts such as vegetable oil and related products and
\nother poultry-related products. CODM is considering oil
\nextraction as a part of mixed fodder production rather
\nthan a separate line of business as primarily quality
\nand effectiveness of mixed fodder production prevails
\nover oil output. Grain growing operations include sale
\nof grain other than feed grains and green-fodder. Meat
\nprocessing and other agricultural operations segment
\nprimarily includes sales of other than poultry meat
\nand meat processing products, feed grains and milk.
\nThe Europe operating segment include sales of meat
\nprocessing and chicken meat products in Southeast
\nEurope.
\nThe Group does not present information on segment
\nassets and liabilities as the CODM does not review such
\ninformation for decision-making purposes.
\n
\n\n\n
\n\nNon-current assets held for sale and discontinued
\noperations
\nNon-current assets and disposal groups are classified as
\nheld for sale if their carrying amount will be recovered
\nprincipally through a sale transaction rather than through
\ncontinuing use. This condition is regarded as met only when
\nthe asset (or disposal group) is available for immediate
\nsale in its present condition subject only to terms that are
\nusual and customary for sales of such asset (or disposal
\ngroup) and its sale is highly probable. Management must
\nbe committed to the sale, which should be expected to
\nqualify for recognition as a completed sale within one year
\nfrom the date of classification.
\nWhen the Group is committed to a sale plan involving loss
\nof control of a subsidiary, all of the assets and liabilities
\nof that subsidiary are classified as held for sale when the
\ncriteria described above are met, regardless of whether
\nthe Group will retain a non-controlling interest in its former
\nsubsidiary after the sale.
\nNon-current assets (and disposal groups) classified as
\nheld for sale are measured at the lower of their carrying
\namount and fair value less costs to sell.
\nDiscontinued operations are excluded from the results of
\ncontinuing operations and are presented as a single amount
\nas profit or loss after tax from discontinued operations
\nin the consolidated statement of profit or loss and other
\ncomperensive income.
\n
\n\n
\n\n\n
\nRevenue recognition
\n\nThe Group generates revenue primarily from the sale of
\nagricultural products to the end customers. Revenue is
\nmeasured based on the consideration to which the Group
\nexpects to be entitled in a contract with a customer and
\nexcludes amounts collected on behalf of third parties. The
\nGroup recognises revenue when it transfers control of a
\nproduct or service to a customer.
\nRevenue is adjusted for estimates of known or expected
\nvariable consideration, which includes consumer incentives,
\ntrade promotions, and allowances, such as rebates,
\nvolume-based incentives and other programs. Variable
\nconsideration related to these programs is recorded as a
\nreduction to revenue based on amounts the Group expects
\nto pay. These estimates are based on current performance,
\nhistorical utilization, and projected redemption rates of
\neach program. The Group reviews and updates these
\nestimates regularly until the incentives are realized and the
\nimpact of any adjustments are recognized in the period the
\nadjustments are identified. Non-monetary exchanges or
\nswaps of goods which are of similar nature and value are
\nnot treated as transactions which generate revenue.
\n
\n\nThe Group recognises revenue from the following major
\nsources:
\n\u2022 chicken meat;
\n\u2022 vegetable oil and related products;
\n\u2022 other poultry related sales (delivery services, sunflower
\nand soybean meals, sunflower husk and other)
\n\u2022 grain;
\n\u2022 meat processing products and other meat;
\n\u2022 other agricultural operations (milk, feed grains and other).
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\nRevenue recognition (continued)
\nRevenue is measured based on the consideration to
\nwhich the Group expects to be entitled in a contract with
\na customer. The Group recognises revenue at a point in
\ntime when it transfers control of a product or service to a
\ncustomer.
\nThe major part of the Group\u2019s sales are generated from the
\nwholesale market. Revenue is recognised when control
\nof the goods has transferred, being when the goods have
\nbeen shipped to the wholesaler\u2019s specific location or
\ndelivered to major Ukrainian sea ports. Following delivery,
\nthe wholesaler has full discretion over the manner of
\ndistribution and price to sell the goods, has the primary
\nresponsibility when on-selling the goods, and bears the
\nrisks of obsolescence and loss in relation to the goods.
\nA receivable is recognised by the Group when the goods
\nare delivered to the wholesaler as this represents the
\npoint in time at which the right to consideration becomes
\nunconditional. Under the Group\u2019s standard contract
\nterms, customers have no right of return.
\nThe Group sells its products for export on various terms,
\nsome of which include shipping and handling costs in the
\nprice of the product. Sales price of products for local
\nmarket predominantly includes shipping and handling
\ncosts in the price of the product.
\n
\n\n\nGovernment grants
\nGovernment grants are recognised as income over the periods
\nnecessary to match them with the related costs, or as an
\noffset against finance costs when received as compensation
\nfor the finance costs for agricultural producers. When the
\ngrant relates to an asset, the received funds are recorded in
\nthe Group\u2019s consolidated financial statements as deferred
\nincome, which is recognised in profit or loss on a systematic
\nbasis over the useful life of the related assets.
\nGovernment grants are not recognised until there is
\nreasonable assurance that the Group will comply with the
\nconditions attaching to them and that the grants will be
\nreceived.
\n
\n\n\n
\nProperty, plant and equipment
\nAll Groups property, plant and equipment are carried at
\nrevalued amounts, being their fair value at the date of
\nthe revaluation less any subsequent depreciation and
\nimpairment losses, except land and other fixed assets
\nthat are carried at historical cost less (for the other fixed
\nassets) accumulated depreciation.
\nThe historical cost of an item of property, plant and
\nequipment comprises (a) its purchase price, including
\nimport duties and non-refundable purchase taxes, after
\ndeducting trade discounts and rebates; (b) any costs
\ndirectly attributable to bringing the item to the location
\nand condition necessary for it to be capable of operating
\nin the manner intended by the management of the Group;
\n(c) the initial estimate of the costs of dismantling and
\nremoving the item and restoring the site on which it is
\nlocated, the obligation for which the Group incurs either
\nwhen the item is acquired or as a consequence of having
\nused the item during a particular period for purposes
\nother than to produce inventories during that period; and
\n(d) for qualifying assets, borrowing costs capitalized in
\naccordance with the Group\u2019s accounting policy.
\n\nSubsequently capitalized costs include major expenditures
\nfor improvements and replacements that extend the useful
\nlives of the assets or increase their revenue generating
\ncapacity. Repairs and maintenance expenditures that do
\nnot meet the foregoing criteria for capitalization are charged
\nto the consolidated statement of profit or loss as incurred.
\nFor all Groups property, plant and equipment carried at
\nrevalued amounts, the revaluations are performed with
\nsufficient regularity such that the carrying amount does
\nnot differ materially from that which would be determined
\nusing fair values at the reporting date. If the asset\u2019s carrying
\namount is increased as a result of a revaluation, the
\nincrease is credited to equity through other comprehensive
\nincome as a revaluation reserve. However, such increase is
\nrecognised in the consolidated statement of profit or loss
\nto the extent that it reverses a revaluation decrease of
\nthe same asset previously recognised in the consolidated
\nstatement of profit or loss. If the asset\u2019s carrying amount
\nis decreased as a result of a revaluation, the decrease
\nis recognised in the consolidated statement of profit or
\nloss. However, such decrease is debited to the revaluation
\nreserve through other comprehensive income to the extent
\nof any credit balance existing in the revaluation reserve in
\nrespect of that asset.
\n
\n\n
\n
\n\n
\n\n
\n\n
\n\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\n
\nProperty, plant and equipment (continued)
\nThe carrying amount of asset is adjusted by eliminating of
\naccumulated depreciation against gross carrying amount
\nand subsequent increase or decrease of gross carrying
\namount to fair value.
\n\n
\n\nDepreciation on revalued assets is charged to the
\nconsolidated statement of profit or loss. The excess
\nof depreciation charge on the revalued asset over the
\ndepreciation that would have been charged based on the
\nhistorical cost of the asset is transferred from revaluation
\nreserve directly to retained earnings over the assets useful
\nlife. On the subsequent sale or retirement of a revalued
\nasset, the attributable revaluation surplus remaining in
\nthe revaluation reserve is transferred directly to retained
\nearnings.
\nDepreciation of property, plant and equipment is charged
\nso as to write off the depreciable amount over the useful
\nlife of an asset and is calculated using a straight line
\nmethod. Useful lives of the groups of property, plant and
\nequipment are as follows:
\nBuildings and structures 5 - 60 years
\nGrain storage facilities 10 - 60 years
\nProduction machinery 5 - 35 years
\nAuxiliary and other machinery 5 - 30 years
\nUtilities and infrastructure 15 - 60 years
\nVehicles and agricultural machinery 7 - 40 years
\nOther fixed assets 3 - 10 years
\nDepreciable amount is the cost of an item of property,
\nplant and equipment, or revalued amount, less its residual
\nvalue. The residual value is the estimated amount that
\nthe Group would currently obtain from disposal of the
\nitem of property, plant and equipment, after deducting
\nthe estimated costs of disposal, if the asset was already
\nof the age and in the condition expected at the end of its
\nuseful life.
\n
\n
\n\n
\n
\n\nThe residual value, the useful lives and depreciation
\nmethod are reviewed at each financial year-end. The effect
\nof any changes from previous estimates is accounted for
\nprospectively as a change in an accounting estimate.
\nThe gain or loss arising on sale or disposal of an item
\nof property, plant and equipment is determined as the
\ndifference between the sales proceeds and the carrying
\namount of the asset and is recognised in the consolidated
\nstatement of profit or loss.
\nConstruction in progress comprises costs directly related
\nto the construction of property, plant and equipment
\nincluding an appropriate allocation of directly attributable
\nvariable overheads that are incurred in construction.
\nConstruction in progress is not depreciated. Depreciation
\nof construction in progress commences when completed
\nconsruction in progress transferred to the relevant class
\nof property, plant and equipment.
\n
\n
\n\n\nIntangible assets
\nIntangible assets consist primarily of land lease rights,
\ntrademarks and customer relationships which are acquired
\nin a business combination.
\nIntangible assets acquired in a business combination
\nare identified and recognised separately from goodwill
\nwhere they satisfy the definition of an intangible asset.
\nThe cost of such intangible assets is their fair value at
\nthe acquisition date.
\nIntangible assets assessed as having an indefinite useful
\nlife are not amortised and are examined for impairment
\nannually or more frequently where there is an indication
\nof impairment. Where the carrying amount of an asset
\nis greater than the amount that it is estimated to be
\nrecoverable, it is written down to its recoverable amount.
\nThe assessment of indefinite life is reviewed annually
\nto determine whether the indefinite life continues to be
\nsupportable. If not, the change in useful life from indefinite
\nto finite is made on a prospective basis.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\nIntangible assets (continued)
\nSubsequent to initial recognition, intangible assets
\nassessed as having finite useful lives are reported at
\ncost less accumulated amortization and accumulated
\nimpairment losses. Amortization of intangible assets is
\nrecognised on a straight line basis over their estimated
\nuseful lives. The period of estimated useful life of
\nintangibles is as follows:
\nLand lease rights 3 - 15 years
\nCustomer relationship 20 years
\nTrademarks not amortised
\nOther intangible assets 3 - 10 years
\nThe amortization period and the amortization method for
\nintangible assets with finite useful lives are reviewed at
\nleast at the end of each reporting period, with the effect
\nof any changes in estimate being accounted for on a
\nprospective basis.
\nAn intangible asset is derecognised on disposal, or when
\nno future economic benefits are expected from use or
\ndisposal. Gains or losses arising from derecognition of
\nan intangible asset, measured as the difference between
\nthe net disposal proceeds and the carrying amount of the
\nasset, are recognised in profit or loss when the asset is
\nderecognised.
\n
\n\n\nRight-of-use assets
\nRight-of-use assets mainly represents rent of land
\nfrom individuals (Ukrainian citizens) for agricultural
\npurposes. The Group recognises right-of-use assets at
\nthe commencement date of the lease (i.e., the date the
\nunderlying asset is available for use). Right-of-use assets are
\nmeasured at cost, less any accumulated depreciation and
\nimpairment losses, and adjusted for any remeasurement
\nof lease liabilities. The cost of right-of-use assets includes
\nthe amount of lease liabilities recognized, initial direct
\ncosts incurred and lease payments made at or before the
\ncommencement date less any lease incentives received.
\nRight-of-use assets are depreciated over the period of
\nlease term. The depreciation starts at the commencement
\ndate of the lease. The Group recognises depreciation of
\nright-of-use assets based on the lease term, presented
\nwithin cost of goods sold in the consolidated statement
\nof profit or loss. The average maturity of land lease
\nagreements is 7 years.
\n
\n\n\n
\n\n
\n\nImpairment of tangible and intangible assets other
\nthan goodwill
\nAt each reporting date, the Group reviews the carrying
\namounts of its tangible and intangible assets with definite
\nuseful lives to determine whether there is any indication that
\nthose assets have suffered an impairment loss. If any such
\nindication exists, the recoverable amount of the asset is
\nestimated in order to determine the extent of the impairment
\nloss (if any). Intangible assets with indefinite useful lives are
\ntested for impairment annually or more frequently when
\nthere is an indication that they might be impared.
\nFor the purposes of assessing impairment, assets
\nare grouped at the lowest levels for which there are
\nseparately identifiable cash flows (cash-generating
\nunits). Recoverable amount is the higher of fair value less
\ncosts to sell and value in use. In assessing value in use,
\nthe estimated future cash flows are discounted to their
\npresent value using a pre-tax discount rate that reflects
\ncurrent market assessments of the time value of money
\nand the risks specific to the asset.
\nIf the recoverable amount of an asset (or cash-generating
\nunit) is estimated to be less than its carrying amount, the
\ncarrying amount of the asset (cash-generating unit) is
\nreduced to its recoverable amount. An impairment loss is
\nrecognised immediately in the consolidated statement of
\nprofit or loss unless the relevant asset is carried at a revalued
\namount, in which case the impairment loss is treated as a
\nrevaluation decrease through other comprehensive income.
\nWhere an impairment loss subsequently reverses, the
\ncarrying amount of the asset (cash-generating unit) is
\nincreased to the revised estimate of its recoverable
\namount, but so that the increased carrying amount does
\nnot exceed the carrying amount that would have been
\ndetermined had no impairment loss been recognised for
\nthe asset (cash-generating unit) in prior years. A reversal
\nof an impairment loss is recognised immediately in the
\nconsolidated statement of profit or loss, unless the relevant
\nasset is carried at a revalued amount, in which case the
\nreversal of the impairment loss is treated as a revaluation
\nincrease through other comprehensive income.
\n
\n
\n\n
\n
\n\n
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\n
\n\nImpairment of goodwill
\nFor the purposes of impairment testing, goodwill is
\nallocated to each of the Group\u2019s cash generating units
\n(or groups of cash-generating units) that is expected to
\nbenefit from the synergies of the combination.
\nA cash-generating unit to which goodwill has been allocated
\nis tested for impairment annually, or more frequently when
\nthere is an indication that the unit may be impaired. If the
\nrecoverable amount of the cash-generating unit is less than
\nits carrying amount, the impairment loss is allocated first
\nto reduce the carrying amount of any goodwill allocated
\nto the unit and then to the other assets of the unit pro rata
\nbased on the carrying amount of each asset in the unit. Any
\nimpairment loss for goodwill is recognised directly in the
\nconsolidated profit or loss. An impairment loss recognised
\non goodwill is not reversed in subsequent periods.
\n
\n\n
\n\n\n
\nIncome taxes
\nIncome taxes have been computed in accordance with
\nthe laws currently enacted or substantially enacted in
\njurisdictions where operating entities are located. Income
\nta x is calculated b ased o n t he results for the year as adjusted
\nfor items that are non-assessable or non-tax deductible. It
\nis calculated using tax rates that have been enacted by the
\nreporting date.
\nDeferred tax is accounted for using the balance sheet
\nliability method in respect of temporary differences
\narising from differences between the carrying amount
\nof assets and liabilities in the consolidated financial
\nstatements and the corresponding tax basis used in the
\ncomputation of taxable profit. Deferred tax liabilities are
\ngenerally recognised for all taxable temporary differences
\nand deferred tax assets are recognised to the extent that
\nit is probable that taxable profits will be available against
\nwhich deductible temporary differences can be utilized.
\n\nThe carrying amount of deferred tax assets is reviewed
\nat the end of each reporting period and reduced to the
\nextent that it is no longer probable that sufficient taxable
\nprofits will be available to allow all or part of the asset to
\nbe recovered.
\nDeferred tax liabilities and assets are measured at the
\ntax rates that are expected to apply in the period in
\nwhich the liability is settled or the asset realised, based
\non tax rates (and tax laws) that have been enacted or
\nsubstantively enacted by the end of the reporting period.
\nThe measurement of deferred tax liabilities and assets
\nreflects the tax consequences that would follow from
\nthe manner in which the Group expects, at the end of the
\nreporting period, to recover or settle the carrying amount
\nof its assets and liabilities.
\nDeferred tax is charged or credited to the consolidated
\nstatement of profit or loss, except when it relates to
\nitems credited or charged directly to equity or other
\ncomprehensive income, in which case the deferred tax is
\nalso dealt with in equity or other comprehensive income.
\nDeferred tax assets and liabilities are offset when:
\n\u2022 The Group has a legally enforceable right to set off the
\nrecognised amounts of current tax assets and current
\ntax liabilities;
\n\u2022 The Group has an intention to settle on a net basis, or to
\nrealize the asset and settle the liability simultaneously;
\n\u2022 The deferred tax assets and the deferred tax liabilities
\nrelate to income taxes levied by the same taxation
\nauthority in each future period in which significant
\namounts of deferred tax liabilities and assets are
\nexpected to be settled or recovered.
\n
\n
\n\nThe Group companies that are involved in agricultural
\nproduction (those involved in grain and oilseeds growing)
\nbenefit substantially from the status of an agricultural
\nproducer. These companies are exempt from income taxes
\nand pay the Fixed Agricultural Tax (FAT) instead (Note 13).
\n
\n
\n
\n\n\nInventories
\nInventories are stated at the lower of cost and net
\nrealizable value. Costs comprise raw materials and, where
\napplicable, direct labour costs and those overheads that
\nhave been incurred in bringing the inventories to their
\npresent locations and condition.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\nInventories (continued)
\nCost is calculated using the FIFO (first-in, first-out) method.
\nNet realizable value is determined as the estimated selling
\nprice less all estimated costs of completion and costs to be
\nincurred in marketing, selling and distribution. Agriculture
\nrelated production process results in production of joint
\nproducts: main and by-products. A by-product arising
\nfrom the process is measured at net realizable value and
\nthis value is deducted from the cost of the main product.
\n
\n\n\nBiological assets and agricultural produce
\nAgricultural activity is defined as a biological transformation
\nof biological assets for sale into agricultural produce or
\ninto additional biological assets. The Group classifies
\nhatchery eggs, live poultry and other animals and
\nplantations as biological assets.
\nThe Group recognizes a biological asset or agricultural
\nproduce when the Group controls the asset as a result of
\npast events, it is probable that future economic benefits
\nassociated with the asset will flow to the Group, and the
\nfair value of the asset can be measured reliably.
\nBiological assets are stated at fair value less estimated
\ncosts to sell at both initial recognition and as of the
\nreporting date, with any resulting gain or loss recognised
\nin the consolidated profit or loss.
\nCosts to sell include all costs that would be necessary to
\nsell the assets, including costs necessary to get the assets
\nto market.
\nThe difference between fair value less costs to sell and
\ntotal production costs is allocated to biological assets as
\nof each reporting date as a fair value adjustment.
\nThe change in this adjustment from one period to another
\nis recognised as \u201cNet change in fair value of biological
\nassets and agricultural produce\u201d in the consolidated profit
\nor loss.
\nAgricultural produce harvested from biological assets is
\nmeasured at its fair value less costs to sell at the point
\nof harvest. A gain or loss arising on initial recognition
\nof agricultural produce at fair value less costs to sell is
\nincluded in the consolidated profit or loss.
\nBased on the above policy, the principal groups of biological
\nassets and agricultural produce are stated as follows:
\nBiological Assets
\n(i) Broiler chickens
\nBroilers comprise poultry held for chicken meat production.
\nThe fair value of broilers is determined by reference to the
\ncash flows that will be obtained from the sales of 42-day
\naged chickens, with an allowance for costs to be incurred
\nand risks to be faced during the remaining transformation
\nprocess.
\n(ii) Breeders held for hatchery eggs production
\nThe fair value of breeders is determined using the
\ndiscounted cash flow approach based on hatchery eggs\u2019
\nmarket prices.
\n(iii) Cattle
\nCattle comprise cows and bulls held for regeneration of
\nlivestock population and animals raised for milk and beef
\nmeat production. The fair value of livestock is determined
\nbased on cash flows that will be obtained from sales of
\nmilk, calves and meat during the life of cattle.
\n(iv) Crops in fields
\nThe fair value of crops in fields is determined by reference
\nto the cash flows that will be obtained from sales of
\nharvested crops, with an allowance for costs to be incurred
\nand risks to be faced during the remaining transformation
\nprocess.
\n
\n
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\nBiological assets and agricultural produce (continued)
\n(v) Hatchery eggs
\nThe fair value of hatchery eggs is determined by reference
\nto market prices at the point of harvest.
\nAgricultural Produce
\n(i) Dressed poultry, beef and pork
\nThe fair value of dressed poultry, beef and pork is
\ndetermined by reference to market prices at the point of
\nharvest.
\n(ii) Grain
\nThe fair value of fodder grain is determined by reference
\nto market prices at the point of harvest.
\nThe Group\u2019s biological assets are classified into bearer and
\nconsumable biological assets depending upon the function
\nof a particular group of biological assets in the Group\u2019s
\nproduction process. Consumable biological assets are
\nthose that are to be harvested as agricultural produce, and
\ninclude hatchery eggs and live broiler chickens intended
\nfor the production of meat, as well as pork and meat cows.
\nBearer biological assets include poultry held for hatchery
\neggs production, milk cows and breeding bulls.
\n
\n\n\nFinancial instruments
\nFinancial assets and financial liabilities are recognised
\nin the Group\u2019s statement of financial position when the
\nGroup becomes a party to the contractual provisions of
\nthe instrument.
\nFinancial assets and financial liabilities of the Group are
\nrepresented by cash and cash equivalents, long-term
\nbank deposits, bank borrowings, bonds issued and other
\nfinancial liabilities. The accounting policies for initial
\nrecognition and subsequent measurement of financial
\ninstruments are disclosed in the respective accounting
\npolicies set out below in this Note.
\nFinancial assets and financial liabilities are initially
\nrecognised at fair value. Transaction costs that are directly
\nattributable to the acquisition or issue of financial assets
\nand financial liabilities (other than financial assets and
\nfinancial liabilities at fair value through profit or loss) are
\nadded to or deducted from the fair value of the financial
\nassets or financial liabilities, as appropriate, on initial
\nrecognition. Transaction costs directly attributable to the
\nacquisition of financial assets or financial liabilities at fair
\nvalue through profit or loss are recognised immediately in
\nprofit or loss.
\n
\n
\n\n\nFinancial assets
\nAll recognised financial assets are measured subsequently
\nin their entirety at either amortised cost or fair value,
\ndepending on the classification of the financial assets.
\nClassification of financial assets
\nDebt instruments that meet the following conditions are
\nmeasured subsequently at amortised cost (this category
\nis the most relevant to the Group):
\n- the financial asset is held within a business model whose
\nobjective is to hold financial assets in order to collect
\ncontractual cash flows; and
\n- the contractual terms of the financial asset give rise on
\nspecified dates to cash flows that are solely payments
\nof principal and interest on the principal amount
\noutstanding.
\nDebt instruments that meet the following conditions
\nare measured subsequently at fair value through other
\ncomprehensive income (FVTOCI):
\n- the financial asset is held within a business model whose
\nobjective is achieved by both collecting contractual
\ncash flows and selling the financial assets; and
\n- the contractual terms of the financial asset give rise on
\nspecified dates to cash flows that are solely payments
\nof principal and interest on the principal amount
\noutstanding.
\nBy default, all other financial assets are measured
\nsubsequently at FVTPL.
\nFinancial assets at amortised cost are subsequently
\nmeasured using the effective interest (EIR) method and
\nare subject to impairment.
\nThe effective interest method is a method of calculating
\nthe amortised cost of a debt instrument and of allocating
\ninterest income over the relevant period.
\n
\n
\n\n
\n\n
\n\n
\n\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\n
\nFinancial assets (continued)
\nThe amortised cost of a financial asset is the amount at
\nwhich the financial asset is measured at initial recognition
\nminus the principal repayments, plus the cumulative
\namortisation using the effective interest method of any
\ndifference between that initial amount and the maturity
\namount, adjusted for any loss allowance. The gross
\ncarrying amount of a financial asset is the amortised
\ncost of a financial asset before adjusting for any loss
\nallowance.
\n\nImpairment of financial assets
\nThe Group recognises an allowance for expected credit
\nlosses (ECLs) for all debt instruments not held at fair
\nvalue through profit or loss. ECLs are estimated as the
\ndifference between all contractual cash flows that are due
\nto the Group in accordance with the contract and all the
\ncash flows that the Group expects to receive, discounted
\nat the original effective interest rate. The amount of
\nexpected credit losses is updated at each reporting date
\nto reflect changes in credit risk since initial recognition of
\nthe respective financial instrument.
\nFor trade accounts receivable and contract assets, the
\nGroup applies a simplified approach in calculating ECLs.
\nTherefore, the Group does not track changes in credit
\nrisk, but instead recognises a loss allowance based on
\nECLs at each reporting date. The Group has established
\na provision matrix that is based on its historical credit
\nloss experience, adjusted for forward-looking factors
\nspecific to the debtors and the economic environment.
\nFor all other financial instruments, a financial instrument
\nthat is not credit-impaired on initial recognition is classified
\nin Stage 1. If the credit risk on the financial instrument
\nhas not increased significantly since initial recognition,
\nthe Group measures the loss allowance for that financial
\ninstrument (Stage 1) at an amount equal to 12-month ECLs.
\nIf the Group identifies a significant increase in credit
\nrisk since initial recognition, the financial instrument is
\ntransferred to Stage 2, but it is not considered to be credit-
\nimpaired, the Group recognises lifetime ECLs. If the Group
\ndetermines that a financial asset is credit-impaired, the
\nasset is transferred to Stage 3 and its ECLs is measured
\nas a Lifetime ECLs.
\nLifetime ECLs represents the expected credit losses that
\nwill result from all possible default events over the expected
\nlife of a financial instrument. In contrast, 12-month ECLs
\nrepresents the portion of lifetime ECL that is expected to
\nresult from default events on a financial instrument that
\nare possible within 12 months after the reporting date.
\n
\n
\n\nSignificant increase in credit risk
\nIn assessing whether the credit risk on a financial instrument
\nhas increased significantly since initial recognition, the
\nGroup compares the risk of a default occurring on the
\nfinancial instrument at the reporting date with the risk of
\na default occurring on the financial instrument at the date
\nof initial recognition. In making this assessment, the Group
\nconsiders both quantitative and qualitative information
\nthat is reasonable and supportable, including historical
\nexperience and forward-looking information that is available
\nwithout undue cost or effort. Forward-looking information
\nconsidered includes economic situation of countries
\nand the future prospects of the industries in which the
\nGroup\u2019s debtors operate, obtained from economic expert
\nreports, financial analysts, governmental bodies, as well
\nas consideration of various external sources of actual and
\nforecast economic information that relate to the Group\u2019s
\ncore operations.
\nIrrespective of the outcome of the above assessment,
\nthe Group presumes that the credit risk on a financial
\nasset has increased significantly since initial recognition
\nwhen contractual payments are more than 30 days past
\ndue, unless the Group has reasonable and supportable
\ninformation that demonstrates otherwise.
\nLow credit risk financial instruments
\nDespite the foregoing, the Group assumes that the credit
\nrisk on a financial instrument has not increased significantly
\nsince initial recognition if the financial instrument is
\ndetermined to have low credit risk at the reporting date. A
\nfinancial instrument is determined to have low credit risk
\nif:
\na) the financial instrument has a low risk of default,
\nb) the debtor has a strong capacity to meet its contractual
\ncash flow obligations in the near term, and
\nc) adverse changes in economic and business conditions
\nin the longer term may, but will not necessarily, reduce
\nthe ability of the borrower to fulfil its contractual cash
\nflow obligations.
\nDefault definition
\nThe Group considers that default has occurred when a
\nfinancial asset is more than 90 days past due unless the
\nGroup has reasonable and supportable information to
\ndemonstrate that a more lagging default criterion is more
\nappropriate.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\nFinancial assets (continued)
\nCredit impaired financial assets
\nA financial asset is credit-impaired (Stage 3) when one
\nor more events that have a detrimental impact on the
\nestimated future cash flows of that financial asset have
\noccurred. Evidence that a financial asset is credit-impaired
\nincludes observable data about the following events:
\na) significant financial difficulty of the issuer or the
\nborrower;
\nb) a breach of contract, such as a default or past due
\nevent;
\nc) the lender(s) of the borrower, for economic or contractual
\nreasons relating to the borrower\u2019s financial difficulty,
\nhaving granted to the borrower a concession(s) that the
\nlender(s) would not otherwise consider;
\nd) it is becoming probable that the borrower will enter
\nbankruptcy or other financial reorganisation; or
\ne) the disappearance of an active market for that financial
\nasset because of financial difficulties.
\nWrite-off policy
\nThe Group writes off a financial asset when there is
\ninformation indicating that the debtor is in severe financial
\ndifficulty and there is no realistic prospect of recovery,
\ne.g. when the debtor has been placed under liquidation or
\nhas entered into bankruptcy proceedings, or in the case
\nof trade accounts receivable, when the amounts are over
\nthree years past due, whichever occurs sooner. Financial
\nassets written off may still be subject to enforcement
\nactivities under the Group\u2019s recovery procedures,
\ntaking into account legal advice where appropriate. Any
\nrecoveries made are recognised in the consolidated
\nstatement of profit or loss. Inputs, assumptions and
\nestimation techniques used by measurement and
\nrecognition of expected credit losses are disclosed in
\nrespective Notes 18 and 23 on financial assets.
\n
\n
\n\n\n
\nFinancial liabilities
\nInitial recognition and measurement
\nThe Group\u2019s financial liabilities include loans and
\nborrowings, lease liabilities and derivative financial
\ninstruments.
\nFinancial liabilities are recognised initially at fair value and
\nare measured subsequently at amortised cost using the
\neffective interest method.
\nThe effective interest method is a method of calculating
\nthe amortised cost of a financial liability and of allocating
\ninterest expense over the relevant period. The effective
\ninterest rate is the rate that exactly discounts estimated
\nfuture cash payments (including all fees and points paid or
\nreceived that form an integral part of the effective interest
\nrate, transaction costs and other premiums or discounts)
\nthrough the expected life of the financial liability, or (where
\nappropriate) a shorter period, to the amortised cost of a
\nfinancial liability.
\n\nDerecognition of financial liabilities
\nThe Group derecognises financial liabilities when, and
\nonly when, the Group\u2019s obligations are discharged,
\ncancelled or have expired. The difference between the
\ncarrying amount of the financial liability derecognised
\nand the consideration paid and payable is recognised in
\nprofit or loss.
\nWhen the Group exchanges with the existing lender one
\ndebt instrument into another one with the substantially
\ndifferent terms, such exchange is accounted for as an
\nextinguishment of the original financial liability and the
\nrecognition of a new financial liability. Similarly, the
\nGroup accounts for substantial modification of terms
\nof an existing liability or part of it as an extinguishment
\nof the original financial liability and the recognition of a
\nnew liability. It is assumed that the terms are substantially
\ndifferent if the discounted present value of the cash
\nflows under the new terms, including any fees paid net
\nof any fees received and discounted using the original
\neffective rate is at least 10 per cent different from the
\ndiscounted present value of the remaining cash flows
\nof the original financial liability. If the modification is
\nnot substantial, the difference between: (1) the carrying
\namount of the liability before the modification; and (2)
\nthe present value of the cash flows after modification
\nshould be recognised in profit or loss as the modification
\ngain or loss.
\n
\n
\n\n
\n
\n\n\nTrade accounts receivable
\nTrade accounts receivable is recognised if an amount
\nof consideration that is unconditional is due from the
\ncustomer. Trade accounts receivable that do not contain
\na significant financing component are measured at the
\ntransaction price.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\nCash and cash equivalents
\nCash and cash equivalents include cash on hand, cash
\nwith banks, deposits and government bonds with maturity
\nof less than three months from the date of acquisition.
\n
\n\n\nBank borrowings, corporate bonds issued and other
\nlong-term payables
\nInterest-bearing bank borrowings, bonds issued and other
\nlong-term payables are initially measured at fair value that is
\ncalculated by taking into account any discount or premium
\non acquisition and fees or costs that are an integral part
\nof the effective interest rate (EIR). They are subsequently
\nmeasured at amortised cost using the EIR method, where
\namortization is included as finance costs in the statement
\nof profit or loss. Gains and losses are recognised in profit
\nor loss when the liabilities are derecognised as well as
\nthrough the EIR amortisation process.
\n
\n\n\n
\n\nDerivative financial instruments
\nThe Group enters into derivative financial instruments to
\npurchase sunflower seeds and sales of grains. Derivatives
\nare initially recognised at fair value at the date the
\nderivative contracts are entered into and subsequently
\nremeasured to their fair value at the end of each reporting
\nperiod. The resulting gain or loss is recognised in profit
\nor loss immediately.
\n
\n\n
\n\n\nTrade and other accounts payable
\nAccounts payable are measured at initial recognition at
\nfair value, and are subsequently measured at amortised
\ncost using the effective interest rate method.
\n
\n\n\nLease liabilities
\nThe Group assesses whether a contract is or contains a
\nlease, at inception of the contract.
\nThe Group recognises lease liabilities in the consolidated
\nstatement of financial position, initially measured at the
\npresent value of future lease payments. The Group does
\nnot apply the short term and low-value lease exemptions.
\nThe Group measures the lease liability at the present
\nvalue of the lease payments that are not paid at the
\ncommencement date, discounted by using the incremental
\nborrowing rate, because the interest rate implicit in
\nthe lease is not readily determinable. The incremental
\nborrowing rate is defined as the rate of interest that the
\nlessee would have to pay to borrow over a similar term,
\nand with a similar security the funds necessary to obtain
\nan asset of a similar value to the right of use asset in a
\nsimilar economic environment.
\nThe lease liability is presented as a separate line in the
\nconsolidated statement of financial position. The lease
\nliability is subsequently measured by increasing the
\ncarrying amount to reflect interest on the lease liability
\nand by reducing the carrying amount to reflect the lease
\npayments made. The Group recognises interest on lease
\nliabilities and presents it within interest expenses in the
\nconsolidated profit or loss.
\nThe Group remeasures the lease liability (and makes a
\ncorresponding adjustment to the related right-of-use
\nasset) whenever:
\n\u2022 The lease term has changed or there is a change in the
\nassessment of exercise of a purchase option, in which
\ncase the lease liability is remeasured by discounting the
\nrevised lease payments using a revised discount rate.
\n\u2022 The lease payments change due to changes in an in-
\ndex or rate or market rate, in which cases the lease
\nliability is remeasured by discounting the revised
\nlease payments using the initial discount rate (un-
\nless the lease payments change is due to a change in
\na floating interest rate, in which case a revised dis-
\ncount rate is used).
\nA lease contract is modified and the lease modification is
\nnot accounted for as a separate lease, in which case the
\nlease liability is remeasured by discounting the revised
\nlease payments using a revised discount rate.
\nIn the statement of cash flows the Group separates
\nthe total amount of cash paid into a principal portion
\n(presented within financing activities) and interest
\n(presented within operating activities).
\n
\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\n\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\nProvisions
\nProvisions are recognised when the Group has a present
\nlegal or constructive obligation (either based on legal
\nregulations or implied) as a result of past events, and it
\nis probable that an outflow of resources will be required
\nto settle the obligation and a reliable estimate of the
\nobligation can be made.
\n
\n\n
\n\n3.\u2005CHANGES\u2005IN\u2005THE\u2005GROUP\u2005STRUCTURE
\n\n
\nDiscontinued operation
\nDuring the year ended 31 December 2021, the Group
\ndisposed of the Ptujska klet, which was involved in wine
\nproduction and distribution located in Slovenia, and was
\npreviously presented within Europe Operating Segment.
\nNet assets as of the date of disposal amounted to USD
\n4,852 thousand. The total cash consideration amounted
\nto USD 2,293 thousand, which was received during 2021.
\nDuring the year ended 31 December 2021, the Group
\ndisposed of the assets of its subsidiary Dobropilskyi GPP
\nPrJSC, which was located in Ukraine and carried out grain
\nstorage operations, and was previously presented within
\nPoultry and Related Operations Segment. The net assets
\nas of the date of disposal amounted to USD 620 thousand.
\nBefore sale the property plant and equipment included
\nin the net assets disposed were impaired by USD 4,105
\nthousand. Impairment was recognized as a decrease in
\nrevaluation reserve related to those property, plant and
\nequipment. The total cash consideration amounted to
\nUSD 671 thousand, which was received during 2021.
\n\nDiscontinued operations are excluded from the results of
\ncontinuing operations and are presented as a single amount
\nas profit or loss after tax from discontinued operations
\nin the consolidated statement of profit or loss. All other
\nnotes to the financial statements include amounts for
\ncontinuing operations, unless otherwise mentioned.
\n
\n\n
\n
\n\n\nAcquisitions
\nOn 1 June 2021, the Group acquired a 51% share in the
\ncompany Lubnym`yaso LLC, a Ukrainian meat production
\nplant, whose main economic activity is the production and
\nsale of beef meat under the trade-mark Scott Smeat. As
\nof the date of acquisition, the net assets of the acquired
\nmeat production plant amounted to USD 1,800 thousand.
\nPurchase consideration of the acquired share amounted
\nto USD 1,840 thousand and was paid in cash. Goodwill
\nin the amount of USD 921 thousand is attributable to the
\nexpectation that this acquisition will support strategic
\ntransformation to a culinary company through launch of
\nadditional products.
\n
\n\n\n
\n4.\u2005CRITICAL\u2005ACCOUNTING\u2005JUDGMENTS\u2005AND\u2005KEY\u2005
\nSOURCES\u2005OF\u2005ESTIMATION\u2005UNCERTAINTY\u2005
\nIn the application of the Group\u2019s accounting policies,
\nwhich are described in Note 2, management is required
\nto make judgements, estimates and assumptions about
\nthe carrying amounts of assets and liabilities that are
\nnot readily apparent from other sources. The estimates
\nand associated assumptions are based on historical
\nexperience and other factors that are considered to be
\nrelevant. Actual results may differ from these estimates.
\nThe estimates and underlying assumptions are reviewed
\non an ongoing basis. Revisions to accounting estimates are
\nrecognised in the period in which the estimate is revised if
\nthe revision affects both current and future periods.
\nCritical judgements in applying accounting policies
\nThe following are the critical judgments, apart from those
\ninvolving estimations (see below), that management has
\nmade in the process of applying the Group\u2019s accounting
\npolicies and that have the most significant effect on
\nthe amounts recognised in the consolidated financial
\nstatements.
\n\nGoing concern
\nThe Group has concluded that it is appropriate to apply
\nthe going concern basis of accounting in preparing
\nthese consolidated financial statements. Management
\nexercises significant judgement in assessment of the
\nexistence of a material uncertainty related to going
\nconcern by taking into consideration the effects of the
\nongoing War on the Group`s activities. The information
\nabout material uncertainties related to events or
\nconditions that may cast significant doubt upon
\nthe Group\u2019s ability to continue as a going concern is
\ndisclosed in Note 2.
\n
\n\n
\n
\n\n
\n\n
\n\n
\n4.\u2005CRITICAL\u2005ACCOUNTING\u2005JUDGMENTS\u2005AND\u2005KEY\u2005
\nSOURCES\u2005OF\u2005ESTIMATION\u2005UNCERTAINTY\u2005
\n(continued)
\nDetermination of variable lease payments
\nAs described in Note 2, the Group measures lease liabilities
\nat the present value of future lease payments, discounted
\nusing the lessee\u2019s incremental borrowing rate. Future lease
\npayments consist of both fixed payments (including in-
\nsubstance fixed payments) and variable lease payments
\nthat depend on an index or rate, including payments that
\nvary to reflect changes in market rental rates. Management
\nare required to make significant judgement in determining
\nwhether variable lease payments depend on an index or
\nrate. Regardless of the lease payments stated in the lease
\ncontracts, customary business practices complement the
\ncontractual terms in a way that at each particular date the
\nrate is a market rate. Since the entire market operates on the
\nbasis of expectations of a periodic revision of rates (based
\non current market rates), Management has concluded
\nthat the rates are determined by the market mechanism.
\nIn substance, non-contractual changes in lease payments
\nare driven by competitive forces and changes in payments
\nare based on the average changes of lease payments in
\nthe region, which means that the variable component of
\nlease payments depends on a market index.
\nRevaluation of property, plant and equipment
\nAs described in Note 2, the Group applies the revaluation
\nmodel to the measurement of all groups of property, plant
\nand equipment, except land and other fixed assets (Note
\n14). At each reporting date, the Group carries out a review
\nof the carrying amount of items of property, plant and
\nequipment accounted for using a revaluation model to
\ndetermine whether the carrying amount differs materially
\nfrom fair value.
\nWhen determining whether to perform a fair value
\nassessment in a given period, Management considers
\ndevelopment of macroeconomic indicators including
\nchanges in prices (producer price indices, price indices for
\nnon-residential buildings, transport facilities, utilities and
\nother engineering structures), inflation rates, GDP growth
\nrates and changes of the Ukrainian Hryvnia (\u201cUAH\u201d) against
\nUSD and EUR. Also, different internal and external factors
\nsuch as changes in political, legislative, economic situation
\nare reviewed.
\nBased on the results of this review, Management concluded
\nthat all groups of property, plant and equipment accounted
\nfor using the revaluation model should be revalued as
\nof 31 December 2022. Accordingly, the Group engaged
\nindependent valuation specialists to assess fair values
\nof the relevant property, plant and equipment as at 31
\nDecember 2022. The key assumptions used to determine
\nthe fair value of the properties are provided in Note 14.
\nChange in income tax status of certain Group\u2019s
\nsubsidiaries
\nStarting from 1 January 2022, the change in tax status of
\npoultry producers has become effective as the respective
\namendments to the Tax Code of Ukraine came into
\nforce. As a result, starting from 1 January 2022, profits
\nof agricultural producers engaged in rearing chickens,
\nchicken meat and eggs production, are subject to regular
\n18% income tax. Until 31 December 2021, profits of the
\nchicken and egg producers were non-taxable as these
\nentities had exempt status for corporate income tax
\npurpose and were subject to the fixed agricultural tax,
\nsimilar to other agribusinesses.
\nManagement has applied significant judgment to
\nconsider that the new tax law effected a change in tax
\nstatus for the Group`s subsidiaries rather than a change
\nin tax law or tax rates, and given that there is no specific
\nguidance in IAS 12 Income tax for when to account for
\na change in tax status, significant judgment was applied
\nin considering the timing of deferred tax recognition.
\nAs the above has caused a change to the tax status,
\nfor certain subsidiaries of the Group, from non-tax
\npayer to tax payer by becoming income taxpayers from
\n1 January 2022, the Group has recognized deferred tax
\nliabilities in the amount of USD 81,317 thousand as of
\nthis date. These deferred tax liabilities of the Group`s
\npoultry farms arise on temporary tax differences from
\nproperty, plant and equipment measured using the
\nrevaluation model. Accordingly, the resulting deferred
\ntax liabilities at 1 January 2022 were recognized
\nthrough other comprehensive income and presented
\nin a separate line as Deferred tax charged directly to
\nrevaluation reserve.
\nPresentation of the expenses as war-related
\nIn determining if the expenses incurred by the Group
\nrelate to war and should be presented accordingly in Note
\n33, several critical assumptions have been used. These
\nassumptions include but are not limited to timing of the
\nexpenses, their nature, prerequisites of their incurrence,
\nordinariness and necessity of expenses, and possibility
\nof their incurrence in significant amounts during routine
\noperations during the pre-war period.
\n\nKey sources of estimation uncertainty
\nThe following are the key assumptions concerning the
\nfuture, and other key sources of estimation uncertainty
\nat the end of the reporting period that have a significant
\nrisk of causing a material adjustment to the carrying
\namounts of assets and liabilities within the next financial
\nyear.
\n
\n\n
\n\n
\n\n
\n\n4.\u2005CRITICAL\u2005ACCOUNTING\u2005JUDGMENTS\u2005AND\u2005KEY\u2005
\nSOURCES\u2005OF\u2005ESTIMATION\u2005UNCERTAINTY\u2005
\n(continued)
\nImpairment of goodwill and intangibles with indefinite
\nuseful lives
\nAs disclosed in Notes 16 and 17, the Group determines at least
\non an annual basis whether indefinite life intangible assets
\nand goodwill have been impaired. This requires an estimate
\nof an asset\u2019s recoverable amount which is the higher of an
\nasset\u2019s or cash generating unit\u2019s (CGU\u2019s) fair value less costs
\nof disposal and its value in use and it is determined for an
\nindividual asset, unless the asset does not generate cash
\ninflows that are largely independent of those from other
\nassets or groups of assets. Estimating a value-in-use amount
\nrequires management to make an estimate of the expected
\nfuture cash flows from the cash generating unit and also to
\nchoose a suitable discount rate and growth rates in order to
\ncalculate the present value of those cash flows.
\nThe Group constantly monitors climate-related matters
\naffecting the value-in-use of intangibles and goodwill. At
\nthe current time, there no material effects that will impact
\nthe Group. The Group will adjust the key assumptions used
\nin value-in-use calculations should a change be required.
\nDetermination of incremental borrowing rate
\nAs described in Note 2, the Group uses incremental
\nborrowing rate as the discounting factor for the purpose of
\ncalculating of lease liability if the rate implicit in the lease
\nis not readily determinable. Incremental borrowing rate is
\ndetermined as the available rate for the Group adjusted
\nfor the specifics of particular lease contracts.
\nFair value less costs to sell of biological assets
\nand agricultural produce
\nBiological assets are recorded at fair values less costs
\nto sell. The Group estimates the fair values of biological
\nassets based on the following key assumptions:
\n\u2022 Average meat output for broilers and livestock for meat
\nproduction;
\n\u2022 Average productive life of breeders and cattle held for
\nregeneration and milk production;
\n\u2022 Expected crops output;
\n\u2022 Estimated changes in future sales prices;
\n\u2022 Projected production costs and costs to sell; and,
\n\u2022 Discount rate.
\nDuring the year ended 31 December 2022 the fair value of
\nbiological assets was estimated using discount factors of
\n25.0% and 42.7% (31 December 2021: 11.2% and 11.5%) for
\nnon-current and current assets, respectively.
\nAlthough some of these assumptions are obtained from
\npublished market data, the majority of these assumptions
\nare estimated based on the Group\u2019s historical and
\nprojected results (Note 19).
\nIn determining fair value measurement, the impact of
\npotential climate-related matters, including legislation,
\nclimate change, and company climate objectives which
\nmay affect the fair value measurement of biological assets
\nand agricultural produce has been considered. At present,
\nthe impact of climate-related matters is not material to the
\nGroup\u2019s financial statements.
\nRevaluation of property, plant and equipment
\nDuring the year ended 31 December 2022, Management
\nappointed an independent appraiser to perform a
\nrevaluation of buildings and structures, grain storage
\nfacilities, production machinery, utilities and infrastructure,
\nvehicles and agricultural machinery, auxiliary and other
\nmachinery as of 31 December 2022.
\nThe independent appraiser has performed the valuation
\nin accordance with International Valuation Standards
\napplying the following techniques:
\n\u2022 depreciated replacement cost for grain storage facilities;
\n\u2022 market comparable approach for vehicles and agricul-
\ntural machinery; and
\n\u2022 depreciated replacement cost and market comparable
\napproach, if applicable, for buildings and structures,
\nutilities and infrastructure, production, auxiliary and
\nother machinery.
\nKey assumptions used by the independent appraiser in
\nassessing the fair value of property, plant and equipment
\nusing the depreciated replacement cost and market
\ncomparable methods were as follows:
\n\u2022 changes in market prices of assets and construc-
\ntion materials from the date of their acquisition/con-
\nstruction/date of previous valuation to the date of
\nthis valuation;
\n\u2022 external market prices for vehicles and equipment;
\n\u2022 normative and remaining useful lives;
\n\u2022 rates of physical depreciation.
\nThe revaluation results using the depreciated replacement
\ncost and market comparable approaches were compared
\nwith a revaluation performed using the income approach to
\nidentify level of economic obsolescence, if any. Management
\nused probability-based discounted cash flow scenarios,
\nwhere all possible impacts of war were incorporated in cash
\nflows, while all CGUs in Ukraine were discounted by a factor
\nof 19.1%, reflecting risks except for uncertainties related to
\nthe war. If the above impacts and uncertainties would have
\nbeen taken into determination of the discount factor as
\nalternative to incorporating them into the cashflows, such
\nthe discount factor would approximate 25%. An increase
\nby 100 basis points in the discount rate would result in a
\ndecrease in the fair value of property plant and equipment
\nby USD 24,226 thousand.
\nFor CGUs in Ukraine, the terminal growth rate of 5.0% was
\nused for all cash flows beyond the five-year projected
\nperiod, while the average revenue growth rates within
\nthe five-year period were in range from 10.9% to 11.4%. A
\ndecrease in the terminal growth rate by 100 basis points
\nor in the revenue growth rate by 100 basis points would
\nlead to a decrease in the fair value of property, plant
\nand equipment by USD 15,765 thousand or USD 29,339
\nthousand, respectively. Key assumptions used for the
\n
\n\n
\n\n
\n
\n
\n
\n\n4.\u2005CRITICAL\u2005ACCOUNTING\u2005JUDGMENTS\u2005AND\u2005KEY\u2005
\nSOURCES\u2005OF\u2005ESTIMATION\u2005UNCERTAINTY\u2005
\n(continued)
\nRevaluation of property, plant and equipment
\n(continued)
\nidentification of economic obsolence, if any, for European
\noperating segment are described in the Note 17.
\nIn determining fair value measurement, the impact of
\npotential climate-related matters, including legislation,
\nclimate change, and Company climate objectives which
\nmay affect the fair value measurement of property, plant
\nand equipment has been considered. At present, the
\nimpact of climate-related matters is not material to the
\nGroup\u2019s financial statements.
\nUseful lives of property, plant and equipment
\nThe estimation of the useful life of an item of property,
\nplant and equipment is a matter of management estimate
\nbased upon experience with similar assets. In determining
\nthe useful life of an asset, Management considers the
\nexpected usage, estimated technical obsolescence,
\nphysical wear and tear, the physical environment in
\nwhich the asset is operated and other factors (including
\nclimate-related matters). Changes in any of these
\nconditions or estimates may result in adjustments for
\nfuture depreciation rates.
\nDeferred tax assets
\nDeferred tax assets, including those arising from unused
\ntax losses are recognised to the extent that it is probable
\nthat they will be recovered, which is dependent on the
\ngeneration of sufficient future taxable profit. Based on
\nManagement\u2019s assessment, the Group determined it was
\nappropriate to recognize deferred tax assets on unused
\ntax losses, which will be utilized in future against existing
\ndeferred tax liabilities and available future tax profits.
\nThe estimation uncertainty therefore pertains to the level
\nof deferred tax assets to be recognised.
\n
\n\n\n5.\u2005SEGMENT\u2005INFORMATION
\nThe Group\u2019s business is managed on a worldwide basis, but operates manufacturing facilities and sales offices primarily
\nin Ukraine and Europe.
\nReportable segments are presented in a manner consistent with the internal reporting to the Group\u2019s chief operating
\ndecision maker (\u201cCODM\u201d).
\nSegment information is analysed on the basis of the types of goods supplied by the Group\u2019s operating divisions. The\u2005Group\u2019s
\nreportable segments under IFRS 8 are as follows:
\nPoultry and Related Operations Segment: \u2022 sales of chicken meat
\n\u2022 sales of vegetable oil and related products
\n\u2022 culinary products and other poultry related sales
\nGrain Growing Operations Segment: \u2022 sales of grain
\nMeat Processing and Other Agricultural
\nOperations Segment:
\n\u2022 sales of meat processing products and other meat
\n\u2022 other agricultural operations (milk, feed grains and other)
\nEuropean Operating Segment: \u2022 sales of meat processing and chicken meat products in Southeast Europe
\nThe accounting policies of the reportable segments are
\nthe same as the Group\u2019s accounting policies described
\nin Note 2. Sales between segments are carried out at
\nmarket prices. The segment result represents operating
\nprofit under IFRS before unallocated corporate expenses
\nand loss on impairment of property, plant and equipment.
\nUnallocated corporate expenses include management
\nremuneration, representative expenses, and expenses
\nincurred in respect of the maintenance of office premises.
\nThis is the measure reported to the CODM for the purposes
\nof resource allocation and assessment of segment
\nperformance.
\nEuropean Operating Segment primarily includes sales of
\nchicken meat and meat processing products, produced
\nin the facilities of Perutnina Ptuj. However, the CODM
\nmanages this as a single segment, on the basis that each
\nof research, development, manufacture, distribution and
\nselling of chicken meat and meat processing products
\nrequires single marketing strategies, centralised budgeting
\nprocess and centralised management of production
\noperations.
\n
\n\n
\n\n
\n\n
\n
\n5.\u2005SEGMENT\u2005INFORMATION
\n(continued)
\n\nAs of 31 December 2022 and for the year then ended the Group\u2019s segmental information from continuing operations was as follows:
\nYEAR\u2005ENDED\u200531\u2005DECEMBER\u20052022
\nPOULTRY\u2005AND\u2005
\nRELATED\u2005OPERATIONS
\nGRAIN\u2005GROWING\u2005
\nOPERATIONS
\nMEAT\u2005PROCESSING\u2005AND\u2005
\nOTHER\u2005AGRICULTURAL\u2005
\nOPERATIONS\u2005
\nEUROPEAN\u2005
\nOPERATING\u2005SEGMENT
\nTOTAL\u2005REPORTABLE\u2005
\nSEGMENTS ELIMINATIONS CONSOLIDATED
\nExternal sales 1,886,814 157,612 134,099 463,501 2,642,026 - 2,642,026
\nSales between segments 55,234 338,425 470 - 394,129 (394,129) -
\nTotal revenue 1,942,048 496,037 134,569 463,501 3,036,155 (394,129) 2,642,026
\nSegment result 198,324 88,480 4,030 44,886 335,720 - 335,720
\nUnallocated corporate expenses (51,803)
\nLoss on impairment of goodwill and property,
\nplant and equipment
\n4)
\n (8,024) (7,462) (11,321) (1,977) (28,784) - (29,242)
\nOther expenses, net
\n1)
\n (513,690)
\nProfit before tax from continuing operations (259,015)
\nOTHER INFORMATION:
\nAdditions to property, plant and equipment
\n2)
\n 68,958 22,371 1,844 62,975 156,148 - 156,148
\nDepreciation and amortization expense
\n3)
\n 72,130 61,398 3,796 20,139 157,463 - 157,463
\nNet change in fair value of biological assets
\nand agricultural produce
\n 13,008 (141,516) (1,231) 1,890 (127,849) - (127,849)
\n1)
\n Include finance income, finance costs, foreign exchange loss, net and other expenses, net.
\n2)
\n Additions to property, plant and equipment in 2022 do not include unallocated additions in the amount of USD 12,242 thousand.
\n3)
\n Depreciation and amortization for the year ended 31 December 2022 does not include unallocated depreciation and amortization in the amount of USD 1,443 thousand.
\n4)
\nLoss on impairment of property, plant and equipment for the year ended 31 December 2022 includes unallocated loss in amount of USD 458 thousand.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n5.\u2005SEGMENT\u2005INFORMATION
\n(continued)
\n\nAs of 31 December 2021 and for the year then ended the Group\u2019s segmental information from continuing operations was as follows:
\nYEAR\u2005ENDED\u200531\u2005DECEMBER\u20052021
\nPOULTRY\u2005AND\u2005
\nRELATED\u2005OPERATIONS
\nGRAIN\u2005GROWING\u2005
\nOPERATIONS
\nMEAT\u2005PROCESSING\u2005AND\u2005
\nOTHER\u2005AGRICULTURAL\u2005
\nOPERATIONS\u2005
\nEUROPEAN\u2005
\nOPERATING\u2005SEGMENT
\nTOTAL\u2005REPORTABLE\u2005
\nSEGMENTS ELIMINATIONS CONSOLIDATED
\nExternal sales 1,607,067 188,344 176,264 400,587 2,372,262 - 2,372,262
\nSales between segments 67,752 312,277 522 - 380,551 (380,551) -
\nTotal revenue 1,674,819 500,621 176,786 400,587 2,752,813 (380,551) 2,372,262
\nSegment result 170,424 325,812 4,339 48,136 548,711 - 548,711
\nUnallocated corporate expenses (32,101)
\nLoss on impairment of property,
\nplant and equipment
\n4)
\n(4,635) (1,832) (312) (3,642) (10,421) - (10,607)
\nOther expenses, net
\n1)
\n(102,294)
\nProfit before tax from continuing operations 403,709
\nOTHER INFORMATION:
\nAdditions to property, plant and equipment
\n2)
\n92,663 26,247 1,267 24,639 144,816 - 144,816
\nDepreciation and amortization expense
\n3)
\n96,482 71,377 6,245 17,436 191,540 - 191,540
\nNet change in fair value of biological assets
\nand agricultural produce
\n13,871 169,057 (1,096) 3,094 184,926 - 184,926
\n1)
\n Include finance income, finance costs, foreign exchange gain, net and other expenses, net.
\n2)
\n Additions to property, plant and equipment in 2021 do not include unallocated additions in the amount of USD 10,442 thousand.
\n3)
\n Depreciation and amortization for the year ended 31 December 2021 does not include unallocated amount of USD 1,318 thousand.
\n4)
\n Loss on impairment of property, plant and equipment for the year ended 31 December 2021 includes unallocated loss in amount of USD 186 thousand.
\n
\n\n
\n\n
\n\n
\n
\n
\n\n5.\u2005SEGMENT\u2005INFORMATION
\n(continued)
\nThe Group\u2019s export sales to external customers by major
\nproduct types were as follows during the years ended 31
\nDecember 2022 and 2021:
\n2022 2021
\nChicken meat and related products 9 8 6 , 8 5 7 769, 5 6 3
\nVegetable oil and related products 4 4 8 ,747 2 9 0 , 2 3 0
\nGrain 121,706 14 0 , 072
\nOther agricultural segment products 43,861 65,564
\n 1 , 6 0 1 , 1 7 1 1 , 2 6 5 , 4 2 9
\nExport sales includes revenue from shipping and handling
\nservices in the amount of USD 149,074 thousand as for
\nthe year ended 31 December 2022 (2021: USD 70,527
\nthousand).
\nExport sales of vegetable oil and related products and
\nexport sales of grains are primarily made to global trading
\ncompanies. The sales of chicken meat to major markets of
\nthe Group - MENA and EU amounted to 34% and 36% of
\ntotal export sales respectively (2021: 38% and 21%).
\nNon-current assets (excluding deferred tax assets,
\nlong-term deposits and non-current financial assets)
\nbased on the geographic location of the manufacturing
\nfacilities were as follows as of 31 December 2022 and 31
\nDecember 2021:
\n2022 2021
\nUkraine 1,922,334 2,148,821
\nEurope 314,620 257,967
\nThe Middle East
\nand North Africa (MENA)
\n 2,336 1,418
\n2,239,290 2,408,206
\nNo single customer contributed more than 10% amount to
\nthe Group\u2019s revenue in either 2022 or 2021.
\n
\n\n\n6.\u2005REVENUE
\nRevenue for the years ended 31 December 2022 and 2021 was as follows:
\n2022 2021
\nPOULTRY AND RELATED OPERATIONS SEGMENT
\nChicken meat 1,327,741 1,223,635
\nVegetable oil and related products 462,405 307,541
\nOther poultry related sales 96,668 75,891
\n 1,886,814 1,607,067
\nGRAIN GROWING OPERATIONS SEGMENT
\nGrain 157,612 188,344
\n 157,612 188,344
\nMEAT PROCESSING AND OTHER AGRICULTURAL OPERATIONS SEGMENT
\nMeat-processing products 102,199 143,152
\nOther agricultural sales 31,900 33,112
\n 134,099 176,264
\nEUROPEAN OPERATING SEGMENT
\nChicken meat 305,643 253,404
\nMeat-processing products 122,565 121,155
\nOther agricultural sales 35,293 26,028
\n 463,501 400,587
\n 2,642,026 2,372,262
\nThe geographic structure of revenue for the years ended 31 December 2022 and 2021 was as follows:
\n2022 2021
\nExport
\n1)
\n 1,601,171 1,265,429
\nDomestic 1,040,855 1,106,833
\n 2,642,026 2,372,262
\n Includes revenue generated outside of the Group\u2019s production entity residency.
\n
\n\n1)
\n
\n\n
\n
\n
\n\n6.\u2005REVENUE
\n(continued)
\nAdvances received from third parties as of 31 December
\n2021 in the amount of USD 41,983 were recognized as
\nrevenue during the year ended 31 December 2022.
\nAdvances received from third parties as of 31 December
\n2020 in the amount of USD 15,227 were recognized as
\nrevenue during the year ended 31 December 2021.
\n
\n\n\n7.\u2005COST\u2005OF\u2005SALES
\nCost of sales for the years ended 31 December 2022 and
\n2021 was as follows:
\n2022 2021
\nPoultry and related operations
\nsegment
\n 1 , 3 7 2 , 8 8 1 1 , 2 6 0 , 5 2 8
\nGrain growing operations segment 63,121 96,742
\nMeat processing and other
\nagricultural operations segment
\n 117,592 157,854
\nEuropean operating segment 3 5 2 , 3 70 297,54 8
\n 1,905,964 1 , 8 1 2 , 6 7 2
\nCost of sales includes shipping and handling expenses
\nand were for the years ended 31 December 2022 and 2021
\nas follows:
\n2022 2021
\nPoultry and related operations
\nsegment
\n 160,229 75,916
\nGrain growing operations segment 17,695 19,438
\nMeat processing and other
\nagricultural operations segment
\n 2,887 4,420
\nEuropean operating segment 9,404 8,851
\n 190,215 1 08,625
\nRevenue includes shipping and handling costs in the price
\nof the product.
\nFor the years ended 31 December 2022 and 2021 cost of
\nsales comprised the following:
\n2022 2021
\nCosts of raw materials and other
\ninventory used
\n 1 , 3 1 9 , 7 1 5 1 , 2 0 1 , 8 5 5
\nPayroll and related expenses 2 8 6 , 6 5 3 287,210
\nDepreciation and amortization
\nexpense
\n 140,737 172,619
\nOther costs 1 5 8 , 8 59 150,988
\n 1,905,964 1 , 8 1 2 , 6 7 2
\nSocial security contributions, included in Payroll and
\nrelated expenses above, amounted to USD 46,023
\nthousand for the year ended 31 December 2022 (2021:
\nUSD 45,921 thousand).
\n
\n
\n\n\n
\n\n
\n
\n8.\u2005SELLING,\u2005GENERAL\u2005AND\u2005ADMINISTRATIVE\u2005EXPENSES
\nSelling, general and administrative expenses for the years
\nended 31 December 2022 and 2021 were as follows:
\n\n2022 2021
\nPayroll and related expenses 119,441 113,377
\nServices 78,535 55,536
\nDepreciation and amortization
\nexpense
\n 18,169 20,501
\nAdvertising expense 12,781 14,363
\nRepresentative costs and business
\ntrips
\n 9,834 8,909
\nFuel and other materials used 7,226 6,691
\nInsurance expense 2,695 2,671
\nBank services and conversion fees 1,079 749
\nOther 4,672 5,386
\n 2 5 4 , 4 3 2 228,183
\n
\n\nPayroll and related expenses includes social security
\ncontributions which amounted to USD 12,797 thousand
\nfor the year ended 31 December 2022 (2021: USD 12,204
\nthousand).
\n\nRemuneration to the auditors, included in Services above,
\namounted to USD 904 thousand for the year ended 31
\nDecember 2022 (2021: USD 1,018 thousand). This includes
\nboth audit and non-audit services, with the statutory
\naudit fees amounting to USD 866 thousand for the year
\nended 31 December 2022 (2021: USD 855 thousand),
\ntax advisory service fees amounting to USD 9 thousand
\n(2021: USD 86 thousand) and other non-audit services
\nfees amounting to USD 30 thousand for the year ended
\n31 December 2022 (2021: USD 77 thousand).
\n
\n\n
\n
\n\n
\n
\n\n
\n\n
\n
\n
\n
\n
\n\n
\n
\n
\n\n
\n9.\u2005OTHER\u2005OPERATING\u2005INCOME
\nOther operating income for the years ended 31 December
\n2022 and 2021 was as follows:
\n\n2022 2021
\nGovernment grants 5,428 7,405
\nGain on extinguisment of trade
\naccounts payable
\n 2,124 1,328
\nInsurance compensation 1,758 1,238
\nOther income 4,094 1,864
\n 13,404 11,835
\n
\n\n
\n\n\n10.\u2005OTHER\u2005OPERATING\u2005EXPENSES
\nOther operating expenses for the years ended 31 December
\n2022 and 2021 were as follows:
\n2022 2021
\nExpected credit losses and write-off
\nof financial assets
\n 36,817 -
\nCharity expenses and community
\nsupport donations
\n 24,994 8,105
\nWritten-off inventories and
\nbiological assets
\n 9,527 -
\nLoss on disposal of property, plant
\nand equipment
\n 3,983 992
\nProvision for claims, penalties and
\nindemnification
\n 2,021 1,924
\nOther expenses 5,926 3,404
\n 83,268 14,425
\n
\n\n
\n\n\n11.\u2005DEFERRED\u2005INCOME
\nThe Ukrainian Government supports domestic agricultural
\nproducers and attracts investments into the agricultural
\nsector. Also, during the years ended 31 December 2022
\nand 2021, the Group received government compensations
\nin accordance with EU farming subsidies policy and
\nother compensations in accordance with the EU national
\nprograms of employment, assigned contributions for
\nemployees, and refunds of excise duties.
\nFor the years ended 31 December 2022 and 2021 the
\nfollowing government grants were received:
\n2022 2021
\nCompensation received in EU 4,306 5,997
\nCompensation of construction and
\nreconstruction of livestock farms
\n1,024 1,514
\nCompensation of the cost of
\nmachinery and equipment
\n23 50
\nOther compensations 75 195
\n5,428 7,756
\nGovernment grants for compensation of construction and
\nreconstruction of livestock farms and compensation of
\ncost of machinery and equipment are presented in the
\nStatement of Financial Position as deferred income, which
\nis recognised in profit or loss on a systematic basis over the
\nuseful life of the related assets. All other compensations
\nreceived were recognised in the Consolidated Statement
\nof Profit or Loss and Other Comprehensive Income in
\nfull. There are no unfulfilled conditions or contingencies
\nattached to these grants.
\n
\n\n\n
\n\n
\n\n
\n\n12.\u2005FINANCE\u2005COSTS
\nFinance costs for the years ended 31 December 2022 and
\n2021 were as follows:
\n2022 2021
\nInterest on corporate bonds 109,201 1 04,70 0
\nInterest on obligations under leases 38,859 45,284
\nInterest on bank borrowings 6,754 2,163
\nBank commissions and other charges 3,168 2,068
\nTotal finance costs 157,982 154,21 5
\nLess:
\nFinance costs included in the cost
\nof qualifying assets
\n(3,277) (3,791)
\n1 5 4 ,70 5 1 5 0 , 4 2 4
\nFor qualifying assets, the weighted average capitalization
\nrate on funds borrowed during the year ended 31
\nDecember 2022 was 7.80% (2021: 7.80%).
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n
\n\n
\n\n
\n\n12.\u2005FINANCE\u2005COSTS\u2005
\n(continued)
\nInterest on corporate bonds for the years ended 31 December
\n2022 and 2021 includes the amortization of premium and
\ndebt issue costs on bonds issued in the amounts of USD
\n6,161 thousand and USD 5,821 thousand, respectively.
\n
\n\n
\n\n
\n\n
\n\n\n13.\u2005INCOME\u2005TAX
\nThe majority of the Group\u2019s operating entities are located
\nin Ukraine, therefore the effective tax rate reconciliation
\nis completed based on Ukrainian statutory rates.
\nDuring the year ended 31 December 2022, the Group\u2019s
\ncompanies that have the status of Corporate Income Tax
\n(the \u201cCIT\u201d) payers in Ukraine were subject to 18% income
\ntax. The deferred income tax assets and liabilities as of
\n31 December 2022 and 2021 are measured based on the
\ntax rates expected to be applied to the period when the
\ntemporary differences are expected to reverse.
\nBefore 1 January 2022 the majority of the Group companies
\nthat were involved in agricultural production (poultry farms
\nand other entities engaged in agricultural production) benefit
\nsubstantially from the status of an agricultural producer
\nas these companies were exempt from income taxes and
\npay the fixed agricultural tax (FAT) instead. The tax rate for
\nagricultural producers was calculated as a percentage of
\nthe target-ratio based monetary valuation per hectare of
\nagricultural land. Agricultural manufacturers were eligible
\nto apply for a single tax if they meet both the following two
\nrequirements:
\n1. The share of the entity\u2019s revenue from agricultural
\nproduction (i.e. sale of the entity\u2019s cultivated and
\nprocessed products) to the total share of its income
\nequals or exceeds 75 per cent; and
\n2. These agriproducts were cultivated on land that such
\nagricultural manufacturers own or lease, and the
\nownership title and leases had been duly registered.
\nStarting from 1 January 2022, the change in tax status of
\npoultry producers has become effective as the respective
\namendments to the Tax Code of Ukraine came into force.
\nAs a result, starting from 1 January 2022, profits of the
\nagricultural producers engaged in rearing chickens,
\nchicken meat and eggs production, are subject to regular
\n18% income tax, as described in Note 4.
\nThe components of income tax (benefit)/expense were as
\nfollows for the years ended 31 December 2022 and 2021:
\n2022 2021
\nCurrent income tax expense 9,301 9,773
\nWithholding tax - 8,605
\nDeferred tax benefit (37,379) (11,464)
\nIncome tax (benefit)/expense (28,078) 6,914
\nThe reconciliation between (loss)/profit before tax from
\ncontinuing operations multiplied by the statutory tax rate
\nand the tax expense for the years ended 31 December
\n2022 and 2021 was as follows:
\n2022 2021
\nAccounting (loss)/profit before tax
\nfrom continuing operations
\n(259,015) 403,709
\nLoss before tax from a discontinued
\noperation
\n - (3,457)
\nIncome tax (benefit)/expense
\ncalculated at rates effective during
\nthe year ended in respective
\njurisdictions
\n(47,262) 71,686
\nTAX EFFECT OF:
\n(Loss)/income generated by FAT
\npayers and other exempt from
\nincome tax
\n 2,056 (75,129)
\nEffect on income tax generated by
\nEU companies
\n 2,627 532
\nChange in unrecognised deferred
\ntax asset
\n (888) (3,421)
\nWithholding tax - 8,605
\nNon-deductable expenses and non-
\ntaxable income, net
\n 14,621 3,692
\nTranslation (gain)/loss 768 949
\nIncome tax (benefit)/expense (28,078) 6,914
\n
\n
\n
\n\n
\n\n
\n\n
\n13.\u2005INCOME\u2005TAX\u2005
\n(continued)
\nDerecognition of previously recognised tax losses results
\nfrom the reversal of deferred tax liabilities related to
\nproperty revaluation that were the source of taxable
\nincome relied on previously to support recognition.
