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"value": "\n
\n
\n
\n
\n1. CORPORATE INFORMATION
\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,
\nMHP SE and its subsidiaries are referred to as the \u201cMHP
\nSE Group\u201d or the \u201cGroup\u201d. The registered address of
\nMHP SE is 16-18 Zinas Kanther Street, Agia Triada,
\n3035 Limassol, Cyprus. The MHP SE shares are listed
\non the London Stock Exchange (\u201cLSE\u201d) in the form of
\nglobal depositary receipts (\u201cGDRs\u201d).
\nThe controlling shareholder of MHP SE is Mr. Yuriy
\nKosyuk (\u201cPrincipal Shareholder\u201d), who owns 100% of the
\nshares of WTI Trading Limited (\u201cWTI\u201d), the immediate
\nmajority shareholder of MHP SE, which in turn directly
\nowns of 59,7% of the total outstanding share capital
\nof MHP SE.
\nThe principal business activities of the Group are poultry
\nand related operations, vegetable oil, and agriculture
\noperations. The Group\u2019s poultry and related operations
\nintegrate all functions related to chicken production,
\nincluding hatching, fodder manufacturing, raising
\nchickens to marketable age (\u201cgrow-out\u201d), processing
\nand sale of frozen and chilled chicken meat, as well
\nas processed meat products. Agriculture operations
\ncomprise producing and selling grains and cattle
\nbreeding for milk production. Vegetable oil operations
\ninclude the production and sale of vegetable oil, cake,
\nand husk. As of 31 December 2023 the Group employed
\n33,169 people (31 December 2022: 31,701 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 2023 and 2022
\nwere as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNAME
\nCOUNTRY OF
\nREGISTRATION
\nYEAR
\nESTABLISHED/
\nACQUIRED
\nPRINCIPAL
\nACTIVITIES
\n31
\nDECEMBER
\n202 3
\n31
\nDECEMBER
\n202 2
\nMHP Lux S.A. Luxembourg 2018 Finance Company 100.0% 100.0%
\nMHP Ukraine 1998
\nManagement,
\nmarketing and sales
\n99.9% 99.9%
\nMyronivsky Plant of
\nManufacturing Feeds
\nand Groats
\nUkraine 1998
\nFodder and vegetable
\noil production
\n88.5% 88.5%
\nVinnytska
\nPtakhofabryka
\nUkraine 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
\nPtakhofabryka
\nUkraine 2003 Breeder farm 100.0% 100.0%
\nZernoprodukt MHP Ukraine 2005 Grain cultivation 99.9% 99.9%
\nKaterinopilskiy Elevator Ukraine 2005
\nFodder 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
\nKrayina
\nUkraine 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
\nUnited Arab
\nEmirates
\n2016
\nTrading in vegetable
\noil and 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
\nTrading
\nSaudi Arabia 2018 Trading in poultry meat 100.0% 75.0%
\nMHP Food UK Limited
\nUnited
\nKingdom
\n2021 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
\nits subsidiaries).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
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"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag386": {
"value": "MHP SE",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag384": {
"value": "SE",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag387": {
"value": "Cyprus",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag388": {
"value": "was formed on 30 May 2006",
"dimensions": {
"concept": "ifrs-full:LengthOfLifeOfLimitedLifeEntity",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag389": {
"value": "Hereinafter, MHP SE and its subsidiaries are referred to as the \u201cMHP SE Group\u201d or the \u201cGroup\u201d.",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag390": {
"value": "16-18 Zinas Kanther Street, Agia Triada, 3035 Limassol, Cyprus",
"dimensions": {
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"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag432": {
"value": "WTI Trading Limited",
"dimensions": {
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"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag391": {
"value": "poultry and related operations, vegetable oil, and agriculture operations.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag393": {
"value": "As of 31 December 2023 the Group employed 33,169 people (31 December 2022: 31,701 people).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag392": {
"value": "\nThe primary subsidiaries, the principal activities of the
\ncompanies forming the Group and the Parent\u2019s effective
\nownership interest as of 31 December 2023 and 2022
\nwere as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNAME
\nCOUNTRY OF
\nREGISTRATION
\nYEAR
\nESTABLISHED/
\nACQUIRED
\nPRINCIPAL
\nACTIVITIES
\n31
\nDECEMBER
\n202 3
\n31
\nDECEMBER
\n202 2
\nMHP Lux S.A. Luxembourg 2018 Finance Company 100.0% 100.0%
\nMHP Ukraine 1998
\nManagement,
\nmarketing and sales
\n99.9% 99.9%
\nMyronivsky Plant of
\nManufacturing Feeds
\nand Groats
\nUkraine 1998
\nFodder and vegetable
\noil production
\n88.5% 88.5%
\nVinnytska
\nPtakhofabryka
\nUkraine 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
\nPtakhofabryka
\nUkraine 2003 Breeder farm 100.0% 100.0%
\nZernoprodukt MHP Ukraine 2005 Grain cultivation 99.9% 99.9%
\nKaterinopilskiy Elevator Ukraine 2005
\nFodder 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
\nKrayina
\nUkraine 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
\nUnited Arab
\nEmirates
\n2016
\nTrading in vegetable
\noil and 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
\nTrading
\nSaudi Arabia 2018 Trading in poultry meat 100.0% 75.0%
\nMHP Food UK Limited
\nUnited
\nKingdom
\n2021 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
\nits subsidiaries).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n3. CHANGES IN THE GROUP
\nSTRUCTURE
\nCHANGES IN NON-CONTROLLING
\nINTERESTS IN SUBSIDIARIES
\nDuring the year ended 31 December 2023, the Group
\nincreased its effective ownership interest in MHP Saudi
\nArabia Trading to 100% through the purchase of a non-
\ncontrolling interest for the amount USD 1.8 million. The
\ndifference between the carrying value of the net assets
\nacquired and the consideration paid was recognised
\ndirectly to retained earnings in the amount of USD
\n3.6 million. This investing non-cash transaction was
\nexcluded from the consolidated statement of cash flows.
\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag394": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag395": {
"value": "\n
\n\n
\n
\n
\n2. SUMMARY OF MATERIAL
\nACCOUNTING POLICIES
\nBASIS OF PRESENTATION
\nAND 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.
\nThe financial statements of the subsidiaries of the Group
\nare prepared for the same reporting period as the parent,
\nusing consistent accounting policies. Adjustements are
\nmade to align any dissimilar accounting policies, that
\nmay exist, with the Group`s accounting policies.
\n
\n\n\n\n\n\n\n\n\n\n\n\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
\nspecific financial instruments, which are carried at fair
\nvalues. Historical cost is generally based on the fair value of
\nthe consideration given in exchange for goods and services
\nat the date of initial recognition of an item.
\n\nGOING CONCERN
\nIn 2023, the Group has continued its operations in an
\nenvironment severely affected by the Russian invasion
\nof Ukraine since 24 February 2022. In its analysis of
\nthe observable impact of the War and other factors
\non its business during the year ended 31 December
\n2023 and up to the date of authorization to issue
\nthese consolidated financial statements, the Group
\nconsidered, among others, the following key events
\nand conditions:
\n \u2192
\nthe Group\u2019s poultry production facilities have not
\nsuffered any physical damage and are operating
\nat full capacity; the only exception is \u201cUkrainian
\nBacon\" (meat processing facilty with 34,000 tonnes
\nannual capacity located in the Konstiantynivka) that
\nwas temporarily suspended due to its proximity to
\nthe front line and continuing military attacks in the
\nDonetsk region;
\n \u2192
\nproduction and sale volumes have already returned to
\npre-war levels in H2 2022 despite a limited capacity
\nof existing delivery routes and active hostilities in
\nthe southern and eastern regions of Ukraine. As a
\nresult, as of 31 December 2023 and 2022, the Group
\noperated at its normal capacity utilization after
\ndecline in production during H1 2022;
\n \u2192
\nfrom November 2022 to February 2023, Russia\u2019s
\nattacks on Ukrainian power generation and
\ndistribution infrastructure led to severe power
\noutages in Ukraine. These caused temporary
\ndisruption of oilseed processing, poultry and silo
\noperations during this period;
\n \u2192
\ncertain inventories and biological assets were
\ndamaged and written off as a result of the military
\nactions of Russian invaders, as presented in Note 34
\nOperating environment;
\n \u2192 for the period after the Russian invasion of Ukraine
\nmore than 2,380 MHP employees joined the
\nUkrainian military forces and territorial defence;
\n \u2192
\nsince the beginning of the war, the Group has
\nfaced the logistic challenges such as export routes`
\ndisruption, increased transportation costs and high
\nsecurity risks as described in Note 34. The Group
\ncontinuously develops and advances its logistic
\nroutes to sustain stable export shipments to the
\ncustomers in the current environment;
\n \u2192 the Group\u2019s European operations at Perutnina Ptuj
\nhave not been directly affected by events in Ukraine
\nas they are fully independent and self-sufficient from
\nan operational and supply chain perspective, and
\ncontinue to produce at full capacity;
\nIn response to the above challenges, the Group has:
\n \u2192
\noptimized utilization of production facilities to meet
\ndomestic demand and export orders;
\n \u2192 established alternative export routes, including by
\nroad and rail, to address the logistical issues caused
\nby the war and other logistic challenges;
\n \u2192 equipped its key assets with diesel generators and
\ncontinued to operate two biogas facilities to produce
\nelectricity, industrial steam and heating to mitigate
\nthe impact of power outages on its business;
\n \u2192
\nin view of continuing War-related uncertainties and
\nthe resulting need to preserve liquidity to support the
\nGroup\u2019s ongoing business operations, the Directors
\ndecided not to declare a final dividend for the 2022
\nfinancial year. No dividend has been declared for
\nthe year ended 31 December 2023;
\n \u2192
\ntaking into account its debt maturity profile, the Group
\nshaped its debt management process in such a way
\nas to ensure timely servicing of its bonds and other
\nborrowings as they fall due. In particular, as described
\nin Note 29, in October 2023, the Company signed
\nthe agreements with three international financial
\ninstitutions for USD 400 million facilities to refinance
\nthe bonds maturing in May 2024. Up to the date of
\nauthorization to issue these consolidated financial
\nstatements, the Company early redeemed USD 289
\nmillion out of total USD 500 million (Note 30).
\nManagement has prepared adjusted financial forecasts,
\nincluding cash flow projections, for the twelve-month
\nperiod starting on the date of approval of these
\ninterim condensed consolidated financial statements.
\nThe adjusted forecasts consider potential likely and
\ndownside scenarios for the operations resulting from
\nthe War and other factors described above. The Group
\nmanages its operations by continuously monitoring the
\nGroup`s obligations under the existing debt agreements
\nand taking required measures to service its debts on
\ntime and in full.
\nThese forecasts indicate that the Group has adequate
\nresources to continue in operational existence for
\nthe foreseeable future. The Directors have therefore
\nconcluded that it is appropriate to apply the going concern
\nbasis of accounting in preparing these consolidated
\nfinancial statements. However, due to the currently
\nunpredictable effects of the ongoing War, in combination
\nwith the influence of other described above factors on
\nthe main assumptions underlying management forecasts,
\nthe Directors have concluded that a material uncertainty
\nexists, which may cast significant doubt on the Group\u2019s
\nability to continue as a going concern, in which case the
\nGroup may be unable to realize its assets and discharge
\nits liabilities in the normal course of business.
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n2. SUMMARY OF MATERIAL
\nACCOUNTING POLICIES (continued)
\n\nADOPTION OF NEW AND REVISED
\nINTERNATIONAL 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 2023. The Group has
\nnot early adopted any other standard, interpretation
\nor amendment that has been issued but is not yet
\neffective.
\nThe following standards and amendments were adopted
\nby the Group on 1 January 2023:
\n \u2192 IFRS 17 Insurance Contracts;
\n \u2192 Definition of Accounting Estimates - Amendments
\nto IAS 8;
\n \u2192
\nDisclosure of Accounting Policies - Amendments
\nto IAS 1 and IFRS Practice Statement 2;
\n \u2192
\nDeferred Tax related to Assets and Liabilities arising
\nfrom a Single Transaction \u2013 Amendments to IAS 12;
\n \u2192
\nInternational Tax Reform \u2013 Pillar Two Model Rules \u2013
\nAmendments to IAS 12;
\nDisclosure of Accounting Policies \u2013
\nAmendments to IAS 1 and IFRS Practice
\nStatement 2
\nThe Amendments are effective for annual periods
\nbeginning on or after 1 January 2023 and provide
\nguidance on the application of materiality judgements
\nto accounting policy disclosures. In particular, the
\namendments to IAS 1 replace the requirement to
\ndisclose \u2018significant\u2019 accounting policies with a
\nrequirement to disclose \u2018material\u2019 accounting policies.
\nAlso, guidance and illustrative examples are added
\nin the Practice Statement to assist in the application
\nof the materiality concept when making judgements
\nabout accounting policy disclosures. The Group has
\nrevised disclosures of accounting policies to ensure
\nconsistency with the amended requirements.
\nDeferred Tax related to Assets and
\nLiabilities arising from a Single Transaction \u2013
\nAmendments to IAS 12
\nThe amendments are effective for annual periods
\nbeginning on or after 1 January 2023 and narrow the
\nscope of and provide further clarity on the initial
\nrecognition exception under IAS 12 and specify how
\ncompanies should account for deferred tax related to
\nassets and liabilities arising from a single transaction,
\nsuch as leases and decommissioning obligations.
\nThe amendments clarify that where payments that
\nsettle a liability are deductible for tax purposes,
\nit is a matter of judgement, having considered the
\napplicable tax law, whether such deductions are
\nattributable for tax purposes to the liability or to the
\nrelated asset component. Under the amendments,
\nthe initial recognition exception does not apply to
\ntransactions that, on initial recognition, give rise to
\nequal taxable and deductible temporary differences.
\nIt only applies if the recognition of a lease asset
\nand lease liability (or decommissioning liability and
\ndecommissioning asset component) give rise to taxable
\nand deductible temporary differences that are not
\nequal.The amendments had no impact on the Group\u2019s
\nconsolidated financial statements.
\nInternational Tax Reform\u2014Pillar Two Model
\nRules \u2013 Amendments to IAS 12
\nThe amendments are effective immediately upon
\nissuance, but certain disclosure requirements are
\neffective later. The Organisation for Economic Co-
\noperation and Development\u2019s (OECD) published the
\nPillar Two model rules in December 2021 to ensure
\nthat large multinational companies would be subject
\nto a minimum 15% tax rate. On 23 May 2023, the IASB
\nissued International Tax Reform\u2014Pillar Two Model
\nRules \u2013 Amendments to IAS 12. The amendments
\nintroduce a mandatory temporary exception to
\nthe accounting for deferred taxes arising from the
\njurisdictional implementation of the Pillar Two model
\nrules and disclosure requirements for affected entities
\non the potential exposure to Pillar Two income taxes.
\nThe Amendments require, for periods in which Pillar
\nTwo legislation is (substantively) enacted but not
\nyet effective, disclosure of known or reasonably
\nestimable information that helps users of financial
\nstatements understand the entity\u2019s exposure arising
\nfrom Pillar Two income taxes. To comply with these
\nrequirements, an entity is required to disclose
\nqualitative and quantitative information about its
\nexposure to Pillar Two income taxes at the end of
\nthe reporting period. The disclosure of the current tax
\nexpense related to Pillar Two income taxes and the
\ndisclosures in relation to periods before the legislation
\nis effective are required for annual reporting periods
\nbeginning on or after 1 January 2023, but are not
\nrequired for any interim period ending on or before
\n31 December 2023. The amendments have an impact
\non the Group\u2019s consolidated financial statements as
\ndiscussed in Note 14.
\nOther new IFRS and amendments to IFRS effective
\nsince 1 January 2023 have no impact on the Group`s
\nconsolidated financial statements.
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nSTANDARDS AND INTERPRETATIONS
\nIN ISSUE BUT NOT EFFECTIVE
\nAt the date of authorization of these consolidated
\nfinancial statements, the following Standards and
\nInterpretations, as well as amendments to the Standards
\nwere in issue but not yet effective:
\nIFRS 16 Leases: Lease Liability in a Sale and
\nLeaseback (Amendments)
\nThe amendments are effective for annual reporting
\nperiods beginning on or after 1 January 2024, with
\nearlier application permitted. The amendments are
\nintended to improve the requirements that a seller-
\nlessee uses in measuring the lease liability arising in
\na sale and leaseback transaction in IFRS 16, while it
\ndoes not change the accounting for leases unrelated
\nto sale and leaseback transactions. In particular, the
\nseller-lessee determines \u2018lease payments\u2019 or \u2018revised
\nlease payments\u2019 in such a way that the seller-lessee
\nwould not recognise any amount of the gain or loss
\nthat relates to the right of use it retains. Applying these
\nrequirements does not prevent the seller-lessee from
\nrecognising, in profit or loss, any gain or loss relating to
\nthe partial or full termination of a lease. A seller-lessee
\napplies the amendment retrospectively in accordance
\nwith IAS 8 to sale and leaseback transactions entered
\ninto after the date of initial application, being the
\nbeginning of the annual reporting period in which an
\nentity first applied IFRS 16. The amendments are not
\nexpected to have a material impact on the Group\u2019s
\nconsolidated financial statements.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n2. SUMMARY OF MATERIAL
\nACCOUNTING POLICIES (continued)
\n\nSTANDARDS AND INTERPRETATIONS
\nIN ISSUE BUT NOT EFFECTIVE (continued)
\nIAS 1 Presentation of Financial Statements:
\nClassification of Liabilities as Current or Non-
\ncurrent (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
\nfor the classification of liabilities as either current or
\nnon-current. The amendments clarify the meaning of
\na right to defer settlement, the requirement for this
\nright to exist at the end of the reporting period, that
\nManagement intent does not affect current or non-current
\nclassification, that options by the counterparty that could
\nresult in settlement by the transfer of the entity\u2019s own
\nequity instruments do not affect current or non-current
\nclassification. Also, the amendments specify that only
\ncovenants with which an entity must comply on or before
\nthe reporting date will affect a liability\u2019s classification.
\nAdditional disclosures are also required for non-current
\nliabilities arising from loan arrangements that are subject
\nto covenants to be complied with within twelve months
\nafter the reporting period. The amendments are not
\nexpected to have a material impact on the Group\u2019s
\nconsolidated financial statements.
\nIAS 7 Statement of Cash Flows and IFRS 7
\nFinancial Instruments disclosures: Supplier
\nFinance Arrangements (Amendments)
\nThe amendments are effective for annual reporting
\nperiods beginning on or after January 1, 2024, with earlier
\napplication permitted. The amendments supplement
\nrequirements already in IFRS and require an entity to
\ndisclose the terms and conditions of supplier finance
\narrangements. Additionally, entities are required to
\ndisclose at the beginning and end of reporting period the
\ncarrying amounts of supplier finance arrangement financial
\nliabilities and the line items in which those liabilities are
\npresented as well as the carrying amounts of financial
\nliabilities and line items, for which the finance providers
\nhave already settled the corresponding trade payables.
\nEntities should also disclose the type and effect of non-
\ncash changes in the carrying amounts of supplier finance
\narrangement financial liabilities, which prevent the carrying
\namounts of the financial liabilities from being comparable.
\nFurthermore, the amendments require an entity to disclose
\nat the beginning and end of the reporting period the range
\nof payment due dates for financial liabilities owed to the
\nfinance providers and for comparable trade payables that
\nare not part of those arrangements. 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.
\nIAS 21 The Effects of Changes in Foreign
\nExchange Rates: Lack of Exchangeability
\n(Amendments)
\nThe amendments are effective for annual reporting
\nperiods beginning on or after January 1, 2025, with earlier
\napplication permitted. The amendments specify how an
\nentity should assess whether a currency is exchangeable
\nand how it should determine a spot exchange rate when
\nexchangeability is lacking. A currency is considered
\nto be exchangeable into another currency when an
\nentity is able to obtain the other currency within a time
\nframe that allows for a normal administrative delay and
\nthrough a market or exchange mechanism in which an
\nexchange transaction would create enforceable rights
\nand obligations. If a currency is not exchangeable into
\nanother currency, an entity is required to estimate
\nthe spot exchange rate at the measurement date. An
\nentity\u2019s objective in estimating the spot exchange
\nrate is to reflect the rate at which an orderly exchange
\ntransaction would take place at the measurement date
\nbetween market participants under prevailing economic
\nconditions. The amendments note that an entity can
\nuse an observable exchange rate without adjustment or
\nanother estimation technique. 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
\nFinancial Statements and IAS 28 Investments
\nin Associates and Joint Ventures: Sale or
\nContribution of Assets between an Investor
\nand its Associate or Joint Venture
\nThe amendments address an acknowledged
\ninconsistency between the requirements in IFRS 10 and
\nthose in IAS 28, in dealing with the sale or contribution
\nof assets between an investor and its associate or joint
\nventure. The main consequence of the amendments is
\nthat a full gain or loss is recognized when a transaction
\ninvolves a business (whether it is housed in a subsidiary
\nor not). A partial gain or loss is recognized when a
\ntransaction involves assets that do not constitute a
\nbusiness, even if these assets are housed in a subsidiary.
\nIn December 2015 the IASB postponed the effective date
\nof this amendment indefinitely pending the outcome of
\nits research project on the equity method of accounting.
\nThe amendments have not yet been endorsed by the EU.
\nThe amendments are not expected to have a material
\nimpact on the Group\u2019s consolidated financial statements.
\nIFRS 18 \u2013 Presentation and Disclosure
\nin Financial Statements
\nOn 9 April 2024, the IASB issued the IFRS 18 \u2013
\nPresentation and Disclosure in Financial Statements
\nwhich replaces IAS 1 \u2013 Presentation of Financial
\nStatements. IFRS 18 is the result of the IASB\u2019s Primary
\nFinancial Statements project and it becomes effective
\nfor annual reporting periods beginning on or after
\nJanuary 1, 2027. The new standard has not yet been
\nendorsed by the EU. Management will analyse the
\nrequirements of the new standard and assess its impact
\nupon becoming effective.
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\nFUNCTIONAL AND PRESENTATION
\nCURRENCY
\n\nThe functional currency of the Ukrainian companies
\nof the Group is the Ukrainian Hryvnia (\u201cUAH\u201d); the
\nfunctional currency of the Cyprus companies and
\nLuxembourg company of the Group is the US Dollar
\n(\u201cUSD\u201d); the functional currency of the European
\ncompanies of the Group is the Euro (\u201cEUR\u201d); the
\nfunctional currency of the United Arab Emirates
\ncompanies is the Dirham (\u201cAED\u201d); the functional
\ncurrency of the UK company is the British Pound
\n(\"GBP\u201d); the functional currency of the Saudi Arabia
\ncompany is the Saudi Riyal (\"SAR\u201d).
\nTransactions in currencies other than the functional
\ncurrency of the entities concerned are treated as
\ntransactions in foreign currencies.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\nSuch transactions are initially recorded at the rates
\nof exchange ruling at the dates of the transactions.
\nMonetary assets and liabilities denominated in such
\ncurrencies are translated prevailing rates on the
\nreporting date. All realized and unrealized gains and
\nlosses arising on exchange differences are recognised
\nin the consolidated statement of profit or loss and other
\ncomprehensive income for the period.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n2. SUMMARY OF MATERIAL
\nACCOUNTING POLICIES (continued)
\n\nFUNCTIONAL AND PRESENTATION
\nCURRENCY (continued)
\nThese consolidated financial statements are presented in
\nUS Dollars (\u201cUSD\u201d), the Group\u2019s presentation currency,
\nand all values are rounded to the nearest million, except
\nwhen otherwise indicated.
\n
\nThe results and financial position of the Group are
\ntranslated into the presentation currency using the
\nfollowing procedures:
\n \u2192
\nAssets 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 \u2192
\nIncome and expenses for each consolidated
\nstatement of profit or loss are translated at exchange
\nrates at the dates of the transactions;
\n \u2192
\nExchange differences arising on translation for
\nconsolidation are recognised in other comprehensive
\nincome and presented as a separate equity
\ncomponent. On disposal of a foreign operation, the
\ncomponent of OCI relating to that particular foreign
\noperation is reclassified to profit or loss;
\n \u2192
\nAll equity items except the revaluation reserve
\nare translated at the historical exchange rate. The
\nrevaluation reserve is translated at the closing rate
\nas of the statement of financial position date.
\nFor practical reasons, the Group translates items of
\nincome and expenses for each period presented in
\nthe financial statements using the quarterly average
\nexchange rates if such translations reasonably
\napproximate the results translated at exchange rates
\nprevailing at the dates of the transactions.
\n
\n
\n\n\n\n\n\n\n\n\nThe relevant exchange rates were:
\nCURRENCY
\nCLOSING RATE AS
\nOF 31 DECEMBER
\n202 3
\nAVERAGE
\nFOR 2023
\nCLOSING RATE AS
\nOF 31 DECEMBER
\n202 2
\nAVERAGE
\nFOR 2022
\nUAH/USD 37.9824 36.5750 36.5686 32.3684
\nUAH/EUR 42.2079 39.5619 38.9510 33.9954
\nUSD/EUR 1.1112 1.0817 1.0651 1.0503
\nUSD/GBP 1.2766 1.2434 1.2033 1.2318
\nAED/USD 3.67 3.67 3.67 3.67
\nSAR/USD 3.75 3.75 3.75 3.75
\n
\n\n\n\n\n\n\n\n\n\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 \u2192 has power over the investee;
\n \u2192 is exposed, or has rights, to variable returns from its
\ninvolvement with the investee; and
\n \u2192 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 changes to
\none or more of the three elements of control listed above.
\nConsolidation of a subsidiary begins when the Company
\nobtains control over the subsidiary and ceases when the
\nCompany loses control of the subsidiary. Specifically,
\nincome and expenses of a subsidiary acquired or disposed
\nof during the year are included in the consolidated
\nstatement of profit or loss and other comprehensive
\nincome from the date the Company gains control until the
\ndate when the Company ceases to control the subsidiary.
\nProfit or loss and each component of other comprehensive
\nincome are attributed to the Company\u2019s owners to the non-
\ncontrolling interests. The total comprehensive income of
\nsubsidiaries is attributed to the owners of the Company
\nand the non-controlling interests, even if this results in
\nthe non-controlling interests having a deficit balance.
\nAll significant intercompany transactions, balances, and
\nunrealized gains or losses on transactions are eliminated
\non consolidation, except when the intragroup losses
\nindicate an impairment that requires recognition in the
\nconsolidated financial statements.
\nWhere necessary, adjustments are made to the financial
\nstatements of subsidiaries to bring the accounting
\npolicies used in line with those adopted by the Group.
\n
\n
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n
\n\n
\n\nFAIR VALUE MEASUREMENT
\nFair value is the price received to sell an asset or paid
\nto transfer a liability in an orderly transaction between
\nmarket participants at the measurement date. The fair
\nvalue measurement is based on the presumption that
\nthe transaction to sell the asset or transfer the liability
\noccurs either in the central market for the asset or
\nliability or, in the absence of a principal market, in the
\nmost advantageous market for the asset or liability.
\nThe principal or the most beneficial market must be
\naccessible by the Group.
\nThe fair value of an asset or a liability is measured
\nusing the assumptions that market participants would
\nuse when pricing the asset or liability, assuming that
\nmarket participants act in their economic best interest.
\nA fair value measurement of a non-financial asset
\nconsiders 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
\nthat would 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
\nrelevant observable inputs and minimizing the use of
\nunobservable inputs.
\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,
\nbased on the lowest level input that is significant to
\nthe fair value measurement as a whole:
\n \u2192
\nLevel 1: Quoted (unadjusted) market prices in active
\nmarkets for identical assets or liabilities;
\n \u2192 Level 2: Valuation techniques for which the lowest
\nlevel input that is significant to the fair value
\nmeasurement is directly or indirectly observable;
\n \u2192 Level 3: Valuation techniques for which the lowest
\nlevel input that is significant to the fair value
\nmeasurement is unobservable.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n2. SUMMARY OF MATERIAL
\nACCOUNTING POLICIES (continued)
\n\n
\n\nFAIR VALUE MEASUREMENT (continued)
\nFor assets and liabilities that are recognized in the financial
\nstatements regularly, the Group determines whether
\ntransfers have occurred between Levels in the hierarchy
\nby re-assessing categorization (based on the lowest level
\ninput that is significant to the fair value measurement as a
\nwhole) at the end of each reporting period.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\nBORROWING COSTS
\nBorrowing costs include interest expense, finance
\ncharges on leases and other interest-bearing long-term
\npayables and debt servicing costs.
\nBorrowing costs directly attributable to the acquisition,
\nconstruction or production of qualifying assets, which
\nare assets that necessarily take a substantial period of
\ntime to get ready for their intended use or sale, are added
\nto the cost of those assets, until such time as the assets
\nare substantially 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
\nstatement of profit or loss and other comprehensive
\nincome in the period in which they are incurred.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\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
\nthe possibility of an outflow of resources embodying
\neconomic benefits is remote. Contingent assets are
\nrecognised only when it has become virtually certain
\nthat an inflow of economic benefits will arise.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nSEGMENT INFORMATION
\nSegment reporting is presented on the basis of Management\u2019s
\nperspective and relates to the parts of the Group that are
\ndefined as operating segments. Operating segments are
\nidentified on the basis of internal reports provided to the
\nGroup\u2019s chief operating decision maker (\u201cCODM\u201d). The
\nGroup has identified its top Management team as its CODM
\nand the internal reports used by the top Management team
\nto oversee operations and make decisions on allocating
\nresources serve as the basis of information presented.
\nThese internal reports are prepared on the same basis as
\nthese consolidated financial statements.
\nIn order to accurately reflect the diverse nature of
\nGroup\u2019s business operations and improve the granularity
\nof reporting, from this report MHP has implemented
\nchanges to its presentation of business segmentation
\ninformation. These changes include:
\n \u2192 introduction of a new \u2013 Vegetable oils operations
\nsegment, which represents production and sales of
\nvegetable oil and related products. In 2022, these
\nactivities were included into Poultry and related
\noperations segment as by-products of mixed fodder
\nproduction for poultry;
\n \u2192
\ninclusion of meat processing and other meat
\n(previously reported within Meat processing and
\nother agricultural operations) in the Poultry and
\nrelated operations segment given that the meat
\nprocessing and other meat operations represent less
\nthan 10% of the Group`s revenues and have similar
\ncharacteristics to poultry operations;
\n \u2192 combining of grain-growing operations (presented
\nas separate segment in 2022) and milk cattle farming
\n(previously presented within Meat processing and
\nother agricultural operations segment) into a revised
\nreportable segment - Agriculture operations.
\nThe corresponding segment information for the year
\nended 31 Deceber 2022 have been restated accordingly
\nto ensure comparability.
\nBased on the current management structure, the Group
\nidentifies the following reportable segments that fairly
\nrepresent principal business activities: Poultry and
\nrelated operations, Vegetable oils operations, Agriculture
\noperations, Europe operating segment. For more details
\non segmentation refer to Note 5 Segment information.
\n
\n
\n\n\n\n\n\n\n\n\n
\nREVENUE RECOGNITION
\n\nThe Group generates revenue primarily from selling of
\nagricultural products to the end customers. Revenue
\nis measured based on the consideration to which
\nthe Group expects to be entitled in a contract with a
\ncustomer and excludes amounts collected on behalf
\nof third parties. The Group recognises revenue when
\nit transfers product or service control to a customer.
\nRevenue is adjusted for estimates of known or expected
\nvariable consideration, which includes consumer
\nincentives, trade promotions, and allowances, such as
\nrebates, volume-based incentives and other programs.
\nVariable consideration related to these programs is
\nrecorded as a reduction to revenue based on amounts
\nthe Group expects to pay. These estimates are based on
\ncurrent performance, historical utilization, and projected
\nredemption rates of each program. The Group reviews and
\nupdates these estimates regularly until the incentives are
\nrealized and the impact of any adjustments are recognized
\nin the period the adjustments are identified. Non-monetary
\nexchanges or swaps of goods that are of similar nature and
\nvalue are not treated as transactions that generate revenue.
\n
\n
\n\n\n\n\n\n\n\nThe Group recognises revenue from the following major
\nsources:
\n \u2192
\npoultry meat and related sales (delivery services,
\neggs, meat and bone meal, and other);
\n \u2192 processed meat and culinary products;
\n \u2192
\nvegetable oil and related products (sunflower and
\nsoybean meals, sunflower husk) ;
\n \u2192
\ngrains, oilseeds and other agriculture products (milk,
\ncatlle, feed grains and other).
\nRevenue is measured based on the consideration to
\nwhich the Group expects to be entitled in a contract
\nwith a customer. The Group recognises revenue at a
\npoint in time when it transfers control of a product or
\nservice to a customer.
\nA major part of the Group\u2019s sales is 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.
\n
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n2. SUMMARY OF MATERIAL
\nACCOUNTING POLICIES (continued)
\n\nREVENUE RECOGNITION (continued)
\n
\nContract liability is recognised if a payment is received
\nfrom a customer before the Group transfers the related
\ngoods. Contract liabilities are recognised as revenue
\nwhen the Group performs under the contract.
\nSales price of products for domestic market
\npredominantly includes shipping and handling costs
\nin the price of the product. Export sales price may
\ninclude the shipping and handling costs depending on
\nspecific incoterms applied.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\nTAXES RECOVERABLE AND PREPAID
\nTaxes recoverable and prepaid primarily include value-
\nadded tax (\u201cVAT\u201d) recoverable. VAT recoverable is
\nreviewed at each reporting date and reduced to the
\nextent that it is no longer probable that a reimbursement
\nor VAT liabilities for settlement will be available. The
\nGroup considers that the outstanding amount due from
\nthe state at the reporting date will be either recovered
\nin cash or reclaimed against the VAT liabilities related
\nto sales.
\nPREPAYMENTS
\nPrepayments are carried at cost excluding VAT less
\nprovision for impairment, when applicable.
\n\nGOVERNMENT GRANTS
\nGovernment grants are recognised as income over
\nthe periods necessary to match them with the related
\ncosts, or as an offset against finance costs when
\nreceived as compensation for the finance costs for
\nagricultural producers. When the grant relates to an
\nasset, the received funds are recorded in the Group\u2019s
\nconsolidated financial statements as deferred income,
\nwhich is recognised in profit or loss on a systematic basis
\nover the useful life of the related assets.
\nGovernment grants are not recognised until there is
\nreasonable assurance that the Group will comply with
\nthe conditions attaching to them and that the grants
\nwill be received.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\nPROPERTY, PLANT, AND EQUIPMENT
\nAll Group 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,
\nafter deducting trade discounts and rebates; (b) any
\ncosts directly attributable to bringing the item to the
\nlocation and condition necessary for it to be capable of
\noperating in the manner intended by the management
\nof the Group; (c) the initial estimate of the costs of
\ndismantling and removing the item and restoring the
\nsite on which it is located, the obligation for which
\nthe Group incurs either when the item is acquired or
\nas a consequence of having used the item during a
\nparticular period for purposes other than to produce
\ninventories during that period; and (d) for qualifying
\nassets, borrowing costs capitalized in accordance with
\nthe Group\u2019s accounting policy.
\n\nSubsequently, capitalized costs include major
\nexpenditures for improvements and replacements that
\nextend the useful lives of the assets or increase their
\nrevenue-generating capacity. Repairs and maintenance
\nexpenditures that do not meet the foregoing criteria for
\ncapitalization are charged to the consolidated statement
\nof profit or loss as incurred.
\nFor all Group`s property, plant, and equipment carried
\nat revalued amounts, the revaluations are performed
\nwith sufficient regularity such that the carrying amount
\ndoes not differ materially from that which would be
\ndetermined using fair values at the reporting date. If
\nthe asset\u2019s carrying amount is increased as a result
\nof a revaluation, the increase is credited to equity
\nthrough other comprehensive income as a revaluation
\nreserve. However, such an increase is recognized in the
\nconsolidated statement of profit or loss to the extent
\nthat it reverses a revaluation decrease of the same asset
\npreviously recognized in the consolidated statement of
\nprofit or loss. If the asset\u2019s carrying amount is decreased
\nas a result of a revaluation, the decrease is recognized in
\nthe consolidated statement of profit or loss. However,
\nsuch a decrease is debited to the revaluation reserve
\nthrough other comprehensive income to the extent of
\nany credit balance existing in the revaluation reserve in
\nrespect of that asset.
\n
\n
\n\n\n\nThe carrying amount of the asset is adjusted by
\neliminating accumulated depreciation against the gross
\ncarrying amount and subsequent increase or decrease
\nof the gross carrying amount to fair value.
\n\n
\n\nDepreciation on revalued assets is charged to the
\nconsolidated statement of profit or loss. The excess
\ndepreciation charge on the revalued asset over the
\ndepreciation that would have been charged based on
\nthe historical cost of the asset is transferred from the
\nrevaluation reserve directly to retained earnings over the
\nassets useful life. On the subsequent sale or retirement
\nof a revalued asset, the attributable revaluation surplus
\nremaining in the revaluation reserve is transferred
\ndirectly to retained earnings.
\nDepreciation of property, plant, and equipment is
\ncharged so as to write off the depreciable amount over
\nthe useful life of an asset and is calculated using a
\nstraight-line method. The useful lives of the groups of
\nproperty, plant, and equipment 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
\nmachinery
\n7 - 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
\nresidual value. The residual value is the estimated
\namount that the Group would currently obtain from
\ndisposal of the item of property, plant, and equipment,
\nafter deducting the estimated disposal costs, if the asset
\nwere already of the age and in the condition expected
\nat the end of its useful life.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n2. SUMMARY OF MATERIAL
\nACCOUNTING POLICIES (continued)
\n\nPROPERTY, PLANT, AND EQUIPMENT
\n(continued)
\nThe residual value, the useful lives, and the depreciation
\nmethod are reviewed at each financial year-end. In
\nparticular, the Group considers the impact of health,
\nsafety and environmental legislation in its assessment
\nof expected useful lives and estimated residual
\nvalues. Furthermore, the Group considers climate-
\nrelated matters, including physical and transition risks.
\nSpecifically, the Group determines whether climate-
\nrelated legislation and regulations might impact either
\nthe useful life or residual values. The effect of any
\nchanges from previous estimates is accounted for
\nprospectively as a change in an accounting estimate.
\nThe gain or loss arising on the sale or disposal of an
\nitem of property, plant, and equipment is determined
\nas the difference between the sales proceeds and the
\ncarrying amount of the asset and is recognized in the
\nconsolidated statement of profit or loss.
\nConstruction in progress comprises costs directly
\nrelated to the construction of property, plant, and
\nequipment, including an appropriate allocation of
\ndirectly attributable variable overheads that are
\nincurred in construction. Construction in progress is not
\ndepreciated. Depreciation of construction in progress
\ncommences when completed construction in progress
\nis transferred to the relevant class of property, plant,
\nand equipment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nINTANGIBLE ASSETS
\nIntangible assets consist primarily of land lease rights,
\ntrademarks, and customer relationships, which are
\nacquired in a business combination.
\nIntangible assets acquired in a business combination
\nare identified and recognized 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 amortized and are examined for impairment
\nannually or more frequently where there is an indication
\nof impairment. Where the carrying amount of an asset is
\ngreater than the amount estimated to be recoverable, it is
\nwritten down to its recoverable amount. The assessment
\nof indefinite life is reviewed annually to determine
\nwhether the indefinite life continues to be supportable.
\nIf not, the change in useful life from indefinite to finite
\nis made on a prospective basis.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\nSubsequent to initial recognition, intangible assets
\nassessed as having finite valuable lives are reported at
\ncost less accumulated amortization and accumulated
\nimpairment losses. Amortization of intangible assets is
\nrecognized 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 amortized
\nOther intangible assets 3 - 10 years
\nThe amortization period and the amortization method
\nfor intangible assets with finite useful lives are reviewed
\nat least at the end of each reporting period, with the
\neffect of any changes in estimate being accounted for
\non a prospective basis.
\nAn intangible asset is derecognized on disposal or when
\nno future economic benefits are expected from use or
\ndisposal. Gains or losses arising from the derecognition
\nof an intangible asset, measured as the difference
\nbetween the net disposal proceeds and the carrying
\namount of the asset, are recognized in profit or loss
\nwhen the asset is derecognized.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\nRIGHT-OF-USE ASSETS
\nRight-of-use assets mainly represents the rent of land
\nfrom individuals (Ukrainian citizens) for agricultural
\npurposes as well as trucks, agricultural machinery and
\nequipment essential for farm operation, also office
\nbuildings, facilities used as culinary centers, warehouses,
\nand retail store spaces. The Group recognizes right-of-
\nuse assets at the commencement date of the lease (i.e.,
\nthe date the underlying asset is available for use). Right-
\nof-use assets are measured at cost, less accumulated
\ndepreciation and impairment losses, and adjusted for
\nany remeasurement of lease liabilities. The cost of right-
\nof-use assets includes the amount of lease liabilities
\nrecognized, initial direct costs incurred, and lease
\npayments made at or before the commencement date,
\nless any lease incentives received. Right-of-use assets
\nare depreciated over the lease term. The depreciation
\nstarts at the commencement date of the lease. The
\nGroup recognizes depreciation of right-of-use assets
\nbased on the lease term, presented within the cost of
\ngoods sold in the consolidated statement of profit or
\nloss. The average maturity of land lease agreements is
\n7 years, 5 years for lease agreements for agricultural
\nmachinery and equipment, 10 years for buildings and
\nfacilities and 4 years for retail store spaces.
\n
\n
\n\n\n\n\n\n\n\n\n
\n\n
\n\n
IMPAIRMENT OF TANGIBLE
\n
AND INTANGIBLE ASSETS OTHER
\n
THAN GOODWILL
\n
At each reporting date, the Group reviews the carrying
\n
amounts of its tangible and intangible assets with
\n
definite useful lives to determine whether there is any
\n
indication that those assets have suffered an impairment
\n
loss. If any such indication exists, the asset's recoverable
\n
amount is estimated to determine the extent of the
\n
impairment loss (if any). Intangible assets with indefinite
\n
useful lives are tested for impairment annually or more
\n
frequently when there is an indication that they might
\n
be impaired.
\n
To assess impairment, assets are grouped at the lowest
\n
levels for which there are separately identifiable cash
\n
flows (cash-generating units). Recoverable amount is
\n
the higher fair value, less costs to sell, and value in
\n
use. In assessing value in use, the estimated future
\n
cash flows are discounted to their present value using
\n
a pre-tax discount rate that reflects current market
\n
assessments of the time value of money and the risks
\n
specific to the asset.
\n
If the recoverable amount of an asset (or cash-generating
\n
unit) is estimated to be less than its carrying amount.
\n
In that case, the carrying amount of the asset (cash-
\n
generating unit) is reduced to its recoverable amount.
\n
An impairment loss is recognized immediately in the
\n
consolidated statement of profit or loss unless the
\n
relevant asset is carried at a revalued amount, in which
\n
case the impairment loss is treated as a revaluation
\n
decrease through other comprehensive income.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n2. SUMMARY OF MATERIAL
\nACCOUNTING POLICIES (continued)
\n\n
\n\n
\n\n
IMPAIRMENT OF TANGIBLE AND INTANGIBLE
\n
ASSETS OTHER THAN GOODWILL (continued)
\n
Where an impairment loss subsequently reverses, the
\n
carrying amount of the asset (cash-generating unit) is
\n
increased to the revised estimate of its recoverable
\n
amount, but so that the increased carrying amount
\n
does not exceed the carrying amount that would have
\n
determined had no impairment loss been recognized for
\n
the asset (cash-generating unit) in prior years. A reversal
\n
of an impairment loss is recognized immediately in the
\n
consolidated statement of profit or loss unless the relevant
\n
asset is carried at a revalued amount, in which case the
\n
reversal of the impairment loss is treated as a revaluation
\n
increase through other comprehensive income.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
IMPAIRMENT OF GOODWILL
\n
For the purposes of impairment testing, goodwill is
\n
allocated to each of the Group\u2019s cash-generating units
\n
(or groups of cash-generating units) that is expected to
\n
benefit from the synergies of the combination.
\n
A cash-generating unit to which goodwill has been
\n
allocated is tested for impairment annually or more
\n
frequently when there is an indication that the unit may
\n
be impaired. If the recoverable amount of the cash-
\n
generating unit is less than its carrying amount, the
\n
impairment loss is allocated first to reduce the carrying
\n
amount of any goodwill allocated to the unit and then to
\n
the other assets of the unit pro rata based on the carrying
\n
amount of each asset in the unit. Any impairment loss
\n
for goodwill is recognized directly in the consolidated
\n
profit or loss. An impairment loss recognized on goodwill
\n
is not reversed in subsequent periods.
\n
The Group assesses whether climate-related risks,
\n
including physical risks and transition risks could have
\n
a significant impact. If so, these risks are included in the
\n
cash-flow forecasts in assessing value-in-use amounts.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\nINCOME TAXES
\nIncome taxes have been computed by the laws currently
\nenacted or substantially enacted in jurisdictions where
\noperating entities are located. Income tax is calculated
\nbased on the year's results as adjusted for items that are
\nnon-assessable or non-tax deductible. It is calculated using
\ntax rates that have been enacted by the reporting date.
\nDeferred tax is accounted for using the balance sheet
\nliability method regarding temporary differences arising
\nfrom differences between the carrying amount of assets
\nand liabilities in the consolidated financial statements
\nand the corresponding tax basis used in the computation
\nof taxable profit. Deferred tax liabilities are generally
\nrecognized for all taxable temporary differences, and
\ndeferred tax assets are recognized to the extent that it
\nis 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
\nthe extent that it is no longer probable that sufficient
\ntaxable profits will be available to allow all or part of
\nthe asset to be 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 realized, 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
\nhow the Group expects, at the end of the reporting
\nperiod, to recover or settle the carrying amount of its
\nassets 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 \u2192 The Group has a legally enforceable right to set off
\nthe recognized amounts of current tax assets and
\ncurrent tax liabilities;
\n \u2192
\nThe Group has an intention to settle on a net
\nbasis or to realize the asset and settle the liability
\nsimultaneously;
\n \u2192
\nThe 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\n\n\n\n\n\n\n\n\nThe Group companies involved in agricultural production
\n(those engaged in grain and oilseeds growing) benefit
\nsubstantially from the status of an agricultural producer.
\nThese companies are exempt from income taxes and
\npay the Fixed Agricultural Tax (FAT) instead (Note 13).
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\nINVENTORIES
\nInventories are stated at the lower cost and net
\nrealizable value. Costs comprise raw materials and,
\nwhere applicable, direct labor costs and overheads
\nincurred in bringing the inventories to their present
\nlocations and condition.
\nCost is calculated using the FIFO (first-in, first-out) method.
\nNet realizable value is determined as the estimated selling
\nprice less all estimated completion costs and costs to
\nbe incurred in marketing, selling, and distribution. The
\nagriculture-related production process results in the
\nproduction of joint products: main and by-products. A
\nby-product arising from the process is measured at net
\nrealizable value and deducted from the main product`s cost.
\n
\n\n\n\n\n\n\n\n\n\n\n\nBIOLOGICAL ASSETS AND
\nAGRICULTURAL PRODUCE
\nAgricultural activity is defined as a biological
\ntransformation of biological assets for sale into agrarian
\nproduce or into additional biological assets. The Group
\nclassifies hatchery eggs, live poultry, cattle and other
\nanimals and crops in fields 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
\nthe fair value of the asset can be measured reliably.
\nBiological assets are stated at fair value minus estimated
\ncosts to sell at both initial recognition and as of the
\nreporting date, with any resulting gain or loss recognized
\nin the consolidated profit or loss.
\nCosts to sell include all costs necessary to sell the assets,
\nincluding costs necessary to get the assets to market.
\nThe difference between fair value less costs to sell and
\ntotal production costs is allocated to biological assets
\nas of each reporting date as a fair value adjustment.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n2. SUMMARY OF MATERIAL
\nACCOUNTING POLICIES (continued)
\n\nBIOLOGICAL ASSETS AND AGRICULTURAL
\nPRODUCE (continued)
\nThe change in this adjustment from one period to
\nanother is recognised as a \u201cNet change in fair value
\nof biological assets and agricultural produce\u201d in the
\nconsolidated profit or 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,
\nis included in the consolidated profit or loss.
\nBased on the above policy, the principal groups of
\nbiological assets and agricultural produce are stated
\nas follows:
\nBiological Assets
\n(i) Broiler chickens
\nBroilers comprise poultry held for chicken meat
\nproduction. The fair value of broilers is determined by
\nreference to the cash flows obtained from the sales of
\n42-day-aged chickens, with an allowance for costs to
\nbe incurred and risks to be faced during the remaining
\ntransformation process.
\n(ii) Breeders held for hatchery egg production
\nThe fair value of breeders is determined using the
\ndiscounted cash flow approach based on hatchery eggs\u2019
\nand meat market prices.
\n(iii) Cattle
\nCattle comprise cows and bulls held for the regeneration
\nof the livestock population and animals raised for milk
\nand beef meat production. The fair value of livestock is
\ndetermined based on cash flows 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
\nreference to the cash flows obtained from sales of
\nharvested crops, with an allowance for costs to be
\nincurred and risks to be faced during the remaining
\ntransformation process.
\n(v) Hatchery eggs
\nThe fair value of hatchery eggs is determined by
\nreference to 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
\nof harvest.
\n(ii) Grain and oilseeds
\nThe fair value of fodder grain and oilseeds is determined
\nby market prices at the point of harvest.
\nThe Group\u2019s biological assets are classified into bearer
\nand consumable biological assets depending upon the
\nfunction of a particular group of biological assets in the
\nGroup\u2019s production process. Consumable biological
\nassets are those to be harvested as agricultural produce,
\nincluding hatchery eggs and live broiler chickens intended
\nfor the production of meat, as well as pork and meat
\ncows. Bearer biological assets include poultry held for
\nhatchery egg production, milk cows, and breeding bulls.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\nFINANCIAL INSTRUMENTS
\nFinancial assets and liabilities are recognized in the Group\u2019s
\nstatement of financial position when the Group becomes
\na party to the contractual provisions of the instrument.
\nThe financial assets and financial liabilities of the Group
\nare represented by cash and cash equivalents, bank
\ndeposits, 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 below in this Note.
\nFinancial assets and financial liabilities are initially
\nrecognised at fair value. Transaction costs that are
\ndirectly attributable to the acquisition or issue of
\nfinancial assets and financial liabilities (other than
\nfinancial assets and financial liabilities at fair value
\nthrough profit or loss) are added to or deducted from the
\nfair value of the financial assets or financial liabilities,
\nas appropriate, on initial recognition. Transaction costs
\nare directly attributable to the acquisition of financial
\nassets or financial liabilities at fair value through profit
\nor loss are recognized immediately in profit or loss.
\n
\n\n\n\n\n\n\n\n\n\n\n\nFINANCIAL ASSETS
\nAll recognized financial assets are measured
\nsubsequently at either amortized 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 amortized cost (this category
\nis the most relevant to the Group):
\n \u2192 the financial asset is held within a business model
\nwhose objective is to have financial assets to collect
\ncontractual cash flows; and
\n \u2192
\nthe contractual terms of the financial asset
\ngive rise on specified dates to cash flows
\nthat are solely payments of principal and
\ninterest on the principal amount outstanding.
\nDebt instruments that meet the following conditions
\nare measured subsequently at fair value through other
\ncomprehensive income (FVTOCI):
\n \u2192 the financial asset is held within a business model
\nwhose objective is achieved by both collecting
\ncontractual cash flows and selling the financial
\nassets; and
\n \u2192
\nthe contractual terms of the financial asset give
\nrise on specified dates to cash flows that are solely
\npayments of principal and interest on the principal
\namount outstanding.
\nBy default, all other financial assets are measured
\nsubsequently at FVTPL.
\nFinancial assets at amortized cost are subsequently
\nmeasured using the effective interest (EIR) method and
\nare subject to impairment.
\nThe effective interest method is a method calculates
\nthe amortized cost of a debt instrument and allocates
\ninterest income over the relevant period.
\nThe amortized cost of a financial asset is the amount
\nat which the financial asset is measured at initial
\nrecognition minus the principal repayments, plus the
\ncumulative amortization using the effective interest
\nmethod of any difference between that initial amount
\nand the maturity amount, adjusted for any loss allowance.
\nThe gross carrying amount of a financial asset is the
\namortized cost of a financial asset before adjusting for
\nany loss allowance.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n2. SUMMARY OF MATERIAL
\nACCOUNTING POLICIES (continued)
\n\n
\nFINANCIAL ASSETS (continued)
\n\nImpairment of financial assets
\nThe Group recognizes an allowance for expected credit
\nlosses (ECLs) for all debt instruments not held at fair value
\nthrough profit or loss. ECLs are estimated as the difference
\nbetween all contractual cash flows due to the Group per
\nthe contract and all the cash flows that the Group expects
\nto receive, discounted at the original effective interest rate.
\nThe amount of expected credit losses is updated at each
\nreporting date to reflect changes in credit risk since the
\ninitial recognition of the respective financial instrument.
\nThe Group applies a simplified approach to calculating
\nECLs for trade accounts receivable and contract assets.
\nTherefore, the Group does not track changes in credit
\nrisk but instead recognizes 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
\nnot credit-impaired on initial recognition is classified
\nin Stage 1. Suppose the credit risk on the financial
\ninstrument has not increased significantly since initial
\nrecognition. In that case, the Group measures the loss
\nallowance for that financial instrument (Stage 1) at an
\namount equal to 12-month ECLs. If the Group identifies a
\nsignificant increase in credit risk since initial recognition,
\nthe financial instrument is transferred to Stage 2, but it
\nis not considered credit-impaired, the Group recognizes
\nlifetime ECLs. If the Group determines that a financial
\nasset is credit-impaired, the asset is transferred to Stage
\n3, and its ECLs are measured as Lifetime ECLs.
\nLifetime ECLs represent the expected credit losses
\nthat will result from all possible default events over
\nthe expected life of a financial instrument. In contrast,
\n12-month ECLs represent the portion of lifetime ECLs
\nthat is expected to result from default events on a
\nfinancial instrument that are possible within 12 months
\nafter the reporting date.
\n
\n\n\n\n\n\n\n\n\n\n\nSignificant increase in credit risk
\nIn assessing whether the credit risk on a financial
\ninstrument has increased significantly since initial
\nrecognition, the Group compares the risk of a default
\noccurring on the financial instrument at the reporting
\ndate with the risk of a default occurring on the financial
\ninstrument at the date of initial recognition. In making
\nthis assessment, the Group considers both quantitative
\nand qualitative information that is reasonable and
\nsupportable, including historical experience and
\nforward-looking information that is available without
\nundue cost or effort. Forward-looking information
\nconsidered includes the economic situation of countries
\nand the future prospects of the industries in which
\nthe Group\u2019s debtors operate, obtained from economic
\nexpert reports, financial analysts, and governmental
\nbodies, as well as consideration of various external
\nsources of actual and forecast economic information
\nthat relates to the Group\u2019s core 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 preceding, the Group assumes that the
\ncredit risk on a financial instrument has not increased
\nsignificantly since initial recognition if the financial
\ninstrument is determined to have low credit risk at the
\nreporting date. A financial instrument is chosen to have
\nlow credit risk if:
\na) the financial instrument has a low risk of default,
\nb) the debtor has a solid 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 fulfill its contractual cash
\nflow obligations.
\nDefault definition
\nThe Group considers that default has occurred when
\na financial asset is more than 90 days past due unless
\nthe Group has reasonable and supportable information
\nto demonstrate that a more lagging default criterion is
\nmore appropriate.
\nCredit-impaired financial assets
\nA financial asset is credit-impaired (Stage 3) when
\none or more events that have a detrimental impact
\non that financial asset's estimated future cash flows
\nhave occurred. Evidence that a financial asset is
\ncredit-impaired includes observable data about the
\nfollowing 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
\ncontractual reasons relating to the borrower\u2019s financial
\ndifficulty, having granted to the borrower a concession(s)
\nthat the lender(s) would not otherwise consider;
\nd) it is becoming probable that the borrower will enter
\nbankruptcy or other financial reorganization; 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 information
\nindicates the debtor has severe financial difficulty. There
\nis no realistic prospect of recovery, e.g., when the debtor
\nhas been placed under liquidation or has entered into
\nbankruptcy proceedings, or in the case of trade accounts
\nreceivable, when the amounts are over three years past
\ndue, whichever occurs sooner. Written-off financial
\nassets may still be subject to enforcement activities
\nunder the Group\u2019s recovery procedures, taking into
\naccount legal advice where appropriate. Any recoveries
\nmade are recognized in the consolidated statement
\nof profit or loss. Inputs, assumptions, and estimation
\ntechniques used by measurement and recognition of
\nexpected credit losses are disclosed in respective Notes
\n19 and 23 on financial assets.
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\nFINANCIAL LIABILITIES
\nInitial recognition and measurement
\nThe Group\u2019s financial liabilities include loans and
\nborrowings, lease liabilities, and trade and other
\naccounts payable.
\nFinancial liabilities are recognized at fair value and
\nare measured at amortized cost using the effective
\ninterest method.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n2. SUMMARY OF MATERIAL
\nACCOUNTING POLICIES (continued)
\n\n
\n
\nFINANCIAL LIABILITIES (continued)
\nThe effective interest method calculates the amortized
\ncost of a financial liability and allocates interest expense
\nover the relevant period. The effective interest rate is
\nthe rate that exactly discounts estimated future cash
\npayments (including all fees and points paid or received
\nthat form an integral part of the effective interest rate,
\ntransaction costs, and other premiums or discounts)
\nthrough the expected life of the financial liability, or
\n(where appropriate) a shorter period, to the amortized
\ncost of a financial liability.
\n\nDerecognition of financial liabilities
\nThe Group derecognizes financial liabilities when, and
\nonly when, the Group\u2019s obligations are discharged,
\ncanceled, or have expired. The difference between the
\ncarrying amount of the financial liability derecognized
\nand the consideration paid and payable is recognized
\nin profit or loss.
\nWhen the Group exchanges one debt instrument with
\nthe existing lender into another one with substantially
\ndifferent terms, such exchange is accounted for as an
\nextinguishment of the original financial liability and the
\nrecognition of a new one.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTRADE ACCOUNTS RECEIVABLE
\nTrade accounts receivable are 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\n\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\n\n\n\n\n\n\n\n\n\n\n\n\nBANK BORROWINGS, CORPORATE
\nBONDS ISSUED, AND OTHER LONG-TERM
\nPAYABLES
\nInterest-bearing bank borrowings, bonds issued, and
\nother long-term payables are initially measured at fair
\nvalue that is calculated by taking into account any
\ndiscount or premium on acquisition and fees or costs
\nthat are an integral part of the effective interest rate
\n(EIR). They are subsequently measured at amortized cost
\nusing the EIR method, where amortization is included
\nas finance costs in the statement of profit or loss. Gains
\nand losses are recognized in profit or loss when the
\nliabilities are derecognized as well as through the EIR
\namortization process.
\n
\n\n\n\n\n\n\n\n\n\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 amortized
\ncost using the effective interest rate method.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLEASE LIABILITIES
\nThe Group assesses whether a contract is or contains
\na lease at the inception of the contract.
\nThe Group recognizes lease liabilities in the consolidated
\nstatement of financial position, initially measured at the
\npresent value of future lease payments. The Group
\ndoes not apply the short-term and low-value lease
\nexemptions.
\nThe Group measures the lease liability at the
\npresent value of the lease payments not paid at
\nthe commencement date, discounted by using the
\nincremental borrowing rate, because the interest rate
\nimplicit in the lease is not readily determinable. The
\nincremental borrowing rate is defined as the rate of
\ninterest that the lessee would have to pay to borrow
\nover a similar term and with a similar security, the funds
\nnecessary to obtain an asset of equal value to the right-
\nof-use asset in a similar 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 recognizes 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 \u2192
\nThe lease term has changed, or there is a change
\nin the assessment of the exercise of a purchase
\noption, in which case the lease liability is remeasured
\nby discounting the revised lease payments using a
\nrevised discount rate.
\n \u2192
\nThe lease payments change due to changes in an index
\nor rate or market rate. In these cases, the lease liability is
\nremeasured by discounting the revised lease payments
\nusing the initial discount rate (unless the lease payments
\nchange is due to a change in a floating interest rate, in
\nwhich case a revised discount rate is used).
\nA lease contract is modified, and the lease modification
\nis not accounted for as a separate lease, in which case the
\nlease liability is remeasured by discounting the revised
\nlease payments using a fixed 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\nPROVISIONS
\nProvisions are recognized when the Group has a
\npresent legal or constructive obligation (either based
\non legal regulations or implied) due to past events,
\nand an outflow of resources will probably be required
\nto settle the obligation, and a reliable estimate of the
\nobligation can be made.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n\n
\n\n
\n
\nFINANCE INCOME AND FINANCE COSTS
\nThe Group\u2019s finance income and finance costs include:
\n \u2192
\nInterest income (e.g. on bank deposits and loans
\nprovided);
\n \u2192 Interest expense (e.g. on corporate bonds and bank
\nborrowings; on obligation under leases);
\n \u2192
\nIncome/expense from derecognition of financial
\nassets/financial liabilities.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n2. SUMMARY OF MATERIAL
\nACCOUNTING POLICIES (continued)
\n\n
\n\n
\n\n
\nFINANCE INCOME AND FINANCE COSTS
\n(continued)
\nInterest income or expense is recognized under the
\neffective interest method.
\n
\nThe \u201ceffective interest rate\u201d is the rate that exactly
\ndiscounts estimated future cash payments or receipts
\nthrough the expected life of the financial instrument to:
\n \u2192 The gross carrying amount of the financial asset; or
\n \u2192 The amortized cost of the financial liability.
\nIn calculating interest income and expense, the effective
\ninterest rate is applies to the gross carrying amount of
\nthe asset (when the asset is not credit-impaired) or to
\nthe amortized cost of the liability. However, for financial
\nassets that have become credit-impaired subsequent
\nto initial recognition, interest income is calculated by
\napplying effective the interest rate to the amortized
\ncost of the financial asset. If the asset is no longer
\ncredit-impaired, then the calculation of interest income
\nreverts to the gross basis.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag397": {
"value": "\n
\n
\n
\n2. SUMMARY OF MATERIAL
\nACCOUNTING POLICIES
\nBASIS OF PRESENTATION
\nAND 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.
\nThe financial statements of the subsidiaries of the Group
\nare prepared for the same reporting period as the parent,
\nusing consistent accounting policies. Adjustements are
\nmade to align any dissimilar accounting policies, that
\nmay exist, with the Group`s accounting policies.
\n
\n\n\n\n\n\n\n\n\n\n\n\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
\nspecific financial instruments, which are carried at fair
\nvalues. Historical cost is generally based on the fair value of
\nthe consideration given in exchange for goods and services
\nat the date of initial recognition of an item.
\n\nGOING CONCERN
\nIn 2023, the Group has continued its operations in an
\nenvironment severely affected by the Russian invasion
\nof Ukraine since 24 February 2022. In its analysis of
\nthe observable impact of the War and other factors
\non its business during the year ended 31 December
\n2023 and up to the date of authorization to issue
\nthese consolidated financial statements, the Group
\nconsidered, among others, the following key events
\nand conditions:
\n \u2192
\nthe Group\u2019s poultry production facilities have not
\nsuffered any physical damage and are operating
\nat full capacity; the only exception is \u201cUkrainian
\nBacon\" (meat processing facilty with 34,000 tonnes
\nannual capacity located in the Konstiantynivka) that
\nwas temporarily suspended due to its proximity to
\nthe front line and continuing military attacks in the
\nDonetsk region;
\n \u2192
\nproduction and sale volumes have already returned to
\npre-war levels in H2 2022 despite a limited capacity
\nof existing delivery routes and active hostilities in
\nthe southern and eastern regions of Ukraine. As a
\nresult, as of 31 December 2023 and 2022, the Group
\noperated at its normal capacity utilization after
\ndecline in production during H1 2022;
\n \u2192
\nfrom November 2022 to February 2023, Russia\u2019s
\nattacks on Ukrainian power generation and
\ndistribution infrastructure led to severe power
\noutages in Ukraine. These caused temporary
\ndisruption of oilseed processing, poultry and silo
\noperations during this period;
\n \u2192
\ncertain inventories and biological assets were
\ndamaged and written off as a result of the military
\nactions of Russian invaders, as presented in Note 34
\nOperating environment;
\n \u2192 for the period after the Russian invasion of Ukraine
\nmore than 2,380 MHP employees joined the
\nUkrainian military forces and territorial defence;
\n \u2192
\nsince the beginning of the war, the Group has
\nfaced the logistic challenges such as export routes`
\ndisruption, increased transportation costs and high
\nsecurity risks as described in Note 34. The Group
\ncontinuously develops and advances its logistic
\nroutes to sustain stable export shipments to the
\ncustomers in the current environment;
\n \u2192 the Group\u2019s European operations at Perutnina Ptuj
\nhave not been directly affected by events in Ukraine
\nas they are fully independent and self-sufficient from
\nan operational and supply chain perspective, and
\ncontinue to produce at full capacity;
\nIn response to the above challenges, the Group has:
\n \u2192
\noptimized utilization of production facilities to meet
\ndomestic demand and export orders;
\n \u2192 established alternative export routes, including by
\nroad and rail, to address the logistical issues caused
\nby the war and other logistic challenges;
\n \u2192 equipped its key assets with diesel generators and
\ncontinued to operate two biogas facilities to produce
\nelectricity, industrial steam and heating to mitigate
\nthe impact of power outages on its business;
\n \u2192
\nin view of continuing War-related uncertainties and
\nthe resulting need to preserve liquidity to support the
\nGroup\u2019s ongoing business operations, the Directors
\ndecided not to declare a final dividend for the 2022
\nfinancial year. No dividend has been declared for
\nthe year ended 31 December 2023;
\n \u2192
\ntaking into account its debt maturity profile, the Group
\nshaped its debt management process in such a way
\nas to ensure timely servicing of its bonds and other
\nborrowings as they fall due. In particular, as described
\nin Note 29, in October 2023, the Company signed
\nthe agreements with three international financial
\ninstitutions for USD 400 million facilities to refinance
\nthe bonds maturing in May 2024. Up to the date of
\nauthorization to issue these consolidated financial
\nstatements, the Company early redeemed USD 289
\nmillion out of total USD 500 million (Note 30).