\n\nAs of 31 December 2022 and 2021 deferred tax assets and
\nliabilities recognised the following:
\n2022 2021
\nDEFERRED TAX ASSETS
\nARISING FROM:
\nOther current liabilities 3,397 3,334
\nCurrent assets 1,716 3,129
\nTax losses 47,631 29,498
\nTotal deferred tax assets 52 ,744 35,961
\nDEFERRED TAX LIABILITIES
\nARISING FROM:
\nProperty, plant and equipment (170,977) (77,647)
\nCurrent assets (2,681) -
\nTotal deferred tax liabilities (173,658) (77,647)
\nNet deferred tax liabilities (120,914) (41,686)
\nDeferred income tax assets and liabilities are offset
\nwhen there is a legally enforceable right to offset current
\ntax assets against current tax liabilities and when the
\ndeferred income taxes relate to the same fiscal authority.
\nThe following amounts, determined after appropriate
\noffsetting, are presented in the consolidated statement of
\nfinancial position as of 31 December 2022 and 2021:
\n2022 2021
\nDeferred tax assets 2,763 3,018
\nDeferred tax liabilities (123,677) (44,704)
\nUnrecognised deferred tax assets (329) (1,052)
\n (121,243) (42,738)
\nDuring the years ended 31 December 2022 and 2021 the
\nGroup did not recognize deferred tax asset in respect of
\ntax losses in the amount of USD 1,828 (USD 329 thousand
\nof deferred tax assets), USD 5,851 thousand (USD 1,052
\nthousand of deferred tax asset), respectively, as the Group
\ndid not intend to deduct the relevant expenses for tax
\npurposes in subsequent periods, as there are uncertainties
\non whether sufficient taxable profits will be generated by
\nparticular companies of the Group in the future. There is
\nno expiration date of accounting tax losses according to
\nTax Code of Ukraine.
\nDeferred tax liabilities have not been recognised in respect
\nof unremitted earnings of Ukrainian subsidiaries as the
\nearnings can be remitted free from taxation currently and
\nin future years, based on current legislation.
\nThe movements in net deferred tax liabilities for the years
\nended 31 December 2022 and 2021 were as follows:
\n2022 2021
\nNet deferred tax liabilities as of
\nbeginning of the year
\n (42,738) (28 ,045)
\nDeferred tax charged directly to
\nrevaluation reserve (Note 4)
\n (81 ,317) -
\nDeferred tax benefit 37,379 11,464
\nDeferred tax on revaluation of
\nproperty, plant and equipment
\ncharged directly to other
\ncomprehensive income
\n (58,889) (26,597)
\nTranslation difference 24,322 440
\nNet deferred tax liabilities as of
\nend of the year
\n (121,243) (42,738)
\n
\n
\n
\n\n
\n\n
\n\n
\n\n
\n
\n14.\u2005PROPERTY,\u2005PLANT\u2005AND\u2005EQUIPMENT
\n\nThe following table represents movements in property, plant and equipment for the year ended 31 December 2022:
\nLAND
\nBUILDINGS
\nAND
\nSTRUCTURES
\nGRAIN
\nSTORAGE
\nFACILITIES
\nPRODUCTION\u2005
\nMACHINERY
\nAUXILIARY\u2005
\nAND\u2005OTHER\u2005
\nMACHINERY
\nUTILITIES\u2005AND
\n\u2005
\nINFRASTRUCTURE
\nVEHICLES\u2005AND\u2005
\nAGRICULTURAL\u2005
\nMACHINERY
\nOTHER\u2005FIXED\u2005
\nASSETS
\n1)
\nCONSTRUCTION
\nIN\u2005PROGRESS
\n2)
\nTOTAL
\nCost or fair value:
\nAt 31 December 2021 34,639 951,315 101,970 387,968 81,662 148,854 212,135 27,887 112,829 2 ,059,259
\nAdditions 1,559 52,731 2,491 38,055 12,760 4,556 22,848 6,545 25,198 166,743
\nTransfer from Right-of-use assets - - - - - - 4,949 - - 4,949
\nTransfers - - - - (7,667) 1,465 - 6,202 - -
\nDisposals (1,068) (8,162) (105) (1,843) (377) (270) (4,099) (1,508) (998) (18,430)
\nDisposal of subsidiary - - - - - - - - - -
\nRevaluation - 94,628 4,707 55,028 5,001 15,841 9,582 - - 184,787
\nImpairment loss - (6,098) (631) (11,416) (2,725) (515) (3,787) - (2,196) (27,368)
\nTranslation difference (3,405) (220,587) (26,125) (90,557) (19,699) (38,118) (55,118) (7,305) (26,555) (487,469)
\nAt 31 December 2022 31,725 863,827 82,307 377,235 68,955 131,813 186,510 31,821 108,278 1,882,471
\nAccumulated depreciation:
\nAt 31 December 2021 - 81,924 - - 258 17,379 34 20,057 - 119,652
\nDepreciation charge for the year - 29,906 3,894 30,721 5,553 8,625 27,769 3,536 - 110,004
\nElimination upon disposal - (653) (8) (529) (78) (156) (393) (368) - (2,185)
\nElimination upon revaluation - (90,809) (3,440) (21,810) (4,239) (20,093) (25,592) - - (165,983)
\nDisposal of subsidiary - - - - - - - - - -
\nTransfers - 165 (165) - 243 (174) - (69) - -
\nTransfer from Right-of-use assets - - - - - - 3,302 - - 3,302
\nTranslation difference - (20,517) (281) (2,750) (1,043) (4,986) (3,298) (5,175) - (38,050)
\nAt 31 December 2022 - 16 - 5,632 694 595 1,822 17,981 - 26,740
\nNet book value
\nAt 31 December 2021 34,639 869,391 101,970 387,968 81,404 131,475 212,101 7,830 112,829 1,939,607
\nAt 31 December 2022 31,725 863,811 82,307 371,603 68,261 131,218 184,688 13,840 108,278 1,855,731
\n1)
\n Other fixed assets include bearer plants, office furniture and equipment;
\n2)
\n Construction in progress include advances for property plant and equipment, machinery and equipment not in use, construction materials and spare parts, projects in progress.
\n
\n\n
\n\n
\n\n
\n\n
\n14.\u2005PROPERTY,\u2005PLANT\u2005AND\u2005EQUIPMENT\u2005
\n(continued)
\n\nThe following table represents movements in property, plant and equipment for the year ended 31 December 2021:
\nLAND
\nBUILDINGS
\nAND
\nSTRUCTURES
\nGRAIN
\nSTORAGE
\nFACILITIES
\nPRODUCTION\u2005
\nMACHINERY
\nAUXILIARY\u2005
\nAND\u2005OTHER\u2005
\nMACHINERY
\nUTILITIES\u2005AND
\n\u2005
\nINFRASTRUCTURE
\nVEHICLES\u2005AND\u2005
\nAGRICULTURAL\u2005
\nMACHINERY
\nOTHER\u2005FIXED\u2005
\nASSETS
\n1)
\nCONSTRUCTION
\nIN\u2005PROGRESS
\n2)
\nTOTAL
\nCost or fair value:
\nAt 31 December 2020 37,591 922,975 95,639 413,912 62,569 136,953 180,060 31,648 71,347 1,952,694
\nAdditions 1,517 23,526 1,427 30,993 13,498 6,099 21,564 8,277 40,669 147,570
\nTransfer from Right-of-use assets - - - - - - 11,848 - - 11,848
\nTransfers 122 (2,776) (3,244) (48) 9,044 1,537 (560) (7,064) 2,989 -
\nDisposals (1,462) (9,444) (4) (4,848) (887) (52) (6,938) (2,888) (3,552) (30,075)
\nDisposal of subsidiary (246) (2,484) - (475) - - (20) (384) - (3,609)
\nRevaluation - - 5,088 (59,438) (2,102) (346) 2,972 (928) - (54,754)
\nImpairment loss (732) - (181) (3,466) (1,889) (169) (2,708) (1,462) - (10,607)
\nTranslation difference (2,151) 19,518 3,245 11,338 1,429 4,832 5,917 688 1,376 46,192
\nAt 31 December 2021 34,639 951,315 101,970 387,968 81,662 148,854 212,135 27,887 112,829 2,059,259
\nAccumulated depreciation:
\nAt 31 December 2020 - 48,341 8,707 118,354 9,731 9,532 58,481 20,631 - 273,777
\nDepreciation charge for the year - 35,574 8,216 40,921 8,475 8,454 43,023 5,248 - 149,911
\nElimination upon disposal - (2,011) (2) (4,482) (609) (36) (3,828) (1,823) - (12,791)
\nElimination upon revaluation - - (17,046) (157,916) (17,593) (655) (103,618) (4,032) - (300,860)
\nDisposal of subsidiary - (292) - - (166) - (7) (282) - (747)
\nTransfers - 186 (186) (2) 254 (174) - (78) - -
\nTransfer from Right-of-use assets - - - - - - 4,193 - - 4,193
\nTranslation difference - 126 311 3,125 166 258 1,790 393 - 6,169
\nAt 31 December 2021 - 81,924 - - 258 17,379 34 20,057 - 119,652
\nNet book value
\nAt 31 December 2020 37,591 874,634 86,932 295,558 52,838 127,421 121,579 11,017 71,347 1,678,917
\nAt 31 December 2021 34,639 869,391 101,970 387,968 81,404 131,475 212,101 7,830 112,829 1,939,607
\n1)
\n Other fixed assets include bearer plants, office furniture and equipment;
\n2)
\n Construction in progress include advances for property plant and equipment, machinery and equipment not in use, construction materials and spare parts, projects in progress.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n14.\u2005PROPERTY,\u2005PLANT\u2005AND\u2005EQUIPMENT\u2005
\n(continued)
\n\nAs of 31 December 2022, included within construction
\nin progress were prepayments for property, plant and
\nequipment in the amount of USD 28,185 thousand (2021:
\nUSD 24,333 thousand).
\n
\n\nAs of 31 December 2022, included within property, plant
\nand equipment were fully depreciated assets with the
\noriginal cost of USD 6,009 thousand (2021: USD 22,635
\nthousand).
\n\nAs of 31 December 2022, certain of the Group\u2019s property,
\nplant and equipment with the collateral amount of USD
\n100,789 thousand (2021: USD 91,931 thousand) were
\npledged as collateral to secure its bank borrowings.
\n
\n\nRevaluation of property, plant and equipment
\nDuring the year ended 31 December 2022, the Group
\nengaged independent appraisers to perform a revaluation to
\nrevalue its buildings and structures, grain storage facilities,
\nproduction machinery, utilities and infrastructure, vehicles
\nand agricultural machinery, auxiliary and other machinery
\nas at 31 December 2022. Previous revaluations have been
\nperformed with the engagement of external independent
\nappraisers as follows: for buildings and structures and
\nutilities and infrastructure \u2013 as at 30 September 2019, and for
\nother groups of property, plant and equipment accounted
\nfor under the revaluation model \u2013 as of 31 December 2021.
\nThe revaluation process conformed to International
\nValuation Standards and was performed using the following
\nmethods and approaches:
\n\u2022 buildings and structures \u2013 depreciated replacement
\ncost method by reference to observable prices in an
\nactive market adjusted by the cumulative index of in-
\nflation of construction works and index of physical de-
\npreciation (based on age and condition of buildings and
\nstructures;
\n\u2022 grain storage facilities \u2013 depreciated replacement cost
\nmethod by reference to observable prices in an active
\nmarket adjusted based on age and condition of the fa-
\ncilities;
\n\u2022 vehicles and agricultural machinery \u2013 market compara-
\nble approach adjusted based on age and condition of
\nthe machinery;
\n\u2022 production machinery \u2013 depreciated replacement cost
\nmethod for items of specialized nature and market com-
\nparable approach adjusted based on age and condition
\nof the machinery for other items;
\n\u2022 auxiliary and other machinery \u2013 depreciated replace-
\nment cost method for items of specialized nature and
\nmarket comparable approach adjusted based on age
\nand condition of the machinery for other items;
\n\u2022 utilities and infrastructure \u2013 depreciated replacement
\ncost method by reference to observable prices in an
\nactive market adjusted based on age and condition of
\nfacilities, the fluctuations of the cumulative index of in-
\nflation of construction works and the index of physical
\ndepreciation.
\nDuring the year ended 31 December 2022, impairment
\nloss (in profit or loss) and increase in revaluation (in other
\ncomprehensive income) as a result of regular valuation
\nprocedures amounted to USD 16,254 thousand and USD
\n360,259 thousand respectively. Additionally, the Group
\nreviews its property, plant and equipment each period to
\ndetermine if any indication of impairment exists. During the
\nyear ended 31 December 2022, the Group has recognised
\nan impairment loss of USD 11,114 thousand (in profit or
\nloss) and decrease in revaluation reserve of USD 9,489
\nthousand (in other comprehensive income) in respect of
\ncertain property, plant and equipment of its subsidiairy,
\nUkrainian Bacon, located in Donetsk region as described
\nin Notes 2 and 33.
\n
\n\n
\n\n
\n\n14.\u2005PROPERTY,\u2005PLANT\u2005AND\u2005EQUIPMENT\u2005(continued)
\nThe following unobservable inputs were used to measure Buildings and structures, Utilities and infrastructure, Grain storage facilities, Vehicles and agricultural machinery, Auxiliary and
\nother machinery and Production machinery:
\nDESCRIPTION VALUATION\u2005TECHNIQUE(S) UNOBSERVABLE\u2005INPUTS
\nRANGE\u2005OF\u2005UNOBSERVABLE\u2005
\nINPUTS\u20052022\u2005(AVERAGE)
\nRELATIONSHIP\u2005OF\u2005UNOBSERVABLE\u2005INPUTS\u2005\u2005
\nTO\u2005FAIR\u2005VALUE
\nBuildings and structures
\nDepreciated replacement
\ncost method
\nIndex of physical depreciation
\n0 \u2013 80%
\n(30.12%)
\nThe higher the index of physical depreciation,
\nthe lower the fair value
\nCumulative index of inflation
\nof\u2005construction works
\n1.00 \u2013 18.13
\n(3.29)
\nThe higher the index, the higher the fair value
\nUtilities and infrastructure
\nDepreciated replacement
\ncost method
\nIndex of physical depreciation
\n0 \u2013 80%
\n(31.16%)
\nThe higher the index of physical depreciation,
\nthe lower the fair value
\nCumulative index of inflation
\nof\u2005construction works
\n1.00 \u2013 18.45
\n(2.93)
\nThe higher the index, the higher the fair value
\nGrain storage facilities
\nDepreciated replacement
\ncost method
\nIndex of physical depreciation
\n0 \u2013 80%
\n(43.68%)
\nThe higher the index of physical depreciation,
\nthe lower the fair value
\nCumulative index of inflation
\nof\u2005construction works
\n1.00 \u2013 19.71
\n(3.96)
\nThe higher the index, the higher the fair value
\nVehicles and agricultural machinery
\nMarket comparable
\napproach
\nIndex of physical depreciation
\n0 \u2013 90%
\n(41.59%)
\nTThe higher the index of physical depreciation,
\nthe lower the fair value
\nAuxiliary and other machinery
\nDepreciated replacement
\ncost method
\nIndex of physical depreciation
\n0 \u2013 90%
\n(31.55%)
\nThe higher the index of physical depreciation,
\nthe lower the fair value
\nCumulative index of producer inflation
\n1.00 \u2013 19.71
\n(2.51)
\nThe higher the index, the higher the fair value
\nProduction machinery
\nDepreciated replacement
\ncost method
\nMarket comparable approach
\n0 \u2013 90%
\n(41.71%)
\nThe higher the index of physical depreciation,
\nthe lower the fair value
\nCumulative index of producer inflation
\n1.00 \u2013 19.71
\n(3.32)
\nThe higher the index, the higher the fair value
\nHad the Group\u2019s property plant and equipment been measured on a historical cost basis, their carrying amount would have been as follows:
\nFAIR\u2005VALUE\u2005
\nHIERARCHY
\nNET\u2005BOOK\u2005VALUE\u2005UNDER\u2005REVALUATION\u2005MODEL NET\u2005BOOK\u2005VALUE\u2005IF\u2005CARRIED\u2005AT\u2005COST
\n2022 2021 2022 2021
\nBuildings and structures Level 3 863,811 869,391 249,218 338,921
\nProduction machinery Level 2, 3 371,603 387,968 170,657 279,710
\nUtilities and infrastructure Level 3 131,218 131,475 54,583 75,899
\nVehicles and agricultural machinery Level 2 184,688 212,101 81,209 178,284
\nGrain storage facilities Level 3 82,308 101,970 23,102 53,348
\nAuxiliary and other machinery Level 2, 3 68,261 81,404 39,608 56,577
\n 1,701,889 1,784,309 618,377 982,739
\n
\n\n
\n\n
\n
\n
\n
\n\n14.\u2005PROPERTY,\u2005PLANT\u2005AND\u2005EQUIPMENT\u2005(continued)
\nThere are no restrictions on the distribution of the
\nrevaluation surplus to the shareholders.
\n
\n\n\n
\n
\n15.\u2005RIGHT-OF-USE\u2005ASSETS
\n\nThe following table represents movements in right-of-use
\nassets for the years ended 31 December 2022 and 2021:
\nLAND
\nBUILDINGS\u2005
\nAND\u2005
\nVEHICLES TOTAL
\nNet book value:
\nAs of 31 December 2020 1 7 3 , 2 8 3 33,718 2 0 7, 0 0 1
\nAdditions 15,865 15,287 31,152
\nDepreciation charge
\nfor\u2005the year
\n (37,736) (6,439) (44,175)
\nTermination of the lease (2,589) (9,712) (12,301)
\nReassessment of the
\nlease
\n 90,025 125 90,150
\nTranslation difference 5,815 (354) 5,461
\nAs of 31 December 2021 2 4 4 , 6 6 3 32,625 2 7 7, 2 8 8
\nAdditions 9,980 11,882 21,862
\nDepreciation charge
\nfor\u2005the year
\n (31,778) (6,512) (38,290)
\nTermination of the lease (5,937) (2,007) (7,944)
\nReassessment of the
\nlease
\n 38,559 (138) 38,421
\nTranslation difference (62,750) (5,670) (68,420)
\nAs of 31 December 2022 192,737 30,180 2 2 2 ,9 1 7
\n
\n\n
\n\n\n
\n
\n\n
\n16.\u2005INTANGIBLE\u2005ASSETS
\n\nThe following table represents movements in intangible assets for the year ended 31 December 2022:
\nLAND\u2005LEASE\u2005RIGHTS TRADEMARKS CUSTOMER\u2005RELATIONS OTHER\u2005INTANGIBLE\u2005ASSETS TOTAL
\nCost:
\nAs of 31 December 2021 71,881 31,597 19,820 27,628 150,926
\nAdditions - - - 7,956 7,956
\nDisposals - - - (1,003) (1,003)
\nTranslation difference (18,262) (1,909) (1,197) (6,707) (28,075)
\nAs of 31 December 2022 53,619 29,688 18,623 27,874 129,804
\nAccumulated amortization:
\nAs of 31 December 2021 41,635 - 2,807 8,693 53,135
\nAmortization charge for the year 6,046 - 918 4,014 10,978
\nDisposals - - - (96) (96)
\nTranslation difference (11,273) - (157) (2,411) (13,841)
\nAs of 31 December 2022 36,408 - 3,568 10,200 50,176
\nNet book value:
\nAs of 31 December 2021 30,246 31,597 17,013 18,935 97,791
\nAs of 31 December 2022 17,211 29,688 15,055 17,674 79,628
\n
\nThe following table represents movements in intangible assets for the year ended 31 December 2021:
\nLAND\u2005LEASE\u2005RIGHTS TRADEMARKS CUSTOMER\u2005RELATIONS OTHER\u2005INTANGIBLE\u2005ASSETS TOTAL
\nCost:
\nAs of 31 December 2020 69,349 34,505 21,481 14,837 140,172
\nAdditions - - - 11,504 11,504
\nDisposals - (249) - (103) (352)
\nTranslation difference 2,532 (2,659) (1,661) 1,390 (398)
\nAs of 31 December 2021 71,881 31,597 19,820 27,628 150,926
\nAccumulated amortization:
\nAs of 31 December 2020 33,929 - 1,968 7,434 43,331
\nAmortization charge for the year 6,466 - 1,035 1,208 8,709
\nDisposals - - - (71) (71)
\nTranslation difference 1,240 - (196) 122 1,166
\nAs of 31 December 2021 41,635 - 2,807 8,693 53,135
\nNet book value:
\nAs of 31 December 2020 35,420 34,505 19,513 7,403 96,841
\nAs of 31 December 2021 30,246 31,597 17,013 18,935 97,791
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n\n
\n
\n\n16.\u2005INTANGIBLE\u2005ASSETS\u2005\u2005
\n(continued)
\nThe Group has recognised certain trademarks and
\ncustomer relationships as a part of intangible assets
\nthrough the acquisition of subsidiaries in previous years.
\nCustomer relationships were identified among customers
\nof the core products portfolio of acquired subsidiaries.
\nThe remaining useful life of customer relationships was
\nestimated at 20 years.
\nThe trademarks acquired by the Group mainly consist of PP
\nand Topiko poultry meat brands and the Poli meat processing
\nproducts brand. The Group believes that, since trademarks
\nare well-positioned and recognizable within a stable and
\nmature industry, there are no technical barriers that would
\nlimit their lifetime, and as a result of further promotion of
\nthe trademarks, the Group will obtain economic benefits
\nfrom them for an indefinite period of time. Accordingly,
\nthe trademarks that belong to the Group are considered
\nto have an indefinite useful life and thus are not amortized
\nbut tested for impairment by comparing their recoverable
\namount with their carrying amount annually.
\nThe Group allocates trademarks to individual entities
\nas separate cash-generating units (CGU). A summary of
\nthe allocation of trademarks values to separate CGUs is
\npresented below:
\nSEGMENT
\nCASH-\u2005
\nGENERATING\u2005\u2005
\nUNIT
\nTRADEMARKS\u2005
\nCARRYING\u2005VALUE
\n2022 2021
\nEuropean
\noperating
\nSlovenia 16,960 18,051
\nSerbia 2,142 2,279
\nBosnia and
\nHerzegovina
\n 5,461 5,812
\nCroatia 5,125 5,455
\n 29,688 31,597
\nThe impairment testing of the value of trademarks
\nwas performed internally. The recoverable amount of
\ntrademarks of all cash-generating units is determined
\nbased on the value in use method which uses cash flow
\nprojections covering a five-year period.
\nDiscount rates represent the current market assessment of
\nthe risks specific to each CGU, taking into consideration the
\ntime value of money and individual risks of the underlying
\nassets that have not been incorporated in the cash flow
\nestimates. The discount rate calculation is based on the
\nspecific circumstances of the Group and its operating
\nsegments and is derived from its weighted average cost of
\ncapital (WACC). The WACC takes into account both debt
\nand equity. The cost of equity is derived from the expected
\nreturn on investment by the Group\u2019s investors. The cost
\nof debt is based on the interest-bearing borrowings the
\nGroup is obliged to service. Segment-specific risk is
\nincorporated by applying individual beta factors.
\nThe weighted average discount rate of 18.1% (2021: 16.1%)
\nwas used. An increase by 1,048 basis points in the weighted
\naverage discount rate would result in impairment in 2022
\n(2021: 588 basis points).
\nThe revenue within five-year period was extrapolated
\nusing a weighted average 4.8% sales growth rate and
\n2.7% terminal growth rate for revenue beyond this period
\n(2021: 4.2% and 2.0% respectively). A reduction by 1,887
\nbasic points in the budgeted sales growth would result in
\nimpairment in 2022 (2021: 3,279 basic points).
\nWeighted average royalty rate used in calculation of cash
\nflows was set at a level of 2.2% (2021: 2.2%). A reduction
\nby 83 basis points in the weighted average royalty rate
\nwould result in impairment in 2022 (2021: 77 basis points).
\nAs of 31 December 2022 and 2021, no impairment of
\ntrademarks was identified.
\n
\n
\n\n\n17.\u2005GOODWILL
\nThe following table represents movements in goodwill for
\nthe years ended 31 December 2022 and 2021:
\n2022 2021
\nCost:
\nAs of 1 January 66,382 70,614
\nAcquisitions of subsidiaries (Note 3) - 921
\nImpairment recognized (1,874) -
\nTranslation difference ( 4 , 7 0 0 ) ( 5 ,1 5 3 )
\nAs of 31 December 59,808 6 6 , 3 8 2
\nNet book value:
\nAs of 1 January 6 6 , 3 8 2 70 , 61 4
\nAs of 31 December 59,808 66,382
\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n
\n\n17.\u2005GOODWILL\u2005
\n(continued)
\nThe Group allocates goodwill to individual entities as to separate cash-generating units (CGU). A summary of goodwill
\nallocation to separate CGUs is presented below:
\nSEGMENT
\nCASH-\u2005
\nGENERATING\u2005\u2005
\nUNIT
\nGOODWILL\u2005CARRYING\u2005VALUE
\nMETHODOLOGY\u2005ASSUMPTIONS\u2005\u2005
\nAND\u2005METHODS\u2005USED\u2005FOR\u2005GOODWILL
\n2022 2021 2022\u2005(2021)
\nUkraine
\nGrain Ukraine - 2,513
\nAverage sales growth: 11.0% (-0.1%)
\nTerminal sales growth: 5.0%(4.9%)
\nDiscount rate: 19.1%(13.6%)
\nProjection period: 5 years
\nMeat processing and
\nother agricultural
\noperations
\n712 954
\nAverage sales growth: 11.0%(4.6%)
\nTerminal sales growth: 5.0% (4.9%)
\nDiscount rate: 19.1%(13.6%)
\nProjection period: 5 years
\nEuropean operating
\nSlovenia 37,047 39,448
\nAverage sales growth: 7.0% (2.1%)
\nTerminal sales growth: 2.1%(2.0%)
\nDiscount rate: 9.9% (6.3%)
\nProjection period: 5 years
\nSerbia 3,842 4,089
\nAverage sales growth: 8.2%(2.6%)
\nTerminal sales growth: 3.0%(2.0%)
\nDiscount rate: 13.0%(8.1%)
\nProjection period: 5 years
\nBosnia and
\nHerzegovina
\n10,700 11,388
\nAverage sales growth: 4.8%(2.6%)
\nTerminal sales growth: 2.1%(2.0%)
\nDiscount rate: 19.0%(11.5%)
\nProjection period: 5 years
\nCroatia 7,507 7,990
\nAverage sales growth: 7.3%(2.0%)
\nTerminal sales growth: 1.8%(2.0%)
\nDiscount rate: 11.1%(7.6%)
\nProjection period: 5 years
\n59,808 66,382
\nThe recoverable amount of cash-generating units is determined based on a value in use calculation which uses cash flow
\nprojections based on financial forecasts approved by the Directors.
\nThe discount rate calculation is based on the specific
\ncircumstances of the Group and its operating segments
\nand is derived from its weighted average cost of capital
\n(WACC), adjusted on segment-specific risk by applying
\nindividual beta factors. An increase by 338 basis points in
\nthe weighted average discount rate to 15,0% would result
\nin impairment in 2022 (2021: 752 basis points to 15.5%).
\nThe growth rates and gross margins used for cash flow
\nextrapolations are supported by industry trends such as
\nconsumer prosperity and dietary trends. These inputs were
\nestimated by the Directors based on past performance
\nof the cash-generating unit and their expectations of
\nmarket development. A reduction by 255 basis points in
\nthe budgeted sales growth or reduction in gross margin by
\n1,198 basis points would result in impairment in 2022 (2021:
\n1,245 and 628 resprectively).
\nAs of 31 December 2022 an impairment of goodwill in
\namount of USD 1,874 thousand attributable to Grain
\nGrowing segment was recognized due to lower projected
\ncash-flows from operations as well as substantial increase
\nin the discount rate. As of 31 December 2021, no impairment
\nwas identified.
\n
\n
\n\n
\n
\n\n\n18.\u2005NON-CURRENT\u2005FINANCIAL\u2005ASSETS
\nThe balances of non-current financial assets were as
\nfollows as of 31 December 2022 and 2021:
\n2022 2021
\nLoans provided to third parties 23,968 25,113
\nReceivables for claims and
\nindemnification
\n 385 1,757
\nLoans and finance aid provided to
\nrelated parties (Note 32)
\n3,034 4,102
\nOther financial assets 939 2,131
\nLess: expected credit losses (20,513) (4,339)
\n 7,813 28,764
\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n\n
\n18.\u2005NON-CURRENT\u2005FINANCIAL\u2005ASSETS\u2005
\n(continued)
\nLoans receivable are mostly represented by loans with
\nfixed interest at 2.5% (EIR of 4.25%) with maturities as of
\n31 December 2025, 31 December 2026 and 31 December
\n2027.
\nThe Group determines the expected credit loss of other
\nnon-current loan receivables and other financial assets
\nbased on different scenarios of probability of default
\nand expected loss applicable to each of the material
\nunderlying balances. The expected credit losses relate to
\nloan provided to the third parties and loans and finance
\naid provided to related parties in amount of USD 20,237
\nthosand and USD 276 thousand respectively (2021: USD
\n3,942 thousand and 397 thosand respectively).
\n\nThe movement in loss allowance for loan receivables
\nand other financial assets classified at amortised cost is
\ndetailed below:
\n2022 2021
\n1 January (4,339) (4,268)
\nCharged during the year (16,174) (71)
\n31 December (20,513) (4,339)
\n
\n\n
\n\n\n19.\u2005BIOLOGICAL\u2005ASSETS\u2005
\nThe balances of non-current biological assets were as follows as of 31 December 2022 and 2021:
\nTHOUSAND\u2005UNITS CARRYING\u2005AMOUNT THOUSAND\u2005UNITS CARRYING\u2005AMOUNT
\n2022 2021
\nMilk cows 15.2 17,239 14.9 22,746
\nOther non-current bearer biological assets 10 14
\nTotal bearer non-current biological assets 17,249 22,760
\nNon-current cattle and pigs, units 5.2 3,957 4.9 4,378
\nTotal consumable non-current biological
\nassets
\n 3,957 4,378
\nTotal non-current biological assets 21,206 27,138
\nThe balances of current biological assets were as follows as of 31 December 2022 and 2021:
\nTHOUSAND\u2005UNITS CARRYING\u2005AMOUNT THOUSAND\u2005UNITS CARRYING\u2005AMOUNT
\n2022 2021
\nBreeders held for hatchery eggs production,
\nunits
\n4,943 59,795 4,969 79,583
\nTotal bearer current biological assets 59,795 79,583
\nBroiler chickens, units 53,561 75,204 55,310 89,257
\nHatchery eggs, units 42,041 10,541 42,389 11,688
\nCrops in fields, hectare 82 29,713 62 33,565
\nCattle and pigs, units 3.5 1,328 3.4 1,293
\nOther current consumable biological assets 112 73
\nTotal consumable current biological assets 116,898 135,876
\nTotal current biological assets 176,693 215,459
\n
\n\n
\n\n
\n\n19.\u2005BIOLOGICAL\u2005ASSETS
\n(continued)
\nThe following table represents movements in major biological assets for the years ended 31 December 2022 and 2021:
\nMILK\u2005COWS
\nBREEDERS\u2005HELD\u2005FOR\u2005
\nHATCHERY\u2005EGGS\u2005
\nPRODUCTION
\nBROILER
\nCHICKENS
\nCROPS\u2005
\nIN\u2005FIELDS
\nAs of 31 December 2020 21,947 70,059 67,481 24,846
\nCosts incurred 12,921 143,927 1,010,123 323,462
\nGains arising from change in fair value of biological assets less costs to sell 9,593 65,578 234,694 353,464
\nTransfer to consumable biological assets - (178,613) 178,613 -
\nIncrease due to birth and weight increase 8,765 - - -
\nDecrease due to harvest (31,229) (23,268) (1,403,791) (669,029)
\nTranslation difference 749 1,900 2,137 822
\nAs of 31 December 2021 22,746 79,583 89,257 33,565
\nCosts incurred 11,945 126,772 935,411 330,785
\nGains arising from change in fair value of biological assets less costs to sell 7,137 55,056 453,817 92,983
\nTransfer to consumable biological assets - (156,495) 156,495 -
\nIncrease due to birth and weight increase 6,864 - - -
\nDecrease due to sale - (2,670) - -
\nDecrease due to harvest (25,772) (23,655) (1,537,988) (418,734)
\nTranslation difference (5,681) (18,796) (21,788) (8,886)
\nAs of 31 December 2022 17,239 59,795 75,204 29,713
\nInformation on movements in hatchery eggs and cattle and pigs groups have been considered immaterial for disclosure.
\n
\n\n
\n\n
\n\n19.\u2005BIOLOGICAL\u2005ASSETS
\n(continued)
\nBiological assets of the Group are measured at fair value within Level 3 of the fair value hierarchy, except for cattle and pigs that can be measured based on market prices of livestock of
\na similar age, breed and genetic merit, and which are therefore measured at fair value within Level 2 of the fair value hierarchy. There were no transfers between any levels during the year.
\nThe following unobservable inputs were used to measure biological assets:
\nDESCRIPTION VALUATION\u2005TECHNIQUE
\nSIGNIFICANT\u2005UNOBSERVABLE\u2005
\nINPUTS
\nRELATIONSHIP\u2005OF\u2005UNOBSERVABLE\u2005
\nINPUTS\u2005TO\u2005FAIR\u2005VALUE
\nRANGE\u2005OF\u2005UNOBSERVABLE\u2005INPUTS\u2005\u2005
\n(AVERAGE)
\nSENSITIVITY\u2005OF\u2005THE\u2005INPUT\u2005TO\u2005FAIR\u2005
\nVALUE\u2005INCREASE/\u2005\u2005
\n(DECREASE)\u2005USD\u2005THOUSAND\u2005
\nINPUT\u20055%\u2005HIGHER INPUT\u20055%\u2005LOWER
\nCrops in fields DCF method
\nCrops yield - tonnes per
\nhectare
\nThe higher the crops yield,
\nthe higher the fair value
\n2022: 3.6 \u2013 7.2 (5.4) 4,384 (4,384)
\n2021: 3.0 \u2013 5.5 (4.5) 4,962 (4,962)
\nCrops price \u2013 per tonne
\nThe higher the market price,
\nthe higher the fair value
\n2022: USD 157 - 498 (328) 4,384 (4,384)
\n2021: USD 255 - 617 (403) 4,962 (4,962)
\nDiscount rate
\nThe higher the discount rate,
\nthe lower the fair value
\n2022: 42.7% (207) 212
\n2021: 15.4% (116) 116
\nBreeders held for hatchery
\neggs production
\nDCF method
\nNumber of hatchery eggs
\nproduced by one breeder
\nThe higher the number,
\nthe higher the fair value
\n2022: 165 1,187 (1,187)
\n2021: 165 3,148 (3,148)
\nHatchery egg price \u2013 per egg
\nThe higher the market price,
\nthe higher the fair value
\n2022: USD 0.25 4,295 (4,295)
\n2021: USD 0.30 5,592 (5,592)
\nDiscount rate
\nThe higher the discount rate,
\nthe lower the fair value
\n2022: 42.7% (302) 308
\n2021: 13.6% (182) 184
\nBroiler chickens Cash flows method
\nAverage weight
\nof one broiler - kg
\nThe higher the weight,
\nthe higher the fair value
\n2022: 2.40 6,157 (6,157)
\n2021: 2.41 7,888 (7,888)
\nPoultry meat price \u2013
\nper kg
\nThe higher the market price,
\nthe higher the fair value
\n2022: UAH 40.64
\n3.24 EUR
\n*
\n 6,157 (6,157)
\n2021: UAH 35.80
\n2.27 EUR
\n*
\n 7,888 (7,888)
\nMilk cows DCF method
\nDaily milk yield -
\nlitre per cow
\nThe higher the milk yield,
\nthe higher the fair value
\n2022: 20.19 - 21.91 (21.40) 837 (837)
\n2021: 15.55 \u2013 20.54 (18.28) 1,060 (1,060)
\nWeight of the cow -
\nkg per cow
\nThe higher the weight,
\nthe higher the fair value
\n2022: 559 - 587 (570) 112 (112)
\n2021: 550 - 585 (562) 222 (222)
\nMilk price \u2013 per litre
\nThe higher the market price,
\nthe higher the fair value
\n2022: UAH 12.42 \u2013 12.99 (12.73) 4,086 (4,086)
\n2021: UAH 11.91 \u2013 12.58 (12.22) 5,194 (5,194)
\nMeat price \u2013 per kg
\nThe higher the market price,
\nthe higher the fair value
\n2022: UAH 15.58 - 18.09 (16.77) 112 (112)
\n2021: UAH 15.98 \u2013 34.13 (22.97) 222 (222)
\nDiscount rate
\nThe higher the discount rate,
\nthe lower the fair value
\n2022: 25.0% (475) 498
\n2021: 13.6% (421) 434
\n* data of European operating segment
\n
\n\n
\n\n
\n
\n
\n\n20.\u2005INVENTORIES\u2005
\nThe balances of inventories were as follows as of 31
\nDecember 2022 and 2021:
\n2022 2021
\nComponents for mixed fodder
\nproduction
\n157,099 192,362
\nOther raw materials 50,531 44,458
\nFertilizers 49,603 40,969
\nVegetable oil 49,540 15,153
\nWork in progress 39,580 40,103
\nGas and fuel 25,851 5,057
\nSpare parts 15,610 18,935
\nMixed fodder 15,043 6,180
\nOther inventories 10,933 4,002
\n413,790 367,219
\nAs of 31 December 2022 and 2021 work in progress was
\nmainly comprised of expenses incurred in cultivating fields
\nto be planted in the years 2023 and 2022 in amounts of USD
\n38,216 thousand and USD 39,225 thousand, respectively.
\nAs of 31 December 2022 components for mixed fodder
\nproduction mostly consist of sunflower seeds in amount
\nof USD 95,613 thousand (31 December 2021: USD 59,832
\nthousand), corn in amount of USD 8,311 thousand (31
\nDecember 2021: USD 31,897 thousand) and soybeans in
\namount of USD 3,984 thousand (31 December 2021: USD
\n59,448 thousand).
\nInventory is stated at the lower of cost and net realisable
\nvalue. As at 31 December 2022 inventory write-downs to
\nnet realisable value in the amount of USD 2,799 thousand
\nwere recognised within cost of sales. No impairment or
\nreversal of write-downs were made as of 31 December
\n2021.
\n
\n\n\n
\n21.\u2005AGRICULTURAL\u2005PRODUCE
\nThe balances of agricultural produce were as follows as of
\n31 December 2022 and 2021:
\nSEGMENT
\nTHOUSAND\u2005
\nTONNES
\nCARRYING\u2005
\nAMOUNT
\nTHOUSAND\u2005
\nTONNES
\nCARRYING\u2005
\nAMOUNT
\n2022 2021
\nGrain 1,050 2 2 4 , 5 5 0 1,201 372,343
\nChicken meat 70.6 1 2 7,9 0 8 72.3 1 2 8 ,757
\nOther various
\ncrops
\n 8,967 9,181
\nOther various
\nmeat
\n 2 986
\n 3 6 1 , 4 2 7 51 1 , 2 67
\nThe fair value of Agricultural produce was estimated based
\non market price as of date of harvest and is within Level 2
\nof the fair value hierarchy.
\n\nAs of 31 December 2022, agricultural produce in amount of
\nUSD 38,260 thousand was pledged as collateral to secure
\nbank borrowings (2021: USD 38,188 thousand).
\n
\n\n
\n\n\n22.\u2005TAXES\u2005RECOVERABLE\u2005AND\u2005PREPAID
\nTaxes recoverable and prepaid were as follows as of 31
\nDecember 2022 and 2021:
\n2022 2021
\nVAT recoverable 68,063 66,915
\nMiscellaneous taxes prepaid 696 1,236
\n 68,759 68,151
\n
\n\n
\n\n
\n\n23.\u2005TRADE\u2005ACCOUNTS\u2005RECEIVABLE\u2005
\nThe balances of trade accounts receivable were as
\nfollows as of 31 December 2022 and 2021:
\n2022 2021
\nChicken meat 125,271 124,669
\nMeat processing and convenience
\nfood
\n 18,220 28,153
\nSunflower oil sales 29,737 304
\nGrain 3,133 1,874
\nDue from related parties (Note 32) 106 113
\nOther agriculture operations 19,696 16,981
\nLess: expected credit losses (13,263) (15,216)
\n 1 8 2 ,9 0 0 1 5 6 , 8 7 8
\nThe average credit period on sales of poultry is 30 days
\nand on sales of agricultural goods is 60 days. No interest
\nis charged on outstanding trade accounts receivable.
\nThe expected credit losses on trade accounts receivable
\nare estimated on a collective basis using a provision
\nmatrix and on individual basis using different scenarios
\nof probability of default.
\nThe provision matrix is used by reference to past default
\nexperience of the debtor and an analysis of the debtor\u2019s
\ncurrent financial position, adjusted for factors that are
\nspecific to the debtors, general economic conditions of the
\nindustry in which the debtors operate and an assessment
\nof both the current as well as the forecast direction of
\nconditions at the reporting date.
\nThus, due to the worsening of current economic and
\npolitical situation in Ukraine as a result of the Russian
\ninvasion, and in order to ensure that expected credit
\nlosses accurately reflects the credit risk of domestic trade
\naccounts receivable in Ukraine, the credit default swap
\nrate of 9.18%, was incorporated in calculation of expected
\ncredit losses as at 31 December 2022.
\nAn individual assessment is used for the individually
\nsignificant debtors with credit risk characteristics that are
\nnot aligned with others.
\nThe Group has recognised a loss allowance of USD 5,387
\nthousand against all trade accounts receivable over 270
\ndays past due, which are assessed on a collective basis,
\nbecause historical experience has indicated that these
\ntrade accounts receivable are generally not recoverable.
\nThere has been no change in the estimation techniques or
\nsignificant assumptions made during the current reporting
\nperiod. The Group writes off a trade accounts receivable
\nwhen there is information indicating that the debtor is in
\nsevere financial difficulty and there is no realistic prospect
\nof recovery, e.g. when the debtor has been placed under
\nliquidation or has entered into bankruptcy proceedings,
\nor when the trade accounts receivable are over 3 years
\npast due, whichever occurs earlier. None of the trade
\naccounts receivable that have been written off are subject
\nto enforcement activities.
\nThe following table details the risk profile of trade
\naccounts receivable based on the Group\u2019s provision
\nmatrix. It discloses chicken meat Ukraine, chicken meat
\nexport and agricultural Ukraine, agricultural export sales
\nand European operating segment as separate classes of
\nfinancial instruments and applies the simplified approach
\nto its trade accounts receivable so that the loss allowance
\nis always measured at an amount equal to lifetime expected
\ncredit losses.
\n
\n\n
\n\n
\n\n
\n23.\u2005TRADE\u2005ACCOUNTS\u2005RECEIVABLE
\n(continued)
\n\nThe following table illustrates the use of a provision matrix as a risk profile disclosure under the simplified approach as
\nat 31 December 2022:
\n31\u2005DECEMBER\u20052022
\nTRADE\u2005ACCOUNTS\u2005RECEIVABLE\u2005\u2013\u2005DAYS\u2005PAST\u2005DUE
\nNOT\u2005PAST\u2005DUE\u2005 <\u200530\u2005 \u200531-90 91-270 \u2005>270 \u2005TOTAL
\nPORTFOLIO ASSESSMENT:
\nChicken meat Ukraine
\nECL rate, % 9.19% 9.26% 9.53% 9.67% 100%
\nEstimated total gross carrying amount at default 23,776 2,796 338 65 1,100 28,075
\nLifetime ECL (2,185) (259) (32) (6) (1,100) (3,582)
\nChicken meat export
\nECL rate, % 0.02% 0.06% 0.18% 0.79% 100%
\nEstimated total gross carrying amount at default 34,769 16,076 4,512 632 430 56,419
\nLifetime ECL (7) (10) (8) (5) (430) (460)
\nAgricultural Ukraine
\nECL rate, % 9.25% 9.35% 9.55% 9.74% 100%
\nEstimated total gross carrying amount at default 10,776 3,900 1,012 401 3,794 19,883
\nLifetime ECL (997) (365) (97) (39) (3,794) (5,292)
\nAgricultural export
\nECL rate, % 0.00% 0.00% 0.16% 0.50% 100%
\nEstimated total gross carrying amount at default 442 32,119 331 251 4 33,147
\nLifetime ECL - - (1) (1) (4) (6)
\nEuropean operating segment
\nECL rate, % 0.01% 0.02% 0.25% 0.47% 100%
\nEstimated total gross carrying amount at default 42,910 7,895 1,322 714 59 52,900
\nLifetime ECL (3) (2) (3) (3) (59) (70)
\nEstimated total gross carrying amount at default 190,424
\nTotal lifetime ECL (9,410)
\nINDIVIDUAL ASSESSMENT:
\nECL rate, % 41.82% 43.61% 46.83% 64.03% 77.38%
\nEstimated total gross carrying amount at default 165 133 126 3,339 1,976 5,739
\nLifetime ECL (69) (58) (59) (2,138) (1,529) (3,853)
\nEstimated total gross carrying amount at default 196,163
\nTotal lifetime ECL (13,263)
\n
\n\n
\n\n
\n\n
\n\n
\n23.\u2005TRADE\u2005ACCOUNTS\u2005RECEIVABLE
\n(continued)
\n\nThe following table illustrates the use of a provision matrix as a risk profile disclosure under the simplified approach as
\nat 31 December 2021:
\n31\u2005DECEMBER\u20052021
\nTRADE\u2005ACCOUNTS\u2005RECEIVABLE\u2005\u2013\u2005DAYS\u2005PAST\u2005DUE
\nNOT\u2005PAST\u2005DUE\u2005 <\u200530\u2005 \u200531-90 91-270 \u2005>270 \u2005TOTAL
\nPORTFOLIO ASSESSMENT:
\nChicken meat Ukraine
\nECL rate, % 0.00% 0.01% 0.06% 0.08% 100%
\nEstimated total gross carrying amount at default 25,864 3,155 124 34 115 29,292
\nLifetime ECL - - - - (115) (115)
\nChicken meat export
\nECL rate, % 0.095% 0.22% 0.58% 1.95% 100%
\nEstimated total gross carrying amount at default 32,843 14,664 3,690 350 899 52,446
\nLifetime ECL (31) (32) (21) (7) (899) (990)
\nAgricultural Ukraine
\nECL rate, % 0.04% 0.11% 0.24% 0.50% 100%
\nEstimated total gross carrying amount at default 18,606 7,604 2,126 913 1,714 30,963
\nLifetime ECL (7) (8) (5) (5) (1,714) (1,739)
\nAgricultural export
\nECL rate, % 0.10% 0.13% 1.66% 13.00% 100%
\nEstimated total gross carrying amount at default 163 1,017 187 35 - 1,402
\nLifetime ECL - (1) (3) (5) - (9)
\nEuropean operating segment
\nECL rate, % 0.02% 0.18% 0.47% 4.88% 100%
\nEstimated total gross carrying amount at default 36,220 5,099 1,459 199 53 43,030
\nLifetime ECL (7) (9) (7) (10) (53) (86)
\nEstimated total gross carrying amount at default 157,133
\nTotal lifetime ECL (2,939)
\nINDIVIDUAL ASSESSMENT:
\nECL rate, % 34.69% 79.25% 22.4% 24.61% 98.93%
\nEstimated total gross carrying amount at default 735 425 1,023 1,593 11,185 14,961
\nLifetime ECL (255) (337) (229) (392) (11,064) (12,277)
\nEstimated total gross carrying amount at default 172,094
\nTotal lifetime ECL (15,216)
\n
\n\nThe following table shows the movement in lifetime ECL
\nthat has been recognised for trade and other accounts
\nreceivable in accordance with the simplified approach set
\nout in IFRS 9.
\nCOLLECTIVELY\u2005
\nASSESSED
\nINDIVIDUALLY\u2005
\nASSESSED
\n1 January 2021 (2,535) (11,987)
\nCharged during the year (404) (290)
\n31 December 2021 (2,939) (12,277)
\nCharged during the year (6,795) (1,716)
\nUtilised 324 10,140
\n31 December 2022 (9,410) (3,853)
\n
\n\n
\n\n\n\n
\n
24.\u2005OTHER\u2005CURRENT\u2005FINANCIAL\u2005ASSETS\u2005
\n
The balances of other current assets were as follows as
\n
of 31 December 2022 and 2021:
\n
2022 2021
\n
Loans provided to third parties 8,429 14,469
\n
Short-term bank deposits 5,901 9
\n
Receivables for claims and
\n
indemnification
\n
2,130 2,352
\n
Loans and finance aid provided to
\n
related parties (Note 32)
\n
4,223 3,643
\n
Other financial assets 6,038 725
\n
Less: allowance for irrecoverable
\n
amounts
\n
(4,624) (5,042)
\n
22,097 16,156
\n
The Group determines the expected credit loss of loans and
\n
finance aid receivable and other financial assets based on
\n
different scenarios of probability of default and expected
\n
loss applicable to each of the material underlying balances.
\n
The expected credit losses relate to loan provided to third
\n
parties, loans and finance aid provided to related parties
\n
and receivables for claims and indemnification in amounts
\n
of USD 2,069 thousand, USD 2,117 thousand and USD 438
\n
thousand respectively (2021: USD 2,521 thousand, USD
\n
2,521 thousand and USD nill thousand respectively).
\n\n
The movement in allowance for expected credit losses is
\n
detailed below:
\n
2022 2021
\n
1 January (5,042) (4,340)
\n
Charged during the year 418 (702)
\n
31 December (4,624) (5,042)
\n
\n\n
\n\n\n
25.\u2005CASH\u2005AND\u2005CASH\u2005EQUIVALENTS\u2005
\n
The balances of cash and cash equivalents were as follows as of 31 December 2022 and 2021:
\n
2022 2021
\n
DEPOSIT\u2005RATES USD\u2019\u2005000 DEPOSIT\u2005RATES USD\u2019\u2005000
\n
Cash and cash equivalents at banks
\n
and on hand in:
\n
Ukrainian Hryvnia 23,611 44,535
\n
Euro 87,826 105,416
\n
US Dollars 80,266 91,150
\n
British Pounds 9,677 2,611
\n
Saudi Riyal 6,950 5,887
\n
Other currencies 15,567 14,391
\n
Short-term deposits with an original
\n
maturity of less than 90 days:
\n
Ukrainian Hryvnia 8.00-17.00% 12,661 -
\n
US Dollars 0.04% 46,936 -
\n
Euro 0.05-2.13% 16,971 -
\n
Other currencies 0.00% 24 -
\n
Government bonds:
\n
Ukrainian Hryvnia - 11,247
\n
Total cash and equivalents 300,489 275,237
\n
In accordance with the international rating agency of Moody\u2019s, credit ratings of the banks with which the Group had
\n
accounts opened as of 31 December 2022 and 2021 were as follows:
\n
2022 2021
\n
International banks with A rating 217,160 162,941
\n
International banks with B rating 6,911 30,321
\n
Subsidiaries of international banks with A rating 40,109 39,702
\n
Subsidiaries of international banks with B rating 4,870 17,098
\n
Ukrainian banks with B rating - 9,677
\n
Ukrainian banks with C rating 31,283
\n
Domestic government bonds (OVDPs) of Ukraine - 11,247
\n
Other banks without ratings 156 4,251
\n
300,489 275,237
\n
\n\n
\n\n
\n
\n
\n\n25.\u2005CASH\u2005AND\u2005CASH\u2005EQUIVALENTS\u2005
\n(continued)\u2005
\nThe impairment loss arising on cash and cash equivalent
\nheld in Ukrainian state banks with C rating was immaterial
\nas at 31 December 2022 and 2021.
\n
\n\n\n
\n\n26.\u2005SHAREHOLDERS\u2019\u2005EQUITY
\nShare capital
\nAs of 31 December 2022 and 2021 the authorized, issued
\nand fully paid share capital of MHP SE comprised the
\nfollowing number of shares:
\n2022 2021
\nNumber of shares issued and
\nfully paid
\n 110,770,000 110,770,000
\nNumber of shares outstanding 107,038,208 107,038,208
\nThe authorized share capital as of 31 December 2022
\nand 2021 was EUR 221,540 thousand represented by
\n110,770,000 shares with par value of EUR 2 each.
\nAll shares have equal voting rights and rights to receive
\ndividends, which are payable at the discretion of the
\nCompany.
\n
\n\n
\n\n\n27.\u2005NON-CONTROLLING\u2005INTERESTS\u2005
\nThe table below shows details of non-wholly owned subsidiaries of the Group that have material non-controlling interests:
\nNAME\u2005OF\u2005SUBSIDIARY
\nPROPORTION\u2005OF\u2005OWNERSHIP\u2005
\nINTERESTS\u2005AND\u2005VOTING\u2005RIGHTS\u2005
\nHELD\u2005BY\u2005NON-CONTROLLING\u2005
\nINTERESTS
\nPROFIT/(LOSS)\u2005ALLOCATED\u2005TO\u2005
\nNON-CONTROLLING\u2005INTERESTS
\nACCUMULATED\u2005\u2005
\nNON-CONTROLLING\u2005INTERESTS
\n2022 2021 2022 2021 2022 2021
\nMHP-Agro-S 49.0% 49% 2,060 10,427 9,504 11,625
\nMHP-AgroKryazh 49.0% 49% (1,786) 5,937 6,566 10,028
\nMyronivsky Plant of
\nManufacturing Feeds
\nand\u2005Groats
\n11.5% 11.5% (2,295) (625) 4,380 4,944
\nOther subsidiaries with
\nimmaterial non-controlling
\ninterests
\nn/a n/a (3,339) 2,088 (2,124) 3,203
\nn/a n/a (5,360) 17,827 18,326 29,800
\nSummarised financial information in respect of each of the Group's subsidiaries that have material non-controlling
\ninterests is set out below. The summarised financial information below represents amounts before intragroup eliminations.
\nSummarised statement of financial position as of 31 December 2022 and 2021:
\nMHP-AGRO-S MHP-AGROKRYAZH MYRONIVSKY\u2005PLANT\u2005
\nOF\u2005MANUFACTURING\u2005FEEDS\u2005
\nAND\u2005GROATS
\n2022 2021 2022 2021 2022 2021
\nCurrent assets 38,388 55,353 26,380 37,157 68,299 61,762
\nNon-current assets 21,927 29,137 19,097 22,655 106,467 117,710
\nCurrent liabilities (32,390) (49,243) (27,682) (35,667) (131,771) (132,105)
\nNon-current liabilities (9,813) (11,887) (7,521) (9,332) (9,696) (11,737)
\nTotal equity 18,112 23,360 10,274 14,813 33,299 35,630
\nAttributable to:
\nOwners of the Group 8,608 11,735 3,708 4,785 28,919 30,686
\nNon-controlling interest 9,504 11,625 6,566 10,028 4,380 4,944
\n
\n\n
\n\n
\n\n27.\u2005NON-CONTROLLING\u2005INTERESTS\u2005
\n(continued)
\nSummarised statements of profit or loss and other comprehensive income for the years ended 31 December 2022 and 2021:
\nMHP-AGRO-S MHP-AGROKRYAZH MYRONIVSKY\u2005PLANT\u2005
\nOF\u2005MANUFACTURING\u2005FEEDS\u2005
\nAND\u2005GROATS
\n2022 2021 2022 2021 2022 2021
\nRevenue 30,830 39,717 23,472 27,604 110,793 80,144
\nExpenses (26,626) (18,440) (27,114) (15,496) (130,797) (85,594)
\nProfit/(loss) for the year 4,204 21,277 (3,642) 12,108 (20,004) (5,450)
\nProfit/(loss) attributable to:
\nOwners of the Group 2,144 10,850 (1,856) 6,171 (17,709) (4,825)
\nNon-controlling interests 2,060 10,427 (1,786) 5,937 (2,295) (625)
\nTotal profit/(loss) 4,204 21,277 (3,642) 12,108 (20,004) (5,450)
\nOCI attributable to:
\nOwners of the Group (1,832) 1,098 (1,744) 1,664 13,353 25,323
\nNon-controlling interests (1,760) 1,057 (1,676) 1,598 1,731 3,281
\nTotal OCI (3,592) 2,155 (3,420) 3,262 15,084 28,604
\nComprehensive income
\nattributable to:
\nOwners of the Group 312 11,948 (3,600) 7,835 (4,356) 20,498
\nNon-controlling interests 300 11,484 (3,462) 7,535 (564) 2,656
\nTotal comprehensive
\nincome/(loss) for the year
\n 612 23,432 (7,062) 15,370 (4,920) 23,154
\nDividends declared to non-
\ncontrolling interest
\n (2,421) (6,425) - (2,196) - -
\nSummarised cash inflow/(outflow) for the years ended 31 December 2022 and 2021:
\nMHP-AGRO-S MHP-AGROKRYAZH MYRONIVSKY\u2005PLANT\u2005
\nOF\u2005MANUFACTURING\u2005FEEDS\u2005
\nAND\u2005GROATS
\n2022 2021 2022 2021 2022 2021
\nOperating activities 1,203 16,252 (1,436) 8,816 2,695 10,310
\nInvesting activities (1,799) (1,850) (1,262) (1,052) (2,714) (2,602)
\nFinancing activities (711) (12,870) (5) (4,615) (4) (6,072)
\n
\n\n
\n\n
\n\n28.\u2005BANK\u2005BORROWINGS
\nThe following table summarizes bank borrowings and credit lines outstanding as of 31 December 2022 and 2021:
\nCURRENCY
\n2022 2021
\nWAIR\u2005
\n1)
\nUSD\u2019\u2005000 WAIR\u2005
\n1)
\nUSD\u2019\u2005000
\nNON-CURRENT
\nEUR
\nEURIBOR
\n2)
\n + 1.35%
\n117,719
\nEURIBOR
\n2)
\n + 1.23%
\n103,604
\n117,719 103,604
\nCURRENT
\nUAH 20.00%
\n4)
\n 2,456 -
\nUSD SOFR
\n3)
\n + 2.20% 10,550 SOFR
\n3)
\n + 2.20% 10,550
\nUSD 6.06% 56,843 2.00% 99,536
\nEUR EURIBOR
\n2)
\n + 2,3% 25,564 -
\nEUR 4.32% 56,802 -
\nCurrent portion of long-term
\nbank borrowings
\nEUR EURIBOR
\n2)
\n + 1.35% 23,897
\nEURIBOR
\n2)
\n + 1.23%
\n11,372
\n176,112 121,458
\nTotal bank borrowings 293,831 225,062
\n1)
\n WAIR represents the weighted average interest rate on outstanding borrowings.
\n2)
\n According to the agreements terms, if market EURIBOR becomes negative, it shall be deemed to be zero for calculation of interest expense.
\n3)
\n The Secured Overnight Financing Rate (SOFR) is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities.
\n4)
\n Deduction interest amount equal to 3m UIRD+5% p.a. will be applied as interest compensation from Government, where Ukrainian Index of Retail Deposit
\nRates (UIRD) - indicative rate calculated at 15:00 Kyiv time of each Banking Day in the Thomson Reuters system based on nominal rates on time deposits of
\nindividuals in hryvnia for a period of 3 months with interest paid upon the expiration of the deposit agreement, operating in 20 largest Ukrainian banks in the
\nsize of the deposit portfolio of individuals. As of 31 December 2022 3m UIRD rate is equal 11.18% p.a.
\nThe Group\u2019s borrowings are drawn from various banks
\nas term loans, credit line facilities. Repayment terms of
\nprincipal amounts of bank borrowings vary from monthly,
\nquarterly, semi-annually repayment to repayment on
\nmaturity depending on the agreement reached with each
\nbank.
\nAs of 31 December 2022 and 31 December 2021, the
\nGroup\u2019s bank term loans and credit lines bear floating
\nand fixed interest rates.
\nTerm loans and credit line facilities were as follows as of
\n31 December 2022 and 2021:
\n2022 2021
\nCredit lines 152,215 110,086
\nTerm loans 141,616 114,976
\n 293,831 225,062
\nBank borrowings and credit lines outstanding as of 31
\nDecember 2022 and 2021 were repayable as follows:
\n2022 2021
\nWithin one year 176,112 121,458
\nIn the second year 27,170 13,233
\nIn the third to fifth year inclusive 84,041 76,456
\nAfter five years 6,508 13,915
\n 293,831 225,062
\nAs of 31 December 2022, the Group had available undrawn
\nfacilities of USD 36,819 thousand (2021: USD 255,970
\nthousand). These undrawn facilities expire during the
\n
\n\nperiod ending July 2025.
\n
\n\n
\n
\n\n
\n28.\u2005BANK\u2005BORROWINGS\u2005
\n(continued)\u2005
\nThe Group, as well as particular subsidiaries of the Group,
\nhave to comply with the following maintenance covenants
\nimposed by the banks providing the loans: EBITDA to
\ninterest expenses ratio, current ratio and liabilities to
\nequity ratio. Separately, in case of excess of Net Debt to
\nEBITDA ratio (the Group\u2019s leverage ratio), there are negative
\ncovenants in respect of restricted payments, comprising
\ndividends, capital expenditures, additional indebtedness
\nand restrictions on mergers or consolidations, limitations
\non liens and dispositions of assets and limitations on
\ntransactions with affiliates.
\nAs of 31 December 2022 the Group has complied with all
\nbank covenants. As at 31 December 2022, the Group\u2019s
\nleverage ratio increased to 3.22 to 1, compared with 1.90 to
\n1 as at 31 December 2021, leading to the certain restrictions
\nas stated in Note 29.
\nThe Group\u2019s bank borrowings are jointly and severally
\nguaranteed by MHP, Myronivsky Plant of Manufacturing
\nFeeds and Groats, Oril-Leader, Peremoga Nova, Starynska
\nPtakhofabryka, Zernoproduct MHP, Katerinopilskiy
\nElevator, Agrofort, SPF Urozhay, MHP SE, Scylla Capital
\nLimited, Myronivska Pticefabrika, Ptakhofabryka
\nSnyatynska Nova, Vinnytska Ptakhofabryka, Zakhid-Agro
\nMHP, MHP-Urozhayna Krayina.
\nAs of 31 December 2022, the Group had borrowings of USD
\n109,258 thousand that were secured by property, plant
\nand equipment with a collateral amount of USD 100,789
\nthousand (31 December 2021: USD 75,084 thousand and
\nUSD 91,931 thousand respectively) (Note 14).
\nAs of 31 December 2022, the Group had borrowings of
\nUSD 30,608 thousand that were secured by agricultural
\nproduce with a carrying amount of USD 38,260 thousand
\n(31 December 2021: USD 30,550 thousand and USD 38,188
\nthousand respectively) (Note 21).
\n\nAs of 31 December 2022, the deposit with carrying amount
\nof USD 23,137 thousand (31 December 2021: USD 2,555
\nthousand) was restricted as collateral to secure issued letters
\nof credit.
\n
\n\nAs of 31 December 2022 and 31 December 2021, interest
\npayable on bank borrowings was USD 774 thousand and
\nUSD 423 thousand, respectively.
\nProlongation of bank borrowings
\nDuring the year ended 31 December 2022, the Group agreed
\nwith its bank lenders a general postponement of debt
\nservicing in respect of bank borrowings in the total amount
\nof USD 137,000 thousand. This agreement was made in
\norder to comply with the restrictions on debt servicing as
\nestablished by the consent solicitation obtained from the
\nbondholders (as described in Note 29). In particular, during
\nthe 270-day support period for semi-annual interest
\npayments on 2024 Notes, the 2026 Notes and the 2029
\nNotes agreed on 30 March 2022 the Group is committed
\nto pay not more than USD 12.5 million in the aggregate in
\nsatisfaction of any debt service payments in respect of any
\nindebtedness of the Group, excluding any interest payment
\nin respect of any of the 2024 Notes, the 2026 Notes and
\nthe 2029 Notes and the repayment of Indebtedness with
\nthe net proceeds of Permitted Refinancing Indebtedness.
\nDuring the year ended 31 December 2022, the Group signed
\nlegally-binding agreements for the above-mentioned
\nbank borrowings to comply with consent solicitation
\nrequirements.
\n
\n
\n
\n\n\n29.\u2005BONDS\u2005ISSUED
\nBonds issued and outstanding as of 31 December 2022 and 2021 were as follows:
\nCARRYING\u2005AMOUNT NOMINAL\u2005AMOUNT
\nSEGMENT 31\u2005DECEMBER\u20052022 31\u2005DECEMBER\u20052021 31\u2005DECEMBER\u20052022 31\u2005DECEMBER\u20052021
\n7.75% Senior Notes due in 2024 494,416 490,851 500,000 500,000
\n6.95% Senior Notes due in 2026 540,707 538,346 550,000 550,000
\n6.25% Senior Notes due in 2029 347,858 347,623 350,000 350,000
\nUnamortized debt issuance cost - - (17,019) (23,180)
\nTotal bonds issued 1,382,981 1,376,820 1,382,981 1,376,820
\nAs of 31 December 2022 and 2021 accrued interest on bonds issued was USD 41,112 thousand and USD 20,757 thousand,
\nrespectively.
\n
\n\n
\n\n
\n\n29.\u2005BONDS\u2005ISSUED\u2005\u2005
\n(continued)\u2005
\n6.25% Senior Notes
\nOn 19 September 2019, MHP Lux S.A., a public company
\nwith limited liability (soci\u00e9t\u00e9 anonyme) incorporated in
\n2018 under the laws of the Grand Duchy of Luxembourg,
\nissued USD 350,000 thousand 6.25% Senior Notes due in
\n2029 at par value. The funds received were used to satisfy
\nand discharge the 8.25% Senior Notes due in April 2020,
\nfor debt refinancing and for general corporate purposes.
\nThe Senior Notes are jointly and severally guaranteed on
\na senior basis by MHP SE, PrJSC \u201cOril \u2013 Leader\u201d, PrJSC
\n\u201cMyronivska Pticefabrika\u201d, \u201cSPF \u201cUrozhay\u201d LLC, \u201cStarynska
\nPtakhofabryka\u201d ALLC, \u201cVinnytska Ptakhofabryka\u201d LLC,
\n\u201cPeremoga Nova\u201d SE, \u201cKaterinopolskiy Elevator\u201d LLC, PrJSC
\n\u201cMHP\u201d, PrJSC \u201cZernoprodukt MHP\u201d and PrJSC \u201cAgrofort\u201d.
\nInterest on the Senior Notes is payable semi-annually in
\narrears in March and September. These Senior Notes are
\nsubject to certain restrictive covenants including, but
\nnot limited to, limitations on the incurrence of additional
\nindebtedness in excess of Net Debt to EBITDA ratio as
\ndefined by the indenture, restrictions on mergers or
\nconsolidations, limitations on liens and dispositions of
\nassets and limitations on transactions with affiliates. If the
\nGroup fails to comply with the covenants imposed, the
\nTrustee or the Holders of at least 25% in principal amount
\nof outstanding Notes may, upon written notice to the
\nGroup, declare all outstanding Senior Notes to be due
\nand payable immediately. If a change of control occurs,
\nthe Group shall make an offer to each holder of the Senior
\nNotes to purchase such Senior Notes at a purchase price
\nin cash in an amount equal to 100% of the aggregate
\nprincipal amount thereof, plus accrued and unpaid interest
\nand additional amounts, if any.
\n6.95% Senior Notes
\nOn 3 April 2018, MHP Lux S.A. issued USD 550,000
\nthousand 6.95% Senior Notes due in 2026 at par value.
\nOut of the total issue amount USD 416,183 thousand were
\ndesignated for redemption and exchange of the existing
\n8.25% Senior Notes due in 2020.
\nThe Senior Notes are jointly and severally guaranteed
\non a senior basis by MHP SE, PrJSC \u201cMHP\u201d, PJSC
\n\u201cMyronivsky Plant of Manufacturing Feeds and Groats\u201d,
\nPrJSC \u201cZernoprodukt MHP\u201d, PrJSC \u201cAgrofort\u201d, PrJSC
\n\u201cOril-Leader\u201d, PrJSC \u201cMyronivska Pticefabrika\u201d, \u201cSPF
\n\u201cUrozhay\u201d LLC, \u201cStarynska Ptakhofabryka\u201d ALLC,
\n\u201cVinnytska Ptakhofabryka\u201d LLC, \u201cPeremoga Nova\u201d SE,
\n\u201cKaterinopolskiy Elevator\u201d LLC, Scylla Capital Limited.
\nInterest on the Senior Notes is payable semi-annually in
\narrears in April and October. These Senior Notes are subject
\nto certain restrictive covenants including, but not limited
\nto, limitations on the incurrence of additional indebtedness
\nin excess of Net Debt to EBITDA ratio as defined by the
\nindenture, restrictions on mergers or consolidations,
\nlimitations on liens and dispositions of assets and limitations
\non transactions with affiliates. If the Group fails to comply
\nwith the covenants imposed, the Trustee or the Holders of
\nat least 25% in principal amount of outstanding Notes may,
\nupon written notice to the Group, declare all outstanding
\nSenior Notes to be due and payable immediately. If a change
\nof control occurs, the Group shall make an offer to each
\nholder of the Senior Notes to purchase such Senior Notes
\nat a purchase price in cash in an amount equal to 100%
\nof the principal amount thereof, plus accrued and unpaid
\ninterest and additional amounts, if any.
\n7.75% Senior Notes
\nOn 10 May 2017, MHP SE issued USD 500,000 thousand
\n7.75% Senior Notes due in 2024 at par value. Out of the
\ntotal issue the amount of USD 245,200 thousand were
\ndesignated for redemption and exchange of existing 8.25%
\nSenior Notes due in 2020.
\nThe Senior Notes are jointly and severally guaranteed on a
\nsenior basis by PrJSC \u201cMHP\u201d, PJSC \u201cMyronivsky Plant of
\nManufacturing Feeds and Groats\u201d, PrJSC \u201cZernoprodukt
\nMHP\u201d, PrJSC \u201cAgrofort\u201d, PrJSC \u201cOril-Leader\u201d, PrJSC
\n\u201cMyronivska Pticefabrika\u201d, \u201cSPF \u201cUrozhay\u201d LLC, \u201cStarynska
\nPtakhofabryka\u201d ALLC, Vinnytska Ptakhofabryka LLC, SE
\n\u201cPeremoga Nova\u201d, \u201cKaterinopolskiy Elevator\u201d LLC, Scylla
\nCapital Limited.
\n
\n\n
\n\n
\n\n29.\u2005BONDS\u2005ISSUED\u2005\u2005
\n(continued)\u2005
\n7.75% Senior Notes (continued)
\nInterest on the Senior Notes is payable semi-annually in
\narrears in May and November. These Senior Notes are
\nsubject to certain restrictive covenants including, but
\nnot limited to, limitations on the incurrence of additional
\nindebtedness in excess of Net Debt to EBITDA ratio as
\ndefined by the indenture, restrictions on mergers or
\nconsolidations, limitations on liens and dispositions of
\nassets and limitations on transactions with affiliates. If the
\nGroup fails to comply with the covenants imposed, the
\nTrustee or the Holders of at least 25% in principal amount
\nof the then outstanding Notes may, upon written notice to
\nthe Group, declare all outstanding Senior Notes to be due
\nand payable immediately. If a change of control occurs,
\nthe Group shall make an offer to each holder of the Senior
\nNotes to purchase such Senior Notes at a purchase price
\nin cash in an amount equal to 101% of the principal amount
\nthereof, plus accrued and unpaid interest and additional
\namounts, if any.