\nManagement has prepared adjusted financial forecasts,
\nincluding cash flow projections, for the twelve-month
\nperiod starting on the date of approval of these
\ninterim condensed consolidated financial statements.
\nThe adjusted forecasts consider potential likely and
\ndownside scenarios for the operations resulting from
\nthe War and other factors described above. The Group
\nmanages its operations by continuously monitoring the
\nGroup`s obligations under the existing debt agreements
\nand taking required measures to service its debts on
\ntime and in full.
\nThese forecasts indicate that the Group has adequate
\nresources to continue in operational existence for
\nthe foreseeable future. The Directors have therefore
\nconcluded that it is appropriate to apply the going concern
\nbasis of accounting in preparing these consolidated
\nfinancial statements. However, due to the currently
\nunpredictable effects of the ongoing War, in combination
\nwith the influence of other described above factors on
\nthe main assumptions underlying management forecasts,
\nthe Directors have concluded that a material uncertainty
\nexists, which may cast significant doubt on the Group\u2019s
\nability to continue as a going concern, in which case the
\nGroup may be unable to realize its assets and discharge
\nits liabilities in the normal course of business.
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag396": {
"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.
\nThe financial statements of the subsidiaries of the Group
\nare prepared for the same reporting period as the parent,
\nusing consistent accounting policies. Adjustements are
\nmade to align any dissimilar accounting policies, that
\nmay exist, with the Group`s accounting policies.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag398": {
"value": "\nGOING CONCERN
\nIn 2023, the Group has continued its operations in an
\nenvironment severely affected by the Russian invasion
\nof Ukraine since 24 February 2022. In its analysis of
\nthe observable impact of the War and other factors
\non its business during the year ended 31 December
\n2023 and up to the date of authorization to issue
\nthese consolidated financial statements, the Group
\nconsidered, among others, the following key events
\nand conditions:
\n \u2192
\nthe Group\u2019s poultry production facilities have not
\nsuffered any physical damage and are operating
\nat full capacity; the only exception is \u201cUkrainian
\nBacon\" (meat processing facilty with 34,000 tonnes
\nannual capacity located in the Konstiantynivka) that
\nwas temporarily suspended due to its proximity to
\nthe front line and continuing military attacks in the
\nDonetsk region;
\n \u2192
\nproduction and sale volumes have already returned to
\npre-war levels in H2 2022 despite a limited capacity
\nof existing delivery routes and active hostilities in
\nthe southern and eastern regions of Ukraine. As a
\nresult, as of 31 December 2023 and 2022, the Group
\noperated at its normal capacity utilization after
\ndecline in production during H1 2022;
\n \u2192
\nfrom November 2022 to February 2023, Russia\u2019s
\nattacks on Ukrainian power generation and
\ndistribution infrastructure led to severe power
\noutages in Ukraine. These caused temporary
\ndisruption of oilseed processing, poultry and silo
\noperations during this period;
\n \u2192
\ncertain inventories and biological assets were
\ndamaged and written off as a result of the military
\nactions of Russian invaders, as presented in Note 34
\nOperating environment;
\n \u2192 for the period after the Russian invasion of Ukraine
\nmore than 2,380 MHP employees joined the
\nUkrainian military forces and territorial defence;
\n \u2192
\nsince the beginning of the war, the Group has
\nfaced the logistic challenges such as export routes`
\ndisruption, increased transportation costs and high
\nsecurity risks as described in Note 34. The Group
\ncontinuously develops and advances its logistic
\nroutes to sustain stable export shipments to the
\ncustomers in the current environment;
\n \u2192 the Group\u2019s European operations at Perutnina Ptuj
\nhave not been directly affected by events in Ukraine
\nas they are fully independent and self-sufficient from
\nan operational and supply chain perspective, and
\ncontinue to produce at full capacity;
\nIn response to the above challenges, the Group has:
\n \u2192
\noptimized utilization of production facilities to meet
\ndomestic demand and export orders;
\n \u2192 established alternative export routes, including by
\nroad and rail, to address the logistical issues caused
\nby the war and other logistic challenges;
\n \u2192 equipped its key assets with diesel generators and
\ncontinued to operate two biogas facilities to produce
\nelectricity, industrial steam and heating to mitigate
\nthe impact of power outages on its business;
\n \u2192
\nin view of continuing War-related uncertainties and
\nthe resulting need to preserve liquidity to support the
\nGroup\u2019s ongoing business operations, the Directors
\ndecided not to declare a final dividend for the 2022
\nfinancial year. No dividend has been declared for
\nthe year ended 31 December 2023;
\n \u2192
\ntaking into account its debt maturity profile, the Group
\nshaped its debt management process in such a way
\nas to ensure timely servicing of its bonds and other
\nborrowings as they fall due. In particular, as described
\nin Note 29, in October 2023, the Company signed
\nthe agreements with three international financial
\ninstitutions for USD 400 million facilities to refinance
\nthe bonds maturing in May 2024. Up to the date of
\nauthorization to issue these consolidated financial
\nstatements, the Company early redeemed USD 289
\nmillion out of total USD 500 million (Note 30).
\nManagement has prepared adjusted financial forecasts,
\nincluding cash flow projections, for the twelve-month
\nperiod starting on the date of approval of these
\ninterim condensed consolidated financial statements.
\nThe adjusted forecasts consider potential likely and
\ndownside scenarios for the operations resulting from
\nthe War and other factors described above. The Group
\nmanages its operations by continuously monitoring the
\nGroup`s obligations under the existing debt agreements
\nand taking required measures to service its debts on
\ntime and in full.
\nThese forecasts indicate that the Group has adequate
\nresources to continue in operational existence for
\nthe foreseeable future. The Directors have therefore
\nconcluded that it is appropriate to apply the going concern
\nbasis of accounting in preparing these consolidated
\nfinancial statements. However, due to the currently
\nunpredictable effects of the ongoing War, in combination
\nwith the influence of other described above factors on
\nthe main assumptions underlying management forecasts,
\nthe Directors have concluded that a material uncertainty
\nexists, which may cast significant doubt on the Group\u2019s
\nability to continue as a going concern, in which case the
\nGroup may be unable to realize its assets and discharge
\nits liabilities in the normal course of business.
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\nGoing concern
\nThe Group has concluded that applying the going
\nconcern basis of accounting in preparing these
\nconsolidated financial statements is appropriate.
\nManagement exercises significant judgment in the
\nassessment of the existence of a material uncertainty
\nrelated to going concerned by taking into consideration
\nthe effects of the ongoing War on the Group`s activities.
\nThe information about material uncertainties related to
\nevents or conditions that may doubt the Group\u2019s ability
\nto continue as a going concern is disclosed in Note 2.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag399": {
"value": "\nADOPTION OF NEW AND REVISED
\nINTERNATIONAL 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 2023. The Group has
\nnot early adopted any other standard, interpretation
\nor amendment that has been issued but is not yet
\neffective.
\nThe following standards and amendments were adopted
\nby the Group on 1 January 2023:
\n \u2192 IFRS 17 Insurance Contracts;
\n \u2192 Definition of Accounting Estimates - Amendments
\nto IAS 8;
\n \u2192
\nDisclosure of Accounting Policies - Amendments
\nto IAS 1 and IFRS Practice Statement 2;
\n \u2192
\nDeferred Tax related to Assets and Liabilities arising
\nfrom a Single Transaction \u2013 Amendments to IAS 12;
\n \u2192
\nInternational Tax Reform \u2013 Pillar Two Model Rules \u2013
\nAmendments to IAS 12;
\nDisclosure of Accounting Policies \u2013
\nAmendments to IAS 1 and IFRS Practice
\nStatement 2
\nThe Amendments are effective for annual periods
\nbeginning on or after 1 January 2023 and provide
\nguidance on the application of materiality judgements
\nto accounting policy disclosures. In particular, the
\namendments to IAS 1 replace the requirement to
\ndisclose \u2018significant\u2019 accounting policies with a
\nrequirement to disclose \u2018material\u2019 accounting policies.
\nAlso, guidance and illustrative examples are added
\nin the Practice Statement to assist in the application
\nof the materiality concept when making judgements
\nabout accounting policy disclosures. The Group has
\nrevised disclosures of accounting policies to ensure
\nconsistency with the amended requirements.
\nDeferred Tax related to Assets and
\nLiabilities arising from a Single Transaction \u2013
\nAmendments to IAS 12
\nThe amendments are effective for annual periods
\nbeginning on or after 1 January 2023 and narrow the
\nscope of and provide further clarity on the initial
\nrecognition exception under IAS 12 and specify how
\ncompanies should account for deferred tax related to
\nassets and liabilities arising from a single transaction,
\nsuch as leases and decommissioning obligations.
\nThe amendments clarify that where payments that
\nsettle a liability are deductible for tax purposes,
\nit is a matter of judgement, having considered the
\napplicable tax law, whether such deductions are
\nattributable for tax purposes to the liability or to the
\nrelated asset component. Under the amendments,
\nthe initial recognition exception does not apply to
\ntransactions that, on initial recognition, give rise to
\nequal taxable and deductible temporary differences.
\nIt only applies if the recognition of a lease asset
\nand lease liability (or decommissioning liability and
\ndecommissioning asset component) give rise to taxable
\nand deductible temporary differences that are not
\nequal.The amendments had no impact on the Group\u2019s
\nconsolidated financial statements.
\nInternational Tax Reform\u2014Pillar Two Model
\nRules \u2013 Amendments to IAS 12
\nThe amendments are effective immediately upon
\nissuance, but certain disclosure requirements are
\neffective later. The Organisation for Economic Co-
\noperation and Development\u2019s (OECD) published the
\nPillar Two model rules in December 2021 to ensure
\nthat large multinational companies would be subject
\nto a minimum 15% tax rate. On 23 May 2023, the IASB
\nissued International Tax Reform\u2014Pillar Two Model
\nRules \u2013 Amendments to IAS 12. The amendments
\nintroduce a mandatory temporary exception to
\nthe accounting for deferred taxes arising from the
\njurisdictional implementation of the Pillar Two model
\nrules and disclosure requirements for affected entities
\non the potential exposure to Pillar Two income taxes.
\nThe Amendments require, for periods in which Pillar
\nTwo legislation is (substantively) enacted but not
\nyet effective, disclosure of known or reasonably
\nestimable information that helps users of financial
\nstatements understand the entity\u2019s exposure arising
\nfrom Pillar Two income taxes. To comply with these
\nrequirements, an entity is required to disclose
\nqualitative and quantitative information about its
\nexposure to Pillar Two income taxes at the end of
\nthe reporting period. The disclosure of the current tax
\nexpense related to Pillar Two income taxes and the
\ndisclosures in relation to periods before the legislation
\nis effective are required for annual reporting periods
\nbeginning on or after 1 January 2023, but are not
\nrequired for any interim period ending on or before
\n31 December 2023. The amendments have an impact
\non the Group\u2019s consolidated financial statements as
\ndiscussed in Note 14.
\nOther new IFRS and amendments to IFRS effective
\nsince 1 January 2023 have no impact on the Group`s
\nconsolidated financial statements.
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag400": {
"value": "\nSTANDARDS AND INTERPRETATIONS
\nIN ISSUE BUT NOT EFFECTIVE
\nAt the date of authorization of these consolidated
\nfinancial statements, the following Standards and
\nInterpretations, as well as amendments to the Standards
\nwere in issue but not yet effective:
\nIFRS 16 Leases: Lease Liability in a Sale and
\nLeaseback (Amendments)
\nThe amendments are effective for annual reporting
\nperiods beginning on or after 1 January 2024, with
\nearlier application permitted. The amendments are
\nintended to improve the requirements that a seller-
\nlessee uses in measuring the lease liability arising in
\na sale and leaseback transaction in IFRS 16, while it
\ndoes not change the accounting for leases unrelated
\nto sale and leaseback transactions. In particular, the
\nseller-lessee determines \u2018lease payments\u2019 or \u2018revised
\nlease payments\u2019 in such a way that the seller-lessee
\nwould not recognise any amount of the gain or loss
\nthat relates to the right of use it retains. Applying these
\nrequirements does not prevent the seller-lessee from
\nrecognising, in profit or loss, any gain or loss relating to
\nthe partial or full termination of a lease. A seller-lessee
\napplies the amendment retrospectively in accordance
\nwith IAS 8 to sale and leaseback transactions entered
\ninto after the date of initial application, being the
\nbeginning of the annual reporting period in which an
\nentity first applied IFRS 16. The amendments are not
\nexpected to have a material impact on the Group\u2019s
\nconsolidated financial statements.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\nSTANDARDS AND INTERPRETATIONS
\nIN ISSUE BUT NOT EFFECTIVE (continued)
\nIAS 1 Presentation of Financial Statements:
\nClassification of Liabilities as Current or Non-
\ncurrent (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
\nfor the classification of liabilities as either current or
\nnon-current. The amendments clarify the meaning of
\na right to defer settlement, the requirement for this
\nright to exist at the end of the reporting period, that
\nManagement intent does not affect current or non-current
\nclassification, that options by the counterparty that could
\nresult in settlement by the transfer of the entity\u2019s own
\nequity instruments do not affect current or non-current
\nclassification. Also, the amendments specify that only
\ncovenants with which an entity must comply on or before
\nthe reporting date will affect a liability\u2019s classification.
\nAdditional disclosures are also required for non-current
\nliabilities arising from loan arrangements that are subject
\nto covenants to be complied with within twelve months
\nafter the reporting period. The amendments are not
\nexpected to have a material impact on the Group\u2019s
\nconsolidated financial statements.
\nIAS 7 Statement of Cash Flows and IFRS 7
\nFinancial Instruments disclosures: Supplier
\nFinance Arrangements (Amendments)
\nThe amendments are effective for annual reporting
\nperiods beginning on or after January 1, 2024, with earlier
\napplication permitted. The amendments supplement
\nrequirements already in IFRS and require an entity to
\ndisclose the terms and conditions of supplier finance
\narrangements. Additionally, entities are required to
\ndisclose at the beginning and end of reporting period the
\ncarrying amounts of supplier finance arrangement financial
\nliabilities and the line items in which those liabilities are
\npresented as well as the carrying amounts of financial
\nliabilities and line items, for which the finance providers
\nhave already settled the corresponding trade payables.
\nEntities should also disclose the type and effect of non-
\ncash changes in the carrying amounts of supplier finance
\narrangement financial liabilities, which prevent the carrying
\namounts of the financial liabilities from being comparable.
\nFurthermore, the amendments require an entity to disclose
\nat the beginning and end of the reporting period the range
\nof payment due dates for financial liabilities owed to the
\nfinance providers and for comparable trade payables that
\nare not part of those arrangements. 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.
\nIAS 21 The Effects of Changes in Foreign
\nExchange Rates: Lack of Exchangeability
\n(Amendments)
\nThe amendments are effective for annual reporting
\nperiods beginning on or after January 1, 2025, with earlier
\napplication permitted. The amendments specify how an
\nentity should assess whether a currency is exchangeable
\nand how it should determine a spot exchange rate when
\nexchangeability is lacking. A currency is considered
\nto be exchangeable into another currency when an
\nentity is able to obtain the other currency within a time
\nframe that allows for a normal administrative delay and
\nthrough a market or exchange mechanism in which an
\nexchange transaction would create enforceable rights
\nand obligations. If a currency is not exchangeable into
\nanother currency, an entity is required to estimate
\nthe spot exchange rate at the measurement date. An
\nentity\u2019s objective in estimating the spot exchange
\nrate is to reflect the rate at which an orderly exchange
\ntransaction would take place at the measurement date
\nbetween market participants under prevailing economic
\nconditions. The amendments note that an entity can
\nuse an observable exchange rate without adjustment or
\nanother estimation technique. 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
\nFinancial Statements and IAS 28 Investments
\nin Associates and Joint Ventures: Sale or
\nContribution of Assets between an Investor
\nand its Associate or Joint Venture
\nThe amendments address an acknowledged
\ninconsistency between the requirements in IFRS 10 and
\nthose in IAS 28, in dealing with the sale or contribution
\nof assets between an investor and its associate or joint
\nventure. The main consequence of the amendments is
\nthat a full gain or loss is recognized when a transaction
\ninvolves a business (whether it is housed in a subsidiary
\nor not). A partial gain or loss is recognized when a
\ntransaction involves assets that do not constitute a
\nbusiness, even if these assets are housed in a subsidiary.
\nIn December 2015 the IASB postponed the effective date
\nof this amendment indefinitely pending the outcome of
\nits research project on the equity method of accounting.
\nThe amendments have not yet been endorsed by the EU.
\nThe amendments are not expected to have a material
\nimpact on the Group\u2019s consolidated financial statements.
\nIFRS 18 \u2013 Presentation and Disclosure
\nin Financial Statements
\nOn 9 April 2024, the IASB issued the IFRS 18 \u2013
\nPresentation and Disclosure in Financial Statements
\nwhich replaces IAS 1 \u2013 Presentation of Financial
\nStatements. IFRS 18 is the result of the IASB\u2019s Primary
\nFinancial Statements project and it becomes effective
\nfor annual reporting periods beginning on or after
\nJanuary 1, 2027. The new standard has not yet been
\nendorsed by the EU. Management will analyse the
\nrequirements of the new standard and assess its impact
\nupon becoming effective.
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag402": {
"value": "\n
\n
\nFUNCTIONAL AND PRESENTATION
\nCURRENCY
\n\nThe functional currency of the Ukrainian companies
\nof the Group is the Ukrainian Hryvnia (\u201cUAH\u201d); the
\nfunctional currency of the Cyprus companies and
\nLuxembourg company of the Group is the US Dollar
\n(\u201cUSD\u201d); the functional currency of the European
\ncompanies of the Group is the Euro (\u201cEUR\u201d); the
\nfunctional currency of the United Arab Emirates
\ncompanies is the Dirham (\u201cAED\u201d); the functional
\ncurrency of the UK company is the British Pound
\n(\"GBP\u201d); the functional currency of the Saudi Arabia
\ncompany is the Saudi Riyal (\"SAR\u201d).
\nTransactions in currencies other than the functional
\ncurrency of the entities concerned are treated as
\ntransactions in foreign currencies.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\nSuch transactions are initially recorded at the rates
\nof exchange ruling at the dates of the transactions.
\nMonetary assets and liabilities denominated in such
\ncurrencies are translated prevailing rates on the
\nreporting date. All realized and unrealized gains and
\nlosses arising on exchange differences are recognised
\nin the consolidated statement of profit or loss and other
\ncomprehensive income for the period.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\nFUNCTIONAL AND PRESENTATION
\nCURRENCY (continued)
\nThese consolidated financial statements are presented in
\nUS Dollars (\u201cUSD\u201d), the Group\u2019s presentation currency,
\nand all values are rounded to the nearest million, except
\nwhen otherwise indicated.
\n
\nThe results and financial position of the Group are
\ntranslated into the presentation currency using the
\nfollowing procedures:
\n \u2192
\nAssets 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 \u2192
\nIncome and expenses for each consolidated
\nstatement of profit or loss are translated at exchange
\nrates at the dates of the transactions;
\n \u2192
\nExchange differences arising on translation for
\nconsolidation are recognised in other comprehensive
\nincome and presented as a separate equity
\ncomponent. On disposal of a foreign operation, the
\ncomponent of OCI relating to that particular foreign
\noperation is reclassified to profit or loss;
\n \u2192
\nAll equity items except the revaluation reserve
\nare translated at the historical exchange rate. The
\nrevaluation reserve is translated at the closing rate
\nas of the statement of financial position date.
\nFor practical reasons, the Group translates items of
\nincome and expenses for each period presented in
\nthe financial statements using the quarterly average
\nexchange rates if such translations reasonably
\napproximate the results translated at exchange rates
\nprevailing at the dates of the transactions.
\n
\n
\n\n\n\n\n\n\n\nThe relevant exchange rates were:
\nCURRENCY
\nCLOSING RATE AS
\nOF 31 DECEMBER
\n202 3
\nAVERAGE
\nFOR 2023
\nCLOSING RATE AS
\nOF 31 DECEMBER
\n202 2
\nAVERAGE
\nFOR 2022
\nUAH/USD 37.9824 36.5750 36.5686 32.3684
\nUAH/EUR 42.2079 39.5619 38.9510 33.9954
\nUSD/EUR 1.1112 1.0817 1.0651 1.0503
\nUSD/GBP 1.2766 1.2434 1.2033 1.2318
\nAED/USD 3.67 3.67 3.67 3.67
\nSAR/USD 3.75 3.75 3.75 3.75
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag401": {
"value": "\nThe functional currency of the Ukrainian companies
\nof the Group is the Ukrainian Hryvnia (\u201cUAH\u201d); the
\nfunctional currency of the Cyprus companies and
\nLuxembourg company of the Group is the US Dollar
\n(\u201cUSD\u201d); the functional currency of the European
\ncompanies of the Group is the Euro (\u201cEUR\u201d); the
\nfunctional currency of the United Arab Emirates
\ncompanies is the Dirham (\u201cAED\u201d); the functional
\ncurrency of the UK company is the British Pound
\n(\"GBP\u201d); the functional currency of the Saudi Arabia
\ncompany is the Saudi Riyal (\"SAR\u201d).
\nTransactions in currencies other than the functional
\ncurrency of the entities concerned are treated as
\ntransactions in foreign currencies.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag428": {
"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 \u2192 has power over the investee;
\n \u2192 is exposed, or has rights, to variable returns from its
\ninvolvement with the investee; and
\n \u2192 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 changes to
\none or more of the three elements of control listed above.
\nConsolidation of a subsidiary begins when the Company
\nobtains control over the subsidiary and ceases when the
\nCompany loses control of the subsidiary. Specifically,
\nincome and expenses of a subsidiary acquired or disposed
\nof during the year are included in the consolidated
\nstatement of profit or loss and other comprehensive
\nincome from the date the Company gains control until the
\ndate when the Company ceases to control the subsidiary.
\nProfit or loss and each component of other comprehensive
\nincome are attributed to the Company\u2019s owners to the non-
\ncontrolling interests. The total comprehensive income of
\nsubsidiaries is attributed to the owners of the Company
\nand the non-controlling interests, even if this results in
\nthe non-controlling interests having a deficit balance.
\nAll significant intercompany transactions, balances, and
\nunrealized gains or losses on transactions are eliminated
\non consolidation, except when the intragroup losses
\nindicate an impairment that requires recognition in the
\nconsolidated financial statements.
\nWhere necessary, adjustments are made to the financial
\nstatements of subsidiaries to bring the accounting
\npolicies used in line with those adopted by the Group.
\n
\n
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag403": {
"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 \u2192 has power over the investee;
\n \u2192 is exposed, or has rights, to variable returns from its
\ninvolvement with the investee; and
\n \u2192 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 changes to
\none or more of the three elements of control listed above.
\nConsolidation of a subsidiary begins when the Company
\nobtains control over the subsidiary and ceases when the
\nCompany loses control of the subsidiary. Specifically,
\nincome and expenses of a subsidiary acquired or disposed
\nof during the year are included in the consolidated
\nstatement of profit or loss and other comprehensive
\nincome from the date the Company gains control until the
\ndate when the Company ceases to control the subsidiary.
\nProfit or loss and each component of other comprehensive
\nincome are attributed to the Company\u2019s owners to the non-
\ncontrolling interests. The total comprehensive income of
\nsubsidiaries is attributed to the owners of the Company
\nand the non-controlling interests, even if this results in
\nthe non-controlling interests having a deficit balance.
\nAll significant intercompany transactions, balances, and
\nunrealized gains or losses on transactions are eliminated
\non consolidation, except when the intragroup losses
\nindicate an impairment that requires recognition in the
\nconsolidated financial statements.
\nWhere necessary, adjustments are made to the financial
\nstatements of subsidiaries to bring the accounting
\npolicies used in line with those adopted by the Group.
\n
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag429": {
"value": "\n
\n\nFAIR VALUE MEASUREMENT
\nFair value is the price received to sell an asset or paid
\nto transfer a liability in an orderly transaction between
\nmarket participants at the measurement date. The fair
\nvalue measurement is based on the presumption that
\nthe transaction to sell the asset or transfer the liability
\noccurs either in the central market for the asset or
\nliability or, in the absence of a principal market, in the
\nmost advantageous market for the asset or liability.
\nThe principal or the most beneficial market must be
\naccessible by the Group.
\nThe fair value of an asset or a liability is measured
\nusing the assumptions that market participants would
\nuse when pricing the asset or liability, assuming that
\nmarket participants act in their economic best interest.
\nA fair value measurement of a non-financial asset
\nconsiders 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
\nthat would 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
\nrelevant observable inputs and minimizing the use of
\nunobservable inputs.
\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,
\nbased on the lowest level input that is significant to
\nthe fair value measurement as a whole:
\n \u2192
\nLevel 1: Quoted (unadjusted) market prices in active
\nmarkets for identical assets or liabilities;
\n \u2192 Level 2: Valuation techniques for which the lowest
\nlevel input that is significant to the fair value
\nmeasurement is directly or indirectly observable;
\n \u2192 Level 3: Valuation techniques for which the lowest
\nlevel input that is significant to the fair value
\nmeasurement is unobservable.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nFAIR VALUE MEASUREMENT (continued)
\nFor assets and liabilities that are recognized in the financial
\nstatements regularly, the Group determines whether
\ntransfers have occurred between Levels in the hierarchy
\nby re-assessing categorization (based on the lowest level
\ninput that is significant to the fair value measurement as a
\nwhole) at the end of each reporting period.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag404": {
"value": "\nFAIR VALUE MEASUREMENT
\nFair value is the price received to sell an asset or paid
\nto transfer a liability in an orderly transaction between
\nmarket participants at the measurement date. The fair
\nvalue measurement is based on the presumption that
\nthe transaction to sell the asset or transfer the liability
\noccurs either in the central market for the asset or
\nliability or, in the absence of a principal market, in the
\nmost advantageous market for the asset or liability.
\nThe principal or the most beneficial market must be
\naccessible by the Group.
\nThe fair value of an asset or a liability is measured
\nusing the assumptions that market participants would
\nuse when pricing the asset or liability, assuming that
\nmarket participants act in their economic best interest.
\nA fair value measurement of a non-financial asset
\nconsiders 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
\nthat would 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
\nrelevant observable inputs and minimizing the use of
\nunobservable inputs.
\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,
\nbased on the lowest level input that is significant to
\nthe fair value measurement as a whole:
\n \u2192
\nLevel 1: Quoted (unadjusted) market prices in active
\nmarkets for identical assets or liabilities;
\n \u2192 Level 2: Valuation techniques for which the lowest
\nlevel input that is significant to the fair value
\nmeasurement is directly or indirectly observable;
\n \u2192 Level 3: Valuation techniques for which the lowest
\nlevel input that is significant to the fair value
\nmeasurement is unobservable.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\nFAIR VALUE MEASUREMENT (continued)
\nFor assets and liabilities that are recognized in the financial
\nstatements regularly, the Group determines whether
\ntransfers have occurred between Levels in the hierarchy
\nby re-assessing categorization (based on the lowest level
\ninput that is significant to the fair value measurement as a
\nwhole) at the end of each reporting period.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag406": {
"value": "\n
\n\n
\n\n
\n\nBORROWING COSTS
\nBorrowing costs include interest expense, finance
\ncharges on leases and other interest-bearing long-term
\npayables and debt servicing costs.
\nBorrowing costs directly attributable to the acquisition,
\nconstruction or production of qualifying assets, which
\nare assets that necessarily take a substantial period of
\ntime to get ready for their intended use or sale, are added
\nto the cost of those assets, until such time as the assets
\nare substantially 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
\nstatement of profit or loss and other comprehensive
\nincome in the period in which they are incurred.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag430": {
"value": "\n
\n\n
\n\nBORROWING COSTS
\nBorrowing costs include interest expense, finance
\ncharges on leases and other interest-bearing long-term
\npayables and debt servicing costs.
\nBorrowing costs directly attributable to the acquisition,
\nconstruction or production of qualifying assets, which
\nare assets that necessarily take a substantial period of
\ntime to get ready for their intended use or sale, are added
\nto the cost of those assets, until such time as the assets
\nare substantially 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
\nstatement of profit or loss and other comprehensive
\nincome in the period in which they are incurred.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n\n
\n\n
\n
\nFINANCE INCOME AND FINANCE COSTS
\nThe Group\u2019s finance income and finance costs include:
\n \u2192
\nInterest income (e.g. on bank deposits and loans
\nprovided);
\n \u2192 Interest expense (e.g. on corporate bonds and bank
\nborrowings; on obligation under leases);
\n \u2192
\nIncome/expense from derecognition of financial
\nassets/financial liabilities.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\nFINANCE INCOME AND FINANCE COSTS
\n(continued)
\nInterest income or expense is recognized under the
\neffective interest method.
\n
\nThe \u201ceffective interest rate\u201d is the rate that exactly
\ndiscounts estimated future cash payments or receipts
\nthrough the expected life of the financial instrument to:
\n \u2192 The gross carrying amount of the financial asset; or
\n \u2192 The amortized cost of the financial liability.
\nIn calculating interest income and expense, the effective
\ninterest rate is applies to the gross carrying amount of
\nthe asset (when the asset is not credit-impaired) or to
\nthe amortized cost of the liability. However, for financial
\nassets that have become credit-impaired subsequent
\nto initial recognition, interest income is calculated by
\napplying effective the interest rate to the amortized
\ncost of the financial asset. If the asset is no longer
\ncredit-impaired, then the calculation of interest income
\nreverts to the gross basis.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag431": {
"value": "\n
\n\nBORROWING COSTS
\nBorrowing costs include interest expense, finance
\ncharges on leases and other interest-bearing long-term
\npayables and debt servicing costs.
\nBorrowing costs directly attributable to the acquisition,
\nconstruction or production of qualifying assets, which
\nare assets that necessarily take a substantial period of
\ntime to get ready for their intended use or sale, are added
\nto the cost of those assets, until such time as the assets
\nare substantially 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
\nstatement of profit or loss and other comprehensive
\nincome in the period in which they are incurred.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\nFINANCE INCOME AND FINANCE COSTS
\nThe Group\u2019s finance income and finance costs include:
\n \u2192
\nInterest income (e.g. on bank deposits and loans
\nprovided);
\n \u2192 Interest expense (e.g. on corporate bonds and bank
\nborrowings; on obligation under leases);
\n \u2192
\nIncome/expense from derecognition of financial
\nassets/financial liabilities.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n
\nFINANCE INCOME AND FINANCE COSTS
\n(continued)
\nInterest income or expense is recognized under the
\neffective interest method.
\n
\nThe \u201ceffective interest rate\u201d is the rate that exactly
\ndiscounts estimated future cash payments or receipts
\nthrough the expected life of the financial instrument to:
\n \u2192 The gross carrying amount of the financial asset; or
\n \u2192 The amortized cost of the financial liability.
\nIn calculating interest income and expense, the effective
\ninterest rate is applies to the gross carrying amount of
\nthe asset (when the asset is not credit-impaired) or to
\nthe amortized cost of the liability. However, for financial
\nassets that have become credit-impaired subsequent
\nto initial recognition, interest income is calculated by
\napplying effective the interest rate to the amortized
\ncost of the financial asset. If the asset is no longer
\ncredit-impaired, then the calculation of interest income
\nreverts to the gross basis.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag405": {
"value": "\nBORROWING COSTS
\nBorrowing costs include interest expense, finance
\ncharges on leases and other interest-bearing long-term
\npayables and debt servicing costs.
\nBorrowing costs directly attributable to the acquisition,
\nconstruction or production of qualifying assets, which
\nare assets that necessarily take a substantial period of
\ntime to get ready for their intended use or sale, are added
\nto the cost of those assets, until such time as the assets
\nare substantially 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
\nstatement of profit or loss and other comprehensive
\nincome in the period in which they are incurred.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\nFINANCE INCOME AND FINANCE COSTS
\nThe Group\u2019s finance income and finance costs include:
\n \u2192
\nInterest income (e.g. on bank deposits and loans
\nprovided);
\n \u2192 Interest expense (e.g. on corporate bonds and bank
\nborrowings; on obligation under leases);
\n \u2192
\nIncome/expense from derecognition of financial
\nassets/financial liabilities.
\n
\n\n\n\n\n\n\n
\nFINANCE INCOME AND FINANCE COSTS
\n(continued)
\nInterest income or expense is recognized under the
\neffective interest method.
\n
\nThe \u201ceffective interest rate\u201d is the rate that exactly
\ndiscounts estimated future cash payments or receipts
\nthrough the expected life of the financial instrument to:
\n \u2192 The gross carrying amount of the financial asset; or
\n \u2192 The amortized cost of the financial liability.
\nIn calculating interest income and expense, the effective
\ninterest rate is applies to the gross carrying amount of
\nthe asset (when the asset is not credit-impaired) or to
\nthe amortized cost of the liability. However, for financial
\nassets that have become credit-impaired subsequent
\nto initial recognition, interest income is calculated by
\napplying effective the interest rate to the amortized
\ncost of the financial asset. If the asset is no longer
\ncredit-impaired, then the calculation of interest income
\nreverts to the gross basis.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag407": {
"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
\nthe possibility of an outflow of resources embodying
\neconomic benefits is remote. Contingent assets are
\nrecognised only when it has become virtually certain
\nthat an inflow of economic benefits will arise.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag408": {
"value": "\nSEGMENT INFORMATION
\nSegment reporting is presented on the basis of Management\u2019s
\nperspective and relates to the parts of the Group that are
\ndefined as operating segments. Operating segments are
\nidentified on the basis of internal reports provided to the
\nGroup\u2019s chief operating decision maker (\u201cCODM\u201d). The
\nGroup has identified its top Management team as its CODM
\nand the internal reports used by the top Management team
\nto oversee operations and make decisions on allocating
\nresources serve as the basis of information presented.
\nThese internal reports are prepared on the same basis as
\nthese consolidated financial statements.
\nIn order to accurately reflect the diverse nature of
\nGroup\u2019s business operations and improve the granularity
\nof reporting, from this report MHP has implemented
\nchanges to its presentation of business segmentation
\ninformation. These changes include:
\n \u2192 introduction of a new \u2013 Vegetable oils operations
\nsegment, which represents production and sales of
\nvegetable oil and related products. In 2022, these
\nactivities were included into Poultry and related
\noperations segment as by-products of mixed fodder
\nproduction for poultry;
\n \u2192
\ninclusion of meat processing and other meat
\n(previously reported within Meat processing and
\nother agricultural operations) in the Poultry and
\nrelated operations segment given that the meat
\nprocessing and other meat operations represent less
\nthan 10% of the Group`s revenues and have similar
\ncharacteristics to poultry operations;
\n \u2192 combining of grain-growing operations (presented
\nas separate segment in 2022) and milk cattle farming
\n(previously presented within Meat processing and
\nother agricultural operations segment) into a revised
\nreportable segment - Agriculture operations.
\nThe corresponding segment information for the year
\nended 31 Deceber 2022 have been restated accordingly
\nto ensure comparability.
\nBased on the current management structure, the Group
\nidentifies the following reportable segments that fairly
\nrepresent principal business activities: Poultry and
\nrelated operations, Vegetable oils operations, Agriculture
\noperations, Europe operating segment. For more details
\non segmentation refer to Note 5 Segment information.
\n
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag409": {
"value": "\n
\nREVENUE RECOGNITION
\n\nThe Group generates revenue primarily from selling of
\nagricultural products to the end customers. Revenue
\nis measured based on the consideration to which
\nthe Group expects to be entitled in a contract with a
\ncustomer and excludes amounts collected on behalf
\nof third parties. The Group recognises revenue when
\nit transfers product or service control to a customer.
\nRevenue is adjusted for estimates of known or expected
\nvariable consideration, which includes consumer
\nincentives, trade promotions, and allowances, such as
\nrebates, volume-based incentives and other programs.
\nVariable consideration related to these programs is
\nrecorded as a reduction to revenue based on amounts
\nthe Group expects to pay. These estimates are based on
\ncurrent performance, historical utilization, and projected
\nredemption rates of each program. The Group reviews and
\nupdates these estimates regularly until the incentives are
\nrealized and the impact of any adjustments are recognized
\nin the period the adjustments are identified. Non-monetary
\nexchanges or swaps of goods that are of similar nature and
\nvalue are not treated as transactions that generate revenue.
\n
\n
\n\n\n\n\n\n\n\nThe Group recognises revenue from the following major
\nsources:
\n \u2192
\npoultry meat and related sales (delivery services,
\neggs, meat and bone meal, and other);
\n \u2192 processed meat and culinary products;
\n \u2192
\nvegetable oil and related products (sunflower and
\nsoybean meals, sunflower husk) ;
\n \u2192
\ngrains, oilseeds and other agriculture products (milk,
\ncatlle, feed grains and other).
\nRevenue is measured based on the consideration to
\nwhich the Group expects to be entitled in a contract
\nwith a customer. The Group recognises revenue at a
\npoint in time when it transfers control of a product or
\nservice to a customer.
\nA major part of the Group\u2019s sales is 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.
\n
\n
\n\n\n\n\n\n\n\nREVENUE RECOGNITION (continued)
\n
\nContract liability is recognised if a payment is received
\nfrom a customer before the Group transfers the related
\ngoods. Contract liabilities are recognised as revenue
\nwhen the Group performs under the contract.
\nSales price of products for domestic market
\npredominantly includes shipping and handling costs
\nin the price of the product. Export sales price may
\ninclude the shipping and handling costs depending on
\nspecific incoterms applied.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag410": {
"value": "\nThe Group generates revenue primarily from selling of
\nagricultural products to the end customers. Revenue
\nis measured based on the consideration to which
\nthe Group expects to be entitled in a contract with a
\ncustomer and excludes amounts collected on behalf
\nof third parties. The Group recognises revenue when
\nit transfers product or service control to a customer.
\nRevenue is adjusted for estimates of known or expected
\nvariable consideration, which includes consumer
\nincentives, trade promotions, and allowances, such as
\nrebates, volume-based incentives and other programs.
\nVariable consideration related to these programs is
\nrecorded as a reduction to revenue based on amounts
\nthe Group expects to pay. These estimates are based on
\ncurrent performance, historical utilization, and projected
\nredemption rates of each program. The Group reviews and
\nupdates these estimates regularly until the incentives are
\nrealized and the impact of any adjustments are recognized
\nin the period the adjustments are identified. Non-monetary
\nexchanges or swaps of goods that are of similar nature and
\nvalue are not treated as transactions that generate revenue.
\n
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag411": {
"value": "\nGOVERNMENT GRANTS
\nGovernment grants are recognised as income over
\nthe periods necessary to match them with the related
\ncosts, or as an offset against finance costs when
\nreceived as compensation for the finance costs for
\nagricultural producers. When the grant relates to an
\nasset, the received funds are recorded in the Group\u2019s
\nconsolidated financial statements as deferred income,
\nwhich is recognised in profit or loss on a systematic basis
\nover the useful life of the related assets.
\nGovernment grants are not recognised until there is
\nreasonable assurance that the Group will comply with
\nthe conditions attaching to them and that the grants
\nwill be received.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag412": {
"value": "\n
\n
\n
\nPROPERTY, PLANT, AND EQUIPMENT
\nAll Group 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,
\nafter deducting trade discounts and rebates; (b) any
\ncosts directly attributable to bringing the item to the
\nlocation and condition necessary for it to be capable of
\noperating in the manner intended by the management
\nof the Group; (c) the initial estimate of the costs of
\ndismantling and removing the item and restoring the
\nsite on which it is located, the obligation for which
\nthe Group incurs either when the item is acquired or
\nas a consequence of having used the item during a
\nparticular period for purposes other than to produce
\ninventories during that period; and (d) for qualifying
\nassets, borrowing costs capitalized in accordance with
\nthe Group\u2019s accounting policy.
\n\nSubsequently, capitalized costs include major
\nexpenditures for improvements and replacements that
\nextend the useful lives of the assets or increase their
\nrevenue-generating capacity. Repairs and maintenance
\nexpenditures that do not meet the foregoing criteria for
\ncapitalization are charged to the consolidated statement
\nof profit or loss as incurred.
\nFor all Group`s property, plant, and equipment carried
\nat revalued amounts, the revaluations are performed
\nwith sufficient regularity such that the carrying amount
\ndoes not differ materially from that which would be
\ndetermined using fair values at the reporting date. If
\nthe asset\u2019s carrying amount is increased as a result
\nof a revaluation, the increase is credited to equity
\nthrough other comprehensive income as a revaluation
\nreserve. However, such an increase is recognized in the
\nconsolidated statement of profit or loss to the extent
\nthat it reverses a revaluation decrease of the same asset
\npreviously recognized in the consolidated statement of
\nprofit or loss. If the asset\u2019s carrying amount is decreased
\nas a result of a revaluation, the decrease is recognized in
\nthe consolidated statement of profit or loss. However,
\nsuch a decrease is debited to the revaluation reserve
\nthrough other comprehensive income to the extent of
\nany credit balance existing in the revaluation reserve in
\nrespect of that asset.
\n
\n
\n\n\n\nThe carrying amount of the asset is adjusted by
\neliminating accumulated depreciation against the gross
\ncarrying amount and subsequent increase or decrease
\nof the gross carrying amount to fair value.
\n\n
\n\nDepreciation on revalued assets is charged to the
\nconsolidated statement of profit or loss. The excess
\ndepreciation charge on the revalued asset over the
\ndepreciation that would have been charged based on
\nthe historical cost of the asset is transferred from the
\nrevaluation reserve directly to retained earnings over the
\nassets useful life. On the subsequent sale or retirement
\nof a revalued asset, the attributable revaluation surplus
\nremaining in the revaluation reserve is transferred
\ndirectly to retained earnings.
\nDepreciation of property, plant, and equipment is
\ncharged so as to write off the depreciable amount over
\nthe useful life of an asset and is calculated using a
\nstraight-line method. The useful lives of the groups of
\nproperty, plant, and equipment 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
\nmachinery
\n7 - 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
\nresidual value. The residual value is the estimated
\namount that the Group would currently obtain from
\ndisposal of the item of property, plant, and equipment,
\nafter deducting the estimated disposal costs, if the asset
\nwere already of the age and in the condition expected
\nat the end of its useful life.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\nPROPERTY, PLANT, AND EQUIPMENT
\n(continued)
\nThe residual value, the useful lives, and the depreciation
\nmethod are reviewed at each financial year-end. In
\nparticular, the Group considers the impact of health,
\nsafety and environmental legislation in its assessment
\nof expected useful lives and estimated residual
\nvalues. Furthermore, the Group considers climate-
\nrelated matters, including physical and transition risks.
\nSpecifically, the Group determines whether climate-
\nrelated legislation and regulations might impact either
\nthe useful life or residual values. The effect of any
\nchanges from previous estimates is accounted for
\nprospectively as a change in an accounting estimate.
\nThe gain or loss arising on the sale or disposal of an
\nitem of property, plant, and equipment is determined
\nas the difference between the sales proceeds and the
\ncarrying amount of the asset and is recognized in the
\nconsolidated statement of profit or loss.
\nConstruction in progress comprises costs directly
\nrelated to the construction of property, plant, and
\nequipment, including an appropriate allocation of
\ndirectly attributable variable overheads that are
\nincurred in construction. Construction in progress is not
\ndepreciated. Depreciation of construction in progress
\ncommences when completed construction in progress
\nis transferred to the relevant class of property, plant,
\nand equipment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag413": {
"value": "\nSubsequently, capitalized costs include major
\nexpenditures for improvements and replacements that
\nextend the useful lives of the assets or increase their
\nrevenue-generating capacity. Repairs and maintenance
\nexpenditures that do not meet the foregoing criteria for
\ncapitalization are charged to the consolidated statement
\nof profit or loss as incurred.
\nFor all Group`s property, plant, and equipment carried
\nat revalued amounts, the revaluations are performed
\nwith sufficient regularity such that the carrying amount
\ndoes not differ materially from that which would be
\ndetermined using fair values at the reporting date. If
\nthe asset\u2019s carrying amount is increased as a result
\nof a revaluation, the increase is credited to equity
\nthrough other comprehensive income as a revaluation
\nreserve. However, such an increase is recognized in the
\nconsolidated statement of profit or loss to the extent
\nthat it reverses a revaluation decrease of the same asset
\npreviously recognized in the consolidated statement of
\nprofit or loss. If the asset\u2019s carrying amount is decreased
\nas a result of a revaluation, the decrease is recognized in
\nthe consolidated statement of profit or loss. However,
\nsuch a decrease is debited to the revaluation reserve
\nthrough other comprehensive income to the extent of
\nany credit balance existing in the revaluation reserve in
\nrespect of that asset.
\n
\n
\n\n\n\n
\n\nDepreciation on revalued assets is charged to the
\nconsolidated statement of profit or loss. The excess
\ndepreciation charge on the revalued asset over the
\ndepreciation that would have been charged based on
\nthe historical cost of the asset is transferred from the
\nrevaluation reserve directly to retained earnings over the
\nassets useful life. On the subsequent sale or retirement
\nof a revalued asset, the attributable revaluation surplus
\nremaining in the revaluation reserve is transferred
\ndirectly to retained earnings.
\nDepreciation of property, plant, and equipment is
\ncharged so as to write off the depreciable amount over
\nthe useful life of an asset and is calculated using a
\nstraight-line method. The useful lives of the groups of
\nproperty, plant, and equipment 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
\nmachinery
\n7 - 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
\nresidual value. The residual value is the estimated
\namount that the Group would currently obtain from
\ndisposal of the item of property, plant, and equipment,
\nafter deducting the estimated disposal costs, if the asset
\nwere already of the age and in the condition expected
\nat the end of its useful life.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag414": {
"value": "\nDepreciation on revalued assets is charged to the
\nconsolidated statement of profit or loss. The excess
\ndepreciation charge on the revalued asset over the
\ndepreciation that would have been charged based on
\nthe historical cost of the asset is transferred from the
\nrevaluation reserve directly to retained earnings over the
\nassets useful life. On the subsequent sale or retirement
\nof a revalued asset, the attributable revaluation surplus
\nremaining in the revaluation reserve is transferred
\ndirectly to retained earnings.
\nDepreciation of property, plant, and equipment is
\ncharged so as to write off the depreciable amount over
\nthe useful life of an asset and is calculated using a
\nstraight-line method. The useful lives of the groups of
\nproperty, plant, and equipment 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
\nmachinery
\n7 - 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
\nresidual value. The residual value is the estimated
\namount that the Group would currently obtain from
\ndisposal of the item of property, plant, and equipment,
\nafter deducting the estimated disposal costs, if the asset
\nwere already of the age and in the condition expected
\nat the end of its useful life.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag415": {
"value": "\nINTANGIBLE ASSETS
\nIntangible assets consist primarily of land lease rights,
\ntrademarks, and customer relationships, which are
\nacquired in a business combination.
\nIntangible assets acquired in a business combination
\nare identified and recognized 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 amortized and are examined for impairment
\nannually or more frequently where there is an indication
\nof impairment. Where the carrying amount of an asset is
\ngreater than the amount estimated to be recoverable, it is
\nwritten down to its recoverable amount. The assessment
\nof indefinite life is reviewed annually to determine
\nwhether the indefinite life continues to be supportable.
\nIf not, the change in useful life from indefinite to finite
\nis made on a prospective basis.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag416": {
"value": "\nSubsequent to initial recognition, intangible assets
\nassessed as having finite valuable lives are reported at
\ncost less accumulated amortization and accumulated
\nimpairment losses. Amortization of intangible assets is
\nrecognized 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 amortized
\nOther intangible assets 3 - 10 years
\nThe amortization period and the amortization method
\nfor intangible assets with finite useful lives are reviewed
\nat least at the end of each reporting period, with the
\neffect of any changes in estimate being accounted for
\non a prospective basis.
\nAn intangible asset is derecognized on disposal or when
\nno future economic benefits are expected from use or
\ndisposal. Gains or losses arising from the derecognition
\nof an intangible asset, measured as the difference
\nbetween the net disposal proceeds and the carrying
\namount of the asset, are recognized in profit or loss
\nwhen the asset is derecognized.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag417": {
"value": "\nRIGHT-OF-USE ASSETS
\nRight-of-use assets mainly represents the rent of land
\nfrom individuals (Ukrainian citizens) for agricultural
\npurposes as well as trucks, agricultural machinery and
\nequipment essential for farm operation, also office
\nbuildings, facilities used as culinary centers, warehouses,
\nand retail store spaces. The Group recognizes right-of-
\nuse assets at the commencement date of the lease (i.e.,
\nthe date the underlying asset is available for use). Right-
\nof-use assets are measured at cost, less accumulated
\ndepreciation and impairment losses, and adjusted for
\nany remeasurement of lease liabilities. The cost of right-
\nof-use assets includes the amount of lease liabilities
\nrecognized, initial direct costs incurred, and lease
\npayments made at or before the commencement date,
\nless any lease incentives received. Right-of-use assets
\nare depreciated over the lease term. The depreciation
\nstarts at the commencement date of the lease. The
\nGroup recognizes depreciation of right-of-use assets
\nbased on the lease term, presented within the cost of
\ngoods sold in the consolidated statement of profit or
\nloss. The average maturity of land lease agreements is
\n7 years, 5 years for lease agreements for agricultural
\nmachinery and equipment, 10 years for buildings and
\nfacilities and 4 years for retail store spaces.
\n
\n
\n\n\n\n\n\n\n\nLEASE LIABILITIES
\nThe Group assesses whether a contract is or contains
\na lease at the inception of the contract.
\nThe Group recognizes lease liabilities in the consolidated
\nstatement of financial position, initially measured at the
\npresent value of future lease payments. The Group
\ndoes not apply the short-term and low-value lease
\nexemptions.
\nThe Group measures the lease liability at the
\npresent value of the lease payments not paid at
\nthe commencement date, discounted by using the
\nincremental borrowing rate, because the interest rate
\nimplicit in the lease is not readily determinable. The
\nincremental borrowing rate is defined as the rate of
\ninterest that the lessee would have to pay to borrow
\nover a similar term and with a similar security, the funds
\nnecessary to obtain an asset of equal value to the right-
\nof-use asset in a similar 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 recognizes 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 \u2192
\nThe lease term has changed, or there is a change
\nin the assessment of the exercise of a purchase
\noption, in which case the lease liability is remeasured
\nby discounting the revised lease payments using a
\nrevised discount rate.
\n \u2192
\nThe lease payments change due to changes in an index
\nor rate or market rate. In these cases, the lease liability is
\nremeasured by discounting the revised lease payments
\nusing the initial discount rate (unless the lease payments
\nchange is due to a change in a floating interest rate, in
\nwhich case a revised discount rate is used).
\nA lease contract is modified, and the lease modification
\nis not accounted for as a separate lease, in which case the
\nlease liability is remeasured by discounting the revised
\nlease payments using a fixed 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",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag419": {
"value": "\n
\n\n
\n\n
IMPAIRMENT OF TANGIBLE
\n
AND INTANGIBLE ASSETS OTHER
\n
THAN GOODWILL
\n
At each reporting date, the Group reviews the carrying
\n
amounts of its tangible and intangible assets with
\n
definite useful lives to determine whether there is any
\n
indication that those assets have suffered an impairment
\n
loss. If any such indication exists, the asset's recoverable
\n
amount is estimated to determine the extent of the
\n
impairment loss (if any). Intangible assets with indefinite
\n
useful lives are tested for impairment annually or more
\n
frequently when there is an indication that they might
\n
be impaired.
\n
To assess impairment, assets are grouped at the lowest
\n
levels for which there are separately identifiable cash
\n
flows (cash-generating units). Recoverable amount is
\n
the higher fair value, less costs to sell, and value in
\n
use. In assessing value in use, the estimated future
\n
cash flows are discounted to their present value using
\n
a pre-tax discount rate that reflects current market
\n
assessments of the time value of money and the risks
\n
specific to the asset.
\n
If the recoverable amount of an asset (or cash-generating
\n
unit) is estimated to be less than its carrying amount.
\n
In that case, the carrying amount of the asset (cash-
\n
generating unit) is reduced to its recoverable amount.
\n
An impairment loss is recognized immediately in the
\n
consolidated statement of profit or loss unless the
\n
relevant asset is carried at a revalued amount, in which
\n
case the impairment loss is treated as a revaluation
\n
decrease through other comprehensive income.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
IMPAIRMENT OF TANGIBLE AND INTANGIBLE
\n
ASSETS OTHER THAN GOODWILL (continued)
\n
Where an impairment loss subsequently reverses, the
\n
carrying amount of the asset (cash-generating unit) is
\n
increased to the revised estimate of its recoverable
\n
amount, but so that the increased carrying amount
\n
does not exceed the carrying amount that would have
\n
determined had no impairment loss been recognized for
\n
the asset (cash-generating unit) in prior years. A reversal
\n
of an impairment loss is recognized immediately in the
\n
consolidated statement of profit or loss unless the relevant
\n
asset is carried at a revalued amount, in which case the
\n
reversal of the impairment loss is treated as a revaluation
\n
increase through other comprehensive income.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
IMPAIRMENT OF GOODWILL
\n
For the purposes of impairment testing, goodwill is
\n
allocated to each of the Group\u2019s cash-generating units
\n
(or groups of cash-generating units) that is expected to
\n
benefit from the synergies of the combination.
\n
A cash-generating unit to which goodwill has been
\n
allocated is tested for impairment annually or more
\n
frequently when there is an indication that the unit may
\n
be impaired. If the recoverable amount of the cash-
\n
generating unit is less than its carrying amount, the
\n
impairment loss is allocated first to reduce the carrying
\n
amount of any goodwill allocated to the unit and then to
\n
the other assets of the unit pro rata based on the carrying
\n
amount of each asset in the unit. Any impairment loss
\n
for goodwill is recognized directly in the consolidated
\n
profit or loss. An impairment loss recognized on goodwill
\n
is not reversed in subsequent periods.
\n
The Group assesses whether climate-related risks,
\n
including physical risks and transition risks could have
\n
a significant impact. If so, these risks are included in the
\n
cash-flow forecasts in assessing value-in-use amounts.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag418": {
"value": "\nIMPAIRMENT OF TANGIBLE
\nAND INTANGIBLE ASSETS OTHER
\nTHAN GOODWILL
\nAt each reporting date, the Group reviews the carrying
\namounts of its tangible and intangible assets with
\ndefinite useful lives to determine whether there is any
\nindication that those assets have suffered an impairment
\nloss. If any such indication exists, the asset's recoverable
\namount is estimated to determine the extent of the
\nimpairment loss (if any). Intangible assets with indefinite
\nuseful lives are tested for impairment annually or more
\nfrequently when there is an indication that they might
\nbe impaired.
\nTo assess impairment, assets are grouped at the lowest
\nlevels for which there are separately identifiable cash
\nflows (cash-generating units). Recoverable amount is
\nthe higher fair value, less costs to sell, and value in
\nuse. In assessing value in use, the estimated future
\ncash flows are discounted to their present value using
\na pre-tax discount rate that reflects current market
\nassessments of the time value of money and the risks
\nspecific to the asset.
\nIf the recoverable amount of an asset (or cash-generating
\nunit) is estimated to be less than its carrying amount.
\nIn that case, the carrying amount of the asset (cash-
\ngenerating unit) is reduced to its recoverable amount.
\nAn impairment loss is recognized immediately in the
\nconsolidated statement of profit or loss unless the
\nrelevant asset is carried at a revalued amount, in which
\ncase the impairment loss is treated as a revaluation
\ndecrease through other comprehensive income.
\n
\n\n\n\n\n\n\n\n\n\n\n\nIMPAIRMENT OF TANGIBLE AND INTANGIBLE
\nASSETS OTHER THAN GOODWILL (continued)
\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
\ndoes not exceed the carrying amount that would have
\ndetermined had no impairment loss been recognized for
\nthe asset (cash-generating unit) in prior years. A reversal
\nof an impairment loss is recognized 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",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag420": {
"value": "\n
\nINCOME TAXES
\nIncome taxes have been computed by the laws currently
\nenacted or substantially enacted in jurisdictions where
\noperating entities are located. Income tax is calculated
\nbased on the year's results as adjusted for items that are
\nnon-assessable or non-tax deductible. It is calculated using
\ntax rates that have been enacted by the reporting date.
\nDeferred tax is accounted for using the balance sheet
\nliability method regarding temporary differences arising
\nfrom differences between the carrying amount of assets
\nand liabilities in the consolidated financial statements
\nand the corresponding tax basis used in the computation
\nof taxable profit. Deferred tax liabilities are generally
\nrecognized for all taxable temporary differences, and
\ndeferred tax assets are recognized to the extent that it
\nis 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
\nthe extent that it is no longer probable that sufficient
\ntaxable profits will be available to allow all or part of
\nthe asset to be 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 realized, 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
\nhow the Group expects, at the end of the reporting
\nperiod, to recover or settle the carrying amount of its
\nassets 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 \u2192 The Group has a legally enforceable right to set off
\nthe recognized amounts of current tax assets and
\ncurrent tax liabilities;
\n \u2192
\nThe Group has an intention to settle on a net
\nbasis or to realize the asset and settle the liability
\nsimultaneously;
\n \u2192
\nThe 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\n\n\n\n\n\n\n\n\nThe Group companies involved in agricultural production
\n(those engaged in grain and oilseeds growing) benefit
\nsubstantially from the status of an agricultural producer.
\nThese companies are exempt from income taxes and
\npay the Fixed Agricultural Tax (FAT) instead (Note 13).
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag421": {
"value": "\nThe carrying amount of deferred tax assets is reviewed
\nat the end of each reporting period and reduced to
\nthe extent that it is no longer probable that sufficient
\ntaxable profits will be available to allow all or part of
\nthe asset to be 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 realized, 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
\nhow the Group expects, at the end of the reporting
\nperiod, to recover or settle the carrying amount of its
\nassets 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 \u2192 The Group has a legally enforceable right to set off
\nthe recognized amounts of current tax assets and
\ncurrent tax liabilities;
\n \u2192
\nThe Group has an intention to settle on a net
\nbasis or to realize the asset and settle the liability
\nsimultaneously;
\n \u2192
\nThe 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\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag422": {
"value": "\nINVENTORIES
\nInventories are stated at the lower cost and net
\nrealizable value. Costs comprise raw materials and,
\nwhere applicable, direct labor costs and overheads
\nincurred in bringing the inventories to their present
\nlocations and condition.
\nCost is calculated using the FIFO (first-in, first-out) method.
\nNet realizable value is determined as the estimated selling
\nprice less all estimated completion costs and costs to
\nbe incurred in marketing, selling, and distribution. The
\nagriculture-related production process results in the
\nproduction of joint products: main and by-products. A
\nby-product arising from the process is measured at net
\nrealizable value and deducted from the main product`s cost.
\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag423": {
"value": "\nBIOLOGICAL ASSETS AND
\nAGRICULTURAL PRODUCE
\nAgricultural activity is defined as a biological
\ntransformation of biological assets for sale into agrarian
\nproduce or into additional biological assets. The Group
\nclassifies hatchery eggs, live poultry, cattle and other
\nanimals and crops in fields 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
\nthe fair value of the asset can be measured reliably.
\nBiological assets are stated at fair value minus estimated
\ncosts to sell at both initial recognition and as of the
\nreporting date, with any resulting gain or loss recognized
\nin the consolidated profit or loss.
\nCosts to sell include all costs necessary to sell the assets,
\nincluding costs necessary to get the assets to market.
\nThe difference between fair value less costs to sell and
\ntotal production costs is allocated to biological assets
\nas of each reporting date as a fair value adjustment.
\n
\n\n\n\n\n\n\n\n\n\n\nBIOLOGICAL ASSETS AND AGRICULTURAL
\nPRODUCE (continued)
\nThe change in this adjustment from one period to
\nanother is recognised as a \u201cNet change in fair value
\nof biological assets and agricultural produce\u201d in the
\nconsolidated profit or 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,
\nis included in the consolidated profit or loss.
\nBased on the above policy, the principal groups of
\nbiological assets and agricultural produce are stated
\nas follows:
\nBiological Assets
\n(i) Broiler chickens
\nBroilers comprise poultry held for chicken meat
\nproduction. The fair value of broilers is determined by
\nreference to the cash flows obtained from the sales of
\n42-day-aged chickens, with an allowance for costs to
\nbe incurred and risks to be faced during the remaining
\ntransformation process.
\n(ii) Breeders held for hatchery egg production
\nThe fair value of breeders is determined using the
\ndiscounted cash flow approach based on hatchery eggs\u2019
\nand meat market prices.
\n(iii) Cattle
\nCattle comprise cows and bulls held for the regeneration
\nof the livestock population and animals raised for milk
\nand beef meat production. The fair value of livestock is
\ndetermined based on cash flows 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
\nreference to the cash flows obtained from sales of
\nharvested crops, with an allowance for costs to be
\nincurred and risks to be faced during the remaining
\ntransformation process.
\n(v) Hatchery eggs
\nThe fair value of hatchery eggs is determined by
\nreference to 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
\nof harvest.
\n(ii) Grain and oilseeds
\nThe fair value of fodder grain and oilseeds is determined
\nby market prices at the point of harvest.
\nThe Group\u2019s biological assets are classified into bearer
\nand consumable biological assets depending upon the
\nfunction of a particular group of biological assets in the
\nGroup\u2019s production process. Consumable biological
\nassets are those to be harvested as agricultural produce,
\nincluding hatchery eggs and live broiler chickens intended
\nfor the production of meat, as well as pork and meat
\ncows. Bearer biological assets include poultry held for
\nhatchery egg production, milk cows, and breeding bulls.
\n
\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag424": {
"value": "\nFINANCIAL INSTRUMENTS
\nFinancial assets and liabilities are recognized in the Group\u2019s
\nstatement of financial position when the Group becomes
\na party to the contractual provisions of the instrument.
\nThe financial assets and financial liabilities of the Group
\nare represented by cash and cash equivalents, bank
\ndeposits, 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 below in this Note.
\nFinancial assets and financial liabilities are initially
\nrecognised at fair value. Transaction costs that are
\ndirectly attributable to the acquisition or issue of
\nfinancial assets and financial liabilities (other than
\nfinancial assets and financial liabilities at fair value
\nthrough profit or loss) are added to or deducted from the
\nfair value of the financial assets or financial liabilities,
\nas appropriate, on initial recognition. Transaction costs
\nare directly attributable to the acquisition of financial
\nassets or financial liabilities at fair value through profit
\nor loss are recognized immediately in profit or loss.
\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag425": {
"value": "\nFINANCIAL ASSETS
\nAll recognized financial assets are measured
\nsubsequently at either amortized 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 amortized cost (this category
\nis the most relevant to the Group):
\n \u2192 the financial asset is held within a business model
\nwhose objective is to have financial assets to collect
\ncontractual cash flows; and
\n \u2192
\nthe contractual terms of the financial asset
\ngive rise on specified dates to cash flows
\nthat are solely payments of principal and
\ninterest on the principal amount outstanding.
\nDebt instruments that meet the following conditions
\nare measured subsequently at fair value through other
\ncomprehensive income (FVTOCI):
\n \u2192 the financial asset is held within a business model
\nwhose objective is achieved by both collecting
\ncontractual cash flows and selling the financial
\nassets; and
\n \u2192
\nthe contractual terms of the financial asset give
\nrise on specified dates to cash flows that are solely
\npayments of principal and interest on the principal
\namount outstanding.
\nBy default, all other financial assets are measured
\nsubsequently at FVTPL.
\nFinancial assets at amortized cost are subsequently
\nmeasured using the effective interest (EIR) method and
\nare subject to impairment.
\nThe effective interest method is a method calculates
\nthe amortized cost of a debt instrument and allocates
\ninterest income over the relevant period.
\nThe amortized cost of a financial asset is the amount
\nat which the financial asset is measured at initial
\nrecognition minus the principal repayments, plus the
\ncumulative amortization using the effective interest
\nmethod of any difference between that initial amount
\nand the maturity amount, adjusted for any loss allowance.
\nThe gross carrying amount of a financial asset is the
\namortized cost of a financial asset before adjusting for
\nany loss allowance.
\n
\n\n\n\n\n\n\n\n\n\n\n
\nFINANCIAL ASSETS (continued)
\n\nImpairment of financial assets
\nThe Group recognizes an allowance for expected credit
\nlosses (ECLs) for all debt instruments not held at fair value
\nthrough profit or loss. ECLs are estimated as the difference
\nbetween all contractual cash flows due to the Group per
\nthe contract and all the cash flows that the Group expects
\nto receive, discounted at the original effective interest rate.
\nThe amount of expected credit losses is updated at each
\nreporting date to reflect changes in credit risk since the
\ninitial recognition of the respective financial instrument.
\nThe Group applies a simplified approach to calculating
\nECLs for trade accounts receivable and contract assets.
\nTherefore, the Group does not track changes in credit
\nrisk but instead recognizes 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
\nnot credit-impaired on initial recognition is classified
\nin Stage 1. Suppose the credit risk on the financial
\ninstrument has not increased significantly since initial
\nrecognition. In that case, the Group measures the loss
\nallowance for that financial instrument (Stage 1) at an
\namount equal to 12-month ECLs. If the Group identifies a
\nsignificant increase in credit risk since initial recognition,
\nthe financial instrument is transferred to Stage 2, but it
\nis not considered credit-impaired, the Group recognizes
\nlifetime ECLs. If the Group determines that a financial
\nasset is credit-impaired, the asset is transferred to Stage
\n3, and its ECLs are measured as Lifetime ECLs.