\nCovenants
\nCertain restrictions under the indebtedness agreements
\n(e.g. incurrence of additional indebtedness, restricted
\npayments as defined above, dividends payment) are
\ndependent on the leverage ratio of the Group calculated
\nas Net Debt to EBITDA. Once the leverage ratio exceeds
\n3.0 to 1, it is not permitted for the Group to make certain
\nrestricted payments, declare dividends exceeding USD
\n30 million in any financial year, or incur additional debt
\nexcept that defined as a Permitted Debt. According to
\nthe indebtedness agreement, the consolidated leverage
\nratio is tested on the date of incurrence of additional
\nindebtedness or restricted payment and after giving pro
\nforma effect to such incurrence or restricted payment as
\nif it had been incurred or done at the beginning of the
\nmost recent four consecutive fiscal quarters for which
\nfinancial statements are publicly available (or are made
\navailable). As at 31 December 2022 the leverage ratio of
\nthe Group is 3.22 to 1 (31 December 2021: 1.90 to 1), higher
\nthan the defined limit 3.0 to 1. The Group has tested all
\nthe transactions that occurred prior to publication of
\nthese financial statements and has complied with all the
\ncovenants defined by the indebtedness agreement during
\nthe reporting periods ended 31 December 2022 and 31
\nDecember 2021.
\nConsent solicitation
\nOn 30 March 2022, the Group received consent from
\nHolders to postpone the semi-annual interest payments
\non each of the 2024 Notes, the 2026 Notes and the
\n2029 Notes scheduled for Spring 2022 for a period up to
\n270 days (the \u201cSupport Period\u201d). As a result, the Group
\npostponed bonds` interest payments for a total amount of
\nUSD 49,425 thousand, and postponed interest payments
\ncontinued to accrue during the Support Period. As of
\n31 December 2022 two deferred semi-annual interest
\namounts of the 2026 Notes and the 2029 Notes in a
\ncumulative amount of USD 31,559 thousand were paid by
\nGroup on time. The last deferred coupon payment due
\nin February 2023 in the amount of USD 20,501 thousand
\nwas paid on time after the reporting date.
\nAs defined by the Consent Solicitation Memorandum,
\nthe Group subject to the following restrictions during the
\nSupport Period:
\n\u2022 the Company and its Restricted Subsidiaries shall not be
\nable to incur Indebtedness pursuant to the ratio-based
\npermission for the Incurrence of Indebtedness;
\n\u2022 the \u201cgeneral basket\u201d for the incurrence of Permitted
\nDebt shall be reduced to USD 10 million in aggregate
\nprincipal amount;
\n\u2022 the Company and its Restricted Subsidiaries will be
\nprohibited from incurring new Liens on existing Indebt-
\nedness for borrowed money, other than Permitted Re-
\nfinancing Indebtedness relating to existing secured In-
\ndebtedness;
\n\u2022 the Company and its Restricted Subsidiaries will be
\nprohibited from making Restricted Payments other than
\npayments constituting Permitted Investments;
\n\u2022 the Permitted Investments \u201cgeneral basket\u201d shall not be
\navailable;
\n\u2022 the threshold at which an Affiliate Transaction must be
\napproved by a majority of the disinterested members of
\nthe Board of Directors shall be reduced to USD 1 million;
\n\u2022 the Group is committed to paying no more than USD
\n12.5 million in the aggregate in satisfaction of any debt
\nservice payments in respect of any Indebtedness of the
\nGroup, excluding any interest payment in respect of any
\nof the 2024 Notes, the 2026 Notes and the 2029 Notes
\nduring the Support Period;
\n\u2022 within 25 days of each calendar month end, the Com-
\npany will provide a trading update detailing operational
\ndata relating to the Group\u2019s business segments.
\n
\n\n
\n\n
\n
\n
\n\n30.\u2005LEASE\u2005LIABILITIES
\nLong-term lease obligations represent amounts due under
\nagreements for the leasing of agricultural land, trucks,
\nagricultural machinery and equipment. As of 31 December
\n2022, the weighted average interest rates on lease obligations
\nwere 3.57% (2021: 3.21%) and 18.55% (2021: 17.60%) for lease
\nobligations denominated in EUR and UAH respectively.
\nAmount of depreciation charge for right-of-use assets
\nand additions to right-of-use assets for the year ended 31
\nDecember 2022 was USD 38,290 thousand and USD 21,862
\nrespectively (2021: USD 44,175 thousand and USD 31,152
\nthousand).
\nThe carrying amount of lease liabilities as at 31 December
\n2022 includes USD 204,864 thousand of land lease
\nliabilities (2021: USD 254,036 thousand).
\nThe following are maturity analyses of lease payments under
\nthe lease agreements as of 31 December 2022 and 2021:
\n2022 2021
\nAs at 1 January 281,250 198,499
\nCash repayments of lease
\nliabilities
\n (52,209) (66,254)
\nForeign exchange movements 1,604 (778)
\nNon-cash additions and change
\nin terms
\n 43,584 109,834
\nNon-cash repayments of lease
\nliabilities
\n1)
\n (9,013) (10,793)
\nInterest charged 38,859 45,398
\nTranslation difference (74,752) 5,344
\nAs at 31 December 2 2 9, 323 281,250
\nCurrent portion of lease
\nliabilities
\n 65,252 77,111
\nLong-term portion of lease
\nliabilities
\n 164,071 204,139
\n1)
\n Non-cash repayments are represented by grains and other agriculture
\nproduce provided to lessors of land as settlement of lease liabilities.
\n
\n\n\n
\n31.\u2005OTHER\u2005CURRENT\u2005LIABILITIES\u2005
\nOther current liabilities were as follows as of 31 December
\n2022 and 2021:
\n\n2022 2021
\nAccrued payroll and related
\ntaxes
\n67,139 65,804
\nAmounts payable for property,
\nplant and equipment
\n13,258 14,194
\nVAT paybable 5,063 3,215
\nProvision for claims, penalties
\nand indemnification
\n2,494 1,042
\nOther financial liabilities 7,839 9,034
\n95,793 93,289
\n
\n\n
\n\n\n
\n32.\u2005RELATED\u2005PARTY\u2005BALANCES\u2005AND\u2005TRANSACTIONS
\n\nFor the purposes of these financial statements, parties are
\nconsidered to be related if one party controls, is controlled
\nby, or is under common control with the other party, or
\nexercises s ig n i fi c a nt i n f lu e nce ove r t he ot h e r pa r t y i n m a ki n g
\nfinancial or operational decisions. In considering each
\npossible related party relationship, attention is directed to
\nthe substance of the relationship, not merely the legal form.
\nRelated parties may enter into transactions which unrelated
\nparties might not, and transactions between related parties
\nmay not be effected on the same terms and conditions as
\ntransactions between unrelated parties.
\nTransactions with related parties
\nunder common control
\nThe Group, in the ordinary course of business, enters
\ninto transactions with related parties that are companies
\nunder common control of the Principal Shareholder of
\nthe Group (Note 1) for the purchase and sale of goods
\nand services and in relation to the provision of financing
\narrangements. Terms and conditions of sales to related
\nparties are determined based on arrangements specific to
\neach contract or transaction. The terms of the payables
\nand receivables related to trading activities of the Group do
\nnot vary significantly from the terms of similar transactions
\nwith third parties.
\n
\n\n
\n\n
\n\n
\n\n
\n32.\u2005RELATED\u2005PARTY\u2005BALANCES\u2005AND\u2005TRANSACTIONS
\n(continued)
\nTransactions with related parties
\nunder common control (continued)
\nTransactions with related parties during the years ended
\n31 December 2022 and 2021 were as follows:
\n2022 2021
\nLoans and finance aid provided
\nto related parties
\n 1,096 3,694
\nLoans and finance aid repaid by
\nrelated parties
\n - 71,000
\nInterest charged on loans and
\nfinancial aid repaid
\n - 7,849
\nInterest charged on loans and
\nfinance aid provided
\n 293 5,014
\nSales of goods 36 -
\nPurchases from related parties 410 398
\nKey management personnel of
\nthe Group:
\nLoans provided 720 1,024
\nLoans repaid 867 766
\nThe balances owed to and due from related parties were
\nas follows as of 31 December 2022 and 2021:
\n2022 2021
\nLoans and finance aid
\nreceivable
\n 3,601 2,971
\nLess: expected credit losses (2,117) (2,521)
\n 1,484 450
\nLoans to key management
\npersonnel
\n 3,656 4,774
\nLess: expected credit losses (276) (397)
\n 3,380 4 377
\nTrade accounts receivable
\n(Note 23)
\n 106 113
\nPayables due to related parties 21 25
\nLoans and finance aid receivable
\nFor loans and finance aid receivable, credit risk increased
\nto the point where it is considered credit-impaired. The
\nexpected credit loss for such loans amounted to USD 1,882
\nthousand and USD 2,482 thousand as at 31 December
\n2022 and 2021 respectively.
\n\nCompensation of key management personnel
\nKey management personnel totalled 20 individuals as of
\n31 December 2022 (31 December 2021: 22 individuals),
\nincluding 3 independent non-executive directors as of 31
\nDecember 2022 and 2021.
\nTotal compensation of the Group\u2019s key management
\npersonnel included primarily in selling, general and
\nadministrative expenses in the Consolidated Statements
\nof Profit and Loss and Other Comprehensive Income
\namounted to USD 15,341 thousand and USD 16,886
\nthousand for the years ended 31 December 2022 and
\n2021, respectively. Compensation of key management
\npersonnel consists of contractual salary, compensations
\nand performance bonuses.
\nTotal compensation of the Group\u2019s non-executive
\ndirectors, which consists of contractual salary, amounted
\nto USD 597 thousand and USD 696 thousand in 2022 and
\n2021, respectively.
\nTotal compensation of the Group\u2019s Executive Chairman,
\nwhich consists of contractual salary, amounted to USD
\n571 thousand in 2022 (2021: USD 643 thousand).
\nLoans to key management personnel
\nThe Group has provided several of its key management
\npersonnel with unsecured loans. The loans to key
\nmanagement personnel provided during 2022 and
\n2021 mainly include loans provided by the Ukraininan
\nsubsidiaries to the Group\u2019s executive directors which
\namounted to USD 720 thousand and USD 1,024 thousand,
\nrespectively.
\n
\n\n
\n\n
\n\n
\n33.\u2005OPERATING\u2005ENVIRONMENT
\nOn 24 February 2022, Russian forces commenced a military
\ninvasion of Ukraine resulting in a full-scale war across the
\nUkrainian State. The ongoing military attack has led, and
\ncontinues to lead, to significant casualties, dislocation of
\nthe population, damage to infrastructure and disruption to
\neconomic activity in Ukraine. Sea ports and airports remain
\nclosed and some have been damaged, and many roads
\nand bridges have been damaged or destroyed, further
\ncrippling transportation and logistics. Economic activity
\nstarted to recover due to the liberation of northern regions
\nand a decrease in the number of regions affected by active
\nhostilities. Thanks to the rapid adaptation by businesses
\nand households to the new conditions and improved
\nresults of in the second half of 2022, the decline in real
\nGDP for the whole 2022 is estimated at 30.3%. According
\nto the National Bank of Ukraine\u2019s (hereafter \u201cNBU\u201d) most
\nrecent forecast, the NBU expects growth in real GDP to
\nbe weak in 2023 at 0.3%, increasing in 2024 to 4.1%, an
\naccelerating in 2025 to 6.4%, however, the outlook could
\nworsen sharply if the conflict lasts longer.
\nThe War caused a disruption of supply chains, a decrease
\nin supply of some goods, higher business costs, physical
\ndestruction of production facilities and infrastructure (in
\nthe energy sector in particular), and temporary occupation
\nof some territories. Persistently high energy prices and
\nrecord-high inflation in partner countries also fueled price
\npressures in Ukraine. Inflation expectations of businesses
\nand households increased markedly. This was reflected
\nin deteriorating maturity structure of bank deposits and
\nhigher spending on some durable goods, primarily imported
\ngoods. In the second half of 2022 inflation has stabilized,
\nalthough it remains high at 26.6% as of the end of 2022;
\naccording to the NBU recent forecast it will decrease to
\n18.7% in 2023.
\nAfter months of Russia\u2019s blockade of Ukrainian sea ports,
\nthe \u201cGrain deal\u201d was signed by Ukraine, UN, Turkey and
\nRussia on 22 July 2022, that allowed the movement of
\ncargo ships carrying grain in the Black Sea. The document
\nspells out a complex regime that establishes safe channels
\nthrough the Black Sea and inspections in Turkey. As of
\nMarch 2023, 24.7 million tonnes of agricultural produce
\nhave already been exported through the \u201cgrain corridor\u201d,
\nand overall 44.4 million tonnes of agricultural produce
\nhave been exported from Ukraine during the 11 months of
\nwar (including 9.9 million tonnes of wheat and 18.2 million
\ntonnes of corn).
\nThe economic consequences are already very serious, the
\nsituation remains highly fluid and the outlook is subject to
\nextraordinary uncertainty.
\nThe Government has implemented emergency measures
\nto stabilize markets and the economy, but the country
\nfaces large fiscal and external financing gaps. Ukrainian
\nauthorities have continued to service their external debt
\nobligations and the country\u2019s payment system remains
\noperational, with banks open and mostly liquid.
\nInternational organizations (IMF, EBRD, EU, World
\nBank), along with individual countries and charities,
\nare providing Ukraine with financing, donations and
\nmaterial support. In 2022, Ukraine received over USD
\n32 billion in international assistance, of which over USD
\n14 billion was in the form of grants. This enabled the
\ncountry to finance a larger portion of the consolidated
\nbudget deficit (over 27% of GDP, excluding grants),
\nand to increase international reserves, to USD 28.5
\nbillion by the end of the year. With already announced
\ninternational aid the overall official financing in 2023
\ncould exceed USD 38 billion.
\n
\n\n
\n
\n33.\u2005OPERATING\u2005ENVIRONMENT
\n(continued)
\nIn June 2022, the NBU established the key policy rate at
\n25% p.a. compared with its previous level of 10% p.a. The
\nupdated forecast envisages maintaining this unchanged
\nat least until Q1 2024. The exchange rate remained fixed
\nat UAH 29.25 to the US Dollar until 21 July, when it was
\nincreased to 36.57 by the NBU. The NBU has said that
\na fixed exchange rate remains an anchor for ensuring
\nfinancial stability so the tight monetary conditions will be
\nmaintained. Once the economy and financial system return
\nto normal operation, the NBU will revert to its traditional
\nformat of inflation targeting with a floating exchange rate.
\nIn Q1 2022 the Government imposed export licensing of
\nkey foodstuffs including wheat, corn, poultry meat, and
\nsunflower oil. The export licensing for corn and sunflower
\noil was cancelled later in Q1 2022, and wheat in Q3 2022.
\nSince 24 February 2022, the Group has suffered significant
\nlosses as a result of the continuous war in Ukraine. The
\nGroup considers the following expenses incurred during
\nthe year 2022 to be directly related to the war:
\n2022
\nLoss on impairment of property, plant
\nand\u2005equipment
\n 11,114
\nCommunity support donations
\n1)
\n 17,924
\nWrite-off of inventories and biological assets
\n1)
\n 9,940
\nSalary to mobilized employees
\n2)
\n 12,653
\nExpected credit losses of trade accounts
\nreceivable and non-current financial assets
\n1)
\n 24,815
\nOther war-related expenses
\n1)
\n 3,435
\nTotal amount recognized in profit or loss 79,881
\nDecrease in revaluation reserve 9,489
\n 89,370
\n1)
\n These expenses are presented within other operating expenses in the
\nconsolidated statement of profit or loss and other comprehensive income
\n2)
\n These expenses are presented within cost of sales and selling, general
\nand administrative expenses in the consolidated statement of profit or
\nloss and other comprehensive income
\nThe Group, working with volunteers, has been providing
\nhumanitarian aid (mainly through food supply) to the
\npeople of Ukraine since the beginning of the war, despite
\nlogistical challenges. Since the invasion began, MHP has
\nprovided over 12,000 tonnes of poultry products pro bono.
\n\n
\n34.\u2005CONTINGENCIES\u2005AND\u2005CONTRACTUAL\u2005
\nCOMMITMENTS
\n\nTaxation and legal issues
\nUkrainian tax authorities are increasingly directing their
\nattention to the business community as a result of the
\noverall Ukrainian economic environment. The local and
\nnational tax environment is constantly changing and
\nsubject to inconsistent application, interpretation and
\nenforcement. Non-compliance with Ukrainian laws and
\nregulations can lead to the imposition of severe penalties
\nand fines. Future tax examinations could raise issues or
\nassessments which are contrary to the Group companies\u2019
\ntax filings. Such assessments could include taxes,
\npenalties and fines, and these amounts could be material.
\nWhile the Group believes it has complied with local tax
\nlegislation, significant changes to the tax legislation may
\nbe introduced in the near future.
\nManagement believes that the Group has been in
\ncompliance with all requirements of effective tax
\nlegislation.
\nThe Group exports vegetable oil, chicken meat and related
\nproducts, and performs intercompany transactions which
\nmay potentially be in the scope of the Ukrainian transfer
\npricing (\u201cTP\u201d) regulations. The Group has submitted
\nthe controlled transaction report for the years ended
\n31 December 2020 and 31 December 2021 within the
\nrequired deadlines.
\nAs of 31 December 2022, the Group\u2019s management assessed
\nits possible exposure to tax risks for a total amount of
\nUSD 4,428 thousand related to corporate income tax (31
\nDecember 2021: USD 5,658 thousand). No provision was
\nrecognised relating to such possible tax exposure.
\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n
\n
\n34.\u2005CONTINGENCIES\u2005AND\u2005CONTRACTUAL\u2005
\nCOMMITMENTS\u2005
\n(continued)
\n\nTaxation and legal issues (continued)
\nAlso, as of 31 December 2022, companies of the Group
\nwere engaged in ongoing litigation with tax authorities for
\nthe amount of USD 25,652 thousand (2021: USD 73,147
\nthousand), including USD 17,023 thousand (2021: USD
\n59,670 thousand) of litigations with the tax authorities
\nrelated to disallowance of certain amounts of VAT
\nrefunds and deductible expenses claimed by the Group.
\nOf this amount, USD 20,332 thousand as of 31 December
\n2022 (2021: USD 48,912 thousand) relates to cases where
\ncourt hearings have taken place and where the court in
\neither the first or second instance has ruled in favour
\nof the Group. Management believes that, based on the
\npast history of court resolutions of similar lawsuits by
\nthe Group, it is unlikely that a significant settlement will
\narise out of such lawsuits and, therefore, no respective
\nprovision is required in the Group\u2019s financial statements
\nas of the reporting date.
\n
\n\n\nContractual commitments on purchase of property,
\nplant and equipment
\nDuring the years ended 31 December 2022 and 2021,
\nthe companies of the Group entered into a number
\nof contracts with foreign suppliers for the purchase
\nof property, plant and equipment for development
\nof agricultural operations. As of 31 December 2022,
\npurchase commitments amounted to USD 33,022
\nthousand (2021: USD 30,952 thousand).
\n
\n\n
\n\n\n35.\u2005DIVIDENDS
\nIn view of the uncertainties created by the Russian invasion,
\nthe Directors have decided not to declare final dividends
\nfor 2021 and 2022 financial years.
\nAt the extraordinary general meeting held on 28 April 2021,
\nthe Shareholders of MHP SE approved payment of an
\nannual dividend from profits of 2020 of USD 0.2803 per
\nshare, equivalent to USD 30,000 thousand. At the meeting
\non 17 November 2021, in recognition of the Company`s
\nexceptional performance in 2021, the Board of Directors
\napproved the payment of a one-off special dividend
\nof USD 0.2803 per share, equivalent to USD 30,000
\nthousand. As at 31 December 2021 dividends were fully
\npaid to shareholders.
\n
\n\n\n
\n\n36.\u2005FAIR\u2005VALUE\u2005OF\u2005FINANCIAL\u2005INSTRUMENTS
\nFair value disclosures in respect of financial instruments
\nare made in accordance with the requirements of IFRS 7
\n\u201cFinancial Instruments: Disclosure\u201d and IFRS 13 \u201cFair value
\nmeasurement\u201d. Fair value is defined as the amount at which
\nthe instrument could be exchanged in a current transaction
\nbetween knowledgeable willing parties in an arm\u2019s length
\ntransaction, other than in forced or liquidation sale. As no
\nreadily available market exists for a large part of the Group\u2019s
\nfinancial instruments, judgment is necessary in arriving
\nat fair value, based on current economic conditions and
\nspecific risks attributable to the instrument. The estimates
\npresented herein are not necessarily indicative of the
\namounts the Group could realize in a market exchange
\nfrom the sale of its full holdings of a particular instrument.
\nThe fair value is estimated to be the same as the carrying
\nvalue for cash and cash equivalents, short-term bank
\ndeposits, trade accounts receivables, other current assets
\nand trade accounts payable due to the short-term nature
\nof the financial instruments.
\nSet out below is the comparison by category of carrying
\namounts and fair values of all the Group\u2019s financial
\ninstruments, excluding those discussed above, that are
\ncarried in the consolidated statement of financial position:
\nCARRYING\u2005AMOUNT FAIR\u2005VALUE
\n2022 2021 2022 2021
\nFINANCIAL LIABILITIES
\nBank borrowings (Note 28) 294,605 225,485 296,294 225,574
\nSenior Notes due in 2024, 2026, 2029 (Note 29) 1,424,093 1,397,577 692,616 1,389,024
\nThe fair value of bank borrowings was estimated by discounting the expected future cash outflows by a market rate of
\ninterest for bank borrowings of 3.4% (31 December 2021: 1.8%), and is within Level 2 of the fair value hierarchy.
\n
\n
\n\n
\n
\n\n
\n\n
\n\n
\n\n36.\u2005FAIR\u2005VALUE\u2005OF\u2005FINANCIAL\u2005INSTRUMENTS\u2005
\n(continued)
\nThe fair value of Senior Notes was estimated based on
\nmarket quotations and is within Level 1 of the fair value
\nhierarchy.
\nIn determining fair value of financial instruments, the
\nimpact of potential climate-related matters, including
\nlegislation, climate change, and company climate
\nobjectives which may affect the fair value measurement
\nof financial assets and liabilities has been considered.
\nAt present, the impact of climate-related matters is not
\nmaterial to the Group\u2019s financial statements.
\nReconciliation of liabilities arising
\nfrom financing activities
\nThe table below details changes in the Group\u2019s liabilities
\narising from financing activities, including both cash
\nand non-cash changes. Liabilities arising from financing
\nactivities are those for which cash flows were, or future
\ncash flows will be, classified in the Group\u2019s consolidated
\nstatement of cash flows as cash flows from financing
\nactivities.
\nBANK\u2005BORROWINGS BONDS\u2005ISSUED LEASE\u2005OBLIGATIONS TOTAL
\nAs of 31 December 2021 225,062 1,376,820 281,250 1,883,132
\nCash flow from proceeds/(repayments) 72,151 - (52,209) 19,942
\nNon-cash movements
\nForeign exchange movements 47,026 - 1,604 48,630
\nNon-cash additions and change in terms - - 43,584 43,584
\nNon-cash repayments of lease liabilities
\n1)
\n - - (9,013) (9,013)
\nAcquisition of subsidiaries - - - -
\nFinance costs 7,172 113,447 38,859 159,478
\nReclassification to interest payable (6,754) (105,924) - (112,678)
\nTranslation difference (50,826) (1,362) (74,752) (126,940)
\nAs of 31 December 2022 293,831 1,382,981 229,323 1,906,135
\n1)
\n Non-cash repayments are represented by grains and other agriculture produce provided to lessors of land as settlement of lease liabilities.
\nBANK\u2005BORROWINGS BONDS\u2005ISSUED LEASE\u2005OBLIGATIONS TOTAL
\nAs of 31 December 2020 104,396 1,370,999 198,499 1,673,894
\nCash flow from proceeds/(repayments) 120,054 - (66,254) 53,800
\nNon-cash movements
\nForeign exchange movements 414 - (778) (364)
\nNon-cash additions and change in terms - - 109,834 109,834
\nNon-cash repayments of lease liabilities
\n1)
\n - - (10,793) (10,793)
\nAcquisition of subsidiaries 595 - - 595
\nFinance costs 2,741 106,730 45,398 154,869
\nReclassification to interest payable (2,227) (100,909) - (103,136)
\nTranslation difference (911) - 5,344 4,433
\nAs of 31 December 2021 225,062 1,376,820 281,250 1,883,132
\n1)
\n Non-cash repayments are represented by grains and other agriculture produce provided to lessors of land as settlement of lease liabilities.
\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n
\n37.\u2005RISK\u2005MANAGEMENT\u2005POLICIES
\nDuring the years ended 31 December 2022 and 2021 there
\nwere no material changes to the objectives, policies and
\nprocesses for managing credit risk, capital risk, liquidity
\nrisk, currency risk, interest rate risk, livestock diseases risk
\nand commodity price and procurement risk.
\n\nCapital management
\nThe Group manages its capital to ensure that entities of
\nthe Group will be able to continue as a going concern
\nwhile maximising the return to the equity holders through
\nmaintaining a balance between the higher returns that
\nmight be possible with higher levels of borrowings and
\nthe security afforded by a sound capital position. The
\nmanagement of the Group reviews its capital structure on
\na regular basis. Based on the results of this review, the
\nGroup takes steps to balance its overall capital structure
\nthrough new share issues and through the issue of new
\ndebt or the redemption of existing debt.
\nIn addition to the target ratios of the covenants established
\nunder the terms of the bonds issued and bank borrowings
\n(Notes 28 and 29), the Group\u2019s target is to achieve a gearing
\nratio of not higher than 2.5. The Group defines its gearing
\nratio as the proportion of total liabilities to total equity.
\nAs of 31 December 2022 and 2021 the gearing ratio was as
\nfollows:
\n2022 2021
\nTotal Liabilities 2,363,005 2,309,591
\nTotal Equity 1,445,697 1,794,188
\nTotal Liabilities to Equity 1.63 1.29
\nMajor categories of assets and liabilities considered
\nby the Group from a risk management perspective
\n2022 2021
\nASSETS:
\nCash and cash equivalents
\n(Note 25)
\n 300,489 275,237
\nTrade accounts receivable (Note
\n23)
\n 182,900 156,878
\nOther current financial assets
\n(Note 24)
\n 22,097 16,156
\nNon-current financial assets
\n(Note 18)
\n 7,813 28,764
\nLong-term bank deposits 3,105 9,904
\n 516,404 486,939
\nLIABILITIES:
\nBonds issued (Note 29) 1,382,981 1 , 376 , 820
\nLease liabilities (Note 30) 229,323 281,250
\nTrade accounts payable 122,576 162,641
\nBank borrowings (Note 28) 293,831 225,062
\nAccrued payroll and related
\ntaxes (Note 31)
\n 67,139 65,804
\nInterest payable (Note 28, 29) 41,886 21,180
\nAmounts payable for property,
\nplant and equipment (Note 31)
\n 13,258 14,194
\nProvision for claims, penalties
\nand indemnification (Note 31)
\n2,494 1,042
\nVAT payable (Note 31) 5,063 3,215
\nOther financial liabilities (Note 31) 7,839 9,034
\n 2,166,390 2,160,242
\nThe main risks inherent to the Group\u2019s operations are those
\nrelated to credit risk, liquidity risk, currency risk, interest
\nrate and commodity price risk.
\n
\n
\n
\n\n\nCredit risk
\nThe Group is exposed to credit risk which is the risk that
\none party to a financial instrument will fail to discharge an
\nobligation and cause the other party to incur a financial
\nloss. The Group does not hold any collateral or other credit
\nenhancements to cover its credit risks associated with its
\nfinancial assets. The carrying amount of financial assets
\ndisclosed in the table \u201cMajor categories of assets and
\nliabilities considered by the Group from a risk management
\nperspective\u201d represent the maximum credit exposure.
\nThe Group structures the levels of credit risk it undertakes
\nby placing limits on the amount of risk accepted in relation
\nto one customer or group of customers. The approved
\ncredit period for major groups of customers, which
\ninclude franchisees, distributors and supermarkets, is
\nset up to 30 days.
\nLimits on the level of credit risk by customer are approved
\nand monitored on a regular basis by the management of
\nthe Group. Management assesses amounts receivable
\nfrom customers for recoverability starting from 30 and
\n60 days for receivables on sales of poultry meat and
\nreceivables on other sales, respectively. As of 31 December
\n2022, about 7% (2021: 17%) of trade accounts receivable
\ncomprise amounts due from 12 large supermarket chains,
\nwhich have the shortest contractual receivable settlement
\nperiod among customers.
\nThe credit risk on liquid funds is limited because the
\nalmost the all counterparties are banks with high credit-
\nratings assigned by international credit-rating agencies; a
\nrelatively small portion of cash is held in Ukrainian state
\nbanks on current accounts.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n37.\u2005RISK\u2005MANAGEMENT\u2005POLICIES\u2005\u2005
\n(continued)
\n\n
\nLiquidity risk
\nLiquidity risk is the risk that the Group will not be able to
\nsettle all liabilities as they are due. The Group\u2019s liquidity
\nposition is carefully monitored and managed. The Group
\nhas in place a detailed budgeting and cash forecasting
\nprocess to help ensure that it has adequate cash available
\nto meet its payment obligations.
\nThe following table details the Group\u2019s remaining
\ncontractual maturity for its financial liabilities. The table
\nhas been drawn up based on the undiscounted cash flows
\nof financial liabilities using the earliest date on which
\nthe Group can be required to pay. The table includes
\nboth interest and principal cash flows as of 31 December
\n2022 and 2021. The amounts in the table may not be
\nequal to the statement of financial position carrying
\namounts since the table includes all cash outflows on
\nan undiscounted basis.
\nCARRYING\u2005
\nAMOUNT
\nCONTRACTUAL\u2005\u2005
\nAMOUNTS
\nLESS\u2005THAN
\n1\u2005YEAR
\nFROM\u20052ND
\nTO\u20055TH\u2005YEAR
\nAFTER\u2005\u2005
\n5TH\u2005YEAR
\nYear ended 31 December 2022
\nBank borrowings 294,605 309,690 182,794 120,227 6,669
\nBonds issued 1,424,093 1,765,539 119,351 1,252,438 393,750
\nLease liabilities 229,323 439,320 65,067 192,698 181,555
\nTrade accounts payable 122,576 122,576 122,576 - -
\nOther current liabilities 95,793 95,793 95,793 - -
\nTotal 2,166,390 2,732,918 585,581 1,565,363 581,974
\nYear ended 31 December 2021
\nBank borrowings 225,485 229,766 123,615 92,188 13,963
\nBonds issued 1,397,577 1,843,888 98,850 1,329,413 415,625
\nLease liabilities 281,250 529,679 77,954 233,731 217,993
\nTrade accounts payable 162,641 162,641 162,641 - -
\nOther current liabilities 93,289 93,289 93,289 - -
\nTotal 2,160,242 2,859,263 556,349 1,655,332 647,581
\nThe Group\u2019s target is to maintain its current ratio, defined as the proportion of current assets to current liabilities, at the
\nlevel of not less than 1.2. As of 31 December 2022 and 2021, the current ratio was as follows:
\n2022 2021
\nCurrent assets 1,556,060 1,654,939
\nCurrent liabilities 532,564 529,263
\n2.92 3.13
\n
\n
\n\n\nCurrency risk
\nCurrency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates.
\nThe Group undertakes certain transactions denominated in foreign currencies. The Group does not use any derivatives
\nto manage foreign currency risk exposure, but Management sets limits on the level of exposure to foreign currency
\nfluctuations in order to manage currency risk.
\n
\n\n
\n\n
\n\n
\n\n
\n37.\u2005RISK\u2005MANAGEMENT\u2005POLICIES\u2005\u2005
\n(continued)
\n\n
\n
\n
\n
\n
\nCurrency risk (continued)
\nThe carrying amounts of the Group\u2019s foreign currency denominated monetary assets and liabilities as of 31 December
\nwere as follows:
\n2022 2021
\nUSD EUR USD EUR
\nAssets 177,509 116,847 140,705 41,883
\nLiabilties
\n1)
\n 1,498,217 136,207 1,513,825 42,395
\nNet liabilities 1,320,708 19,360 1,373,120 512
\n1)
\n Currency denominated liabilities consist mostly of bonds issued and bank borrowings.
\n\nThe table below illustrates the Group\u2019s sensitivity to a
\nchange in the exchange rate of the Ukrainian Hryvnia
\nagainst the US Dollar and Euro. The sensitivity analysis
\nincludes only outstanding foreign currency denominated
\nmonetary items and adjusts their translation at the year-
\nend for possible change in foreign currency rates.
\nCHANGE\u2005IN\u2005
\nFOREIGN\u2005
\nCURRENCY\u2005
\nEXCHANGE\u2005
\nRATES
\nEFFECT\u2005ON\u2005
\nPROFIT
\nBEFORE\u2005TAX,\u2005
\nGAIN/(LOSS)
\n2022
\nIncrease in USD exchange rate 20% (264,142)
\nIncrease in EUR exchange rate 20% (3,872)
\nDecrease in USD exchange rate 2% 26,414
\nDecrease in EUR exchange rate 2% 387
\n2021
\nIncrease in USD exchange rate 15% (205,968)
\nIncrease in EUR exchange rate 15% (77)
\nDecrease in USD exchange rate 15% 205,968
\nDecrease in EUR exchange rate 15% 77
\n
\n\nDuring the year ended 31 December 2022 the Ukrainian
\nHryvnia depreciated against the EUR and USD by 20.61%
\nand 25.41% respectively (2021: appreciated against the EUR
\nby 12.34% and 3.65% against the USD). As a result, during
\nthe year ended 31 December 2022 the Group recognised
\nnet foreign exchange losses in the amount of USD 365,018
\nthousand (2021: foreign exchange gains in the amount of
\nUSD 40,466 thousand) and cumulative translation loss
\nof USD 297,493 thousand (2021: USD 2,931 thousand)
\nin the consolidated statement of profit or loss and other
\ncomprehensive income.
\nThe currency risk is mitigated by the existence of USD-
\ndenominated proceeds from sales of sunflower oil, grain
\nand chicken meat, which are sufficient for servicing the
\nGroup\u2019s foreign currency denominated liabilities and
\nwere as follows during the years, ended 31 December
\n2022 and 2021:
\n2022 2021
\nChicken meat and related
\nproducts
\n 986,857 769,563
\nVegetable oil and related
\nproducts
\n 448,747 290,230
\nGrain 121,706 140,072
\nOther agricultural segment
\nproducts
\n 43,861 65,564
\n 1,601,171 1 , 265, 429
\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n37.\u2005RISK\u2005MANAGEMENT\u2005POLICIES\u2005\u2005
\n(continued)
\n\nInterest rate risk
\nInterest rate risk arises from the possibility that changes in
\ninterest rates will affect primarily borrowings by changing
\nfuture cash flows. For variable rate borrowings, interest is
\nlinked to SOFR or EURIBOR.
\nThe below table illustrates the Group\u2019s sensitivity to
\nincreases or decreases of interest rates by 1%. The analysis
\nwas applied to interest bearing liabilities (bank borrowings
\nand lease obligations) based on the assumption that the
\namount of liability outstanding as of the reporting date
\nwas outstanding for the whole year.
\nINCREASE/\u2005
\n(DECREASE)\u2005
\nOF\u2005FLOATING\u2005
\nR ATE
\nEFFECT\u2005ON\u2005
\nPROFIT
\nBEFORE\u2005TAX,\u2005
\nGAIN/(LOSS)
\n2022
\nSOFR 1% (106)
\nSOFR -1% 106
\nEURIBOR 1% (1,799)
\nEURIBOR -1% 1,799
\n2021
\nSOFR 1% (106)
\nSOFR -1% 106
\nEURIBOR 1% (1,200)
\nEURIBOR -1% 969
\nThe effect of interest rate sensitivity on shareholders\u2019
\nequity is equal to that on consolidated statement of profit
\nor loss.
\nLivestock diseases risk
\nThe Group\u2019s agro-industrial business is subject to risks of
\noutbreaks of various diseases. The Group faces the risk
\nof outbreaks of diseases, which are highly contagious
\nand destructive to susceptible livestock, such as avian
\ninfluenza or bird flu for its poultry operations. These and
\nother diseases could result in mortality losses. Disease
\ncontrol measures were adopted by the Group to minimize
\nand manage this risk. Management is satisfied that its
\ncurrent existing risk management and quality control
\nprocesses are effective and sufficient to prevent any
\noutbreak of livestock diseases and related losses.
\nCommodity price and procurement risk
\nCommodity price risk arises from the risk of an adverse
\neffect on current or future earnings from fluctuations in
\nthe prices of commodities. To mitigate this risk the Group
\ncontinues expansion of its grain growing segment, as part
\nof its vertical integration strategy, and also accumulates
\nsufficient commodity stock to meet its production needs.
\n
\n
\n\n
\n
\n\n\n
\n
\n38.\u2005PENSIONS\u2005AND\u2005RETIREMENT\u2005PLANS
\n\nThe employees of the Group receive pension benefits
\nfrom the government in accordance with the laws and
\nregulations of respective jurisdictions.
\nThe Group\u2019s contributions to the State Pension Fund
\nfor the year ended 31 December 2022 were USD 64,089
\nthousand and are recorded in the Consolidated Statement
\nof Profit or Loss and Other Comprehensive Income on an
\naccrual basis (2021: USD 58,458 thousand). The Ukrainian
\ncompanies of the Group are not liable for any other
\nsupplementary pensions, post-retirement health care,
\ninsurance benefits or retirement indemnities to its current
\nor former employees, other than pay-as-you-go expenses.
\nIn accordance with the legislative regulations, collective
\ncontract, and internal rules, the companies of the European
\nOperating Segment are committed to the payment of
\nloyalty bonuses to employees and severance payments
\nupon their retirement for which long-term provisions
\nare made. Provisions are recognized in other operating
\nexpenses in the Consolidated Statement of Profit or Loss
\nand Other Comprehensive Income and in other non-
\ncurrent liabilities in the Statement of Financial Position.
\n
\n
\n\n\nThe balances of provisions for employee benefits are
\npresented within other non-current liabilities and were as
\nfollows as of 31 December 2022 and 2021:
\n2022 2021
\nProvisions for severance
\npayments
\n 3,846 4,731
\nProvisions for loyalty bonuses 919 1,182
\n 4,765 5,913
\n
\n\n
\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n\n
\n
\n38.\u2005PENSIONS\u2005AND\u2005RETIREMENT\u2005PLANS\u2005
\n(continued)
\n\nThe following table represents movements in provisions for employee benefits for the years ended 31 December 2022 and 2021:
\nPROVISIONS\u2005FOR\u2005
\nSEVERANCE\u2005PAYMENTS
\nPROVISIONS\u2005FOR\u2005
\nLOYALTY\u2005BONUSES TOTAL
\n31 December 2020 4,932 1,328 6,260
\nFormation 272 49 321
\nExpenditure (85) (95) (180)
\nTranslation Differences (388) (100) (488)
\n31 December 2021 4,731 1,182 5,913
\nFormation 361 67 428
\nExpenditure (952) (257) (1,209)
\nTranslation Differences (294) (73) (367)
\n31 December 2022 3,846 919 4,765
\n
\n\n
\n\n\n
\n39.\u2005EARNINGS\u2005PER\u2005SHARE
\nThe earnings and weighted average number of ordinary shares used in calculation of earnings per share are as follows:
\nFROM\u2005CONTINUED\u2005OPERATIONS 2022 2021
\nLoss/(profit) for the year attributable to equity holders of the Parent (225,577) 378,968
\n(Loss)/earnings used in calculation of earnings per share (225,577) 378,968
\nWeighted average number of shares outstanding 107,038,208 107,038,208
\nBasic and diluted (loss)/earnings per share (USD per share) (2.11) 3.54
\n\nThe Group has neither potentially dilutive ordinary shares nor other dilutive instruments; therefore, the diluted earnings
\nper share equal basic earnings per share. The denominators used are the same as those detailed above for both basic and
\ndiluted earnings per share from discontinued operations presented in Note 3.
\n
\n\n
\n\n\n40.\u2005SUBSEQUENT\u2005EVENTS\u2005 \u2005
\nFacility agreement with the European Bank
\nfor\u2005Reconstruction and Development
\nIn February 2023, the Group entered into a facility
\nagreement with the European Bank for Reconstruction
\nand Development (EBRD) in the amount of USD 100 million
\n(EBRD of USD 90 million and other lender of USD 10 million).
\nThe loan is for the purpose of financing of needs of the
\nGroup's Poultry and related operations segment. This is a
\nseasonal loan, secured by sunflower seeds and oil stocks
\nwith maturity in August 2023 and will be used to finance
\nthe purchase of sunflower seeds and other operational
\nexpenses associated with production of sunflower oil and
\nrelated products. The loan agreement includes a number
\nof covenants and other terms and conditions, including a
\nrequirement that the Group maintain certain financial ratios
\nin-line with Bonds. The Group has tested this transaction
\nand concluded on its compliance with the covenants
\nas stated in Note 29, defining this new indebtedness as
\npermitted debt.
\n
\n\n\n41.\u2005AUTHORIZATION\u2005OF\u2005THE\u2005CONSOLIDATED\u2005
\nFINANCIAL\u2005STATEMENTS
\nThese consolidated financial statements were authorized
\nfor issue by the Board of Directors of MHP SE on 11 April
\n2023.
\n
\n\n
\n",
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"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag151": {
"value": "\n
\n
\n
\n
\n1.\u2005CORPORATE\u2005INFORMATION
\nMHP SE (the \u201cParent\u201d or \u201cMHP SE\u201d), a limited liability
\ncompany (Societas Europaea) registered under the laws
\nof Cyprus, was formed on 30 May 2006. Hereinafter, MHP
\nSE and its subsidiaries are referred to as the \u201cMHP SE
\nGroup\u201d or the \u201cGroup\u201d. The registered address of MHP SE
\nis 16-18 Zinas Kanther Street, Agia Triada, 3035 Limassol,
\nCyprus. The MHP SE shares are listed on the London
\nStock Exchange (\u201cLSE\u201d) in the form of global depositary
\nreceipts (\u201cGDRs\u201d).
\nThe controlling shareholder of MHP SE is Mr. Yuriy Kosyuk
\n(\u201cPrincipal Shareholder\u201d), who owns 100% of the shares
\nof WTI Trading Limited (\u201cWTI\u201d), which is the immediate
\nmajority shareholder of MHP SE, which in turn directly
\nowns of 59,7% of the total outstanding share capital of
\nMHP SE.
\nThe principal business activities of the Group are poultry
\nand related operations, grain growing, as well as meat
\nprocessing and other agricultural operations. The Group\u2019s
\npoultry and related operations integrate all functions
\nrelated to the production of chicken, including hatching,
\nfodder manufacturing, raising chickens to marketable
\nage (\u201cgrow-out\u201d), processing and marketing of branded
\nchilled products and include the production and sale of
\nchicken products, vegetable oil and mixed fodder. Grain
\ngrowing comprises the production and sale of grains. Meat
\nprocessing and other agricultural operations comprise
\nthe production and sale of cooked meat, sausages,
\nconvenience food products, milk and feed grains. As of
\n31 December 2022 the Group employed 31,701 people (31
\nDecember 2021: 30,890 people).
\n\nThe primary subsidiaries, the principal activities of the
\ncompanies forming the Group and the Parent\u2019s effective
\nownership interest as of 31 December 2022 and 2021 were
\nas follows:
\nNAME
\nCOUNTRY\u2005OF\u2005
\nREGISTRATION
\nYEAR\u2005
\nESTABLISHED/\u2005
\nACQUIRED PRINCIPAL\u2005ACTIVITIES
\n31\u2005DECEMBER\u2005
\n2022
\n31\u2005DECEMBER\u2005
\n2021
\nMHP Lux S.A. Luxembourg 2018 Finance Company 100.0% 100.0%
\nMHP Ukraine 1998 Management,
\nmarketing and sales
\n99.9% 99.9%
\nMyronivsky Plant of
\nManufacturing Feeds
\nand Groats
\nUkraine 1998 Fodder and vegetable
\noil production
\n88.5% 88.5%
\nVinnytska Ptakhofabryka Ukraine 2011 Chicken farm 100.0% 100.0%
\nPeremoga Nova Ukraine 1999 Breeder farm 99.9% 99.9%
\nOril-Leader Ukraine 2003 Chicken farm 99.9% 99.9%
\nMyronivska Pticefabrika Ukraine 2004 Chicken farm 99.9% 99.9%
\nStarynska Ptakhofabryka Ukraine 2003 Breeder farm 100.0% 100.0%
\nZernoprodukt MHP Ukraine 2005 Grain cultivation 99.9% 99.9%
\nKaterinopilskiy Elevator Ukraine 2005 Fodder production
\nand grain storage,
\nvegetable oil
\nproduction
\n99.9% 99.9%
\nSPF Urozhay Ukraine 2006 Grain cultivation 99.9% 99.9%
\nAgrofort Ukraine 2006 Grain cultivation 99.9% 99.9%
\nMHP-Urozhayna Krayina Ukraine 2010 Grain cultivation 99.9% 99.9%
\nUkrainian Bacon Ukraine 2008 Meat processing 79.9% 79.9%
\nMHP-AgroKryazh Ukraine 2013 Grain cultivation 51.0% 51.0%
\nMHP-Agro-S Ukraine 2013 Grain cultivation 51.0% 51.0%
\nZakhid-Agro MHP Ukraine 2015 Grain cultivation 100.0% 100.0%
\nPerutnina Ptuj d.d. Slovenia 2019 Poultry production 100.0% 100.0%
\nMHP Food Trading United Arab
\nEmirates
\n2016 Trading in vegetable oil
\nand poultry meat
\n100.0% 100.0%
\nMHP B.V. Netherlands 2014 Trading in poultry meat 100.0% 100.0%
\nMHP Trade B.V. Netherlands 2018 Trading in poultry meat 100.0% 100.0%
\nMHP Saudi Arabia Trading Saudi Arabia 2018 Trading in poultry meat 75.0% 75.0%
\nMHP Food UK Limited United Kingdom 2021 Trading in poultry meat 100.0% 100.0%
\nThe Group\u2019s primary operational facilities are located in different regions of Ukraine as well as in Southeast Europe,
\nincluding Slovenia, Serbia, Croatia and Bosnia and Herzegovina (represented by Perutnina Ptuj d.d. together with its
\n
\n
\n\nsubsidiaries).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag152": {
"value": "MHP SE",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag153": {
"value": "SE",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag154": {
"value": "Cyprus",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag155": {
"value": "was formed on 30 May 2006",
"dimensions": {
"concept": "ifrs-full:LengthOfLifeOfLimitedLifeEntity",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag156": {
"value": "Hereinafter, MHPSE and its subsidiaries are referred to as the \u201cMHP SEGroup\u201d or the \u201cGroup\u201d.",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag157": {
"value": "16-18 Zinas Kanther Street, Agia Triada, 3035 Limassol,Cyprus",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag158": {
"value": "poultryand related operations, grain growing, as well as meatprocessing and other agricultural operations",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag159": {
"value": "As of31 December 2022 the Group employed 31,701 people (31December 2021: 30,890 people).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag160": {
"value": "\nThe primary subsidiaries, the principal activities of the
\ncompanies forming the Group and the Parent\u2019s effective
\nownership interest as of 31 December 2022 and 2021 were
\nas follows:
\nNAME
\nCOUNTRY\u2005OF\u2005
\nREGISTRATION
\nYEAR\u2005
\nESTABLISHED/\u2005
\nACQUIRED PRINCIPAL\u2005ACTIVITIES
\n31\u2005DECEMBER\u2005
\n2022
\n31\u2005DECEMBER\u2005
\n2021
\nMHP Lux S.A. Luxembourg 2018 Finance Company 100.0% 100.0%
\nMHP Ukraine 1998 Management,
\nmarketing and sales
\n99.9% 99.9%
\nMyronivsky Plant of
\nManufacturing Feeds
\nand Groats
\nUkraine 1998 Fodder and vegetable
\noil production
\n88.5% 88.5%
\nVinnytska Ptakhofabryka Ukraine 2011 Chicken farm 100.0% 100.0%
\nPeremoga Nova Ukraine 1999 Breeder farm 99.9% 99.9%
\nOril-Leader Ukraine 2003 Chicken farm 99.9% 99.9%
\nMyronivska Pticefabrika Ukraine 2004 Chicken farm 99.9% 99.9%
\nStarynska Ptakhofabryka Ukraine 2003 Breeder farm 100.0% 100.0%
\nZernoprodukt MHP Ukraine 2005 Grain cultivation 99.9% 99.9%
\nKaterinopilskiy Elevator Ukraine 2005 Fodder production
\nand grain storage,
\nvegetable oil
\nproduction
\n99.9% 99.9%
\nSPF Urozhay Ukraine 2006 Grain cultivation 99.9% 99.9%
\nAgrofort Ukraine 2006 Grain cultivation 99.9% 99.9%
\nMHP-Urozhayna Krayina Ukraine 2010 Grain cultivation 99.9% 99.9%
\nUkrainian Bacon Ukraine 2008 Meat processing 79.9% 79.9%
\nMHP-AgroKryazh Ukraine 2013 Grain cultivation 51.0% 51.0%
\nMHP-Agro-S Ukraine 2013 Grain cultivation 51.0% 51.0%
\nZakhid-Agro MHP Ukraine 2015 Grain cultivation 100.0% 100.0%
\nPerutnina Ptuj d.d. Slovenia 2019 Poultry production 100.0% 100.0%
\nMHP Food Trading United Arab
\nEmirates
\n2016 Trading in vegetable oil
\nand poultry meat
\n100.0% 100.0%
\nMHP B.V. Netherlands 2014 Trading in poultry meat 100.0% 100.0%
\nMHP Trade B.V. Netherlands 2018 Trading in poultry meat 100.0% 100.0%
\nMHP Saudi Arabia Trading Saudi Arabia 2018 Trading in poultry meat 75.0% 75.0%
\nMHP Food UK Limited United Kingdom 2021 Trading in poultry meat 100.0% 100.0%
\nThe Group\u2019s primary operational facilities are located in different regions of Ukraine as well as in Southeast Europe,
\nincluding Slovenia, Serbia, Croatia and Bosnia and Herzegovina (represented by Perutnina Ptuj d.d. together with its
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag161": {
"value": "Ukraine as well as in Southeast Europe,including Slovenia, Serbia, Croatia and Bosnia and Herzegovina",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag162": {
"value": "\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES
\n
\n\n
\n
\n
\nBasis of presentation and accounting
\n\nThe consolidated financial statements have been prepared
\nin accordance with International Financial Reporting
\nStandards (IFRS) as adopted by the European Union and
\nthe requirements of the Cyprus Companies Law Cap 113.
\nThe operating subsidiaries of the Group maintain their
\naccounting records under local accounting standards.
\nLocal principles and procedures may differ from
\nthose generally accepted under IFRS. Accordingly, the
\nconsolidated financial statements, which have been
\nprepared from the Group entities\u2019 local accounting
\nrecords, reflect adjustments necessary for such financial
\nstatements to be presented in accordance with IFRS.
\n
\n\nBasis of preparation
\nThe consolidated financial statements of the Group
\nare prepared on the basis of historical cost except for
\nrevalued amounts of buildings and structures, grain storage
\nfacilities, production machinery, vehicles and agricultural
\nmachinery, biological assets, agricultural produce, and
\ncertain financial instruments, which are carried at fair
\nvalues. Historical cost is generally based on the fair value
\nof the consideration given in exchange for goods and
\nservices at the date of initial recognition of an item.
\n\nGoing concern
\nAs a result of the Russian invasion, the Group has
\nexperienced a number of significant disruptions and
\noperational issues within its business. The Group incurred
\na net loss of USD 230,937 thousand in 2022. During
\n2022 and up to the date of authorization to issue these
\nconsolidated financial statements the Group has analyzed
\nthe observable impact of the War on its business as
\ndescribed below, but not limited to:
\n\u2022 the Group\u2019s poultry production facilities have not suf-
\nfered any physical damage;
\n\u2022 certain inventories and biological assets were damaged
\nand written-off;
\n\u2022 a substantial amount of poultry products was provided
\nas humanitarian aid to the population of Ukraine; for de-
\ntails please refer to Note 33 Operating environment;
\n\u2022 MHP continues commercial poultry sales in Ukraine al-
\nmost at the pre-War level, despite domestic deliveries
\nin some regions having been and continuing to be sig-
\nnificantly disrupted due to active hostilities;
\n\u2022 during the first half of 2022, export sales reduced signifi-
\ncantly due to closure of all Ukrainian seaports. Only cer-
\ntain roads and railways were available for export. Howev-
\ner, beginning from 22 July, the date of signing of a grain
\nagreement between the United Nations (UN), Ukraine,
\nRussia and Turkey, the large-scale demining of Ukraine\u2019s
\nports was performed and movement of cargo ships car-
\nrying grain in the Black Sea was partially renewed. This
\nallowed the Group to facilitate optimization of certain
\nexport sales of vegetable oils and grain;
\n\u2022 due to lower sales, MHP slightly decreased poultry pro-
\nduction comparing to the pre-war level, but as at 31 De-
\ncember 2022 has already returned to normal capacity
\nutilization;
\n\u2022 operations of \u201cUkrainian Bacon\u201d (a meat-processing
\noperation with 34,000 tonnes annual capacity located
\nin the Donetsk region) were temporarily suspended due
\nto continuing military attacks and further escalation of
\nthe situation in the Donetsk region;
\n\u2022 during the fourth quarter of 2022, there were severe
\npower outages in Ukraine caused by Russia's attacks
\non Ukrainian power generation and distribution infra-
\nstructure. These outages caused temporary instability
\nof oilseed processing, poultry and silo operations;
\n\u2022 the Group\u2019s European operations at Perutnina Ptuj have
\nnot been directly affected by events in Ukraine as they
\nare fully independent and self-sufficient from an oper-
\national and supply chain perspective, and continue to
\nproduce at full capacity;
\n\u2022 for the period after the Russian invasion of Ukraine
\nmore than 1,800 MHP employees joined the Ukrainian
\nmilitary forces and territorial defence;
\n\u2022 as a result of the disruptions described above, the
\nGroup\u2019s ability to service debt in 2022 was limited, and
\n
\n
\n\n
\n\n
\n\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\n
\n\nGoing concern (continued)
\nnegotiations were held with creditors regarding deferral
\nof debts repayment.
\nDuring 2022 and up to the date of authorization to issue
\nthese consolidated financial statements, in response to
\nthese matters, the Group has taken the following actions:
\n\u2022 optimized utilization of production facilities to meet
\ndomestic demand and export orders;
\n\u2022 inventories were maintained at the normal level during
\nthe year. As a result of these actions, as well as the
\nrelative stabilization of the economic and political
\nsituation in Ukraine, the Group has returned to normal
\nproduction capacity;
\n\u2022 established alternative export routes, including by
\nroad and rail, to address the logistical issues caused by
\nthe war and optimized transport costs in the existing
\ncircumstances;
\n\u2022 the Group asked its employees of \u201cUkrainian Bacon\u201d
\n(over 1,900 people) and their families to relocate to safer
\nregions of Ukraine. Some employees were redeployed
\nto other Group production facilities. Production has
\nbeen partly redeployed on the Group`s production sites
\nin central Ukraine. Full commissioning of all production
\nwhich will require additional time and resources, is
\nplanned to be completed by the end of 2023;
\n\u2022 to mitigate the impact of power outages on its business,
\nthe Group equipped its key assets with diesel generators
\nas well as continued to operate two biogas facilities to
\nproduce electricity, industrial steam and heating;
\n\u2022 MHP has accumulated sufficient seeds, fertilizers, fuel,
\npesticides and other inputs required for the 2022 sowing
\nand harvesting campaigns, as well as the necessary
\nvehicles, agricultural machinery and human resources.
\nAs a result, the harvesting campaign was 98% complete
\nas at 31 December 2022, with a small amount of corn
\nharvested in January 2023;
\n\u2022 the Group has secured forthcoming sowing campaign by
\nbuilding up the required level of inventories. It is planned
\nto sow and harvest more than 350,000 hectares of grains
\nand oilseeds in 2023 (73,000 hectares are represented
\nby already planted winter crops);
\n\u2022 to preserve cash for operational priorities, on 30
\nMarch 2022 the Group received consent from holders
\nof its Eurobonds to postpone the semi-annual interest
\npayments due in Spring 2022 on each of its 2024, 2026
\nand 2029 Notes for a period up to 270 days. As at the
\ndate of publication, all the postponed amounts had
\nbeen paid in time (Note 29);
\n\u2022 to comply with consent solicitation restrictions, the
\nGroup has agreed a general postponement of debt
\nservicing under the loan agreements with the bank
\nlenders, where the payments were initially scheduled
\nduring the 270-days support period as mentioned
\nabove. During the year ended 31 December 2022,
\nManagement signed legally binding agreements for
\nrelevant bank loans with the total amount of USD 137
\nmillion to comply with consent solicitation requirements
\n(Note 28);
\n\u2022 the Directors have decided not to declare any dividends
\nfor the 2021 and 2022 financial years.
\nManagement have prepared adjusted financial forecasts,
\nincluding cash flow projections, for the twelve months
\nfrom the date of approval of these financial statements,
\ntaking into consideration most likely and possible
\ndownside scenarios for the ongoing business impacts of
\nthe War. The Group considered the impact of conditions
\nand events described in the Notes 33 and 40 on the
\nfinancial forecast.
\nThese forecasts were based on the following key
\nassumptions:
\n\u2022 the impact of the War on business will continue for the
\nnext 12 months;
\n\u2022 further development of the War will not severely affect
\nthe Group's assets and will allow the Group to have 85%
\nutilization of poultry production facilities;
\n\u2022 all of the Group\u2019s assets remain safe and in good
\ncondition;
\n\u2022 remaining logistic routes (rail and road) will continue to
\nbe available;
\n\u2022 the Group takes into consideration restrictions
\nimposed by the existing indebtedness agreements
\n(Notes 28 and 29);
\n\u2022 MHP will be able to procure sufficient levels of vitamins
\nand minerals for production of feed as well as the
\nrequired volume of plant protection materials, fuel and
\nother inputs for grain growing;
\n
\n\n
\n\n
\n\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\n
\n\nGoing concern (continued)
\n\u2022 the Group will be able to run the sowing and harvesting
\ncampaign on its entire landbank.
\nThese forecasts indicate that, the Group has adequate
\nresources to continue in operational existence for the
\nforeseeable future. The Directors have therefore concluded
\nthat it is appropriate to apply the going concern basis
\nof accounting in preparing these consolidated financial
\nstatements. However, due to the currently unpredictable
\neffects of the ongoing War on the significant assumptions
\nunderlying management forecasts, the Directors have
\nconcluded that a material uncertainty exists, which
\nmay cast significant doubt about the Group\u2019s ability to
\ncontinue as a going concern, in which case the Group may
\nbe unable to realize its assets and discharge its liabilities
\nin the normal course of business.
\n
\n\n
\n\n\nAdoption of new and revised International Financial
\nReporting Standards
\nThe Group applied for the first time certain standards
\nand amendments which are effective for annual periods
\nbeginning on or after 1 January 2022. The Group has
\nnot early adopted any other standard, interpretation or
\namendment that has been issued but is not yet effective.
\nThe following standards were adopted by the Group on 1
\nJanuary 2022:
\n\u2022 Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013
\nAmendments to IAS 37;
\n\u2022 Reference to the Conceptual Framework \u2013 Amendments
\nto IFRS 3;
\n\u2022 Property, Plant and Equipment: Proceeds before
\nIntended Use \u2013 Amendments to IAS 16 Leases;
\n\u2022 IFRS 1 First-time Adoption of International Financial
\nR e p o r t i n g S t a n d a r d s \u2013 S u b s i d i a r y a s a fi r s t-t i m e a d o p te r ;
\n\u2022 IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019
\ntest for derecognition of financial liabilities;
\n\u2022 IAS 41 Agriculture \u2013 Taxation in fair value measurements.
\nOnerous Contracts \u2013 Costs of Fulfilling a Contract \u2013
\nAmendments to IAS 37
\nThe amendments specify that when assessing whether
\na contract is onerous or loss-making, an entity needs to
\ninclude costs that relate directly to a contract to provide
\ngoods or services including both incremental costs (e.g.,
\nthe costs of direct labour and materials) and an allocation
\nof costs directly related to contract activities (e.g.,
\ndepreciation of equipment used to fulfill the contract and
\ncosts of contract management and supervision). General
\nand administrative costs do not relate directly to a contract
\nand are excluded unless they are explicitly chargeable to
\nthe counterparty under the contract.
\nThese amendments had no impact on the consolidated
\nfinancial statements of the Group as there were no onerous
\ncontracts within the scope of these amendments during
\nthe reporting period.
\nProperty, Plant and Equipment: Proceeds before
\nIntended Use \u2013 Amendments to IAS 16 Leases
\nThe amendment prohibits entities from deducting from
\nthe cost of an item of property, plant and equipment, any
\nproceeds of the sale of items produced while bringing
\nthat asset to the location and condition necessary for
\nit to be capable of operating in the manner intended by
\nmanagement. Instead, an entity recognises the proceeds
\nfrom selling such items and the costs of producing those
\nitems in profit or loss.
\nThese amendments had no impact on the consolidated
\nfinancial statements of the Group as there were no sales
\nof such items produced by property, plant and equipment
\nmade available for use on or after the beginning of the
\nearliest period presented.
\nIFRS 1 First-time Adoption of International Financial
\nReporting Standards \u2013 Subsidiary as a first time
\nadopter
\nThe amendment permits a subsidiary that elects to
\napply paragraph D16(a) of IFRS 1 to measure cumulative
\ntranslation differences using the amounts reported in the
\nParent\u2019s consolidated financial statements, based on the
\nParent\u2019s date of transition to IFRS, if no adjustments were
\nmade for consolidation procedures and for the effects of
\nthe business combination in which the Parent acquired
\nthe subsidiary. This amendment is also applied to an
\nassociate or joint venture that elects to apply paragraph
\nD16(a) of IFRS 1.
\nThese amendments had no impact on the consolidated
\nfinancial statements of the Group as it is not a first-time
\nadopter.
\n
\n
\n
\n\n
\n\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\nAdoption of new and revised International Financial
\nReporting Standards (continued)
\nIFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019
\ntest for derecognition of financial liabilities
\nThe amendment clarifies the fees that an entity includes
\nwhen assessing whether the terms of a new or modified
\nfinancial liability are substantially different from the
\nterms of the original financial liability. These fees include
\nonly those paid or received between the borrower and
\nthe lender, including fees paid or received by either the
\nborrower or lender on the other\u2019s behalf.
\nThis amendment had no impact on the consolidated
\nfinancial statements of the Group.
\nIAS 41 Agriculture \u2013 Taxation in fair value
\nmeasurements
\nThe amendment removes the requirement in paragraph
\n22 of IAS 41 that entities exclude cash flows for taxation
\nwhen measuring the fair value of assets within the scope
\nof IAS 41.
\nThis amendment had no impact on the consolidated
\nfinancial statements of the Group.
\n
\n\n\nStandards and Interpretations in issue but not effective
\nAt the date of authorization of these consolidated financial
\nstatements, the following Standards and Interpretations,
\nas well as amendments to the Standards were in issue but
\nnot yet effective:
\nIFRS 17: Insurance Contracts
\nThe standard is effective for annual periods beginning
\non or after 1 January 2023 with earlier application
\npermitted, provided the entity also applies IFRS 9
\nFinancial Instruments on or before the date it first
\napplies IFRS 17. This is a comprehensive new accounting
\nstandard for insurance contracts, covering recognition
\nand measurement, presentation and disclosure. IFRS 17
\napplies to all types of insurance contracts issued, as
\nwell as to certain guarantees and financial instruments
\nwith discretional participation contracts. This standard
\nis not applicable to the Group as the Group does not
\nhave contracts in scope of IFRS 17.
\nIAS 1 Presentation of Financial Statements and IFRS
\nPractice Statement 2: Disclosure of Accounting policies
\n(Amendments)
\nThe Amendments are effective for annual periods
\nbeginning on or after 1 January 2023 with earlier
\napplication permitted. The amendments provide
\nguidance on the application of materiality judgements
\nto accounting policy disclosures. In particular, the
\namendments to IAS 1 replace the requirement to disclose
\n\u2018significant\u2019 accounting policies with a requirement to
\ndisclose \u2018material\u2019 accounting policies. Also, guidance
\nand illustrative examples are added in the Practice
\nStatement to assist in the application of the materiality
\nconcept when making judgements about accounting
\npolicy disclosures. The Group is currently revisiting their
\naccounting policy information disclosures to ensure
\nconsistency with the amended requirements.
\nIAS 8 Accounting policies, Changes in Accounting
\nEstimates and Errors: Definition of Accounting Estimates
\n(Amendments)
\nThe amendments become effective for annual reporting
\nperiods beginning on or after 1 January 2023 with earlier
\napplication permitted and apply to changes in accounting
\npolicies and changes in accounting estimates that occur
\non or after the start of that period. The amendments
\nintroduce a new definition of accounting estimates,
\ndefined as monetary amounts in financial statements
\nthat are subject to measurement uncertainty, if they do
\nnot result from a correction of prior period error. Also,
\nthe amendments clarify what changes in accounting
\nestimates are and how these differ from changes in
\naccounting policies and corrections of errors. The
\namendments are not expected to have a material impact
\non the Group\u2019s consolidated financial statements.
\n
\n
\n\n
\n\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\nStandards and Interpretations in issue but not
\neffective (continued)
\nIAS 12 Income taxes: Deferred Tax related to Assets
\nand Liabilities arising from a Single Transaction
\n(Amendments)
\nThe amendments are effective for annual periods
\nbeginning on or after 1 January 2023 with earlier application
\npermitted. The amendments narrow the scope of and
\nprovide further clarity on the initial recognition exception
\nunder IAS 12 and specify how companies should account
\nfor deferred tax related to assets and liabilities arising from
\na single transaction, such as leases and decommissioning
\nobligations. The amendments clarify that where payments
\nthat settle a liability are deductible for tax purposes, it is
\na matter of judgement, having considered the applicable
\ntax law, whether such deductions are attributable for tax
\npurposes to the liability or to the related asset component.
\nUnder the amendments, the initial recognition exception
\ndoes not apply to transactions that, on initial recognition,
\ngive rise to equal taxable and deductible temporary
\ndifferences. It only applies if the recognition of a lease
\nasset and lease liability (or decommissioning liability and
\ndecommissioning asset component) give rise to taxable
\nand deductible temporary differences that are not equal.
\nThe Group is currently assessing the impact of the
\namendments on the consolidated financial statements.
\nIAS 1 Presentation of Financial Statements:
\nClassification of Liabilities as Current or Non-current
\n(Amendments)
\nThe amendments are effective for annual reporting
\nperiods beginning on or after 1 January 2024, with
\nearlier application permitted, and will need to be applied
\nretrospectively in accordance with IAS 8. The objective
\nof the amendments is to clarify the principles in IAS 1 for
\nthe classification of liabilities as either current or non-
\ncurrent. The amendments clarify the meaning of a right to
\ndefer settlement, the requirement for this right to exist at
\nthe end of the reporting period, that Management intent
\ndoes not affect current or non-current classification, that
\noptions by the counterparty that could result in settlement
\nby the transfer of the entity\u2019s own equity instruments do
\nnot affect current or non-current classification. Also, the
\namendments specify that only covenants with which an
\nentity must comply on or before the reporting date will
\naffect a liability\u2019s classification. Additional disclosures
\nare also required for non-current liabilities arising from
\nloan arrangements that are subject to covenants to be
\ncomplied with within twelve months after the reporting
\nperiod. The amendments have not yet been endorsed
\nby the EU. The amendments are not expected to have
\na material impact on the Group\u2019s consolidated financial
\nstatements.
\nIFRS 16 Leases: Lease Liability in a Sale and Leaseback
\n(Amendments)
\nThe amendments are effective for annual reporting
\nperiods beginning on or after 1 January 2024, with earlier
\napplication permitted. The amendments are intended
\nto improve the requirements that a seller-lessee uses in
\nmeasuring the lease liabilit y arising in a sale and leaseback
\ntransaction in IFRS 16, while it does not change the
\naccounting for leases unrelated to sale and leaseback
\ntransactions. In particular, the seller-lessee determines
\n\u2018lease payments\u2019 or \u2018revised lease payments\u2019 in such a way
\nthat the seller-lessee would not recognise any amount of
\nthe gain or loss that relates to the right of use it retains.
\nApplying these requirements does not prevent the seller-
\nlessee from recognising, in profit or loss, any gain or loss
\nrelating to the partial or full termination of a lease. A
\nseller-lessee applies the amendment retrospectively in
\naccordance with IAS 8 to sale and leaseback transactions
\nentered into after the date of initial application, being
\nthe beginning of the annual reporting period in which
\nan entity first applied IFRS 16. The amendments have
\nnot yet been endorsed by the EU. The amendments are
\nnot expected to have a material impact on the Group\u2019s
\nconsolidated financial statements.
\nAmendment in IFRS 10 Consolidated Financial
\nStatements and IAS 28 Investments in Associates and
\nJoint Ventures: Sale or Contribution of Assets between
\nan Investor and its Associate or Joint Venture
\nThe amendments address an acknowledged inconsistency
\nbetween the requirements in IFRS 10 and those in IAS 28,
\nin dealing with the sale or contribution of assets between
\nan investor and its associate or joint venture. The main
\nconsequence of the amendments is that a full gain or
\nloss is recognized when a transaction involves a business
\n(whether it is housed in a subsidiary or not). A partial
\ngain or loss is recognized when a transaction involves
\nassets that do not constitute a business, even if these
\nassets are housed in a subsidiary. In December 2015 the
\nIASB postponed the effective date of this amendment
\nindefinitely pending the outcome of its research project
\non the equity method of accounting. The amendments
\nhave not yet been endorsed by the EU. The amendments
\nare not expected to have a material impact on the Group\u2019s
\nconsolidated financial statements.
\n
\n\n
\n\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\nStandards and Interpretations in issue but not
\neffective (continued)
\n\n
\nFunctional and presentation currency
\n\nThe functional currency of Ukrainian companies of the
\nGroup is the Ukrainian Hryvnia (\u201cUAH\u201d); the functional
\ncurrency of the Cyprus companies and Luxembourg
\ncompany of the Group is the US Dollar (\u201cUSD\u201d); the functional
\ncurrency of the European companies of the Group is the
\nEuro (\u201cEUR\u201d); the functional currency of the United Arab
\nEmirates companies is the Dirham (\u201cAED\u201d); the functional
\ncurrency of the UK company is the British Pound (\u201cGBP\u201d);
\nthe functional currency of the Saudi Arabia company is
\nthe Saudi Riyal (\u201cSAR\u201d). Transactions in currencies other
\nthan the functional currency of the entities concerned are
\ntreated as transactions in foreign currencies.
\n
\n\nSuch transactions are initially recorded at the rates of
\nexchange ruling at the dates of the transactions. Monetary
\nassets and liabilities denominated in such currencies are
\ntranslated at the rates prevailing on the reporting date.
\nAll realized and unrealized gains and losses arising on
\nexchange differences are recognised in the consolidated
\nstatement of profit or loss and other comprehensive
\nincome for the period.
\nThese consolidated financial statements are presented
\nin US Dollars (\u201cUSD\u201d), which is the Group\u2019s presentation
\ncurrency.
\nThe results and financial position of the Group are
\ntranslated into the presentation currency using the following
\nprocedures:
\n\u2022 Assets and liabilities for each consolidated statement
\nof financial position presented are translated at the
\nclosing rate as of the reporting date of that statement
\nof financial position;
\n\u2022 Income and expenses for each consolidated statement
\nof profit or loss are translated at exchange rates at the
\ndates of the transactions;
\n\u2022 Exchange differences arising on translation for consol-
\nidation are recognised in other comprehensive income
\nand presented as a separate component of equity. On
\ndisposal of a foreign operation, the component of OCI
\nrelating to that particular foreign operation is reclassi-
\nfied to profit or loss;
\n\u2022 All equity items, except for the revaluation reserve, are
\ntranslated at the historical exchange rate. The revalu-
\nation reserve is translated at the closing rate as of the
\ndate of the statement of financial position.
\nFor practical reasons, the Group translates items of income
\nand expenses for each period presented in the financial
\nstatements using the quarterly average exchange rates,
\nif such translations reasonably approximate the results
\ntranslated at exchange rates prevailing at the dates of the
\ntransactions.
\nThe relevant exchange rates were:
\nCURRENCY
\nCLOSING\u2005\u2005
\nRATE\u2005AS\u2005OF\u2005\u2005
\n31\u2005DECEMBER\u2005
\n2022
\nAVERAGE\u2005
\nFOR\u20052022
\nCLOSING\u2005
\nRATE\u2005AS\u2005OF\u2005
\n31\u2005DECEMBER\u2005
\n2021
\nAVERAGE\u2005
\nFOR\u20052021
\nUAH/USD 36.5686 3 2 . 3 6 8 4 27.2782 27.2835
\nUAH/EUR 38.9510 33.9954 30.9226 32.3009
\nUSD/EUR 1.0651 1.0503 1.1336 1.1839
\n
\n
\n\n\n
\n\nBasis of consolidation
\nThe consolidated financial statements incorporate the
\nfinancial statements of MHP SE and its subsidiaries.
\nControl is achieved when the Company:
\n\u2022 has power over the investee;
\n\u2022 is exposed, or has rights, to variable returns from its in-
\nvolvement with the investee; and
\n\u2022 has the ability to use its power to affect its returns.
\nThe Company reassesses whether or not it controls an
\ninvestee if facts and circumstances indicate that there are
\nchanges to one or more of the three elements of control
\nlisted above. Consolidation of a subsidiary begins when
\nthe Company obtains control over the subsidiary and
\nceases when the Company loses control of the subsidiary.
\nSpecifically, income and expenses of a subsidiary
\nacquired or disposed of during the year are included in
\nthe consolidated statement of profit or loss and other
\ncomprehensive income from the date the Company gains
\ncontrol until the date when the Company ceases to control
\nthe subsidiary. Profit or loss and each component of other
\ncomprehensive income are attributed to the owners of
\nthe Company and to the non-controlling interests. Total
\ncomprehensive income of subsidiaries is attributed to
\nthe owners of the Company and to the non-controlling
\ninterests even if this results in the non-controlling interests
\nhaving a deficit balance.
\n
\n\n
\n\n
\n\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\n
\n\nBasis of consolidation (continued)
\nAll significant intercompany transactions, balances and
\nunrealized gains or losses on transactions are eliminated on
\nconsolidation, except when the intragroup losses indicate
\nan impairment that requires recognition in the consolidated
\nfinancial statements.
\nWhere necessary, adjustments are made to the financial
\nstatements of subsidiaries to bring the accounting policies
\nused in line with those adopted by the Group.
\n
\n\n
\n\n\n
\n\n
\n
\nAccounting for acquisitions
\nThe acquisitions of subsidiaries from third parties
\nare accounted for using the acquisition method. On
\nacquisition, the assets, liabilities and contingent liabilities
\nof a subsidiary are measured at their fair values.
\nThe consideration transferred by the Group is measured
\nat fair value, which is the sum of the acquisition-date fair
\nvalues of the assets transferred by the Group, liabilities
\nincurred by the Group to the former owners of the acquired
\nsubsidiary and the equity interests issued by the Group in
\nexchange for control of the subsidiary. Acquisition-related
\ncosts are recognised in the consolidated statement of
\nprofit or loss as incurred.
\nWhen the consideration transferred by the Group in
\na business combination includes assets and liabilities
\nresulting from a contingent consideration arrangement, the
\ncontingent consideration is measured at its acquisition-
\ndate fair value and is included as part of the consideration
\ntransferred. Any contingent consideration to be transferred
\nby the acquirer will be recognised at fair value at the
\nacquisition date. Contingent consideration that is classified
\nas equity is not remeasured and subsequent settlement
\nis accounted for within equity. Contingent consideration
\nclassified as an asset or liability that is a financial instrument
\nand within the scope of IFRS 9 Financial Instruments, is
\nmeasured at fair value with changes in fair value recognised
\nin the statement of profit or loss in accordance with IFRS 9.
\nOther contingent consideration that is not within the scope
\nof IFRS 9 is measured at fair value at each reporting date
\nwith changes in fair value recognised in profit or loss.
\n\nNon-controlling interests that are present ownership
\ninterests and entitle their holders to a proportionate share
\nof the subsidiary\u2019s net assets in the event of liquidation
\nmay be initially measured either at fair value or at the non-
\ncontrolling interests\u2019 proportionate share of the recognised
\namounts of the subsidiary\u2019s identifiable net assets. The
\nchoice of measurement basis is made on a transaction-by-
\ntransaction basis. Other types of non-controlling interests,
\nif any, are measured at fair value or, when applicable, on the
\nbasis specified in other IFRS standards.
\n
\n\n\n
\n\nGoodwill is measured as the excess of the sum of the
\nconsideration transferred, the amount of any non-
\ncontrolling interests in the acquired subsidiary, and the
\nfair value of the Group\u2019s previously held equity interest
\nin the acquired subsidiary (if any) over the net of the
\nacquisition-date amounts of the identifiable assets
\n
\n\n
\n\nacquired and the liabilities assumed. If, after reassessment,
\nthe net of the acquisition-date amounts of the identifiable
\nassets acquired and the liabilities assumed exceeds the
\nsum of the consideration transferred, the amount of non-
\ncontrolling interests in the subsidiary and the fair value
\nof the Group\u2019s previously-held interest in the subsidiary
\n(if any), the excess is recognised in the consolidated
\nstatement of profit or loss, as a bargain purchase gain.
\nChanges in the Group\u2019s ownership interests in subsidiaries
\nthat do not result in the Group losing control over the
\nsubsidiaries are accounted for as equity transactions. The
\ncarrying amounts of the Group\u2019s interests and the non-
\ncontrolling interests are adjusted to reflect the changes
\nin their relative interests in subsidiaries. Any difference
\nbetween the amount by which the non-controlling interests
\nare adjusted and the fair value of the consideration paid or
\nreceived is recognised directly in equity and attributed to
\nowners of the Parent.
\nIn acquisition of a legal entity that does not constitute
\na business, the cost of the group of assets is allocated
\nbetween the individual identifiable assets in the group
\nbased on their relative fair values.
\n
\n
\n
\n\n
\n
\n
\n\n
\n\n
\n
\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\n
\n\nFair value measurement
\nFair value is the price that would be received to sell an
\nasset or paid to transfer a liability in an orderly transaction
\nbetween market participants at the measurement date.
\nThe fair value measurement is based on the presumption
\nthat the transaction to sell the asset or transfer the liability
\ntakes place either in the principal market for the asset or
\nliability, or in the absence of a principal market, in the most
\nadvantageous market for the asset or liability. The principal
\nor the most advantageous market must be accessible by
\nthe Group.
\nThe fair value of an asset or a liability is measured using
\nthe assumptions that market participants would use
\nwhen pricing the asset or liability, assuming that market
\nparticipants act in their economic best interest.
\nA fair value measurement of a non-financial asset takes
\ninto account a market participant's ability to generate
\neconomic benefits by using the asset in its highest and
\nbest use or by selling it to another market participant that
\nwould use the asset in its highest and best use.
\nThe Group uses valuation techniques that are appropriate
\nin the circumstances and for which sufficient data are
\navailable to measure fair value, maximizing the use of relevant
\nobservable inputs and minimizing the use of unobservable
\ninputs.
\nAll assets and liabilities for which fair value is measured
\nor disclosed in the financial statements are categorized
\nwithin the fair value hierarchy, described as follows, based
\non the lowest level input that is significant to the fair value
\nmeasurement as a whole:
\n\u2022 Level 1: Quoted (unadjusted) market prices in active
\nmarkets for identical assets or liabilities;
\n\u2022 Level 2: Valuation techniques for which the lowest level
\ninput that is significant to the fair value measurement is
\ndirectly or indirectly observable;
\n\u2022 Level 3: Valuation techniques for which the lowest level
\ninput that is significant to the fair value measurement is
\nunobservable.
\nFor assets and liabilities that are recognised in the
\nfinancial statements on a recurring basis, the Group
\ndetermines whether transfers have occurred between
\nLevels in the hierarchy by re-assessing categorization
\n(based on the lowest level input that is significant to the
\nfair value measurement as a whole) at the end of each
\nreporting period.
\n
\n
\n\n
\n
\n\n\n
\n\n
\n\n
\n\nBorrowing costs
\nBorrowing costs include interest expense, finance charges
\non leases and other interest-bearing long-term payables
\nand debt servicing costs.
\nBorrowing costs directly attributable to the acquisition,
\nconstruction or production of qualifying assets, which are
\nassets that necessarily take a substantial period of time
\nto get ready for their intended use or sale, are added to
\nthe cost of those assets, until such time as the assets are
\nsubstantially ready for their intended use or sale.
\nInvestment income earned on the temporary investment
\nof specific borrowings pending their expenditure on
\nqualifying assets is deducted from the borrowing costs
\neligible for capitalization.
\nAll other borrowing costs are recognised in the statement
\nof profit or loss and other comprehensive income in the
\nperiod in which they are incurred.
\n
\n
\n\n
\n
\n\n
\n
\n\n
\n
\n\n\nContingent liabilities and assets
\nContingent liabilities are not recognised in the consolidated
\nfinancial statements. Rather, they are disclosed in the
\nnotes to the consolidated financial statements unless the
\npossibility of an outflow of resources embodying economic
\nbenefits is remote. Contingent assets are recognised only
\nwhen it has become virtually certain that an inflow of
\neconomic benefits will arise.
\n
\n\n\nSegment information
\nSegment reporting is presented on the basis of
\nManagement\u2019s perspective and relates to the parts of the
\nGroup that are defined as operating segments. Operating
\nsegments are identified on the basis of internal reports
\nprovided to the Group\u2019s chief operating decision maker
\n(\u201cCODM\u201d). The Group has identified its top Management
\nteam as its CODM and the internal reports used by
\nthe top Management team to oversee operations and
\nmake decisions on allocating resources serve as the
\nbasis of information presented. These internal reports
\nare prepared on the same basis as these consolidated
\nfinancial statements.
\n
\n\n
\n\n
\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\nSegment information (continued)
\nBased on the current management structure, the Group
\nhas identified the following reportable segments:
\n\u2022 Poultry and related operations;
\n\u2022 Grain growing operations;
\n\u2022 Meat processing and other agricultural operations;
\n\u2022 Europe operating segment.
\nReportable segments represent the Group\u2019s principal
\nbusiness activities. Poultry and related operations
\nsegment include sales of chicken meat, sales of by-
\nproducts such as vegetable oil and related products and
\nother poultry-related products. CODM is considering oil
\nextraction as a part of mixed fodder production rather
\nthan a separate line of business as primarily quality
\nand effectiveness of mixed fodder production prevails
\nover oil output. Grain growing operations include sale
\nof grain other than feed grains and green-fodder. Meat
\nprocessing and other agricultural operations segment
\nprimarily includes sales of other than poultry meat
\nand meat processing products, feed grains and milk.
\nThe Europe operating segment include sales of meat
\nprocessing and chicken meat products in Southeast
\nEurope.
\nThe Group does not present information on segment
\nassets and liabilities as the CODM does not review such
\ninformation for decision-making purposes.
\n
\n\n\n
\n\nNon-current assets held for sale and discontinued
\noperations
\nNon-current assets and disposal groups are classified as
\nheld for sale if their carrying amount will be recovered
\nprincipally through a sale transaction rather than through
\ncontinuing use. This condition is regarded as met only when
\nthe asset (or disposal group) is available for immediate
\nsale in its present condition subject only to terms that are
\nusual and customary for sales of such asset (or disposal
\ngroup) and its sale is highly probable. Management must
\nbe committed to the sale, which should be expected to
\nqualify for recognition as a completed sale within one year
\nfrom the date of classification.
\nWhen the Group is committed to a sale plan involving loss
\nof control of a subsidiary, all of the assets and liabilities
\nof that subsidiary are classified as held for sale when the
\ncriteria described above are met, regardless of whether
\nthe Group will retain a non-controlling interest in its former
\nsubsidiary after the sale.
\nNon-current assets (and disposal groups) classified as
\nheld for sale are measured at the lower of their carrying
\namount and fair value less costs to sell.
\nDiscontinued operations are excluded from the results of
\ncontinuing operations and are presented as a single amount
\nas profit or loss after tax from discontinued operations
\nin the consolidated statement of profit or loss and other
\ncomperensive income.
\n
\n\n
\n\n\n
\nRevenue recognition
\n\nThe Group generates revenue primarily from the sale of
\nagricultural products to the end customers. Revenue is
\nmeasured based on the consideration to which the Group
\nexpects to be entitled in a contract with a customer and
\nexcludes amounts collected on behalf of third parties. The
\nGroup recognises revenue when it transfers control of a
\nproduct or service to a customer.
\nRevenue is adjusted for estimates of known or expected
\nvariable consideration, which includes consumer incentives,
\ntrade promotions, and allowances, such as rebates,
\nvolume-based incentives and other programs. Variable
\nconsideration related to these programs is recorded as a
\nreduction to revenue based on amounts the Group expects
\nto pay. These estimates are based on current performance,
\nhistorical utilization, and projected redemption rates of
\neach program. The Group reviews and updates these
\nestimates regularly until the incentives are realized and the
\nimpact of any adjustments are recognized in the period the
\nadjustments are identified. Non-monetary exchanges or
\nswaps of goods which are of similar nature and value are
\nnot treated as transactions which generate revenue.
\n
\n\nThe Group recognises revenue from the following major
\nsources:
\n\u2022 chicken meat;
\n\u2022 vegetable oil and related products;
\n\u2022 other poultry related sales (delivery services, sunflower
\nand soybean meals, sunflower husk and other)
\n\u2022 grain;
\n\u2022 meat processing products and other meat;
\n\u2022 other agricultural operations (milk, feed grains and other).
\n
\n\n
\n\n
\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\nRevenue recognition (continued)
\nRevenue is measured based on the consideration to
\nwhich the Group expects to be entitled in a contract with
\na customer. The Group recognises revenue at a point in
\ntime when it transfers control of a product or service to a
\ncustomer.
\nThe major part of the Group\u2019s sales are generated from the
\nwholesale market. Revenue is recognised when control
\nof the goods has transferred, being when the goods have
\nbeen shipped to the wholesaler\u2019s specific location or
\ndelivered to major Ukrainian sea ports. Following delivery,
\nthe wholesaler has full discretion over the manner of
\ndistribution and price to sell the goods, has the primary
\nresponsibility when on-selling the goods, and bears the
\nrisks of obsolescence and loss in relation to the goods.
\nA receivable is recognised by the Group when the goods
\nare delivered to the wholesaler as this represents the
\npoint in time at which the right to consideration becomes
\nunconditional. Under the Group\u2019s standard contract
\nterms, customers have no right of return.
\nThe Group sells its products for export on various terms,
\nsome of which include shipping and handling costs in the
\nprice of the product. Sales price of products for local
\nmarket predominantly includes shipping and handling
\ncosts in the price of the product.
\n
\n\n\nGovernment grants
\nGovernment grants are recognised as income over the periods
\nnecessary to match them with the related costs, or as an
\noffset against finance costs when received as compensation
\nfor the finance costs for agricultural producers. When the
\ngrant relates to an asset, the received funds are recorded in
\nthe Group\u2019s consolidated financial statements as deferred
\nincome, which is recognised in profit or loss on a systematic
\nbasis over the useful life of the related assets.
\nGovernment grants are not recognised until there is
\nreasonable assurance that the Group will comply with the
\nconditions attaching to them and that the grants will be
\nreceived.
\n
\n\n\n
\nProperty, plant and equipment
\nAll Groups property, plant and equipment are carried at
\nrevalued amounts, being their fair value at the date of
\nthe revaluation less any subsequent depreciation and
\nimpairment losses, except land and other fixed assets
\nthat are carried at historical cost less (for the other fixed
\nassets) accumulated depreciation.
\nThe historical cost of an item of property, plant and
\nequipment comprises (a) its purchase price, including
\nimport duties and non-refundable purchase taxes, after
\ndeducting trade discounts and rebates; (b) any costs
\ndirectly attributable to bringing the item to the location
\nand condition necessary for it to be capable of operating
\nin the manner intended by the management of the Group;
\n(c) the initial estimate of the costs of dismantling and
\nremoving the item and restoring the site on which it is
\nlocated, the obligation for which the Group incurs either
\nwhen the item is acquired or as a consequence of having
\nused the item during a particular period for purposes
\nother than to produce inventories during that period; and
\n(d) for qualifying assets, borrowing costs capitalized in
\naccordance with the Group\u2019s accounting policy.
\n\nSubsequently capitalized costs include major expenditures
\nfor improvements and replacements that extend the useful
\nlives of the assets or increase their revenue generating
\ncapacity. Repairs and maintenance expenditures that do
\nnot meet the foregoing criteria for capitalization are charged
\nto the consolidated statement of profit or loss as incurred.
\nFor all Groups property, plant and equipment carried at
\nrevalued amounts, the revaluations are performed with
\nsufficient regularity such that the carrying amount does
\nnot differ materially from that which would be determined
\nusing fair values at the reporting date. If the asset\u2019s carrying
\namount is increased as a result of a revaluation, the
\nincrease is credited to equity through other comprehensive
\nincome as a revaluation reserve. However, such increase is
\nrecognised in the consolidated statement of profit or loss
\nto the extent that it reverses a revaluation decrease of
\nthe same asset previously recognised in the consolidated
\nstatement of profit or loss. If the asset\u2019s carrying amount
\nis decreased as a result of a revaluation, the decrease
\nis recognised in the consolidated statement of profit or
\nloss. However, such decrease is debited to the revaluation
\nreserve through other comprehensive income to the extent
\nof any credit balance existing in the revaluation reserve in
\nrespect of that asset.
\n
\n\n
\n
\n\n
\n\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\n
\nProperty, plant and equipment (continued)
\nThe carrying amount of asset is adjusted by eliminating of
\naccumulated depreciation against gross carrying amount
\nand subsequent increase or decrease of gross carrying
\namount to fair value.
\n\n
\n\nDepreciation on revalued assets is charged to the
\nconsolidated statement of profit or loss. The excess
\nof depreciation charge on the revalued asset over the
\ndepreciation that would have been charged based on the
\nhistorical cost of the asset is transferred from revaluation
\nreserve directly to retained earnings over the assets useful
\nlife. On the subsequent sale or retirement of a revalued
\nasset, the attributable revaluation surplus remaining in
\nthe revaluation reserve is transferred directly to retained
\nearnings.
\nDepreciation of property, plant and equipment is charged
\nso as to write off the depreciable amount over the useful
\nlife of an asset and is calculated using a straight line
\nmethod. Useful lives of the groups of property, plant and
\nequipment are as follows:
\nBuildings and structures 5 - 60 years
\nGrain storage facilities 10 - 60 years
\nProduction machinery 5 - 35 years
\nAuxiliary and other machinery 5 - 30 years
\nUtilities and infrastructure 15 - 60 years
\nVehicles and agricultural machinery 7 - 40 years
\nOther fixed assets 3 - 10 years
\nDepreciable amount is the cost of an item of property,
\nplant and equipment, or revalued amount, less its residual
\nvalue. The residual value is the estimated amount that
\nthe Group would currently obtain from disposal of the
\nitem of property, plant and equipment, after deducting
\nthe estimated costs of disposal, if the asset was already
\nof the age and in the condition expected at the end of its
\nuseful life.
\n
\n
\n\n
\n
\n\nThe residual value, the useful lives and depreciation
\nmethod are reviewed at each financial year-end. The effect
\nof any changes from previous estimates is accounted for
\nprospectively as a change in an accounting estimate.
\nThe gain or loss arising on sale or disposal of an item
\nof property, plant and equipment is determined as the
\ndifference between the sales proceeds and the carrying
\namount of the asset and is recognised in the consolidated
\nstatement of profit or loss.
\nConstruction in progress comprises costs directly related
\nto the construction of property, plant and equipment
\nincluding an appropriate allocation of directly attributable
\nvariable overheads that are incurred in construction.
\nConstruction in progress is not depreciated. Depreciation
\nof construction in progress commences when completed
\nconsruction in progress transferred to the relevant class
\nof property, plant and equipment.
\n
\n
\n\n\nIntangible assets
\nIntangible assets consist primarily of land lease rights,
\ntrademarks and customer relationships which are acquired
\nin a business combination.
\nIntangible assets acquired in a business combination
\nare identified and recognised separately from goodwill
\nwhere they satisfy the definition of an intangible asset.
\nThe cost of such intangible assets is their fair value at
\nthe acquisition date.
\nIntangible assets assessed as having an indefinite useful
\nlife are not amortised and are examined for impairment
\nannually or more frequently where there is an indication
\nof impairment. Where the carrying amount of an asset
\nis greater than the amount that it is estimated to be
\nrecoverable, it is written down to its recoverable amount.
\nThe assessment of indefinite life is reviewed annually
\nto determine whether the indefinite life continues to be
\nsupportable. If not, the change in useful life from indefinite
\nto finite is made on a prospective basis.
\n
\n\n
\n\n
\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\nIntangible assets (continued)
\nSubsequent to initial recognition, intangible assets
\nassessed as having finite useful lives are reported at
\ncost less accumulated amortization and accumulated
\nimpairment losses. Amortization of intangible assets is
\nrecognised on a straight line basis over their estimated
\nuseful lives. The period of estimated useful life of
\nintangibles is as follows:
\nLand lease rights 3 - 15 years
\nCustomer relationship 20 years
\nTrademarks not amortised
\nOther intangible assets 3 - 10 years
\nThe amortization period and the amortization method for
\nintangible assets with finite useful lives are reviewed at
\nleast at the end of each reporting period, with the effect
\nof any changes in estimate being accounted for on a
\nprospective basis.
\nAn intangible asset is derecognised on disposal, or when
\nno future economic benefits are expected from use or
\ndisposal. Gains or losses arising from derecognition of
\nan intangible asset, measured as the difference between
\nthe net disposal proceeds and the carrying amount of the
\nasset, are recognised in profit or loss when the asset is
\nderecognised.
\n
\n\n\nRight-of-use assets
\nRight-of-use assets mainly represents rent of land
\nfrom individuals (Ukrainian citizens) for agricultural
\npurposes. The Group recognises right-of-use assets at
\nthe commencement date of the lease (i.e., the date the
\nunderlying asset is available for use). Right-of-use assets are
\nmeasured at cost, less any accumulated depreciation and
\nimpairment losses, and adjusted for any remeasurement
\nof lease liabilities. The cost of right-of-use assets includes
\nthe amount of lease liabilities recognized, initial direct
\ncosts incurred and lease payments made at or before the
\ncommencement date less any lease incentives received.
\nRight-of-use assets are depreciated over the period of
\nlease term. The depreciation starts at the commencement
\ndate of the lease. The Group recognises depreciation of
\nright-of-use assets based on the lease term, presented
\nwithin cost of goods sold in the consolidated statement
\nof profit or loss. The average maturity of land lease
\nagreements is 7 years.
\n
\n\n\n
\n\n
\n\nImpairment of tangible and intangible assets other
\nthan goodwill
\nAt each reporting date, the Group reviews the carrying
\namounts of its tangible and intangible assets with definite
\nuseful lives to determine whether there is any indication that
\nthose assets have suffered an impairment loss. If any such
\nindication exists, the recoverable amount of the asset is
\nestimated in order to determine the extent of the impairment
\nloss (if any). Intangible assets with indefinite useful lives are
\ntested for impairment annually or more frequently when
\nthere is an indication that they might be impared.
\nFor the purposes of assessing impairment, assets
\nare grouped at the lowest levels for which there are
\nseparately identifiable cash flows (cash-generating
\nunits). Recoverable amount is the higher of fair value less
\ncosts to sell and value in use. In assessing value in use,
\nthe estimated future cash flows are discounted to their
\npresent value using a pre-tax discount rate that reflects
\ncurrent market assessments of the time value of money
\nand the risks specific to the asset.
\nIf the recoverable amount of an asset (or cash-generating
\nunit) is estimated to be less than its carrying amount, the
\ncarrying amount of the asset (cash-generating unit) is
\nreduced to its recoverable amount. An impairment loss is
\nrecognised immediately in the consolidated statement of
\nprofit or loss unless the relevant asset is carried at a revalued
\namount, in which case the impairment loss is treated as a
\nrevaluation decrease through other comprehensive income.
\nWhere an impairment loss subsequently reverses, the
\ncarrying amount of the asset (cash-generating unit) is
\nincreased to the revised estimate of its recoverable
\namount, but so that the increased carrying amount does
\nnot exceed the carrying amount that would have been
\ndetermined had no impairment loss been recognised for
\nthe asset (cash-generating unit) in prior years. A reversal
\nof an impairment loss is recognised immediately in the
\nconsolidated statement of profit or loss, unless the relevant
\nasset is carried at a revalued amount, in which case the
\nreversal of the impairment loss is treated as a revaluation
\nincrease through other comprehensive income.
\n
\n
\n\n
\n
\n\n
\n
\n\n
\n\n
\n
\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\n
\n\nImpairment of goodwill
\nFor the purposes of impairment testing, goodwill is
\nallocated to each of the Group\u2019s cash generating units
\n(or groups of cash-generating units) that is expected to
\nbenefit from the synergies of the combination.
\nA cash-generating unit to which goodwill has been allocated
\nis tested for impairment annually, or more frequently when
\nthere is an indication that the unit may be impaired. If the
\nrecoverable amount of the cash-generating unit is less than
\nits carrying amount, the impairment loss is allocated first
\nto reduce the carrying amount of any goodwill allocated
\nto the unit and then to the other assets of the unit pro rata
\nbased on the carrying amount of each asset in the unit. Any
\nimpairment loss for goodwill is recognised directly in the
\nconsolidated profit or loss. An impairment loss recognised
\non goodwill is not reversed in subsequent periods.
\n
\n\n
\n\n\n
\nIncome taxes
\nIncome taxes have been computed in accordance with
\nthe laws currently enacted or substantially enacted in
\njurisdictions where operating entities are located. Income
\nta x is calculated b ased o n t he results for the year as adjusted
\nfor items that are non-assessable or non-tax deductible. It
\nis calculated using tax rates that have been enacted by the
\nreporting date.
\nDeferred tax is accounted for using the balance sheet
\nliability method in respect of temporary differences
\narising from differences between the carrying amount
\nof assets and liabilities in the consolidated financial
\nstatements and the corresponding tax basis used in the
\ncomputation of taxable profit. Deferred tax liabilities are
\ngenerally recognised for all taxable temporary differences
\nand deferred tax assets are recognised to the extent that
\nit is probable that taxable profits will be available against
\nwhich deductible temporary differences can be utilized.
\n\nThe carrying amount of deferred tax assets is reviewed
\nat the end of each reporting period and reduced to the
\nextent that it is no longer probable that sufficient taxable
\nprofits will be available to allow all or part of the asset to
\nbe recovered.
\nDeferred tax liabilities and assets are measured at the
\ntax rates that are expected to apply in the period in
\nwhich the liability is settled or the asset realised, based
\non tax rates (and tax laws) that have been enacted or
\nsubstantively enacted by the end of the reporting period.
\nThe measurement of deferred tax liabilities and assets
\nreflects the tax consequences that would follow from
\nthe manner in which the Group expects, at the end of the
\nreporting period, to recover or settle the carrying amount
\nof its assets and liabilities.
\nDeferred tax is charged or credited to the consolidated
\nstatement of profit or loss, except when it relates to
\nitems credited or charged directly to equity or other
\ncomprehensive income, in which case the deferred tax is
\nalso dealt with in equity or other comprehensive income.
\nDeferred tax assets and liabilities are offset when:
\n\u2022 The Group has a legally enforceable right to set off the
\nrecognised amounts of current tax assets and current
\ntax liabilities;
\n\u2022 The Group has an intention to settle on a net basis, or to
\nrealize the asset and settle the liability simultaneously;
\n\u2022 The deferred tax assets and the deferred tax liabilities
\nrelate to income taxes levied by the same taxation
\nauthority in each future period in which significant
\namounts of deferred tax liabilities and assets are
\nexpected to be settled or recovered.
\n
\n
\n\nThe Group companies that are involved in agricultural
\nproduction (those involved in grain and oilseeds growing)
\nbenefit substantially from the status of an agricultural
\nproducer. These companies are exempt from income taxes
\nand pay the Fixed Agricultural Tax (FAT) instead (Note 13).
\n
\n
\n
\n\n\nInventories
\nInventories are stated at the lower of cost and net
\nrealizable value. Costs comprise raw materials and, where
\napplicable, direct labour costs and those overheads that
\nhave been incurred in bringing the inventories to their
\npresent locations and condition.
\n
\n\n
\n\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\nInventories (continued)
\nCost is calculated using the FIFO (first-in, first-out) method.
\nNet realizable value is determined as the estimated selling
\nprice less all estimated costs of completion and costs to be
\nincurred in marketing, selling and distribution. Agriculture
\nrelated production process results in production of joint
\nproducts: main and by-products. A by-product arising
\nfrom the process is measured at net realizable value and
\nthis value is deducted from the cost of the main product.
\n
\n\n\nBiological assets and agricultural produce
\nAgricultural activity is defined as a biological transformation
\nof biological assets for sale into agricultural produce or
\ninto additional biological assets. The Group classifies
\nhatchery eggs, live poultry and other animals and
\nplantations as biological assets.
\nThe Group recognizes a biological asset or agricultural
\nproduce when the Group controls the asset as a result of
\npast events, it is probable that future economic benefits
\nassociated with the asset will flow to the Group, and the
\nfair value of the asset can be measured reliably.
\nBiological assets are stated at fair value less estimated
\ncosts to sell at both initial recognition and as of the
\nreporting date, with any resulting gain or loss recognised
\nin the consolidated profit or loss.
\nCosts to sell include all costs that would be necessary to
\nsell the assets, including costs necessary to get the assets
\nto market.
\nThe difference between fair value less costs to sell and
\ntotal production costs is allocated to biological assets as
\nof each reporting date as a fair value adjustment.
\nThe change in this adjustment from one period to another
\nis recognised as \u201cNet change in fair value of biological
\nassets and agricultural produce\u201d in the consolidated profit
\nor loss.
\nAgricultural produce harvested from biological assets is
\nmeasured at its fair value less costs to sell at the point
\nof harvest. A gain or loss arising on initial recognition
\nof agricultural produce at fair value less costs to sell is
\nincluded in the consolidated profit or loss.
\nBased on the above policy, the principal groups of biological
\nassets and agricultural produce are stated as follows:
\nBiological Assets
\n(i) Broiler chickens
\nBroilers comprise poultry held for chicken meat production.
\nThe fair value of broilers is determined by reference to the
\ncash flows that will be obtained from the sales of 42-day
\naged chickens, with an allowance for costs to be incurred
\nand risks to be faced during the remaining transformation
\nprocess.
\n(ii) Breeders held for hatchery eggs production
\nThe fair value of breeders is determined using the
\ndiscounted cash flow approach based on hatchery eggs\u2019
\nmarket prices.
\n(iii) Cattle
\nCattle comprise cows and bulls held for regeneration of
\nlivestock population and animals raised for milk and beef
\nmeat production. The fair value of livestock is determined
\nbased on cash flows that will be obtained from sales of
\nmilk, calves and meat during the life of cattle.
\n(iv) Crops in fields
\nThe fair value of crops in fields is determined by reference
\nto the cash flows that will be obtained from sales of
\nharvested crops, with an allowance for costs to be incurred
\nand risks to be faced during the remaining transformation
\nprocess.
\n
\n
\n
\n\n
\n\n
\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\nBiological assets and agricultural produce (continued)
\n(v) Hatchery eggs
\nThe fair value of hatchery eggs is determined by reference
\nto market prices at the point of harvest.
\nAgricultural Produce
\n(i) Dressed poultry, beef and pork
\nThe fair value of dressed poultry, beef and pork is
\ndetermined by reference to market prices at the point of
\nharvest.
\n(ii) Grain
\nThe fair value of fodder grain is determined by reference
\nto market prices at the point of harvest.
\nThe Group\u2019s biological assets are classified into bearer and
\nconsumable biological assets depending upon the function
\nof a particular group of biological assets in the Group\u2019s
\nproduction process. Consumable biological assets are
\nthose that are to be harvested as agricultural produce, and
\ninclude hatchery eggs and live broiler chickens intended
\nfor the production of meat, as well as pork and meat cows.
\nBearer biological assets include poultry held for hatchery
\neggs production, milk cows and breeding bulls.
\n
\n\n\nFinancial instruments
\nFinancial assets and financial liabilities are recognised
\nin the Group\u2019s statement of financial position when the
\nGroup becomes a party to the contractual provisions of
\nthe instrument.
\nFinancial assets and financial liabilities of the Group are
\nrepresented by cash and cash equivalents, long-term
\nbank deposits, bank borrowings, bonds issued and other
\nfinancial liabilities. The accounting policies for initial
\nrecognition and subsequent measurement of financial
\ninstruments are disclosed in the respective accounting
\npolicies set out below in this Note.
\nFinancial assets and financial liabilities are initially
\nrecognised at fair value. Transaction costs that are directly
\nattributable to the acquisition or issue of financial assets
\nand financial liabilities (other than financial assets and
\nfinancial liabilities at fair value through profit or loss) are
\nadded to or deducted from the fair value of the financial
\nassets or financial liabilities, as appropriate, on initial
\nrecognition. Transaction costs directly attributable to the
\nacquisition of financial assets or financial liabilities at fair
\nvalue through profit or loss are recognised immediately in
\nprofit or loss.
\n
\n
\n\n\nFinancial assets
\nAll recognised financial assets are measured subsequently
\nin their entirety at either amortised cost or fair value,
\ndepending on the classification of the financial assets.
\nClassification of financial assets
\nDebt instruments that meet the following conditions are
\nmeasured subsequently at amortised cost (this category
\nis the most relevant to the Group):
\n- the financial asset is held within a business model whose
\nobjective is to hold financial assets in order to collect
\ncontractual cash flows; and
\n- the contractual terms of the financial asset give rise on
\nspecified dates to cash flows that are solely payments
\nof principal and interest on the principal amount
\noutstanding.
\nDebt instruments that meet the following conditions
\nare measured subsequently at fair value through other
\ncomprehensive income (FVTOCI):
\n- the financial asset is held within a business model whose
\nobjective is achieved by both collecting contractual
\ncash flows and selling the financial assets; and
\n- the contractual terms of the financial asset give rise on
\nspecified dates to cash flows that are solely payments
\nof principal and interest on the principal amount
\noutstanding.
\nBy default, all other financial assets are measured
\nsubsequently at FVTPL.
\nFinancial assets at amortised cost are subsequently
\nmeasured using the effective interest (EIR) method and
\nare subject to impairment.
\nThe effective interest method is a method of calculating
\nthe amortised cost of a debt instrument and of allocating
\ninterest income over the relevant period.
\n
\n
\n\n
\n\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\n
\nFinancial assets (continued)
\nThe amortised cost of a financial asset is the amount at
\nwhich the financial asset is measured at initial recognition
\nminus the principal repayments, plus the cumulative
\namortisation using the effective interest method of any
\ndifference between that initial amount and the maturity
\namount, adjusted for any loss allowance. The gross
\ncarrying amount of a financial asset is the amortised
\ncost of a financial asset before adjusting for any loss
\nallowance.
\n\nImpairment of financial assets
\nThe Group recognises an allowance for expected credit
\nlosses (ECLs) for all debt instruments not held at fair
\nvalue through profit or loss. ECLs are estimated as the
\ndifference between all contractual cash flows that are due
\nto the Group in accordance with the contract and all the
\ncash flows that the Group expects to receive, discounted
\nat the original effective interest rate. The amount of
\nexpected credit losses is updated at each reporting date
\nto reflect changes in credit risk since initial recognition of
\nthe respective financial instrument.
\nFor trade accounts receivable and contract assets, the
\nGroup applies a simplified approach in calculating ECLs.
\nTherefore, the Group does not track changes in credit
\nrisk, but instead recognises a loss allowance based on
\nECLs at each reporting date. The Group has established
\na provision matrix that is based on its historical credit
\nloss experience, adjusted for forward-looking factors
\nspecific to the debtors and the economic environment.
\nFor all other financial instruments, a financial instrument
\nthat is not credit-impaired on initial recognition is classified
\nin Stage 1. If the credit risk on the financial instrument
\nhas not increased significantly since initial recognition,
\nthe Group measures the loss allowance for that financial
\ninstrument (Stage 1) at an amount equal to 12-month ECLs.
\nIf the Group identifies a significant increase in credit
\nrisk since initial recognition, the financial instrument is
\ntransferred to Stage 2, but it is not considered to be credit-
\nimpaired, the Group recognises lifetime ECLs. If the Group
\ndetermines that a financial asset is credit-impaired, the
\nasset is transferred to Stage 3 and its ECLs is measured
\nas a Lifetime ECLs.
\nLifetime ECLs represents the expected credit losses that
\nwill result from all possible default events over the expected
\nlife of a financial instrument. In contrast, 12-month ECLs
\nrepresents the portion of lifetime ECL that is expected to
\nresult from default events on a financial instrument that
\nare possible within 12 months after the reporting date.
\n
\n
\n\nSignificant increase in credit risk
\nIn assessing whether the credit risk on a financial instrument
\nhas increased significantly since initial recognition, the
\nGroup compares the risk of a default occurring on the
\nfinancial instrument at the reporting date with the risk of
\na default occurring on the financial instrument at the date
\nof initial recognition. In making this assessment, the Group
\nconsiders both quantitative and qualitative information
\nthat is reasonable and supportable, including historical
\nexperience and forward-looking information that is available
\nwithout undue cost or effort. Forward-looking information
\nconsidered includes economic situation of countries
\nand the future prospects of the industries in which the
\nGroup\u2019s debtors operate, obtained from economic expert
\nreports, financial analysts, governmental bodies, as well
\nas consideration of various external sources of actual and
\nforecast economic information that relate to the Group\u2019s
\ncore operations.
\nIrrespective of the outcome of the above assessment,
\nthe Group presumes that the credit risk on a financial
\nasset has increased significantly since initial recognition
\nwhen contractual payments are more than 30 days past
\ndue, unless the Group has reasonable and supportable
\ninformation that demonstrates otherwise.
\nLow credit risk financial instruments
\nDespite the foregoing, the Group assumes that the credit
\nrisk on a financial instrument has not increased significantly
\nsince initial recognition if the financial instrument is
\ndetermined to have low credit risk at the reporting date. A
\nfinancial instrument is determined to have low credit risk
\nif:
\na) the financial instrument has a low risk of default,
\nb) the debtor has a strong capacity to meet its contractual
\ncash flow obligations in the near term, and
\nc) adverse changes in economic and business conditions
\nin the longer term may, but will not necessarily, reduce
\nthe ability of the borrower to fulfil its contractual cash
\nflow obligations.
\nDefault definition
\nThe Group considers that default has occurred when a
\nfinancial asset is more than 90 days past due unless the
\nGroup has reasonable and supportable information to
\ndemonstrate that a more lagging default criterion is more
\nappropriate.
\n
\n\n
\n\n
\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\nFinancial assets (continued)
\nCredit impaired financial assets
\nA financial asset is credit-impaired (Stage 3) when one
\nor more events that have a detrimental impact on the
\nestimated future cash flows of that financial asset have
\noccurred. Evidence that a financial asset is credit-impaired
\nincludes observable data about the following events:
\na) significant financial difficulty of the issuer or the
\nborrower;
\nb) a breach of contract, such as a default or past due
\nevent;
\nc) the lender(s) of the borrower, for economic or contractual
\nreasons relating to the borrower\u2019s financial difficulty,
\nhaving granted to the borrower a concession(s) that the
\nlender(s) would not otherwise consider;
\nd) it is becoming probable that the borrower will enter
\nbankruptcy or other financial reorganisation; or
\ne) the disappearance of an active market for that financial
\nasset because of financial difficulties.
\nWrite-off policy
\nThe Group writes off a financial asset when there is
\ninformation indicating that the debtor is in severe financial
\ndifficulty and there is no realistic prospect of recovery,
\ne.g. when the debtor has been placed under liquidation or
\nhas entered into bankruptcy proceedings, or in the case
\nof trade accounts receivable, when the amounts are over
\nthree years past due, whichever occurs sooner. Financial
\nassets written off may still be subject to enforcement
\nactivities under the Group\u2019s recovery procedures,
\ntaking into account legal advice where appropriate. Any
\nrecoveries made are recognised in the consolidated
\nstatement of profit or loss. Inputs, assumptions and
\nestimation techniques used by measurement and
\nrecognition of expected credit losses are disclosed in
\nrespective Notes 18 and 23 on financial assets.
\n
\n
\n\n\n
\nFinancial liabilities
\nInitial recognition and measurement
\nThe Group\u2019s financial liabilities include loans and
\nborrowings, lease liabilities and derivative financial
\ninstruments.
\nFinancial liabilities are recognised initially at fair value and
\nare measured subsequently at amortised cost using the
\neffective interest method.
\nThe effective interest method is a method of calculating
\nthe amortised cost of a financial liability and of allocating
\ninterest expense over the relevant period. The effective
\ninterest rate is the rate that exactly discounts estimated
\nfuture cash payments (including all fees and points paid or
\nreceived that form an integral part of the effective interest
\nrate, transaction costs and other premiums or discounts)
\nthrough the expected life of the financial liability, or (where
\nappropriate) a shorter period, to the amortised cost of a
\nfinancial liability.
\n\nDerecognition of financial liabilities
\nThe Group derecognises financial liabilities when, and
\nonly when, the Group\u2019s obligations are discharged,
\ncancelled or have expired. The difference between the
\ncarrying amount of the financial liability derecognised
\nand the consideration paid and payable is recognised in
\nprofit or loss.
\nWhen the Group exchanges with the existing lender one
\ndebt instrument into another one with the substantially
\ndifferent terms, such exchange is accounted for as an
\nextinguishment of the original financial liability and the
\nrecognition of a new financial liability. Similarly, the
\nGroup accounts for substantial modification of terms
\nof an existing liability or part of it as an extinguishment
\nof the original financial liability and the recognition of a
\nnew liability. It is assumed that the terms are substantially
\ndifferent if the discounted present value of the cash
\nflows under the new terms, including any fees paid net
\nof any fees received and discounted using the original
\neffective rate is at least 10 per cent different from the
\ndiscounted present value of the remaining cash flows
\nof the original financial liability. If the modification is
\nnot substantial, the difference between: (1) the carrying
\namount of the liability before the modification; and (2)
\nthe present value of the cash flows after modification
\nshould be recognised in profit or loss as the modification
\ngain or loss.
\n
\n
\n\n
\n
\n\n\nTrade accounts receivable
\nTrade accounts receivable is recognised if an amount
\nof consideration that is unconditional is due from the
\ncustomer. Trade accounts receivable that do not contain
\na significant financing component are measured at the
\ntransaction price.
\n
\n\n
\n\n
\n
\n
\n
\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\nCash and cash equivalents
\nCash and cash equivalents include cash on hand, cash
\nwith banks, deposits and government bonds with maturity
\nof less than three months from the date of acquisition.
\n
\n\n\nBank borrowings, corporate bonds issued and other
\nlong-term payables
\nInterest-bearing bank borrowings, bonds issued and other
\nlong-term payables are initially measured at fair value that is
\ncalculated by taking into account any discount or premium
\non acquisition and fees or costs that are an integral part
\nof the effective interest rate (EIR). They are subsequently
\nmeasured at amortised cost using the EIR method, where
\namortization is included as finance costs in the statement
\nof profit or loss. Gains and losses are recognised in profit
\nor loss when the liabilities are derecognised as well as
\nthrough the EIR amortisation process.
\n
\n\n\n
\n\nDerivative financial instruments
\nThe Group enters into derivative financial instruments to
\npurchase sunflower seeds and sales of grains. Derivatives
\nare initially recognised at fair value at the date the
\nderivative contracts are entered into and subsequently
\nremeasured to their fair value at the end of each reporting
\nperiod. The resulting gain or loss is recognised in profit
\nor loss immediately.
\n
\n\n
\n\n\nTrade and other accounts payable
\nAccounts payable are measured at initial recognition at
\nfair value, and are subsequently measured at amortised
\ncost using the effective interest rate method.
\n
\n\n\nLease liabilities
\nThe Group assesses whether a contract is or contains a
\nlease, at inception of the contract.
\nThe Group recognises lease liabilities in the consolidated
\nstatement of financial position, initially measured at the
\npresent value of future lease payments. The Group does
\nnot apply the short term and low-value lease exemptions.
\nThe Group measures the lease liability at the present
\nvalue of the lease payments that are not paid at the
\ncommencement date, discounted by using the incremental
\nborrowing rate, because the interest rate implicit in
\nthe lease is not readily determinable. The incremental
\nborrowing rate is defined as the rate of interest that the
\nlessee would have to pay to borrow over a similar term,
\nand with a similar security the funds necessary to obtain
\nan asset of a similar value to the right of use asset in a
\nsimilar economic environment.
\nThe lease liability is presented as a separate line in the
\nconsolidated statement of financial position. The lease
\nliability is subsequently measured by increasing the
\ncarrying amount to reflect interest on the lease liability
\nand by reducing the carrying amount to reflect the lease
\npayments made. The Group recognises interest on lease
\nliabilities and presents it within interest expenses in the
\nconsolidated profit or loss.
\nThe Group remeasures the lease liability (and makes a
\ncorresponding adjustment to the related right-of-use
\nasset) whenever:
\n\u2022 The lease term has changed or there is a change in the
\nassessment of exercise of a purchase option, in which
\ncase the lease liability is remeasured by discounting the
\nrevised lease payments using a revised discount rate.
\n\u2022 The lease payments change due to changes in an in-
\ndex or rate or market rate, in which cases the lease
\nliability is remeasured by discounting the revised
\nlease payments using the initial discount rate (un-
\nless the lease payments change is due to a change in
\na floating interest rate, in which case a revised dis-
\ncount rate is used).
\nA lease contract is modified and the lease modification is
\nnot accounted for as a separate lease, in which case the
\nlease liability is remeasured by discounting the revised
\nlease payments using a revised discount rate.
\nIn the statement of cash flows the Group separates
\nthe total amount of cash paid into a principal portion
\n(presented within financing activities) and interest
\n(presented within operating activities).
\n
\n
\n\n
\n\n
\n2.\u2005SUMMARY\u2005OF\u2005SIGNIFICANT\u2005ACCOUNTING\u2005POLICIES\u2005
\n(continued)
\n\nProvisions
\nProvisions are recognised when the Group has a present
\nlegal or constructive obligation (either based on legal
\nregulations or implied) as a result of past events, and it
\nis probable that an outflow of resources will be required
\nto settle the obligation and a reliable estimate of the
\nobligation can be made.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag163": {
"value": "\n
\n
\n
\nBasis of presentation and accounting
\n\nThe consolidated financial statements have been prepared
\nin accordance with International Financial Reporting
\nStandards (IFRS) as adopted by the European Union and
\nthe requirements of the Cyprus Companies Law Cap 113.
\nThe operating subsidiaries of the Group maintain their
\naccounting records under local accounting standards.
\nLocal principles and procedures may differ from
\nthose generally accepted under IFRS. Accordingly, the
\nconsolidated financial statements, which have been
\nprepared from the Group entities\u2019 local accounting
\nrecords, reflect adjustments necessary for such financial
\nstatements to be presented in accordance with IFRS.
\n
\n\nBasis of preparation
\nThe consolidated financial statements of the Group
\nare prepared on the basis of historical cost except for
\nrevalued amounts of buildings and structures, grain storage
\nfacilities, production machinery, vehicles and agricultural
\nmachinery, biological assets, agricultural produce, and
\ncertain financial instruments, which are carried at fair
\nvalues. Historical cost is generally based on the fair value
\nof the consideration given in exchange for goods and
\nservices at the date of initial recognition of an item.
\n\nGoing concern
\nAs a result of the Russian invasion, the Group has
\nexperienced a number of significant disruptions and
\noperational issues within its business. The Group incurred
\na net loss of USD 230,937 thousand in 2022. During
\n2022 and up to the date of authorization to issue these
\nconsolidated financial statements the Group has analyzed
\nthe observable impact of the War on its business as
\ndescribed below, but not limited to:
\n\u2022 the Group\u2019s poultry production facilities have not suf-
\nfered any physical damage;
\n\u2022 certain inventories and biological assets were damaged
\nand written-off;
\n\u2022 a substantial amount of poultry products was provided
\nas humanitarian aid to the population of Ukraine; for de-
\ntails please refer to Note 33 Operating environment;
\n\u2022 MHP continues commercial poultry sales in Ukraine al-
\nmost at the pre-War level, despite domestic deliveries
\nin some regions having been and continuing to be sig-
\nnificantly disrupted due to active hostilities;
\n\u2022 during the first half of 2022, export sales reduced signifi-
\ncantly due to closure of all Ukrainian seaports. Only cer-
\ntain roads and railways were available for export. Howev-
\ner, beginning from 22 July, the date of signing of a grain
\nagreement between the United Nations (UN), Ukraine,
\nRussia and Turkey, the large-scale demining of Ukraine\u2019s
\nports was performed and movement of cargo ships car-
\nrying grain in the Black Sea was partially renewed. This
\nallowed the Group to facilitate optimization of certain
\nexport sales of vegetable oils and grain;
\n\u2022 due to lower sales, MHP slightly decreased poultry pro-
\nduction comparing to the pre-war level, but as at 31 De-
\ncember 2022 has already returned to normal capacity
\nutilization;
\n\u2022 operations of \u201cUkrainian Bacon\u201d (a meat-processing
\noperation with 34,000 tonnes annual capacity located
\nin the Donetsk region) were temporarily suspended due
\nto continuing military attacks and further escalation of
\nthe situation in the Donetsk region;
\n\u2022 during the fourth quarter of 2022, there were severe
\npower outages in Ukraine caused by Russia's attacks
\non Ukrainian power generation and distribution infra-
\nstructure. These outages caused temporary instability
\nof oilseed processing, poultry and silo operations;
\n\u2022 the Group\u2019s European operations at Perutnina Ptuj have
\nnot been directly affected by events in Ukraine as they
\nare fully independent and self-sufficient from an oper-
\national and supply chain perspective, and continue to
\nproduce at full capacity;
\n\u2022 for the period after the Russian invasion of Ukraine
\nmore than 1,800 MHP employees joined the Ukrainian
\nmilitary forces and territorial defence;
\n\u2022 as a result of the disruptions described above, the
\nGroup\u2019s ability to service debt in 2022 was limited, and
\n
\n
\n\n
\n\n
\n\nGoing concern (continued)
\nnegotiations were held with creditors regarding deferral
\nof debts repayment.
\nDuring 2022 and up to the date of authorization to issue
\nthese consolidated financial statements, in response to
\nthese matters, the Group has taken the following actions:
\n\u2022 optimized utilization of production facilities to meet
\ndomestic demand and export orders;
\n\u2022 inventories were maintained at the normal level during
\nthe year. As a result of these actions, as well as the
\nrelative stabilization of the economic and political
\nsituation in Ukraine, the Group has returned to normal
\nproduction capacity;
\n\u2022 established alternative export routes, including by
\nroad and rail, to address the logistical issues caused by
\nthe war and optimized transport costs in the existing
\ncircumstances;
\n\u2022 the Group asked its employees of \u201cUkrainian Bacon\u201d
\n(over 1,900 people) and their families to relocate to safer
\nregions of Ukraine. Some employees were redeployed
\nto other Group production facilities. Production has
\nbeen partly redeployed on the Group`s production sites
\nin central Ukraine. Full commissioning of all production
\nwhich will require additional time and resources, is
\nplanned to be completed by the end of 2023;
\n\u2022 to mitigate the impact of power outages on its business,
\nthe Group equipped its key assets with diesel generators
\nas well as continued to operate two biogas facilities to
\nproduce electricity, industrial steam and heating;
\n\u2022 MHP has accumulated sufficient seeds, fertilizers, fuel,
\npesticides and other inputs required for the 2022 sowing
\nand harvesting campaigns, as well as the necessary
\nvehicles, agricultural machinery and human resources.
\nAs a result, the harvesting campaign was 98% complete
\nas at 31 December 2022, with a small amount of corn
\nharvested in January 2023;
\n\u2022 the Group has secured forthcoming sowing campaign by
\nbuilding up the required level of inventories. It is planned
\nto sow and harvest more than 350,000 hectares of grains
\nand oilseeds in 2023 (73,000 hectares are represented
\nby already planted winter crops);
\n\u2022 to preserve cash for operational priorities, on 30
\nMarch 2022 the Group received consent from holders
\nof its Eurobonds to postpone the semi-annual interest
\npayments due in Spring 2022 on each of its 2024, 2026
\nand 2029 Notes for a period up to 270 days. As at the
\ndate of publication, all the postponed amounts had
\nbeen paid in time (Note 29);
\n\u2022 to comply with consent solicitation restrictions, the
\nGroup has agreed a general postponement of debt
\nservicing under the loan agreements with the bank
\nlenders, where the payments were initially scheduled
\nduring the 270-days support period as mentioned
\nabove. During the year ended 31 December 2022,
\nManagement signed legally binding agreements for
\nrelevant bank loans with the total amount of USD 137
\nmillion to comply with consent solicitation requirements
\n(Note 28);
\n\u2022 the Directors have decided not to declare any dividends
\nfor the 2021 and 2022 financial years.
\nManagement have prepared adjusted financial forecasts,
\nincluding cash flow projections, for the twelve months
\nfrom the date of approval of these financial statements,
\ntaking into consideration most likely and possible
\ndownside scenarios for the ongoing business impacts of
\nthe War. The Group considered the impact of conditions
\nand events described in the Notes 33 and 40 on the
\nfinancial forecast.
\nThese forecasts were based on the following key
\nassumptions:
\n\u2022 the impact of the War on business will continue for the
\nnext 12 months;
\n\u2022 further development of the War will not severely affect
\nthe Group's assets and will allow the Group to have 85%
\nutilization of poultry production facilities;
\n\u2022 all of the Group\u2019s assets remain safe and in good
\ncondition;
\n\u2022 remaining logistic routes (rail and road) will continue to
\nbe available;
\n\u2022 the Group takes into consideration restrictions
\nimposed by the existing indebtedness agreements
\n(Notes 28 and 29);
\n\u2022 MHP will be able to procure sufficient levels of vitamins
\nand minerals for production of feed as well as the
\nrequired volume of plant protection materials, fuel and
\nother inputs for grain growing;
\n
\n\n
\n\n
\n\nGoing concern (continued)
\n\u2022 the Group will be able to run the sowing and harvesting
\ncampaign on its entire landbank.
\nThese forecasts indicate that, the Group has adequate
\nresources to continue in operational existence for the
\nforeseeable future. The Directors have therefore concluded
\nthat it is appropriate to apply the going concern basis
\nof accounting in preparing these consolidated financial
\nstatements. However, due to the currently unpredictable
\neffects of the ongoing War on the significant assumptions
\nunderlying management forecasts, the Directors have
\nconcluded that a material uncertainty exists, which
\nmay cast significant doubt about the Group\u2019s ability to
\ncontinue as a going concern, in which case the Group may
\nbe unable to realize its assets and discharge its liabilities
\nin the normal course of business.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag164": {
"value": "\nThe consolidated financial statements have been prepared
\nin accordance with International Financial Reporting
\nStandards (IFRS) as adopted by the European Union and
\nthe requirements of the Cyprus Companies Law Cap 113.
\nThe operating subsidiaries of the Group maintain their
\naccounting records under local accounting standards.
\nLocal principles and procedures may differ from
\nthose generally accepted under IFRS. Accordingly, the
\nconsolidated financial statements, which have been
\nprepared from the Group entities\u2019 local accounting
\nrecords, reflect adjustments necessary for such financial
\nstatements to be presented in accordance with IFRS.
\n
\n",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag165": {
"value": "\nGoing concern
\nAs a result of the Russian invasion, the Group has
\nexperienced a number of significant disruptions and
\noperational issues within its business. The Group incurred
\na net loss of USD 230,937 thousand in 2022. During
\n2022 and up to the date of authorization to issue these
\nconsolidated financial statements the Group has analyzed
\nthe observable impact of the War on its business as
\ndescribed below, but not limited to:
\n\u2022 the Group\u2019s poultry production facilities have not suf-
\nfered any physical damage;
\n\u2022 certain inventories and biological assets were damaged
\nand written-off;
\n\u2022 a substantial amount of poultry products was provided
\nas humanitarian aid to the population of Ukraine; for de-
\ntails please refer to Note 33 Operating environment;
\n\u2022 MHP continues commercial poultry sales in Ukraine al-
\nmost at the pre-War level, despite domestic deliveries
\nin some regions having been and continuing to be sig-
\nnificantly disrupted due to active hostilities;
\n\u2022 during the first half of 2022, export sales reduced signifi-
\ncantly due to closure of all Ukrainian seaports. Only cer-
\ntain roads and railways were available for export. Howev-
\ner, beginning from 22 July, the date of signing of a grain
\nagreement between the United Nations (UN), Ukraine,
\nRussia and Turkey, the large-scale demining of Ukraine\u2019s
\nports was performed and movement of cargo ships car-
\nrying grain in the Black Sea was partially renewed. This
\nallowed the Group to facilitate optimization of certain
\nexport sales of vegetable oils and grain;
\n\u2022 due to lower sales, MHP slightly decreased poultry pro-
\nduction comparing to the pre-war level, but as at 31 De-
\ncember 2022 has already returned to normal capacity
\nutilization;
\n\u2022 operations of \u201cUkrainian Bacon\u201d (a meat-processing
\noperation with 34,000 tonnes annual capacity located
\nin the Donetsk region) were temporarily suspended due
\nto continuing military attacks and further escalation of
\nthe situation in the Donetsk region;
\n\u2022 during the fourth quarter of 2022, there were severe
\npower outages in Ukraine caused by Russia's attacks
\non Ukrainian power generation and distribution infra-
\nstructure. These outages caused temporary instability
\nof oilseed processing, poultry and silo operations;
\n\u2022 the Group\u2019s European operations at Perutnina Ptuj have
\nnot been directly affected by events in Ukraine as they
\nare fully independent and self-sufficient from an oper-
\national and supply chain perspective, and continue to
\nproduce at full capacity;
\n\u2022 for the period after the Russian invasion of Ukraine
\nmore than 1,800 MHP employees joined the Ukrainian
\nmilitary forces and territorial defence;
\n\u2022 as a result of the disruptions described above, the
\nGroup\u2019s ability to service debt in 2022 was limited, and
\n
\n
\n\nGoing concern (continued)
\nnegotiations were held with creditors regarding deferral
\nof debts repayment.
\nDuring 2022 and up to the date of authorization to issue
\nthese consolidated financial statements, in response to
\nthese matters, the Group has taken the following actions:
\n\u2022 optimized utilization of production facilities to meet
\ndomestic demand and export orders;
\n\u2022 inventories were maintained at the normal level during
\nthe year. As a result of these actions, as well as the
\nrelative stabilization of the economic and political
\nsituation in Ukraine, the Group has returned to normal
\nproduction capacity;
\n\u2022 established alternative export routes, including by
\nroad and rail, to address the logistical issues caused by
\nthe war and optimized transport costs in the existing
\ncircumstances;
\n\u2022 the Group asked its employees of \u201cUkrainian Bacon\u201d
\n(over 1,900 people) and their families to relocate to safer
\nregions of Ukraine. Some employees were redeployed
\nto other Group production facilities. Production has
\nbeen partly redeployed on the Group`s production sites
\nin central Ukraine. Full commissioning of all production
\nwhich will require additional time and resources, is
\nplanned to be completed by the end of 2023;
\n\u2022 to mitigate the impact of power outages on its business,
\nthe Group equipped its key assets with diesel generators
\nas well as continued to operate two biogas facilities to
\nproduce electricity, industrial steam and heating;
\n\u2022 MHP has accumulated sufficient seeds, fertilizers, fuel,
\npesticides and other inputs required for the 2022 sowing
\nand harvesting campaigns, as well as the necessary
\nvehicles, agricultural machinery and human resources.
\nAs a result, the harvesting campaign was 98% complete
\nas at 31 December 2022, with a small amount of corn
\nharvested in January 2023;
\n\u2022 the Group has secured forthcoming sowing campaign by
\nbuilding up the required level of inventories. It is planned
\nto sow and harvest more than 350,000 hectares of grains
\nand oilseeds in 2023 (73,000 hectares are represented
\nby already planted winter crops);
\n\u2022 to preserve cash for operational priorities, on 30
\nMarch 2022 the Group received consent from holders
\nof its Eurobonds to postpone the semi-annual interest
\npayments due in Spring 2022 on each of its 2024, 2026
\nand 2029 Notes for a period up to 270 days. As at the
\ndate of publication, all the postponed amounts had
\nbeen paid in time (Note 29);
\n\u2022 to comply with consent solicitation restrictions, the
\nGroup has agreed a general postponement of debt
\nservicing under the loan agreements with the bank
\nlenders, where the payments were initially scheduled
\nduring the 270-days support period as mentioned
\nabove. During the year ended 31 December 2022,
\nManagement signed legally binding agreements for
\nrelevant bank loans with the total amount of USD 137
\nmillion to comply with consent solicitation requirements
\n(Note 28);
\n\u2022 the Directors have decided not to declare any dividends
\nfor the 2021 and 2022 financial years.
\nManagement have prepared adjusted financial forecasts,
\nincluding cash flow projections, for the twelve months
\nfrom the date of approval of these financial statements,
\ntaking into consideration most likely and possible
\ndownside scenarios for the ongoing business impacts of
\nthe War. The Group considered the impact of conditions
\nand events described in the Notes 33 and 40 on the
\nfinancial forecast.
\nThese forecasts were based on the following key
\nassumptions:
\n\u2022 the impact of the War on business will continue for the
\nnext 12 months;
\n\u2022 further development of the War will not severely affect
\nthe Group's assets and will allow the Group to have 85%
\nutilization of poultry production facilities;
\n\u2022 all of the Group\u2019s assets remain safe and in good
\ncondition;
\n\u2022 remaining logistic routes (rail and road) will continue to
\nbe available;
\n\u2022 the Group takes into consideration restrictions
\nimposed by the existing indebtedness agreements
\n(Notes 28 and 29);
\n\u2022 MHP will be able to procure sufficient levels of vitamins
\nand minerals for production of feed as well as the
\nrequired volume of plant protection materials, fuel and
\nother inputs for grain growing;
\n
\n\nGoing concern (continued)
\n\u2022 the Group will be able to run the sowing and harvesting
\ncampaign on its entire landbank.
\nThese forecasts indicate that, the Group has adequate
\nresources to continue in operational existence for the
\nforeseeable future. The Directors have therefore concluded
\nthat it is appropriate to apply the going concern basis
\nof accounting in preparing these consolidated financial
\nstatements. However, due to the currently unpredictable
\neffects of the ongoing War on the significant assumptions
\nunderlying management forecasts, the Directors have
\nconcluded that a material uncertainty exists, which
\nmay cast significant doubt about the Group\u2019s ability to
\ncontinue as a going concern, in which case the Group may
\nbe unable to realize its assets and discharge its liabilities
\nin the normal course of business.
\n
\n\nGoing concern
\nThe Group has concluded that it is appropriate to apply
\nthe going concern basis of accounting in preparing
\nthese consolidated financial statements. Management
\nexercises significant judgement in assessment of the
\nexistence of a material uncertainty related to going
\nconcern by taking into consideration the effects of the
\nongoing War on the Group`s activities. The information
\nabout material uncertainties related to events or
\nconditions that may cast significant doubt upon
\nthe Group\u2019s ability to continue as a going concern is
\ndisclosed in Note 2.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag166": {
"value": "\nAdoption of new and revised International Financial
\nReporting Standards
\nThe Group applied for the first time certain standards
\nand amendments which are effective for annual periods
\nbeginning on or after 1 January 2022. The Group has
\nnot early adopted any other standard, interpretation or
\namendment that has been issued but is not yet effective.
\nThe following standards were adopted by the Group on 1
\nJanuary 2022:
\n\u2022 Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013
\nAmendments to IAS 37;
\n\u2022 Reference to the Conceptual Framework \u2013 Amendments
\nto IFRS 3;
\n\u2022 Property, Plant and Equipment: Proceeds before
\nIntended Use \u2013 Amendments to IAS 16 Leases;
\n\u2022 IFRS 1 First-time Adoption of International Financial
\nR e p o r t i n g S t a n d a r d s \u2013 S u b s i d i a r y a s a fi r s t-t i m e a d o p te r ;
\n\u2022 IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019
\ntest for derecognition of financial liabilities;
\n\u2022 IAS 41 Agriculture \u2013 Taxation in fair value measurements.
\nOnerous Contracts \u2013 Costs of Fulfilling a Contract \u2013
\nAmendments to IAS 37
\nThe amendments specify that when assessing whether
\na contract is onerous or loss-making, an entity needs to
\ninclude costs that relate directly to a contract to provide
\ngoods or services including both incremental costs (e.g.,
\nthe costs of direct labour and materials) and an allocation
\nof costs directly related to contract activities (e.g.,
\ndepreciation of equipment used to fulfill the contract and
\ncosts of contract management and supervision). General
\nand administrative costs do not relate directly to a contract
\nand are excluded unless they are explicitly chargeable to
\nthe counterparty under the contract.
\nThese amendments had no impact on the consolidated
\nfinancial statements of the Group as there were no onerous
\ncontracts within the scope of these amendments during
\nthe reporting period.
\nProperty, Plant and Equipment: Proceeds before
\nIntended Use \u2013 Amendments to IAS 16 Leases
\nThe amendment prohibits entities from deducting from
\nthe cost of an item of property, plant and equipment, any
\nproceeds of the sale of items produced while bringing
\nthat asset to the location and condition necessary for
\nit to be capable of operating in the manner intended by
\nmanagement. Instead, an entity recognises the proceeds
\nfrom selling such items and the costs of producing those
\nitems in profit or loss.
\nThese amendments had no impact on the consolidated
\nfinancial statements of the Group as there were no sales
\nof such items produced by property, plant and equipment
\nmade available for use on or after the beginning of the
\nearliest period presented.
\nIFRS 1 First-time Adoption of International Financial
\nReporting Standards \u2013 Subsidiary as a first time
\nadopter
\nThe amendment permits a subsidiary that elects to
\napply paragraph D16(a) of IFRS 1 to measure cumulative
\ntranslation differences using the amounts reported in the
\nParent\u2019s consolidated financial statements, based on the
\nParent\u2019s date of transition to IFRS, if no adjustments were
\nmade for consolidation procedures and for the effects of
\nthe business combination in which the Parent acquired
\nthe subsidiary. This amendment is also applied to an
\nassociate or joint venture that elects to apply paragraph
\nD16(a) of IFRS 1.
\nThese amendments had no impact on the consolidated
\nfinancial statements of the Group as it is not a first-time
\nadopter.
\n
\n
\n
\n\nAdoption of new and revised International Financial
\nReporting Standards (continued)
\nIFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019
\ntest for derecognition of financial liabilities
\nThe amendment clarifies the fees that an entity includes
\nwhen assessing whether the terms of a new or modified
\nfinancial liability are substantially different from the
\nterms of the original financial liability. These fees include
\nonly those paid or received between the borrower and
\nthe lender, including fees paid or received by either the
\nborrower or lender on the other\u2019s behalf.
\nThis amendment had no impact on the consolidated
\nfinancial statements of the Group.
\nIAS 41 Agriculture \u2013 Taxation in fair value
\nmeasurements
\nThe amendment removes the requirement in paragraph
\n22 of IAS 41 that entities exclude cash flows for taxation
\nwhen measuring the fair value of assets within the scope
\nof IAS 41.
\nThis amendment had no impact on the consolidated
\nfinancial statements of the Group.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag167": {
"value": "\nStandards and Interpretations in issue but not effective
\nAt the date of authorization of these consolidated financial
\nstatements, the following Standards and Interpretations,
\nas well as amendments to the Standards were in issue but
\nnot yet effective:
\nIFRS 17: Insurance Contracts
\nThe standard is effective for annual periods beginning
\non or after 1 January 2023 with earlier application
\npermitted, provided the entity also applies IFRS 9
\nFinancial Instruments on or before the date it first
\napplies IFRS 17. This is a comprehensive new accounting
\nstandard for insurance contracts, covering recognition
\nand measurement, presentation and disclosure. IFRS 17
\napplies to all types of insurance contracts issued, as
\nwell as to certain guarantees and financial instruments
\nwith discretional participation contracts. This standard
\nis not applicable to the Group as the Group does not
\nhave contracts in scope of IFRS 17.
\nIAS 1 Presentation of Financial Statements and IFRS
\nPractice Statement 2: Disclosure of Accounting policies
\n(Amendments)
\nThe Amendments are effective for annual periods
\nbeginning on or after 1 January 2023 with earlier
\napplication permitted. The amendments provide
\nguidance on the application of materiality judgements
\nto accounting policy disclosures. In particular, the
\namendments to IAS 1 replace the requirement to disclose
\n\u2018significant\u2019 accounting policies with a requirement to
\ndisclose \u2018material\u2019 accounting policies. Also, guidance
\nand illustrative examples are added in the Practice
\nStatement to assist in the application of the materiality
\nconcept when making judgements about accounting
\npolicy disclosures. The Group is currently revisiting their
\naccounting policy information disclosures to ensure
\nconsistency with the amended requirements.
\nIAS 8 Accounting policies, Changes in Accounting
\nEstimates and Errors: Definition of Accounting Estimates
\n(Amendments)
\nThe amendments become effective for annual reporting
\nperiods beginning on or after 1 January 2023 with earlier
\napplication permitted and apply to changes in accounting
\npolicies and changes in accounting estimates that occur
\non or after the start of that period. The amendments
\nintroduce a new definition of accounting estimates,
\ndefined as monetary amounts in financial statements
\nthat are subject to measurement uncertainty, if they do
\nnot result from a correction of prior period error. Also,
\nthe amendments clarify what changes in accounting
\nestimates are and how these differ from changes in
\naccounting policies and corrections of errors. The
\namendments are not expected to have a material impact
\non the Group\u2019s consolidated financial statements.
\n
\n
\n\nStandards and Interpretations in issue but not
\neffective (continued)
\nIAS 12 Income taxes: Deferred Tax related to Assets
\nand Liabilities arising from a Single Transaction
\n(Amendments)
\nThe amendments are effective for annual periods
\nbeginning on or after 1 January 2023 with earlier application
\npermitted. The amendments narrow the scope of and
\nprovide further clarity on the initial recognition exception
\nunder IAS 12 and specify how companies should account
\nfor deferred tax related to assets and liabilities arising from
\na single transaction, such as leases and decommissioning
\nobligations. The amendments clarify that where payments
\nthat settle a liability are deductible for tax purposes, it is
\na matter of judgement, having considered the applicable
\ntax law, whether such deductions are attributable for tax
\npurposes to the liability or to the related asset component.
\nUnder the amendments, the initial recognition exception
\ndoes not apply to transactions that, on initial recognition,
\ngive rise to equal taxable and deductible temporary
\ndifferences. It only applies if the recognition of a lease
\nasset and lease liability (or decommissioning liability and
\ndecommissioning asset component) give rise to taxable
\nand deductible temporary differences that are not equal.
\nThe Group is currently assessing the impact of the
\namendments on the consolidated financial statements.
\nIAS 1 Presentation of Financial Statements:
\nClassification of Liabilities as Current or Non-current
\n(Amendments)
\nThe amendments are effective for annual reporting
\nperiods beginning on or after 1 January 2024, with
\nearlier application permitted, and will need to be applied
\nretrospectively in accordance with IAS 8. The objective
\nof the amendments is to clarify the principles in IAS 1 for
\nthe classification of liabilities as either current or non-
\ncurrent. The amendments clarify the meaning of a right to
\ndefer settlement, the requirement for this right to exist at
\nthe end of the reporting period, that Management intent
\ndoes not affect current or non-current classification, that
\noptions by the counterparty that could result in settlement
\nby the transfer of the entity\u2019s own equity instruments do
\nnot affect current or non-current classification. Also, the
\namendments specify that only covenants with which an
\nentity must comply on or before the reporting date will
\naffect a liability\u2019s classification. Additional disclosures
\nare also required for non-current liabilities arising from
\nloan arrangements that are subject to covenants to be
\ncomplied with within twelve months after the reporting
\nperiod. The amendments have not yet been endorsed
\nby the EU. The amendments are not expected to have
\na material impact on the Group\u2019s consolidated financial
\nstatements.