\nLifetime ECLs represent the expected credit losses
\nthat will result from all possible default events over
\nthe expected life of a financial instrument. In contrast,
\n12-month ECLs represent the portion of lifetime ECLs
\nthat is expected to result from default events on a
\nfinancial instrument that are possible within 12 months
\nafter the reporting date.
\n
\n\n\n\n\n\n\n\n\n\n\nSignificant increase in credit risk
\nIn assessing whether the credit risk on a financial
\ninstrument has increased significantly since initial
\nrecognition, the Group compares the risk of a default
\noccurring on the financial instrument at the reporting
\ndate with the risk of a default occurring on the financial
\ninstrument at the date of initial recognition. In making
\nthis assessment, the Group considers both quantitative
\nand qualitative information that is reasonable and
\nsupportable, including historical experience and
\nforward-looking information that is available without
\nundue cost or effort. Forward-looking information
\nconsidered includes the economic situation of countries
\nand the future prospects of the industries in which
\nthe Group\u2019s debtors operate, obtained from economic
\nexpert reports, financial analysts, and governmental
\nbodies, as well as consideration of various external
\nsources of actual and forecast economic information
\nthat relates to the Group\u2019s core 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 preceding, the Group assumes that the
\ncredit risk on a financial instrument has not increased
\nsignificantly since initial recognition if the financial
\ninstrument is determined to have low credit risk at the
\nreporting date. A financial instrument is chosen to have
\nlow credit risk if:
\na) the financial instrument has a low risk of default,
\nb) the debtor has a solid 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 fulfill its contractual cash
\nflow obligations.
\nDefault definition
\nThe Group considers that default has occurred when
\na financial asset is more than 90 days past due unless
\nthe Group has reasonable and supportable information
\nto demonstrate that a more lagging default criterion is
\nmore appropriate.
\nCredit-impaired financial assets
\nA financial asset is credit-impaired (Stage 3) when
\none or more events that have a detrimental impact
\non that financial asset's estimated future cash flows
\nhave occurred. Evidence that a financial asset is
\ncredit-impaired includes observable data about the
\nfollowing 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
\ncontractual reasons relating to the borrower\u2019s financial
\ndifficulty, having granted to the borrower a concession(s)
\nthat the lender(s) would not otherwise consider;
\nd) it is becoming probable that the borrower will enter
\nbankruptcy or other financial reorganization; 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 information
\nindicates the debtor has severe financial difficulty. There
\nis no realistic prospect of recovery, e.g., when the debtor
\nhas been placed under liquidation or has entered into
\nbankruptcy proceedings, or in the case of trade accounts
\nreceivable, when the amounts are over three years past
\ndue, whichever occurs sooner. Written-off financial
\nassets may still be subject to enforcement activities
\nunder the Group\u2019s recovery procedures, taking into
\naccount legal advice where appropriate. Any recoveries
\nmade are recognized in the consolidated statement
\nof profit or loss. Inputs, assumptions, and estimation
\ntechniques used by measurement and recognition of
\nexpected credit losses are disclosed in respective Notes
\n19 and 23 on financial assets.
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag426": {
"value": "\nImpairment of financial assets
\nThe Group recognizes an allowance for expected credit
\nlosses (ECLs) for all debt instruments not held at fair value
\nthrough profit or loss. ECLs are estimated as the difference
\nbetween all contractual cash flows due to the Group per
\nthe contract and all the cash flows that the Group expects
\nto receive, discounted at the original effective interest rate.
\nThe amount of expected credit losses is updated at each
\nreporting date to reflect changes in credit risk since the
\ninitial recognition of the respective financial instrument.
\nThe Group applies a simplified approach to calculating
\nECLs for trade accounts receivable and contract assets.
\nTherefore, the Group does not track changes in credit
\nrisk but instead recognizes 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
\nnot credit-impaired on initial recognition is classified
\nin Stage 1. Suppose the credit risk on the financial
\ninstrument has not increased significantly since initial
\nrecognition. In that case, the Group measures the loss
\nallowance for that financial instrument (Stage 1) at an
\namount equal to 12-month ECLs. If the Group identifies a
\nsignificant increase in credit risk since initial recognition,
\nthe financial instrument is transferred to Stage 2, but it
\nis not considered credit-impaired, the Group recognizes
\nlifetime ECLs. If the Group determines that a financial
\nasset is credit-impaired, the asset is transferred to Stage
\n3, and its ECLs are measured as Lifetime ECLs.
\nLifetime ECLs represent the expected credit losses
\nthat will result from all possible default events over
\nthe expected life of a financial instrument. In contrast,
\n12-month ECLs represent the portion of lifetime ECLs
\nthat is expected to result from default events on a
\nfinancial instrument that are possible within 12 months
\nafter the reporting date.
\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag427": {
"value": "\nFINANCIAL LIABILITIES
\nInitial recognition and measurement
\nThe Group\u2019s financial liabilities include loans and
\nborrowings, lease liabilities, and trade and other
\naccounts payable.
\nFinancial liabilities are recognized at fair value and
\nare measured at amortized cost using the effective
\ninterest method.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\nFINANCIAL LIABILITIES (continued)
\nThe effective interest method calculates the amortized
\ncost of a financial liability and allocates interest expense
\nover the relevant period. The effective interest rate is
\nthe rate that exactly discounts estimated future cash
\npayments (including all fees and points paid or received
\nthat form an integral part of the effective interest rate,
\ntransaction costs, and other premiums or discounts)
\nthrough the expected life of the financial liability, or
\n(where appropriate) a shorter period, to the amortized
\ncost of a financial liability.
\n\nDerecognition of financial liabilities
\nThe Group derecognizes financial liabilities when, and
\nonly when, the Group\u2019s obligations are discharged,
\ncanceled, or have expired. The difference between the
\ncarrying amount of the financial liability derecognized
\nand the consideration paid and payable is recognized
\nin profit or loss.
\nWhen the Group exchanges one debt instrument with
\nthe existing lender into another one with substantially
\ndifferent terms, such exchange is accounted for as an
\nextinguishment of the original financial liability and the
\nrecognition of a new one.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag350": {
"value": "\nDerecognition of financial liabilities
\nThe Group derecognizes financial liabilities when, and
\nonly when, the Group\u2019s obligations are discharged,
\ncanceled, or have expired. The difference between the
\ncarrying amount of the financial liability derecognized
\nand the consideration paid and payable is recognized
\nin profit or loss.
\nWhen the Group exchanges one debt instrument with
\nthe existing lender into another one with substantially
\ndifferent terms, such exchange is accounted for as an
\nextinguishment of the original financial liability and the
\nrecognition of a new one.
\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag324": {
"value": "\nTRADE ACCOUNTS RECEIVABLE
\nTrade accounts receivable are 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\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag325": {
"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\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag326": {
"value": "\nBANK BORROWINGS, CORPORATE
\nBONDS ISSUED, AND OTHER LONG-TERM
\nPAYABLES
\nInterest-bearing bank borrowings, bonds issued, and
\nother long-term payables are initially measured at fair
\nvalue that is calculated by taking into account any
\ndiscount or premium on acquisition and fees or costs
\nthat are an integral part of the effective interest rate
\n(EIR). They are subsequently measured at amortized cost
\nusing the EIR method, where amortization is included
\nas finance costs in the statement of profit or loss. Gains
\nand losses are recognized in profit or loss when the
\nliabilities are derecognized as well as through the EIR
\namortization process.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag327": {
"value": "\nTRADE AND OTHER ACCOUNTS PAYABLE
\nAccounts payable are measured at initial recognition at
\nfair value and are subsequently measured at amortized
\ncost using the effective interest rate method.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag328": {
"value": "\nPROVISIONS
\nProvisions are recognized when the Group has a
\npresent legal or constructive obligation (either based
\non legal regulations or implied) due to past events,
\nand an outflow of resources will probably be required
\nto settle the obligation, and a reliable estimate of the
\nobligation can be made.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag329": {
"value": "\n3. CHANGES IN THE GROUP
\nSTRUCTURE
\nCHANGES IN NON-CONTROLLING
\nINTERESTS IN SUBSIDIARIES
\nDuring the year ended 31 December 2023, the Group
\nincreased its effective ownership interest in MHP Saudi
\nArabia Trading to 100% through the purchase of a non-
\ncontrolling interest for the amount USD 1.8 million. The
\ndifference between the carrying value of the net assets
\nacquired and the consideration paid was recognised
\ndirectly to retained earnings in the amount of USD
\n3.6 million. This investing non-cash transaction was
\nexcluded from the consolidated statement of cash flows.
\n
\n\n\n28. NON-CONTROLLING INTERESTS
\nThe table below shows details of non-wholly owned subsidiaries of the Group that have material non-controlling interests:
\nNAME OF
\nSUBSIDIARY
\nPROPORTION OF OWNERSHIP
\nINTERESTS AND VOTING RIGHTS HELD
\nBY NON-CONTROLLING INTERESTS
\nPROFIT/(LOSS) ALLOCATED
\nTO NON-CONTROLLING INTERESTS
\nACCUMULATED
\nNON-CONTROLLING INTERESTS
\n202 3 202 2 2023 2022 2023 2022
\nMHP-Agro-S 49.0% 49.0% (1.4) 2.1 7.8 9.5
\nMHP-AgroKryazh 49.0% 49.0% (2.4) (1.8) 4.1 6.6
\nMyronivsky Plant of Manufacturing
\nFeeds and Groats
\n11.5% 11.5% (0.7) (2.4) 3.5 4.3
\nOther subsidiaries with immaterial
\nnon-controlling interests
\nn/a n/a 2.8 (3.3) (5.0) (2.1)
\nn/a n/a (1.7) (5.4) 10.4 18.3
\n
\nAs described in Note 3, during the year ended 31 December 2023, the Group acquired 25% non-controling interest in MHP Saudi Arabia Trading, so the effective ownership
\ninterest of the Group increased to 100%. Respective information about non-controlling interest in this subsidiary was included into line \u201cOther subsidiaries with immaterial
\nnon-controlling interests\u201d.
\nSummarised financial information regarding each of the Group's subsidiaries with material non-controlling interests is set out below. The summarised financial information
\nbelow represents amounts before intragroup eliminations.
\nSummarised statement of financial position as of 31 December 2023 and 2022:
\nMHP-AGRO-S MHP-AGROKRYAZH
\nMYRONIVSKY PLANT OF
\nMANUFACTURING FEEDS AND GROATS
\n202 3 202 2 2023 2022 2023 2022
\nCurrent assets 35.1 38.4 34.0 26.4 58.7 68.2
\nNon-current assets 22.4 21.9 18.4 19.1 99.1 106.5
\nCurrent liabilities (38.9) (32.4) (39.6) (27.7) (124.2) (131.8)
\nNon-current liabilities (9.3) (9.8) (7.4) (7.5) (9.4) (9.7)
\nTotal equity 9.3 18.1 5.4 10.3 24.2 33.2
\nATTRIBUTABLE TO:
\nOwners of the Group 1.5 8.6 1.3 3.7 20.7 28.9
\nNon-controlling interest 7.8 9.5 4.1 6.6 3.5 4.3
\n
\n\n\n\n\n\n\n\n28. NON-CONTROLLING INTERESTS
\nSummarised statements of profit or loss and other comprehensive income for the years ended 31 December 2023 and 2022:
\nMHP-AGRO-S MHP-AGROKRYAZH
\nMYRONIVSKY PLANT OF
\nMANUFACTURING FEEDS AND GROATS
\n202 3 202 2 2023 2022 2023 2022
\nRevenue 30.1 30.8 15.6 23.5 128.6 110.8
\nExpenses (32.9) (26.6) (20.4) (27.1) (135.1) (130.9)
\nProfit/(loss) for the year (2.8) 4.2 (4.8) (3.6) (6.5) (20.1)
\nPROFIT/
\n(
\nLOSS
\n)
\n ATTRIBUTABLE TO:
\nOwners of the Group (1.4) 2.1 (2.4) (1.8) (5.8) (17.7)
\nNon-controlling interests (1.4) 2.1 (2.4) (1.8) (0.7) (2.4)
\nTotal profit/(loss) (2.8) 4.2 (4.8) (3.6) (6.5) (20.1)
\nOCI ATTRIBUTABLE TO:
\nOwners of the Group (0.3) (1.8) (0.2) (1.7) (1.0) 13.4
\nNon-controlling interests (0.3) (1.8) (0.1) (1.7) (0.1) 1.7
\nTotal OCI (0.6) (3.6) (0.3) (3.4) (1.1) 15.1
\nCOMPREHENSIVE INCOME
\nATTRIBUTABLE TO:
\nOwners of the Group (1.7) 0.3 (2.6) (3.5) (6.8) (4.3)
\nNon-controlling interests (1.7) 0.3 (2.5) (3.5) (0.8) (0.7)
\nTotal comprehensive income/
\n(loss) for the year
\n(3.4) 0.6 (5.1) (7.0) (7.6) (5.0)
\nDividends declared
\nto non-controlling interest
\n- (2.4) - - - -
\nSummarised cash inflow/(outflow) for the years ended 31 December 2023 and 2022:
\nMHP-AGRO-S MHP-AGROKRYAZH
\nMYRONIVSKY PLANT OF
\nMANUFACTURING FEEDS AND GROATS
\n202 3 202 2 2023 2022 2023 2022
\nOperating activities 6.4 1.2 1.2 (1.4) 8.8 2.7
\nInvesting activities (2.9) (1.8) (1.3) (1.3) (8.8) (2.7)
\nFinancing activities (3.6) (0.7) - - - -
\n
\n\n\n\n\n\n\n",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag330": {
"value": "\n
\n4. CRITICAL ACCOUNTING
\nJUDGMENTS AND KEY SOURCES
\nOF ESTIMATION UNCERTAINTY
\nIn applying the Group\u2019s accounting policies described in
\nNote 2, management must make judgments, estimates,
\nand assumptions about the carrying amounts of assets
\nand liabilities that are not readily apparent from other
\nsources. The estimates and associated assumptions are
\nbased on historical experience and other factors that
\nare considered to be relevant. Actual results may differ
\nfrom these estimates.
\nThe estimates and underlying assumptions are reviewed
\non an ongoing basis. Revisions to accounting estimates
\nare recognized in the period in which the estimate is
\nrevised if the revision affects both current and future
\nperiods.
\nCRITICAL JUDGMENTS IN APPLYING
\nACCOUNTING POLICIES
\nThe following are the essential judgments, apart
\nfrom those involving estimations (see below), that
\nmanagement has made using the Group\u2019s accounting
\npolicies and have the most significant effect on the
\namounts recognized in the consolidated financial
\nstatements.
\n\nGoing concern
\nThe Group has concluded that applying the going
\nconcern basis of accounting in preparing these
\nconsolidated financial statements is appropriate.
\nManagement exercises significant judgment in the
\nassessment of the existence of a material uncertainty
\nrelated to going concerned by taking into consideration
\nthe effects of the ongoing War on the Group`s activities.
\nThe information about material uncertainties related to
\nevents or conditions that may doubt the Group\u2019s ability
\nto continue as a going concern is disclosed in Note 2.
\n
\n\n\n\n\n\nDetermination of variable lease payments
\nAs described in Note 2, the Group measures lease
\nliabilities at the present value of future lease payments,
\ndiscounted using the lessee\u2019s incremental borrowing
\nrate. Future lease payments consist of fixed payments
\n(including in-substance fixed payments) and variable
\nlease payments that depend on an index or rate, including
\npayments that vary to reflect changes in market rental
\nrates. Management must make a significant judgment in
\ndetermining whether variable lease payments depend
\non an index or rate. Regardless of the lease payments
\nstated in the lease contracts, customary business
\npractices complement the contractual terms so that
\nat each particular date, the rate is a market rate. Since
\nthe entire market operates on the basis of expectations
\nof a periodic revision of rates (based on current market
\nrates), Management has concluded that the market
\nmechanism determines the rates. In substance, non-
\ncontractual changes in lease payments are driven by
\ncompetitive forces. Pay changes are based on the average
\nchanges in lease payments in the region, meaning that
\nthe variable component of lease payments depends
\non 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,
\nplant, and equipment, except land and other fixed assets
\n(Note 15). At each reporting date, the Group reviews
\nthe carrying amount of items of property, plant, and
\nequipment accounted for using a revaluation model
\nto determine whether the amount differs materially
\nfrom fair value.
\nWhen determining whether to perform a fair value
\nassessment in a given period, Management considers the
\ndevelopment of macroeconomic indicators, including
\nchanges in prices (producer price indices, price indices
\nfor non-residential buildings, transport facilities,
\nutilities, and other engineering structures), inflation
\nrates, GDP growth rates and changes of the Ukrainian
\nHryvnia (\u201cUAH\u201d) against USD and EUR. Also, different
\ninternal and external factors, such as political, legislative
\nand economic situations, are reviewed.
\nBased on the results of this review, the management
\nof the Group concluded that the carrying value of the
\nproperty, plant and equipment, accounted for using
\nrevaluation model, as at 31 December 2023 was not
\nmaterially different from those which would arise as a
\nresult of new revaluation.
\nChange in income tax status of certain
\nGroup\u2019s subsidiaries
\nStarting from 1 January 2022, the change in tax status
\nof poultry producers has become effective as the
\nrespective amendments to the Tax Code of Ukraine
\ncame into force. As a result, starting from 1 January
\n2022, profits of agricultural producers engaged in rearing
\nchickens, chicken meat, and eggs production are subject
\nto a regular 18% income tax. Until 31 December 2021,
\nthe profits of the chicken and egg producers were
\nnon-taxable as these entities had an exempt status for
\ncorporate income tax purposes and were subject to the
\nfixed agricultural tax, similar to other agribusinesses.
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n4. CRITICAL ACCOUNTING
\nJUDGMENTS AND KEY SOURCES
\nOF ESTIMATION UNCERTAINTY
\n(continued)
\nCRITICAL JUDGMENTS IN APPLYING
\nACCOUNTING POLICIES (continued)
\nManagement has applied significant judgment to consider
\nthat the new tax law effected a change in tax status for
\nthe Group`s subsidiaries rather than a change in tax law
\nor tax rates, and given that there is no specific guidance
\nin IAS 12 Income tax for when to account for a change in
\ntax status, significant judgment was applied in considering
\nthe timing of deferred tax recognition. As the above has
\ncaused a shift in the tax status, for certain subsidiaries of
\nthe Group, from non-taxpayer to tax payers by becoming
\nincome taxpayers from 1 January 2022, the Group has
\nrecognized deferred tax liabilities in the amount of USD 81
\nmillion as of this date. These deferred tax liabilities of the
\nGroup`s poultry farms arise from temporary tax differences
\nfrom property, plant, and equipment measured using the
\nrevaluation model. Accordingly, the resulting deferred
\ntax liabilities on 1 January 2022 were recognized through
\nother comprehensive income and presented separately as
\nDeferred tax charged directly to the revaluation reserve.
\nPresentation of the expenses as war-related
\nSeveral critical assumptions have been used to
\ndetermine if the expenses incurred by the Group relate
\nto war and should be presented accordingly in Note 34.
\nThese assumptions include but are not limited to the
\ntiming of the costs, their nature, prerequisites of their
\nincurrence, ordinariness, and necessity of expenses, and
\nthe possibility of their incurrence in significant amounts
\nduring routine operations during the pre-war period.
\n\nKEY SOURCES OF ESTIMATION
\nUNCERTAINTY
\nThe following are the key assumptions concerning the
\nfuture and other key sources of estimation uncertainty at
\nthe end of the reporting period that have a significant risk
\nof causing a material adjustment to the carrying amounts
\nof assets and liabilities within the next financial year.
\n
\n\n\n\n\nImpairment of goodwill and intangibles
\nwith indefinite useful lives
\nAs disclosed in Notes 17 and 18, the Group determines
\non an annual basis at least whether indefinite life
\nintangible assets and goodwill have been impaired. This
\nrequires an estimate of an asset\u2019s recoverable amount,
\nwhich is the higher of an asset\u2019s or cash generating
\nunit\u2019s (CGU\u2019s) fair value less costs of disposal and its
\nvalue in use and it is determined for an individual asset
\nunless the asset does not generate cash inflows that are
\nlargely independent of those from other assets or groups
\nof assets. Estimating a value-in-use amount requires
\nmanagement to estimate of the expected future cash
\nflows from the cash-generating unit and also to choose
\na suitable discount rate and growth rates in order to
\ncalculate the present value of those cash flows.
\nWhen assessing impairment of goodwill and intrangible
\nassets with indefinite useful lives, the Group constantly
\nmonitors climate-related matters affecting the value-
\nin-use of intangibles and goodwill. As at 31 December
\n2023, the Group concluded that the climate-related
\nrisks did not have material impact of the value-is-use
\namounts for intangibles and goodwill. The Group will
\nadjust the critical assumptions used in value-in-use
\ncalculations should a change be required in the future.
\nDetermination of incremental borrowing rate
\nAs described in Note 2, the Group uses incremental
\nborrowing rate as the discounting factor to calculate
\nlease liability if the rate implicit in the lease is not
\nreadily determinable. The 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 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 \u2192 Average meat output for broilers and livestock for
\nmeat production;
\n \u2192 Average productive life of breeders and cattle held
\nfor regeneration and milk production;
\n \u2192 Expected crop output;
\n \u2192 Estimated changes in future sales prices;
\n \u2192 Projected production costs and costs to sell; and,
\n \u2192 Discount rate.
\nDuring the year ended 31 December 2023 the fair value
\nof biological assets was estimated using discount factors
\nof 23.7% and 24.4% (31 December 2022: 25.0% and
\n42.7%) for non-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 20).
\nThe impact of potential climate-related matters,
\nincluding legislation, climate change, and company
\nclimate objectives, which may affect the fair value
\nmeasurement of biological assets and agricultural
\nproduce, has been considered in determining fair value
\nmeasurement. The impact of climate-related matters is
\nnot material to the Group\u2019s financial statements.
\nRevaluation of property, plant, and equipment
\nThe latest revaluation of the of buildings and structures,
\ngrain storage facilities, production machinery, utilities
\nand infrastructure, vehicles and agricultural machinery,
\nand auxiliary and other machinery has been performed
\nas of 31 December 2022 with engagement of an
\nindependent appraiser. As stated above, Management
\nconcluded that that the carrying value of these groups
\nof property, plant and equipment as of 31 December
\n2023 was not materially different from their fair values,
\nso that no new revaluation has been required.
\nDuring the latest revaluation of property, plant and
\nequipment at 31 December 2022, the independent
\nappraiser has performed the valuation according to
\nInternational Valuation Standards by applying the
\nfollowing techniques:
\n \u2192
\ndepreciated replacement cost for grain storage
\nfacilities;
\n \u2192
\nmarket comparable approach for vehicles and
\nagricultural machinery; and
\n \u2192
\ndepreciated 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 \u2192 changes in market prices of assets and construction
\nmaterials from the date of their acquisition/
\nconstruction/date of previous valuation to the date
\nof this valuation;
\n \u2192 external market prices for vehicles and equipment;
\n \u2192 normative and remaining useful lives;
\n \u2192 rates of physical depreciation.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n4. CRITICAL ACCOUNTING
\nJUDGMENTS AND KEY SOURCES
\nOF ESTIMATION UNCERTAINTY
\n(continued)
\nRevaluation of property, plant, and equipment
\n(continued)
\nThe revaluation results using the depreciated replacement
\ncost and market-comparable approaches were compared
\nwith a revaluation performed using the income approach
\nto identify the level of economic obsolescence, if any.
\nAs at December 2022, Management used probability-
\nbased discounted cash flow scenarios, where all possible
\nimpacts of war were incorporated in cash flows, while all
\nCGUs in Ukraine were discounted by a factor of 19.1%,
\nreflecting risks except for uncertainties related to the
\nwar. If the above impacts and uncertainties had been
\nconsidered in determining the discount factor as an
\nalternative to incorporating them into the cash flows, the
\ndiscount factor would have been approximately 25%. An
\nincrease of 100 basis points in the discount rate would
\nresult in a decrease in the fair value of property plant and
\nequipment by USD 24 million.
\nFor CGUs in Ukraine, the terminal growth rate of 5.0%
\nwas used for all cash flows beyond the five-year projected
\nperiod, while the average revenue growth rates within the
\nfive years ranged from 10.9% to 11.4%. A decrease in the
\nterminal growth rate by 100 basis points or in the revenue
\ngrowth rates by 100 basis points would lead to a decrease
\nin the fair value of property, plant, and equipment by
\nUSD 15 million or USD 29 million, respectively. Key
\nassumptions used for the identification of economic
\nobsolescence, if any, for the European operating segment
\nare described in Note 17.
\nIn determining fair value measurement, the impact of potential
\nclimate-related matters, including legislation, climate change,
\nand company climate objectives that may affect the fair value
\nmeasurement of property, plant, and equipment, has been
\nconsidered. The impact of climate-related matters is not
\nmaterial to the Group\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 based
\nupon experience with similar assets. In determining the
\nuseful life of an asset, Management considers the expected
\nusage, estimated technical obsolescence, physical wear
\nand tear, the physical environment in which the asset is
\noperated, and other factors (including climate-related
\nmatters). Changes in any of these conditions or estimates
\nmay result in adjustments for future depreciation rates.
\nThe Group concluded that, as of 31 December 2023,
\nclimate-related matters had no material impact on the
\nuseful lives of property, plant and equipment.
\nDeferred tax assets
\nDeferred tax assets, including those arising from unused
\ntax losses, are recognized to the extent that they will
\nprobably be recovered, which is dependent on the
\ngeneration of sufficient future taxable profit. Based
\non Management\u2019s assessment, the Group determined
\nit was appropriate to recognize deferred tax assets on
\nunused tax losses, which will be utilized against existing
\ndeferred tax liabilities and available future tax profits.
\nThe estimation uncertainty, therefore, pertains to the
\nlevel of deferred tax assets to be recognized.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"Tag331": {
"value": "\nKEY SOURCES OF ESTIMATION
\nUNCERTAINTY
\nThe following are the key assumptions concerning the
\nfuture and other key sources of estimation uncertainty at
\nthe end of the reporting period that have a significant risk
\nof causing a material adjustment to the carrying amounts
\nof assets and liabilities within the next financial year.
\n
\n\n\n\n",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"Tag332": {
"value": "\n5. SEGMENT INFORMATION
\nThe Group\u2019s business is managed worldwide but main
\nmanufacturing facilities and sales offices are located
\nprimarily in Ukraine, Europe and Middle East.
\nReportable segments are presented consistent with
\nthe internal reporting to the Group\u2019s chief operating
\ndecision maker (\u201cCODM\u201d).
\nSegment information is analysed based on the types of
\ngoods supplied by the Group\u2019s operating divisions. The
\nGroup\u2019s reportable segments under IFRS 8 are as follows:
\nPoultry and
\nRelated Operations
\nSegment:
\n \u2192 sales of poultry meat
\n \u2192 sales of processed meat
\nand culinary products
\n \u2192 sales of other poultry
\nrelated products
\nVegetable oils
\noperations segment:
\n \u2192 sales of vegetable oil and
\nrelated products
\nAgriculture
\noperations segment:
\n \u2192 sales of grains and
\noilseeds
\n \u2192 other agricultural
\noperations (milk, feed
\ngrains and other)
\nEuropean Operating
\nSegment:
\n \u2192 sales of poultry meat and
\nprocessed meat products
\nin Southeast Europe
\nThe accounting policies of the reportable segments are
\nthe same as the Group\u2019s accounting policies described
\nin Note 2 Basis of preparation and accounting policies.
\nSales between segments are carried out at market prices.
\nThe segment result represents operating profit under
\nIFRS before unallocated corporate expenses and loss
\non impairment of property, plant and equipment.
\nUnallocated corporate expenses include management
\nremuneration, representative expenses, and expenses
\nincurred in respect of the maintenance of office
\npremises. This is the measure reported to the CODM
\nfor resource allocation and assessment of segment
\nperformance.
\nEuropean operating segment primarily includes sales of
\npoultry meat and processed meat products produced
\nby Perutnina Ptuj and its subsidiaries. The CODM
\nmanages this as a single segment because each research,
\ndevelopment, manufacture, distribution, and selling of
\nchicken meat and meat processing products requires
\nsingle marketing strategies, a centralized budgeting
\nprocess, and centralized management of production
\noperations.
\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\n\n\n\n\n\n\n\n\n\n\n
\n5. SEGMENT INFORMATION (continued)
\n\nAs of 31 December 2023 and for the year that ended, the Group\u2019s segment information from continuing operations was as follows:
\nYEAR ENDED 31 DECEMBER 2023
\nPOULTRY
\nAND RELATED
\nOPERATIONS
\nVEGETABLE
\nOILS
\nOPERATIONS
\nAGRICULTURE
\nOPERATIONS
\nEUROPEAN
\nOPERATING
\nSEGMENT
\nTOTAL
\nREPORTABLE
\nSEGMENTS
\nELIMINATIONS CONSOLIDATED
\nExternal sales 1,643 606 227 545 3,021 - 3,021
\nSales between segments 10 170 207 - 387 (387) -
\nTotal revenue 1,653 776 434 545 3,408 (387) 3,021
\nSegment results 238 77 6 72 393 - 393
\nUnallocated corporate expenses (54)
\nOther expenses, net
\n1
\n(166)
\nProfit before tax 173
\nOTHER INFORMATION:
\nAdditions to property, plant and
\nequipment
\n2
\n130 3 25 50 208 - 208
\nDepreciation and amortization expense
\n3
\n84 4 56 22 166 - 166
\nNet change in fair value of biological
\nassets and agricultural produce
\n15 - (63) - (48) - (48)
\n
\n1
\n Includes finance income, finance costs, foreign exchange loss (net);
\n2
\n Additions to property, plant, and equipment in 2023 do not include unallocated additions in the amount of USD 11.2 million;
\n3
\n Depreciation and amortization for the year ended 31 December 2023 does not include unallocated depreciation and amortization in the amount of USD 2.9 million.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n5. SEGMENT INFORMATION (continued)
\n\nAs of 31 December 2022 and for the year that ended, the Group\u2019s segment information from continuing operations was as follows:
\nYEAR ENDED 31 DECEMBER 2022
\nPOULTRY
\nAND RELATED
\nOPERATIONS
\nVEGETABLE
\nOILS
\nOPERATIONS
\nAGRICULTURE
\nOPERATIONS
\nEUROPEAN
\nOPERATING
\nSEGMENT
\nTOTAL
\nREPORTABLE
\nSEGMENTS
\nELIMINATIONS CONSOLIDATED
\nExternal sales 1,525 464 189 464 2,642 - 2,642
\nSales between segments 9 114 344 - 467 (467) -
\nTotal revenue 1,534 578 533 464 3,109 (467) 2,642
\nSegment results 131 69 91 45 336 - 336
\nUnallocated corporate expenses (52)
\nLoss on impairment of property,
\nplant and equipment
\n4
\n(18) (1) (8) (2) (29) - (29)
\nOther expenses, net
\n1
\n(514)
\nProfit before tax (259)
\nOTHER INFORMATION:
\nAdditions to property, plant and
\nequipment
\n2
\n67 4 22 63 156 - 156
\nDepreciation and amortization expense
\n3
\n73 2 62 20 157 - 157
\nNet change in fair value of biological
\nassets and agricultural produce
\n13 - (143) 2 (128) - (128)
\n
\n1
\n Includes finance income, finance costs, foreign exchange loss (net);
\n2
\n Additions to property, plant, and equipment in 2022 do not include unallocated additions of USD 12.3 million;
\n3
\n Depreciation and amortization for the year ended 31 December 2022 does not include the unallocated amount of USD 1.4 million.