\nIFRS 16 Leases: Lease Liability in a Sale and Leaseback
\n(Amendments)
\nThe amendments are effective for annual reporting
\nperiods beginning on or after 1 January 2024, with earlier
\napplication permitted. The amendments are intended
\nto improve the requirements that a seller-lessee uses in
\nmeasuring the lease liabilit y arising in a sale and leaseback
\ntransaction in IFRS 16, while it does not change the
\naccounting for leases unrelated to sale and leaseback
\ntransactions. In particular, the seller-lessee determines
\n\u2018lease payments\u2019 or \u2018revised lease payments\u2019 in such a way
\nthat the seller-lessee would not recognise any amount of
\nthe gain or loss that relates to the right of use it retains.
\nApplying these requirements does not prevent the seller-
\nlessee from recognising, in profit or loss, any gain or loss
\nrelating to the partial or full termination of a lease. A
\nseller-lessee applies the amendment retrospectively in
\naccordance with IAS 8 to sale and leaseback transactions
\nentered into after the date of initial application, being
\nthe beginning of the annual reporting period in which
\nan entity first applied IFRS 16. The amendments have
\nnot yet been endorsed by the EU. The amendments are
\nnot expected to have a material impact on the Group\u2019s
\nconsolidated financial statements.
\nAmendment in IFRS 10 Consolidated Financial
\nStatements and IAS 28 Investments in Associates and
\nJoint Ventures: Sale or Contribution of Assets between
\nan Investor and its Associate or Joint Venture
\nThe amendments address an acknowledged inconsistency
\nbetween the requirements in IFRS 10 and those in IAS 28,
\nin dealing with the sale or contribution of assets between
\nan investor and its associate or joint venture. The main
\nconsequence of the amendments is that a full gain or
\nloss is recognized when a transaction involves a business
\n(whether it is housed in a subsidiary or not). A partial
\ngain or loss is recognized when a transaction involves
\nassets that do not constitute a business, even if these
\nassets are housed in a subsidiary. In December 2015 the
\nIASB postponed the effective date of this amendment
\nindefinitely pending the outcome of its research project
\non the equity method of accounting. The amendments
\nhave not yet been endorsed by the EU. The amendments
\nare not expected to have a material impact on the Group\u2019s
\nconsolidated financial statements.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag467": {
"value": "\n
\nFunctional and presentation currency
\n\nThe functional currency of Ukrainian companies of the
\nGroup is the Ukrainian Hryvnia (\u201cUAH\u201d); the functional
\ncurrency of the Cyprus companies and Luxembourg
\ncompany of the Group is the US Dollar (\u201cUSD\u201d); the functional
\ncurrency of the European companies of the Group is the
\nEuro (\u201cEUR\u201d); the functional currency of the United Arab
\nEmirates companies is the Dirham (\u201cAED\u201d); the functional
\ncurrency of the UK company is the British Pound (\u201cGBP\u201d);
\nthe functional currency of the Saudi Arabia company is
\nthe Saudi Riyal (\u201cSAR\u201d). Transactions in currencies other
\nthan the functional currency of the entities concerned are
\ntreated as transactions in foreign currencies.
\n
\n\nSuch transactions are initially recorded at the rates of
\nexchange ruling at the dates of the transactions. Monetary
\nassets and liabilities denominated in such currencies are
\ntranslated at the rates prevailing on the reporting date.
\nAll realized and unrealized gains and losses arising on
\nexchange differences are recognised in the consolidated
\nstatement of profit or loss and other comprehensive
\nincome for the period.
\nThese consolidated financial statements are presented
\nin US Dollars (\u201cUSD\u201d), which is the Group\u2019s presentation
\ncurrency.
\nThe results and financial position of the Group are
\ntranslated into the presentation currency using the following
\nprocedures:
\n\u2022 Assets and liabilities for each consolidated statement
\nof financial position presented are translated at the
\nclosing rate as of the reporting date of that statement
\nof financial position;
\n\u2022 Income and expenses for each consolidated statement
\nof profit or loss are translated at exchange rates at the
\ndates of the transactions;
\n\u2022 Exchange differences arising on translation for consol-
\nidation are recognised in other comprehensive income
\nand presented as a separate component of equity. On
\ndisposal of a foreign operation, the component of OCI
\nrelating to that particular foreign operation is reclassi-
\nfied to profit or loss;
\n\u2022 All equity items, except for the revaluation reserve, are
\ntranslated at the historical exchange rate. The revalu-
\nation reserve is translated at the closing rate as of the
\ndate of the statement of financial position.
\nFor practical reasons, the Group translates items of income
\nand expenses for each period presented in the financial
\nstatements using the quarterly average exchange rates,
\nif such translations reasonably approximate the results
\ntranslated at exchange rates prevailing at the dates of the
\ntransactions.
\nThe relevant exchange rates were:
\nCURRENCY
\nCLOSING\u2005\u2005
\nRATE\u2005AS\u2005OF\u2005\u2005
\n31\u2005DECEMBER\u2005
\n2022
\nAVERAGE\u2005
\nFOR\u20052022
\nCLOSING\u2005
\nRATE\u2005AS\u2005OF\u2005
\n31\u2005DECEMBER\u2005
\n2021
\nAVERAGE\u2005
\nFOR\u20052021
\nUAH/USD 36.5686 3 2 . 3 6 8 4 27.2782 27.2835
\nUAH/EUR 38.9510 33.9954 30.9226 32.3009
\nUSD/EUR 1.0651 1.0503 1.1336 1.1839
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag448": {
"value": "\nThe functional currency of Ukrainian companies of the
\nGroup is the Ukrainian Hryvnia (\u201cUAH\u201d); the functional
\ncurrency of the Cyprus companies and Luxembourg
\ncompany of the Group is the US Dollar (\u201cUSD\u201d); the functional
\ncurrency of the European companies of the Group is the
\nEuro (\u201cEUR\u201d); the functional currency of the United Arab
\nEmirates companies is the Dirham (\u201cAED\u201d); the functional
\ncurrency of the UK company is the British Pound (\u201cGBP\u201d);
\nthe functional currency of the Saudi Arabia company is
\nthe Saudi Riyal (\u201cSAR\u201d). Transactions in currencies other
\nthan the functional currency of the entities concerned are
\ntreated as transactions in foreign currencies.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag465": {
"value": "\n
\n\nBasis of consolidation
\nThe consolidated financial statements incorporate the
\nfinancial statements of MHP SE and its subsidiaries.
\nControl is achieved when the Company:
\n\u2022 has power over the investee;
\n\u2022 is exposed, or has rights, to variable returns from its in-
\nvolvement with the investee; and
\n\u2022 has the ability to use its power to affect its returns.
\nThe Company reassesses whether or not it controls an
\ninvestee if facts and circumstances indicate that there are
\nchanges to one or more of the three elements of control
\nlisted above. Consolidation of a subsidiary begins when
\nthe Company obtains control over the subsidiary and
\nceases when the Company loses control of the subsidiary.
\nSpecifically, income and expenses of a subsidiary
\nacquired or disposed of during the year are included in
\nthe consolidated statement of profit or loss and other
\ncomprehensive income from the date the Company gains
\ncontrol until the date when the Company ceases to control
\nthe subsidiary. Profit or loss and each component of other
\ncomprehensive income are attributed to the owners of
\nthe Company and to the non-controlling interests. Total
\ncomprehensive income of subsidiaries is attributed to
\nthe owners of the Company and to the non-controlling
\ninterests even if this results in the non-controlling interests
\nhaving a deficit balance.
\n
\n\n
\n\n
\n\nBasis of consolidation (continued)
\nAll significant intercompany transactions, balances and
\nunrealized gains or losses on transactions are eliminated on
\nconsolidation, except when the intragroup losses indicate
\nan impairment that requires recognition in the consolidated
\nfinancial statements.
\nWhere necessary, adjustments are made to the financial
\nstatements of subsidiaries to bring the accounting policies
\nused in line with those adopted by the Group.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag466": {
"value": "\nBasis of consolidation
\nThe consolidated financial statements incorporate the
\nfinancial statements of MHP SE and its subsidiaries.
\nControl is achieved when the Company:
\n\u2022 has power over the investee;
\n\u2022 is exposed, or has rights, to variable returns from its in-
\nvolvement with the investee; and
\n\u2022 has the ability to use its power to affect its returns.
\nThe Company reassesses whether or not it controls an
\ninvestee if facts and circumstances indicate that there are
\nchanges to one or more of the three elements of control
\nlisted above. Consolidation of a subsidiary begins when
\nthe Company obtains control over the subsidiary and
\nceases when the Company loses control of the subsidiary.
\nSpecifically, income and expenses of a subsidiary
\nacquired or disposed of during the year are included in
\nthe consolidated statement of profit or loss and other
\ncomprehensive income from the date the Company gains
\ncontrol until the date when the Company ceases to control
\nthe subsidiary. Profit or loss and each component of other
\ncomprehensive income are attributed to the owners of
\nthe Company and to the non-controlling interests. Total
\ncomprehensive income of subsidiaries is attributed to
\nthe owners of the Company and to the non-controlling
\ninterests even if this results in the non-controlling interests
\nhaving a deficit balance.
\n
\n\nBasis of consolidation (continued)
\nAll significant intercompany transactions, balances and
\nunrealized gains or losses on transactions are eliminated on
\nconsolidation, except when the intragroup losses indicate
\nan impairment that requires recognition in the consolidated
\nfinancial statements.
\nWhere necessary, adjustments are made to the financial
\nstatements of subsidiaries to bring the accounting policies
\nused in line with those adopted by the Group.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag459": {
"value": "\n
\n\n
\n
\nAccounting for acquisitions
\nThe acquisitions of subsidiaries from third parties
\nare accounted for using the acquisition method. On
\nacquisition, the assets, liabilities and contingent liabilities
\nof a subsidiary are measured at their fair values.
\nThe consideration transferred by the Group is measured
\nat fair value, which is the sum of the acquisition-date fair
\nvalues of the assets transferred by the Group, liabilities
\nincurred by the Group to the former owners of the acquired
\nsubsidiary and the equity interests issued by the Group in
\nexchange for control of the subsidiary. Acquisition-related
\ncosts are recognised in the consolidated statement of
\nprofit or loss as incurred.
\nWhen the consideration transferred by the Group in
\na business combination includes assets and liabilities
\nresulting from a contingent consideration arrangement, the
\ncontingent consideration is measured at its acquisition-
\ndate fair value and is included as part of the consideration
\ntransferred. Any contingent consideration to be transferred
\nby the acquirer will be recognised at fair value at the
\nacquisition date. Contingent consideration that is classified
\nas equity is not remeasured and subsequent settlement
\nis accounted for within equity. Contingent consideration
\nclassified as an asset or liability that is a financial instrument
\nand within the scope of IFRS 9 Financial Instruments, is
\nmeasured at fair value with changes in fair value recognised
\nin the statement of profit or loss in accordance with IFRS 9.
\nOther contingent consideration that is not within the scope
\nof IFRS 9 is measured at fair value at each reporting date
\nwith changes in fair value recognised in profit or loss.
\n\nNon-controlling interests that are present ownership
\ninterests and entitle their holders to a proportionate share
\nof the subsidiary\u2019s net assets in the event of liquidation
\nmay be initially measured either at fair value or at the non-
\ncontrolling interests\u2019 proportionate share of the recognised
\namounts of the subsidiary\u2019s identifiable net assets. The
\nchoice of measurement basis is made on a transaction-by-
\ntransaction basis. Other types of non-controlling interests,
\nif any, are measured at fair value or, when applicable, on the
\nbasis specified in other IFRS standards.
\n
\n\n\n
\n\nGoodwill is measured as the excess of the sum of the
\nconsideration transferred, the amount of any non-
\ncontrolling interests in the acquired subsidiary, and the
\nfair value of the Group\u2019s previously held equity interest
\nin the acquired subsidiary (if any) over the net of the
\nacquisition-date amounts of the identifiable assets
\n
\n\n
\n\nacquired and the liabilities assumed. If, after reassessment,
\nthe net of the acquisition-date amounts of the identifiable
\nassets acquired and the liabilities assumed exceeds the
\nsum of the consideration transferred, the amount of non-
\ncontrolling interests in the subsidiary and the fair value
\nof the Group\u2019s previously-held interest in the subsidiary
\n(if any), the excess is recognised in the consolidated
\nstatement of profit or loss, as a bargain purchase gain.
\nChanges in the Group\u2019s ownership interests in subsidiaries
\nthat do not result in the Group losing control over the
\nsubsidiaries are accounted for as equity transactions. The
\ncarrying amounts of the Group\u2019s interests and the non-
\ncontrolling interests are adjusted to reflect the changes
\nin their relative interests in subsidiaries. Any difference
\nbetween the amount by which the non-controlling interests
\nare adjusted and the fair value of the consideration paid or
\nreceived is recognised directly in equity and attributed to
\nowners of the Parent.
\nIn acquisition of a legal entity that does not constitute
\na business, the cost of the group of assets is allocated
\nbetween the individual identifiable assets in the group
\nbased on their relative fair values.
\n
\n
\n
\n\n
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag461": {
"value": "\n
\n
\nAccounting for acquisitions
\nThe acquisitions of subsidiaries from third parties
\nare accounted for using the acquisition method. On
\nacquisition, the assets, liabilities and contingent liabilities
\nof a subsidiary are measured at their fair values.
\nThe consideration transferred by the Group is measured
\nat fair value, which is the sum of the acquisition-date fair
\nvalues of the assets transferred by the Group, liabilities
\nincurred by the Group to the former owners of the acquired
\nsubsidiary and the equity interests issued by the Group in
\nexchange for control of the subsidiary. Acquisition-related
\ncosts are recognised in the consolidated statement of
\nprofit or loss as incurred.
\nWhen the consideration transferred by the Group in
\na business combination includes assets and liabilities
\nresulting from a contingent consideration arrangement, the
\ncontingent consideration is measured at its acquisition-
\ndate fair value and is included as part of the consideration
\ntransferred. Any contingent consideration to be transferred
\nby the acquirer will be recognised at fair value at the
\nacquisition date. Contingent consideration that is classified
\nas equity is not remeasured and subsequent settlement
\nis accounted for within equity. Contingent consideration
\nclassified as an asset or liability that is a financial instrument
\nand within the scope of IFRS 9 Financial Instruments, is
\nmeasured at fair value with changes in fair value recognised
\nin the statement of profit or loss in accordance with IFRS 9.
\nOther contingent consideration that is not within the scope
\nof IFRS 9 is measured at fair value at each reporting date
\nwith changes in fair value recognised in profit or loss.
\n\nNon-controlling interests that are present ownership
\ninterests and entitle their holders to a proportionate share
\nof the subsidiary\u2019s net assets in the event of liquidation
\nmay be initially measured either at fair value or at the non-
\ncontrolling interests\u2019 proportionate share of the recognised
\namounts of the subsidiary\u2019s identifiable net assets. The
\nchoice of measurement basis is made on a transaction-by-
\ntransaction basis. Other types of non-controlling interests,
\nif any, are measured at fair value or, when applicable, on the
\nbasis specified in other IFRS standards.
\n
\n\n\n
\n\nGoodwill is measured as the excess of the sum of the
\nconsideration transferred, the amount of any non-
\ncontrolling interests in the acquired subsidiary, and the
\nfair value of the Group\u2019s previously held equity interest
\nin the acquired subsidiary (if any) over the net of the
\nacquisition-date amounts of the identifiable assets
\n
\n\n
\n\nacquired and the liabilities assumed. If, after reassessment,
\nthe net of the acquisition-date amounts of the identifiable
\nassets acquired and the liabilities assumed exceeds the
\nsum of the consideration transferred, the amount of non-
\ncontrolling interests in the subsidiary and the fair value
\nof the Group\u2019s previously-held interest in the subsidiary
\n(if any), the excess is recognised in the consolidated
\nstatement of profit or loss, as a bargain purchase gain.
\nChanges in the Group\u2019s ownership interests in subsidiaries
\nthat do not result in the Group losing control over the
\nsubsidiaries are accounted for as equity transactions. The
\ncarrying amounts of the Group\u2019s interests and the non-
\ncontrolling interests are adjusted to reflect the changes
\nin their relative interests in subsidiaries. Any difference
\nbetween the amount by which the non-controlling interests
\nare adjusted and the fair value of the consideration paid or
\nreceived is recognised directly in equity and attributed to
\nowners of the Parent.
\nIn acquisition of a legal entity that does not constitute
\na business, the cost of the group of assets is allocated
\nbetween the individual identifiable assets in the group
\nbased on their relative fair values.
\n
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag463": {
"value": "\nNon-controlling interests that are present ownership
\ninterests and entitle their holders to a proportionate share
\nof the subsidiary\u2019s net assets in the event of liquidation
\nmay be initially measured either at fair value or at the non-
\ncontrolling interests\u2019 proportionate share of the recognised
\namounts of the subsidiary\u2019s identifiable net assets. The
\nchoice of measurement basis is made on a transaction-by-
\ntransaction basis. Other types of non-controlling interests,
\nif any, are measured at fair value or, when applicable, on the
\nbasis specified in other IFRS standards.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag450": {
"value": "\n
\n\nGoodwill is measured as the excess of the sum of the
\nconsideration transferred, the amount of any non-
\ncontrolling interests in the acquired subsidiary, and the
\nfair value of the Group\u2019s previously held equity interest
\nin the acquired subsidiary (if any) over the net of the
\nacquisition-date amounts of the identifiable assets
\n
\n\n
\nacquired and the liabilities assumed.\nIntangible assets (continued)
\nSubsequent to initial recognition, intangible assets
\nassessed as having finite useful lives are reported at
\ncost less accumulated amortization and accumulated
\nimpairment losses. Amortization of intangible assets is
\nrecognised on a straight line basis over their estimated
\nuseful lives. The period of estimated useful life of
\nintangibles is as follows:
\nLand lease rights 3 - 15 years
\nCustomer relationship 20 years
\nTrademarks not amortised
\nOther intangible assets 3 - 10 years
\nThe amortization period and the amortization method for
\nintangible assets with finite useful lives are reviewed at
\nleast at the end of each reporting period, with the effect
\nof any changes in estimate being accounted for on a
\nprospective basis.
\nAn intangible asset is derecognised on disposal, or when
\nno future economic benefits are expected from use or
\ndisposal. Gains or losses arising from derecognition of
\nan intangible asset, measured as the difference between
\nthe net disposal proceeds and the carrying amount of the
\nasset, are recognised in profit or loss when the asset is
\nderecognised.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag446": {
"value": "\nGoodwill is measured as the excess of the sum of the
\nconsideration transferred, the amount of any non-
\ncontrolling interests in the acquired subsidiary, and the
\nfair value of the Group\u2019s previously held equity interest
\nin the acquired subsidiary (if any) over the net of the
\nacquisition-date amounts of the identifiable assets
\n
\nacquired and the liabilities assumed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag456": {
"value": "\n
\n\nFair value measurement
\nFair value is the price that would be received to sell an
\nasset or paid to transfer a liability in an orderly transaction
\nbetween market participants at the measurement date.
\nThe fair value measurement is based on the presumption
\nthat the transaction to sell the asset or transfer the liability
\ntakes place either in the principal market for the asset or
\nliability, or in the absence of a principal market, in the most
\nadvantageous market for the asset or liability. The principal
\nor the most advantageous market must be accessible by
\nthe Group.
\nThe fair value of an asset or a liability is measured using
\nthe assumptions that market participants would use
\nwhen pricing the asset or liability, assuming that market
\nparticipants act in their economic best interest.
\nA fair value measurement of a non-financial asset takes
\ninto account a market participant's ability to generate
\neconomic benefits by using the asset in its highest and
\nbest use or by selling it to another market participant that
\nwould use the asset in its highest and best use.
\nThe Group uses valuation techniques that are appropriate
\nin the circumstances and for which sufficient data are
\navailable to measure fair value, maximizing the use of relevant
\nobservable inputs and minimizing the use of unobservable
\ninputs.
\nAll assets and liabilities for which fair value is measured
\nor disclosed in the financial statements are categorized
\nwithin the fair value hierarchy, described as follows, based
\non the lowest level input that is significant to the fair value
\nmeasurement as a whole:
\n\u2022 Level 1: Quoted (unadjusted) market prices in active
\nmarkets for identical assets or liabilities;
\n\u2022 Level 2: Valuation techniques for which the lowest level
\ninput that is significant to the fair value measurement is
\ndirectly or indirectly observable;
\n\u2022 Level 3: Valuation techniques for which the lowest level
\ninput that is significant to the fair value measurement is
\nunobservable.
\nFor assets and liabilities that are recognised in the
\nfinancial statements on a recurring basis, the Group
\ndetermines whether transfers have occurred between
\nLevels in the hierarchy by re-assessing categorization
\n(based on the lowest level input that is significant to the
\nfair value measurement as a whole) at the end of each
\nreporting period.
\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag454": {
"value": "\nFair value measurement
\nFair value is the price that would be received to sell an
\nasset or paid to transfer a liability in an orderly transaction
\nbetween market participants at the measurement date.
\nThe fair value measurement is based on the presumption
\nthat the transaction to sell the asset or transfer the liability
\ntakes place either in the principal market for the asset or
\nliability, or in the absence of a principal market, in the most
\nadvantageous market for the asset or liability. The principal
\nor the most advantageous market must be accessible by
\nthe Group.
\nThe fair value of an asset or a liability is measured using
\nthe assumptions that market participants would use
\nwhen pricing the asset or liability, assuming that market
\nparticipants act in their economic best interest.
\nA fair value measurement of a non-financial asset takes
\ninto account a market participant's ability to generate
\neconomic benefits by using the asset in its highest and
\nbest use or by selling it to another market participant that
\nwould use the asset in its highest and best use.
\nThe Group uses valuation techniques that are appropriate
\nin the circumstances and for which sufficient data are
\navailable to measure fair value, maximizing the use of relevant
\nobservable inputs and minimizing the use of unobservable
\ninputs.
\nAll assets and liabilities for which fair value is measured
\nor disclosed in the financial statements are categorized
\nwithin the fair value hierarchy, described as follows, based
\non the lowest level input that is significant to the fair value
\nmeasurement as a whole:
\n\u2022 Level 1: Quoted (unadjusted) market prices in active
\nmarkets for identical assets or liabilities;
\n\u2022 Level 2: Valuation techniques for which the lowest level
\ninput that is significant to the fair value measurement is
\ndirectly or indirectly observable;
\n\u2022 Level 3: Valuation techniques for which the lowest level
\ninput that is significant to the fair value measurement is
\nunobservable.
\nFor assets and liabilities that are recognised in the
\nfinancial statements on a recurring basis, the Group
\ndetermines whether transfers have occurred between
\nLevels in the hierarchy by re-assessing categorization
\n(based on the lowest level input that is significant to the
\nfair value measurement as a whole) at the end of each
\nreporting period.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag443": {
"value": "\n
\n\n
\n\n
\n\nBorrowing costs
\nBorrowing costs include interest expense, finance charges
\non leases and other interest-bearing long-term payables
\nand debt servicing costs.
\nBorrowing costs directly attributable to the acquisition,
\nconstruction or production of qualifying assets, which are
\nassets that necessarily take a substantial period of time
\nto get ready for their intended use or sale, are added to
\nthe cost of those assets, until such time as the assets are
\nsubstantially ready for their intended use or sale.
\nInvestment income earned on the temporary investment
\nof specific borrowings pending their expenditure on
\nqualifying assets is deducted from the borrowing costs
\neligible for capitalization.
\nAll other borrowing costs are recognised in the statement
\nof profit or loss and other comprehensive income in the
\nperiod in which they are incurred.
\n
\n
\n\n
\n
\n\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag462": {
"value": "\n
\n\n
\n\nBorrowing costs
\nBorrowing costs include interest expense, finance charges
\non leases and other interest-bearing long-term payables
\nand debt servicing costs.
\nBorrowing costs directly attributable to the acquisition,
\nconstruction or production of qualifying assets, which are
\nassets that necessarily take a substantial period of time
\nto get ready for their intended use or sale, are added to
\nthe cost of those assets, until such time as the assets are
\nsubstantially ready for their intended use or sale.
\nInvestment income earned on the temporary investment
\nof specific borrowings pending their expenditure on
\nqualifying assets is deducted from the borrowing costs
\neligible for capitalization.
\nAll other borrowing costs are recognised in the statement
\nof profit or loss and other comprehensive income in the
\nperiod in which they are incurred.
\n
\n
\n\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag433": {
"value": "\n
\n\nBorrowing costs
\nBorrowing costs include interest expense, finance charges
\non leases and other interest-bearing long-term payables
\nand debt servicing costs.
\nBorrowing costs directly attributable to the acquisition,
\nconstruction or production of qualifying assets, which are
\nassets that necessarily take a substantial period of time
\nto get ready for their intended use or sale, are added to
\nthe cost of those assets, until such time as the assets are
\nsubstantially ready for their intended use or sale.
\nInvestment income earned on the temporary investment
\nof specific borrowings pending their expenditure on
\nqualifying assets is deducted from the borrowing costs
\neligible for capitalization.
\nAll other borrowing costs are recognised in the statement
\nof profit or loss and other comprehensive income in the
\nperiod in which they are incurred.
\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag442": {
"value": "\nBorrowing costs
\nBorrowing costs include interest expense, finance charges
\non leases and other interest-bearing long-term payables
\nand debt servicing costs.
\nBorrowing costs directly attributable to the acquisition,
\nconstruction or production of qualifying assets, which are
\nassets that necessarily take a substantial period of time
\nto get ready for their intended use or sale, are added to
\nthe cost of those assets, until such time as the assets are
\nsubstantially ready for their intended use or sale.
\nInvestment income earned on the temporary investment
\nof specific borrowings pending their expenditure on
\nqualifying assets is deducted from the borrowing costs
\neligible for capitalization.
\nAll other borrowing costs are recognised in the statement
\nof profit or loss and other comprehensive income in the
\nperiod in which they are incurred.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag437": {
"value": "\nContingent liabilities and assets
\nContingent liabilities are not recognised in the consolidated
\nfinancial statements. Rather, they are disclosed in the
\nnotes to the consolidated financial statements unless the
\npossibility of an outflow of resources embodying economic
\nbenefits is remote. Contingent assets are recognised only
\nwhen it has become virtually certain that an inflow of
\neconomic benefits will arise.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag464": {
"value": "\nSegment information
\nSegment reporting is presented on the basis of
\nManagement\u2019s perspective and relates to the parts of the
\nGroup that are defined as operating segments. Operating
\nsegments are identified on the basis of internal reports
\nprovided to the Group\u2019s chief operating decision maker
\n(\u201cCODM\u201d). The Group has identified its top Management
\nteam as its CODM and the internal reports used by
\nthe top Management team to oversee operations and
\nmake decisions on allocating resources serve as the
\nbasis of information presented. These internal reports
\nare prepared on the same basis as these consolidated
\nfinancial statements.
\n
\n\nSegment information (continued)
\nBased on the current management structure, the Group
\nhas identified the following reportable segments:
\n\u2022 Poultry and related operations;
\n\u2022 Grain growing operations;
\n\u2022 Meat processing and other agricultural operations;
\n\u2022 Europe operating segment.
\nReportable segments represent the Group\u2019s principal
\nbusiness activities. Poultry and related operations
\nsegment include sales of chicken meat, sales of by-
\nproducts such as vegetable oil and related products and
\nother poultry-related products. CODM is considering oil
\nextraction as a part of mixed fodder production rather
\nthan a separate line of business as primarily quality
\nand effectiveness of mixed fodder production prevails
\nover oil output. Grain growing operations include sale
\nof grain other than feed grains and green-fodder. Meat
\nprocessing and other agricultural operations segment
\nprimarily includes sales of other than poultry meat
\nand meat processing products, feed grains and milk.
\nThe Europe operating segment include sales of meat
\nprocessing and chicken meat products in Southeast
\nEurope.
\nThe Group does not present information on segment
\nassets and liabilities as the CODM does not review such
\ninformation for decision-making purposes.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag449": {
"value": "\n
\n\nNon-current assets held for sale and discontinued
\noperations
\nNon-current assets and disposal groups are classified as
\nheld for sale if their carrying amount will be recovered
\nprincipally through a sale transaction rather than through
\ncontinuing use. This condition is regarded as met only when
\nthe asset (or disposal group) is available for immediate
\nsale in its present condition subject only to terms that are
\nusual and customary for sales of such asset (or disposal
\ngroup) and its sale is highly probable. Management must
\nbe committed to the sale, which should be expected to
\nqualify for recognition as a completed sale within one year
\nfrom the date of classification.
\nWhen the Group is committed to a sale plan involving loss
\nof control of a subsidiary, all of the assets and liabilities
\nof that subsidiary are classified as held for sale when the
\ncriteria described above are met, regardless of whether
\nthe Group will retain a non-controlling interest in its former
\nsubsidiary after the sale.
\nNon-current assets (and disposal groups) classified as
\nheld for sale are measured at the lower of their carrying
\namount and fair value less costs to sell.
\nDiscontinued operations are excluded from the results of
\ncontinuing operations and are presented as a single amount
\nas profit or loss after tax from discontinued operations
\nin the consolidated statement of profit or loss and other
\ncomperensive income.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag440": {
"value": "\nNon-current assets held for sale and discontinued
\noperations
\nNon-current assets and disposal groups are classified as
\nheld for sale if their carrying amount will be recovered
\nprincipally through a sale transaction rather than through
\ncontinuing use. This condition is regarded as met only when
\nthe asset (or disposal group) is available for immediate
\nsale in its present condition subject only to terms that are
\nusual and customary for sales of such asset (or disposal
\ngroup) and its sale is highly probable. Management must
\nbe committed to the sale, which should be expected to
\nqualify for recognition as a completed sale within one year
\nfrom the date of classification.
\nWhen the Group is committed to a sale plan involving loss
\nof control of a subsidiary, all of the assets and liabilities
\nof that subsidiary are classified as held for sale when the
\ncriteria described above are met, regardless of whether
\nthe Group will retain a non-controlling interest in its former
\nsubsidiary after the sale.
\nNon-current assets (and disposal groups) classified as
\nheld for sale are measured at the lower of their carrying
\namount and fair value less costs to sell.
\nDiscontinued operations are excluded from the results of
\ncontinuing operations and are presented as a single amount
\nas profit or loss after tax from discontinued operations
\nin the consolidated statement of profit or loss and other
\ncomperensive income.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag447": {
"value": "\n
\nRevenue recognition
\n\nThe Group generates revenue primarily from the sale of
\nagricultural products to the end customers. Revenue is
\nmeasured based on the consideration to which the Group
\nexpects to be entitled in a contract with a customer and
\nexcludes amounts collected on behalf of third parties. The
\nGroup recognises revenue when it transfers control of a
\nproduct or service to a customer.
\nRevenue is adjusted for estimates of known or expected
\nvariable consideration, which includes consumer incentives,
\ntrade promotions, and allowances, such as rebates,
\nvolume-based incentives and other programs. Variable
\nconsideration related to these programs is recorded as a
\nreduction to revenue based on amounts the Group expects
\nto pay. These estimates are based on current performance,
\nhistorical utilization, and projected redemption rates of
\neach program. The Group reviews and updates these
\nestimates regularly until the incentives are realized and the
\nimpact of any adjustments are recognized in the period the
\nadjustments are identified. Non-monetary exchanges or
\nswaps of goods which are of similar nature and value are
\nnot treated as transactions which generate revenue.
\n
\n\nThe Group recognises revenue from the following major
\nsources:
\n\u2022 chicken meat;
\n\u2022 vegetable oil and related products;
\n\u2022 other poultry related sales (delivery services, sunflower
\nand soybean meals, sunflower husk and other)
\n\u2022 grain;
\n\u2022 meat processing products and other meat;
\n\u2022 other agricultural operations (milk, feed grains and other).
\n
\n\nRevenue recognition (continued)
\nRevenue is measured based on the consideration to
\nwhich the Group expects to be entitled in a contract with
\na customer. The Group recognises revenue at a point in
\ntime when it transfers control of a product or service to a
\ncustomer.
\nThe major part of the Group\u2019s sales are generated from the
\nwholesale market. Revenue is recognised when control
\nof the goods has transferred, being when the goods have
\nbeen shipped to the wholesaler\u2019s specific location or
\ndelivered to major Ukrainian sea ports. Following delivery,
\nthe wholesaler has full discretion over the manner of
\ndistribution and price to sell the goods, has the primary
\nresponsibility when on-selling the goods, and bears the
\nrisks of obsolescence and loss in relation to the goods.
\nA receivable is recognised by the Group when the goods
\nare delivered to the wholesaler as this represents the
\npoint in time at which the right to consideration becomes
\nunconditional. Under the Group\u2019s standard contract
\nterms, customers have no right of return.
\nThe Group sells its products for export on various terms,
\nsome of which include shipping and handling costs in the
\nprice of the product. Sales price of products for local
\nmarket predominantly includes shipping and handling
\ncosts in the price of the product.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag452": {
"value": "\nThe Group generates revenue primarily from the sale of
\nagricultural products to the end customers. Revenue is
\nmeasured based on the consideration to which the Group
\nexpects to be entitled in a contract with a customer and
\nexcludes amounts collected on behalf of third parties. The
\nGroup recognises revenue when it transfers control of a
\nproduct or service to a customer.
\nRevenue is adjusted for estimates of known or expected
\nvariable consideration, which includes consumer incentives,
\ntrade promotions, and allowances, such as rebates,
\nvolume-based incentives and other programs. Variable
\nconsideration related to these programs is recorded as a
\nreduction to revenue based on amounts the Group expects
\nto pay. These estimates are based on current performance,
\nhistorical utilization, and projected redemption rates of
\neach program. The Group reviews and updates these
\nestimates regularly until the incentives are realized and the
\nimpact of any adjustments are recognized in the period the
\nadjustments are identified. Non-monetary exchanges or
\nswaps of goods which are of similar nature and value are
\nnot treated as transactions which generate revenue.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag455": {
"value": "\nGovernment grants
\nGovernment grants are recognised as income over the periods
\nnecessary to match them with the related costs, or as an
\noffset against finance costs when received as compensation
\nfor the finance costs for agricultural producers. When the
\ngrant relates to an asset, the received funds are recorded in
\nthe Group\u2019s consolidated financial statements as deferred
\nincome, which is recognised in profit or loss on a systematic
\nbasis over the useful life of the related assets.
\nGovernment grants are not recognised until there is
\nreasonable assurance that the Group will comply with the
\nconditions attaching to them and that the grants will be
\nreceived.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag457": {
"value": "\n
\nProperty, plant and equipment
\nAll Groups property, plant and equipment are carried at
\nrevalued amounts, being their fair value at the date of
\nthe revaluation less any subsequent depreciation and
\nimpairment losses, except land and other fixed assets
\nthat are carried at historical cost less (for the other fixed
\nassets) accumulated depreciation.
\nThe historical cost of an item of property, plant and
\nequipment comprises (a) its purchase price, including
\nimport duties and non-refundable purchase taxes, after
\ndeducting trade discounts and rebates; (b) any costs
\ndirectly attributable to bringing the item to the location
\nand condition necessary for it to be capable of operating
\nin the manner intended by the management of the Group;
\n(c) the initial estimate of the costs of dismantling and
\nremoving the item and restoring the site on which it is
\nlocated, the obligation for which the Group incurs either
\nwhen the item is acquired or as a consequence of having
\nused the item during a particular period for purposes
\nother than to produce inventories during that period; and
\n(d) for qualifying assets, borrowing costs capitalized in
\naccordance with the Group\u2019s accounting policy.
\n\nSubsequently capitalized costs include major expenditures
\nfor improvements and replacements that extend the useful
\nlives of the assets or increase their revenue generating
\ncapacity. Repairs and maintenance expenditures that do
\nnot meet the foregoing criteria for capitalization are charged
\nto the consolidated statement of profit or loss as incurred.
\nFor all Groups property, plant and equipment carried at
\nrevalued amounts, the revaluations are performed with
\nsufficient regularity such that the carrying amount does
\nnot differ materially from that which would be determined
\nusing fair values at the reporting date. If the asset\u2019s carrying
\namount is increased as a result of a revaluation, the
\nincrease is credited to equity through other comprehensive
\nincome as a revaluation reserve. However, such increase is
\nrecognised in the consolidated statement of profit or loss
\nto the extent that it reverses a revaluation decrease of
\nthe same asset previously recognised in the consolidated
\nstatement of profit or loss. If the asset\u2019s carrying amount
\nis decreased as a result of a revaluation, the decrease
\nis recognised in the consolidated statement of profit or
\nloss. However, such decrease is debited to the revaluation
\nreserve through other comprehensive income to the extent
\nof any credit balance existing in the revaluation reserve in
\nrespect of that asset.
\n
\n\n
\n
\n\n
\nProperty, plant and equipment (continued)
\nThe carrying amount of asset is adjusted by eliminating of
\naccumulated depreciation against gross carrying amount
\nand subsequent increase or decrease of gross carrying
\namount to fair value.
\n\n
\n\nDepreciation on revalued assets is charged to the
\nconsolidated statement of profit or loss. The excess
\nof depreciation charge on the revalued asset over the
\ndepreciation that would have been charged based on the
\nhistorical cost of the asset is transferred from revaluation
\nreserve directly to retained earnings over the assets useful
\nlife. On the subsequent sale or retirement of a revalued
\nasset, the attributable revaluation surplus remaining in
\nthe revaluation reserve is transferred directly to retained
\nearnings.
\nDepreciation of property, plant and equipment is charged
\nso as to write off the depreciable amount over the useful
\nlife of an asset and is calculated using a straight line
\nmethod. Useful lives of the groups of property, plant and
\nequipment are as follows:
\nBuildings and structures 5 - 60 years
\nGrain storage facilities 10 - 60 years
\nProduction machinery 5 - 35 years
\nAuxiliary and other machinery 5 - 30 years
\nUtilities and infrastructure 15 - 60 years
\nVehicles and agricultural machinery 7 - 40 years
\nOther fixed assets 3 - 10 years
\nDepreciable amount is the cost of an item of property,
\nplant and equipment, or revalued amount, less its residual
\nvalue. The residual value is the estimated amount that
\nthe Group would currently obtain from disposal of the
\nitem of property, plant and equipment, after deducting
\nthe estimated costs of disposal, if the asset was already
\nof the age and in the condition expected at the end of its
\nuseful life.
\n
\n
\n\n
\n
\n\nThe residual value, the useful lives and depreciation
\nmethod are reviewed at each financial year-end. The effect
\nof any changes from previous estimates is accounted for
\nprospectively as a change in an accounting estimate.
\nThe gain or loss arising on sale or disposal of an item
\nof property, plant and equipment is determined as the
\ndifference between the sales proceeds and the carrying
\namount of the asset and is recognised in the consolidated
\nstatement of profit or loss.
\nConstruction in progress comprises costs directly related
\nto the construction of property, plant and equipment
\nincluding an appropriate allocation of directly attributable
\nvariable overheads that are incurred in construction.
\nConstruction in progress is not depreciated. Depreciation
\nof construction in progress commences when completed
\nconsruction in progress transferred to the relevant class
\nof property, plant and equipment.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag444": {
"value": "\nSubsequently capitalized costs include major expenditures
\nfor improvements and replacements that extend the useful
\nlives of the assets or increase their revenue generating
\ncapacity. Repairs and maintenance expenditures that do
\nnot meet the foregoing criteria for capitalization are charged
\nto the consolidated statement of profit or loss as incurred.
\nFor all Groups property, plant and equipment carried at
\nrevalued amounts, the revaluations are performed with
\nsufficient regularity such that the carrying amount does
\nnot differ materially from that which would be determined
\nusing fair values at the reporting date. If the asset\u2019s carrying
\namount is increased as a result of a revaluation, the
\nincrease is credited to equity through other comprehensive
\nincome as a revaluation reserve. However, such increase is
\nrecognised in the consolidated statement of profit or loss
\nto the extent that it reverses a revaluation decrease of
\nthe same asset previously recognised in the consolidated
\nstatement of profit or loss. If the asset\u2019s carrying amount
\nis decreased as a result of a revaluation, the decrease
\nis recognised in the consolidated statement of profit or
\nloss. However, such decrease is debited to the revaluation
\nreserve through other comprehensive income to the extent
\nof any credit balance existing in the revaluation reserve in
\nrespect of that asset.
\n
\n\n
\n\nDepreciation on revalued assets is charged to the
\nconsolidated statement of profit or loss. The excess
\nof depreciation charge on the revalued asset over the
\ndepreciation that would have been charged based on the
\nhistorical cost of the asset is transferred from revaluation
\nreserve directly to retained earnings over the assets useful
\nlife. On the subsequent sale or retirement of a revalued
\nasset, the attributable revaluation surplus remaining in
\nthe revaluation reserve is transferred directly to retained
\nearnings.
\nDepreciation of property, plant and equipment is charged
\nso as to write off the depreciable amount over the useful
\nlife of an asset and is calculated using a straight line
\nmethod. Useful lives of the groups of property, plant and
\nequipment are as follows:
\nBuildings and structures 5 - 60 years
\nGrain storage facilities 10 - 60 years
\nProduction machinery 5 - 35 years
\nAuxiliary and other machinery 5 - 30 years
\nUtilities and infrastructure 15 - 60 years
\nVehicles and agricultural machinery 7 - 40 years
\nOther fixed assets 3 - 10 years
\nDepreciable amount is the cost of an item of property,
\nplant and equipment, or revalued amount, less its residual
\nvalue. The residual value is the estimated amount that
\nthe Group would currently obtain from disposal of the
\nitem of property, plant and equipment, after deducting
\nthe estimated costs of disposal, if the asset was already
\nof the age and in the condition expected at the end of its
\nuseful life.
\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag441": {
"value": "\nDepreciation on revalued assets is charged to the
\nconsolidated statement of profit or loss. The excess
\nof depreciation charge on the revalued asset over the
\ndepreciation that would have been charged based on the
\nhistorical cost of the asset is transferred from revaluation
\nreserve directly to retained earnings over the assets useful
\nlife. On the subsequent sale or retirement of a revalued
\nasset, the attributable revaluation surplus remaining in
\nthe revaluation reserve is transferred directly to retained
\nearnings.
\nDepreciation of property, plant and equipment is charged
\nso as to write off the depreciable amount over the useful
\nlife of an asset and is calculated using a straight line
\nmethod. Useful lives of the groups of property, plant and
\nequipment are as follows:
\nBuildings and structures 5 - 60 years
\nGrain storage facilities 10 - 60 years
\nProduction machinery 5 - 35 years
\nAuxiliary and other machinery 5 - 30 years
\nUtilities and infrastructure 15 - 60 years
\nVehicles and agricultural machinery 7 - 40 years
\nOther fixed assets 3 - 10 years
\nDepreciable amount is the cost of an item of property,
\nplant and equipment, or revalued amount, less its residual
\nvalue. The residual value is the estimated amount that
\nthe Group would currently obtain from disposal of the
\nitem of property, plant and equipment, after deducting
\nthe estimated costs of disposal, if the asset was already
\nof the age and in the condition expected at the end of its
\nuseful life.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag453": {
"value": "\nIntangible assets
\nIntangible assets consist primarily of land lease rights,
\ntrademarks and customer relationships which are acquired
\nin a business combination.
\nIntangible assets acquired in a business combination
\nare identified and recognised separately from goodwill
\nwhere they satisfy the definition of an intangible asset.
\nThe cost of such intangible assets is their fair value at
\nthe acquisition date.
\nIntangible assets assessed as having an indefinite useful
\nlife are not amortised and are examined for impairment
\nannually or more frequently where there is an indication
\nof impairment. Where the carrying amount of an asset
\nis greater than the amount that it is estimated to be
\nrecoverable, it is written down to its recoverable amount.
\nThe assessment of indefinite life is reviewed annually
\nto determine whether the indefinite life continues to be
\nsupportable. If not, the change in useful life from indefinite
\nto finite is made on a prospective basis.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag435": {
"value": "\nRight-of-use assets
\nRight-of-use assets mainly represents rent of land
\nfrom individuals (Ukrainian citizens) for agricultural
\npurposes. The Group recognises right-of-use assets at
\nthe commencement date of the lease (i.e., the date the
\nunderlying asset is available for use). Right-of-use assets are
\nmeasured at cost, less any accumulated depreciation and
\nimpairment losses, and adjusted for any remeasurement
\nof lease liabilities. The cost of right-of-use assets includes
\nthe amount of lease liabilities recognized, initial direct
\ncosts incurred and lease payments made at or before the
\ncommencement date less any lease incentives received.
\nRight-of-use assets are depreciated over the period of
\nlease term. The depreciation starts at the commencement
\ndate of the lease. The Group recognises depreciation of
\nright-of-use assets based on the lease term, presented
\nwithin cost of goods sold in the consolidated statement
\nof profit or loss. The average maturity of land lease
\nagreements is 7 years.
\n
\n\nLease liabilities
\nThe Group assesses whether a contract is or contains a
\nlease, at inception of the contract.
\nThe Group recognises lease liabilities in the consolidated
\nstatement of financial position, initially measured at the
\npresent value of future lease payments. The Group does
\nnot apply the short term and low-value lease exemptions.
\nThe Group measures the lease liability at the present
\nvalue of the lease payments that are not paid at the
\ncommencement date, discounted by using the incremental
\nborrowing rate, because the interest rate implicit in
\nthe lease is not readily determinable. The incremental
\nborrowing rate is defined as the rate of interest that the
\nlessee would have to pay to borrow over a similar term,
\nand with a similar security the funds necessary to obtain
\nan asset of a similar value to the right of use asset in a
\nsimilar economic environment.
\nThe lease liability is presented as a separate line in the
\nconsolidated statement of financial position. The lease
\nliability is subsequently measured by increasing the
\ncarrying amount to reflect interest on the lease liability
\nand by reducing the carrying amount to reflect the lease
\npayments made. The Group recognises interest on lease
\nliabilities and presents it within interest expenses in the
\nconsolidated profit or loss.
\nThe Group remeasures the lease liability (and makes a
\ncorresponding adjustment to the related right-of-use
\nasset) whenever:
\n\u2022 The lease term has changed or there is a change in the
\nassessment of exercise of a purchase option, in which
\ncase the lease liability is remeasured by discounting the
\nrevised lease payments using a revised discount rate.
\n\u2022 The lease payments change due to changes in an in-
\ndex or rate or market rate, in which cases the lease
\nliability is remeasured by discounting the revised
\nlease payments using the initial discount rate (un-
\nless the lease payments change is due to a change in
\na floating interest rate, in which case a revised dis-
\ncount rate is used).
\nA lease contract is modified and the lease modification is
\nnot accounted for as a separate lease, in which case the
\nlease liability is remeasured by discounting the revised
\nlease payments using a revised discount rate.
\nIn the statement of cash flows the Group separates
\nthe total amount of cash paid into a principal portion
\n(presented within financing activities) and interest
\n(presented within operating activities).
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag436": {
"value": "\n
\n\n
\n\nImpairment of tangible and intangible assets other
\nthan goodwill
\nAt each reporting date, the Group reviews the carrying
\namounts of its tangible and intangible assets with definite
\nuseful lives to determine whether there is any indication that
\nthose assets have suffered an impairment loss. If any such
\nindication exists, the recoverable amount of the asset is
\nestimated in order to determine the extent of the impairment
\nloss (if any). Intangible assets with indefinite useful lives are
\ntested for impairment annually or more frequently when
\nthere is an indication that they might be impared.
\nFor the purposes of assessing impairment, assets
\nare grouped at the lowest levels for which there are
\nseparately identifiable cash flows (cash-generating
\nunits). Recoverable amount is the higher of fair value less
\ncosts to sell and value in use. In assessing value in use,
\nthe estimated future cash flows are discounted to their
\npresent value using a pre-tax discount rate that reflects
\ncurrent market assessments of the time value of money
\nand the risks specific to the asset.
\nIf the recoverable amount of an asset (or cash-generating
\nunit) is estimated to be less than its carrying amount, the
\ncarrying amount of the asset (cash-generating unit) is
\nreduced to its recoverable amount. An impairment loss is
\nrecognised immediately in the consolidated statement of
\nprofit or loss unless the relevant asset is carried at a revalued
\namount, in which case the impairment loss is treated as a
\nrevaluation decrease through other comprehensive income.
\nWhere an impairment loss subsequently reverses, the
\ncarrying amount of the asset (cash-generating unit) is
\nincreased to the revised estimate of its recoverable
\namount, but so that the increased carrying amount does
\nnot exceed the carrying amount that would have been
\ndetermined had no impairment loss been recognised for
\nthe asset (cash-generating unit) in prior years. A reversal
\nof an impairment loss is recognised immediately in the
\nconsolidated statement of profit or loss, unless the relevant
\nasset is carried at a revalued amount, in which case the
\nreversal of the impairment loss is treated as a revaluation
\nincrease through other comprehensive income.
\n
\n
\n\n
\n
\n\n
\n
\n\n
\n\nImpairment of goodwill
\nFor the purposes of impairment testing, goodwill is
\nallocated to each of the Group\u2019s cash generating units
\n(or groups of cash-generating units) that is expected to
\nbenefit from the synergies of the combination.
\nA cash-generating unit to which goodwill has been allocated
\nis tested for impairment annually, or more frequently when
\nthere is an indication that the unit may be impaired. If the
\nrecoverable amount of the cash-generating unit is less than
\nits carrying amount, the impairment loss is allocated first
\nto reduce the carrying amount of any goodwill allocated
\nto the unit and then to the other assets of the unit pro rata
\nbased on the carrying amount of each asset in the unit. Any
\nimpairment loss for goodwill is recognised directly in the
\nconsolidated profit or loss. An impairment loss recognised
\non goodwill is not reversed in subsequent periods.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag438": {
"value": "\n
\n\nImpairment of tangible and intangible assets other
\nthan goodwill
\nAt each reporting date, the Group reviews the carrying
\namounts of its tangible and intangible assets with definite
\nuseful lives to determine whether there is any indication that
\nthose assets have suffered an impairment loss. If any such
\nindication exists, the recoverable amount of the asset is
\nestimated in order to determine the extent of the impairment
\nloss (if any). Intangible assets with indefinite useful lives are
\ntested for impairment annually or more frequently when
\nthere is an indication that they might be impared.
\nFor the purposes of assessing impairment, assets
\nare grouped at the lowest levels for which there are
\nseparately identifiable cash flows (cash-generating
\nunits). Recoverable amount is the higher of fair value less
\ncosts to sell and value in use. In assessing value in use,
\nthe estimated future cash flows are discounted to their
\npresent value using a pre-tax discount rate that reflects
\ncurrent market assessments of the time value of money
\nand the risks specific to the asset.
\nIf the recoverable amount of an asset (or cash-generating
\nunit) is estimated to be less than its carrying amount, the
\ncarrying amount of the asset (cash-generating unit) is
\nreduced to its recoverable amount. An impairment loss is
\nrecognised immediately in the consolidated statement of
\nprofit or loss unless the relevant asset is carried at a revalued
\namount, in which case the impairment loss is treated as a
\nrevaluation decrease through other comprehensive income.
\nWhere an impairment loss subsequently reverses, the
\ncarrying amount of the asset (cash-generating unit) is
\nincreased to the revised estimate of its recoverable
\namount, but so that the increased carrying amount does
\nnot exceed the carrying amount that would have been
\ndetermined had no impairment loss been recognised for
\nthe asset (cash-generating unit) in prior years. A reversal
\nof an impairment loss is recognised immediately in the
\nconsolidated statement of profit or loss, unless the relevant
\nasset is carried at a revalued amount, in which case the
\nreversal of the impairment loss is treated as a revaluation
\nincrease through other comprehensive income.
\n
\n
\n\n
\n
\n\nImpairment of goodwill
\nFor the purposes of impairment testing, goodwill is
\nallocated to each of the Group\u2019s cash generating units
\n(or groups of cash-generating units) that is expected to
\nbenefit from the synergies of the combination.
\nA cash-generating unit to which goodwill has been allocated
\nis tested for impairment annually, or more frequently when
\nthere is an indication that the unit may be impaired. If the
\nrecoverable amount of the cash-generating unit is less than
\nits carrying amount, the impairment loss is allocated first
\nto reduce the carrying amount of any goodwill allocated
\nto the unit and then to the other assets of the unit pro rata
\nbased on the carrying amount of each asset in the unit. Any
\nimpairment loss for goodwill is recognised directly in the
\nconsolidated profit or loss. An impairment loss recognised
\non goodwill is not reversed in subsequent periods.
\n
\n\nImpairment of financial assets
\nThe Group recognises an allowance for expected credit
\nlosses (ECLs) for all debt instruments not held at fair
\nvalue through profit or loss. ECLs are estimated as the
\ndifference between all contractual cash flows that are due
\nto the Group in accordance with the contract and all the
\ncash flows that the Group expects to receive, discounted
\nat the original effective interest rate. The amount of
\nexpected credit losses is updated at each reporting date
\nto reflect changes in credit risk since initial recognition of
\nthe respective financial instrument.
\nFor trade accounts receivable and contract assets, the
\nGroup applies a simplified approach in calculating ECLs.
\nTherefore, the Group does not track changes in credit
\nrisk, but instead recognises a loss allowance based on
\nECLs at each reporting date. The Group has established
\na provision matrix that is based on its historical credit
\nloss experience, adjusted for forward-looking factors
\nspecific to the debtors and the economic environment.
\nFor all other financial instruments, a financial instrument
\nthat is not credit-impaired on initial recognition is classified
\nin Stage 1. If the credit risk on the financial instrument
\nhas not increased significantly since initial recognition,
\nthe Group measures the loss allowance for that financial
\ninstrument (Stage 1) at an amount equal to 12-month ECLs.
\nIf the Group identifies a significant increase in credit
\nrisk since initial recognition, the financial instrument is
\ntransferred to Stage 2, but it is not considered to be credit-
\nimpaired, the Group recognises lifetime ECLs. If the Group
\ndetermines that a financial asset is credit-impaired, the
\nasset is transferred to Stage 3 and its ECLs is measured
\nas a Lifetime ECLs.
\nLifetime ECLs represents the expected credit losses that
\nwill result from all possible default events over the expected
\nlife of a financial instrument. In contrast, 12-month ECLs
\nrepresents the portion of lifetime ECL that is expected to
\nresult from default events on a financial instrument that
\nare possible within 12 months after the reporting date.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag439": {
"value": "\nImpairment of tangible and intangible assets other
\nthan goodwill
\nAt each reporting date, the Group reviews the carrying
\namounts of its tangible and intangible assets with definite
\nuseful lives to determine whether there is any indication that
\nthose assets have suffered an impairment loss. If any such
\nindication exists, the recoverable amount of the asset is
\nestimated in order to determine the extent of the impairment
\nloss (if any). Intangible assets with indefinite useful lives are
\ntested for impairment annually or more frequently when
\nthere is an indication that they might be impared.
\nFor the purposes of assessing impairment, assets
\nare grouped at the lowest levels for which there are
\nseparately identifiable cash flows (cash-generating
\nunits). Recoverable amount is the higher of fair value less
\ncosts to sell and value in use. In assessing value in use,
\nthe estimated future cash flows are discounted to their
\npresent value using a pre-tax discount rate that reflects
\ncurrent market assessments of the time value of money
\nand the risks specific to the asset.
\nIf the recoverable amount of an asset (or cash-generating
\nunit) is estimated to be less than its carrying amount, the
\ncarrying amount of the asset (cash-generating unit) is
\nreduced to its recoverable amount. An impairment loss is
\nrecognised immediately in the consolidated statement of
\nprofit or loss unless the relevant asset is carried at a revalued
\namount, in which case the impairment loss is treated as a
\nrevaluation decrease through other comprehensive income.
\nWhere an impairment loss subsequently reverses, the
\ncarrying amount of the asset (cash-generating unit) is
\nincreased to the revised estimate of its recoverable
\namount, but so that the increased carrying amount does
\nnot exceed the carrying amount that would have been
\ndetermined had no impairment loss been recognised for
\nthe asset (cash-generating unit) in prior years. A reversal
\nof an impairment loss is recognised immediately in the
\nconsolidated statement of profit or loss, unless the relevant
\nasset is carried at a revalued amount, in which case the
\nreversal of the impairment loss is treated as a revaluation
\nincrease through other comprehensive income.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag434": {
"value": "\n
\nIncome taxes
\nIncome taxes have been computed in accordance with
\nthe laws currently enacted or substantially enacted in
\njurisdictions where operating entities are located. Income
\nta x is calculated b ased o n t he results for the year as adjusted
\nfor items that are non-assessable or non-tax deductible. It
\nis calculated using tax rates that have been enacted by the
\nreporting date.
\nDeferred tax is accounted for using the balance sheet
\nliability method in respect of temporary differences
\narising from differences between the carrying amount
\nof assets and liabilities in the consolidated financial
\nstatements and the corresponding tax basis used in the
\ncomputation of taxable profit. Deferred tax liabilities are
\ngenerally recognised for all taxable temporary differences
\nand deferred tax assets are recognised to the extent that
\nit is probable that taxable profits will be available against
\nwhich deductible temporary differences can be utilized.
\n\nThe carrying amount of deferred tax assets is reviewed
\nat the end of each reporting period and reduced to the
\nextent that it is no longer probable that sufficient taxable
\nprofits will be available to allow all or part of the asset to
\nbe recovered.
\nDeferred tax liabilities and assets are measured at the
\ntax rates that are expected to apply in the period in
\nwhich the liability is settled or the asset realised, based
\non tax rates (and tax laws) that have been enacted or
\nsubstantively enacted by the end of the reporting period.
\nThe measurement of deferred tax liabilities and assets
\nreflects the tax consequences that would follow from
\nthe manner in which the Group expects, at the end of the
\nreporting period, to recover or settle the carrying amount
\nof its assets and liabilities.
\nDeferred tax is charged or credited to the consolidated
\nstatement of profit or loss, except when it relates to
\nitems credited or charged directly to equity or other
\ncomprehensive income, in which case the deferred tax is
\nalso dealt with in equity or other comprehensive income.
\nDeferred tax assets and liabilities are offset when:
\n\u2022 The Group has a legally enforceable right to set off the
\nrecognised amounts of current tax assets and current
\ntax liabilities;
\n\u2022 The Group has an intention to settle on a net basis, or to
\nrealize the asset and settle the liability simultaneously;
\n\u2022 The deferred tax assets and the deferred tax liabilities
\nrelate to income taxes levied by the same taxation
\nauthority in each future period in which significant
\namounts of deferred tax liabilities and assets are
\nexpected to be settled or recovered.
\n
\n
\n\nThe Group companies that are involved in agricultural
\nproduction (those involved in grain and oilseeds growing)
\nbenefit substantially from the status of an agricultural
\nproducer. These companies are exempt from income taxes
\nand pay the Fixed Agricultural Tax (FAT) instead (Note 13).
\n
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag460": {
"value": "\nThe carrying amount of deferred tax assets is reviewed
\nat the end of each reporting period and reduced to the
\nextent that it is no longer probable that sufficient taxable
\nprofits will be available to allow all or part of the asset to
\nbe recovered.
\nDeferred tax liabilities and assets are measured at the
\ntax rates that are expected to apply in the period in
\nwhich the liability is settled or the asset realised, based
\non tax rates (and tax laws) that have been enacted or
\nsubstantively enacted by the end of the reporting period.
\nThe measurement of deferred tax liabilities and assets
\nreflects the tax consequences that would follow from
\nthe manner in which the Group expects, at the end of the
\nreporting period, to recover or settle the carrying amount
\nof its assets and liabilities.
\nDeferred tax is charged or credited to the consolidated
\nstatement of profit or loss, except when it relates to
\nitems credited or charged directly to equity or other
\ncomprehensive income, in which case the deferred tax is
\nalso dealt with in equity or other comprehensive income.
\nDeferred tax assets and liabilities are offset when:
\n\u2022 The Group has a legally enforceable right to set off the
\nrecognised amounts of current tax assets and current
\ntax liabilities;
\n\u2022 The Group has an intention to settle on a net basis, or to
\nrealize the asset and settle the liability simultaneously;
\n\u2022 The deferred tax assets and the deferred tax liabilities
\nrelate to income taxes levied by the same taxation
\nauthority in each future period in which significant
\namounts of deferred tax liabilities and assets are
\nexpected to be settled or recovered.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag432": {
"value": "\nInventories
\nInventories are stated at the lower of cost and net
\nrealizable value. Costs comprise raw materials and, where
\napplicable, direct labour costs and those overheads that
\nhave been incurred in bringing the inventories to their
\npresent locations and condition.
\n
\n\nInventories (continued)
\nCost is calculated using the FIFO (first-in, first-out) method.
\nNet realizable value is determined as the estimated selling
\nprice less all estimated costs of completion and costs to be
\nincurred in marketing, selling and distribution. Agriculture
\nrelated production process results in production of joint
\nproducts: main and by-products. A by-product arising
\nfrom the process is measured at net realizable value and
\nthis value is deducted from the cost of the main product.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag458": {
"value": "\nBiological assets and agricultural produce
\nAgricultural activity is defined as a biological transformation
\nof biological assets for sale into agricultural produce or
\ninto additional biological assets. The Group classifies
\nhatchery eggs, live poultry and other animals and
\nplantations as biological assets.
\nThe Group recognizes a biological asset or agricultural
\nproduce when the Group controls the asset as a result of
\npast events, it is probable that future economic benefits
\nassociated with the asset will flow to the Group, and the
\nfair value of the asset can be measured reliably.
\nBiological assets are stated at fair value less estimated
\ncosts to sell at both initial recognition and as of the
\nreporting date, with any resulting gain or loss recognised
\nin the consolidated profit or loss.
\nCosts to sell include all costs that would be necessary to
\nsell the assets, including costs necessary to get the assets
\nto market.
\nThe difference between fair value less costs to sell and
\ntotal production costs is allocated to biological assets as
\nof each reporting date as a fair value adjustment.
\nThe change in this adjustment from one period to another
\nis recognised as \u201cNet change in fair value of biological
\nassets and agricultural produce\u201d in the consolidated profit
\nor loss.
\nAgricultural produce harvested from biological assets is
\nmeasured at its fair value less costs to sell at the point
\nof harvest. A gain or loss arising on initial recognition
\nof agricultural produce at fair value less costs to sell is
\nincluded in the consolidated profit or loss.
\nBased on the above policy, the principal groups of biological
\nassets and agricultural produce are stated as follows:
\nBiological Assets
\n(i) Broiler chickens
\nBroilers comprise poultry held for chicken meat production.
\nThe fair value of broilers is determined by reference to the
\ncash flows that will be obtained from the sales of 42-day
\naged chickens, with an allowance for costs to be incurred
\nand risks to be faced during the remaining transformation
\nprocess.
\n(ii) Breeders held for hatchery eggs production
\nThe fair value of breeders is determined using the
\ndiscounted cash flow approach based on hatchery eggs\u2019
\nmarket prices.
\n(iii) Cattle
\nCattle comprise cows and bulls held for regeneration of
\nlivestock population and animals raised for milk and beef
\nmeat production. The fair value of livestock is determined
\nbased on cash flows that will be obtained from sales of
\nmilk, calves and meat during the life of cattle.
\n(iv) Crops in fields
\nThe fair value of crops in fields is determined by reference
\nto the cash flows that will be obtained from sales of
\nharvested crops, with an allowance for costs to be incurred
\nand risks to be faced during the remaining transformation
\nprocess.
\n
\n
\n
\n\nBiological assets and agricultural produce (continued)
\n(v) Hatchery eggs
\nThe fair value of hatchery eggs is determined by reference
\nto market prices at the point of harvest.
\nAgricultural Produce
\n(i) Dressed poultry, beef and pork
\nThe fair value of dressed poultry, beef and pork is
\ndetermined by reference to market prices at the point of
\nharvest.
\n(ii) Grain
\nThe fair value of fodder grain is determined by reference
\nto market prices at the point of harvest.
\nThe Group\u2019s biological assets are classified into bearer and
\nconsumable biological assets depending upon the function
\nof a particular group of biological assets in the Group\u2019s
\nproduction process. Consumable biological assets are
\nthose that are to be harvested as agricultural produce, and
\ninclude hatchery eggs and live broiler chickens intended
\nfor the production of meat, as well as pork and meat cows.
\nBearer biological assets include poultry held for hatchery
\neggs production, milk cows and breeding bulls.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag451": {
"value": "\nFinancial instruments
\nFinancial assets and financial liabilities are recognised
\nin the Group\u2019s statement of financial position when the
\nGroup becomes a party to the contractual provisions of
\nthe instrument.
\nFinancial assets and financial liabilities of the Group are
\nrepresented by cash and cash equivalents, long-term
\nbank deposits, bank borrowings, bonds issued and other
\nfinancial liabilities. The accounting policies for initial
\nrecognition and subsequent measurement of financial
\ninstruments are disclosed in the respective accounting
\npolicies set out below in this Note.
\nFinancial assets and financial liabilities are initially
\nrecognised at fair value. Transaction costs that are directly
\nattributable to the acquisition or issue of financial assets
\nand financial liabilities (other than financial assets and
\nfinancial liabilities at fair value through profit or loss) are
\nadded to or deducted from the fair value of the financial
\nassets or financial liabilities, as appropriate, on initial
\nrecognition. Transaction costs directly attributable to the
\nacquisition of financial assets or financial liabilities at fair
\nvalue through profit or loss are recognised immediately in
\nprofit or loss.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag445": {
"value": "\nFinancial assets
\nAll recognised financial assets are measured subsequently
\nin their entirety at either amortised cost or fair value,
\ndepending on the classification of the financial assets.
\nClassification of financial assets
\nDebt instruments that meet the following conditions are
\nmeasured subsequently at amortised cost (this category
\nis the most relevant to the Group):
\n- the financial asset is held within a business model whose
\nobjective is to hold financial assets in order to collect
\ncontractual cash flows; and
\n- the contractual terms of the financial asset give rise on
\nspecified dates to cash flows that are solely payments
\nof principal and interest on the principal amount
\noutstanding.
\nDebt instruments that meet the following conditions
\nare measured subsequently at fair value through other
\ncomprehensive income (FVTOCI):
\n- the financial asset is held within a business model whose
\nobjective is achieved by both collecting contractual
\ncash flows and selling the financial assets; and
\n- the contractual terms of the financial asset give rise on
\nspecified dates to cash flows that are solely payments
\nof principal and interest on the principal amount
\noutstanding.
\nBy default, all other financial assets are measured
\nsubsequently at FVTPL.
\nFinancial assets at amortised cost are subsequently
\nmeasured using the effective interest (EIR) method and
\nare subject to impairment.
\nThe effective interest method is a method of calculating
\nthe amortised cost of a debt instrument and of allocating
\ninterest income over the relevant period.
\n
\n
\n\n
\nFinancial assets (continued)
\nThe amortised cost of a financial asset is the amount at
\nwhich the financial asset is measured at initial recognition
\nminus the principal repayments, plus the cumulative
\namortisation using the effective interest method of any
\ndifference between that initial amount and the maturity
\namount, adjusted for any loss allowance. The gross
\ncarrying amount of a financial asset is the amortised
\ncost of a financial asset before adjusting for any loss
\nallowance.
\n\nImpairment of financial assets
\nThe Group recognises an allowance for expected credit
\nlosses (ECLs) for all debt instruments not held at fair
\nvalue through profit or loss. ECLs are estimated as the
\ndifference between all contractual cash flows that are due
\nto the Group in accordance with the contract and all the
\ncash flows that the Group expects to receive, discounted
\nat the original effective interest rate. The amount of
\nexpected credit losses is updated at each reporting date
\nto reflect changes in credit risk since initial recognition of
\nthe respective financial instrument.
\nFor trade accounts receivable and contract assets, the
\nGroup applies a simplified approach in calculating ECLs.
\nTherefore, the Group does not track changes in credit
\nrisk, but instead recognises a loss allowance based on
\nECLs at each reporting date. The Group has established
\na provision matrix that is based on its historical credit
\nloss experience, adjusted for forward-looking factors
\nspecific to the debtors and the economic environment.
\nFor all other financial instruments, a financial instrument
\nthat is not credit-impaired on initial recognition is classified
\nin Stage 1. If the credit risk on the financial instrument
\nhas not increased significantly since initial recognition,
\nthe Group measures the loss allowance for that financial
\ninstrument (Stage 1) at an amount equal to 12-month ECLs.
\nIf the Group identifies a significant increase in credit
\nrisk since initial recognition, the financial instrument is
\ntransferred to Stage 2, but it is not considered to be credit-
\nimpaired, the Group recognises lifetime ECLs. If the Group
\ndetermines that a financial asset is credit-impaired, the
\nasset is transferred to Stage 3 and its ECLs is measured
\nas a Lifetime ECLs.
\nLifetime ECLs represents the expected credit losses that
\nwill result from all possible default events over the expected
\nlife of a financial instrument. In contrast, 12-month ECLs
\nrepresents the portion of lifetime ECL that is expected to
\nresult from default events on a financial instrument that
\nare possible within 12 months after the reporting date.
\n
\n
\n\nSignificant increase in credit risk
\nIn assessing whether the credit risk on a financial instrument
\nhas increased significantly since initial recognition, the
\nGroup compares the risk of a default occurring on the
\nfinancial instrument at the reporting date with the risk of
\na default occurring on the financial instrument at the date
\nof initial recognition. In making this assessment, the Group
\nconsiders both quantitative and qualitative information
\nthat is reasonable and supportable, including historical
\nexperience and forward-looking information that is available
\nwithout undue cost or effort. Forward-looking information
\nconsidered includes economic situation of countries
\nand the future prospects of the industries in which the
\nGroup\u2019s debtors operate, obtained from economic expert
\nreports, financial analysts, governmental bodies, as well
\nas consideration of various external sources of actual and
\nforecast economic information that relate to the Group\u2019s
\ncore operations.
\nIrrespective of the outcome of the above assessment,
\nthe Group presumes that the credit risk on a financial
\nasset has increased significantly since initial recognition
\nwhen contractual payments are more than 30 days past
\ndue, unless the Group has reasonable and supportable
\ninformation that demonstrates otherwise.
\nLow credit risk financial instruments
\nDespite the foregoing, the Group assumes that the credit
\nrisk on a financial instrument has not increased significantly
\nsince initial recognition if the financial instrument is
\ndetermined to have low credit risk at the reporting date. A
\nfinancial instrument is determined to have low credit risk
\nif:
\na) the financial instrument has a low risk of default,
\nb) the debtor has a strong capacity to meet its contractual
\ncash flow obligations in the near term, and
\nc) adverse changes in economic and business conditions
\nin the longer term may, but will not necessarily, reduce
\nthe ability of the borrower to fulfil its contractual cash
\nflow obligations.
\nDefault definition
\nThe Group considers that default has occurred when a
\nfinancial asset is more than 90 days past due unless the
\nGroup has reasonable and supportable information to
\ndemonstrate that a more lagging default criterion is more
\nappropriate.
\n
\n\nFinancial assets (continued)
\nCredit impaired financial assets
\nA financial asset is credit-impaired (Stage 3) when one
\nor more events that have a detrimental impact on the
\nestimated future cash flows of that financial asset have
\noccurred. Evidence that a financial asset is credit-impaired
\nincludes observable data about the following events:
\na) significant financial difficulty of the issuer or the
\nborrower;
\nb) a breach of contract, such as a default or past due
\nevent;
\nc) the lender(s) of the borrower, for economic or contractual
\nreasons relating to the borrower\u2019s financial difficulty,
\nhaving granted to the borrower a concession(s) that the
\nlender(s) would not otherwise consider;
\nd) it is becoming probable that the borrower will enter
\nbankruptcy or other financial reorganisation; or
\ne) the disappearance of an active market for that financial
\nasset because of financial difficulties.