\n4
\n Loss on impairment of property, plant, and equipment for the year ended 31 December 2021 includes an unallocated loss of USD 0.5 million.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n5. SEGMENT INFORMATION (continued)
\nNon-current assets (excluding deferred tax assets, long-term deposits, and non-current
\nfinancial assets) based on the geographic location of the manufacturing facilities
\nwere as follows as of 31 December 2023 and 31 December 2022:
\n202 3 2022
\nUkraine 1,913 1,922
\nEurope 367 315
\nThe Middle East and North Africa (MENA) 8 2
\n2,288 2,239
\n
\nNo single customer contributed more than 10% of the Group\u2019s revenue in either
\n2023 or 2022.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag333": {
"value": "\nAs of 31 December 2023 and for the year that ended, the Group\u2019s segment information from continuing operations was as follows:
\nYEAR ENDED 31 DECEMBER 2023
\nPOULTRY
\nAND RELATED
\nOPERATIONS
\nVEGETABLE
\nOILS
\nOPERATIONS
\nAGRICULTURE
\nOPERATIONS
\nEUROPEAN
\nOPERATING
\nSEGMENT
\nTOTAL
\nREPORTABLE
\nSEGMENTS
\nELIMINATIONS CONSOLIDATED
\nExternal sales 1,643 606 227 545 3,021 - 3,021
\nSales between segments 10 170 207 - 387 (387) -
\nTotal revenue 1,653 776 434 545 3,408 (387) 3,021
\nSegment results 238 77 6 72 393 - 393
\nUnallocated corporate expenses (54)
\nOther expenses, net
\n1
\n(166)
\nProfit before tax 173
\nOTHER INFORMATION:
\nAdditions to property, plant and
\nequipment
\n2
\n130 3 25 50 208 - 208
\nDepreciation and amortization expense
\n3
\n84 4 56 22 166 - 166
\nNet change in fair value of biological
\nassets and agricultural produce
\n15 - (63) - (48) - (48)
\n
\n1
\n Includes finance income, finance costs, foreign exchange loss (net);
\n2
\n Additions to property, plant, and equipment in 2023 do not include unallocated additions in the amount of USD 11.2 million;
\n3
\n Depreciation and amortization for the year ended 31 December 2023 does not include unallocated depreciation and amortization in the amount of USD 2.9 million.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\nAs of 31 December 2022 and for the year that ended, the Group\u2019s segment information from continuing operations was as follows:
\nYEAR ENDED 31 DECEMBER 2022
\nPOULTRY
\nAND RELATED
\nOPERATIONS
\nVEGETABLE
\nOILS
\nOPERATIONS
\nAGRICULTURE
\nOPERATIONS
\nEUROPEAN
\nOPERATING
\nSEGMENT
\nTOTAL
\nREPORTABLE
\nSEGMENTS
\nELIMINATIONS CONSOLIDATED
\nExternal sales 1,525 464 189 464 2,642 - 2,642
\nSales between segments 9 114 344 - 467 (467) -
\nTotal revenue 1,534 578 533 464 3,109 (467) 2,642
\nSegment results 131 69 91 45 336 - 336
\nUnallocated corporate expenses (52)
\nLoss on impairment of property,
\nplant and equipment
\n4
\n(18) (1) (8) (2) (29) - (29)
\nOther expenses, net
\n1
\n(514)
\nProfit before tax (259)
\nOTHER INFORMATION:
\nAdditions to property, plant and
\nequipment
\n2
\n67 4 22 63 156 - 156
\nDepreciation and amortization expense
\n3
\n73 2 62 20 157 - 157
\nNet change in fair value of biological
\nassets and agricultural produce
\n13 - (143) 2 (128) - (128)
\n
\n1
\n Includes finance income, finance costs, foreign exchange loss (net);
\n2
\n Additions to property, plant, and equipment in 2022 do not include unallocated additions of USD 12.3 million;
\n3
\n Depreciation and amortization for the year ended 31 December 2022 does not include the unallocated amount of USD 1.4 million.
\n4
\n Loss on impairment of property, plant, and equipment for the year ended 31 December 2021 includes an unallocated loss of USD 0.5 million.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag334": {
"value": "\n6. REVENUE
\nRevenue for the years ended 31 December 2023, and 2022 was as follows:
\n202 3 2022
\nPOULTRY AND RELATED OPERATIONS SEGMENT
\nChicken meat 1,402 1,328
\nProcessed meat 111 93
\nOther poultry related sales 130 104
\n1,643 1,525
\nVEGETABLE OIL OPERATIONS SEGMENT
\nVegetable oil 565 448
\nOil related products 41 16
\n606 464
\nAGRICULTURAL OPERATIONS SEGMENT
\nGrain 186 157
\nOther agricultural sales 41 32
\n227 189
\nEUROPEAN OPERATING SEGMENT
\nChicken meat 316 266
\nProcessed meat 164 141
\nOther agricultural sales 65 57
\n545 464
\n3,021 2,642
\nThe geographic structure of revenue for the years ended 31 December 2023,
\nand 2022 was as follows:
\n202 3 2022
\nExport
\n1)
\n1,807 1,601
\nDomestic 1,214 1,041
\n3,021 2,642
\n1
\n Includes revenue generated outside of the Group\u2019s production entity residency
\nThe Group\u2019s export sales to external customers by major product types were as
\nfollows during the years ended 31 December 2023 and 2022:
\n202 3 2022
\nPoultry and processed meat 1,026 992
\nVegetable oil and related products 597 458
\nGrain 148 124
\nOther agricultural products 36 27
\n1,807 1,601
\nExport sales include revenue from shipping and handling services in the amount of
\nUSD 191 million for the year ended 31 December 2023 (2022: USD 149 million).
\nExport sales of vegetable oil and related products and export sales of grains are
\nprimarily made to global trading companies. The sales of poultry meat to the most
\nsignificant external markets \u2013 MENA and EU amounted to 34% and 45% of total
\nexport sales respectively (2022: 34% and 36%).
\nAdvances received from third parties as of 31 December 2022 in the amount of USD
\n31 million were recognized as revenue during the year ended 31 December 2023.
\nAdvances received from third parties as of 31 December 2021 in the amount of USD
\n42 million were recognized as revenue during the year ended 31 December 2022.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag335": {
"value": "\n7. COST OF SALES
\nCost of sales for the years ended 31 December 2023,
\nand 2022 was as follows:
\n202 3 202 2
\nPoultry and related
\noperations segment
\n1,246 1,140
\nVegetable oil operations
\nsegment
\n509 323
\nAgricultural operations
\nsegment
\n164 91
\nEuropean operating
\nsegment
\n415 352
\n2,334 1,906
\n
\nCost of sales included shipping and handling expenses
\nand was for the years ended 31 December 2023 and
\n2022 as follows:
\n202 3 202 2
\nPoultry and related
\noperations segment
\n101 105
\nVegetable oil operations
\nsegment
\n96 58
\nAgricultural operations
\nsegment
\n29 18
\nEuropean operating
\nsegment
\n9 9
\n235 190
\n
\nRevenue includes shipping and handling costs in the
\nprice of the product.
\nFor the years ended 31 December 2023 and 2022, the
\ncost of sales comprised the following:
\n202 3 202 2
\nCosts of raw materials
\nand other inventory used
\n1,579 1,274
\nPayroll and related
\nexpenses
\n352 287
\nServices 255 204
\nDepreciation and
\namortization expense
\n148 141
\n2,334 1,906
\n
\n
\nSocial security contributions, included in Payroll and
\nrelated expenses above, amounted to USD 52 million
\nfor the year ended 31 December 2023 (2022: USD 46
\nmillion).
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag336": {
"value": "\n
\n\n
\n
\n8. SELLING, GENERAL AND
\nADMINISTRATIVE EXPENSES
\nSelling, general and administrative expenses for the
\nyears ended 31 December 2023, and 2022 were as
\nfollows:
\n202 3 202 2
\nPayroll and related
\nexpenses
\n136 119
\nServices 73 79
\nDepreciation and
\namortization expense
\n20 18
\nAdvertising expense 15 13
\nRepresentative costs
\nand business trips
\n9 10
\nFuel and other materials
\nused
\n8 7
\nInsurance expense 3 3
\nOther 6 5
\n270 254
\nPayroll and related expenses include social security
\ncontributions, which amounted to USD 14 million for the
\nyear ended 31 December 2023 (2022: USD 13 million).
\n\nRemuneration to the auditors, included in the Services
\nabove, amounted to USD 1.2 million for the year ended
\n31 December 2023 (2022: USD 0.9 million). This consists
\nof both audit and non-audit services, with the statutory
\naudit fees amounting to USD 0.9 million for the year
\nended 31 December 2023 and other assurance services
\nin amount of USD 0.2 million (2022: USD 0.7 million
\nand USD 0.2 million respectively), while the rest of
\nfees relate to tax advisory and other non-audit services.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag337": {
"value": "\n
\n
\n8. SELLING, GENERAL AND
\nADMINISTRATIVE EXPENSES
\nSelling, general and administrative expenses for the
\nyears ended 31 December 2023, and 2022 were as
\nfollows:
\n202 3 202 2
\nPayroll and related
\nexpenses
\n136 119
\nServices 73 79
\nDepreciation and
\namortization expense
\n20 18
\nAdvertising expense 15 13
\nRepresentative costs
\nand business trips
\n9 10
\nFuel and other materials
\nused
\n8 7
\nInsurance expense 3 3
\nOther 6 5
\n270 254
\nPayroll and related expenses include social security
\ncontributions, which amounted to USD 14 million for the
\nyear ended 31 December 2023 (2022: USD 13 million).
\n\nRemuneration to the auditors, included in the Services
\nabove, amounted to USD 1.2 million for the year ended
\n31 December 2023 (2022: USD 0.9 million). This consists
\nof both audit and non-audit services, with the statutory
\naudit fees amounting to USD 0.9 million for the year
\nended 31 December 2023 and other assurance services
\nin amount of USD 0.2 million (2022: USD 0.7 million
\nand USD 0.2 million respectively), while the rest of
\nfees relate to tax advisory and other non-audit services.
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag338": {
"value": "\nRemuneration to the auditors, included in the Services
\nabove, amounted to USD 1.2 million for the year ended
\n31 December 2023 (2022: USD 0.9 million). This consists
\nof both audit and non-audit services, with the statutory
\naudit fees amounting to USD 0.9 million for the year
\nended 31 December 2023 and other assurance services
\nin amount of USD 0.2 million (2022: USD 0.7 million
\nand USD 0.2 million respectively), while the rest of
\nfees relate to tax advisory and other non-audit services.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag351": {
"value": "\n
\n\n
\n9. OTHER OPERATING INCOME
\nOther operating income for the years ended 31 December
\n2023, and 2022 was as follows:
\n\n202 3 202 2
\nGovernment grants 9 5
\nGain on extinguisment of
\ntrade accounts payable
\n7 2
\nInsurance compensation 1 2
\nOther income 2 4
\n19 13
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n10. OTHER OPERATING EXPENSES
\nOther operating expenses for the years ended
\n31 December 2023, and 2022 were as follows:
\n202 3 202 2
\nCharity expenses and
\ncommunity support
\ndonations
\n17 25
\nWrite-off of prepayments
\nand taxes recoverable and
\nprepaid
\n9 7
\nExpected credit losses and
\nwrite-off of financial assets
\n7 30
\nOther operating war-
\nrelated expenses
\n7 3
\nLoss on disposal of
\nproperty, plant and
\nequipment
\n2 4
\nProvision for claims,
\npenalties and
\nindemnification
\n2 2
\nWritten-off inventories
\nand biological assets
\n- 10
\nOther expenses 5 2
\n49 83
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag339": {
"value": "\n
\n9. OTHER OPERATING INCOME
\nOther operating income for the years ended 31 December
\n2023, and 2022 was as follows:
\n\n202 3 202 2
\nGovernment grants 9 5
\nGain on extinguisment of
\ntrade accounts payable
\n7 2
\nInsurance compensation 1 2
\nOther income 2 4
\n19 13
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag349": {
"value": "\n202 3 202 2
\nGovernment grants 9 5
\nGain on extinguisment of
\ntrade accounts payable
\n7 2
\nInsurance compensation 1 2
\nOther income 2 4
\n19 13
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag340": {
"value": "\n10. OTHER OPERATING EXPENSES
\nOther operating expenses for the years ended
\n31 December 2023, and 2022 were as follows:
\n202 3 202 2
\nCharity expenses and
\ncommunity support
\ndonations
\n17 25
\nWrite-off of prepayments
\nand taxes recoverable and
\nprepaid
\n9 7
\nExpected credit losses and
\nwrite-off of financial assets
\n7 30
\nOther operating war-
\nrelated expenses
\n7 3
\nLoss on disposal of
\nproperty, plant and
\nequipment
\n2 4
\nProvision for claims,
\npenalties and
\nindemnification
\n2 2
\nWritten-off inventories
\nand biological assets
\n- 10
\nOther expenses 5 2
\n49 83
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag341": {
"value": "\n11. DEFERRED INCOME
\nDuring the years ended 31 December 2023 and 2022, the
\nGroup received government compensation from the EU
\nfarming subsidies policy and other compensations by the
\nEU national employment programs, assigned contributions
\nfor employees, and refunds of excise duties in total
\namount of USD 7 million and USD 4 million respectively.
\nGovernment grants for the construction and
\nreconstruction of livestock farms and compensation
\nof the cost of machinery and equipment are presented in
\nthe Statement of Financial Position as deferred income,
\nwhich is recognized in profit or loss on a systematic
\nbasis over the useful life of the related assets. All
\nother compensations received were recognised in the
\nConsolidated Statement of Profit or Loss and Other
\nComprehensive Income in full. There are no unfulfilled
\nconditions or contingencies attached to these grants.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag343": {
"value": "\n
\n\n
\n
\n\n
\n
\n\n12. FINANCE INCOME
\nFinance income for the years ended 31 December 2023
\nand 2022 were as follows:
\n202 3 202 2
\nGain on bonds early
\nredemption (Note 30)
\n22 -
\nInterest received from
\ndeposits and bank
\naccounts
\n12 3
\nOther interest received 2 1
\nOther finance income 1 2
\n37 6
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n13. FINANCE COSTS
\nFinance costs for the years ended 31 December 2023
\nand 2022 were as follows:
\n202 3 202 2
\nInterest on corporate
\nbonds
\n105 109
\nInterest on obligations
\nunder leases
\n40 39
\nInterest on bank
\nborrowings
\n18 8
\nBank commissions and
\nother charges
\n3 2
\nTotal finance costs 166 158
\nLESS:
\nFinance costs included
\nin the cost of qualifying
\nassets
\n(3) (3)
\n163 155
\nFor qualifying assets, the weighted average capitalization
\nrate on funds borrowed during the year ended 31
\nDecember 2023 was 7,80% (2022: 7.80%).
\nInterest on corporate bonds for the years ended 31
\nDecember 2023 and 2022 includes the amortization of
\npremium and debt issue costs on bonds issued in USD
\n6 million and USD 6 million, respectively.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag344": {
"value": "\n
\n
\n\n
\n
\n\n12. FINANCE INCOME
\nFinance income for the years ended 31 December 2023
\nand 2022 were as follows:
\n202 3 202 2
\nGain on bonds early
\nredemption (Note 30)
\n22 -
\nInterest received from
\ndeposits and bank
\naccounts
\n12 3
\nOther interest received 2 1
\nOther finance income 1 2
\n37 6
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n13. FINANCE COSTS
\nFinance costs for the years ended 31 December 2023
\nand 2022 were as follows:
\n202 3 202 2
\nInterest on corporate
\nbonds
\n105 109
\nInterest on obligations
\nunder leases
\n40 39
\nInterest on bank
\nborrowings
\n18 8
\nBank commissions and
\nother charges
\n3 2
\nTotal finance costs 166 158
\nLESS:
\nFinance costs included
\nin the cost of qualifying
\nassets
\n(3) (3)
\n163 155
\nFor qualifying assets, the weighted average capitalization
\nrate on funds borrowed during the year ended 31
\nDecember 2023 was 7,80% (2022: 7.80%).
\nInterest on corporate bonds for the years ended 31
\nDecember 2023 and 2022 includes the amortization of
\npremium and debt issue costs on bonds issued in USD
\n6 million and USD 6 million, respectively.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag345": {
"value": "\n
\n
\n\n12. FINANCE INCOME
\nFinance income for the years ended 31 December 2023
\nand 2022 were as follows:
\n202 3 202 2
\nGain on bonds early
\nredemption (Note 30)
\n22 -
\nInterest received from
\ndeposits and bank
\naccounts
\n12 3
\nOther interest received 2 1
\nOther finance income 1 2
\n37 6
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag342": {
"value": "\n12. FINANCE INCOME
\nFinance income for the years ended 31 December 2023
\nand 2022 were as follows:
\n202 3 202 2
\nGain on bonds early
\nredemption (Note 30)
\n22 -
\nInterest received from
\ndeposits and bank
\naccounts
\n12 3
\nOther interest received 2 1
\nOther finance income 1 2
\n37 6
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag352": {
"value": "\n
\n\n13. FINANCE COSTS
\nFinance costs for the years ended 31 December 2023
\nand 2022 were as follows:
\n202 3 202 2
\nInterest on corporate
\nbonds
\n105 109
\nInterest on obligations
\nunder leases
\n40 39
\nInterest on bank
\nborrowings
\n18 8
\nBank commissions and
\nother charges
\n3 2
\nTotal finance costs 166 158
\nLESS:
\nFinance costs included
\nin the cost of qualifying
\nassets
\n(3) (3)
\n163 155
\nFor qualifying assets, the weighted average capitalization
\nrate on funds borrowed during the year ended 31
\nDecember 2023 was 7,80% (2022: 7.80%).
\nInterest on corporate bonds for the years ended 31
\nDecember 2023 and 2022 includes the amortization of
\npremium and debt issue costs on bonds issued in USD
\n6 million and USD 6 million, respectively.
\n
\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag346": {
"value": "\n13. FINANCE COSTS
\nFinance costs for the years ended 31 December 2023
\nand 2022 were as follows:
\n202 3 202 2
\nInterest on corporate
\nbonds
\n105 109
\nInterest on obligations
\nunder leases
\n40 39
\nInterest on bank
\nborrowings
\n18 8
\nBank commissions and
\nother charges
\n3 2
\nTotal finance costs 166 158
\nLESS:
\nFinance costs included
\nin the cost of qualifying
\nassets
\n(3) (3)
\n163 155
\nFor qualifying assets, the weighted average capitalization
\nrate on funds borrowed during the year ended 31
\nDecember 2023 was 7,80% (2022: 7.80%).
\nInterest on corporate bonds for the years ended 31
\nDecember 2023 and 2022 includes the amortization of
\npremium and debt issue costs on bonds issued in USD
\n6 million and USD 6 million, respectively.
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag347": {
"value": "\n14. INCOME TAX
\nThe Group carries its operations in various jurisdictions,
\nbut most of the Group\u2019s operating entities are located
\nin Ukraine.
\nDuring the year ended 31 December 2023, the Group\u2019s
\ncompanies that have the status of Corporate Income
\nTax (the \u201cCIT\u201d) payers in Ukraine were subject to 18%
\nincome tax. The deferred income tax assets and liabilities
\nas of 31 December 2023 and 2022 are measured based
\non the tax rates expected to be applied to the period
\nwhen the temporary differences are expected to reverse.
\nStarting from 1 January 2022, the change in tax status
\nof poultry producers has become effective as the
\nrespective amendments to the Tax Code of Ukraine
\ncame into force. As a result, starting from 1 January 2022,
\nprofits of the agricultural producers engaged in rearing
\nchickens, chicken meat, and eggs production are subject
\nto a regular 18% income tax, as described in Note 4.
\nThe components of income tax expense/(benefit) were as
\nfollows for the years ended 31 December 2023 and 2022:
\n202 3 202 2
\nCurrent income tax
\nexpense
\n24 9
\nWithholding tax 2 -
\nDeferred tax expense/
\n(benefit)
\n5 (37)
\nIncome tax expense/
\n(benefit)
\n31 (28)
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n14. INCOME TAX (continued)
\nThe reconciliation between (loss)/profit before tax
\nfrom continuing operations multiplied by the statutory
\ntax rate and the tax expense for the years ended 31
\nDecember 2023 and 2022 was as follows:
\n202 3 2022
\nAccounting profit/(loss)
\nbefore tax
\n173 (259)
\nIncome tax expense/
\n(benefit) calculated at
\nrates effective during the
\nyear ended in respective
\njurisdictions
\n31 (47)
\nTAX EFFECT OF:
\nIncome generated by FAT
\npayers and other exempt
\nfrom income tax
\n6 2
\nEffect on income tax
\ngenerated by non-Ukrainian
\ncompanies
\n(5) 3
\nChange in unrecognised
\ndeferred tax asset
\n(6) (1)
\nWithholding tax 2 -
\nNon-deductable expenses
\nand non-taxable income, net
\n4 15
\nTranslation loss (1) 0
\nIncome tax expense/
\n(benefit)
\n31 (28)
\n\nAs of 31 December 2023 and 2022, deferred tax assets
\nand liabilities comprised:
\n202 3 202 2
\nDEFERRED TAX ASSETS
\nARISING FROM:
\nOther current liabilities 5 4
\nCurrent assets - 1
\nTax losses 26 48
\nTotal deferred tax assets 31 53
\nDEFERRED TAX LIABILITIES
\nARISING FROM:
\nProperty, plant and
\nequipment
\n(152) (171)
\nCurrent assets - (3)
\nTotal deferred tax
\nliabilities
\n(152) (174)
\nNet deferred tax
\nliabilities
\n(121) (121)
\nDeferred income tax assets and liabilities are offset when
\nthere is a legally enforceable right to cancel 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
\nof financial position as of 31 December 2023 and 2022:
\n202 3 202 2
\nDeferred tax assets 2 2
\nDeferred tax liabilities (123) (124)
\n(121) (122)
\nAs at 31 December 2023 and 2022 the Group did not
\nrecognize deferred tax asset in respect of tax losses
\ncarried forward in the amount of USD 2.0 million (USD
\n0.4 million of deferred tax assets), USD 1.8 million (USD
\n0.3 million of deferred tax asset), respectively, as the
\nGroup did not intend to deduct the relevant expenses
\nfor tax purposes in subsequent periods, as there are
\nuncertainties as to whether particular companies of
\nthe Group will generate sufficient taxable profits in the
\nfuture. According to the Tax Code of Ukraine, there is
\nno expiration date for accounting tax losses.
\nAs at 31 December 2023 and 2022, the Company did
\nnot recognize deferred tax liability in respect of taxable
\ntemporary differences, associated with investments in
\nsubsidiaries as the Company is able to control the timing
\nof the reversal of such temporary differences and it is
\nprobable that they will not reverse in the foreseeable future.
\nThe movements in net deferred tax position of the
\nGroup for the years ended 31 December 2023 and 2022
\nwere as follows:
\n202 3 202 2
\nNet deferred tax
\nliabilities as of beginning
\nof the year
\n(121) (43)
\nDeferred tax charged
\ndirectly to revaluation
\nreserve (Note 4)
\n- (81)
\nDeferred tax benefit (5) 37
\nDeferred tax on
\nrevaluation of property,
\nplant and equipment
\ncharged directly to other
\ncomprehensive income
\n- (59)
\nTranslation difference 5 25
\nNet deferred tax liabilities
\nas of end of the year
\n(121) (121)
\nThe Group has adopted International Tax Reform \u2013
\nPillar Two Model Rules (Amendments to IAS 12) and
\napplied a temporary mandatory relief from deferred
\ntax accounting for the impacts of the top-up tax and
\naccounts for it as a current tax when incurred.
\nPillar Two legislation has been enacted or substantively
\nenacted in certain jurisdictions the Group operates,
\nwhile in other jurisdictions, including Cyprus where the
\nCompany is registered, it was not yet enacted as at the
\ndate of authoring of these financial statements for issue.
\nBased on the preliminary assessment, the Group
\ndoes not expect a material impact of the Pillar Two
\nlegislation on the consolidated financial statements.
\nNevertheless, as the rules are complex, uncertainty
\nexists and unforeseen outcomes of the Pillar Two
\nlegislation may exceptionally result in additional top-
\nup tax, subject to future legislation development.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag348": {
"value": "\nAs of 31 December 2023 and 2022, deferred tax assets
\nand liabilities comprised:
\n202 3 202 2
\nDEFERRED TAX ASSETS
\nARISING FROM:
\nOther current liabilities 5 4
\nCurrent assets - 1
\nTax losses 26 48
\nTotal deferred tax assets 31 53
\nDEFERRED TAX LIABILITIES
\nARISING FROM:
\nProperty, plant and
\nequipment
\n(152) (171)
\nCurrent assets - (3)
\nTotal deferred tax
\nliabilities
\n(152) (174)
\nNet deferred tax
\nliabilities
\n(121) (121)
\nDeferred income tax assets and liabilities are offset when
\nthere is a legally enforceable right to cancel 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
\nof financial position as of 31 December 2023 and 2022:
\n202 3 202 2
\nDeferred tax assets 2 2
\nDeferred tax liabilities (123) (124)
\n(121) (122)
\nAs at 31 December 2023 and 2022 the Group did not
\nrecognize deferred tax asset in respect of tax losses
\ncarried forward in the amount of USD 2.0 million (USD
\n0.4 million of deferred tax assets), USD 1.8 million (USD
\n0.3 million of deferred tax asset), respectively, as the
\nGroup did not intend to deduct the relevant expenses
\nfor tax purposes in subsequent periods, as there are
\nuncertainties as to whether particular companies of
\nthe Group will generate sufficient taxable profits in the
\nfuture. According to the Tax Code of Ukraine, there is
\nno expiration date for accounting tax losses.
\nAs at 31 December 2023 and 2022, the Company did
\nnot recognize deferred tax liability in respect of taxable
\ntemporary differences, associated with investments in
\nsubsidiaries as the Company is able to control the timing
\nof the reversal of such temporary differences and it is
\nprobable that they will not reverse in the foreseeable future.
\nThe movements in net deferred tax position of the
\nGroup for the years ended 31 December 2023 and 2022
\nwere as follows:
\n202 3 202 2
\nNet deferred tax
\nliabilities as of beginning
\nof the year
\n(121) (43)
\nDeferred tax charged
\ndirectly to revaluation
\nreserve (Note 4)
\n- (81)
\nDeferred tax benefit (5) 37
\nDeferred tax on
\nrevaluation of property,
\nplant and equipment
\ncharged directly to other
\ncomprehensive income
\n- (59)
\nTranslation difference 5 25
\nNet deferred tax liabilities
\nas of end of the year
\n(121) (121)
\nThe Group has adopted International Tax Reform \u2013
\nPillar Two Model Rules (Amendments to IAS 12) and
\napplied a temporary mandatory relief from deferred
\ntax accounting for the impacts of the top-up tax and
\naccounts for it as a current tax when incurred.
\nPillar Two legislation has been enacted or substantively
\nenacted in certain jurisdictions the Group operates,
\nwhile in other jurisdictions, including Cyprus where the
\nCompany is registered, it was not yet enacted as at the
\ndate of authoring of these financial statements for issue.
\nBased on the preliminary assessment, the Group
\ndoes not expect a material impact of the Pillar Two
\nlegislation on the consolidated financial statements.
\nNevertheless, as the rules are complex, uncertainty
\nexists and unforeseen outcomes of the Pillar Two
\nlegislation may exceptionally result in additional top-
\nup tax, subject to future legislation development.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag309": {
"value": "\n
\n15. PROPERTY, PLANT AND EQUIPMENT
\n\nThe following table represents movements in property, plant and equipment for the year ended 31 December 2023:
\nLAND
\nBUILDINGS
\nAND
\nSTRUCTURES
\nGRAIN
\nSTORAGE
\nFACILITIES
\nPRODUCTION
\nMACHINERY
\nAUXILIARY
\nAND OTHER
\nMACHINERY
\nUTILITIES
\nAND INFRA-
\nSTRUCTURE
\nVEHICLES AND
\nAGRICULTURAL
\nMACHINERY
\nOTHER FIXED
\nASSETS
\n1
\nCONSTRUCTION
\nIN PROGRESS
\n2
\nTOTAL
\nCOST OF FAIR VALUE:
\nAt 31 December 2022 31.7 863.8 82.3 377.2 69.0 131.8 186.5 31.8 108.4 1,882.5
\nAdditions 1.7 43.7 0.2 70.2 14.6 4.7 24.6 9.5 47.7 216.9
\nTransfer from Right-of-use
\nassets
\n- - - - - - 3.1 - - 3.1
\nTransfers 0.2 2.4 - 6.3 0.1 0.2 1.2 0.7 (11.1) -
\nDisposals (0.2) (4.6) - (1.6) (0.2) (0.1) (2.9) (2.4) (1.7) (13.7)
\nTranslation difference 0.9 (20.9) (3.1) (12.1) (2.5) (4.9) (7.4) (0.9) (3.2) (54.1)
\nAt 31 December 2023 34.3 884.4 79.4 440.0 81.0 131.7 205.1 38.7 140.1 2,034.7
\n
\nACCUMULATED
\nDEPRECIATION:
\nAt 31 December 2022 - - - 5.6 0.7 0.6 1.8 18.0 - 26.7
\nDepreciation charge for the
\nyear
\n- 33.5 5.2 38.4 7.7 6.9 33.3 3.6 - 128.6
\nDisposal - (0.4) - (0.8) - (0.1) (1.3) (0.4) - (3.0)
\nTransfers - 0.1 - - - - - (0.1) - -
\nTransfer from Right-of-use
\nassets
\n- - - - - - 0.8 - - 0.8
\nTranslation difference - (0.8) (0.2) (0.7) (0.2) (0.2) (1.0) (0.6) - (3.7)
\nAt 31 December 2023 - 32.4 5.0 42.5 8.2 7.2 33.6 20.5 - 149.4
\n
\nNET BOOK VALUE
\nAt 31 December 2022 31.7 863.8 82.3 371.6 68.3 131.2 184.7 13.8 108.4 1,855.8
\nAt 31 December 2023 34.3 852.0 74.4 397.5 72.8 124.5 171.5 18.2 140.1 1,885.3
\n
\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
\n\n\n\n\n\n\n\n\n
\n15. PROPERTY, PLANT AND EQUIPMENT (continued)
\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
\nMACHINERY
\nAUXILIARY
\nAND OTHER
\nMACHINERY
\nUTILITIES
\nAND INFRA-
\nSTRUCTURE
\nVEHICLES AND
\nAGRICULTURAL
\nMACHINERY
\nOTHER FIXED
\nASSETS
\n1
\nCONSTRUCTION
\nIN PROGRESS
\n2
\nTOTAL
\nCOST OF FAIR VALUE:
\nAt 31 December 2021 34.6 951.3 102.0 388.0 81.7 148.9 212.1 27.9 112.8 2,059.3
\nAdditions 1.6 52.7 2.5 38 12.8 4.6 22.8 6.5 25.2 166.7
\nTransfer from Right-of-use assets - - - - - - 4.9 - - 4.9
\nTransfers - - - - (7.7) 1.5 - 6.2 - -
\nDisposals (1.1) (8.1) (0.1) (1.8) (0.4) (0.3) (4.1) (1.5) (1.0) (18.4)
\nRevaluation - 94.6 4.7 55.0 5.0 15.9 9.6 - - 184.8
\nImpairment loss - (6.1) (0.6) (11.4) (2.7) (0.5) (3.8) - (2.3) (27.4)
\nTranslation difference (3.4) (220.6) (26.2) (90.6) (19.7) (38.3) (55.0) (7.3) (26.3) (487.4)
\nAt 31 December 2022 31.7 863.8 82.3 377.2 69.0 131.8 186.5 31.8 108.4 1,882.5
\n
\nACCUMULATED DEPRECIATION:
\nAt 31 December 2021 - 81.9 - - 0.3 17.4 - 20.1 - 119.7
\nDepreciation charge for the year - 29.9 3.9 30.7 5.6 8.6 27.8 3.5 - 110.0
\nDisposal - (0.7) - (0.5) (0.1) (0.2) (0.4) (0.3) - (2.2)
\nElimination upon revaluation - (90.8) (3.4) (21.9) (4.2) (20.1) (25.6) - - (166.0)
\nTransfers - 0.2 (0.2) - 0.2 (0.2) - - - -
\nTransfer from Right-of-use assets - - - - - - 3.3 - - 3.3
\nTranslation difference - (20.5) (0.3) (2.7) (1.1) (4.9) (3.3) (5.3) - (38.1)
\nAt 31 December 2022 - - - 5.6 0.7 0.6 1.8 18.0 - 26.7
\n
\nNET BOOK VALUE
\nAt 31 December 2021 34.6 869.4 102.0 388.0 81.4 131.5 212.1 7.8 112.8 1,939.6
\nAt 31 December 2022 31.7 863.8 82.3 371.6 68.3 131.2 184.7 13.8 108.4 1,855.8
\n
\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
\n\n\n\n\n\n\n\n\n
\n
\n15. PROPERTY, PLANT
\nAND EQUIPMENT (continued)
\n\nAs of 31 December 2023, included within construction
\nin progress were prepayments for property, plant, and
\nequipment in the amount of USD 23 million (2022:
\nUSD 28 million).
\n
\n\n\n\n\n\n\n\n\nAs of 31 December 2023, included within property, plant
\nand equipment were fully depreciated assets with the
\noriginal cost of USD 19 million (2022: USD 6 million).
\n\nAs of 31 December 2023, certain of the Group\u2019s property,
\nplant and equipment with the collateral amount of USD
\n127 million (2022: USD 101 million) were pledged as
\ncollateral to secure its bank borrowings.
\n
\n\n\n\n\n\n\n\n\nREVALUATION OF PROPERTY,
\nPLANT AND EQUIPMENT
\nThe latest revaluation of buildings and structures, grain
\nstorage facilities, production machinery, utilities and
\ninfrastructure, vehicles and agricultural machinery and
\nauxiliary and other machinery has been performed as of
\n31 December 2022 as described in Note 4.
\nBased on analysis of fluctuations of the cumulative index
\nof producer\u2019s prices, the cumulative index of inflation of
\nconstruction works, the index of physical depreciation
\nand the functional currency depreciation, Management
\nconcluded that the carrying value of these groups of
\nproperty, plant and equipment was not materially
\ndifferent from their fair values as at 31 December 2023.
\nThe Group reviews its property, plant and equipment each
\nperiod to determine if any indication of impairment exists.
\nBased on these reviews, there have been no additional
\nindicators of impairment as of 31 December 2023 comparing
\nto those indicators existed as of December 2022.
\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 the latest regular
\nvaluation procedures amounted to USD 16 million and
\n360 million respectively. Additionally, during the year
\nended 31 December 2022, the Group has recognized an
\nimpairment loss of USD 11 million (in profit or loss) and a
\ndecrease in revaluation reserve of USD 9 million (in other
\ncomprehensive income) in respect of specific property,
\nplant and equipment of its subsidiary, Ukrainian Bacon,
\nlocated in Donetsk region as described in Notes 2 and 34.
\nThe following unobservable inputs were used as at 31 December 2022 to measure Buildings and structures, Utilities
\nand infrastructure, Grain storage facilities, Vehicles and agricultural machinery, Auxiliary and other machinery,
\nand Production machinery:
\nDESCRIPTION
\nVALUATION
\nTECHNIQUE(S)
\nUNOBSERVABLE
\nINPUTS
\nRANGE OF
\nUNOBSERVABLE
\nINPUTS 2022
\n(AVERAGE)
\nRELATIONSHIP OF
\nUNOBSERVABLE
\nINPUTS TO FAIR VALUE
\nBuildings and
\nstructures
\nDepreciated
\nreplacement
\ncost method
\nIndex of physical
\ndepreciation
\n0 \u2013 80%
\n(30.12%)
\nThe higher the index
\nof physical depreciation,
\nthe lower the fair value
\nCumulative index
\nof inflation of
\nconstruction works
\n1.00\u2013 18.13
\n(3.29)
\nThe higher the index,
\nthe higher the fair value
\nUtilities and
\ninfrastructure
\nDepreciated
\nreplacement
\ncost method
\nIndex of physical
\ndepreciation
\n0 \u2013 80%
\n(31.16%)
\nThe higher the index
\nof physical depreciation,
\nthe lower the fair value
\nCumulative index
\nof inflation of
\nconstruction works
\n1.00 \u2013 18.45
\n(2.93)
\nThe higher the index,
\nthe higher the fair value
\nGrain storage
\nfacilities
\nDepreciated
\nreplacement
\ncost method
\nIndex of physical
\ndepreciation
\n0 \u2013 80%
\n(43.68%)
\nThe higher the index
\nof physical depreciation,
\nthe lower the fair value
\nCumulative index
\nof inflation of
\nconstruction works
\n1.00 \u2013 19.71
\n(3.96)
\nThe higher the index,
\nthe higher the fair value
\nVehicles and
\nagricultural
\nmachinery
\nMarket
\ncomparable
\napproach
\nIndex of physical
\ndepreciation
\n0 \u2013 90%
\n(41.59%)
\nThe higher the index
\nof physical depreciation,
\nthe lower the fair value
\nAuxiliary and
\nother machinery
\nDepreciated
\nreplacement
\ncost method
\nIndex of physical
\ndepreciation
\n0 \u2013 90%
\n(31.55%)
\nThe higher the index
\nof physical depreciation,
\nthe lower the fair value
\nCumulative index of
\nproducer inflation
\n1.00 \u2013 19.71
\n(2.51)
\nThe higher the index,
\nthe higher the fair value
\nProduction
\nmachinery
\nDepreciated
\nreplacement
\ncost method
\nMarket comparable
\napproach
\n0 \u2013 90%
\n(41.71%)
\nThe higher the index
\nof physical depreciation,
\nthe lower the fair value
\nCumulative index of
\nproducer inflation
\n1.00\u201319.71
\n(3.32)
\nThe higher the index,
\nthe higher the fair value
\n
\n\n\n\n\n\n\n\n\n15. PROPERTY, PLANT
\nAND EQUIPMENT (continued)
\nHad the Group\u2019s property plant and equipment been measured on a historical cost basis, their carrying amount would have been as follows:
\nFAIR VALUE
\nHIERARCHY
\nNET BOOK VALUE UNDER
\nREVALUATION MODEL
\nNET BOOK VALUE
\nIF CARRIED AT COST
\n202 3 2022 2023 2022
\nBuildings and structures Level 3 852 864 235 249
\nProduction machinery Level 2, 3 398 372 175 171
\nUtilities and infrastructure Level 3 125 131 52 54
\nVehicles and agricultural machinery Level 2 172 185 100 81
\nGrain storage facilities Level 3 74 82 23 23
\nAuxiliary and other machinery Level 2, 3 73 68 58 40
\n1,694 1,702 643 618
\n
\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag310": {
"value": "\nThe following table represents movements in property, plant and equipment for the year ended 31 December 2023:
\nLAND
\nBUILDINGS
\nAND
\nSTRUCTURES
\nGRAIN
\nSTORAGE
\nFACILITIES
\nPRODUCTION
\nMACHINERY
\nAUXILIARY
\nAND OTHER
\nMACHINERY
\nUTILITIES
\nAND INFRA-
\nSTRUCTURE
\nVEHICLES AND
\nAGRICULTURAL
\nMACHINERY
\nOTHER FIXED
\nASSETS
\n1
\nCONSTRUCTION
\nIN PROGRESS
\n2
\nTOTAL
\nCOST OF FAIR VALUE:
\nAt 31 December 2022 31.7 863.8 82.3 377.2 69.0 131.8 186.5 31.8 108.4 1,882.5
\nAdditions 1.7 43.7 0.2 70.2 14.6 4.7 24.6 9.5 47.7 216.9
\nTransfer from Right-of-use
\nassets
\n- - - - - - 3.1 - - 3.1
\nTransfers 0.2 2.4 - 6.3 0.1 0.2 1.2 0.7 (11.1) -
\nDisposals (0.2) (4.6) - (1.6) (0.2) (0.1) (2.9) (2.4) (1.7) (13.7)
\nTranslation difference 0.9 (20.9) (3.1) (12.1) (2.5) (4.9) (7.4) (0.9) (3.2) (54.1)
\nAt 31 December 2023 34.3 884.4 79.4 440.0 81.0 131.7 205.1 38.7 140.1 2,034.7
\n
\nACCUMULATED
\nDEPRECIATION:
\nAt 31 December 2022 - - - 5.6 0.7 0.6 1.8 18.0 - 26.7
\nDepreciation charge for the
\nyear
\n- 33.5 5.2 38.4 7.7 6.9 33.3 3.6 - 128.6
\nDisposal - (0.4) - (0.8) - (0.1) (1.3) (0.4) - (3.0)
\nTransfers - 0.1 - - - - - (0.1) - -
\nTransfer from Right-of-use
\nassets
\n- - - - - - 0.8 - - 0.8
\nTranslation difference - (0.8) (0.2) (0.7) (0.2) (0.2) (1.0) (0.6) - (3.7)
\nAt 31 December 2023 - 32.4 5.0 42.5 8.2 7.2 33.6 20.5 - 149.4
\n
\nNET BOOK VALUE
\nAt 31 December 2022 31.7 863.8 82.3 371.6 68.3 131.2 184.7 13.8 108.4 1,855.8
\nAt 31 December 2023 34.3 852.0 74.4 397.5 72.8 124.5 171.5 18.2 140.1 1,885.3
\n
\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\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
\nMACHINERY
\nAUXILIARY
\nAND OTHER
\nMACHINERY
\nUTILITIES
\nAND INFRA-
\nSTRUCTURE
\nVEHICLES AND
\nAGRICULTURAL
\nMACHINERY
\nOTHER FIXED
\nASSETS
\n1
\nCONSTRUCTION
\nIN PROGRESS
\n2
\nTOTAL
\nCOST OF FAIR VALUE:
\nAt 31 December 2021 34.6 951.3 102.0 388.0 81.7 148.9 212.1 27.9 112.8 2,059.3
\nAdditions 1.6 52.7 2.5 38 12.8 4.6 22.8 6.5 25.2 166.7
\nTransfer from Right-of-use assets - - - - - - 4.9 - - 4.9
\nTransfers - - - - (7.7) 1.5 - 6.2 - -
\nDisposals (1.1) (8.1) (0.1) (1.8) (0.4) (0.3) (4.1) (1.5) (1.0) (18.4)
\nRevaluation - 94.6 4.7 55.0 5.0 15.9 9.6 - - 184.8
\nImpairment loss - (6.1) (0.6) (11.4) (2.7) (0.5) (3.8) - (2.3) (27.4)
\nTranslation difference (3.4) (220.6) (26.2) (90.6) (19.7) (38.3) (55.0) (7.3) (26.3) (487.4)
\nAt 31 December 2022 31.7 863.8 82.3 377.2 69.0 131.8 186.5 31.8 108.4 1,882.5
\n
\nACCUMULATED DEPRECIATION:
\nAt 31 December 2021 - 81.9 - - 0.3 17.4 - 20.1 - 119.7
\nDepreciation charge for the year - 29.9 3.9 30.7 5.6 8.6 27.8 3.5 - 110.0
\nDisposal - (0.7) - (0.5) (0.1) (0.2) (0.4) (0.3) - (2.2)
\nElimination upon revaluation - (90.8) (3.4) (21.9) (4.2) (20.1) (25.6) - - (166.0)
\nTransfers - 0.2 (0.2) - 0.2 (0.2) - - - -
\nTransfer from Right-of-use assets - - - - - - 3.3 - - 3.3
\nTranslation difference - (20.5) (0.3) (2.7) (1.1) (4.9) (3.3) (5.3) - (38.1)
\nAt 31 December 2022 - - - 5.6 0.7 0.6 1.8 18.0 - 26.7
\n
\nNET BOOK VALUE
\nAt 31 December 2021 34.6 869.4 102.0 388.0 81.4 131.5 212.1 7.8 112.8 1,939.6
\nAt 31 December 2022 31.7 863.8 82.3 371.6 68.3 131.2 184.7 13.8 108.4 1,855.8
\n
\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\nThe following table represents movements in right-of-use assets for the years ended 31 December 2023 and 2022:
\nLAND BUILDINGS AND VEHICLES TOTAL
\nNET BOOK VALUE:
\nAs of 31 December 2021 245 32 277
\nAdditions 10 12 22
\nDepreciation charge for the year (32) (6) (38)
\nTermination of the lease (6) (2) (8)
\nReassessment of the lease 39 - 39
\nTranslation difference (63) (6) (69)
\nAs of 31 December 2022 193 30 223
\nAdditions 13 30 43
\nDepreciation charge for the year (30) (9) (39)
\nTermination of the lease (12) (2) (14)
\nReassessment of the lease 44 1 45
\nTranslation difference (8) (2) (10)
\nAs of 31 December 2023 200 48 248
\n
\n\n\n\n\n\n\n\n\nThe following table represents movements in intangible assets for the year ended 31 December 2023:
\nLAND LEASE
\nRIGHTS
\nTRADEMARKS
\nCUSTOMER
\nRELATIONS
\nOTHER INTANGIBLE
\nASSETS
\nTOTAL
\nCOST:
\nAs of 31 December 2022 54 30 19 28 131
\nAdditions - - - 5 5
\nDisposals - - - (1) (1)
\nTranslation difference (2) 1 - (1) (2)
\nAs of 31 December 2023 52 31 19 31 133
\n
\nACCUMULATED AMORTIZATION:
\nAs of 31 December 2022 37 - 4 10 51
\nAmortization charge for the year 5 - 1 4 10
\nTranslation difference (2) - - (1) (3)
\nAs of 31 December 2023 40 - 5 13 58
\n
\nNET BOOK VALUE:
\nAs of 31 December 2022 17 30 15 18 80
\nAs of 31 December 2023 12 31 14 18 75
\nThe following table represents movements in intangible assets for the year ended 31 December 2022:
\nLAND LEASE
\nRIGHTS
\nTRADEMARKS
\nCUSTOMER
\nRELATIONS
\nOTHER INTANGIBLE
\nASSETS
\nTOTAL
\nCOST:
\nAs of 31 December 2021 72 32 20 28 152
\nAdditions - - - 8 8
\nDisposals - - - (1) (1)
\nTranslation difference (18) (2) (1) (7) (28)
\nAs of 31 December 2022 54 30 19 28 131
\n
\nACCUMULATED AMORTIZATION:
\nAs of 31 December 2021 42 - 3 8 53
\nAmortization charge for the year 6 - 1 4 11
\nTranslation difference (11) - - (2) (13)
\nAs of 31 December 2022 37 - 4 10 51
\n
\nNET BOOK VALUE:
\nAs of 31 December 2021 30 32 17 20 99
\nAs of 31 December 2022 17 30 15 18 80
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag311": {
"value": "\nAs of 31 December 2023, included within construction
\nin progress were prepayments for property, plant, and
\nequipment in the amount of USD 23 million (2022:
\nUSD 28 million).
\n
\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag312": {
"value": "\nAs of 31 December 2023, certain of the Group\u2019s property,
\nplant and equipment with the collateral amount of USD
\n127 million (2022: USD 101 million) were pledged as
\ncollateral to secure its bank borrowings.
\n
\n\n\n\n\n\n\n\n\nAs of 31 December 2023, agricultural produce in the
\namount of USD 13 million was pledged as collateral to
\nsecure bank borrowings (2022: USD 38 million).
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag313": {
"value": "\n
\n16. RIGHT-OF-USE ASSETS
\n\nThe following table represents movements in right-of-use assets for the years ended 31 December 2023 and 2022:
\nLAND BUILDINGS AND VEHICLES TOTAL
\nNET BOOK VALUE:
\nAs of 31 December 2021 245 32 277
\nAdditions 10 12 22
\nDepreciation charge for the year (32) (6) (38)
\nTermination of the lease (6) (2) (8)
\nReassessment of the lease 39 - 39
\nTranslation difference (63) (6) (69)
\nAs of 31 December 2022 193 30 223
\nAdditions 13 30 43
\nDepreciation charge for the year (30) (9) (39)
\nTermination of the lease (12) (2) (14)
\nReassessment of the lease 44 1 45
\nTranslation difference (8) (2) (10)
\nAs of 31 December 2023 200 48 248
\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n31. LEASE LIABILITIES
\nLong-term lease obligations represent amounts due under
\nagreements for the leasing of agricultural land, trucks,
\nagricultural machinery and equipment. As of 31 December
\n2023, the weighted average interest rates implicit in the
\nlease were 3.89% (2022: 3.57%), 8.00% (2022: nil) and
\n20.08% (2022: 18.55%) for lease obligations denominated
\nin EUR, USD and UAH respectively.
\nThe carrying amount of lease liabilities as at 31 December
\n2023 includes USD 213 million of land lease liabilities
\n(2022: USD 205 million).
\nThe maturity profile of the lease agreements as of
\n31 December 2023 and 2022 was as follows:
\n202 3 202 2
\nAs at 1 January 229 281
\nCash repayments
\nof lease liabilities
\n (68) (52)
\nNon-cash repayments
\nof lease liabilities
\n1
\n (7) (9)
\nForeign exchange
\nmovements
\n 1 2
\nNon-cash additions
\nand change in terms
\n 69 44
\nInterest charged 40 39
\nTranslation difference (8) (76)
\nAs at 31 December 256 229
\nCurrent portion
\nof lease liabilities
\n 76 65
\nLong-term portion
\nof lease liabilities
\n 180 164
\n
\n1
\n Non-cash repayments are represented by grains and other agriculture
\nproduce provided to lessors of land in settlement of lease liabilities.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag314": {
"value": "\n
\n\n
\n17. INTANGIBLE ASSETS
\n\nThe following table represents movements in intangible assets for the year ended 31 December 2023:
\nLAND LEASE
\nRIGHTS
\nTRADEMARKS
\nCUSTOMER
\nRELATIONS
\nOTHER INTANGIBLE
\nASSETS
\nTOTAL
\nCOST:
\nAs of 31 December 2022 54 30 19 28 131
\nAdditions - - - 5 5
\nDisposals - - - (1) (1)
\nTranslation difference (2) 1 - (1) (2)
\nAs of 31 December 2023 52 31 19 31 133
\n
\nACCUMULATED AMORTIZATION:
\nAs of 31 December 2022 37 - 4 10 51
\nAmortization charge for the year 5 - 1 4 10
\nTranslation difference (2) - - (1) (3)
\nAs of 31 December 2023 40 - 5 13 58
\n
\nNET BOOK VALUE:
\nAs of 31 December 2022 17 30 15 18 80
\nAs of 31 December 2023 12 31 14 18 75
\nThe following table represents movements in intangible assets for the year ended 31 December 2022:
\nLAND LEASE
\nRIGHTS
\nTRADEMARKS
\nCUSTOMER
\nRELATIONS
\nOTHER INTANGIBLE
\nASSETS
\nTOTAL
\nCOST:
\nAs of 31 December 2021 72 32 20 28 152
\nAdditions - - - 8 8
\nDisposals - - - (1) (1)
\nTranslation difference (18) (2) (1) (7) (28)
\nAs of 31 December 2022 54 30 19 28 131
\n
\nACCUMULATED AMORTIZATION:
\nAs of 31 December 2021 42 - 3 8 53
\nAmortization charge for the year 6 - 1 4 11
\nTranslation difference (11) - - (2) (13)
\nAs of 31 December 2022 37 - 4 10 51
\n
\nNET BOOK VALUE:
\nAs of 31 December 2021 30 32 17 20 99
\nAs of 31 December 2022 17 30 15 18 80
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n\n17. INTANGIBLE ASSETS (continued)
\nThe Group has recognized certain trademarks and
\ncustomer relationships as a part of intangible assets
\nthrough the acquisition of subsidiaries in previous years.
\nThe remaining useful life of customer relationships was
\nestimated at 20 years.
\nThe trademarks acquired by the Group mainly consist
\nof the PP and Topiko poultry meat brands and the
\nPoli meat processing products brand. The Group
\nbelieves that, since trademarks are well-positioned
\nand recognizable on a stable and mature market, there
\nare no technical barriers that would limit their lifetime.
\nAs a result of further promotion of the trademarks, the
\nGroup expects obtain economic benefits from them
\nindefinitely. Accordingly, the trademarks held by to the
\nGroup are considered to have an indefinite useful life
\nand thus are not amortized but tested for impairment by
\ncomparing their recoverable amount with their carrying
\namount annually.
\nThe Group allocates trademarks to individual entities
\nas separate cash-generating units (CGU). A summary of
\nthe allocation of trademark values to separate CGUs is
\npresented below:
\nSEGMENT COUNTRY
\nTRADEMARKS
\nCARRYING VALUE
\n202 3 202 2
\nEuropean
\noperating
\nSlovenia 18 17
\nBosnia and
\nHerzegovina
\n6 6
\nCroatia 5 5
\nSerbia 2 2
\n31 30
\nThe impairment testing of the value of trademarks
\nwas performed by internal specialists. The recoverable
\namount of trademarks of all cash-generating units is
\ndetermined based on the value-in-use method, which
\nuses cash flow projections covering a five year period.
\nDiscount rates incorporate the current market
\nassessment of the risks specific to each CGU, considering
\nthe time value of money and individual risks of the
\nunderlying assets that have not been incorporated in
\nthe cash flow estimates. The discount rate calculation
\nis based on the specific circumstances of the separate
\nCGUs and is derived from its weighted average cost of
\ncapital (WACC). The WACC takes into account both
\ndebt and equity. The cost of equity is derived from
\nthe expected return on investment by the Group\u2019s
\ninvestors. The cost of debt is based on the interest-
\nbearing borrowings the Group is obliged to service.
\nSegment-specific risk is incorporated by applying
\nindividual beta factors.
\nThe weighted average discount rate of 16.9% (2022:
\n18.1%) was used. An increase of 1,146 basis points in
\nthe weighted average discount rate would result in
\nimpairment in 2023 (2022: 1,048 basis points).
\nThe revenue for the next five years was estimated using
\na weighted average 2.4% sales growth rate and 2.1% the
\nterminal growth rate for revenue beyond this period
\n(2022: 4.8% and 2.7% respectively). A reduction of
\n1,583 basis points in the budgeted sales growth would
\nresult in impairment in 2023 (2022: 1,887 basis points).
\nWeighted average royalty rate used in calculation of
\ncash flows was set at a level of 2.6% (2022: 2.2%). A
\nreduction by 81 basis points in the weighted average
\nroyalty rate would result in impairment in 2023 (2022:
\n83 basis points).
\nAs of 31 December 2023 and 2022 no impairment of
\ntrademarks was identified.
\n
\n
\n\n\n\n\n18. GOODWILL
\nThe following table represents movements in goodwill
\nfor the years ended 31 December 2023 and 2022:
\n202 3 202 2
\nNET BOOK VALUE:
\nAs of 1 January 60 66
\nImpairment recognized - (2)
\nTranslation difference 2 (4)
\nAs of 31 December 62 60
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n\n18. GOODWILL
\n(continued)
\nThe Group allocates goodwill to individual entities as separate cash-generating units (CGU). A summary of goodwill
\nallocation to separate CGUs is presented below:
\nSEGMENT COUNTRY
\nGOODWILL CARRYING
\nVALUE
\nMETHODOLOGY ASSUMPTIONS
\nAND METHODS USED FOR GOODWILL
\n202 3 2022 2023 (2022)
\nPoultry and related
\noperations
\nUkraine 1 1
\nAverage sales growth: 5.8%(11.0%)
\nTerminal sales growth: 5.0% (5.0%)
\nDiscount rate: 16.9% (19.1%)
\nProjection period: 5 years
\nEuropean
\noperating
\nSlovenia 38 37
\nAverage sales growth: 3.0% (7.0%)
\nTerminal sales growth: 1.8% (2.1%)
\nDiscount rate: 8.2% (9.9%)
\nProjection period: 5 years
\nSerbia 4 4
\nAverage sales growth: 4.4%(8.2%)
\nTerminal sales growth: 3.0%(3.0%)
\nDiscount rate: 10.8%(13.0%)
\nProjection period: 5 years
\nBosnia and
\nHerzegovina
\n11 11
\nAverage sales growth: 2.1%(4.8%)
\nTerminal sales growth: 2.0%(2.1%)
\nDiscount rate: 15.9%(19.0%)
\nProjection period: 5 years
\nCroatia 8 7
\nAverage sales growth: 3.2%(7.3%)
\nTerminal sales growth: 2.1%(1.8%)
\nDiscount rate: 9.2%(11.1%)
\nProjection period: 5 years
\n62 60
\nThe recoverable amount of cash-generating units is
\ndetermined based on a value-in-use calculation, which
\nuses cash flow projections based on financial forecasts
\napproved 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 of 808 basis points
\nin the weighted average discount rate to 17.9% would
\nresult in impairment in 2023 (2022: 338 basis points
\nto 15.0%).
\nThe growth rates and gross margins used for cash flow
\nextrapolations are supported by industry trends such as
\nconsumer prosperity and dietary trends. The Directors
\nestimated these inputs based on the past performance
\nof the cash-generating unit and their expectations of
\nmarket development. A reduction by 897 basis points
\nin the budgeted sales growth or a decrease in gross
\nmargin by 554 basis points would result in impairment
\nin 2023 (2022: 225 and 1,198 respectively).
\nAs of 31 December 2023, no impairment was identified.
\nAs of 31 December 2022, an impairment of the
\noutstanding goodwill in the amount of USD 2 million
\nattributable to the Agriculture segment was recognized
\ndue to lower projected cash flows from operations and
\na substantial increase in the discount rate.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag315": {
"value": "\n
\n17. INTANGIBLE ASSETS
\n\nThe following table represents movements in intangible assets for the year ended 31 December 2023:
\nLAND LEASE
\nRIGHTS
\nTRADEMARKS
\nCUSTOMER
\nRELATIONS
\nOTHER INTANGIBLE
\nASSETS
\nTOTAL
\nCOST:
\nAs of 31 December 2022 54 30 19 28 131
\nAdditions - - - 5 5
\nDisposals - - - (1) (1)
\nTranslation difference (2) 1 - (1) (2)
\nAs of 31 December 2023 52 31 19 31 133
\n
\nACCUMULATED AMORTIZATION:
\nAs of 31 December 2022 37 - 4 10 51
\nAmortization charge for the year 5 - 1 4 10
\nTranslation difference (2) - - (1) (3)
\nAs of 31 December 2023 40 - 5 13 58
\n
\nNET BOOK VALUE:
\nAs of 31 December 2022 17 30 15 18 80
\nAs of 31 December 2023 12 31 14 18 75
\nThe following table represents movements in intangible assets for the year ended 31 December 2022:
\nLAND LEASE
\nRIGHTS
\nTRADEMARKS
\nCUSTOMER
\nRELATIONS
\nOTHER INTANGIBLE
\nASSETS
\nTOTAL
\nCOST:
\nAs of 31 December 2021 72 32 20 28 152
\nAdditions - - - 8 8
\nDisposals - - - (1) (1)
\nTranslation difference (18) (2) (1) (7) (28)
\nAs of 31 December 2022 54 30 19 28 131
\n
\nACCUMULATED AMORTIZATION:
\nAs of 31 December 2021 42 - 3 8 53
\nAmortization charge for the year 6 - 1 4 11
\nTranslation difference (11) - - (2) (13)
\nAs of 31 December 2022 37 - 4 10 51
\n
\nNET BOOK VALUE:
\nAs of 31 December 2021 30 32 17 20 99
\nAs of 31 December 2022 17 30 15 18 80
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n17. INTANGIBLE ASSETS (continued)
\nThe Group has recognized certain trademarks and
\ncustomer relationships as a part of intangible assets
\nthrough the acquisition of subsidiaries in previous years.
\nThe remaining useful life of customer relationships was
\nestimated at 20 years.
\nThe trademarks acquired by the Group mainly consist
\nof the PP and Topiko poultry meat brands and the
\nPoli meat processing products brand. The Group
\nbelieves that, since trademarks are well-positioned
\nand recognizable on a stable and mature market, there
\nare no technical barriers that would limit their lifetime.
\nAs a result of further promotion of the trademarks, the
\nGroup expects obtain economic benefits from them
\nindefinitely. Accordingly, the trademarks held by to the
\nGroup are considered to have an indefinite useful life
\nand thus are not amortized but tested for impairment by
\ncomparing their recoverable amount with their carrying
\namount annually.
\nThe Group allocates trademarks to individual entities
\nas separate cash-generating units (CGU). A summary of
\nthe allocation of trademark values to separate CGUs is
\npresented below:
\nSEGMENT COUNTRY
\nTRADEMARKS
\nCARRYING VALUE
\n202 3 202 2
\nEuropean
\noperating
\nSlovenia 18 17
\nBosnia and
\nHerzegovina
\n6 6
\nCroatia 5 5
\nSerbia 2 2
\n31 30
\nThe impairment testing of the value of trademarks
\nwas performed by internal specialists. The recoverable
\namount of trademarks of all cash-generating units is
\ndetermined based on the value-in-use method, which
\nuses cash flow projections covering a five year period.
\nDiscount rates incorporate the current market
\nassessment of the risks specific to each CGU, considering
\nthe time value of money and individual risks of the
\nunderlying assets that have not been incorporated in
\nthe cash flow estimates. The discount rate calculation
\nis based on the specific circumstances of the separate
\nCGUs and is derived from its weighted average cost of
\ncapital (WACC). The WACC takes into account both
\ndebt and equity. The cost of equity is derived from
\nthe expected return on investment by the Group\u2019s
\ninvestors. The cost of debt is based on the interest-
\nbearing borrowings the Group is obliged to service.
\nSegment-specific risk is incorporated by applying
\nindividual beta factors.
\nThe weighted average discount rate of 16.9% (2022:
\n18.1%) was used. An increase of 1,146 basis points in
\nthe weighted average discount rate would result in
\nimpairment in 2023 (2022: 1,048 basis points).
\nThe revenue for the next five years was estimated using
\na weighted average 2.4% sales growth rate and 2.1% the
\nterminal growth rate for revenue beyond this period
\n(2022: 4.8% and 2.7% respectively). A reduction of
\n1,583 basis points in the budgeted sales growth would
\nresult in impairment in 2023 (2022: 1,887 basis points).
\nWeighted average royalty rate used in calculation of
\ncash flows was set at a level of 2.6% (2022: 2.2%). A
\nreduction by 81 basis points in the weighted average
\nroyalty rate would result in impairment in 2023 (2022:
\n83 basis points).
\nAs of 31 December 2023 and 2022 no impairment of
\ntrademarks was identified.
\n
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag316": {
"value": "\n18. GOODWILL
\nThe following table represents movements in goodwill
\nfor the years ended 31 December 2023 and 2022:
\n202 3 202 2
\nNET BOOK VALUE:
\nAs of 1 January 60 66
\nImpairment recognized - (2)
\nTranslation difference 2 (4)
\nAs of 31 December 62 60
\n
\n\n\n\n\n\n\n\n18. GOODWILL
\n(continued)
\nThe Group allocates goodwill to individual entities as separate cash-generating units (CGU). A summary of goodwill
\nallocation to separate CGUs is presented below:
\nSEGMENT COUNTRY
\nGOODWILL CARRYING
\nVALUE
\nMETHODOLOGY ASSUMPTIONS
\nAND METHODS USED FOR GOODWILL
\n202 3 2022 2023 (2022)
\nPoultry and related
\noperations
\nUkraine 1 1
\nAverage sales growth: 5.8%(11.0%)
\nTerminal sales growth: 5.0% (5.0%)
\nDiscount rate: 16.9% (19.1%)
\nProjection period: 5 years
\nEuropean
\noperating
\nSlovenia 38 37
\nAverage sales growth: 3.0% (7.0%)
\nTerminal sales growth: 1.8% (2.1%)
\nDiscount rate: 8.2% (9.9%)
\nProjection period: 5 years
\nSerbia 4 4
\nAverage sales growth: 4.4%(8.2%)
\nTerminal sales growth: 3.0%(3.0%)
\nDiscount rate: 10.8%(13.0%)
\nProjection period: 5 years
\nBosnia and
\nHerzegovina
\n11 11
\nAverage sales growth: 2.1%(4.8%)
\nTerminal sales growth: 2.0%(2.1%)
\nDiscount rate: 15.9%(19.0%)
\nProjection period: 5 years
\nCroatia 8 7
\nAverage sales growth: 3.2%(7.3%)
\nTerminal sales growth: 2.1%(1.8%)
\nDiscount rate: 9.2%(11.1%)
\nProjection period: 5 years
\n62 60
\nThe recoverable amount of cash-generating units is
\ndetermined based on a value-in-use calculation, which
\nuses cash flow projections based on financial forecasts
\napproved 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 of 808 basis points
\nin the weighted average discount rate to 17.9% would
\nresult in impairment in 2023 (2022: 338 basis points
\nto 15.0%).
\nThe growth rates and gross margins used for cash flow
\nextrapolations are supported by industry trends such as
\nconsumer prosperity and dietary trends. The Directors
\nestimated these inputs based on the past performance
\nof the cash-generating unit and their expectations of
\nmarket development. A reduction by 897 basis points
\nin the budgeted sales growth or a decrease in gross
\nmargin by 554 basis points would result in impairment
\nin 2023 (2022: 225 and 1,198 respectively).
\nAs of 31 December 2023, no impairment was identified.
\nAs of 31 December 2022, an impairment of the
\noutstanding goodwill in the amount of USD 2 million
\nattributable to the Agriculture segment was recognized
\ndue to lower projected cash flows from operations and
\na substantial increase in the discount rate.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"Tag317": {
"value": "\n
\n19. NON-CURRENT
\nFINANCIAL ASSETS
\nThe balances of non-current financial assets were as
\nfollows as of 31 December 2023 and 2022:
\n202 3 202 2
\nLoans provided to third
\nparties
\n26 24
\nLoans and finance aid
\nprovided to related
\nparties (Note 32)
\n3 3
\nOther financial assets 1 1
\nLess: expected credit
\nlosses
\n(22) (20)
\n8 8
\nLoans receivable are mainly represented by loans with
\na fixed interest rate of 2.5% in US dollars (Effective
\nInterest Rate of 4.25%) and at a rate of 19% in Ukrainian
\nhryvnia with maturities as of 31 December 2025, 2026
\nand 2027.
\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
\nto loans provided to third parties and loans and finance
\naid provided to related parties in amounts of USD 21.5
\nmillion and USD 0.4 million, respectively (2022: USD
\n20.1 million and USD 0.3 million, respectively).
\n\nThe movement in loss allowance for loan receivables
\nand other financial assets classified at amortized cost
\nis detailed below:
\n202 3 202 2
\n1 January (20) (5)
\nCharged during the year (2) (15)
\n31 December (22) (20)
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n25. OTHER CURRENT
\nFINANCIAL ASSETS
\nThe balances of other current assets were as follows as
\nof 31 December 2023 and 2022:
\n202 3 202 2
\nLoans provided to third
\nparties
\n13 8
\nLetters of credit 8 -
\nGovernment bonds 8 -
\nLoans and finance aid
\nprovided to related
\nparties (Note 32)
\n4 4
\nReceivables for claims
\nand indemnification
\n2 3
\nShort-term bank deposits - 6
\nOther financial assets 6 6
\nLess: allowance for
\nexpected credit losses
\n(7) (5)
\n34 22
\nThe Group determines the expected credit loss of loans
\nand finance aid receivable, 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
\nto loans provided to third parties, lending and finance aid
\nprovided to related parties, and receivables for claims and
\nindemnification in amounts of USD 4.3 million, USD 2.1
\nmillion and USD 0.4 million, respectively (2022: USD 2.0
\nmillion, USD 2.1 million and USD 0.4 million, respectively).