\nWrite-off policy
\nThe Group writes off a financial asset when there is
\ninformation indicating that the debtor is in severe financial
\ndifficulty and there is no realistic prospect of recovery,
\ne.g. when the debtor has been placed under liquidation or
\nhas entered into bankruptcy proceedings, or in the case
\nof trade accounts receivable, when the amounts are over
\nthree years past due, whichever occurs sooner. Financial
\nassets written off may still be subject to enforcement
\nactivities under the Group\u2019s recovery procedures,
\ntaking into account legal advice where appropriate. Any
\nrecoveries made are recognised in the consolidated
\nstatement of profit or loss. Inputs, assumptions and
\nestimation techniques used by measurement and
\nrecognition of expected credit losses are disclosed in
\nrespective Notes 18 and 23 on financial assets.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag168": {
"value": "\n
\nFinancial liabilities
\nInitial recognition and measurement
\nThe Group\u2019s financial liabilities include loans and
\nborrowings, lease liabilities and derivative financial
\ninstruments.
\nFinancial liabilities are recognised initially at fair value and
\nare measured subsequently at amortised cost using the
\neffective interest method.
\nThe effective interest method is a method of calculating
\nthe amortised cost of a financial liability and of allocating
\ninterest expense over the relevant period. The effective
\ninterest rate is the rate that exactly discounts estimated
\nfuture cash payments (including all fees and points paid or
\nreceived that form an integral part of the effective interest
\nrate, transaction costs and other premiums or discounts)
\nthrough the expected life of the financial liability, or (where
\nappropriate) a shorter period, to the amortised cost of a
\nfinancial liability.
\n\nDerecognition of financial liabilities
\nThe Group derecognises financial liabilities when, and
\nonly when, the Group\u2019s obligations are discharged,
\ncancelled or have expired. The difference between the
\ncarrying amount of the financial liability derecognised
\nand the consideration paid and payable is recognised in
\nprofit or loss.
\nWhen the Group exchanges with the existing lender one
\ndebt instrument into another one with the substantially
\ndifferent terms, such exchange is accounted for as an
\nextinguishment of the original financial liability and the
\nrecognition of a new financial liability. Similarly, the
\nGroup accounts for substantial modification of terms
\nof an existing liability or part of it as an extinguishment
\nof the original financial liability and the recognition of a
\nnew liability. It is assumed that the terms are substantially
\ndifferent if the discounted present value of the cash
\nflows under the new terms, including any fees paid net
\nof any fees received and discounted using the original
\neffective rate is at least 10 per cent different from the
\ndiscounted present value of the remaining cash flows
\nof the original financial liability. If the modification is
\nnot substantial, the difference between: (1) the carrying
\namount of the liability before the modification; and (2)
\nthe present value of the cash flows after modification
\nshould be recognised in profit or loss as the modification
\ngain or loss.
\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag169": {
"value": "\nDerecognition of financial liabilities
\nThe Group derecognises financial liabilities when, and
\nonly when, the Group\u2019s obligations are discharged,
\ncancelled or have expired. The difference between the
\ncarrying amount of the financial liability derecognised
\nand the consideration paid and payable is recognised in
\nprofit or loss.
\nWhen the Group exchanges with the existing lender one
\ndebt instrument into another one with the substantially
\ndifferent terms, such exchange is accounted for as an
\nextinguishment of the original financial liability and the
\nrecognition of a new financial liability. Similarly, the
\nGroup accounts for substantial modification of terms
\nof an existing liability or part of it as an extinguishment
\nof the original financial liability and the recognition of a
\nnew liability. It is assumed that the terms are substantially
\ndifferent if the discounted present value of the cash
\nflows under the new terms, including any fees paid net
\nof any fees received and discounted using the original
\neffective rate is at least 10 per cent different from the
\ndiscounted present value of the remaining cash flows
\nof the original financial liability. If the modification is
\nnot substantial, the difference between: (1) the carrying
\namount of the liability before the modification; and (2)
\nthe present value of the cash flows after modification
\nshould be recognised in profit or loss as the modification
\ngain or loss.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag170": {
"value": "\nTrade accounts receivable
\nTrade accounts receivable is recognised if an amount
\nof consideration that is unconditional is due from the
\ncustomer. Trade accounts receivable that do not contain
\na significant financing component are measured at the
\ntransaction price.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag171": {
"value": "\nCash and cash equivalents
\nCash and cash equivalents include cash on hand, cash
\nwith banks, deposits and government bonds with maturity
\nof less than three months from the date of acquisition.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag172": {
"value": "\nBank borrowings, corporate bonds issued and other
\nlong-term payables
\nInterest-bearing bank borrowings, bonds issued and other
\nlong-term payables are initially measured at fair value that is
\ncalculated by taking into account any discount or premium
\non acquisition and fees or costs that are an integral part
\nof the effective interest rate (EIR). They are subsequently
\nmeasured at amortised cost using the EIR method, where
\namortization is included as finance costs in the statement
\nof profit or loss. Gains and losses are recognised in profit
\nor loss when the liabilities are derecognised as well as
\nthrough the EIR amortisation process.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag173": {
"value": "\n
\n\nDerivative financial instruments
\nThe Group enters into derivative financial instruments to
\npurchase sunflower seeds and sales of grains. Derivatives
\nare initially recognised at fair value at the date the
\nderivative contracts are entered into and subsequently
\nremeasured to their fair value at the end of each reporting
\nperiod. The resulting gain or loss is recognised in profit
\nor loss immediately.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag174": {
"value": "\nDerivative financial instruments
\nThe Group enters into derivative financial instruments to
\npurchase sunflower seeds and sales of grains. Derivatives
\nare initially recognised at fair value at the date the
\nderivative contracts are entered into and subsequently
\nremeasured to their fair value at the end of each reporting
\nperiod. The resulting gain or loss is recognised in profit
\nor loss immediately.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag175": {
"value": "\nTrade and other accounts payable
\nAccounts payable are measured at initial recognition at
\nfair value, and are subsequently measured at amortised
\ncost using the effective interest rate method.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag176": {
"value": "\nProvisions
\nProvisions are recognised when the Group has a present
\nlegal or constructive obligation (either based on legal
\nregulations or implied) as a result of past events, and it
\nis probable that an outflow of resources will be required
\nto settle the obligation and a reliable estimate of the
\nobligation can be made.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag177": {
"value": "\n
\nDiscontinued operation
\nDuring the year ended 31 December 2021, the Group
\ndisposed of the Ptujska klet, which was involved in wine
\nproduction and distribution located in Slovenia, and was
\npreviously presented within Europe Operating Segment.
\nNet assets as of the date of disposal amounted to USD
\n4,852 thousand. The total cash consideration amounted
\nto USD 2,293 thousand, which was received during 2021.
\nDuring the year ended 31 December 2021, the Group
\ndisposed of the assets of its subsidiary Dobropilskyi GPP
\nPrJSC, which was located in Ukraine and carried out grain
\nstorage operations, and was previously presented within
\nPoultry and Related Operations Segment. The net assets
\nas of the date of disposal amounted to USD 620 thousand.
\nBefore sale the property plant and equipment included
\nin the net assets disposed were impaired by USD 4,105
\nthousand. Impairment was recognized as a decrease in
\nrevaluation reserve related to those property, plant and
\nequipment. The total cash consideration amounted to
\nUSD 671 thousand, which was received during 2021.
\n\nDiscontinued operations are excluded from the results of
\ncontinuing operations and are presented as a single amount
\nas profit or loss after tax from discontinued operations
\nin the consolidated statement of profit or loss. All other
\nnotes to the financial statements include amounts for
\ncontinuing operations, unless otherwise mentioned.
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag178": {
"value": "\nDiscontinued operations are excluded from the results of
\ncontinuing operations and are presented as a single amount
\nas profit or loss after tax from discontinued operations
\nin the consolidated statement of profit or loss. All other
\nnotes to the financial statements include amounts for
\ncontinuing operations, unless otherwise mentioned.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag179": {
"value": "\nAcquisitions
\nOn 1 June 2021, the Group acquired a 51% share in the
\ncompany Lubnym`yaso LLC, a Ukrainian meat production
\nplant, whose main economic activity is the production and
\nsale of beef meat under the trade-mark Scott Smeat. As
\nof the date of acquisition, the net assets of the acquired
\nmeat production plant amounted to USD 1,800 thousand.
\nPurchase consideration of the acquired share amounted
\nto USD 1,840 thousand and was paid in cash. Goodwill
\nin the amount of USD 921 thousand is attributable to the
\nexpectation that this acquisition will support strategic
\ntransformation to a culinary company through launch of
\nadditional products.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag180": {
"value": "\n
\n4.\u2005CRITICAL\u2005ACCOUNTING\u2005JUDGMENTS\u2005AND\u2005KEY\u2005
\nSOURCES\u2005OF\u2005ESTIMATION\u2005UNCERTAINTY\u2005
\nIn the application of the Group\u2019s accounting policies,
\nwhich are described in Note 2, management is required
\nto make judgements, estimates and assumptions about
\nthe carrying amounts of assets and liabilities that are
\nnot readily apparent from other sources. The estimates
\nand associated assumptions are based on historical
\nexperience and other factors that are considered to be
\nrelevant. Actual results may differ from these estimates.
\nThe estimates and underlying assumptions are reviewed
\non an ongoing basis. Revisions to accounting estimates are
\nrecognised in the period in which the estimate is revised if
\nthe revision affects both current and future periods.
\nCritical judgements in applying accounting policies
\nThe following are the critical judgments, apart from those
\ninvolving estimations (see below), that management has
\nmade in the process of applying the Group\u2019s accounting
\npolicies and that have the most significant effect on
\nthe amounts recognised in the consolidated financial
\nstatements.
\n\nGoing concern
\nThe Group has concluded that it is appropriate to apply
\nthe going concern basis of accounting in preparing
\nthese consolidated financial statements. Management
\nexercises significant judgement in assessment of the
\nexistence of a material uncertainty related to going
\nconcern by taking into consideration the effects of the
\nongoing War on the Group`s activities. The information
\nabout material uncertainties related to events or
\nconditions that may cast significant doubt upon
\nthe Group\u2019s ability to continue as a going concern is
\ndisclosed in Note 2.
\n
\n\n
\n
\n\n
\n4.\u2005CRITICAL\u2005ACCOUNTING\u2005JUDGMENTS\u2005AND\u2005KEY\u2005
\nSOURCES\u2005OF\u2005ESTIMATION\u2005UNCERTAINTY\u2005
\n(continued)
\nDetermination of variable lease payments
\nAs described in Note 2, the Group measures lease liabilities
\nat the present value of future lease payments, discounted
\nusing the lessee\u2019s incremental borrowing rate. Future lease
\npayments consist of both fixed payments (including in-
\nsubstance fixed payments) and variable lease payments
\nthat depend on an index or rate, including payments that
\nvary to reflect changes in market rental rates. Management
\nare required to make significant judgement in determining
\nwhether variable lease payments depend on an index or
\nrate. Regardless of the lease payments stated in the lease
\ncontracts, customary business practices complement the
\ncontractual terms in a way that at each particular date the
\nrate is a market rate. Since the entire market operates on the
\nbasis of expectations of a periodic revision of rates (based
\non current market rates), Management has concluded
\nthat the rates are determined by the market mechanism.
\nIn substance, non-contractual changes in lease payments
\nare driven by competitive forces and changes in payments
\nare based on the average changes of lease payments in
\nthe region, which means that the variable component of
\nlease payments depends on a market index.
\nRevaluation of property, plant and equipment
\nAs described in Note 2, the Group applies the revaluation
\nmodel to the measurement of all groups of property, plant
\nand equipment, except land and other fixed assets (Note
\n14). At each reporting date, the Group carries out a review
\nof the carrying amount of items of property, plant and
\nequipment accounted for using a revaluation model to
\ndetermine whether the carrying amount differs materially
\nfrom fair value.
\nWhen determining whether to perform a fair value
\nassessment in a given period, Management considers
\ndevelopment of macroeconomic indicators including
\nchanges in prices (producer price indices, price indices for
\nnon-residential buildings, transport facilities, utilities and
\nother engineering structures), inflation rates, GDP growth
\nrates and changes of the Ukrainian Hryvnia (\u201cUAH\u201d) against
\nUSD and EUR. Also, different internal and external factors
\nsuch as changes in political, legislative, economic situation
\nare reviewed.
\nBased on the results of this review, Management concluded
\nthat all groups of property, plant and equipment accounted
\nfor using the revaluation model should be revalued as
\nof 31 December 2022. Accordingly, the Group engaged
\nindependent valuation specialists to assess fair values
\nof the relevant property, plant and equipment as at 31
\nDecember 2022. The key assumptions used to determine
\nthe fair value of the properties are provided in Note 14.
\nChange in income tax status of certain Group\u2019s
\nsubsidiaries
\nStarting from 1 January 2022, the change in tax status of
\npoultry producers has become effective as the respective
\namendments to the Tax Code of Ukraine came into
\nforce. As a result, starting from 1 January 2022, profits
\nof agricultural producers engaged in rearing chickens,
\nchicken meat and eggs production, are subject to regular
\n18% income tax. Until 31 December 2021, profits of the
\nchicken and egg producers were non-taxable as these
\nentities had exempt status for corporate income tax
\npurpose and were subject to the fixed agricultural tax,
\nsimilar to other agribusinesses.
\nManagement has applied significant judgment to
\nconsider that the new tax law effected a change in tax
\nstatus for the Group`s subsidiaries rather than a change
\nin tax law or tax rates, and given that there is no specific
\nguidance in IAS 12 Income tax for when to account for
\na change in tax status, significant judgment was applied
\nin considering the timing of deferred tax recognition.
\nAs the above has caused a change to the tax status,
\nfor certain subsidiaries of the Group, from non-tax
\npayer to tax payer by becoming income taxpayers from
\n1 January 2022, the Group has recognized deferred tax
\nliabilities in the amount of USD 81,317 thousand as of
\nthis date. These deferred tax liabilities of the Group`s
\npoultry farms arise on temporary tax differences from
\nproperty, plant and equipment measured using the
\nrevaluation model. Accordingly, the resulting deferred
\ntax liabilities at 1 January 2022 were recognized
\nthrough other comprehensive income and presented
\nin a separate line as Deferred tax charged directly to
\nrevaluation reserve.
\nPresentation of the expenses as war-related
\nIn determining if the expenses incurred by the Group
\nrelate to war and should be presented accordingly in Note
\n33, several critical assumptions have been used. These
\nassumptions include but are not limited to timing of the
\nexpenses, their nature, prerequisites of their incurrence,
\nordinariness and necessity of expenses, and possibility
\nof their incurrence in significant amounts during routine
\noperations during the pre-war period.
\n\nKey sources of estimation uncertainty
\nThe following are the key assumptions concerning the
\nfuture, and other key sources of estimation uncertainty
\nat the end of the reporting period that have a significant
\nrisk of causing a material adjustment to the carrying
\namounts of assets and liabilities within the next financial
\nyear.
\n
\n\n
\n\n4.\u2005CRITICAL\u2005ACCOUNTING\u2005JUDGMENTS\u2005AND\u2005KEY\u2005
\nSOURCES\u2005OF\u2005ESTIMATION\u2005UNCERTAINTY\u2005
\n(continued)
\nImpairment of goodwill and intangibles with indefinite
\nuseful lives
\nAs disclosed in Notes 16 and 17, the Group determines at least
\non an annual basis whether indefinite life intangible assets
\nand goodwill have been impaired. This requires an estimate
\nof an asset\u2019s recoverable amount which is the higher of an
\nasset\u2019s or cash generating unit\u2019s (CGU\u2019s) fair value less costs
\nof disposal and its value in use and it is determined for an
\nindividual asset, unless the asset does not generate cash
\ninflows that are largely independent of those from other
\nassets or groups of assets. Estimating a value-in-use amount
\nrequires management to make an estimate of the expected
\nfuture cash flows from the cash generating unit and also to
\nchoose a suitable discount rate and growth rates in order to
\ncalculate the present value of those cash flows.
\nThe Group constantly monitors climate-related matters
\naffecting the value-in-use of intangibles and goodwill. At
\nthe current time, there no material effects that will impact
\nthe Group. The Group will adjust the key assumptions used
\nin value-in-use calculations should a change be required.
\nDetermination of incremental borrowing rate
\nAs described in Note 2, the Group uses incremental
\nborrowing rate as the discounting factor for the purpose of
\ncalculating of lease liability if the rate implicit in the lease
\nis not readily determinable. Incremental borrowing rate is
\ndetermined as the available rate for the Group adjusted
\nfor the specifics of particular lease contracts.
\nFair value less costs to sell of biological assets
\nand agricultural produce
\nBiological assets are recorded at fair values less costs
\nto sell. The Group estimates the fair values of biological
\nassets based on the following key assumptions:
\n\u2022 Average meat output for broilers and livestock for meat
\nproduction;
\n\u2022 Average productive life of breeders and cattle held for
\nregeneration and milk production;
\n\u2022 Expected crops output;
\n\u2022 Estimated changes in future sales prices;
\n\u2022 Projected production costs and costs to sell; and,
\n\u2022 Discount rate.
\nDuring the year ended 31 December 2022 the fair value of
\nbiological assets was estimated using discount factors of
\n25.0% and 42.7% (31 December 2021: 11.2% and 11.5%) for
\nnon-current and current assets, respectively.
\nAlthough some of these assumptions are obtained from
\npublished market data, the majority of these assumptions
\nare estimated based on the Group\u2019s historical and
\nprojected results (Note 19).
\nIn determining fair value measurement, the impact of
\npotential climate-related matters, including legislation,
\nclimate change, and company climate objectives which
\nmay affect the fair value measurement of biological assets
\nand agricultural produce has been considered. At present,
\nthe impact of climate-related matters is not material to the
\nGroup\u2019s financial statements.
\nRevaluation of property, plant and equipment
\nDuring the year ended 31 December 2022, Management
\nappointed an independent appraiser to perform a
\nrevaluation of buildings and structures, grain storage
\nfacilities, production machinery, utilities and infrastructure,
\nvehicles and agricultural machinery, auxiliary and other
\nmachinery as of 31 December 2022.
\nThe independent appraiser has performed the valuation
\nin accordance with International Valuation Standards
\napplying the following techniques:
\n\u2022 depreciated replacement cost for grain storage facilities;
\n\u2022 market comparable approach for vehicles and agricul-
\ntural machinery; and
\n\u2022 depreciated replacement cost and market comparable
\napproach, if applicable, for buildings and structures,
\nutilities and infrastructure, production, auxiliary and
\nother machinery.
\nKey assumptions used by the independent appraiser in
\nassessing the fair value of property, plant and equipment
\nusing the depreciated replacement cost and market
\ncomparable methods were as follows:
\n\u2022 changes in market prices of assets and construc-
\ntion materials from the date of their acquisition/con-
\nstruction/date of previous valuation to the date of
\nthis valuation;
\n\u2022 external market prices for vehicles and equipment;
\n\u2022 normative and remaining useful lives;
\n\u2022 rates of physical depreciation.
\nThe revaluation results using the depreciated replacement
\ncost and market comparable approaches were compared
\nwith a revaluation performed using the income approach to
\nidentify level of economic obsolescence, if any. Management
\nused probability-based discounted cash flow scenarios,
\nwhere all possible impacts of war were incorporated in cash
\nflows, while all CGUs in Ukraine were discounted by a factor
\nof 19.1%, reflecting risks except for uncertainties related to
\nthe war. If the above impacts and uncertainties would have
\nbeen taken into determination of the discount factor as
\nalternative to incorporating them into the cashflows, such
\nthe discount factor would approximate 25%. An increase
\nby 100 basis points in the discount rate would result in a
\ndecrease in the fair value of property plant and equipment
\nby USD 24,226 thousand.
\nFor CGUs in Ukraine, the terminal growth rate of 5.0% was
\nused for all cash flows beyond the five-year projected
\nperiod, while the average revenue growth rates within
\nthe five-year period were in range from 10.9% to 11.4%. A
\ndecrease in the terminal growth rate by 100 basis points
\nor in the revenue growth rate by 100 basis points would
\nlead to a decrease in the fair value of property, plant
\nand equipment by USD 15,765 thousand or USD 29,339
\nthousand, respectively. Key assumptions used for the
\n
\n\n4.\u2005CRITICAL\u2005ACCOUNTING\u2005JUDGMENTS\u2005AND\u2005KEY\u2005
\nSOURCES\u2005OF\u2005ESTIMATION\u2005UNCERTAINTY\u2005
\n(continued)
\nRevaluation of property, plant and equipment
\n(continued)
\nidentification of economic obsolence, if any, for European
\noperating segment are described in the Note 17.
\nIn determining fair value measurement, the impact of
\npotential climate-related matters, including legislation,
\nclimate change, and Company climate objectives which
\nmay affect the fair value measurement of property, plant
\nand equipment has been considered. At present, the
\nimpact of climate-related matters is not material to the
\nGroup\u2019s financial statements.
\nUseful lives of property, plant and equipment
\nThe estimation of the useful life of an item of property,
\nplant and equipment is a matter of management estimate
\nbased upon experience with similar assets. In determining
\nthe useful life of an asset, Management considers the
\nexpected usage, estimated technical obsolescence,
\nphysical wear and tear, the physical environment in
\nwhich the asset is operated and other factors (including
\nclimate-related matters). Changes in any of these
\nconditions or estimates may result in adjustments for
\nfuture depreciation rates.
\nDeferred tax assets
\nDeferred tax assets, including those arising from unused
\ntax losses are recognised to the extent that it is probable
\nthat they will be recovered, which is dependent on the
\ngeneration of sufficient future taxable profit. Based on
\nManagement\u2019s assessment, the Group determined it was
\nappropriate to recognize deferred tax assets on unused
\ntax losses, which will be utilized in future against existing
\ndeferred tax liabilities and available future tax profits.
\nThe estimation uncertainty therefore pertains to the level
\nof deferred tax assets to be recognised.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag181": {
"value": "\nKey sources of estimation uncertainty
\nThe following are the key assumptions concerning the
\nfuture, and other key sources of estimation uncertainty
\nat the end of the reporting period that have a significant
\nrisk of causing a material adjustment to the carrying
\namounts of assets and liabilities within the next financial
\nyear.
\n
\n",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag182": {
"value": "\n5.\u2005SEGMENT\u2005INFORMATION
\nThe Group\u2019s business is managed on a worldwide basis, but operates manufacturing facilities and sales offices primarily
\nin Ukraine and Europe.
\nReportable segments are presented in a manner consistent with the internal reporting to the Group\u2019s chief operating
\ndecision maker (\u201cCODM\u201d).
\nSegment information is analysed on the basis of the types of goods supplied by the Group\u2019s operating divisions. The\u2005Group\u2019s
\nreportable segments under IFRS 8 are as follows:
\nPoultry and Related Operations Segment: \u2022 sales of chicken meat
\n\u2022 sales of vegetable oil and related products
\n\u2022 culinary products and other poultry related sales
\nGrain Growing Operations Segment: \u2022 sales of grain
\nMeat Processing and Other Agricultural
\nOperations Segment:
\n\u2022 sales of meat processing products and other meat
\n\u2022 other agricultural operations (milk, feed grains and other)
\nEuropean Operating Segment: \u2022 sales of meat processing and chicken meat products in Southeast Europe
\nThe accounting policies of the reportable segments are
\nthe same as the Group\u2019s accounting policies described
\nin Note 2. Sales between segments are carried out at
\nmarket prices. The segment result represents operating
\nprofit under IFRS before unallocated corporate expenses
\nand loss on impairment of property, plant and equipment.
\nUnallocated corporate expenses include management
\nremuneration, representative expenses, and expenses
\nincurred in respect of the maintenance of office premises.
\nThis is the measure reported to the CODM for the purposes
\nof resource allocation and assessment of segment
\nperformance.
\nEuropean Operating Segment primarily includes sales of
\nchicken meat and meat processing products, produced
\nin the facilities of Perutnina Ptuj. However, the CODM
\nmanages this as a single segment, on the basis that each
\nof research, development, manufacture, distribution and
\nselling of chicken meat and meat processing products
\nrequires single marketing strategies, centralised budgeting
\nprocess and centralised management of production
\noperations.
\n
\n\n
\n
\n5.\u2005SEGMENT\u2005INFORMATION
\n(continued)
\n\nAs of 31 December 2022 and for the year then ended the Group\u2019s segmental information from continuing operations was as follows:
\nYEAR\u2005ENDED\u200531\u2005DECEMBER\u20052022
\nPOULTRY\u2005AND\u2005
\nRELATED\u2005OPERATIONS
\nGRAIN\u2005GROWING\u2005
\nOPERATIONS
\nMEAT\u2005PROCESSING\u2005AND\u2005
\nOTHER\u2005AGRICULTURAL\u2005
\nOPERATIONS\u2005
\nEUROPEAN\u2005
\nOPERATING\u2005SEGMENT
\nTOTAL\u2005REPORTABLE\u2005
\nSEGMENTS ELIMINATIONS CONSOLIDATED
\nExternal sales 1,886,814 157,612 134,099 463,501 2,642,026 - 2,642,026
\nSales between segments 55,234 338,425 470 - 394,129 (394,129) -
\nTotal revenue 1,942,048 496,037 134,569 463,501 3,036,155 (394,129) 2,642,026
\nSegment result 198,324 88,480 4,030 44,886 335,720 - 335,720
\nUnallocated corporate expenses (51,803)
\nLoss on impairment of goodwill and property,
\nplant and equipment
\n4)
\n (8,024) (7,462) (11,321) (1,977) (28,784) - (29,242)
\nOther expenses, net
\n1)
\n (513,690)
\nProfit before tax from continuing operations (259,015)
\nOTHER INFORMATION:
\nAdditions to property, plant and equipment
\n2)
\n 68,958 22,371 1,844 62,975 156,148 - 156,148
\nDepreciation and amortization expense
\n3)
\n 72,130 61,398 3,796 20,139 157,463 - 157,463
\nNet change in fair value of biological assets
\nand agricultural produce
\n 13,008 (141,516) (1,231) 1,890 (127,849) - (127,849)
\n1)
\n Include finance income, finance costs, foreign exchange loss, net and other expenses, net.
\n2)
\n Additions to property, plant and equipment in 2022 do not include unallocated additions in the amount of USD 12,242 thousand.
\n3)
\n Depreciation and amortization for the year ended 31 December 2022 does not include unallocated depreciation and amortization in the amount of USD 1,443 thousand.
\n4)
\nLoss on impairment of property, plant and equipment for the year ended 31 December 2022 includes unallocated loss in amount of USD 458 thousand.
\n
\n\n
\n\n
\n
\n5.\u2005SEGMENT\u2005INFORMATION
\n(continued)
\n\nAs of 31 December 2021 and for the year then ended the Group\u2019s segmental information from continuing operations was as follows:
\nYEAR\u2005ENDED\u200531\u2005DECEMBER\u20052021
\nPOULTRY\u2005AND\u2005
\nRELATED\u2005OPERATIONS
\nGRAIN\u2005GROWING\u2005
\nOPERATIONS
\nMEAT\u2005PROCESSING\u2005AND\u2005
\nOTHER\u2005AGRICULTURAL\u2005
\nOPERATIONS\u2005
\nEUROPEAN\u2005
\nOPERATING\u2005SEGMENT
\nTOTAL\u2005REPORTABLE\u2005
\nSEGMENTS ELIMINATIONS CONSOLIDATED
\nExternal sales 1,607,067 188,344 176,264 400,587 2,372,262 - 2,372,262
\nSales between segments 67,752 312,277 522 - 380,551 (380,551) -
\nTotal revenue 1,674,819 500,621 176,786 400,587 2,752,813 (380,551) 2,372,262
\nSegment result 170,424 325,812 4,339 48,136 548,711 - 548,711
\nUnallocated corporate expenses (32,101)
\nLoss on impairment of property,
\nplant and equipment
\n4)
\n(4,635) (1,832) (312) (3,642) (10,421) - (10,607)
\nOther expenses, net
\n1)
\n(102,294)
\nProfit before tax from continuing operations 403,709
\nOTHER INFORMATION:
\nAdditions to property, plant and equipment
\n2)
\n92,663 26,247 1,267 24,639 144,816 - 144,816
\nDepreciation and amortization expense
\n3)
\n96,482 71,377 6,245 17,436 191,540 - 191,540
\nNet change in fair value of biological assets
\nand agricultural produce
\n13,871 169,057 (1,096) 3,094 184,926 - 184,926
\n1)
\n Include finance income, finance costs, foreign exchange gain, net and other expenses, net.
\n2)
\n Additions to property, plant and equipment in 2021 do not include unallocated additions in the amount of USD 10,442 thousand.
\n3)
\n Depreciation and amortization for the year ended 31 December 2021 does not include unallocated amount of USD 1,318 thousand.
\n4)
\n Loss on impairment of property, plant and equipment for the year ended 31 December 2021 includes unallocated loss in amount of USD 186 thousand.
\n
\n\n
\n\n5.\u2005SEGMENT\u2005INFORMATION
\n(continued)
\nThe Group\u2019s export sales to external customers by major
\nproduct types were as follows during the years ended 31
\nDecember 2022 and 2021:
\n2022 2021
\nChicken meat and related products 9 8 6 , 8 5 7 769, 5 6 3
\nVegetable oil and related products 4 4 8 ,747 2 9 0 , 2 3 0
\nGrain 121,706 14 0 , 072
\nOther agricultural segment products 43,861 65,564
\n 1 , 6 0 1 , 1 7 1 1 , 2 6 5 , 4 2 9
\nExport sales includes revenue from shipping and handling
\nservices in the amount of USD 149,074 thousand as for
\nthe year ended 31 December 2022 (2021: USD 70,527
\nthousand).
\nExport sales of vegetable oil and related products and
\nexport sales of grains are primarily made to global trading
\ncompanies. The sales of chicken meat to major markets of
\nthe Group - MENA and EU amounted to 34% and 36% of
\ntotal export sales respectively (2021: 38% and 21%).
\nNon-current assets (excluding deferred tax assets,
\nlong-term deposits and non-current financial assets)
\nbased on the geographic location of the manufacturing
\nfacilities were as follows as of 31 December 2022 and 31
\nDecember 2021:
\n2022 2021
\nUkraine 1,922,334 2,148,821
\nEurope 314,620 257,967
\nThe Middle East
\nand North Africa (MENA)
\n 2,336 1,418
\n2,239,290 2,408,206
\nNo single customer contributed more than 10% amount to
\nthe Group\u2019s revenue in either 2022 or 2021.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag183": {
"value": "\nAs of 31 December 2022 and for the year then ended the Group\u2019s segmental information from continuing operations was as follows:
\nYEAR\u2005ENDED\u200531\u2005DECEMBER\u20052022
\nPOULTRY\u2005AND\u2005
\nRELATED\u2005OPERATIONS
\nGRAIN\u2005GROWING\u2005
\nOPERATIONS
\nMEAT\u2005PROCESSING\u2005AND\u2005
\nOTHER\u2005AGRICULTURAL\u2005
\nOPERATIONS\u2005
\nEUROPEAN\u2005
\nOPERATING\u2005SEGMENT
\nTOTAL\u2005REPORTABLE\u2005
\nSEGMENTS ELIMINATIONS CONSOLIDATED
\nExternal sales 1,886,814 157,612 134,099 463,501 2,642,026 - 2,642,026
\nSales between segments 55,234 338,425 470 - 394,129 (394,129) -
\nTotal revenue 1,942,048 496,037 134,569 463,501 3,036,155 (394,129) 2,642,026
\nSegment result 198,324 88,480 4,030 44,886 335,720 - 335,720
\nUnallocated corporate expenses (51,803)
\nLoss on impairment of goodwill and property,
\nplant and equipment
\n4)
\n (8,024) (7,462) (11,321) (1,977) (28,784) - (29,242)
\nOther expenses, net
\n1)
\n (513,690)
\nProfit before tax from continuing operations (259,015)
\nOTHER INFORMATION:
\nAdditions to property, plant and equipment
\n2)
\n 68,958 22,371 1,844 62,975 156,148 - 156,148
\nDepreciation and amortization expense
\n3)
\n 72,130 61,398 3,796 20,139 157,463 - 157,463
\nNet change in fair value of biological assets
\nand agricultural produce
\n 13,008 (141,516) (1,231) 1,890 (127,849) - (127,849)
\n1)
\n Include finance income, finance costs, foreign exchange loss, net and other expenses, net.
\n2)
\n Additions to property, plant and equipment in 2022 do not include unallocated additions in the amount of USD 12,242 thousand.
\n3)
\n Depreciation and amortization for the year ended 31 December 2022 does not include unallocated depreciation and amortization in the amount of USD 1,443 thousand.
\n4)
\nLoss on impairment of property, plant and equipment for the year ended 31 December 2022 includes unallocated loss in amount of USD 458 thousand.
\n
\n\nAs of 31 December 2021 and for the year then ended the Group\u2019s segmental information from continuing operations was as follows:
\nYEAR\u2005ENDED\u200531\u2005DECEMBER\u20052021
\nPOULTRY\u2005AND\u2005
\nRELATED\u2005OPERATIONS
\nGRAIN\u2005GROWING\u2005
\nOPERATIONS
\nMEAT\u2005PROCESSING\u2005AND\u2005
\nOTHER\u2005AGRICULTURAL\u2005
\nOPERATIONS\u2005
\nEUROPEAN\u2005
\nOPERATING\u2005SEGMENT
\nTOTAL\u2005REPORTABLE\u2005
\nSEGMENTS ELIMINATIONS CONSOLIDATED
\nExternal sales 1,607,067 188,344 176,264 400,587 2,372,262 - 2,372,262
\nSales between segments 67,752 312,277 522 - 380,551 (380,551) -
\nTotal revenue 1,674,819 500,621 176,786 400,587 2,752,813 (380,551) 2,372,262
\nSegment result 170,424 325,812 4,339 48,136 548,711 - 548,711
\nUnallocated corporate expenses (32,101)
\nLoss on impairment of property,
\nplant and equipment
\n4)
\n(4,635) (1,832) (312) (3,642) (10,421) - (10,607)
\nOther expenses, net
\n1)
\n(102,294)
\nProfit before tax from continuing operations 403,709
\nOTHER INFORMATION:
\nAdditions to property, plant and equipment
\n2)
\n92,663 26,247 1,267 24,639 144,816 - 144,816
\nDepreciation and amortization expense
\n3)
\n96,482 71,377 6,245 17,436 191,540 - 191,540
\nNet change in fair value of biological assets
\nand agricultural produce
\n13,871 169,057 (1,096) 3,094 184,926 - 184,926
\n1)
\n Include finance income, finance costs, foreign exchange gain, net and other expenses, net.
\n2)
\n Additions to property, plant and equipment in 2021 do not include unallocated additions in the amount of USD 10,442 thousand.
\n3)
\n Depreciation and amortization for the year ended 31 December 2021 does not include unallocated amount of USD 1,318 thousand.
\n4)
\n Loss on impairment of property, plant and equipment for the year ended 31 December 2021 includes unallocated loss in amount of USD 186 thousand.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag184": {
"value": "\n6.\u2005REVENUE
\nRevenue for the years ended 31 December 2022 and 2021 was as follows:
\n2022 2021
\nPOULTRY AND RELATED OPERATIONS SEGMENT
\nChicken meat 1,327,741 1,223,635
\nVegetable oil and related products 462,405 307,541
\nOther poultry related sales 96,668 75,891
\n 1,886,814 1,607,067
\nGRAIN GROWING OPERATIONS SEGMENT
\nGrain 157,612 188,344
\n 157,612 188,344
\nMEAT PROCESSING AND OTHER AGRICULTURAL OPERATIONS SEGMENT
\nMeat-processing products 102,199 143,152
\nOther agricultural sales 31,900 33,112
\n 134,099 176,264
\nEUROPEAN OPERATING SEGMENT
\nChicken meat 305,643 253,404
\nMeat-processing products 122,565 121,155
\nOther agricultural sales 35,293 26,028
\n 463,501 400,587
\n 2,642,026 2,372,262
\nThe geographic structure of revenue for the years ended 31 December 2022 and 2021 was as follows:
\n2022 2021
\nExport
\n1)
\n 1,601,171 1,265,429
\nDomestic 1,040,855 1,106,833
\n 2,642,026 2,372,262
\n Includes revenue generated outside of the Group\u2019s production entity residency.
\n
\n\n6.\u2005REVENUE
\n(continued)
\nAdvances received from third parties as of 31 December
\n2021 in the amount of USD 41,983 were recognized as
\nrevenue during the year ended 31 December 2022.
\nAdvances received from third parties as of 31 December
\n2020 in the amount of USD 15,227 were recognized as
\nrevenue during the year ended 31 December 2021.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag185": {
"value": "\n7.\u2005COST\u2005OF\u2005SALES
\nCost of sales for the years ended 31 December 2022 and
\n2021 was as follows:
\n2022 2021
\nPoultry and related operations
\nsegment
\n 1 , 3 7 2 , 8 8 1 1 , 2 6 0 , 5 2 8
\nGrain growing operations segment 63,121 96,742
\nMeat processing and other
\nagricultural operations segment
\n 117,592 157,854
\nEuropean operating segment 3 5 2 , 3 70 297,54 8
\n 1,905,964 1 , 8 1 2 , 6 7 2
\nCost of sales includes shipping and handling expenses
\nand were for the years ended 31 December 2022 and 2021
\nas follows:
\n2022 2021
\nPoultry and related operations
\nsegment
\n 160,229 75,916
\nGrain growing operations segment 17,695 19,438
\nMeat processing and other
\nagricultural operations segment
\n 2,887 4,420
\nEuropean operating segment 9,404 8,851
\n 190,215 1 08,625
\nRevenue includes shipping and handling costs in the price
\nof the product.
\nFor the years ended 31 December 2022 and 2021 cost of
\nsales comprised the following:
\n2022 2021
\nCosts of raw materials and other
\ninventory used
\n 1 , 3 1 9 , 7 1 5 1 , 2 0 1 , 8 5 5
\nPayroll and related expenses 2 8 6 , 6 5 3 287,210
\nDepreciation and amortization
\nexpense
\n 140,737 172,619
\nOther costs 1 5 8 , 8 59 150,988
\n 1,905,964 1 , 8 1 2 , 6 7 2
\nSocial security contributions, included in Payroll and
\nrelated expenses above, amounted to USD 46,023
\nthousand for the year ended 31 December 2022 (2021:
\nUSD 45,921 thousand).
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag186": {
"value": "\n
\n\n
\n
\n8.\u2005SELLING,\u2005GENERAL\u2005AND\u2005ADMINISTRATIVE\u2005EXPENSES
\nSelling, general and administrative expenses for the years
\nended 31 December 2022 and 2021 were as follows:
\n\n2022 2021
\nPayroll and related expenses 119,441 113,377
\nServices 78,535 55,536
\nDepreciation and amortization
\nexpense
\n 18,169 20,501
\nAdvertising expense 12,781 14,363
\nRepresentative costs and business
\ntrips
\n 9,834 8,909
\nFuel and other materials used 7,226 6,691
\nInsurance expense 2,695 2,671
\nBank services and conversion fees 1,079 749
\nOther 4,672 5,386
\n 2 5 4 , 4 3 2 228,183
\n
\n\nPayroll and related expenses includes social security
\ncontributions which amounted to USD 12,797 thousand
\nfor the year ended 31 December 2022 (2021: USD 12,204
\nthousand).
\n\nRemuneration to the auditors, included in Services above,
\namounted to USD 904 thousand for the year ended 31
\nDecember 2022 (2021: USD 1,018 thousand). This includes
\nboth audit and non-audit services, with the statutory
\naudit fees amounting to USD 866 thousand for the year
\nended 31 December 2022 (2021: USD 855 thousand),
\ntax advisory service fees amounting to USD 9 thousand
\n(2021: USD 86 thousand) and other non-audit services
\nfees amounting to USD 30 thousand for the year ended
\n31 December 2022 (2021: USD 77 thousand).
\n
\n\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag187": {
"value": "\n
\n
\n8.\u2005SELLING,\u2005GENERAL\u2005AND\u2005ADMINISTRATIVE\u2005EXPENSES
\nSelling, general and administrative expenses for the years
\nended 31 December 2022 and 2021 were as follows:
\n\n2022 2021
\nPayroll and related expenses 119,441 113,377
\nServices 78,535 55,536
\nDepreciation and amortization
\nexpense
\n 18,169 20,501
\nAdvertising expense 12,781 14,363
\nRepresentative costs and business
\ntrips
\n 9,834 8,909
\nFuel and other materials used 7,226 6,691
\nInsurance expense 2,695 2,671
\nBank services and conversion fees 1,079 749
\nOther 4,672 5,386
\n 2 5 4 , 4 3 2 228,183
\n
\n\nPayroll and related expenses includes social security
\ncontributions which amounted to USD 12,797 thousand
\nfor the year ended 31 December 2022 (2021: USD 12,204
\nthousand).
\n\nRemuneration to the auditors, included in Services above,
\namounted to USD 904 thousand for the year ended 31
\nDecember 2022 (2021: USD 1,018 thousand). This includes
\nboth audit and non-audit services, with the statutory
\naudit fees amounting to USD 866 thousand for the year
\nended 31 December 2022 (2021: USD 855 thousand),
\ntax advisory service fees amounting to USD 9 thousand
\n(2021: USD 86 thousand) and other non-audit services
\nfees amounting to USD 30 thousand for the year ended
\n31 December 2022 (2021: USD 77 thousand).
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag188": {
"value": "\n2022 2021
\nPayroll and related expenses 119,441 113,377
\nServices 78,535 55,536
\nDepreciation and amortization
\nexpense
\n 18,169 20,501
\nAdvertising expense 12,781 14,363
\nRepresentative costs and business
\ntrips
\n 9,834 8,909
\nFuel and other materials used 7,226 6,691
\nInsurance expense 2,695 2,671
\nBank services and conversion fees 1,079 749
\nOther 4,672 5,386
\n 2 5 4 , 4 3 2 228,183
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag189": {
"value": "\nRemuneration to the auditors, included in Services above,
\namounted to USD 904 thousand for the year ended 31
\nDecember 2022 (2021: USD 1,018 thousand). This includes
\nboth audit and non-audit services, with the statutory
\naudit fees amounting to USD 866 thousand for the year
\nended 31 December 2022 (2021: USD 855 thousand),
\ntax advisory service fees amounting to USD 9 thousand
\n(2021: USD 86 thousand) and other non-audit services
\nfees amounting to USD 30 thousand for the year ended
\n31 December 2022 (2021: USD 77 thousand).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag190": {
"value": "\n
\n
\n
\n\n
\n9.\u2005OTHER\u2005OPERATING\u2005INCOME
\nOther operating income for the years ended 31 December
\n2022 and 2021 was as follows:
\n\n2022 2021
\nGovernment grants 5,428 7,405
\nGain on extinguisment of trade
\naccounts payable
\n 2,124 1,328
\nInsurance compensation 1,758 1,238
\nOther income 4,094 1,864
\n 13,404 11,835
\n
\n\n
\n\n\n10.\u2005OTHER\u2005OPERATING\u2005EXPENSES
\nOther operating expenses for the years ended 31 December
\n2022 and 2021 were as follows:
\n2022 2021
\nExpected credit losses and write-off
\nof financial assets
\n 36,817 -
\nCharity expenses and community
\nsupport donations
\n 24,994 8,105
\nWritten-off inventories and
\nbiological assets
\n 9,527 -
\nLoss on disposal of property, plant
\nand equipment
\n 3,983 992
\nProvision for claims, penalties and
\nindemnification
\n 2,021 1,924
\nOther expenses 5,926 3,404
\n 83,268 14,425
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag191": {
"value": "\n
\n9.\u2005OTHER\u2005OPERATING\u2005INCOME
\nOther operating income for the years ended 31 December
\n2022 and 2021 was as follows:
\n\n2022 2021
\nGovernment grants 5,428 7,405
\nGain on extinguisment of trade
\naccounts payable
\n 2,124 1,328
\nInsurance compensation 1,758 1,238
\nOther income 4,094 1,864
\n 13,404 11,835
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag192": {
"value": "\n2022 2021
\nGovernment grants 5,428 7,405
\nGain on extinguisment of trade
\naccounts payable
\n 2,124 1,328
\nInsurance compensation 1,758 1,238
\nOther income 4,094 1,864
\n 13,404 11,835
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag193": {
"value": "\n10.\u2005OTHER\u2005OPERATING\u2005EXPENSES
\nOther operating expenses for the years ended 31 December
\n2022 and 2021 were as follows:
\n2022 2021
\nExpected credit losses and write-off
\nof financial assets
\n 36,817 -
\nCharity expenses and community
\nsupport donations
\n 24,994 8,105
\nWritten-off inventories and
\nbiological assets
\n 9,527 -
\nLoss on disposal of property, plant
\nand equipment
\n 3,983 992
\nProvision for claims, penalties and
\nindemnification
\n 2,021 1,924
\nOther expenses 5,926 3,404
\n 83,268 14,425
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag194": {
"value": "\n11.\u2005DEFERRED\u2005INCOME
\nThe Ukrainian Government supports domestic agricultural
\nproducers and attracts investments into the agricultural
\nsector. Also, during the years ended 31 December 2022
\nand 2021, the Group received government compensations
\nin accordance with EU farming subsidies policy and
\nother compensations in accordance with the EU national
\nprograms of employment, assigned contributions for
\nemployees, and refunds of excise duties.
\nFor the years ended 31 December 2022 and 2021 the
\nfollowing government grants were received:
\n2022 2021
\nCompensation received in EU 4,306 5,997
\nCompensation of construction and
\nreconstruction of livestock farms
\n1,024 1,514
\nCompensation of the cost of
\nmachinery and equipment
\n23 50
\nOther compensations 75 195
\n5,428 7,756
\nGovernment grants for compensation of construction and
\nreconstruction of livestock farms and compensation of
\ncost of machinery and equipment are presented in the
\nStatement of Financial Position as deferred income, which
\nis recognised in profit or loss on a systematic basis over the
\nuseful life of the related assets. All other compensations
\nreceived were recognised in the Consolidated Statement
\nof Profit or Loss and Other Comprehensive Income in
\nfull. There are no unfulfilled conditions or contingencies
\nattached to these grants.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag195": {
"value": "\n
\n\n
\n\n
\n\n12.\u2005FINANCE\u2005COSTS
\nFinance costs for the years ended 31 December 2022 and
\n2021 were as follows:
\n2022 2021
\nInterest on corporate bonds 109,201 1 04,70 0
\nInterest on obligations under leases 38,859 45,284
\nInterest on bank borrowings 6,754 2,163
\nBank commissions and other charges 3,168 2,068
\nTotal finance costs 157,982 154,21 5
\nLess:
\nFinance costs included in the cost
\nof qualifying assets
\n(3,277) (3,791)
\n1 5 4 ,70 5 1 5 0 , 4 2 4
\nFor qualifying assets, the weighted average capitalization
\nrate on funds borrowed during the year ended 31
\nDecember 2022 was 7.80% (2021: 7.80%).
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n12.\u2005FINANCE\u2005COSTS\u2005
\n(continued)
\nInterest on corporate bonds for the years ended 31 December
\n2022 and 2021 includes the amortization of premium and
\ndebt issue costs on bonds issued in the amounts of USD
\n6,161 thousand and USD 5,821 thousand, respectively.
\n
\n\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag196": {
"value": "\n
\n\n
\n\n12.\u2005FINANCE\u2005COSTS
\nFinance costs for the years ended 31 December 2022 and
\n2021 were as follows:
\n2022 2021
\nInterest on corporate bonds 109,201 1 04,70 0
\nInterest on obligations under leases 38,859 45,284
\nInterest on bank borrowings 6,754 2,163
\nBank commissions and other charges 3,168 2,068
\nTotal finance costs 157,982 154,21 5
\nLess:
\nFinance costs included in the cost
\nof qualifying assets
\n(3,277) (3,791)
\n1 5 4 ,70 5 1 5 0 , 4 2 4
\nFor qualifying assets, the weighted average capitalization
\nrate on funds borrowed during the year ended 31
\nDecember 2022 was 7.80% (2021: 7.80%).
\n
\n\n
\n\n
\n\n
\n\n
\n\n12.\u2005FINANCE\u2005COSTS\u2005
\n(continued)
\nInterest on corporate bonds for the years ended 31 December
\n2022 and 2021 includes the amortization of premium and
\ndebt issue costs on bonds issued in the amounts of USD
\n6,161 thousand and USD 5,821 thousand, respectively.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag197": {
"value": "\n
\n\n12.\u2005FINANCE\u2005COSTS
\nFinance costs for the years ended 31 December 2022 and
\n2021 were as follows:
\n2022 2021
\nInterest on corporate bonds 109,201 1 04,70 0
\nInterest on obligations under leases 38,859 45,284
\nInterest on bank borrowings 6,754 2,163
\nBank commissions and other charges 3,168 2,068
\nTotal finance costs 157,982 154,21 5
\nLess:
\nFinance costs included in the cost
\nof qualifying assets
\n(3,277) (3,791)
\n1 5 4 ,70 5 1 5 0 , 4 2 4
\nFor qualifying assets, the weighted average capitalization
\nrate on funds borrowed during the year ended 31
\nDecember 2022 was 7.80% (2021: 7.80%).
\n
\n\n
\n\n
\n\n12.\u2005FINANCE\u2005COSTS\u2005
\n(continued)
\nInterest on corporate bonds for the years ended 31 December
\n2022 and 2021 includes the amortization of premium and
\ndebt issue costs on bonds issued in the amounts of USD
\n6,161 thousand and USD 5,821 thousand, respectively.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag198": {
"value": "\n12.\u2005FINANCE\u2005COSTS
\nFinance costs for the years ended 31 December 2022 and
\n2021 were as follows:
\n2022 2021
\nInterest on corporate bonds 109,201 1 04,70 0
\nInterest on obligations under leases 38,859 45,284
\nInterest on bank borrowings 6,754 2,163
\nBank commissions and other charges 3,168 2,068
\nTotal finance costs 157,982 154,21 5
\nLess:
\nFinance costs included in the cost
\nof qualifying assets
\n(3,277) (3,791)
\n1 5 4 ,70 5 1 5 0 , 4 2 4
\nFor qualifying assets, the weighted average capitalization
\nrate on funds borrowed during the year ended 31
\nDecember 2022 was 7.80% (2021: 7.80%).
\n
\n\n12.\u2005FINANCE\u2005COSTS\u2005
\n(continued)
\nInterest on corporate bonds for the years ended 31 December
\n2022 and 2021 includes the amortization of premium and
\ndebt issue costs on bonds issued in the amounts of USD
\n6,161 thousand and USD 5,821 thousand, respectively.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag199": {
"value": "\n13.\u2005INCOME\u2005TAX
\nThe majority of the Group\u2019s operating entities are located
\nin Ukraine, therefore the effective tax rate reconciliation
\nis completed based on Ukrainian statutory rates.
\nDuring the year ended 31 December 2022, the Group\u2019s
\ncompanies that have the status of Corporate Income Tax
\n(the \u201cCIT\u201d) payers in Ukraine were subject to 18% income
\ntax. The deferred income tax assets and liabilities as of
\n31 December 2022 and 2021 are measured based on the
\ntax rates expected to be applied to the period when the
\ntemporary differences are expected to reverse.
\nBefore 1 January 2022 the majority of the Group companies
\nthat were involved in agricultural production (poultry farms
\nand other entities engaged in agricultural production) benefit
\nsubstantially from the status of an agricultural producer
\nas these companies were exempt from income taxes and
\npay the fixed agricultural tax (FAT) instead. The tax rate for
\nagricultural producers was calculated as a percentage of
\nthe target-ratio based monetary valuation per hectare of
\nagricultural land. Agricultural manufacturers were eligible
\nto apply for a single tax if they meet both the following two
\nrequirements:
\n1. The share of the entity\u2019s revenue from agricultural
\nproduction (i.e. sale of the entity\u2019s cultivated and
\nprocessed products) to the total share of its income
\nequals or exceeds 75 per cent; and
\n2. These agriproducts were cultivated on land that such
\nagricultural manufacturers own or lease, and the
\nownership title and leases had been duly registered.
\nStarting from 1 January 2022, the change in tax status of
\npoultry producers has become effective as the respective
\namendments to the Tax Code of Ukraine came into force.
\nAs a result, starting from 1 January 2022, profits of the
\nagricultural producers engaged in rearing chickens,
\nchicken meat and eggs production, are subject to regular
\n18% income tax, as described in Note 4.
\nThe components of income tax (benefit)/expense were as
\nfollows for the years ended 31 December 2022 and 2021:
\n2022 2021
\nCurrent income tax expense 9,301 9,773
\nWithholding tax - 8,605
\nDeferred tax benefit (37,379) (11,464)
\nIncome tax (benefit)/expense (28,078) 6,914
\nThe reconciliation between (loss)/profit before tax from
\ncontinuing operations multiplied by the statutory tax rate
\nand the tax expense for the years ended 31 December
\n2022 and 2021 was as follows:
\n2022 2021
\nAccounting (loss)/profit before tax
\nfrom continuing operations
\n(259,015) 403,709
\nLoss before tax from a discontinued
\noperation
\n - (3,457)
\nIncome tax (benefit)/expense
\ncalculated at rates effective during
\nthe year ended in respective
\njurisdictions
\n(47,262) 71,686
\nTAX EFFECT OF:
\n(Loss)/income generated by FAT
\npayers and other exempt from
\nincome tax
\n 2,056 (75,129)
\nEffect on income tax generated by
\nEU companies
\n 2,627 532
\nChange in unrecognised deferred
\ntax asset
\n (888) (3,421)
\nWithholding tax - 8,605
\nNon-deductable expenses and non-
\ntaxable income, net
\n 14,621 3,692
\nTranslation (gain)/loss 768 949
\nIncome tax (benefit)/expense (28,078) 6,914
\n
\n
\n
\n\n
\n13.\u2005INCOME\u2005TAX\u2005
\n(continued)
\nDerecognition of previously recognised tax losses results
\nfrom the reversal of deferred tax liabilities related to
\nproperty revaluation that were the source of taxable
\nincome relied on previously to support recognition.
\n\nAs of 31 December 2022 and 2021 deferred tax assets and
\nliabilities recognised the following:
\n2022 2021
\nDEFERRED TAX ASSETS
\nARISING FROM:
\nOther current liabilities 3,397 3,334
\nCurrent assets 1,716 3,129
\nTax losses 47,631 29,498
\nTotal deferred tax assets 52 ,744 35,961
\nDEFERRED TAX LIABILITIES
\nARISING FROM:
\nProperty, plant and equipment (170,977) (77,647)
\nCurrent assets (2,681) -
\nTotal deferred tax liabilities (173,658) (77,647)
\nNet deferred tax liabilities (120,914) (41,686)
\nDeferred income tax assets and liabilities are offset
\nwhen there is a legally enforceable right to offset current
\ntax assets against current tax liabilities and when the
\ndeferred income taxes relate to the same fiscal authority.
\nThe following amounts, determined after appropriate
\noffsetting, are presented in the consolidated statement of
\nfinancial position as of 31 December 2022 and 2021:
\n2022 2021
\nDeferred tax assets 2,763 3,018
\nDeferred tax liabilities (123,677) (44,704)
\nUnrecognised deferred tax assets (329) (1,052)
\n (121,243) (42,738)
\nDuring the years ended 31 December 2022 and 2021 the
\nGroup did not recognize deferred tax asset in respect of
\ntax losses in the amount of USD 1,828 (USD 329 thousand
\nof deferred tax assets), USD 5,851 thousand (USD 1,052
\nthousand of deferred tax asset), respectively, as the Group
\ndid not intend to deduct the relevant expenses for tax
\npurposes in subsequent periods, as there are uncertainties
\non whether sufficient taxable profits will be generated by
\nparticular companies of the Group in the future. There is
\nno expiration date of accounting tax losses according to
\nTax Code of Ukraine.
\nDeferred tax liabilities have not been recognised in respect
\nof unremitted earnings of Ukrainian subsidiaries as the
\nearnings can be remitted free from taxation currently and
\nin future years, based on current legislation.
\nThe movements in net deferred tax liabilities for the years
\nended 31 December 2022 and 2021 were as follows:
\n2022 2021
\nNet deferred tax liabilities as of
\nbeginning of the year
\n (42,738) (28 ,045)
\nDeferred tax charged directly to
\nrevaluation reserve (Note 4)
\n (81 ,317) -
\nDeferred tax benefit 37,379 11,464
\nDeferred tax on revaluation of
\nproperty, plant and equipment
\ncharged directly to other
\ncomprehensive income
\n (58,889) (26,597)
\nTranslation difference 24,322 440
\nNet deferred tax liabilities as of
\nend of the year
\n (121,243) (42,738)
\n
\n
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag200": {
"value": "\nAs of 31 December 2022 and 2021 deferred tax assets and
\nliabilities recognised the following:
\n2022 2021
\nDEFERRED TAX ASSETS
\nARISING FROM:
\nOther current liabilities 3,397 3,334
\nCurrent assets 1,716 3,129
\nTax losses 47,631 29,498
\nTotal deferred tax assets 52 ,744 35,961
\nDEFERRED TAX LIABILITIES
\nARISING FROM:
\nProperty, plant and equipment (170,977) (77,647)
\nCurrent assets (2,681) -
\nTotal deferred tax liabilities (173,658) (77,647)
\nNet deferred tax liabilities (120,914) (41,686)
\nDeferred income tax assets and liabilities are offset
\nwhen there is a legally enforceable right to offset current
\ntax assets against current tax liabilities and when the
\ndeferred income taxes relate to the same fiscal authority.
\nThe following amounts, determined after appropriate
\noffsetting, are presented in the consolidated statement of
\nfinancial position as of 31 December 2022 and 2021:
\n2022 2021
\nDeferred tax assets 2,763 3,018
\nDeferred tax liabilities (123,677) (44,704)
\nUnrecognised deferred tax assets (329) (1,052)
\n (121,243) (42,738)
\nDuring the years ended 31 December 2022 and 2021 the
\nGroup did not recognize deferred tax asset in respect of
\ntax losses in the amount of USD 1,828 (USD 329 thousand
\nof deferred tax assets), USD 5,851 thousand (USD 1,052
\nthousand of deferred tax asset), respectively, as the Group
\ndid not intend to deduct the relevant expenses for tax
\npurposes in subsequent periods, as there are uncertainties
\non whether sufficient taxable profits will be generated by
\nparticular companies of the Group in the future. There is
\nno expiration date of accounting tax losses according to
\nTax Code of Ukraine.
\nDeferred tax liabilities have not been recognised in respect
\nof unremitted earnings of Ukrainian subsidiaries as the
\nearnings can be remitted free from taxation currently and
\nin future years, based on current legislation.
\nThe movements in net deferred tax liabilities for the years
\nended 31 December 2022 and 2021 were as follows:
\n2022 2021
\nNet deferred tax liabilities as of
\nbeginning of the year
\n (42,738) (28 ,045)
\nDeferred tax charged directly to
\nrevaluation reserve (Note 4)
\n (81 ,317) -
\nDeferred tax benefit 37,379 11,464
\nDeferred tax on revaluation of
\nproperty, plant and equipment
\ncharged directly to other
\ncomprehensive income
\n (58,889) (26,597)
\nTranslation difference 24,322 440
\nNet deferred tax liabilities as of
\nend of the year
\n (121,243) (42,738)
\n
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag201": {
"value": "\n
\n
\n14.\u2005PROPERTY,\u2005PLANT\u2005AND\u2005EQUIPMENT
\n\nThe following table represents movements in property, plant and equipment for the year ended 31 December 2022:
\nLAND
\nBUILDINGS
\nAND
\nSTRUCTURES
\nGRAIN
\nSTORAGE
\nFACILITIES
\nPRODUCTION\u2005
\nMACHINERY
\nAUXILIARY\u2005
\nAND\u2005OTHER\u2005
\nMACHINERY
\nUTILITIES\u2005AND
\n\u2005
\nINFRASTRUCTURE
\nVEHICLES\u2005AND\u2005
\nAGRICULTURAL\u2005
\nMACHINERY
\nOTHER\u2005FIXED\u2005
\nASSETS
\n1)
\nCONSTRUCTION
\nIN\u2005PROGRESS
\n2)
\nTOTAL
\nCost or fair value:
\nAt 31 December 2021 34,639 951,315 101,970 387,968 81,662 148,854 212,135 27,887 112,829 2 ,059,259
\nAdditions 1,559 52,731 2,491 38,055 12,760 4,556 22,848 6,545 25,198 166,743
\nTransfer from Right-of-use assets - - - - - - 4,949 - - 4,949
\nTransfers - - - - (7,667) 1,465 - 6,202 - -
\nDisposals (1,068) (8,162) (105) (1,843) (377) (270) (4,099) (1,508) (998) (18,430)
\nDisposal of subsidiary - - - - - - - - - -
\nRevaluation - 94,628 4,707 55,028 5,001 15,841 9,582 - - 184,787
\nImpairment loss - (6,098) (631) (11,416) (2,725) (515) (3,787) - (2,196) (27,368)
\nTranslation difference (3,405) (220,587) (26,125) (90,557) (19,699) (38,118) (55,118) (7,305) (26,555) (487,469)
\nAt 31 December 2022 31,725 863,827 82,307 377,235 68,955 131,813 186,510 31,821 108,278 1,882,471
\nAccumulated depreciation:
\nAt 31 December 2021 - 81,924 - - 258 17,379 34 20,057 - 119,652
\nDepreciation charge for the year - 29,906 3,894 30,721 5,553 8,625 27,769 3,536 - 110,004
\nElimination upon disposal - (653) (8) (529) (78) (156) (393) (368) - (2,185)
\nElimination upon revaluation - (90,809) (3,440) (21,810) (4,239) (20,093) (25,592) - - (165,983)
\nDisposal of subsidiary - - - - - - - - - -
\nTransfers - 165 (165) - 243 (174) - (69) - -
\nTransfer from Right-of-use assets - - - - - - 3,302 - - 3,302
\nTranslation difference - (20,517) (281) (2,750) (1,043) (4,986) (3,298) (5,175) - (38,050)
\nAt 31 December 2022 - 16 - 5,632 694 595 1,822 17,981 - 26,740
\nNet book value
\nAt 31 December 2021 34,639 869,391 101,970 387,968 81,404 131,475 212,101 7,830 112,829 1,939,607
\nAt 31 December 2022 31,725 863,811 82,307 371,603 68,261 131,218 184,688 13,840 108,278 1,855,731
\n1)
\n Other fixed assets include bearer plants, office furniture and equipment;
\n2)
\n Construction in progress include advances for property plant and equipment, machinery and equipment not in use, construction materials and spare parts, projects in progress.
\n
\n\n
\n\n
\n14.\u2005PROPERTY,\u2005PLANT\u2005AND\u2005EQUIPMENT\u2005
\n(continued)
\n\nThe following table represents movements in property, plant and equipment for the year ended 31 December 2021:
\nLAND
\nBUILDINGS
\nAND
\nSTRUCTURES
\nGRAIN
\nSTORAGE
\nFACILITIES
\nPRODUCTION\u2005
\nMACHINERY
\nAUXILIARY\u2005
\nAND\u2005OTHER\u2005
\nMACHINERY
\nUTILITIES\u2005AND
\n\u2005
\nINFRASTRUCTURE
\nVEHICLES\u2005AND\u2005
\nAGRICULTURAL\u2005
\nMACHINERY
\nOTHER\u2005FIXED\u2005
\nASSETS
\n1)
\nCONSTRUCTION
\nIN\u2005PROGRESS
\n2)
\nTOTAL
\nCost or fair value:
\nAt 31 December 2020 37,591 922,975 95,639 413,912 62,569 136,953 180,060 31,648 71,347 1,952,694
\nAdditions 1,517 23,526 1,427 30,993 13,498 6,099 21,564 8,277 40,669 147,570
\nTransfer from Right-of-use assets - - - - - - 11,848 - - 11,848
\nTransfers 122 (2,776) (3,244) (48) 9,044 1,537 (560) (7,064) 2,989 -
\nDisposals (1,462) (9,444) (4) (4,848) (887) (52) (6,938) (2,888) (3,552) (30,075)
\nDisposal of subsidiary (246) (2,484) - (475) - - (20) (384) - (3,609)
\nRevaluation - - 5,088 (59,438) (2,102) (346) 2,972 (928) - (54,754)
\nImpairment loss (732) - (181) (3,466) (1,889) (169) (2,708) (1,462) - (10,607)
\nTranslation difference (2,151) 19,518 3,245 11,338 1,429 4,832 5,917 688 1,376 46,192
\nAt 31 December 2021 34,639 951,315 101,970 387,968 81,662 148,854 212,135 27,887 112,829 2,059,259
\nAccumulated depreciation:
\nAt 31 December 2020 - 48,341 8,707 118,354 9,731 9,532 58,481 20,631 - 273,777
\nDepreciation charge for the year - 35,574 8,216 40,921 8,475 8,454 43,023 5,248 - 149,911
\nElimination upon disposal - (2,011) (2) (4,482) (609) (36) (3,828) (1,823) - (12,791)
\nElimination upon revaluation - - (17,046) (157,916) (17,593) (655) (103,618) (4,032) - (300,860)
\nDisposal of subsidiary - (292) - - (166) - (7) (282) - (747)
\nTransfers - 186 (186) (2) 254 (174) - (78) - -
\nTransfer from Right-of-use assets - - - - - - 4,193 - - 4,193
\nTranslation difference - 126 311 3,125 166 258 1,790 393 - 6,169
\nAt 31 December 2021 - 81,924 - - 258 17,379 34 20,057 - 119,652
\nNet book value
\nAt 31 December 2020 37,591 874,634 86,932 295,558 52,838 127,421 121,579 11,017 71,347 1,678,917
\nAt 31 December 2021 34,639 869,391 101,970 387,968 81,404 131,475 212,101 7,830 112,829 1,939,607
\n1)
\n Other fixed assets include bearer plants, office furniture and equipment;
\n2)
\n Construction in progress include advances for property plant and equipment, machinery and equipment not in use, construction materials and spare parts, projects in progress.
\n
\n\n
\n\n
\n
\n14.\u2005PROPERTY,\u2005PLANT\u2005AND\u2005EQUIPMENT\u2005
\n(continued)
\n\nAs of 31 December 2022, included within construction
\nin progress were prepayments for property, plant and
\nequipment in the amount of USD 28,185 thousand (2021:
\nUSD 24,333 thousand).
\n
\n\nAs of 31 December 2022, included within property, plant
\nand equipment were fully depreciated assets with the
\noriginal cost of USD 6,009 thousand (2021: USD 22,635
\nthousand).
\n\nAs of 31 December 2022, certain of the Group\u2019s property,
\nplant and equipment with the collateral amount of USD
\n100,789 thousand (2021: USD 91,931 thousand) were
\npledged as collateral to secure its bank borrowings.
\n
\n\nRevaluation of property, plant and equipment
\nDuring the year ended 31 December 2022, the Group
\nengaged independent appraisers to perform a revaluation to
\nrevalue its buildings and structures, grain storage facilities,
\nproduction machinery, utilities and infrastructure, vehicles
\nand agricultural machinery, auxiliary and other machinery
\nas at 31 December 2022. Previous revaluations have been
\nperformed with the engagement of external independent
\nappraisers as follows: for buildings and structures and
\nutilities and infrastructure \u2013 as at 30 September 2019, and for
\nother groups of property, plant and equipment accounted
\nfor under the revaluation model \u2013 as of 31 December 2021.
\nThe revaluation process conformed to International
\nValuation Standards and was performed using the following
\nmethods and approaches:
\n\u2022 buildings and structures \u2013 depreciated replacement
\ncost method by reference to observable prices in an
\nactive market adjusted by the cumulative index of in-
\nflation of construction works and index of physical de-
\npreciation (based on age and condition of buildings and
\nstructures;
\n\u2022 grain storage facilities \u2013 depreciated replacement cost
\nmethod by reference to observable prices in an active
\nmarket adjusted based on age and condition of the fa-
\ncilities;
\n\u2022 vehicles and agricultural machinery \u2013 market compara-
\nble approach adjusted based on age and condition of
\nthe machinery;
\n\u2022 production machinery \u2013 depreciated replacement cost
\nmethod for items of specialized nature and market com-
\nparable approach adjusted based on age and condition
\nof the machinery for other items;
\n\u2022 auxiliary and other machinery \u2013 depreciated replace-
\nment cost method for items of specialized nature and
\nmarket comparable approach adjusted based on age
\nand condition of the machinery for other items;
\n\u2022 utilities and infrastructure \u2013 depreciated replacement
\ncost method by reference to observable prices in an
\nactive market adjusted based on age and condition of
\nfacilities, the fluctuations of the cumulative index of in-
\nflation of construction works and the index of physical
\ndepreciation.
\nDuring the year ended 31 December 2022, impairment
\nloss (in profit or loss) and increase in revaluation (in other
\ncomprehensive income) as a result of regular valuation
\nprocedures amounted to USD 16,254 thousand and USD
\n360,259 thousand respectively. Additionally, the Group
\nreviews its property, plant and equipment each period to
\ndetermine if any indication of impairment exists. During the
\nyear ended 31 December 2022, the Group has recognised
\nan impairment loss of USD 11,114 thousand (in profit or
\nloss) and decrease in revaluation reserve of USD 9,489
\nthousand (in other comprehensive income) in respect of
\ncertain property, plant and equipment of its subsidiairy,
\nUkrainian Bacon, located in Donetsk region as described
\nin Notes 2 and 33.
\n
\n\n14.\u2005PROPERTY,\u2005PLANT\u2005AND\u2005EQUIPMENT\u2005(continued)
\nThe following unobservable inputs were used to measure Buildings and structures, Utilities and infrastructure, Grain storage facilities, Vehicles and agricultural machinery, Auxiliary and
\nother machinery and Production machinery:
\nDESCRIPTION VALUATION\u2005TECHNIQUE(S) UNOBSERVABLE\u2005INPUTS
\nRANGE\u2005OF\u2005UNOBSERVABLE\u2005
\nINPUTS\u20052022\u2005(AVERAGE)
\nRELATIONSHIP\u2005OF\u2005UNOBSERVABLE\u2005INPUTS\u2005\u2005
\nTO\u2005FAIR\u2005VALUE
\nBuildings and structures
\nDepreciated replacement
\ncost method
\nIndex of physical depreciation
\n0 \u2013 80%
\n(30.12%)
\nThe higher the index of physical depreciation,
\nthe lower the fair value
\nCumulative index of inflation
\nof\u2005construction works
\n1.00 \u2013 18.13
\n(3.29)
\nThe higher the index, the higher the fair value
\nUtilities and infrastructure
\nDepreciated replacement
\ncost method
\nIndex of physical depreciation
\n0 \u2013 80%
\n(31.16%)
\nThe higher the index of physical depreciation,
\nthe lower the fair value
\nCumulative index of inflation
\nof\u2005construction works
\n1.00 \u2013 18.45
\n(2.93)
\nThe higher the index, the higher the fair value
\nGrain storage facilities
\nDepreciated replacement
\ncost method
\nIndex of physical depreciation
\n0 \u2013 80%
\n(43.68%)
\nThe higher the index of physical depreciation,
\nthe lower the fair value
\nCumulative index of inflation
\nof\u2005construction works
\n1.00 \u2013 19.71
\n(3.96)
\nThe higher the index, the higher the fair value
\nVehicles and agricultural machinery
\nMarket comparable
\napproach
\nIndex of physical depreciation
\n0 \u2013 90%
\n(41.59%)
\nTThe higher the index of physical depreciation,
\nthe lower the fair value
\nAuxiliary and other machinery
\nDepreciated replacement
\ncost method
\nIndex of physical depreciation
\n0 \u2013 90%
\n(31.55%)
\nThe higher the index of physical depreciation,
\nthe lower the fair value
\nCumulative index of producer inflation
\n1.00 \u2013 19.71
\n(2.51)
\nThe higher the index, the higher the fair value
\nProduction machinery
\nDepreciated replacement
\ncost method
\nMarket comparable approach
\n0 \u2013 90%
\n(41.71%)
\nThe higher the index of physical depreciation,
\nthe lower the fair value
\nCumulative index of producer inflation
\n1.00 \u2013 19.71
\n(3.32)
\nThe higher the index, the higher the fair value
\nHad the Group\u2019s property plant and equipment been measured on a historical cost basis, their carrying amount would have been as follows:
\nFAIR\u2005VALUE\u2005
\nHIERARCHY
\nNET\u2005BOOK\u2005VALUE\u2005UNDER\u2005REVALUATION\u2005MODEL NET\u2005BOOK\u2005VALUE\u2005IF\u2005CARRIED\u2005AT\u2005COST
\n2022 2021 2022 2021
\nBuildings and structures Level 3 863,811 869,391 249,218 338,921
\nProduction machinery Level 2, 3 371,603 387,968 170,657 279,710
\nUtilities and infrastructure Level 3 131,218 131,475 54,583 75,899
\nVehicles and agricultural machinery Level 2 184,688 212,101 81,209 178,284
\nGrain storage facilities Level 3 82,308 101,970 23,102 53,348
\nAuxiliary and other machinery Level 2, 3 68,261 81,404 39,608 56,577
\n 1,701,889 1,784,309 618,377 982,739
\n
\n\n14.\u2005PROPERTY,\u2005PLANT\u2005AND\u2005EQUIPMENT\u2005(continued)
\nThere are no restrictions on the distribution of the
\nrevaluation surplus to the shareholders.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag202": {
"value": "\nThe following table represents movements in property, plant and equipment for the year ended 31 December 2022:
\nLAND
\nBUILDINGS
\nAND
\nSTRUCTURES
\nGRAIN
\nSTORAGE
\nFACILITIES
\nPRODUCTION\u2005
\nMACHINERY
\nAUXILIARY\u2005
\nAND\u2005OTHER\u2005
\nMACHINERY
\nUTILITIES\u2005AND
\n\u2005
\nINFRASTRUCTURE
\nVEHICLES\u2005AND\u2005
\nAGRICULTURAL\u2005
\nMACHINERY
\nOTHER\u2005FIXED\u2005
\nASSETS
\n1)
\nCONSTRUCTION
\nIN\u2005PROGRESS
\n2)
\nTOTAL
\nCost or fair value:
\nAt 31 December 2021 34,639 951,315 101,970 387,968 81,662 148,854 212,135 27,887 112,829 2 ,059,259
\nAdditions 1,559 52,731 2,491 38,055 12,760 4,556 22,848 6,545 25,198 166,743
\nTransfer from Right-of-use assets - - - - - - 4,949 - - 4,949
\nTransfers - - - - (7,667) 1,465 - 6,202 - -
\nDisposals (1,068) (8,162) (105) (1,843) (377) (270) (4,099) (1,508) (998) (18,430)
\nDisposal of subsidiary - - - - - - - - - -
\nRevaluation - 94,628 4,707 55,028 5,001 15,841 9,582 - - 184,787
\nImpairment loss - (6,098) (631) (11,416) (2,725) (515) (3,787) - (2,196) (27,368)
\nTranslation difference (3,405) (220,587) (26,125) (90,557) (19,699) (38,118) (55,118) (7,305) (26,555) (487,469)
\nAt 31 December 2022 31,725 863,827 82,307 377,235 68,955 131,813 186,510 31,821 108,278 1,882,471
\nAccumulated depreciation:
\nAt 31 December 2021 - 81,924 - - 258 17,379 34 20,057 - 119,652
\nDepreciation charge for the year - 29,906 3,894 30,721 5,553 8,625 27,769 3,536 - 110,004
\nElimination upon disposal - (653) (8) (529) (78) (156) (393) (368) - (2,185)
\nElimination upon revaluation - (90,809) (3,440) (21,810) (4,239) (20,093) (25,592) - - (165,983)
\nDisposal of subsidiary - - - - - - - - - -
\nTransfers - 165 (165) - 243 (174) - (69) - -
\nTransfer from Right-of-use assets - - - - - - 3,302 - - 3,302
\nTranslation difference - (20,517) (281) (2,750) (1,043) (4,986) (3,298) (5,175) - (38,050)
\nAt 31 December 2022 - 16 - 5,632 694 595 1,822 17,981 - 26,740
\nNet book value
\nAt 31 December 2021 34,639 869,391 101,970 387,968 81,404 131,475 212,101 7,830 112,829 1,939,607
\nAt 31 December 2022 31,725 863,811 82,307 371,603 68,261 131,218 184,688 13,840 108,278 1,855,731
\n1)
\n Other fixed assets include bearer plants, office furniture and equipment;
\n2)
\n Construction in progress include advances for property plant and equipment, machinery and equipment not in use, construction materials and spare parts, projects in progress.
\n
\n\nThe following table represents movements in property, plant and equipment for the year ended 31 December 2021:
\nLAND
\nBUILDINGS
\nAND
\nSTRUCTURES
\nGRAIN
\nSTORAGE
\nFACILITIES
\nPRODUCTION\u2005
\nMACHINERY
\nAUXILIARY\u2005
\nAND\u2005OTHER\u2005
\nMACHINERY
\nUTILITIES\u2005AND
\n\u2005
\nINFRASTRUCTURE
\nVEHICLES\u2005AND\u2005
\nAGRICULTURAL\u2005
\nMACHINERY
\nOTHER\u2005FIXED\u2005
\nASSETS
\n1)
\nCONSTRUCTION
\nIN\u2005PROGRESS
\n2)
\nTOTAL
\nCost or fair value:
\nAt 31 December 2020 37,591 922,975 95,639 413,912 62,569 136,953 180,060 31,648 71,347 1,952,694
\nAdditions 1,517 23,526 1,427 30,993 13,498 6,099 21,564 8,277 40,669 147,570
\nTransfer from Right-of-use assets - - - - - - 11,848 - - 11,848
\nTransfers 122 (2,776) (3,244) (48) 9,044 1,537 (560) (7,064) 2,989 -
\nDisposals (1,462) (9,444) (4) (4,848) (887) (52) (6,938) (2,888) (3,552) (30,075)
\nDisposal of subsidiary (246) (2,484) - (475) - - (20) (384) - (3,609)
\nRevaluation - - 5,088 (59,438) (2,102) (346) 2,972 (928) - (54,754)
\nImpairment loss (732) - (181) (3,466) (1,889) (169) (2,708) (1,462) - (10,607)
\nTranslation difference (2,151) 19,518 3,245 11,338 1,429 4,832 5,917 688 1,376 46,192
\nAt 31 December 2021 34,639 951,315 101,970 387,968 81,662 148,854 212,135 27,887 112,829 2,059,259
\nAccumulated depreciation:
\nAt 31 December 2020 - 48,341 8,707 118,354 9,731 9,532 58,481 20,631 - 273,777
\nDepreciation charge for the year - 35,574 8,216 40,921 8,475 8,454 43,023 5,248 - 149,911
\nElimination upon disposal - (2,011) (2) (4,482) (609) (36) (3,828) (1,823) - (12,791)
\nElimination upon revaluation - - (17,046) (157,916) (17,593) (655) (103,618) (4,032) - (300,860)
\nDisposal of subsidiary - (292) - - (166) - (7) (282) - (747)
\nTransfers - 186 (186) (2) 254 (174) - (78) - -
\nTransfer from Right-of-use assets - - - - - - 4,193 - - 4,193
\nTranslation difference - 126 311 3,125 166 258 1,790 393 - 6,169
\nAt 31 December 2021 - 81,924 - - 258 17,379 34 20,057 - 119,652
\nNet book value
\nAt 31 December 2020 37,591 874,634 86,932 295,558 52,838 127,421 121,579 11,017 71,347 1,678,917
\nAt 31 December 2021 34,639 869,391 101,970 387,968 81,404 131,475 212,101 7,830 112,829 1,939,607
\n1)
\n Other fixed assets include bearer plants, office furniture and equipment;
\n2)
\n Construction in progress include advances for property plant and equipment, machinery and equipment not in use, construction materials and spare parts, projects in progress.
\n
\n\nThe following table represents movements in right-of-use
\nassets for the years ended 31 December 2022 and 2021:
\nLAND
\nBUILDINGS\u2005
\nAND\u2005
\nVEHICLES TOTAL
\nNet book value:
\nAs of 31 December 2020 1 7 3 , 2 8 3 33,718 2 0 7, 0 0 1
\nAdditions 15,865 15,287 31,152
\nDepreciation charge
\nfor\u2005the year
\n (37,736) (6,439) (44,175)
\nTermination of the lease (2,589) (9,712) (12,301)
\nReassessment of the
\nlease
\n 90,025 125 90,150
\nTranslation difference 5,815 (354) 5,461
\nAs of 31 December 2021 2 4 4 , 6 6 3 32,625 2 7 7, 2 8 8
\nAdditions 9,980 11,882 21,862
\nDepreciation charge
\nfor\u2005the year
\n (31,778) (6,512) (38,290)
\nTermination of the lease (5,937) (2,007) (7,944)
\nReassessment of the
\nlease
\n 38,559 (138) 38,421
\nTranslation difference (62,750) (5,670) (68,420)
\nAs of 31 December 2022 192,737 30,180 2 2 2 ,9 1 7
\n
\n\nThe following table represents movements in intangible assets for the year ended 31 December 2022:
\nLAND\u2005LEASE\u2005RIGHTS TRADEMARKS CUSTOMER\u2005RELATIONS OTHER\u2005INTANGIBLE\u2005ASSETS TOTAL
\nCost:
\nAs of 31 December 2021 71,881 31,597 19,820 27,628 150,926
\nAdditions - - - 7,956 7,956
\nDisposals - - - (1,003) (1,003)
\nTranslation difference (18,262) (1,909) (1,197) (6,707) (28,075)
\nAs of 31 December 2022 53,619 29,688 18,623 27,874 129,804
\nAccumulated amortization:
\nAs of 31 December 2021 41,635 - 2,807 8,693 53,135
\nAmortization charge for the year 6,046 - 918 4,014 10,978
\nDisposals - - - (96) (96)
\nTranslation difference (11,273) - (157) (2,411) (13,841)
\nAs of 31 December 2022 36,408 - 3,568 10,200 50,176
\nNet book value:
\nAs of 31 December 2021 30,246 31,597 17,013 18,935 97,791
\nAs of 31 December 2022 17,211 29,688 15,055 17,674 79,628
\n
\nThe following table represents movements in intangible assets for the year ended 31 December 2021:
\nLAND\u2005LEASE\u2005RIGHTS TRADEMARKS CUSTOMER\u2005RELATIONS OTHER\u2005INTANGIBLE\u2005ASSETS TOTAL
\nCost:
\nAs of 31 December 2020 69,349 34,505 21,481 14,837 140,172
\nAdditions - - - 11,504 11,504
\nDisposals - (249) - (103) (352)
\nTranslation difference 2,532 (2,659) (1,661) 1,390 (398)
\nAs of 31 December 2021 71,881 31,597 19,820 27,628 150,926
\nAccumulated amortization:
\nAs of 31 December 2020 33,929 - 1,968 7,434 43,331
\nAmortization charge for the year 6,466 - 1,035 1,208 8,709
\nDisposals - - - (71) (71)
\nTranslation difference 1,240 - (196) 122 1,166
\nAs of 31 December 2021 41,635 - 2,807 8,693 53,135
\nNet book value:
\nAs of 31 December 2020 35,420 34,505 19,513 7,403 96,841
\nAs of 31 December 2021 30,246 31,597 17,013 18,935 97,791
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag203": {
"value": "\nAs of 31 December 2022, included within construction
\nin progress were prepayments for property, plant and
\nequipment in the amount of USD 28,185 thousand (2021:
\nUSD 24,333 thousand).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag204": {
"value": "\nAs of 31 December 2022, certain of the Group\u2019s property,
\nplant and equipment with the collateral amount of USD
\n100,789 thousand (2021: USD 91,931 thousand) were
\npledged as collateral to secure its bank borrowings.
\n
\n\nAs of 31 December 2022, agricultural produce in amount of
\nUSD 38,260 thousand was pledged as collateral to secure
\nbank borrowings (2021: USD 38,188 thousand).
\n
\n\nAs of 31 December 2022, the deposit with carrying amount
\nof USD 23,137 thousand (31 December 2021: USD 2,555
\nthousand) was restricted as collateral to secure issued letters
\nof credit.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag205": {
"value": "\n
\n
\n15.\u2005RIGHT-OF-USE\u2005ASSETS
\n\nThe following table represents movements in right-of-use
\nassets for the years ended 31 December 2022 and 2021:
\nLAND
\nBUILDINGS\u2005
\nAND\u2005
\nVEHICLES TOTAL
\nNet book value:
\nAs of 31 December 2020 1 7 3 , 2 8 3 33,718 2 0 7, 0 0 1
\nAdditions 15,865 15,287 31,152
\nDepreciation charge
\nfor\u2005the year
\n (37,736) (6,439) (44,175)
\nTermination of the lease (2,589) (9,712) (12,301)
\nReassessment of the
\nlease
\n 90,025 125 90,150
\nTranslation difference 5,815 (354) 5,461
\nAs of 31 December 2021 2 4 4 , 6 6 3 32,625 2 7 7, 2 8 8
\nAdditions 9,980 11,882 21,862
\nDepreciation charge
\nfor\u2005the year
\n (31,778) (6,512) (38,290)
\nTermination of the lease (5,937) (2,007) (7,944)
\nReassessment of the
\nlease
\n 38,559 (138) 38,421
\nTranslation difference (62,750) (5,670) (68,420)
\nAs of 31 December 2022 192,737 30,180 2 2 2 ,9 1 7
\n
\n\n
\n\n30.\u2005LEASE\u2005LIABILITIES
\nLong-term lease obligations represent amounts due under
\nagreements for the leasing of agricultural land, trucks,
\nagricultural machinery and equipment. As of 31 December
\n2022, the weighted average interest rates on lease obligations
\nwere 3.57% (2021: 3.21%) and 18.55% (2021: 17.60%) for lease
\nobligations denominated in EUR and UAH respectively.
\nAmount of depreciation charge for right-of-use assets
\nand additions to right-of-use assets for the year ended 31
\nDecember 2022 was USD 38,290 thousand and USD 21,862
\nrespectively (2021: USD 44,175 thousand and USD 31,152
\nthousand).
\nThe carrying amount of lease liabilities as at 31 December
\n2022 includes USD 204,864 thousand of land lease
\nliabilities (2021: USD 254,036 thousand).
\nThe following are maturity analyses of lease payments under
\nthe lease agreements as of 31 December 2022 and 2021:
\n2022 2021
\nAs at 1 January 281,250 198,499
\nCash repayments of lease
\nliabilities
\n (52,209) (66,254)
\nForeign exchange movements 1,604 (778)
\nNon-cash additions and change
\nin terms
\n 43,584 109,834
\nNon-cash repayments of lease
\nliabilities
\n1)
\n (9,013) (10,793)
\nInterest charged 38,859 45,398
\nTranslation difference (74,752) 5,344
\nAs at 31 December 2 2 9, 323 281,250
\nCurrent portion of lease
\nliabilities
\n 65,252 77,111
\nLong-term portion of lease
\nliabilities
\n 164,071 204,139
\n1)
\n Non-cash repayments are represented by grains and other agriculture
\nproduce provided to lessors of land as settlement of lease liabilities.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag206": {
"value": "\n
\n
\n\n
\n16.\u2005INTANGIBLE\u2005ASSETS
\n\nThe following table represents movements in intangible assets for the year ended 31 December 2022:
\nLAND\u2005LEASE\u2005RIGHTS TRADEMARKS CUSTOMER\u2005RELATIONS OTHER\u2005INTANGIBLE\u2005ASSETS TOTAL
\nCost:
\nAs of 31 December 2021 71,881 31,597 19,820 27,628 150,926
\nAdditions - - - 7,956 7,956
\nDisposals - - - (1,003) (1,003)
\nTranslation difference (18,262) (1,909) (1,197) (6,707) (28,075)
\nAs of 31 December 2022 53,619 29,688 18,623 27,874 129,804
\nAccumulated amortization:
\nAs of 31 December 2021 41,635 - 2,807 8,693 53,135
\nAmortization charge for the year 6,046 - 918 4,014 10,978
\nDisposals - - - (96) (96)
\nTranslation difference (11,273) - (157) (2,411) (13,841)
\nAs of 31 December 2022 36,408 - 3,568 10,200 50,176
\nNet book value:
\nAs of 31 December 2021 30,246 31,597 17,013 18,935 97,791
\nAs of 31 December 2022 17,211 29,688 15,055 17,674 79,628
\n
\nThe following table represents movements in intangible assets for the year ended 31 December 2021:
\nLAND\u2005LEASE\u2005RIGHTS TRADEMARKS CUSTOMER\u2005RELATIONS OTHER\u2005INTANGIBLE\u2005ASSETS TOTAL
\nCost:
\nAs of 31 December 2020 69,349 34,505 21,481 14,837 140,172
\nAdditions - - - 11,504 11,504
\nDisposals - (249) - (103) (352)
\nTranslation difference 2,532 (2,659) (1,661) 1,390 (398)
\nAs of 31 December 2021 71,881 31,597 19,820 27,628 150,926
\nAccumulated amortization:
\nAs of 31 December 2020 33,929 - 1,968 7,434 43,331
\nAmortization charge for the year 6,466 - 1,035 1,208 8,709
\nDisposals - - - (71) (71)
\nTranslation difference 1,240 - (196) 122 1,166
\nAs of 31 December 2021 41,635 - 2,807 8,693 53,135
\nNet book value:
\nAs of 31 December 2020 35,420 34,505 19,513 7,403 96,841
\nAs of 31 December 2021 30,246 31,597 17,013 18,935 97,791
\n
\n\n
\n\n
\n\n
\n
\n\n16.\u2005INTANGIBLE\u2005ASSETS\u2005\u2005
\n(continued)
\nThe Group has recognised certain trademarks and
\ncustomer relationships as a part of intangible assets
\nthrough the acquisition of subsidiaries in previous years.
\nCustomer relationships were identified among customers
\nof the core products portfolio of acquired subsidiaries.
\nThe remaining useful life of customer relationships was
\nestimated at 20 years.
\nThe trademarks acquired by the Group mainly consist of PP
\nand Topiko poultry meat brands and the Poli meat processing
\nproducts brand. The Group believes that, since trademarks
\nare well-positioned and recognizable within a stable and
\nmature industry, there are no technical barriers that would
\nlimit their lifetime, and as a result of further promotion of
\nthe trademarks, the Group will obtain economic benefits
\nfrom them for an indefinite period of time. Accordingly,
\nthe trademarks that belong to the Group are considered
\nto have an indefinite useful life and thus are not amortized
\nbut tested for impairment by comparing their recoverable
\namount with their carrying amount annually.
\nThe Group allocates trademarks to individual entities
\nas separate cash-generating units (CGU). A summary of
\nthe allocation of trademarks values to separate CGUs is
\npresented below:
\nSEGMENT
\nCASH-\u2005
\nGENERATING\u2005\u2005
\nUNIT
\nTRADEMARKS\u2005
\nCARRYING\u2005VALUE
\n2022 2021
\nEuropean
\noperating
\nSlovenia 16,960 18,051
\nSerbia 2,142 2,279
\nBosnia and
\nHerzegovina
\n 5,461 5,812
\nCroatia 5,125 5,455
\n 29,688 31,597
\nThe impairment testing of the value of trademarks
\nwas performed internally. The recoverable amount of
\ntrademarks of all cash-generating units is determined
\nbased on the value in use method which uses cash flow
\nprojections covering a five-year period.
\nDiscount rates represent the current market assessment of
\nthe risks specific to each CGU, taking into consideration the
\ntime value of money and individual risks of the underlying
\nassets that have not been incorporated in the cash flow
\nestimates. The discount rate calculation is based on the
\nspecific circumstances of the Group and its operating
\nsegments and is derived from its weighted average cost of
\ncapital (WACC). The WACC takes into account both debt
\nand equity. The cost of equity is derived from the expected
\nreturn on investment by the Group\u2019s investors. The cost
\nof debt is based on the interest-bearing borrowings the
\nGroup is obliged to service. Segment-specific risk is
\nincorporated by applying individual beta factors.
\nThe weighted average discount rate of 18.1% (2021: 16.1%)
\nwas used. An increase by 1,048 basis points in the weighted
\naverage discount rate would result in impairment in 2022
\n(2021: 588 basis points).
\nThe revenue within five-year period was extrapolated
\nusing a weighted average 4.8% sales growth rate and
\n2.7% terminal growth rate for revenue beyond this period
\n(2021: 4.2% and 2.0% respectively). A reduction by 1,887
\nbasic points in the budgeted sales growth would result in
\nimpairment in 2022 (2021: 3,279 basic points).
\nWeighted average royalty rate used in calculation of cash
\nflows was set at a level of 2.2% (2021: 2.2%). A reduction
\nby 83 basis points in the weighted average royalty rate
\nwould result in impairment in 2022 (2021: 77 basis points).
\nAs of 31 December 2022 and 2021, no impairment of
\ntrademarks was identified.
\n
\n
\n\n\n17.\u2005GOODWILL
\nThe following table represents movements in goodwill for
\nthe years ended 31 December 2022 and 2021:
\n2022 2021
\nCost:
\nAs of 1 January 66,382 70,614
\nAcquisitions of subsidiaries (Note 3) - 921
\nImpairment recognized (1,874) -
\nTranslation difference ( 4 , 7 0 0 ) ( 5 ,1 5 3 )
\nAs of 31 December 59,808 6 6 , 3 8 2
\nNet book value:
\nAs of 1 January 6 6 , 3 8 2 70 , 61 4
\nAs of 31 December 59,808 66,382
\n
\n\n
\n\n
\n
\n\n17.\u2005GOODWILL\u2005
\n(continued)
\nThe Group allocates goodwill to individual entities as to separate cash-generating units (CGU). A summary of goodwill
\nallocation to separate CGUs is presented below:
\nSEGMENT
\nCASH-\u2005
\nGENERATING\u2005\u2005
\nUNIT
\nGOODWILL\u2005CARRYING\u2005VALUE
\nMETHODOLOGY\u2005ASSUMPTIONS\u2005\u2005
\nAND\u2005METHODS\u2005USED\u2005FOR\u2005GOODWILL
\n2022 2021 2022\u2005(2021)
\nUkraine
\nGrain Ukraine - 2,513
\nAverage sales growth: 11.0% (-0.1%)
\nTerminal sales growth: 5.0%(4.9%)
\nDiscount rate: 19.1%(13.6%)
\nProjection period: 5 years
\nMeat processing and
\nother agricultural
\noperations
\n712 954
\nAverage sales growth: 11.0%(4.6%)
\nTerminal sales growth: 5.0% (4.9%)
\nDiscount rate: 19.1%(13.6%)
\nProjection period: 5 years
\nEuropean operating
\nSlovenia 37,047 39,448
\nAverage sales growth: 7.0% (2.1%)
\nTerminal sales growth: 2.1%(2.0%)
\nDiscount rate: 9.9% (6.3%)
\nProjection period: 5 years
\nSerbia 3,842 4,089
\nAverage sales growth: 8.2%(2.6%)
\nTerminal sales growth: 3.0%(2.0%)
\nDiscount rate: 13.0%(8.1%)
\nProjection period: 5 years
\nBosnia and
\nHerzegovina
\n10,700 11,388
\nAverage sales growth: 4.8%(2.6%)
\nTerminal sales growth: 2.1%(2.0%)
\nDiscount rate: 19.0%(11.5%)
\nProjection period: 5 years
\nCroatia 7,507 7,990
\nAverage sales growth: 7.3%(2.0%)
\nTerminal sales growth: 1.8%(2.0%)
\nDiscount rate: 11.1%(7.6%)
\nProjection period: 5 years
\n59,808 66,382
\nThe recoverable amount of cash-generating units is determined based on a value in use calculation which uses cash flow
\nprojections based on financial forecasts approved by the Directors.
\nThe discount rate calculation is based on the specific
\ncircumstances of the Group and its operating segments
\nand is derived from its weighted average cost of capital
\n(WACC), adjusted on segment-specific risk by applying
\nindividual beta factors. An increase by 338 basis points in
\nthe weighted average discount rate to 15,0% would result
\nin impairment in 2022 (2021: 752 basis points to 15.5%).
\nThe growth rates and gross margins used for cash flow
\nextrapolations are supported by industry trends such as
\nconsumer prosperity and dietary trends. These inputs were
\nestimated by the Directors based on past performance
\nof the cash-generating unit and their expectations of
\nmarket development. A reduction by 255 basis points in
\nthe budgeted sales growth or reduction in gross margin by
\n1,198 basis points would result in impairment in 2022 (2021:
\n1,245 and 628 resprectively).
\nAs of 31 December 2022 an impairment of goodwill in
\namount of USD 1,874 thousand attributable to Grain
\nGrowing segment was recognized due to lower projected
\ncash-flows from operations as well as substantial increase
\nin the discount rate. As of 31 December 2021, no impairment
\nwas identified.
\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag207": {
"value": "\n
\n16.\u2005INTANGIBLE\u2005ASSETS
\n\nThe following table represents movements in intangible assets for the year ended 31 December 2022:
\nLAND\u2005LEASE\u2005RIGHTS TRADEMARKS CUSTOMER\u2005RELATIONS OTHER\u2005INTANGIBLE\u2005ASSETS TOTAL
\nCost:
\nAs of 31 December 2021 71,881 31,597 19,820 27,628 150,926
\nAdditions - - - 7,956 7,956
\nDisposals - - - (1,003) (1,003)
\nTranslation difference (18,262) (1,909) (1,197) (6,707) (28,075)
\nAs of 31 December 2022 53,619 29,688 18,623 27,874 129,804
\nAccumulated amortization:
\nAs of 31 December 2021 41,635 - 2,807 8,693 53,135
\nAmortization charge for the year 6,046 - 918 4,014 10,978
\nDisposals - - - (96) (96)
\nTranslation difference (11,273) - (157) (2,411) (13,841)
\nAs of 31 December 2022 36,408 - 3,568 10,200 50,176
\nNet book value:
\nAs of 31 December 2021 30,246 31,597 17,013 18,935 97,791
\nAs of 31 December 2022 17,211 29,688 15,055 17,674 79,628
\n
\nThe following table represents movements in intangible assets for the year ended 31 December 2021:
\nLAND\u2005LEASE\u2005RIGHTS TRADEMARKS CUSTOMER\u2005RELATIONS OTHER\u2005INTANGIBLE\u2005ASSETS TOTAL
\nCost:
\nAs of 31 December 2020 69,349 34,505 21,481 14,837 140,172
\nAdditions - - - 11,504 11,504
\nDisposals - (249) - (103) (352)
\nTranslation difference 2,532 (2,659) (1,661) 1,390 (398)
\nAs of 31 December 2021 71,881 31,597 19,820 27,628 150,926
\nAccumulated amortization:
\nAs of 31 December 2020 33,929 - 1,968 7,434 43,331
\nAmortization charge for the year 6,466 - 1,035 1,208 8,709
\nDisposals - - - (71) (71)
\nTranslation difference 1,240 - (196) 122 1,166
\nAs of 31 December 2021 41,635 - 2,807 8,693 53,135
\nNet book value:
\nAs of 31 December 2020 35,420 34,505 19,513 7,403 96,841
\nAs of 31 December 2021 30,246 31,597 17,013 18,935 97,791
\n
\n\n
\n\n16.\u2005INTANGIBLE\u2005ASSETS\u2005\u2005
\n(continued)
\nThe Group has recognised certain trademarks and
\ncustomer relationships as a part of intangible assets
\nthrough the acquisition of subsidiaries in previous years.
\nCustomer relationships were identified among customers
\nof the core products portfolio of acquired subsidiaries.
\nThe remaining useful life of customer relationships was
\nestimated at 20 years.
\nThe trademarks acquired by the Group mainly consist of PP
\nand Topiko poultry meat brands and the Poli meat processing
\nproducts brand. The Group believes that, since trademarks
\nare well-positioned and recognizable within a stable and
\nmature industry, there are no technical barriers that would
\nlimit their lifetime, and as a result of further promotion of
\nthe trademarks, the Group will obtain economic benefits
\nfrom them for an indefinite period of time. Accordingly,
\nthe trademarks that belong to the Group are considered
\nto have an indefinite useful life and thus are not amortized
\nbut tested for impairment by comparing their recoverable
\namount with their carrying amount annually.
\nThe Group allocates trademarks to individual entities
\nas separate cash-generating units (CGU). A summary of
\nthe allocation of trademarks values to separate CGUs is
\npresented below:
\nSEGMENT
\nCASH-\u2005
\nGENERATING\u2005\u2005
\nUNIT
\nTRADEMARKS\u2005
\nCARRYING\u2005VALUE
\n2022 2021
\nEuropean
\noperating
\nSlovenia 16,960 18,051
\nSerbia 2,142 2,279
\nBosnia and
\nHerzegovina
\n 5,461 5,812
\nCroatia 5,125 5,455
\n 29,688 31,597
\nThe impairment testing of the value of trademarks
\nwas performed internally. The recoverable amount of
\ntrademarks of all cash-generating units is determined
\nbased on the value in use method which uses cash flow
\nprojections covering a five-year period.
\nDiscount rates represent the current market assessment of
\nthe risks specific to each CGU, taking into consideration the
\ntime value of money and individual risks of the underlying
\nassets that have not been incorporated in the cash flow
\nestimates. The discount rate calculation is based on the
\nspecific circumstances of the Group and its operating
\nsegments and is derived from its weighted average cost of
\ncapital (WACC). The WACC takes into account both debt
\nand equity. The cost of equity is derived from the expected
\nreturn on investment by the Group\u2019s investors. The cost
\nof debt is based on the interest-bearing borrowings the
\nGroup is obliged to service. Segment-specific risk is
\nincorporated by applying individual beta factors.
\nThe weighted average discount rate of 18.1% (2021: 16.1%)
\nwas used. An increase by 1,048 basis points in the weighted
\naverage discount rate would result in impairment in 2022
\n(2021: 588 basis points).
\nThe revenue within five-year period was extrapolated
\nusing a weighted average 4.8% sales growth rate and
\n2.7% terminal growth rate for revenue beyond this period
\n(2021: 4.2% and 2.0% respectively). A reduction by 1,887
\nbasic points in the budgeted sales growth would result in
\nimpairment in 2022 (2021: 3,279 basic points).
\nWeighted average royalty rate used in calculation of cash
\nflows was set at a level of 2.2% (2021: 2.2%). A reduction
\nby 83 basis points in the weighted average royalty rate
\nwould result in impairment in 2022 (2021: 77 basis points).
\nAs of 31 December 2022 and 2021, no impairment of
\ntrademarks was identified.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag208": {
"value": "\n17.\u2005GOODWILL
\nThe following table represents movements in goodwill for
\nthe years ended 31 December 2022 and 2021:
\n2022 2021
\nCost:
\nAs of 1 January 66,382 70,614
\nAcquisitions of subsidiaries (Note 3) - 921
\nImpairment recognized (1,874) -
\nTranslation difference ( 4 , 7 0 0 ) ( 5 ,1 5 3 )
\nAs of 31 December 59,808 6 6 , 3 8 2
\nNet book value:
\nAs of 1 January 6 6 , 3 8 2 70 , 61 4
\nAs of 31 December 59,808 66,382
\n
\n\n17.\u2005GOODWILL\u2005
\n(continued)
\nThe Group allocates goodwill to individual entities as to separate cash-generating units (CGU). A summary of goodwill
\nallocation to separate CGUs is presented below:
\nSEGMENT
\nCASH-\u2005
\nGENERATING\u2005\u2005
\nUNIT
\nGOODWILL\u2005CARRYING\u2005VALUE
\nMETHODOLOGY\u2005ASSUMPTIONS\u2005\u2005
\nAND\u2005METHODS\u2005USED\u2005FOR\u2005GOODWILL
\n2022 2021 2022\u2005(2021)
\nUkraine
\nGrain Ukraine - 2,513
\nAverage sales growth: 11.0% (-0.1%)
\nTerminal sales growth: 5.0%(4.9%)
\nDiscount rate: 19.1%(13.6%)
\nProjection period: 5 years
\nMeat processing and
\nother agricultural
\noperations
\n712 954
\nAverage sales growth: 11.0%(4.6%)
\nTerminal sales growth: 5.0% (4.9%)
\nDiscount rate: 19.1%(13.6%)
\nProjection period: 5 years
\nEuropean operating
\nSlovenia 37,047 39,448
\nAverage sales growth: 7.0% (2.1%)
\nTerminal sales growth: 2.1%(2.0%)
\nDiscount rate: 9.9% (6.3%)
\nProjection period: 5 years
\nSerbia 3,842 4,089
\nAverage sales growth: 8.2%(2.6%)
\nTerminal sales growth: 3.0%(2.0%)
\nDiscount rate: 13.0%(8.1%)
\nProjection period: 5 years
\nBosnia and
\nHerzegovina
\n10,700 11,388
\nAverage sales growth: 4.8%(2.6%)
\nTerminal sales growth: 2.1%(2.0%)
\nDiscount rate: 19.0%(11.5%)
\nProjection period: 5 years
\nCroatia 7,507 7,990
\nAverage sales growth: 7.3%(2.0%)
\nTerminal sales growth: 1.8%(2.0%)
\nDiscount rate: 11.1%(7.6%)
\nProjection period: 5 years
\n59,808 66,382
\nThe recoverable amount of cash-generating units is determined based on a value in use calculation which uses cash flow
\nprojections based on financial forecasts approved by the Directors.
\nThe discount rate calculation is based on the specific
\ncircumstances of the Group and its operating segments
\nand is derived from its weighted average cost of capital
\n(WACC), adjusted on segment-specific risk by applying
\nindividual beta factors. An increase by 338 basis points in
\nthe weighted average discount rate to 15,0% would result
\nin impairment in 2022 (2021: 752 basis points to 15.5%).
\nThe growth rates and gross margins used for cash flow
\nextrapolations are supported by industry trends such as
\nconsumer prosperity and dietary trends. These inputs were
\nestimated by the Directors based on past performance
\nof the cash-generating unit and their expectations of
\nmarket development. A reduction by 255 basis points in
\nthe budgeted sales growth or reduction in gross margin by
\n1,198 basis points would result in impairment in 2022 (2021:
\n1,245 and 628 resprectively).
\nAs of 31 December 2022 an impairment of goodwill in
\namount of USD 1,874 thousand attributable to Grain
\nGrowing segment was recognized due to lower projected
\ncash-flows from operations as well as substantial increase
\nin the discount rate. As of 31 December 2021, no impairment
\nwas identified.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag209": {
"value": "\n18.\u2005NON-CURRENT\u2005FINANCIAL\u2005ASSETS
\nThe balances of non-current financial assets were as
\nfollows as of 31 December 2022 and 2021:
\n2022 2021
\nLoans provided to third parties 23,968 25,113
\nReceivables for claims and
\nindemnification
\n 385 1,757
\nLoans and finance aid provided to
\nrelated parties (Note 32)
\n3,034 4,102
\nOther financial assets 939 2,131
\nLess: expected credit losses (20,513) (4,339)
\n 7,813 28,764
\n
\n\n
\n18.\u2005NON-CURRENT\u2005FINANCIAL\u2005ASSETS\u2005
\n(continued)
\nLoans receivable are mostly represented by loans with
\nfixed interest at 2.5% (EIR of 4.25%) with maturities as of
\n31 December 2025, 31 December 2026 and 31 December
\n2027.
\nThe Group determines the expected credit loss of other
\nnon-current loan receivables and other financial assets
\nbased on different scenarios of probability of default
\nand expected loss applicable to each of the material
\nunderlying balances. The expected credit losses relate to
\nloan provided to the third parties and loans and finance
\naid provided to related parties in amount of USD 20,237
\nthosand and USD 276 thousand respectively (2021: USD
\n3,942 thousand and 397 thosand respectively).
\n\nThe movement in loss allowance for loan receivables
\nand other financial assets classified at amortised cost is
\ndetailed below:
\n2022 2021
\n1 January (4,339) (4,268)
\nCharged during the year (16,174) (71)
\n31 December (20,513) (4,339)
\n
\n\n
\n\n
\n24.\u2005OTHER\u2005CURRENT\u2005FINANCIAL\u2005ASSETS\u2005
\nThe balances of other current assets were as follows as
\nof 31 December 2022 and 2021:
\n2022 2021
\nLoans provided to third parties 8,429 14,469
\nShort-term bank deposits 5,901 9
\nReceivables for claims and
\nindemnification
\n 2,130 2,352
\nLoans and finance aid provided to
\nrelated parties (Note 32)
\n 4,223 3,643
\nOther financial assets 6,038 725
\nLess: allowance for irrecoverable
\namounts
\n(4,624) (5,042)
\n 22,097 16,156
\nThe Group determines the expected credit loss of loans and
\nfinance aid receivable and other financial assets based on
\ndifferent scenarios of probability of default and expected
\nloss applicable to each of the material underlying balances.
\nThe expected credit losses relate to loan provided to third
\nparties, loans and finance aid provided to related parties
\nand receivables for claims and indemnification in amounts
\nof USD 2,069 thousand, USD 2,117 thousand and USD 438
\nthousand respectively (2021: USD 2,521 thousand, USD
\n2,521 thousand and USD nill thousand respectively).
\n\nThe movement in allowance for expected credit losses is
\ndetailed below:
\n2022 2021
\n1 January (5,042) (4,340)
\nCharged during the year 418 (702)
\n31 December (4,624) (5,042)
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag210": {
"value": "\nThe movement in loss allowance for loan receivables
\nand other financial assets classified at amortised cost is
\ndetailed below:
\n2022 2021
\n1 January (4,339) (4,268)
\nCharged during the year (16,174) (71)
\n31 December (20,513) (4,339)
\n
\n\nThe following table illustrates the use of a provision matrix as a risk profile disclosure under the simplified approach as
\nat 31 December 2022:
\n31\u2005DECEMBER\u20052022
\nTRADE\u2005ACCOUNTS\u2005RECEIVABLE\u2005\u2013\u2005DAYS\u2005PAST\u2005DUE
\nNOT\u2005PAST\u2005DUE\u2005 <\u200530\u2005 \u200531-90 91-270 \u2005>270 \u2005TOTAL
\nPORTFOLIO ASSESSMENT:
\nChicken meat Ukraine
\nECL rate, % 9.19% 9.26% 9.53% 9.67% 100%
\nEstimated total gross carrying amount at default 23,776 2,796 338 65 1,100 28,075
\nLifetime ECL (2,185) (259) (32) (6) (1,100) (3,582)
\nChicken meat export
\nECL rate, % 0.02% 0.06% 0.18% 0.79% 100%
\nEstimated total gross carrying amount at default 34,769 16,076 4,512 632 430 56,419
\nLifetime ECL (7) (10) (8) (5) (430) (460)
\nAgricultural Ukraine
\nECL rate, % 9.25% 9.35% 9.55% 9.74% 100%
\nEstimated total gross carrying amount at default 10,776 3,900 1,012 401 3,794 19,883
\nLifetime ECL (997) (365) (97) (39) (3,794) (5,292)
\nAgricultural export
\nECL rate, % 0.00% 0.00% 0.16% 0.50% 100%
\nEstimated total gross carrying amount at default 442 32,119 331 251 4 33,147
\nLifetime ECL - - (1) (1) (4) (6)
\nEuropean operating segment
\nECL rate, % 0.01% 0.02% 0.25% 0.47% 100%
\nEstimated total gross carrying amount at default 42,910 7,895 1,322 714 59 52,900
\nLifetime ECL (3) (2) (3) (3) (59) (70)
\nEstimated total gross carrying amount at default 190,424
\nTotal lifetime ECL (9,410)
\nINDIVIDUAL ASSESSMENT:
\nECL rate, % 41.82% 43.61% 46.83% 64.03% 77.38%
\nEstimated total gross carrying amount at default 165 133 126 3,339 1,976 5,739
\nLifetime ECL (69) (58) (59) (2,138) (1,529) (3,853)
\nEstimated total gross carrying amount at default 196,163
\nTotal lifetime ECL (13,263)
\n
\n\nThe following table illustrates the use of a provision matrix as a risk profile disclosure under the simplified approach as
\nat 31 December 2021:
\n31\u2005DECEMBER\u20052021
\nTRADE\u2005ACCOUNTS\u2005RECEIVABLE\u2005\u2013\u2005DAYS\u2005PAST\u2005DUE
\nNOT\u2005PAST\u2005DUE\u2005 <\u200530\u2005 \u200531-90 91-270 \u2005>270 \u2005TOTAL
\nPORTFOLIO ASSESSMENT:
\nChicken meat Ukraine
\nECL rate, % 0.00% 0.01% 0.06% 0.08% 100%
\nEstimated total gross carrying amount at default 25,864 3,155 124 34 115 29,292
\nLifetime ECL - - - - (115) (115)
\nChicken meat export
\nECL rate, % 0.095% 0.22% 0.58% 1.95% 100%
\nEstimated total gross carrying amount at default 32,843 14,664 3,690 350 899 52,446
\nLifetime ECL (31) (32) (21) (7) (899) (990)
\nAgricultural Ukraine
\nECL rate, % 0.04% 0.11% 0.24% 0.50% 100%
\nEstimated total gross carrying amount at default 18,606 7,604 2,126 913 1,714 30,963
\nLifetime ECL (7) (8) (5) (5) (1,714) (1,739)
\nAgricultural export
\nECL rate, % 0.10% 0.13% 1.66% 13.00% 100%
\nEstimated total gross carrying amount at default 163 1,017 187 35 - 1,402
\nLifetime ECL - (1) (3) (5) - (9)
\nEuropean operating segment
\nECL rate, % 0.02% 0.18% 0.47% 4.88% 100%
\nEstimated total gross carrying amount at default 36,220 5,099 1,459 199 53 43,030
\nLifetime ECL (7) (9) (7) (10) (53) (86)
\nEstimated total gross carrying amount at default 157,133
\nTotal lifetime ECL (2,939)
\nINDIVIDUAL ASSESSMENT:
\nECL rate, % 34.69% 79.25% 22.4% 24.61% 98.93%
\nEstimated total gross carrying amount at default 735 425 1,023 1,593 11,185 14,961
\nLifetime ECL (255) (337) (229) (392) (11,064) (12,277)
\nEstimated total gross carrying amount at default 172,094
\nTotal lifetime ECL (15,216)
\n
\n\nThe movement in allowance for expected credit losses is
\ndetailed below:
\n2022 2021
\n1 January (5,042) (4,340)
\nCharged during the year 418 (702)
\n31 December (4,624) (5,042)
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag211": {
"value": "\n19.\u2005BIOLOGICAL\u2005ASSETS\u2005
\nThe balances of non-current biological assets were as follows as of 31 December 2022 and 2021:
\nTHOUSAND\u2005UNITS CARRYING\u2005AMOUNT THOUSAND\u2005UNITS CARRYING\u2005AMOUNT
\n2022 2021
\nMilk cows 15.2 17,239 14.9 22,746
\nOther non-current bearer biological assets 10 14
\nTotal bearer non-current biological assets 17,249 22,760
\nNon-current cattle and pigs, units 5.2 3,957 4.9 4,378
\nTotal consumable non-current biological
\nassets
\n 3,957 4,378
\nTotal non-current biological assets 21,206 27,138
\nThe balances of current biological assets were as follows as of 31 December 2022 and 2021:
\nTHOUSAND\u2005UNITS CARRYING\u2005AMOUNT THOUSAND\u2005UNITS CARRYING\u2005AMOUNT
\n2022 2021
\nBreeders held for hatchery eggs production,
\nunits
\n4,943 59,795 4,969 79,583
\nTotal bearer current biological assets 59,795 79,583
\nBroiler chickens, units 53,561 75,204 55,310 89,257
\nHatchery eggs, units 42,041 10,541 42,389 11,688
\nCrops in fields, hectare 82 29,713 62 33,565
\nCattle and pigs, units 3.5 1,328 3.4 1,293
\nOther current consumable biological assets 112 73
\nTotal consumable current biological assets 116,898 135,876
\nTotal current biological assets 176,693 215,459
\n
\n\n19.\u2005BIOLOGICAL\u2005ASSETS
\n(continued)
\nThe following table represents movements in major biological assets for the years ended 31 December 2022 and 2021:
\nMILK\u2005COWS
\nBREEDERS\u2005HELD\u2005FOR\u2005
\nHATCHERY\u2005EGGS\u2005
\nPRODUCTION
\nBROILER
\nCHICKENS
\nCROPS\u2005
\nIN\u2005FIELDS
\nAs of 31 December 2020 21,947 70,059 67,481 24,846
\nCosts incurred 12,921 143,927 1,010,123 323,462
\nGains arising from change in fair value of biological assets less costs to sell 9,593 65,578 234,694 353,464
\nTransfer to consumable biological assets - (178,613) 178,613 -
\nIncrease due to birth and weight increase 8,765 - - -
\nDecrease due to harvest (31,229) (23,268) (1,403,791) (669,029)
\nTranslation difference 749 1,900 2,137 822
\nAs of 31 December 2021 22,746 79,583 89,257 33,565
\nCosts incurred 11,945 126,772 935,411 330,785
\nGains arising from change in fair value of biological assets less costs to sell 7,137 55,056 453,817 92,983
\nTransfer to consumable biological assets - (156,495) 156,495 -
\nIncrease due to birth and weight increase 6,864 - - -
\nDecrease due to sale - (2,670) - -
\nDecrease due to harvest (25,772) (23,655) (1,537,988) (418,734)
\nTranslation difference (5,681) (18,796) (21,788) (8,886)
\nAs of 31 December 2022 17,239 59,795 75,204 29,713
\nInformation on movements in hatchery eggs and cattle and pigs groups have been considered immaterial for disclosure.
\n
\n\n19.\u2005BIOLOGICAL\u2005ASSETS
\n(continued)
\nBiological assets of the Group are measured at fair value within Level 3 of the fair value hierarchy, except for cattle and pigs that can be measured based on market prices of livestock of
\na similar age, breed and genetic merit, and which are therefore measured at fair value within Level 2 of the fair value hierarchy. There were no transfers between any levels during the year.
\nThe following unobservable inputs were used to measure biological assets:
\nDESCRIPTION VALUATION\u2005TECHNIQUE
\nSIGNIFICANT\u2005UNOBSERVABLE\u2005
\nINPUTS
\nRELATIONSHIP\u2005OF\u2005UNOBSERVABLE\u2005
\nINPUTS\u2005TO\u2005FAIR\u2005VALUE
\nRANGE\u2005OF\u2005UNOBSERVABLE\u2005INPUTS\u2005\u2005
\n(AVERAGE)
\nSENSITIVITY\u2005OF\u2005THE\u2005INPUT\u2005TO\u2005FAIR\u2005
\nVALUE\u2005INCREASE/\u2005\u2005
\n(DECREASE)\u2005USD\u2005THOUSAND\u2005
\nINPUT\u20055%\u2005HIGHER INPUT\u20055%\u2005LOWER
\nCrops in fields DCF method
\nCrops yield - tonnes per
\nhectare
\nThe higher the crops yield,
\nthe higher the fair value
\n2022: 3.6 \u2013 7.2 (5.4) 4,384 (4,384)
\n2021: 3.0 \u2013 5.5 (4.5) 4,962 (4,962)
\nCrops price \u2013 per tonne
\nThe higher the market price,
\nthe higher the fair value
\n2022: USD 157 - 498 (328) 4,384 (4,384)
\n2021: USD 255 - 617 (403) 4,962 (4,962)
\nDiscount rate
\nThe higher the discount rate,
\nthe lower the fair value
\n2022: 42.7% (207) 212
\n2021: 15.4% (116) 116
\nBreeders held for hatchery
\neggs production
\nDCF method
\nNumber of hatchery eggs
\nproduced by one breeder
\nThe higher the number,
\nthe higher the fair value
\n2022: 165 1,187 (1,187)
\n2021: 165 3,148 (3,148)
\nHatchery egg price \u2013 per egg
\nThe higher the market price,
\nthe higher the fair value
\n2022: USD 0.25 4,295 (4,295)
\n2021: USD 0.30 5,592 (5,592)
\nDiscount rate
\nThe higher the discount rate,
\nthe lower the fair value
\n2022: 42.7% (302) 308
\n2021: 13.6% (182) 184
\nBroiler chickens Cash flows method
\nAverage weight
\nof one broiler - kg
\nThe higher the weight,
\nthe higher the fair value
\n2022: 2.40 6,157 (6,157)
\n2021: 2.41 7,888 (7,888)
\nPoultry meat price \u2013
\nper kg
\nThe higher the market price,
\nthe higher the fair value
\n2022: UAH 40.64
\n3.24 EUR
\n*
\n 6,157 (6,157)
\n2021: UAH 35.80
\n2.27 EUR
\n*
\n 7,888 (7,888)
\nMilk cows DCF method
\nDaily milk yield -
\nlitre per cow
\nThe higher the milk yield,
\nthe higher the fair value
\n2022: 20.19 - 21.91 (21.40) 837 (837)
\n2021: 15.55 \u2013 20.54 (18.28) 1,060 (1,060)
\nWeight of the cow -
\nkg per cow
\nThe higher the weight,
\nthe higher the fair value
\n2022: 559 - 587 (570) 112 (112)
\n2021: 550 - 585 (562) 222 (222)
\nMilk price \u2013 per litre
\nThe higher the market price,
\nthe higher the fair value
\n2022: UAH 12.42 \u2013 12.99 (12.73) 4,086 (4,086)
\n2021: UAH 11.91 \u2013 12.58 (12.22) 5,194 (5,194)
\nMeat price \u2013 per kg
\nThe higher the market price,
\nthe higher the fair value
\n2022: UAH 15.58 - 18.09 (16.77) 112 (112)
\n2021: UAH 15.98 \u2013 34.13 (22.97) 222 (222)
\nDiscount rate
\nThe higher the discount rate,
\nthe lower the fair value
\n2022: 25.0% (475) 498
\n2021: 13.6% (421) 434
\n* data of European operating segment
\n
\n\n
\n21.\u2005AGRICULTURAL\u2005PRODUCE
\nThe balances of agricultural produce were as follows as of
\n31 December 2022 and 2021:
\nSEGMENT
\nTHOUSAND\u2005
\nTONNES
\nCARRYING\u2005
\nAMOUNT
\nTHOUSAND\u2005
\nTONNES
\nCARRYING\u2005
\nAMOUNT
\n2022 2021
\nGrain 1,050 2 2 4 , 5 5 0 1,201 372,343
\nChicken meat 70.6 1 2 7,9 0 8 72.3 1 2 8 ,757
\nOther various
\ncrops
\n 8,967 9,181
\nOther various
\nmeat
\n 2 986
\n 3 6 1 , 4 2 7 51 1 , 2 67
\nThe fair value of Agricultural produce was estimated based
\non market price as of date of harvest and is within Level 2
\nof the fair value hierarchy.
\n\nAs of 31 December 2022, agricultural produce in amount of
\nUSD 38,260 thousand was pledged as collateral to secure
\nbank borrowings (2021: USD 38,188 thousand).
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBiologicalAssetsAndGovernmentGrantsForAgriculturalActivityExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag212": {
"value": "\n20.\u2005INVENTORIES\u2005
\nThe balances of inventories were as follows as of 31
\nDecember 2022 and 2021:
\n2022 2021
\nComponents for mixed fodder
\nproduction
\n157,099 192,362
\nOther raw materials 50,531 44,458
\nFertilizers 49,603 40,969
\nVegetable oil 49,540 15,153
\nWork in progress 39,580 40,103
\nGas and fuel 25,851 5,057
\nSpare parts 15,610 18,935
\nMixed fodder 15,043 6,180
\nOther inventories 10,933 4,002
\n413,790 367,219
\nAs of 31 December 2022 and 2021 work in progress was
\nmainly comprised of expenses incurred in cultivating fields
\nto be planted in the years 2023 and 2022 in amounts of USD
\n38,216 thousand and USD 39,225 thousand, respectively.
\nAs of 31 December 2022 components for mixed fodder
\nproduction mostly consist of sunflower seeds in amount
\nof USD 95,613 thousand (31 December 2021: USD 59,832
\nthousand), corn in amount of USD 8,311 thousand (31
\nDecember 2021: USD 31,897 thousand) and soybeans in
\namount of USD 3,984 thousand (31 December 2021: USD
\n59,448 thousand).
\nInventory is stated at the lower of cost and net realisable
\nvalue. As at 31 December 2022 inventory write-downs to
\nnet realisable value in the amount of USD 2,799 thousand
\nwere recognised within cost of sales. No impairment or
\nreversal of write-downs were made as of 31 December
\n2021.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag213": {
"value": "\n22.\u2005TAXES\u2005RECOVERABLE\u2005AND\u2005PREPAID
\nTaxes recoverable and prepaid were as follows as of 31
\nDecember 2022 and 2021:
\n2022 2021
\nVAT recoverable 68,063 66,915
\nMiscellaneous taxes prepaid 696 1,236
\n 68,759 68,151
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag214": {
"value": "\n23.\u2005TRADE\u2005ACCOUNTS\u2005RECEIVABLE\u2005
\nThe balances of trade accounts receivable were as
\nfollows as of 31 December 2022 and 2021:
\n2022 2021
\nChicken meat 125,271 124,669
\nMeat processing and convenience
\nfood
\n 18,220 28,153
\nSunflower oil sales 29,737 304
\nGrain 3,133 1,874
\nDue from related parties (Note 32) 106 113
\nOther agriculture operations 19,696 16,981
\nLess: expected credit losses (13,263) (15,216)
\n 1 8 2 ,9 0 0 1 5 6 , 8 7 8
\nThe average credit period on sales of poultry is 30 days
\nand on sales of agricultural goods is 60 days. No interest
\nis charged on outstanding trade accounts receivable.
\nThe expected credit losses on trade accounts receivable
\nare estimated on a collective basis using a provision
\nmatrix and on individual basis using different scenarios
\nof probability of default.
\nThe provision matrix is used by reference to past default
\nexperience of the debtor and an analysis of the debtor\u2019s
\ncurrent financial position, adjusted for factors that are
\nspecific to the debtors, general economic conditions of the
\nindustry in which the debtors operate and an assessment
\nof both the current as well as the forecast direction of
\nconditions at the reporting date.
\nThus, due to the worsening of current economic and
\npolitical situation in Ukraine as a result of the Russian
\ninvasion, and in order to ensure that expected credit
\nlosses accurately reflects the credit risk of domestic trade
\naccounts receivable in Ukraine, the credit default swap
\nrate of 9.18%, was incorporated in calculation of expected
\ncredit losses as at 31 December 2022.
\nAn individual assessment is used for the individually
\nsignificant debtors with credit risk characteristics that are
\nnot aligned with others.
\nThe Group has recognised a loss allowance of USD 5,387
\nthousand against all trade accounts receivable over 270
\ndays past due, which are assessed on a collective basis,
\nbecause historical experience has indicated that these
\ntrade accounts receivable are generally not recoverable.
\nThere has been no change in the estimation techniques or
\nsignificant assumptions made during the current reporting
\nperiod. The Group writes off a trade accounts receivable
\nwhen there is information indicating that the debtor is in
\nsevere financial difficulty and there is no realistic prospect
\nof recovery, e.g. when the debtor has been placed under
\nliquidation or has entered into bankruptcy proceedings,
\nor when the trade accounts receivable are over 3 years
\npast due, whichever occurs earlier. None of the trade
\naccounts receivable that have been written off are subject
\nto enforcement activities.
\nThe following table details the risk profile of trade
\naccounts receivable based on the Group\u2019s provision
\nmatrix. It discloses chicken meat Ukraine, chicken meat
\nexport and agricultural Ukraine, agricultural export sales
\nand European operating segment as separate classes of
\nfinancial instruments and applies the simplified approach
\nto its trade accounts receivable so that the loss allowance
\nis always measured at an amount equal to lifetime expected
\ncredit losses.
\n
\n\n
\n23.\u2005TRADE\u2005ACCOUNTS\u2005RECEIVABLE
\n(continued)
\n\nThe following table illustrates the use of a provision matrix as a risk profile disclosure under the simplified approach as
\nat 31 December 2022:
\n31\u2005DECEMBER\u20052022
\nTRADE\u2005ACCOUNTS\u2005RECEIVABLE\u2005\u2013\u2005DAYS\u2005PAST\u2005DUE
\nNOT\u2005PAST\u2005DUE\u2005 <\u200530\u2005 \u200531-90 91-270 \u2005>270 \u2005TOTAL
\nPORTFOLIO ASSESSMENT:
\nChicken meat Ukraine
\nECL rate, % 9.19% 9.26% 9.53% 9.67% 100%
\nEstimated total gross carrying amount at default 23,776 2,796 338 65 1,100 28,075
\nLifetime ECL (2,185) (259) (32) (6) (1,100) (3,582)
\nChicken meat export
\nECL rate, % 0.02% 0.06% 0.18% 0.79% 100%
\nEstimated total gross carrying amount at default 34,769 16,076 4,512 632 430 56,419
\nLifetime ECL (7) (10) (8) (5) (430) (460)
\nAgricultural Ukraine
\nECL rate, % 9.25% 9.35% 9.55% 9.74% 100%
\nEstimated total gross carrying amount at default 10,776 3,900 1,012 401 3,794 19,883
\nLifetime ECL (997) (365) (97) (39) (3,794) (5,292)
\nAgricultural export
\nECL rate, % 0.00% 0.00% 0.16% 0.50% 100%
\nEstimated total gross carrying amount at default 442 32,119 331 251 4 33,147
\nLifetime ECL - - (1) (1) (4) (6)
\nEuropean operating segment
\nECL rate, % 0.01% 0.02% 0.25% 0.47% 100%
\nEstimated total gross carrying amount at default 42,910 7,895 1,322 714 59 52,900
\nLifetime ECL (3) (2) (3) (3) (59) (70)
\nEstimated total gross carrying amount at default 190,424
\nTotal lifetime ECL (9,410)
\nINDIVIDUAL ASSESSMENT:
\nECL rate, % 41.82% 43.61% 46.83% 64.03% 77.38%
\nEstimated total gross carrying amount at default 165 133 126 3,339 1,976 5,739
\nLifetime ECL (69) (58) (59) (2,138) (1,529) (3,853)
\nEstimated total gross carrying amount at default 196,163
\nTotal lifetime ECL (13,263)
\n
\n\n
\n\n
\n23.\u2005TRADE\u2005ACCOUNTS\u2005RECEIVABLE
\n(continued)
\n\nThe following table illustrates the use of a provision matrix as a risk profile disclosure under the simplified approach as
\nat 31 December 2021:
\n31\u2005DECEMBER\u20052021
\nTRADE\u2005ACCOUNTS\u2005RECEIVABLE\u2005\u2013\u2005DAYS\u2005PAST\u2005DUE
\nNOT\u2005PAST\u2005DUE\u2005 <\u200530\u2005 \u200531-90 91-270 \u2005>270 \u2005TOTAL
\nPORTFOLIO ASSESSMENT:
\nChicken meat Ukraine
\nECL rate, % 0.00% 0.01% 0.06% 0.08% 100%
\nEstimated total gross carrying amount at default 25,864 3,155 124 34 115 29,292
\nLifetime ECL - - - - (115) (115)
\nChicken meat export
\nECL rate, % 0.095% 0.22% 0.58% 1.95% 100%
\nEstimated total gross carrying amount at default 32,843 14,664 3,690 350 899 52,446
\nLifetime ECL (31) (32) (21) (7) (899) (990)
\nAgricultural Ukraine
\nECL rate, % 0.04% 0.11% 0.24% 0.50% 100%
\nEstimated total gross carrying amount at default 18,606 7,604 2,126 913 1,714 30,963
\nLifetime ECL (7) (8) (5) (5) (1,714) (1,739)
\nAgricultural export
\nECL rate, % 0.10% 0.13% 1.66% 13.00% 100%
\nEstimated total gross carrying amount at default 163 1,017 187 35 - 1,402
\nLifetime ECL - (1) (3) (5) - (9)
\nEuropean operating segment
\nECL rate, % 0.02% 0.18% 0.47% 4.88% 100%
\nEstimated total gross carrying amount at default 36,220 5,099 1,459 199 53 43,030
\nLifetime ECL (7) (9) (7) (10) (53) (86)
\nEstimated total gross carrying amount at default 157,133
\nTotal lifetime ECL (2,939)
\nINDIVIDUAL ASSESSMENT:
\nECL rate, % 34.69% 79.25% 22.4% 24.61% 98.93%
\nEstimated total gross carrying amount at default 735 425 1,023 1,593 11,185 14,961
\nLifetime ECL (255) (337) (229) (392) (11,064) (12,277)
\nEstimated total gross carrying amount at default 172,094
\nTotal lifetime ECL (15,216)
\n
\n\nThe following table shows the movement in lifetime ECL
\nthat has been recognised for trade and other accounts
\nreceivable in accordance with the simplified approach set
\nout in IFRS 9.
\nCOLLECTIVELY\u2005
\nASSESSED
\nINDIVIDUALLY\u2005
\nASSESSED
\n1 January 2021 (2,535) (11,987)
\nCharged during the year (404) (290)
\n31 December 2021 (2,939) (12,277)
\nCharged during the year (6,795) (1,716)
\nUtilised 324 10,140
\n31 December 2022 (9,410) (3,853)
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag215": {
"value": "\n25.\u2005CASH\u2005AND\u2005CASH\u2005EQUIVALENTS\u2005
\nThe balances of cash and cash equivalents were as follows as of 31 December 2022 and 2021:
\n2022 2021
\nDEPOSIT\u2005RATES USD\u2019\u2005000 DEPOSIT\u2005RATES USD\u2019\u2005000
\nCash and cash equivalents at banks
\nand on hand in:
\nUkrainian Hryvnia 23,611 44,535
\nEuro 87,826 105,416
\nUS Dollars 80,266 91,150
\nBritish Pounds 9,677 2,611
\nSaudi Riyal 6,950 5,887
\nOther currencies 15,567 14,391
\nShort-term deposits with an original
\nmaturity of less than 90 days:
\nUkrainian Hryvnia 8.00-17.00% 12,661 -
\nUS Dollars 0.04% 46,936 -
\nEuro 0.05-2.13% 16,971 -
\nOther currencies 0.00% 24 -
\nGovernment bonds:
\nUkrainian Hryvnia - 11,247
\nTotal cash and equivalents 300,489 275,237
\nIn accordance with the international rating agency of Moody\u2019s, credit ratings of the banks with which the Group had
\naccounts opened as of 31 December 2022 and 2021 were as follows:
\n2022 2021
\nInternational banks with A rating 217,160 162,941
\nInternational banks with B rating 6,911 30,321
\nSubsidiaries of international banks with A rating 40,109 39,702
\nSubsidiaries of international banks with B rating 4,870 17,098
\nUkrainian banks with B rating - 9,677
\nUkrainian banks with C rating 31,283
\nDomestic government bonds (OVDPs) of Ukraine - 11,247
\nOther banks without ratings 156 4,251
\n 300,489 275,237
\n
\n\n25.\u2005CASH\u2005AND\u2005CASH\u2005EQUIVALENTS\u2005
\n(continued)\u2005
\nThe impairment loss arising on cash and cash equivalent
\nheld in Ukrainian state banks with C rating was immaterial
\nas at 31 December 2022 and 2021.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag216": {
"value": "\n
\n\n26.\u2005SHAREHOLDERS\u2019\u2005EQUITY
\nShare capital
\nAs of 31 December 2022 and 2021 the authorized, issued
\nand fully paid share capital of MHP SE comprised the
\nfollowing number of shares:
\n2022 2021
\nNumber of shares issued and
\nfully paid
\n 110,770,000 110,770,000
\nNumber of shares outstanding 107,038,208 107,038,208
\nThe authorized share capital as of 31 December 2022
\nand 2021 was EUR 221,540 thousand represented by
\n110,770,000 shares with par value of EUR 2 each.
\nAll shares have equal voting rights and rights to receive
\ndividends, which are payable at the discretion of the
\nCompany.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag217": {
"value": "\n26.\u2005SHAREHOLDERS\u2019\u2005EQUITY
\nShare capital
\nAs of 31 December 2022 and 2021 the authorized, issued
\nand fully paid share capital of MHP SE comprised the
\nfollowing number of shares:
\n2022 2021
\nNumber of shares issued and
\nfully paid
\n 110,770,000 110,770,000
\nNumber of shares outstanding 107,038,208 107,038,208
\nThe authorized share capital as of 31 December 2022
\nand 2021 was EUR 221,540 thousand represented by
\n110,770,000 shares with par value of EUR 2 each.
\nAll shares have equal voting rights and rights to receive
\ndividends, which are payable at the discretion of the
\nCompany.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag218": {
"value": "\n27.\u2005NON-CONTROLLING\u2005INTERESTS\u2005
\nThe table below shows details of non-wholly owned subsidiaries of the Group that have material non-controlling interests:
\nNAME\u2005OF\u2005SUBSIDIARY
\nPROPORTION\u2005OF\u2005OWNERSHIP\u2005
\nINTERESTS\u2005AND\u2005VOTING\u2005RIGHTS\u2005
\nHELD\u2005BY\u2005NON-CONTROLLING\u2005
\nINTERESTS
\nPROFIT/(LOSS)\u2005ALLOCATED\u2005TO\u2005
\nNON-CONTROLLING\u2005INTERESTS
\nACCUMULATED\u2005\u2005
\nNON-CONTROLLING\u2005INTERESTS
\n2022 2021 2022 2021 2022 2021
\nMHP-Agro-S 49.0% 49% 2,060 10,427 9,504 11,625
\nMHP-AgroKryazh 49.0% 49% (1,786) 5,937 6,566 10,028
\nMyronivsky Plant of
\nManufacturing Feeds
\nand\u2005Groats
\n11.5% 11.5% (2,295) (625) 4,380 4,944
\nOther subsidiaries with
\nimmaterial non-controlling
\ninterests
\nn/a n/a (3,339) 2,088 (2,124) 3,203
\nn/a n/a (5,360) 17,827 18,326 29,800
\nSummarised financial information in respect of each of the Group's subsidiaries that have material non-controlling
\ninterests is set out below. The summarised financial information below represents amounts before intragroup eliminations.
\nSummarised statement of financial position as of 31 December 2022 and 2021:
\nMHP-AGRO-S MHP-AGROKRYAZH MYRONIVSKY\u2005PLANT\u2005
\nOF\u2005MANUFACTURING\u2005FEEDS\u2005
\nAND\u2005GROATS
\n2022 2021 2022 2021 2022 2021
\nCurrent assets 38,388 55,353 26,380 37,157 68,299 61,762
\nNon-current assets 21,927 29,137 19,097 22,655 106,467 117,710
\nCurrent liabilities (32,390) (49,243) (27,682) (35,667) (131,771) (132,105)
\nNon-current liabilities (9,813) (11,887) (7,521) (9,332) (9,696) (11,737)
\nTotal equity 18,112 23,360 10,274 14,813 33,299 35,630
\nAttributable to:
\nOwners of the Group 8,608 11,735 3,708 4,785 28,919 30,686
\nNon-controlling interest 9,504 11,625 6,566 10,028 4,380 4,944
\n
\n\n27.\u2005NON-CONTROLLING\u2005INTERESTS\u2005
\n(continued)
\nSummarised statements of profit or loss and other comprehensive income for the years ended 31 December 2022 and 2021:
\nMHP-AGRO-S MHP-AGROKRYAZH MYRONIVSKY\u2005PLANT\u2005
\nOF\u2005MANUFACTURING\u2005FEEDS\u2005
\nAND\u2005GROATS
\n2022 2021 2022 2021 2022 2021
\nRevenue 30,830 39,717 23,472 27,604 110,793 80,144
\nExpenses (26,626) (18,440) (27,114) (15,496) (130,797) (85,594)
\nProfit/(loss) for the year 4,204 21,277 (3,642) 12,108 (20,004) (5,450)
\nProfit/(loss) attributable to:
\nOwners of the Group 2,144 10,850 (1,856) 6,171 (17,709) (4,825)
\nNon-controlling interests 2,060 10,427 (1,786) 5,937 (2,295) (625)
\nTotal profit/(loss) 4,204 21,277 (3,642) 12,108 (20,004) (5,450)
\nOCI attributable to:
\nOwners of the Group (1,832) 1,098 (1,744) 1,664 13,353 25,323
\nNon-controlling interests (1,760) 1,057 (1,676) 1,598 1,731 3,281
\nTotal OCI (3,592) 2,155 (3,420) 3,262 15,084 28,604
\nComprehensive income
\nattributable to:
\nOwners of the Group 312 11,948 (3,600) 7,835 (4,356) 20,498
\nNon-controlling interests 300 11,484 (3,462) 7,535 (564) 2,656
\nTotal comprehensive
\nincome/(loss) for the year
\n 612 23,432 (7,062) 15,370 (4,920) 23,154
\nDividends declared to non-
\ncontrolling interest
\n (2,421) (6,425) - (2,196) - -
\nSummarised cash inflow/(outflow) for the years ended 31 December 2022 and 2021:
\nMHP-AGRO-S MHP-AGROKRYAZH MYRONIVSKY\u2005PLANT\u2005
\nOF\u2005MANUFACTURING\u2005FEEDS\u2005
\nAND\u2005GROATS
\n2022 2021 2022 2021 2022 2021
\nOperating activities 1,203 16,252 (1,436) 8,816 2,695 10,310
\nInvesting activities (1,799) (1,850) (1,262) (1,052) (2,714) (2,602)
\nFinancing activities (711) (12,870) (5) (4,615) (4) (6,072)
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag219": {
"value": "\n28.\u2005BANK\u2005BORROWINGS
\nThe following table summarizes bank borrowings and credit lines outstanding as of 31 December 2022 and 2021:
\nCURRENCY
\n2022 2021
\nWAIR\u2005
\n1)
\nUSD\u2019\u2005000 WAIR\u2005
\n1)
\nUSD\u2019\u2005000
\nNON-CURRENT
\nEUR
\nEURIBOR
\n2)
\n + 1.35%
\n117,719
\nEURIBOR
\n2)
\n + 1.23%
\n103,604
\n117,719 103,604
\nCURRENT
\nUAH 20.00%
\n4)
\n 2,456 -
\nUSD SOFR
\n3)
\n + 2.20% 10,550 SOFR
\n3)
\n + 2.20% 10,550
\nUSD 6.06% 56,843 2.00% 99,536
\nEUR EURIBOR
\n2)
\n + 2,3% 25,564 -
\nEUR 4.32% 56,802 -
\nCurrent portion of long-term
\nbank borrowings
\nEUR EURIBOR
\n2)
\n + 1.35% 23,897
\nEURIBOR
\n2)
\n + 1.23%
\n11,372
\n176,112 121,458
\nTotal bank borrowings 293,831 225,062
\n1)
\n WAIR represents the weighted average interest rate on outstanding borrowings.
\n2)
\n According to the agreements terms, if market EURIBOR becomes negative, it shall be deemed to be zero for calculation of interest expense.
\n3)
\n The Secured Overnight Financing Rate (SOFR) is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities.
\n4)
\n Deduction interest amount equal to 3m UIRD+5% p.a. will be applied as interest compensation from Government, where Ukrainian Index of Retail Deposit
\nRates (UIRD) - indicative rate calculated at 15:00 Kyiv time of each Banking Day in the Thomson Reuters system based on nominal rates on time deposits of
\nindividuals in hryvnia for a period of 3 months with interest paid upon the expiration of the deposit agreement, operating in 20 largest Ukrainian banks in the
\nsize of the deposit portfolio of individuals. As of 31 December 2022 3m UIRD rate is equal 11.18% p.a.
\nThe Group\u2019s borrowings are drawn from various banks
\nas term loans, credit line facilities. Repayment terms of
\nprincipal amounts of bank borrowings vary from monthly,
\nquarterly, semi-annually repayment to repayment on
\nmaturity depending on the agreement reached with each
\nbank.
\nAs of 31 December 2022 and 31 December 2021, the
\nGroup\u2019s bank term loans and credit lines bear floating
\nand fixed interest rates.
\nTerm loans and credit line facilities were as follows as of
\n31 December 2022 and 2021:
\n2022 2021
\nCredit lines 152,215 110,086
\nTerm loans 141,616 114,976
\n 293,831 225,062
\nBank borrowings and credit lines outstanding as of 31
\nDecember 2022 and 2021 were repayable as follows:
\n2022 2021
\nWithin one year 176,112 121,458
\nIn the second year 27,170 13,233
\nIn the third to fifth year inclusive 84,041 76,456
\nAfter five years 6,508 13,915
\n 293,831 225,062
\nAs of 31 December 2022, the Group had available undrawn
\nfacilities of USD 36,819 thousand (2021: USD 255,970
\nthousand). These undrawn facilities expire during the
\n
\n\n
\n28.\u2005BANK\u2005BORROWINGS\u2005
\n(continued)\u2005
\nThe Group, as well as particular subsidiaries of the Group,
\nhave to comply with the following maintenance covenants
\nimposed by the banks providing the loans: EBITDA to
\ninterest expenses ratio, current ratio and liabilities to
\nequity ratio. Separately, in case of excess of Net Debt to
\nEBITDA ratio (the Group\u2019s leverage ratio), there are negative
\ncovenants in respect of restricted payments, comprising
\ndividends, capital expenditures, additional indebtedness
\nand restrictions on mergers or consolidations, limitations
\non liens and dispositions of assets and limitations on
\ntransactions with affiliates.
\nAs of 31 December 2022 the Group has complied with all
\nbank covenants. As at 31 December 2022, the Group\u2019s
\nleverage ratio increased to 3.22 to 1, compared with 1.90 to
\n1 as at 31 December 2021, leading to the certain restrictions
\nas stated in Note 29.
\nThe Group\u2019s bank borrowings are jointly and severally
\nguaranteed by MHP, Myronivsky Plant of Manufacturing
\nFeeds and Groats, Oril-Leader, Peremoga Nova, Starynska
\nPtakhofabryka, Zernoproduct MHP, Katerinopilskiy
\nElevator, Agrofort, SPF Urozhay, MHP SE, Scylla Capital
\nLimited, Myronivska Pticefabrika, Ptakhofabryka
\nSnyatynska Nova, Vinnytska Ptakhofabryka, Zakhid-Agro
\nMHP, MHP-Urozhayna Krayina.
\nAs of 31 December 2022, the Group had borrowings of USD
\n109,258 thousand that were secured by property, plant
\nand equipment with a collateral amount of USD 100,789
\nthousand (31 December 2021: USD 75,084 thousand and
\nUSD 91,931 thousand respectively) (Note 14).
\nAs of 31 December 2022, the Group had borrowings of
\nUSD 30,608 thousand that were secured by agricultural
\nproduce with a carrying amount of USD 38,260 thousand
\n(31 December 2021: USD 30,550 thousand and USD 38,188
\nthousand respectively) (Note 21).
\n\nAs of 31 December 2022, the deposit with carrying amount
\nof USD 23,137 thousand (31 December 2021: USD 2,555
\nthousand) was restricted as collateral to secure issued letters
\nof credit.
\n
\n\nAs of 31 December 2022 and 31 December 2021, interest
\npayable on bank borrowings was USD 774 thousand and
\nUSD 423 thousand, respectively.
\nProlongation of bank borrowings
\nDuring the year ended 31 December 2022, the Group agreed
\nwith its bank lenders a general postponement of debt
\nservicing in respect of bank borrowings in the total amount
\nof USD 137,000 thousand. This agreement was made in
\norder to comply with the restrictions on debt servicing as
\nestablished by the consent solicitation obtained from the
\nbondholders (as described in Note 29). In particular, during
\nthe 270-day support period for semi-annual interest
\npayments on 2024 Notes, the 2026 Notes and the 2029
\nNotes agreed on 30 March 2022 the Group is committed
\nto pay not more than USD 12.5 million in the aggregate in
\nsatisfaction of any debt service payments in respect of any
\nindebtedness of the Group, excluding any interest payment
\nin respect of any of the 2024 Notes, the 2026 Notes and
\nthe 2029 Notes and the repayment of Indebtedness with
\nthe net proceeds of Permitted Refinancing Indebtedness.
\nDuring the year ended 31 December 2022, the Group signed
\nlegally-binding agreements for the above-mentioned
\nbank borrowings to comply with consent solicitation
\nrequirements.
\n
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag220": {
"value": "\n29.\u2005BONDS\u2005ISSUED
\nBonds issued and outstanding as of 31 December 2022 and 2021 were as follows:
\nCARRYING\u2005AMOUNT NOMINAL\u2005AMOUNT
\nSEGMENT 31\u2005DECEMBER\u20052022 31\u2005DECEMBER\u20052021 31\u2005DECEMBER\u20052022 31\u2005DECEMBER\u20052021
\n7.75% Senior Notes due in 2024 494,416 490,851 500,000 500,000
\n6.95% Senior Notes due in 2026 540,707 538,346 550,000 550,000
\n6.25% Senior Notes due in 2029 347,858 347,623 350,000 350,000
\nUnamortized debt issuance cost - - (17,019) (23,180)
\nTotal bonds issued 1,382,981 1,376,820 1,382,981 1,376,820
\nAs of 31 December 2022 and 2021 accrued interest on bonds issued was USD 41,112 thousand and USD 20,757 thousand,
\nrespectively.
\n
\n\n29.\u2005BONDS\u2005ISSUED\u2005\u2005
\n(continued)\u2005
\n6.25% Senior Notes
\nOn 19 September 2019, MHP Lux S.A., a public company
\nwith limited liability (soci\u00e9t\u00e9 anonyme) incorporated in
\n2018 under the laws of the Grand Duchy of Luxembourg,
\nissued USD 350,000 thousand 6.25% Senior Notes due in
\n2029 at par value. The funds received were used to satisfy
\nand discharge the 8.25% Senior Notes due in April 2020,
\nfor debt refinancing and for general corporate purposes.
\nThe Senior Notes are jointly and severally guaranteed on
\na senior basis by MHP SE, PrJSC \u201cOril \u2013 Leader\u201d, PrJSC
\n\u201cMyronivska Pticefabrika\u201d, \u201cSPF \u201cUrozhay\u201d LLC, \u201cStarynska
\nPtakhofabryka\u201d ALLC, \u201cVinnytska Ptakhofabryka\u201d LLC,
\n\u201cPeremoga Nova\u201d SE, \u201cKaterinopolskiy Elevator\u201d LLC, PrJSC
\n\u201cMHP\u201d, PrJSC \u201cZernoprodukt MHP\u201d and PrJSC \u201cAgrofort\u201d.
\nInterest on the Senior Notes is payable semi-annually in
\narrears in March and September. These Senior Notes are
\nsubject to certain restrictive covenants including, but
\nnot limited to, limitations on the incurrence of additional
\nindebtedness in excess of Net Debt to EBITDA ratio as
\ndefined by the indenture, restrictions on mergers or
\nconsolidations, limitations on liens and dispositions of
\nassets and limitations on transactions with affiliates. If the
\nGroup fails to comply with the covenants imposed, the
\nTrustee or the Holders of at least 25% in principal amount
\nof outstanding Notes may, upon written notice to the
\nGroup, declare all outstanding Senior Notes to be due
\nand payable immediately. If a change of control occurs,
\nthe Group shall make an offer to each holder of the Senior
\nNotes to purchase such Senior Notes at a purchase price
\nin cash in an amount equal to 100% of the aggregate
\nprincipal amount thereof, plus accrued and unpaid interest
\nand additional amounts, if any.
\n6.95% Senior Notes
\nOn 3 April 2018, MHP Lux S.A. issued USD 550,000
\nthousand 6.95% Senior Notes due in 2026 at par value.
\nOut of the total issue amount USD 416,183 thousand were
\ndesignated for redemption and exchange of the existing
\n8.25% Senior Notes due in 2020.
\nThe Senior Notes are jointly and severally guaranteed
\non a senior basis by MHP SE, PrJSC \u201cMHP\u201d, PJSC
\n\u201cMyronivsky Plant of Manufacturing Feeds and Groats\u201d,
\nPrJSC \u201cZernoprodukt MHP\u201d, PrJSC \u201cAgrofort\u201d, PrJSC
\n\u201cOril-Leader\u201d, PrJSC \u201cMyronivska Pticefabrika\u201d, \u201cSPF
\n\u201cUrozhay\u201d LLC, \u201cStarynska Ptakhofabryka\u201d ALLC,
\n\u201cVinnytska Ptakhofabryka\u201d LLC, \u201cPeremoga Nova\u201d SE,
\n\u201cKaterinopolskiy Elevator\u201d LLC, Scylla Capital Limited.
\nInterest on the Senior Notes is payable semi-annually in
\narrears in April and October. These Senior Notes are subject
\nto certain restrictive covenants including, but not limited
\nto, limitations on the incurrence of additional indebtedness
\nin excess of Net Debt to EBITDA ratio as defined by the
\nindenture, restrictions on mergers or consolidations,
\nlimitations on liens and dispositions of assets and limitations
\non transactions with affiliates. If the Group fails to comply
\nwith the covenants imposed, the Trustee or the Holders of
\nat least 25% in principal amount of outstanding Notes may,
\nupon written notice to the Group, declare all outstanding
\nSenior Notes to be due and payable immediately. If a change
\nof control occurs, the Group shall make an offer to each
\nholder of the Senior Notes to purchase such Senior Notes
\nat a purchase price in cash in an amount equal to 100%
\nof the principal amount thereof, plus accrued and unpaid
\ninterest and additional amounts, if any.
\n7.75% Senior Notes
\nOn 10 May 2017, MHP SE issued USD 500,000 thousand
\n7.75% Senior Notes due in 2024 at par value. Out of the
\ntotal issue the amount of USD 245,200 thousand were
\ndesignated for redemption and exchange of existing 8.25%
\nSenior Notes due in 2020.
\nThe Senior Notes are jointly and severally guaranteed on a
\nsenior basis by PrJSC \u201cMHP\u201d, PJSC \u201cMyronivsky Plant of
\nManufacturing Feeds and Groats\u201d, PrJSC \u201cZernoprodukt
\nMHP\u201d, PrJSC \u201cAgrofort\u201d, PrJSC \u201cOril-Leader\u201d, PrJSC
\n\u201cMyronivska Pticefabrika\u201d, \u201cSPF \u201cUrozhay\u201d LLC, \u201cStarynska
\nPtakhofabryka\u201d ALLC, Vinnytska Ptakhofabryka LLC, SE
\n\u201cPeremoga Nova\u201d, \u201cKaterinopolskiy Elevator\u201d LLC, Scylla
\nCapital Limited.
\n
\n\n29.\u2005BONDS\u2005ISSUED\u2005\u2005
\n(continued)\u2005
\n7.75% Senior Notes (continued)
\nInterest on the Senior Notes is payable semi-annually in
\narrears in May and November. These Senior Notes are
\nsubject to certain restrictive covenants including, but
\nnot limited to, limitations on the incurrence of additional
\nindebtedness in excess of Net Debt to EBITDA ratio as
\ndefined by the indenture, restrictions on mergers or
\nconsolidations, limitations on liens and dispositions of
\nassets and limitations on transactions with affiliates. If the
\nGroup fails to comply with the covenants imposed, the
\nTrustee or the Holders of at least 25% in principal amount
\nof the then outstanding Notes may, upon written notice to
\nthe Group, declare all outstanding Senior Notes to be due
\nand payable immediately. If a change of control occurs,
\nthe Group shall make an offer to each holder of the Senior
\nNotes to purchase such Senior Notes at a purchase price
\nin cash in an amount equal to 101% of the principal amount
\nthereof, plus accrued and unpaid interest and additional
\namounts, if any.
\nCovenants
\nCertain restrictions under the indebtedness agreements
\n(e.g. incurrence of additional indebtedness, restricted
\npayments as defined above, dividends payment) are
\ndependent on the leverage ratio of the Group calculated
\nas Net Debt to EBITDA. Once the leverage ratio exceeds
\n3.0 to 1, it is not permitted for the Group to make certain
\nrestricted payments, declare dividends exceeding USD
\n30 million in any financial year, or incur additional debt
\nexcept that defined as a Permitted Debt. According to
\nthe indebtedness agreement, the consolidated leverage
\nratio is tested on the date of incurrence of additional
\nindebtedness or restricted payment and after giving pro
\nforma effect to such incurrence or restricted payment as
\nif it had been incurred or done at the beginning of the
\nmost recent four consecutive fiscal quarters for which
\nfinancial statements are publicly available (or are made
\navailable). As at 31 December 2022 the leverage ratio of
\nthe Group is 3.22 to 1 (31 December 2021: 1.90 to 1), higher
\nthan the defined limit 3.0 to 1. The Group has tested all
\nthe transactions that occurred prior to publication of
\nthese financial statements and has complied with all the
\ncovenants defined by the indebtedness agreement during
\nthe reporting periods ended 31 December 2022 and 31
\nDecember 2021.
\nConsent solicitation
\nOn 30 March 2022, the Group received consent from
\nHolders to postpone the semi-annual interest payments
\non each of the 2024 Notes, the 2026 Notes and the
\n2029 Notes scheduled for Spring 2022 for a period up to
\n270 days (the \u201cSupport Period\u201d). As a result, the Group
\npostponed bonds` interest payments for a total amount of
\nUSD 49,425 thousand, and postponed interest payments
\ncontinued to accrue during the Support Period. As of
\n31 December 2022 two deferred semi-annual interest
\namounts of the 2026 Notes and the 2029 Notes in a
\ncumulative amount of USD 31,559 thousand were paid by
\nGroup on time. The last deferred coupon payment due
\nin February 2023 in the amount of USD 20,501 thousand
\nwas paid on time after the reporting date.
\nAs defined by the Consent Solicitation Memorandum,
\nthe Group subject to the following restrictions during the
\nSupport Period:
\n\u2022 the Company and its Restricted Subsidiaries shall not be
\nable to incur Indebtedness pursuant to the ratio-based
\npermission for the Incurrence of Indebtedness;
\n\u2022 the \u201cgeneral basket\u201d for the incurrence of Permitted
\nDebt shall be reduced to USD 10 million in aggregate
\nprincipal amount;
\n\u2022 the Company and its Restricted Subsidiaries will be
\nprohibited from incurring new Liens on existing Indebt-
\nedness for borrowed money, other than Permitted Re-
\nfinancing Indebtedness relating to existing secured In-
\ndebtedness;
\n\u2022 the Company and its Restricted Subsidiaries will be
\nprohibited from making Restricted Payments other than
\npayments constituting Permitted Investments;
\n\u2022 the Permitted Investments \u201cgeneral basket\u201d shall not be
\navailable;
\n\u2022 the threshold at which an Affiliate Transaction must be
\napproved by a majority of the disinterested members of
\nthe Board of Directors shall be reduced to USD 1 million;
\n\u2022 the Group is committed to paying no more than USD
\n12.5 million in the aggregate in satisfaction of any debt
\nservice payments in respect of any Indebtedness of the
\nGroup, excluding any interest payment in respect of any
\nof the 2024 Notes, the 2026 Notes and the 2029 Notes
\nduring the Support Period;
\n\u2022 within 25 days of each calendar month end, the Com-
\npany will provide a trading update detailing operational
\ndata relating to the Group\u2019s business segments.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag221": {
"value": "\n
\n31.\u2005OTHER\u2005CURRENT\u2005LIABILITIES\u2005
\nOther current liabilities were as follows as of 31 December
\n2022 and 2021:
\n\n2022 2021
\nAccrued payroll and related
\ntaxes
\n67,139 65,804
\nAmounts payable for property,
\nplant and equipment
\n13,258 14,194
\nVAT paybable 5,063 3,215
\nProvision for claims, penalties
\nand indemnification
\n2,494 1,042
\nOther financial liabilities 7,839 9,034
\n95,793 93,289
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag222": {
"value": "\n2022 2021
\nAccrued payroll and related
\ntaxes
\n67,139 65,804
\nAmounts payable for property,
\nplant and equipment
\n13,258 14,194
\nVAT paybable 5,063 3,215
\nProvision for claims, penalties
\nand indemnification
\n2,494 1,042
\nOther financial liabilities 7,839 9,034
\n95,793 93,289
\n
\n\nThe balances of provisions for employee benefits are
\npresented within other non-current liabilities and were as
\nfollows as of 31 December 2022 and 2021:
\n2022 2021
\nProvisions for severance
\npayments
\n 3,846 4,731
\nProvisions for loyalty bonuses 919 1,182
\n 4,765 5,913
\n
\n\nThe following table represents movements in provisions for employee benefits for the years ended 31 December 2022 and 2021:
\nPROVISIONS\u2005FOR\u2005
\nSEVERANCE\u2005PAYMENTS
\nPROVISIONS\u2005FOR\u2005
\nLOYALTY\u2005BONUSES TOTAL
\n31 December 2020 4,932 1,328 6,260
\nFormation 272 49 321
\nExpenditure (85) (95) (180)
\nTranslation Differences (388) (100) (488)
\n31 December 2021 4,731 1,182 5,913
\nFormation 361 67 428
\nExpenditure (952) (257) (1,209)
\nTranslation Differences (294) (73) (367)
\n31 December 2022 3,846 919 4,765
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag223": {
"value": "\n
\n32.\u2005RELATED\u2005PARTY\u2005BALANCES\u2005AND\u2005TRANSACTIONS
\n\nFor the purposes of these financial statements, parties are
\nconsidered to be related if one party controls, is controlled
\nby, or is under common control with the other party, or
\nexercises s ig n i fi c a nt i n f lu e nce ove r t he ot h e r pa r t y i n m a ki n g
\nfinancial or operational decisions. In considering each
\npossible related party relationship, attention is directed to
\nthe substance of the relationship, not merely the legal form.
\nRelated parties may enter into transactions which unrelated
\nparties might not, and transactions between related parties
\nmay not be effected on the same terms and conditions as
\ntransactions between unrelated parties.
\nTransactions with related parties
\nunder common control
\nThe Group, in the ordinary course of business, enters
\ninto transactions with related parties that are companies
\nunder common control of the Principal Shareholder of
\nthe Group (Note 1) for the purchase and sale of goods
\nand services and in relation to the provision of financing
\narrangements. Terms and conditions of sales to related
\nparties are determined based on arrangements specific to
\neach contract or transaction. The terms of the payables
\nand receivables related to trading activities of the Group do
\nnot vary significantly from the terms of similar transactions
\nwith third parties.
\n
\n\n
\n\n
\n32.\u2005RELATED\u2005PARTY\u2005BALANCES\u2005AND\u2005TRANSACTIONS
\n(continued)
\nTransactions with related parties
\nunder common control (continued)
\nTransactions with related parties during the years ended
\n31 December 2022 and 2021 were as follows:
\n2022 2021
\nLoans and finance aid provided
\nto related parties
\n 1,096 3,694
\nLoans and finance aid repaid by
\nrelated parties
\n - 71,000
\nInterest charged on loans and
\nfinancial aid repaid
\n - 7,849
\nInterest charged on loans and
\nfinance aid provided
\n 293 5,014
\nSales of goods 36 -
\nPurchases from related parties 410 398
\nKey management personnel of
\nthe Group:
\nLoans provided 720 1,024
\nLoans repaid 867 766
\nThe balances owed to and due from related parties were
\nas follows as of 31 December 2022 and 2021:
\n2022 2021
\nLoans and finance aid
\nreceivable
\n 3,601 2,971
\nLess: expected credit losses (2,117) (2,521)
\n 1,484 450
\nLoans to key management
\npersonnel
\n 3,656 4,774
\nLess: expected credit losses (276) (397)
\n 3,380 4 377
\nTrade accounts receivable
\n(Note 23)
\n 106 113
\nPayables due to related parties 21 25
\nLoans and finance aid receivable
\nFor loans and finance aid receivable, credit risk increased
\nto the point where it is considered credit-impaired. The
\nexpected credit loss for such loans amounted to USD 1,882
\nthousand and USD 2,482 thousand as at 31 December
\n2022 and 2021 respectively.
\n\nCompensation of key management personnel
\nKey management personnel totalled 20 individuals as of
\n31 December 2022 (31 December 2021: 22 individuals),
\nincluding 3 independent non-executive directors as of 31
\nDecember 2022 and 2021.
\nTotal compensation of the Group\u2019s key management
\npersonnel included primarily in selling, general and
\nadministrative expenses in the Consolidated Statements
\nof Profit and Loss and Other Comprehensive Income
\namounted to USD 15,341 thousand and USD 16,886
\nthousand for the years ended 31 December 2022 and
\n2021, respectively. Compensation of key management
\npersonnel consists of contractual salary, compensations
\nand performance bonuses.
\nTotal compensation of the Group\u2019s non-executive
\ndirectors, which consists of contractual salary, amounted
\nto USD 597 thousand and USD 696 thousand in 2022 and
\n2021, respectively.
\nTotal compensation of the Group\u2019s Executive Chairman,
\nwhich consists of contractual salary, amounted to USD
\n571 thousand in 2022 (2021: USD 643 thousand).
\nLoans to key management personnel
\nThe Group has provided several of its key management
\npersonnel with unsecured loans. The loans to key
\nmanagement personnel provided during 2022 and
\n2021 mainly include loans provided by the Ukraininan
\nsubsidiaries to the Group\u2019s executive directors which
\namounted to USD 720 thousand and USD 1,024 thousand,
\nrespectively.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag224": {
"value": "\nFor the purposes of these financial statements, parties are
\nconsidered to be related if one party controls, is controlled
\nby, or is under common control with the other party, or
\nexercises s ig n i fi c a nt i n f lu e nce ove r t he ot h e r pa r t y i n m a ki n g
\nfinancial or operational decisions. In considering each
\npossible related party relationship, attention is directed to
\nthe substance of the relationship, not merely the legal form.
\nRelated parties may enter into transactions which unrelated
\nparties might not, and transactions between related parties
\nmay not be effected on the same terms and conditions as
\ntransactions between unrelated parties.
\nTransactions with related parties
\nunder common control
\nThe Group, in the ordinary course of business, enters
\ninto transactions with related parties that are companies
\nunder common control of the Principal Shareholder of
\nthe Group (Note 1) for the purchase and sale of goods
\nand services and in relation to the provision of financing
\narrangements. Terms and conditions of sales to related
\nparties are determined based on arrangements specific to
\neach contract or transaction. The terms of the payables
\nand receivables related to trading activities of the Group do
\nnot vary significantly from the terms of similar transactions
\nwith third parties.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag225": {
"value": "\nCompensation of key management personnel
\nKey management personnel totalled 20 individuals as of
\n31 December 2022 (31 December 2021: 22 individuals),
\nincluding 3 independent non-executive directors as of 31
\nDecember 2022 and 2021.
\nTotal compensation of the Group\u2019s key management
\npersonnel included primarily in selling, general and
\nadministrative expenses in the Consolidated Statements
\nof Profit and Loss and Other Comprehensive Income
\namounted to USD 15,341 thousand and USD 16,886
\nthousand for the years ended 31 December 2022 and
\n2021, respectively. Compensation of key management
\npersonnel consists of contractual salary, compensations
\nand performance bonuses.
\nTotal compensation of the Group\u2019s non-executive
\ndirectors, which consists of contractual salary, amounted
\nto USD 597 thousand and USD 696 thousand in 2022 and
\n2021, respectively.
\nTotal compensation of the Group\u2019s Executive Chairman,
\nwhich consists of contractual salary, amounted to USD
\n571 thousand in 2022 (2021: USD 643 thousand).
\nLoans to key management personnel
\nThe Group has provided several of its key management
\npersonnel with unsecured loans. The loans to key
\nmanagement personnel provided during 2022 and
\n2021 mainly include loans provided by the Ukraininan
\nsubsidiaries to the Group\u2019s executive directors which
\namounted to USD 720 thousand and USD 1,024 thousand,
\nrespectively.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag226": {
"value": "\n
\n34.\u2005CONTINGENCIES\u2005AND\u2005CONTRACTUAL\u2005
\nCOMMITMENTS
\n\nTaxation and legal issues
\nUkrainian tax authorities are increasingly directing their
\nattention to the business community as a result of the
\noverall Ukrainian economic environment. The local and
\nnational tax environment is constantly changing and
\nsubject to inconsistent application, interpretation and
\nenforcement. Non-compliance with Ukrainian laws and
\nregulations can lead to the imposition of severe penalties
\nand fines. Future tax examinations could raise issues or
\nassessments which are contrary to the Group companies\u2019
\ntax filings. Such assessments could include taxes,
\npenalties and fines, and these amounts could be material.
\nWhile the Group believes it has complied with local tax
\nlegislation, significant changes to the tax legislation may
\nbe introduced in the near future.
\nManagement believes that the Group has been in
\ncompliance with all requirements of effective tax
\nlegislation.
\nThe Group exports vegetable oil, chicken meat and related
\nproducts, and performs intercompany transactions which
\nmay potentially be in the scope of the Ukrainian transfer
\npricing (\u201cTP\u201d) regulations. The Group has submitted
\nthe controlled transaction report for the years ended
\n31 December 2020 and 31 December 2021 within the
\nrequired deadlines.
\nAs of 31 December 2022, the Group\u2019s management assessed
\nits possible exposure to tax risks for a total amount of
\nUSD 4,428 thousand related to corporate income tax (31
\nDecember 2021: USD 5,658 thousand). No provision was
\nrecognised relating to such possible tax exposure.
\n
\n\n
\n\n
\n
\n
\n34.\u2005CONTINGENCIES\u2005AND\u2005CONTRACTUAL\u2005
\nCOMMITMENTS\u2005
\n(continued)
\n\nTaxation and legal issues (continued)
\nAlso, as of 31 December 2022, companies of the Group
\nwere engaged in ongoing litigation with tax authorities for
\nthe amount of USD 25,652 thousand (2021: USD 73,147
\nthousand), including USD 17,023 thousand (2021: USD
\n59,670 thousand) of litigations with the tax authorities
\nrelated to disallowance of certain amounts of VAT
\nrefunds and deductible expenses claimed by the Group.
\nOf this amount, USD 20,332 thousand as of 31 December
\n2022 (2021: USD 48,912 thousand) relates to cases where
\ncourt hearings have taken place and where the court in
\neither the first or second instance has ruled in favour
\nof the Group. Management believes that, based on the
\npast history of court resolutions of similar lawsuits by
\nthe Group, it is unlikely that a significant settlement will
\narise out of such lawsuits and, therefore, no respective
\nprovision is required in the Group\u2019s financial statements
\nas of the reporting date.
\n
\n\n\nContractual commitments on purchase of property,
\nplant and equipment
\nDuring the years ended 31 December 2022 and 2021,
\nthe companies of the Group entered into a number
\nof contracts with foreign suppliers for the purchase
\nof property, plant and equipment for development
\nof agricultural operations. As of 31 December 2022,
\npurchase commitments amounted to USD 33,022
\nthousand (2021: USD 30,952 thousand).
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag227": {
"value": "\nTaxation and legal issues
\nUkrainian tax authorities are increasingly directing their
\nattention to the business community as a result of the
\noverall Ukrainian economic environment. The local and
\nnational tax environment is constantly changing and
\nsubject to inconsistent application, interpretation and
\nenforcement. Non-compliance with Ukrainian laws and
\nregulations can lead to the imposition of severe penalties
\nand fines. Future tax examinations could raise issues or
\nassessments which are contrary to the Group companies\u2019
\ntax filings. Such assessments could include taxes,
\npenalties and fines, and these amounts could be material.
\nWhile the Group believes it has complied with local tax
\nlegislation, significant changes to the tax legislation may
\nbe introduced in the near future.
\nManagement believes that the Group has been in
\ncompliance with all requirements of effective tax
\nlegislation.
\nThe Group exports vegetable oil, chicken meat and related
\nproducts, and performs intercompany transactions which
\nmay potentially be in the scope of the Ukrainian transfer
\npricing (\u201cTP\u201d) regulations. The Group has submitted
\nthe controlled transaction report for the years ended
\n31 December 2020 and 31 December 2021 within the
\nrequired deadlines.
\nAs of 31 December 2022, the Group\u2019s management assessed
\nits possible exposure to tax risks for a total amount of
\nUSD 4,428 thousand related to corporate income tax (31
\nDecember 2021: USD 5,658 thousand). No provision was
\nrecognised relating to such possible tax exposure.
\n
\n\nTaxation and legal issues (continued)
\nAlso, as of 31 December 2022, companies of the Group
\nwere engaged in ongoing litigation with tax authorities for
\nthe amount of USD 25,652 thousand (2021: USD 73,147
\nthousand), including USD 17,023 thousand (2021: USD
\n59,670 thousand) of litigations with the tax authorities
\nrelated to disallowance of certain amounts of VAT
\nrefunds and deductible expenses claimed by the Group.
\nOf this amount, USD 20,332 thousand as of 31 December
\n2022 (2021: USD 48,912 thousand) relates to cases where
\ncourt hearings have taken place and where the court in
\neither the first or second instance has ruled in favour
\nof the Group. Management believes that, based on the
\npast history of court resolutions of similar lawsuits by
\nthe Group, it is unlikely that a significant settlement will
\narise out of such lawsuits and, therefore, no respective
\nprovision is required in the Group\u2019s financial statements
\nas of the reporting date.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag228": {
"value": "\nContractual commitments on purchase of property,
\nplant and equipment
\nDuring the years ended 31 December 2022 and 2021,
\nthe companies of the Group entered into a number
\nof contracts with foreign suppliers for the purchase
\nof property, plant and equipment for development
\nof agricultural operations. As of 31 December 2022,
\npurchase commitments amounted to USD 33,022
\nthousand (2021: USD 30,952 thousand).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag229": {
"value": "\n35.\u2005DIVIDENDS
\nIn view of the uncertainties created by the Russian invasion,
\nthe Directors have decided not to declare final dividends
\nfor 2021 and 2022 financial years.
\nAt the extraordinary general meeting held on 28 April 2021,
\nthe Shareholders of MHP SE approved payment of an
\nannual dividend from profits of 2020 of USD 0.2803 per
\nshare, equivalent to USD 30,000 thousand. At the meeting
\non 17 November 2021, in recognition of the Company`s
\nexceptional performance in 2021, the Board of Directors
\napproved the payment of a one-off special dividend
\nof USD 0.2803 per share, equivalent to USD 30,000
\nthousand. As at 31 December 2021 dividends were fully
\npaid to shareholders.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag230": {
"value": "0.2803",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2021-04-27T00:00:00/2021-04-29T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"Tag231": {
"value": "30000000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2021-04-27T00:00:00/2021-04-29T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag232": {
"value": "0.2803",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2021-11-16T00:00:00/2021-11-18T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"Tag233": {
"value": "30000000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2021-11-16T00:00:00/2021-11-18T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag234": {
"value": "\n
\n\n36.\u2005FAIR\u2005VALUE\u2005OF\u2005FINANCIAL\u2005INSTRUMENTS
\nFair value disclosures in respect of financial instruments
\nare made in accordance with the requirements of IFRS 7
\n\u201cFinancial Instruments: Disclosure\u201d and IFRS 13 \u201cFair value
\nmeasurement\u201d. Fair value is defined as the amount at which
\nthe instrument could be exchanged in a current transaction
\nbetween knowledgeable willing parties in an arm\u2019s length
\ntransaction, other than in forced or liquidation sale. As no
\nreadily available market exists for a large part of the Group\u2019s
\nfinancial instruments, judgment is necessary in arriving
\nat fair value, based on current economic conditions and
\nspecific risks attributable to the instrument. The estimates
\npresented herein are not necessarily indicative of the
\namounts the Group could realize in a market exchange
\nfrom the sale of its full holdings of a particular instrument.
\nThe fair value is estimated to be the same as the carrying
\nvalue for cash and cash equivalents, short-term bank
\ndeposits, trade accounts receivables, other current assets
\nand trade accounts payable due to the short-term nature
\nof the financial instruments.
\nSet out below is the comparison by category of carrying
\namounts and fair values of all the Group\u2019s financial
\ninstruments, excluding those discussed above, that are
\ncarried in the consolidated statement of financial position:
\nCARRYING\u2005AMOUNT FAIR\u2005VALUE
\n2022 2021 2022 2021
\nFINANCIAL LIABILITIES
\nBank borrowings (Note 28) 294,605 225,485 296,294 225,574
\nSenior Notes due in 2024, 2026, 2029 (Note 29) 1,424,093 1,397,577 692,616 1,389,024
\nThe fair value of bank borrowings was estimated by discounting the expected future cash outflows by a market rate of
\ninterest for bank borrowings of 3.4% (31 December 2021: 1.8%), and is within Level 2 of the fair value hierarchy.
\n
\n
\n\n
\n
\n\n
\n\n36.\u2005FAIR\u2005VALUE\u2005OF\u2005FINANCIAL\u2005INSTRUMENTS\u2005
\n(continued)
\nThe fair value of Senior Notes was estimated based on
\nmarket quotations and is within Level 1 of the fair value
\nhierarchy.
\nIn determining fair value of financial instruments, the
\nimpact of potential climate-related matters, including
\nlegislation, climate change, and company climate
\nobjectives which may affect the fair value measurement
\nof financial assets and liabilities has been considered.
\nAt present, the impact of climate-related matters is not
\nmaterial to the Group\u2019s financial statements.
\nReconciliation of liabilities arising
\nfrom financing activities
\nThe table below details changes in the Group\u2019s liabilities
\narising from financing activities, including both cash
\nand non-cash changes. Liabilities arising from financing
\nactivities are those for which cash flows were, or future
\ncash flows will be, classified in the Group\u2019s consolidated
\nstatement of cash flows as cash flows from financing
\nactivities.
\nBANK\u2005BORROWINGS BONDS\u2005ISSUED LEASE\u2005OBLIGATIONS TOTAL
\nAs of 31 December 2021 225,062 1,376,820 281,250 1,883,132
\nCash flow from proceeds/(repayments) 72,151 - (52,209) 19,942
\nNon-cash movements
\nForeign exchange movements 47,026 - 1,604 48,630
\nNon-cash additions and change in terms - - 43,584 43,584
\nNon-cash repayments of lease liabilities
\n1)
\n - - (9,013) (9,013)
\nAcquisition of subsidiaries - - - -
\nFinance costs 7,172 113,447 38,859 159,478
\nReclassification to interest payable (6,754) (105,924) - (112,678)
\nTranslation difference (50,826) (1,362) (74,752) (126,940)
\nAs of 31 December 2022 293,831 1,382,981 229,323 1,906,135
\n1)
\n Non-cash repayments are represented by grains and other agriculture produce provided to lessors of land as settlement of lease liabilities.
\nBANK\u2005BORROWINGS BONDS\u2005ISSUED LEASE\u2005OBLIGATIONS TOTAL
\nAs of 31 December 2020 104,396 1,370,999 198,499 1,673,894
\nCash flow from proceeds/(repayments) 120,054 - (66,254) 53,800
\nNon-cash movements
\nForeign exchange movements 414 - (778) (364)
\nNon-cash additions and change in terms - - 109,834 109,834
\nNon-cash repayments of lease liabilities
\n1)
\n - - (10,793) (10,793)
\nAcquisition of subsidiaries 595 - - 595
\nFinance costs 2,741 106,730 45,398 154,869
\nReclassification to interest payable (2,227) (100,909) - (103,136)
\nTranslation difference (911) - 5,344 4,433
\nAs of 31 December 2021 225,062 1,376,820 281,250 1,883,132
\n1)
\n Non-cash repayments are represented by grains and other agriculture produce provided to lessors of land as settlement of lease liabilities.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag235": {
"value": "\n36.\u2005FAIR\u2005VALUE\u2005OF\u2005FINANCIAL\u2005INSTRUMENTS
\nFair value disclosures in respect of financial instruments
\nare made in accordance with the requirements of IFRS 7
\n\u201cFinancial Instruments: Disclosure\u201d and IFRS 13 \u201cFair value
\nmeasurement\u201d. Fair value is defined as the amount at which
\nthe instrument could be exchanged in a current transaction
\nbetween knowledgeable willing parties in an arm\u2019s length
\ntransaction, other than in forced or liquidation sale. As no
\nreadily available market exists for a large part of the Group\u2019s
\nfinancial instruments, judgment is necessary in arriving
\nat fair value, based on current economic conditions and
\nspecific risks attributable to the instrument. The estimates
\npresented herein are not necessarily indicative of the
\namounts the Group could realize in a market exchange
\nfrom the sale of its full holdings of a particular instrument.
\nThe fair value is estimated to be the same as the carrying
\nvalue for cash and cash equivalents, short-term bank
\ndeposits, trade accounts receivables, other current assets
\nand trade accounts payable due to the short-term nature
\nof the financial instruments.
\nSet out below is the comparison by category of carrying
\namounts and fair values of all the Group\u2019s financial
\ninstruments, excluding those discussed above, that are
\ncarried in the consolidated statement of financial position:
\nCARRYING\u2005AMOUNT FAIR\u2005VALUE
\n2022 2021 2022 2021
\nFINANCIAL LIABILITIES
\nBank borrowings (Note 28) 294,605 225,485 296,294 225,574
\nSenior Notes due in 2024, 2026, 2029 (Note 29) 1,424,093 1,397,577 692,616 1,389,024
\nThe fair value of bank borrowings was estimated by discounting the expected future cash outflows by a market rate of
\ninterest for bank borrowings of 3.4% (31 December 2021: 1.8%), and is within Level 2 of the fair value hierarchy.
\n
\n
\n\n36.\u2005FAIR\u2005VALUE\u2005OF\u2005FINANCIAL\u2005INSTRUMENTS\u2005
\n(continued)
\nThe fair value of Senior Notes was estimated based on
\nmarket quotations and is within Level 1 of the fair value
\nhierarchy.
\nIn determining fair value of financial instruments, the
\nimpact of potential climate-related matters, including
\nlegislation, climate change, and company climate
\nobjectives which may affect the fair value measurement
\nof financial assets and liabilities has been considered.
\nAt present, the impact of climate-related matters is not
\nmaterial to the Group\u2019s financial statements.
\nReconciliation of liabilities arising
\nfrom financing activities
\nThe table below details changes in the Group\u2019s liabilities
\narising from financing activities, including both cash
\nand non-cash changes. Liabilities arising from financing
\nactivities are those for which cash flows were, or future
\ncash flows will be, classified in the Group\u2019s consolidated
\nstatement of cash flows as cash flows from financing
\nactivities.
\nBANK\u2005BORROWINGS BONDS\u2005ISSUED LEASE\u2005OBLIGATIONS TOTAL
\nAs of 31 December 2021 225,062 1,376,820 281,250 1,883,132
\nCash flow from proceeds/(repayments) 72,151 - (52,209) 19,942
\nNon-cash movements
\nForeign exchange movements 47,026 - 1,604 48,630
\nNon-cash additions and change in terms - - 43,584 43,584
\nNon-cash repayments of lease liabilities
\n1)
\n - - (9,013) (9,013)
\nAcquisition of subsidiaries - - - -
\nFinance costs 7,172 113,447 38,859 159,478
\nReclassification to interest payable (6,754) (105,924) - (112,678)
\nTranslation difference (50,826) (1,362) (74,752) (126,940)
\nAs of 31 December 2022 293,831 1,382,981 229,323 1,906,135
\n1)
\n Non-cash repayments are represented by grains and other agriculture produce provided to lessors of land as settlement of lease liabilities.
\nBANK\u2005BORROWINGS BONDS\u2005ISSUED LEASE\u2005OBLIGATIONS TOTAL
\nAs of 31 December 2020 104,396 1,370,999 198,499 1,673,894
\nCash flow from proceeds/(repayments) 120,054 - (66,254) 53,800
\nNon-cash movements
\nForeign exchange movements 414 - (778) (364)
\nNon-cash additions and change in terms - - 109,834 109,834
\nNon-cash repayments of lease liabilities
\n1)
\n - - (10,793) (10,793)
\nAcquisition of subsidiaries 595 - - 595
\nFinance costs 2,741 106,730 45,398 154,869
\nReclassification to interest payable (2,227) (100,909) - (103,136)
\nTranslation difference (911) - 5,344 4,433
\nAs of 31 December 2021 225,062 1,376,820 281,250 1,883,132
\n1)
\n Non-cash repayments are represented by grains and other agriculture produce provided to lessors of land as settlement of lease liabilities.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag236": {
"value": "\n
\n
\n37.\u2005RISK\u2005MANAGEMENT\u2005POLICIES
\nDuring the years ended 31 December 2022 and 2021 there
\nwere no material changes to the objectives, policies and
\nprocesses for managing credit risk, capital risk, liquidity
\nrisk, currency risk, interest rate risk, livestock diseases risk
\nand commodity price and procurement risk.
\n\nCapital management
\nThe Group manages its capital to ensure that entities of
\nthe Group will be able to continue as a going concern
\nwhile maximising the return to the equity holders through
\nmaintaining a balance between the higher returns that
\nmight be possible with higher levels of borrowings and
\nthe security afforded by a sound capital position. The
\nmanagement of the Group reviews its capital structure on
\na regular basis. Based on the results of this review, the
\nGroup takes steps to balance its overall capital structure
\nthrough new share issues and through the issue of new
\ndebt or the redemption of existing debt.
\nIn addition to the target ratios of the covenants established
\nunder the terms of the bonds issued and bank borrowings
\n(Notes 28 and 29), the Group\u2019s target is to achieve a gearing
\nratio of not higher than 2.5. The Group defines its gearing
\nratio as the proportion of total liabilities to total equity.
\nAs of 31 December 2022 and 2021 the gearing ratio was as
\nfollows:
\n2022 2021
\nTotal Liabilities 2,363,005 2,309,591
\nTotal Equity 1,445,697 1,794,188
\nTotal Liabilities to Equity 1.63 1.29
\nMajor categories of assets and liabilities considered
\nby the Group from a risk management perspective
\n2022 2021
\nASSETS:
\nCash and cash equivalents
\n(Note 25)
\n 300,489 275,237
\nTrade accounts receivable (Note
\n23)
\n 182,900 156,878
\nOther current financial assets
\n(Note 24)
\n 22,097 16,156
\nNon-current financial assets
\n(Note 18)
\n 7,813 28,764
\nLong-term bank deposits 3,105 9,904
\n 516,404 486,939
\nLIABILITIES:
\nBonds issued (Note 29) 1,382,981 1 , 376 , 820
\nLease liabilities (Note 30) 229,323 281,250
\nTrade accounts payable 122,576 162,641
\nBank borrowings (Note 28) 293,831 225,062
\nAccrued payroll and related
\ntaxes (Note 31)
\n 67,139 65,804
\nInterest payable (Note 28, 29) 41,886 21,180
\nAmounts payable for property,
\nplant and equipment (Note 31)
\n 13,258 14,194
\nProvision for claims, penalties
\nand indemnification (Note 31)
\n2,494 1,042
\nVAT payable (Note 31) 5,063 3,215
\nOther financial liabilities (Note 31) 7,839 9,034
\n 2,166,390 2,160,242
\nThe main risks inherent to the Group\u2019s operations are those
\nrelated to credit risk, liquidity risk, currency risk, interest
\nrate and commodity price risk.
\n
\n
\n
\n\n\nCredit risk
\nThe Group is exposed to credit risk which is the risk that
\none party to a financial instrument will fail to discharge an
\nobligation and cause the other party to incur a financial
\nloss. The Group does not hold any collateral or other credit
\nenhancements to cover its credit risks associated with its
\nfinancial assets. The carrying amount of financial assets
\ndisclosed in the table \u201cMajor categories of assets and
\nliabilities considered by the Group from a risk management
\nperspective\u201d represent the maximum credit exposure.
\nThe Group structures the levels of credit risk it undertakes
\nby placing limits on the amount of risk accepted in relation
\nto one customer or group of customers. The approved
\ncredit period for major groups of customers, which
\ninclude franchisees, distributors and supermarkets, is
\nset up to 30 days.
\nLimits on the level of credit risk by customer are approved
\nand monitored on a regular basis by the management of
\nthe Group. Management assesses amounts receivable
\nfrom customers for recoverability starting from 30 and
\n60 days for receivables on sales of poultry meat and
\nreceivables on other sales, respectively. As of 31 December
\n2022, about 7% (2021: 17%) of trade accounts receivable
\ncomprise amounts due from 12 large supermarket chains,
\nwhich have the shortest contractual receivable settlement
\nperiod among customers.
\nThe credit risk on liquid funds is limited because the
\nalmost the all counterparties are banks with high credit-
\nratings assigned by international credit-rating agencies; a
\nrelatively small portion of cash is held in Ukrainian state
\nbanks on current accounts.
\n
\n\n
\n\n
\n
\n37.\u2005RISK\u2005MANAGEMENT\u2005POLICIES\u2005\u2005
\n(continued)
\n\n
\nLiquidity risk
\nLiquidity risk is the risk that the Group will not be able to
\nsettle all liabilities as they are due. The Group\u2019s liquidity
\nposition is carefully monitored and managed. The Group
\nhas in place a detailed budgeting and cash forecasting
\nprocess to help ensure that it has adequate cash available
\nto meet its payment obligations.
\nThe following table details the Group\u2019s remaining
\ncontractual maturity for its financial liabilities. The table
\nhas been drawn up based on the undiscounted cash flows
\nof financial liabilities using the earliest date on which
\nthe Group can be required to pay. The table includes
\nboth interest and principal cash flows as of 31 December
\n2022 and 2021. The amounts in the table may not be
\nequal to the statement of financial position carrying
\namounts since the table includes all cash outflows on
\nan undiscounted basis.
\nCARRYING\u2005
\nAMOUNT
\nCONTRACTUAL\u2005\u2005
\nAMOUNTS
\nLESS\u2005THAN
\n1\u2005YEAR
\nFROM\u20052ND
\nTO\u20055TH\u2005YEAR
\nAFTER\u2005\u2005
\n5TH\u2005YEAR
\nYear ended 31 December 2022
\nBank borrowings 294,605 309,690 182,794 120,227 6,669
\nBonds issued 1,424,093 1,765,539 119,351 1,252,438 393,750
\nLease liabilities 229,323 439,320 65,067 192,698 181,555
\nTrade accounts payable 122,576 122,576 122,576 - -
\nOther current liabilities 95,793 95,793 95,793 - -
\nTotal 2,166,390 2,732,918 585,581 1,565,363 581,974
\nYear ended 31 December 2021
\nBank borrowings 225,485 229,766 123,615 92,188 13,963
\nBonds issued 1,397,577 1,843,888 98,850 1,329,413 415,625
\nLease liabilities 281,250 529,679 77,954 233,731 217,993
\nTrade accounts payable 162,641 162,641 162,641 - -
\nOther current liabilities 93,289 93,289 93,289 - -
\nTotal 2,160,242 2,859,263 556,349 1,655,332 647,581
\nThe Group\u2019s target is to maintain its current ratio, defined as the proportion of current assets to current liabilities, at the
\nlevel of not less than 1.2. As of 31 December 2022 and 2021, the current ratio was as follows:
\n2022 2021
\nCurrent assets 1,556,060 1,654,939
\nCurrent liabilities 532,564 529,263
\n2.92 3.13
\n
\n
\n\n\nCurrency risk
\nCurrency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates.
\nThe Group undertakes certain transactions denominated in foreign currencies. The Group does not use any derivatives
\nto manage foreign currency risk exposure, but Management sets limits on the level of exposure to foreign currency
\nfluctuations in order to manage currency risk.
\n
\n\n
\n\n
\n37.\u2005RISK\u2005MANAGEMENT\u2005POLICIES\u2005\u2005
\n(continued)
\n\n
\n
\n
\n
\n
\nCurrency risk (continued)
\nThe carrying amounts of the Group\u2019s foreign currency denominated monetary assets and liabilities as of 31 December
\nwere as follows:
\n2022 2021
\nUSD EUR USD EUR
\nAssets 177,509 116,847 140,705 41,883
\nLiabilties
\n1)
\n 1,498,217 136,207 1,513,825 42,395
\nNet liabilities 1,320,708 19,360 1,373,120 512
\n1)
\n Currency denominated liabilities consist mostly of bonds issued and bank borrowings.
\n\nThe table below illustrates the Group\u2019s sensitivity to a
\nchange in the exchange rate of the Ukrainian Hryvnia
\nagainst the US Dollar and Euro. The sensitivity analysis
\nincludes only outstanding foreign currency denominated
\nmonetary items and adjusts their translation at the year-
\nend for possible change in foreign currency rates.
\nCHANGE\u2005IN\u2005
\nFOREIGN\u2005
\nCURRENCY\u2005
\nEXCHANGE\u2005
\nRATES
\nEFFECT\u2005ON\u2005
\nPROFIT
\nBEFORE\u2005TAX,\u2005
\nGAIN/(LOSS)
\n2022
\nIncrease in USD exchange rate 20% (264,142)
\nIncrease in EUR exchange rate 20% (3,872)
\nDecrease in USD exchange rate 2% 26,414
\nDecrease in EUR exchange rate 2% 387
\n2021
\nIncrease in USD exchange rate 15% (205,968)
\nIncrease in EUR exchange rate 15% (77)
\nDecrease in USD exchange rate 15% 205,968
\nDecrease in EUR exchange rate 15% 77
\n
\n\nDuring the year ended 31 December 2022 the Ukrainian
\nHryvnia depreciated against the EUR and USD by 20.61%
\nand 25.41% respectively (2021: appreciated against the EUR
\nby 12.34% and 3.65% against the USD). As a result, during
\nthe year ended 31 December 2022 the Group recognised
\nnet foreign exchange losses in the amount of USD 365,018
\nthousand (2021: foreign exchange gains in the amount of
\nUSD 40,466 thousand) and cumulative translation loss
\nof USD 297,493 thousand (2021: USD 2,931 thousand)
\nin the consolidated statement of profit or loss and other
\ncomprehensive income.
\nThe currency risk is mitigated by the existence of USD-
\ndenominated proceeds from sales of sunflower oil, grain
\nand chicken meat, which are sufficient for servicing the
\nGroup\u2019s foreign currency denominated liabilities and
\nwere as follows during the years, ended 31 December
\n2022 and 2021:
\n2022 2021
\nChicken meat and related
\nproducts
\n 986,857 769,563
\nVegetable oil and related
\nproducts
\n 448,747 290,230
\nGrain 121,706 140,072
\nOther agricultural segment
\nproducts
\n 43,861 65,564
\n 1,601,171 1 , 265, 429
\n
\n\n
\n\n
\n37.\u2005RISK\u2005MANAGEMENT\u2005POLICIES\u2005\u2005
\n(continued)
\n\nInterest rate risk
\nInterest rate risk arises from the possibility that changes in
\ninterest rates will affect primarily borrowings by changing
\nfuture cash flows. For variable rate borrowings, interest is
\nlinked to SOFR or EURIBOR.
\nThe below table illustrates the Group\u2019s sensitivity to
\nincreases or decreases of interest rates by 1%. The analysis
\nwas applied to interest bearing liabilities (bank borrowings
\nand lease obligations) based on the assumption that the
\namount of liability outstanding as of the reporting date
\nwas outstanding for the whole year.
\nINCREASE/\u2005
\n(DECREASE)\u2005
\nOF\u2005FLOATING\u2005
\nR ATE
\nEFFECT\u2005ON\u2005
\nPROFIT
\nBEFORE\u2005TAX,\u2005
\nGAIN/(LOSS)
\n2022
\nSOFR 1% (106)
\nSOFR -1% 106
\nEURIBOR 1% (1,799)
\nEURIBOR -1% 1,799
\n2021
\nSOFR 1% (106)
\nSOFR -1% 106
\nEURIBOR 1% (1,200)
\nEURIBOR -1% 969
\nThe effect of interest rate sensitivity on shareholders\u2019
\nequity is equal to that on consolidated statement of profit
\nor loss.
\nLivestock diseases risk
\nThe Group\u2019s agro-industrial business is subject to risks of
\noutbreaks of various diseases. The Group faces the risk
\nof outbreaks of diseases, which are highly contagious
\nand destructive to susceptible livestock, such as avian
\ninfluenza or bird flu for its poultry operations. These and
\nother diseases could result in mortality losses. Disease
\ncontrol measures were adopted by the Group to minimize
\nand manage this risk. Management is satisfied that its
\ncurrent existing risk management and quality control
\nprocesses are effective and sufficient to prevent any
\noutbreak of livestock diseases and related losses.
\nCommodity price and procurement risk
\nCommodity price risk arises from the risk of an adverse
\neffect on current or future earnings from fluctuations in
\nthe prices of commodities. To mitigate this risk the Group
\ncontinues expansion of its grain growing segment, as part
\nof its vertical integration strategy, and also accumulates
\nsufficient commodity stock to meet its production needs.
\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag237": {
"value": "\nCapital management
\nThe Group manages its capital to ensure that entities of
\nthe Group will be able to continue as a going concern
\nwhile maximising the return to the equity holders through
\nmaintaining a balance between the higher returns that
\nmight be possible with higher levels of borrowings and
\nthe security afforded by a sound capital position. The
\nmanagement of the Group reviews its capital structure on
\na regular basis. Based on the results of this review, the
\nGroup takes steps to balance its overall capital structure
\nthrough new share issues and through the issue of new
\ndebt or the redemption of existing debt.
\nIn addition to the target ratios of the covenants established
\nunder the terms of the bonds issued and bank borrowings
\n(Notes 28 and 29), the Group\u2019s target is to achieve a gearing
\nratio of not higher than 2.5. The Group defines its gearing
\nratio as the proportion of total liabilities to total equity.
\nAs of 31 December 2022 and 2021 the gearing ratio was as
\nfollows:
\n2022 2021
\nTotal Liabilities 2,363,005 2,309,591
\nTotal Equity 1,445,697 1,794,188
\nTotal Liabilities to Equity 1.63 1.29
\nMajor categories of assets and liabilities considered
\nby the Group from a risk management perspective
\n2022 2021
\nASSETS:
\nCash and cash equivalents
\n(Note 25)
\n 300,489 275,237
\nTrade accounts receivable (Note
\n23)
\n 182,900 156,878
\nOther current financial assets
\n(Note 24)
\n 22,097 16,156
\nNon-current financial assets
\n(Note 18)
\n 7,813 28,764
\nLong-term bank deposits 3,105 9,904
\n 516,404 486,939
\nLIABILITIES:
\nBonds issued (Note 29) 1,382,981 1 , 376 , 820
\nLease liabilities (Note 30) 229,323 281,250
\nTrade accounts payable 122,576 162,641
\nBank borrowings (Note 28) 293,831 225,062
\nAccrued payroll and related
\ntaxes (Note 31)
\n 67,139 65,804
\nInterest payable (Note 28, 29) 41,886 21,180
\nAmounts payable for property,
\nplant and equipment (Note 31)
\n 13,258 14,194
\nProvision for claims, penalties
\nand indemnification (Note 31)
\n2,494 1,042
\nVAT payable (Note 31) 5,063 3,215
\nOther financial liabilities (Note 31) 7,839 9,034
\n 2,166,390 2,160,242
\nThe main risks inherent to the Group\u2019s operations are those
\nrelated to credit risk, liquidity risk, currency risk, interest
\nrate and commodity price risk.
\n
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag238": {
"value": "\nCredit risk
\nThe Group is exposed to credit risk which is the risk that
\none party to a financial instrument will fail to discharge an
\nobligation and cause the other party to incur a financial
\nloss. The Group does not hold any collateral or other credit
\nenhancements to cover its credit risks associated with its
\nfinancial assets. The carrying amount of financial assets
\ndisclosed in the table \u201cMajor categories of assets and
\nliabilities considered by the Group from a risk management
\nperspective\u201d represent the maximum credit exposure.
\nThe Group structures the levels of credit risk it undertakes
\nby placing limits on the amount of risk accepted in relation
\nto one customer or group of customers. The approved
\ncredit period for major groups of customers, which
\ninclude franchisees, distributors and supermarkets, is
\nset up to 30 days.
\nLimits on the level of credit risk by customer are approved
\nand monitored on a regular basis by the management of
\nthe Group. Management assesses amounts receivable
\nfrom customers for recoverability starting from 30 and
\n60 days for receivables on sales of poultry meat and
\nreceivables on other sales, respectively. As of 31 December
\n2022, about 7% (2021: 17%) of trade accounts receivable
\ncomprise amounts due from 12 large supermarket chains,
\nwhich have the shortest contractual receivable settlement
\nperiod among customers.
\nThe credit risk on liquid funds is limited because the
\nalmost the all counterparties are banks with high credit-
\nratings assigned by international credit-rating agencies; a
\nrelatively small portion of cash is held in Ukrainian state
\nbanks on current accounts.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag239": {
"value": "\n
\nLiquidity risk
\nLiquidity risk is the risk that the Group will not be able to
\nsettle all liabilities as they are due. The Group\u2019s liquidity
\nposition is carefully monitored and managed. The Group
\nhas in place a detailed budgeting and cash forecasting
\nprocess to help ensure that it has adequate cash available
\nto meet its payment obligations.
\nThe following table details the Group\u2019s remaining
\ncontractual maturity for its financial liabilities. The table
\nhas been drawn up based on the undiscounted cash flows
\nof financial liabilities using the earliest date on which
\nthe Group can be required to pay. The table includes
\nboth interest and principal cash flows as of 31 December
\n2022 and 2021. The amounts in the table may not be
\nequal to the statement of financial position carrying
\namounts since the table includes all cash outflows on
\nan undiscounted basis.
\nCARRYING\u2005
\nAMOUNT
\nCONTRACTUAL\u2005\u2005
\nAMOUNTS
\nLESS\u2005THAN
\n1\u2005YEAR
\nFROM\u20052ND
\nTO\u20055TH\u2005YEAR
\nAFTER\u2005\u2005
\n5TH\u2005YEAR
\nYear ended 31 December 2022
\nBank borrowings 294,605 309,690 182,794 120,227 6,669
\nBonds issued 1,424,093 1,765,539 119,351 1,252,438 393,750
\nLease liabilities 229,323 439,320 65,067 192,698 181,555
\nTrade accounts payable 122,576 122,576 122,576 - -
\nOther current liabilities 95,793 95,793 95,793 - -
\nTotal 2,166,390 2,732,918 585,581 1,565,363 581,974
\nYear ended 31 December 2021
\nBank borrowings 225,485 229,766 123,615 92,188 13,963
\nBonds issued 1,397,577 1,843,888 98,850 1,329,413 415,625
\nLease liabilities 281,250 529,679 77,954 233,731 217,993
\nTrade accounts payable 162,641 162,641 162,641 - -
\nOther current liabilities 93,289 93,289 93,289 - -
\nTotal 2,160,242 2,859,263 556,349 1,655,332 647,581
\nThe Group\u2019s target is to maintain its current ratio, defined as the proportion of current assets to current liabilities, at the
\nlevel of not less than 1.2. As of 31 December 2022 and 2021, the current ratio was as follows:
\n2022 2021
\nCurrent assets 1,556,060 1,654,939
\nCurrent liabilities 532,564 529,263
\n2.92 3.13
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag240": {
"value": "\nCurrency risk
\nCurrency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates.
\nThe Group undertakes certain transactions denominated in foreign currencies. The Group does not use any derivatives
\nto manage foreign currency risk exposure, but Management sets limits on the level of exposure to foreign currency
\nfluctuations in order to manage currency risk.
\n
\n\n
\n
\n
\n
\n
\nCurrency risk (continued)
\nThe carrying amounts of the Group\u2019s foreign currency denominated monetary assets and liabilities as of 31 December
\nwere as follows:
\n2022 2021
\nUSD EUR USD EUR
\nAssets 177,509 116,847 140,705 41,883
\nLiabilties
\n1)
\n 1,498,217 136,207 1,513,825 42,395
\nNet liabilities 1,320,708 19,360 1,373,120 512
\n1)
\n Currency denominated liabilities consist mostly of bonds issued and bank borrowings.
\n\nThe table below illustrates the Group\u2019s sensitivity to a
\nchange in the exchange rate of the Ukrainian Hryvnia
\nagainst the US Dollar and Euro. The sensitivity analysis
\nincludes only outstanding foreign currency denominated
\nmonetary items and adjusts their translation at the year-
\nend for possible change in foreign currency rates.
\nCHANGE\u2005IN\u2005
\nFOREIGN\u2005
\nCURRENCY\u2005
\nEXCHANGE\u2005
\nRATES
\nEFFECT\u2005ON\u2005
\nPROFIT
\nBEFORE\u2005TAX,\u2005
\nGAIN/(LOSS)
\n2022
\nIncrease in USD exchange rate 20% (264,142)
\nIncrease in EUR exchange rate 20% (3,872)
\nDecrease in USD exchange rate 2% 26,414
\nDecrease in EUR exchange rate 2% 387
\n2021
\nIncrease in USD exchange rate 15% (205,968)
\nIncrease in EUR exchange rate 15% (77)
\nDecrease in USD exchange rate 15% 205,968
\nDecrease in EUR exchange rate 15% 77
\n
\n\nDuring the year ended 31 December 2022 the Ukrainian
\nHryvnia depreciated against the EUR and USD by 20.61%
\nand 25.41% respectively (2021: appreciated against the EUR
\nby 12.34% and 3.65% against the USD). As a result, during
\nthe year ended 31 December 2022 the Group recognised
\nnet foreign exchange losses in the amount of USD 365,018
\nthousand (2021: foreign exchange gains in the amount of
\nUSD 40,466 thousand) and cumulative translation loss
\nof USD 297,493 thousand (2021: USD 2,931 thousand)
\nin the consolidated statement of profit or loss and other
\ncomprehensive income.
\nThe currency risk is mitigated by the existence of USD-
\ndenominated proceeds from sales of sunflower oil, grain
\nand chicken meat, which are sufficient for servicing the
\nGroup\u2019s foreign currency denominated liabilities and
\nwere as follows during the years, ended 31 December
\n2022 and 2021:
\n2022 2021
\nChicken meat and related
\nproducts
\n 986,857 769,563
\nVegetable oil and related
\nproducts
\n 448,747 290,230
\nGrain 121,706 140,072
\nOther agricultural segment
\nproducts
\n 43,861 65,564
\n 1,601,171 1 , 265, 429
\n
\n\nInterest rate risk
\nInterest rate risk arises from the possibility that changes in
\ninterest rates will affect primarily borrowings by changing
\nfuture cash flows. For variable rate borrowings, interest is
\nlinked to SOFR or EURIBOR.
\nThe below table illustrates the Group\u2019s sensitivity to
\nincreases or decreases of interest rates by 1%. The analysis
\nwas applied to interest bearing liabilities (bank borrowings
\nand lease obligations) based on the assumption that the
\namount of liability outstanding as of the reporting date
\nwas outstanding for the whole year.
\nINCREASE/\u2005
\n(DECREASE)\u2005
\nOF\u2005FLOATING\u2005
\nR ATE
\nEFFECT\u2005ON\u2005
\nPROFIT
\nBEFORE\u2005TAX,\u2005
\nGAIN/(LOSS)
\n2022
\nSOFR 1% (106)
\nSOFR -1% 106
\nEURIBOR 1% (1,799)
\nEURIBOR -1% 1,799
\n2021
\nSOFR 1% (106)
\nSOFR -1% 106
\nEURIBOR 1% (1,200)
\nEURIBOR -1% 969
\nThe effect of interest rate sensitivity on shareholders\u2019
\nequity is equal to that on consolidated statement of profit
\nor loss.
\nLivestock diseases risk
\nThe Group\u2019s agro-industrial business is subject to risks of
\noutbreaks of various diseases. The Group faces the risk
\nof outbreaks of diseases, which are highly contagious
\nand destructive to susceptible livestock, such as avian
\ninfluenza or bird flu for its poultry operations. These and
\nother diseases could result in mortality losses. Disease
\ncontrol measures were adopted by the Group to minimize
\nand manage this risk. Management is satisfied that its
\ncurrent existing risk management and quality control
\nprocesses are effective and sufficient to prevent any
\noutbreak of livestock diseases and related losses.
\nCommodity price and procurement risk
\nCommodity price risk arises from the risk of an adverse
\neffect on current or future earnings from fluctuations in
\nthe prices of commodities. To mitigate this risk the Group
\ncontinues expansion of its grain growing segment, as part
\nof its vertical integration strategy, and also accumulates
\nsufficient commodity stock to meet its production needs.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag241": {
"value": "\nThe table below illustrates the Group\u2019s sensitivity to a
\nchange in the exchange rate of the Ukrainian Hryvnia
\nagainst the US Dollar and Euro. The sensitivity analysis
\nincludes only outstanding foreign currency denominated
\nmonetary items and adjusts their translation at the year-
\nend for possible change in foreign currency rates.
\nCHANGE\u2005IN\u2005
\nFOREIGN\u2005
\nCURRENCY\u2005
\nEXCHANGE\u2005
\nRATES
\nEFFECT\u2005ON\u2005
\nPROFIT
\nBEFORE\u2005TAX,\u2005
\nGAIN/(LOSS)
\n2022
\nIncrease in USD exchange rate 20% (264,142)
\nIncrease in EUR exchange rate 20% (3,872)
\nDecrease in USD exchange rate 2% 26,414
\nDecrease in EUR exchange rate 2% 387
\n2021
\nIncrease in USD exchange rate 15% (205,968)
\nIncrease in EUR exchange rate 15% (77)
\nDecrease in USD exchange rate 15% 205,968
\nDecrease in EUR exchange rate 15% 77
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag242": {
"value": "\n
\n
\n38.\u2005PENSIONS\u2005AND\u2005RETIREMENT\u2005PLANS
\n\nThe employees of the Group receive pension benefits
\nfrom the government in accordance with the laws and
\nregulations of respective jurisdictions.
\nThe Group\u2019s contributions to the State Pension Fund
\nfor the year ended 31 December 2022 were USD 64,089
\nthousand and are recorded in the Consolidated Statement
\nof Profit or Loss and Other Comprehensive Income on an
\naccrual basis (2021: USD 58,458 thousand). The Ukrainian
\ncompanies of the Group are not liable for any other
\nsupplementary pensions, post-retirement health care,
\ninsurance benefits or retirement indemnities to its current
\nor former employees, other than pay-as-you-go expenses.
\nIn accordance with the legislative regulations, collective
\ncontract, and internal rules, the companies of the European
\nOperating Segment are committed to the payment of
\nloyalty bonuses to employees and severance payments
\nupon their retirement for which long-term provisions
\nare made. Provisions are recognized in other operating
\nexpenses in the Consolidated Statement of Profit or Loss
\nand Other Comprehensive Income and in other non-
\ncurrent liabilities in the Statement of Financial Position.
\n
\n
\n\n\nThe balances of provisions for employee benefits are
\npresented within other non-current liabilities and were as
\nfollows as of 31 December 2022 and 2021:
\n2022 2021
\nProvisions for severance
\npayments
\n 3,846 4,731
\nProvisions for loyalty bonuses 919 1,182
\n 4,765 5,913
\n
\n\n
\n
\n\n
\n
\n38.\u2005PENSIONS\u2005AND\u2005RETIREMENT\u2005PLANS\u2005
\n(continued)
\n\nThe following table represents movements in provisions for employee benefits for the years ended 31 December 2022 and 2021:
\nPROVISIONS\u2005FOR\u2005
\nSEVERANCE\u2005PAYMENTS
\nPROVISIONS\u2005FOR\u2005
\nLOYALTY\u2005BONUSES TOTAL
\n31 December 2020 4,932 1,328 6,260
\nFormation 272 49 321
\nExpenditure (85) (95) (180)
\nTranslation Differences (388) (100) (488)
\n31 December 2021 4,731 1,182 5,913
\nFormation 361 67 428
\nExpenditure (952) (257) (1,209)
\nTranslation Differences (294) (73) (367)
\n31 December 2022 3,846 919 4,765
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag243": {
"value": "\nThe employees of the Group receive pension benefits
\nfrom the government in accordance with the laws and
\nregulations of respective jurisdictions.
\nThe Group\u2019s contributions to the State Pension Fund
\nfor the year ended 31 December 2022 were USD 64,089
\nthousand and are recorded in the Consolidated Statement
\nof Profit or Loss and Other Comprehensive Income on an
\naccrual basis (2021: USD 58,458 thousand). The Ukrainian
\ncompanies of the Group are not liable for any other
\nsupplementary pensions, post-retirement health care,
\ninsurance benefits or retirement indemnities to its current
\nor former employees, other than pay-as-you-go expenses.
\nIn accordance with the legislative regulations, collective
\ncontract, and internal rules, the companies of the European
\nOperating Segment are committed to the payment of
\nloyalty bonuses to employees and severance payments
\nupon their retirement for which long-term provisions
\nare made. Provisions are recognized in other operating
\nexpenses in the Consolidated Statement of Profit or Loss
\nand Other Comprehensive Income and in other non-
\ncurrent liabilities in the Statement of Financial Position.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag244": {
"value": "\n
\n39.\u2005EARNINGS\u2005PER\u2005SHARE
\nThe earnings and weighted average number of ordinary shares used in calculation of earnings per share are as follows:
\nFROM\u2005CONTINUED\u2005OPERATIONS 2022 2021
\nLoss/(profit) for the year attributable to equity holders of the Parent (225,577) 378,968
\n(Loss)/earnings used in calculation of earnings per share (225,577) 378,968
\nWeighted average number of shares outstanding 107,038,208 107,038,208
\nBasic and diluted (loss)/earnings per share (USD per share) (2.11) 3.54
\n\nThe Group has neither potentially dilutive ordinary shares nor other dilutive instruments; therefore, the diluted earnings
\nper share equal basic earnings per share. The denominators used are the same as those detailed above for both basic and
\ndiluted earnings per share from discontinued operations presented in Note 3.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag245": {
"value": "\nThe Group has neither potentially dilutive ordinary shares nor other dilutive instruments; therefore, the diluted earnings
\nper share equal basic earnings per share. The denominators used are the same as those detailed above for both basic and
\ndiluted earnings per share from discontinued operations presented in Note 3.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag246": {
"value": "\n40.\u2005SUBSEQUENT\u2005EVENTS\u2005 \u2005
\nFacility agreement with the European Bank
\nfor\u2005Reconstruction and Development
\nIn February 2023, the Group entered into a facility
\nagreement with the European Bank for Reconstruction
\nand Development (EBRD) in the amount of USD 100 million
\n(EBRD of USD 90 million and other lender of USD 10 million).
\nThe loan is for the purpose of financing of needs of the
\nGroup's Poultry and related operations segment. This is a
\nseasonal loan, secured by sunflower seeds and oil stocks
\nwith maturity in August 2023 and will be used to finance
\nthe purchase of sunflower seeds and other operational
\nexpenses associated with production of sunflower oil and
\nrelated products. The loan agreement includes a number
\nof covenants and other terms and conditions, including a
\nrequirement that the Group maintain certain financial ratios
\nin-line with Bonds. The Group has tested this transaction
\nand concluded on its compliance with the covenants
\nas stated in Note 29, defining this new indebtedness as
\npermitted debt.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag247": {
"value": "\n41.\u2005AUTHORIZATION\u2005OF\u2005THE\u2005CONSOLIDATED\u2005
\nFINANCIAL\u2005STATEMENTS
\nThese consolidated financial statements were authorized
\nfor issue by the Board of Directors of MHP SE on 11 April
\n2023.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}