\n\nThe movement in allowance for expected credit losses
\nis detailed below:
\n202 3 2022
\n1 January (5) (5)
\nCharged during the year (2) -
\n31 December (7) (5)
\n
\n\n\n\n\n\n\n\n
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag318": {
"value": "\nThe movement in loss allowance for loan receivables
\nand other financial assets classified at amortized cost
\nis detailed below:
\n202 3 202 2
\n1 January (20) (5)
\nCharged during the year (2) (15)
\n31 December (22) (20)
\n
\n\n\n\n\n\n\n\nThe following table illustrates the use of a provision
\nmatrix as a risk profile disclosure under the simplified
\napproach as of 31 December 2023:
\n
\n\n\n\n\n\n\n\n31 DECEMBER 2023
\nTRADE ACCOUNTS RECEIVABLE \u2013 DAYS PAST DUE
\n NOT PAST DUE < 30 31-90 91-270 >270 TOTAL
\nPORTFOLIO ASSESSMENT:
\nPOULTRY MEAT UKRAINE
\n1
\nECL rate, % 9.20% 9.28% 9.49% 9.79% 100%
\nEstimated total gross carrying amount at default 22.4 5.0 2.1 0.3 1.1 30.9
\nLifetime ECL (2.1) (0.5) (0.2) - (1.1) (3.9)
\nPOULTRY MEAT EXPORT
\n1
\nECL rate, % 0.03% 0.07% 0.23% 1.07% 100%
\nEstimated total gross carrying amount at default 35.6 11.0 1.9 0.6 0.5 49.6
\nLifetime ECL - - - - (0.5) (0.5)
\nOTHER PRODUCTS UKRAINE
\n2
\nECL rate, % 9.29% 9.45% 9.71% 9.91% 100%
\nEstimated total gross carrying amount at default 13.6 4.5 1.8 0.9 3.6 24.4
\nLifetime ECL (1.2) (0.4) (0.2) (0.1) (3.6) (5.5)
\nOTHER PRODUCTS EXPORT
\n3
\nECL rate, % 0.00% 0.00% 0.01% 0.13% 100%
\nEstimated total gross carrying amount at default 1.2 13.7 9.7 0.4 0.4 25.4
\nLifetime ECL - - - - (0.4) (0.4)
\nEUROPEAN OPERATING SEGMENT
\nECL rate, % 0.00% 0.03% 0.23% 0.04% 100%
\nEstimated total gross carrying amount at default 46.2 9.6 2.0 4.3 0.1 62.2
\nLifetime ECL - - - - (0.1) (0.1)
\nEstimated total gross carrying amount at default 192.5
\nTotal lifetime ECL (10.4)
\nINDIVIDUAL ASSESSMENT
\n4
\n:
\nECL rate, % 21.11% 0.00% 21.11% 35.22% 45.03%
\nEstimated total gross carrying amount at default 0.5 - - 1.2 4.5 6.2
\nLifetime ECL (0.1) - - (0.4) (2.0) (2.5)
\nEstimated total gross carrying amount at default 198.7
\nTotal lifetime ECL (12.9)
\n
\n\u00b9 Poultry meat consists only trade accounts receivables from sales of raw poultry meat and other raw poultry components
\n\u00b2 Other products Ukraine mostly consists of trade accounts receivables from sales of processed meat and agricultures products (milk, grain, cattle and differenct agricultural services)
\n\u00b3 Other products export mostly consists of trade accounts receivables from sales of vegetable oil and grain
\n\u2074 Individually assessed trade accounts receivable mainly consists of accounts receivable from sales of energy
\n
\n\n\n\n\n\n\n\nThe following table illustrates the use of a provision matrix as a risk profile disclosure under the simplified approach as of 31 December 2022:
\n31 DECEMBER 2022
\nTRADE ACCOUNTS RECEIVABLE \u2013 DAYS PAST DUE
\n NOT PAST DUE < 30 31-90 91-270 >270 TOTAL
\nPORTFOLIO ASSESSMENT:
\nPOULTRY MEAT UKRAINE
\n1
\nECL rate, % 9.19% 9.26% 9.53% 9.67% 100%
\nEstimated total gross carrying amount at default 23.8 2.8 0.3 0.1 1.1 28.1
\nLifetime ECL (2.2) (0.3) - - (1.1) (3.6)
\nPOULTRY MEAT EXPORT
\n1
\nECL rate, % 0.02% 0.06% 0.18% 0.79% 100%
\nEstimated total gross carrying amount at default 34.7 16.1 4.5 0.6 0.5 56.4
\nLifetime ECL - - - - (0.5) (0.5)
\nOTHER PRODUCTS UKRAINE
\n2
\nECL rate, % 9.25% 9.35% 9.55% 9.74% 100%
\nEstimated total gross carrying amount at default 10.8 3.9 1.0 0.4 3.8 19.9
\nLifetime ECL (1.0) (0.4) (0.1) - (3.8) (5.3)
\nOTHER PRODUCTS EXPORT
\n3
\nECL rate, % 0.00% 0.00% 0.16% 0.50% 100%
\nEstimated total gross carrying amount at default 0.4 32.1 0.3 0.3 - 33.1
\nLifetime ECL - - - - - -
\nEUROPEAN OPERATING SEGMENT
\nECL rate, % 0.01% 0.02% 0.25% 0.47% 100%
\nEstimated total gross carrying amount at default 42.9 7.9 1.3 0.7 0.1 52.9
\nLifetime ECL - - - - (0.1) (0.1)
\nEstimated total gross carrying amount at default 190.4
\nTotal lifetime ECL (9.5)
\nINDIVIDUAL ASSESSMENT
\n4
\n:
\nECL rate, % 41.82% 43.61% 46.83% 64.03% 77.38%
\nEstimated total gross carrying amount at default 0.2 0.1 0.1 3.4 2.0 5.8
\nLifetime ECL (0.1) (0.1) (0.1) (2.1) (1.5) (3.9)
\nEstimated total gross carrying amount at default 196.2
\nTotal lifetime ECL (13.3)
\n
\n1
\n Poultry meat consists only trade accounts receivables from sales of raw chicken meat and other raw chicken components
\n\u00b2 Other products Ukraine consists of trade accounts receivables from sales of processed meat and agricultures products (milk, grain, cattle and differenct agricultural services)
\n\u00b3 Other products export consists of trade accounts receivables from sales of vegetable oil and grain
\n\u2074 Individually assessed trade accounts receivable mainly consists of accounts receivable from sales of energy
\n
\n\n\n\n\n\n\n\nThe movement in allowance for expected credit losses
\nis detailed below:
\n202 3 2022
\n1 January (5) (5)
\nCharged during the year (2) -
\n31 December (7) (5)
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag319": {
"value": "\n20. BIOLOGICAL ASSETS
\nThe balances of non-current biological assets were as follows as of 31 December 2023 and 2022:
\nTHOUSAND UNITS CARRYING AMOUNT THOUSAND UNITS CARRYING AMOUNT
\n202 3 2022
\nMilk cows and other non-current bearer biological assets, units 15.7 12 15.2 17
\nNon-current comsumable cattle and pigs, units 5.0 4 4.9 4
\nTotal non-current biological assets 16 21
\nThe balances of current biological assets were as follows as of 31 December 2023 and 2022:
\nTHOUSAND UNITS CARRYING AMOUNT THOUSAND UNITS CARRYING AMOUNT
\n202 3 2022
\nBearer breeders held for hatchery eggs production, units 4,865 65 4,943 60
\nBroiler chickens, units 52,239 73 53,561 75
\nHatchery eggs, units 43,430 11 42,041 11
\nCrops in fields, hectare 78 21 82 30
\nCattle, pigs and other consumable current biological assets , units 3,5 1 3.5 1
\nTotal consumable current biological assets 106 117
\nTotal current biological assets 171 177
\n
\n\n\n\n\n\n\n\n20. BIOLOGICAL ASSETS (continued)
\nThe following table represents movements in significant biological assets for the years ended 31 December 2023 and 2022:
\nMILK
\nCOWS
\nBREEDERS HELD
\nFOR HATCHERY EGGS
\nPRODUCTION
\nBROILER
\nCHICKENS
\nCROPS
\nIN FIELDS
\nAs of 31 December 2021 22.7 79.6 89.3 33.6
\nCosts incurred 11.9 126.8 935.4 330.8
\nGains arising from change in fair value
\nof biological assets less costs to sell
\n7.1 55.1 453.8 93.0
\nTransfer to consumable biological assets - (156.5) 156.5 -
\nIncrease due to birth and weight increase 6.9 - - -
\nDecrease due to sale - (2.7) - -
\nDecrease due to harvest/slaughtering (25.8) (23.7) (1,538.0) (418.7)
\nTranslation difference (5.6) (18.8) (21.8) (9.0)
\nAs of 31 December 2022 17.2 59.8 75.2 29.7
\nCosts incurred 9.4 115.7 957.9 349.6
\nGains arising from change in fair value
\nof biological assets less costs to sell
\n5.9 57.3 454.5 0.9
\nTransfer to consumable biological assets - (130.8) 130.8 -
\nIncrease due to birth and weight increase 5.1 - - -
\nDecrease due to sale (0.3) (3.9) - -
\nDecrease due to harvest/slaughtering (24.9) (31.3) (1,544.0) (358.4)
\nTranslation difference (0.6) (1.7) (1.9) (0.8)
\nAs of 31 December 2023 11.8 65.1 72.5 21.0
\nInformation on movements in hatchery eggs and cattle and pig groups has been considered immaterial for disclosure.
\n
\n\n\n\n\n\n\n\n20. BIOLOGICAL ASSETS (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 calculated 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
\nVALUATION
\nTECHNIQUE
\nSIGNIFICANT
\nUNOBSERVABLE
\nINPUTS
\nRELATIONSHIP
\nOF UNOBSERVABLE
\nINPUTS TO
\nFAIR VALUE
\nRANGE OF UNOBSERVABLE
\nINPUTS (AVERAGE)
\nSENSITIVITY OF THE INPUT
\nTO FAIR VALUE INCREASE/
\n(DECREASE) USD MILLION
\nINPUT 5% HIGHER INPUT 5% LOWER
\nCrops in fields DCF method
\nCrops yield \u2013
\ntonnes per hectare
\nThe higher the crops yield,
\nthe higher the fair value
\n2023: 3.8 \u2013 9.9 (6.8) 3.8 (3.8)
\n2022: 3.6 \u2013 7.2 (5.4) 4.4 (4.4)
\nCrops price \u2013 per tonne
\nThe higher the market price,
\nthe higher the fair value
\n2023: USD 114 \u2013 350 (232) 3.8 (3.8)
\n2022: USD 157 \u2013 498 (328) 4.4 (4.4)
\nDiscount rate
\nThe higher the discount rate,
\nthe lower the fair value
\n2023: 24.4% (0.1) 0.1
\n2022: 42.7% (0.2) 0.2
\nBreeders held
\nfor hatchery eggs
\nproduction
\nDCF method
\nNumber of hatchery eggs
\nproduced by one breeder
\nThe higher the number,
\nthe higher the fair value
\n2023: 165 1.2 (1.2)
\n2022: 165 1.2 (1.2)
\nHatchery egg price \u2013
\nper egg
\nThe higher the market price,
\nthe higher the fair value
\n2023: USD 0.24 4.1 (4.1)
\n2022: USD 0.25 4.3 (4.3)
\nDiscount rate
\nThe higher the discount rate,
\nthe lower the fair value
\n2023: 24.4% (0.2) 0.2
\n2022: 42.7% (0.3) 0.3
\nBroiler chickens Cash flows method
\nAverage weight of one
\nbroiler \u2013 kg
\nThe higher the weight,
\nthe higher the fair value
\n2023: 2.32 5.8 (5.8)
\n2022: 2.40 6.2 (6.2)
\nPoultry meat price \u2013
\nper kg
\nThe higher the market price,
\nthe higher the fair value
\n2023: UAH 42.09
\n1.20 EUR*
\n6.3 (6.3)
\n2022: UAH 40.64
\n1.39 EUR*
\n6.7 (6.7)
\nMilk cows DCF method
\nDaily milk yield \u2013
\nlitre per cow
\nThe higher the milk yield,
\nthe higher the fair value
\n2023: 20.56 \u2013 22.44 (21.71) 0.5 (0.5)
\n2022: 20.19 \u2013 21.91 (21.40) 0.8 (0.8)
\nWeight of the cow \u2013
\nkg per cow
\nThe higher the weight,
\nthe higher the fair value
\n2023: 566 \u2013 599 ( 584) 0.2 (0.2)
\n2022: 559 \u2013 587 (570) 0.1 (0.1)
\nMilk price \u2013 per litre
\nThe higher the market price,
\nthe higher the fair value
\n2023: UAH 14.03 \u2013 14.54 (14.29) 4.4 (4.4)
\n2022: UAH 12.42 \u2013 12.99 (12.73) 4.1 (4.1)
\nMeat price \u2013 per kg
\nThe higher the market price,
\nthe higher the fair value
\n2023: UAH 21.77 \u2013 35.00 (25.68) 0.2 (0.2)
\n2022: UAH 15.58 \u2013 18.09 (16.77) 0.1 (0.1)
\nDiscount rate
\nThe higher the discount rate,
\nthe lower the fair value
\n2023: 23.7% (0.3) 0.4
\n2022: 25.0% (0.5) 0.5
\n
\n*data of European operating segment
\n
\n\n\n\n\n\n\n\n
\n22. AGRICULTURAL PRODUCE
\nThe balances of agricultural produce were as follows
\nas of 31 December 2023 and 2022:
\nTHOUSAND
\nTONNES
\nCARRYING
\nAMOUNT
\nTHOUSAND
\nTONNES
\nCARRYING
\nAMOUNT
\n202 3 2022
\nGrain 1,632 243 1,050 224
\nChicken
\nmeat
\n59.8 113 70.6 128
\nOther
\nvarious
\ncrops
\n14 9
\n370 361
\nThe fair value of Agricultural produce was estimated
\nbased on market price as of the date of harvest and is
\nwithin Level 2 of the fair value hierarchy.
\n\nAs of 31 December 2023, agricultural produce in the
\namount of USD 13 million was pledged as collateral to
\nsecure bank borrowings (2022: USD 38 million).
\n
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBiologicalAssetsAndGovernmentGrantsForAgriculturalActivityExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag353": {
"value": "\n21. INVENTORIES
\nThe balances of inventories were as follows as of 31
\nDecember 2023 and 2022:
\n202 3 202 2
\nComponents for mixed
\nfodder production
\n104 157
\nOther raw materials 62 50
\nWork in progress 44 40
\nFertilizers 34 50
\nVegetable oil 25 49
\nSpare parts 21 16
\nGas and fuel 15 26
\nMixed fodder 9 15
\nOther inventories 19 11
\n333 414
\nAs of 31 December 2023 and 2022 work in progress was
\nmainly comprised of expenses incurred in cultivating
\nfields to be planted in the years 2024 and 2023 in amounts
\nof USD 42 million and USD 38 million, respectively.
\nAs of 31 December 2023, components for mixed fodder
\nproduction mostly consist of sunflower seeds in the amount
\nof USD 57 million (31 December 2022: USD 96 million),
\ncorn in the amount of USD 10 million (31 December 2022:
\nUSD 20 million), and soybeans in the amount of USD 7
\nmillion (31 December 2022: USD 7 million).
\nInventory is stated at the lower of cost and net realizable
\nvalue. As of 31 December 2023, there were no significant
\ninventory write-downs to bring them to net realizable
\nvalue (2022: USD 3 million).
\n
\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag354": {
"value": "\n23. TAXES RECOVERABLE
\nAND PREPAID
\nTaxes recoverable and prepaid were as follows as of 31
\nDecember 2023 and 2022:
\n202 3 202 2
\nVAT recoverable 29 68
\nMiscellaneous taxes
\nprepaid
\n1 1
\n30 69
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag355": {
"value": "\n24. TRADE ACCOUNTS RECEIVABLE
\nThe balances of trade accounts receivable were as
\nfollows as of 31 December 2023 and 2022:
\n202 3 202 2
\nPoultry meat 132 126
\nProcessed meat 21 19
\nVegetable oil 22 30
\nAgriculture 14 11
\nEnergy and fuel resources 5 5
\nOther* 5 5
\nLess: expected credit losses
\n(13) (13)
\n186 183
\n
\n* \u2013 includes trade accounts recivables due from related partiens
\n(Note 33) in total amount of USD 391 thousands as of 31 December 2023
\n(31 December 2022: USD 106 thousands)
\nThe average credit period for poultry sales is 30 days, and for
\nsales of agricultural goods is 60 days. No interest is charged
\non outstanding trade accounts receivable. The expected
\ncredit losses on trade accounts receivable are estimated
\ncollectively using a provision matrix and on individually
\nusing different scenarios of the probability of default.
\nThe provision matrix is used by reference to the past
\ndefault experience of the debtor and an analysis of
\nthe debtor\u2019s current financial position, adjusted for
\nfactors that are specific to the debtors, general economic
\nconditions of the industry in which the debtors operate,
\nand an assessment of both the current as well as the
\nforecast direction of conditions 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 losses
\naccurately reflects the credit risk of domestic trade accounts
\nreceivable in Ukraine, the credit default swap rate of 9.18%,
\nwas incorporated in calculation of expected credit losses as
\nat 31 December 2023 and as at 31 December 2022.
\nAn individual assessment is used for individually
\nsignificant debtors with credit risk characteristics that
\nare not aligned with others.
\nAs at 31 December 2023, the Group has recognized a loss
\nallowance of USD 6 million against all trade accounts receivable
\nover 270 days past due, which are assessed on a collective basis
\nbecause historical experience has indicated that these trade
\naccounts receivable are generally not recoverable.
\n
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n24. TRADE ACCOUNTS RECEIVABLE
\n(continued)
\nThere has been no change in the estimation techniques
\nor significant assumptions made during the current
\nreporting period. The Group writes off a trade accounts
\nreceivable when there is information indicating that
\nthe debtor is in severe financial difficulty and there is
\nno realistic prospect of recovery, e.g., when the debtor
\nhas been placed under liquidation or has entered into
\nbankruptcy proceedings or when the trade accounts
\nreceivable are over 3 years past due, whichever occurs
\nearlier. None of the written-off trade accounts receivable
\nare subject to enforcement activities.
\nThe following table details the trade accounts receivable risk
\nprofile based on the Group\u2019s provision matrix. It discloses
\npoultry meat Ukraine, poultry meat export and other products
\nUkraine, other products export sales, and European operating
\nsegment as separate financial instruments. It applies the
\nsimplified approach to its trade accounts receivable so that
\nthe loss allowance is always measured at an amount equal
\nto lifetime expected credit losses.
\n\nThe following table illustrates the use of a provision
\nmatrix as a risk profile disclosure under the simplified
\napproach as of 31 December 2023:
\n
\n\n\n\n\n\n\n\n\n31 DECEMBER 2023
\nTRADE ACCOUNTS RECEIVABLE \u2013 DAYS PAST DUE
\n NOT PAST DUE < 30 31-90 91-270 >270 TOTAL
\nPORTFOLIO ASSESSMENT:
\nPOULTRY MEAT UKRAINE
\n1
\nECL rate, % 9.20% 9.28% 9.49% 9.79% 100%
\nEstimated total gross carrying amount at default 22.4 5.0 2.1 0.3 1.1 30.9
\nLifetime ECL (2.1) (0.5) (0.2) - (1.1) (3.9)
\nPOULTRY MEAT EXPORT
\n1
\nECL rate, % 0.03% 0.07% 0.23% 1.07% 100%
\nEstimated total gross carrying amount at default 35.6 11.0 1.9 0.6 0.5 49.6
\nLifetime ECL - - - - (0.5) (0.5)
\nOTHER PRODUCTS UKRAINE
\n2
\nECL rate, % 9.29% 9.45% 9.71% 9.91% 100%
\nEstimated total gross carrying amount at default 13.6 4.5 1.8 0.9 3.6 24.4
\nLifetime ECL (1.2) (0.4) (0.2) (0.1) (3.6) (5.5)
\nOTHER PRODUCTS EXPORT
\n3
\nECL rate, % 0.00% 0.00% 0.01% 0.13% 100%
\nEstimated total gross carrying amount at default 1.2 13.7 9.7 0.4 0.4 25.4
\nLifetime ECL - - - - (0.4) (0.4)
\nEUROPEAN OPERATING SEGMENT
\nECL rate, % 0.00% 0.03% 0.23% 0.04% 100%
\nEstimated total gross carrying amount at default 46.2 9.6 2.0 4.3 0.1 62.2
\nLifetime ECL - - - - (0.1) (0.1)
\nEstimated total gross carrying amount at default 192.5
\nTotal lifetime ECL (10.4)
\nINDIVIDUAL ASSESSMENT
\n4
\n:
\nECL rate, % 21.11% 0.00% 21.11% 35.22% 45.03%
\nEstimated total gross carrying amount at default 0.5 - - 1.2 4.5 6.2
\nLifetime ECL (0.1) - - (0.4) (2.0) (2.5)
\nEstimated total gross carrying amount at default 198.7
\nTotal lifetime ECL (12.9)
\n
\n\u00b9 Poultry meat consists only trade accounts receivables from sales of raw poultry meat and other raw poultry components
\n\u00b2 Other products Ukraine mostly consists of trade accounts receivables from sales of processed meat and agricultures products (milk, grain, cattle and differenct agricultural services)
\n\u00b3 Other products export mostly consists of trade accounts receivables from sales of vegetable oil and grain
\n\u2074 Individually assessed trade accounts receivable mainly consists of accounts receivable from sales of energy
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n24. TRADE ACCOUNTS RECEIVABLE (continued)
\n\nThe following table illustrates the use of a provision matrix as a risk profile disclosure under the simplified approach as of 31 December 2022:
\n31 DECEMBER 2022
\nTRADE ACCOUNTS RECEIVABLE \u2013 DAYS PAST DUE
\n NOT PAST DUE < 30 31-90 91-270 >270 TOTAL
\nPORTFOLIO ASSESSMENT:
\nPOULTRY MEAT UKRAINE
\n1
\nECL rate, % 9.19% 9.26% 9.53% 9.67% 100%
\nEstimated total gross carrying amount at default 23.8 2.8 0.3 0.1 1.1 28.1
\nLifetime ECL (2.2) (0.3) - - (1.1) (3.6)
\nPOULTRY MEAT EXPORT
\n1
\nECL rate, % 0.02% 0.06% 0.18% 0.79% 100%
\nEstimated total gross carrying amount at default 34.7 16.1 4.5 0.6 0.5 56.4
\nLifetime ECL - - - - (0.5) (0.5)
\nOTHER PRODUCTS UKRAINE
\n2
\nECL rate, % 9.25% 9.35% 9.55% 9.74% 100%
\nEstimated total gross carrying amount at default 10.8 3.9 1.0 0.4 3.8 19.9
\nLifetime ECL (1.0) (0.4) (0.1) - (3.8) (5.3)
\nOTHER PRODUCTS EXPORT
\n3
\nECL rate, % 0.00% 0.00% 0.16% 0.50% 100%
\nEstimated total gross carrying amount at default 0.4 32.1 0.3 0.3 - 33.1
\nLifetime ECL - - - - - -
\nEUROPEAN OPERATING SEGMENT
\nECL rate, % 0.01% 0.02% 0.25% 0.47% 100%
\nEstimated total gross carrying amount at default 42.9 7.9 1.3 0.7 0.1 52.9
\nLifetime ECL - - - - (0.1) (0.1)
\nEstimated total gross carrying amount at default 190.4
\nTotal lifetime ECL (9.5)
\nINDIVIDUAL ASSESSMENT
\n4
\n:
\nECL rate, % 41.82% 43.61% 46.83% 64.03% 77.38%
\nEstimated total gross carrying amount at default 0.2 0.1 0.1 3.4 2.0 5.8
\nLifetime ECL (0.1) (0.1) (0.1) (2.1) (1.5) (3.9)
\nEstimated total gross carrying amount at default 196.2
\nTotal lifetime ECL (13.3)
\n
\n1
\n Poultry meat consists only trade accounts receivables from sales of raw chicken meat and other raw chicken components
\n\u00b2 Other products Ukraine consists of trade accounts receivables from sales of processed meat and agricultures products (milk, grain, cattle and differenct agricultural services)
\n\u00b3 Other products export consists of trade accounts receivables from sales of vegetable oil and grain
\n\u2074 Individually assessed trade accounts receivable mainly consists of accounts receivable from sales of energy
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n24. TRADE ACCOUNTS RECEIVABLE
\n(continued)
\nThe following table shows the movement in lifetime ECL
\nthat has been recognized for trade and other accounts
\nreceivable by the simplified approach set out in IFRS 9,
\nin USD thousands:
\nCOLLECTIVELY
\nASSESSED
\nINDIVIDUALLY
\nASSESSED
\n1 January 2022 (2.9) (12.3)
\nCharged during the year (6.8) (1.7)
\nUtilised 0.3 10.1
\n31 December 2022 (9.4) (3.9)
\nCharged during the year (1.8) 1.4
\nUtilised 0.8 -
\n31 December 2023 (10.4) (2.5)
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag356": {
"value": "\n26. CASH AND CASH EQUIVALENTS
\nThe balances of cash and cash equivalents were as
\nfollows as of 31 December 2023 and 2022:
\n202 3 2022
\nCASH AND CASH
\nEQUIVALENTS AT BANKS
\nAND ON HAND IN:
\nUS Dollars 136 82
\nEuro 89 88
\nUkrainian Hryvnia 26 24
\nBosnia-Herzegovina
\nConvertible Mark
\n19 5
\nPound Sterling 6 11
\nOther currencies 13 13
\n
\nSHORT-TERM DEPOSITS WITH
\nAN ORIGINAL MATURITY OF
\nLESS THAN 90 DAYS:
\nUS Dollars 66 47
\nUkrainian Hryvnia 43 13
\nEuro 38 17
\nTotal cash and equivalents 436 300
\nCash at banks earns interest at floating rates based on
\ndaily bank deposit rates. Short-term deposits with the
\noriginal maturity up to three months earn interest at
\nthe respective shotr-term deposit rates.
\nIn accordance with the international rating agency of
\nMoody\u2019s, credit ratings of the banks with which the
\nGroup had accounts opened as of 31 December 2023
\nand 2022 were as follows:
\n202 3 202 2
\nInternational banks
\nwith A rating
\n191 157
\nInternational banks
\nwith B rating
\n7 12
\nSubsidiaries of
\ninternational banks
\nwith A rating
\n71 40
\nSubsidiaries of
\ninternational banks
\nwith B rating
\n107 60
\nUkrainian banks
\nwith C rating
\n60 31
\n436 300
\nEstimated credit losses relating to cash and cash
\nequivalents held in Ukrainian state banks with C rating
\nwere immaterial as of 31 December 2023 and 2022.
\n
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag358": {
"value": "\n
\n\n27. SHAREHOLDERS\u2019 EQUITY
\nSHARE CAPITAL
\nAs of 31 December 2023 and 2022 the authorized, issued,
\nand fully paid share capital of MHP SE comprised the
\nfollowing number of shares:
\n202 3 202 2
\nNumber of shares
\nissued and fully paid
\n110,770,000 110,770,000
\nNumber of shares
\noutstanding
\n107,038,208 107,038,208
\n*This number of outstanding shares is included in computation of
\nthe weighted average number of shsres used as a denominator in
\ncalculating earnings per share in Note 39
\nThe authorized share capital as of 31 December 2023
\nand 2022 was EUR 221,540 thousand represented by
\n110,770,000 shares with a par value of EUR 2 each.
\nAll shares have equal voting rights and rights to receive
\ndividends, payable at the Company's discretion.
\n
\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag357": {
"value": "\n27. SHAREHOLDERS\u2019 EQUITY
\nSHARE CAPITAL
\nAs of 31 December 2023 and 2022 the authorized, issued,
\nand fully paid share capital of MHP SE comprised the
\nfollowing number of shares:
\n202 3 202 2
\nNumber of shares
\nissued and fully paid
\n110,770,000 110,770,000
\nNumber of shares
\noutstanding
\n107,038,208 107,038,208
\n*This number of outstanding shares is included in computation of
\nthe weighted average number of shsres used as a denominator in
\ncalculating earnings per share in Note 39
\nThe authorized share capital as of 31 December 2023
\nand 2022 was EUR 221,540 thousand represented by
\n110,770,000 shares with a par value of EUR 2 each.
\nAll shares have equal voting rights and rights to receive
\ndividends, payable at the Company's discretion.
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag359": {
"value": "\n29. BANK BORROWINGS
\nThe following table summarizes bank borrowings and credit lines outstanding as of 31 December 2023 and 2022:
\n202 3 202 2
\nCURRENCY
\nWAIR
\n1
\nUSD\u2019 MLN WAIR
\n1
\n USD\u2019 MLN MLM000
\nNON-CURRENT
\nEUR EURIBOR
\n2
\n + 1,05% 116 EURIBOR
\n2
\n + 1.35% 118
\nUSD SOFR
\n3
\n + 3,70% 101 -
\nUSD UIRD
\n5
\n + 6,76% 17 -
\n234 118
\nCURRENT
\nUSD 7,38% 47 6.06% 57
\nUSD - SOFR
\n3
\n + 2.20% 11
\nEUR 6,26% 43 4,32% 57
\nEUR - EURIBOR
\n2
\n +2,3% 26
\nUAH 11,85% 13 20,00%
\n4
\n2
\nCurrent portion
\nof long-term bank
\nborrowings
\nEUR EURIBOR
\n2
\n + 1,05% 28 EURIBOR
\n2
\n + 1.35% 23
\nUSD SOFR
\n3
\n + 3,70% 14 -
\n145 176
\nTotal bank borrowings 379 294
\n
\n1
\n WAIR represents the weighted average interest rate on outstanding borrowings;
\n2
\n According to the terms of the agreement, if market EURIBOR becomes negative, it shall be deemed zero for the 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 UAH will be applied as interest compensation from Government, where Ukrainian Index of Retail Deposit Rates (UIRD) - indicative rate calculated at 15:00 Kyiv time of each
\nBanking Day in the Thomson Reuters system based on nominal rates on time deposits of individuals in hryvnia for a period of 3 months with interest paid upon the expiration of the deposit agreement, operating in 20 largest
\nUkrainian banks in the size of the deposit portfolio of individuals. As of 31 December 2023 3m UIRD rate is equal to 11.18% p.a;
\n5
\n Ukrainian Index of Retail Deposit Rates (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 individuals in US Dollars for a period
\nof 3 months with interest paid upon the expiration of the deposit agreement, operating in 20 largest Ukrainian banks in the size of the deposit portfolio of individuals.
\n
\n\n\n\n\n\n\n\n
\n
\n29. BANK BORROWINGS (continued)
\nThe Group\u2019s borrowings are drawn from various
\nbanks, mostly from international banks and their
\nlocal subsidiaries of international banks in form of
\nterm loans, credit line facilities. Repayment terms of
\nprincipal amounts of bank borrowings vary from monthly
\nrepayment to repayment on maturity depending on the
\nterms of the agreement with each bank.
\nAs of 31 December 2023 and 31 December 2022, the
\nGroup\u2019s bank term loans and credit lines bear either
\nfloating or fixed interest rates.
\nTerm loans and credit line facilities were as follows as
\nof 31 December 2023 and 2022:
\n202 3 202 2
\nCredit lines 103 152
\nTerm loans 276 142
\n379 294
\nMaturity profile of the bank borrowings and credit
\nlines outstanding as of 31 December 2023 and 2022
\nwas as follows:
\n202 3 2022
\nWithin one year 145 176
\nIn the second year 49 27
\nIn the third to fifth year
\ninclusive
\n167 84
\nAfter five years 18 7
\n379 294
\nAs of 31 December 2023, the Group had undrawn
\nfacilities of USD 468 million (2022: USD 37 million).
\nMost of these undrawn facilities expire during the period
\nuntil July 2026.
\nThe Group, as well as its specified subsidiaries, have
\nto comply with the following maintenance covenants
\nimposed by the banks providing the loans: EBITDA
\nto interest expenses ratio, current ratio and liabilities
\nto equity ratio. Separately, in case of excess of Net
\nDebt to EBITDA ratio (the Group\u2019s leverage ratio),
\nthere are negative covenants in respect of restricted
\npayments, including dividends, capital expenditures,
\nadditional indebtedness and restrictions on mergers or
\nconsolidations, limitations on liens and dispositions of
\nassets and limitations on transactions with affiliates.
\nAs of 31 December 2023 the Group has complied with
\nall bank covenants. As of 31 December 2023, the Group\u2019s
\nleverage ratio decreased to 2.47 to 1, compared with
\n2.58 and 3.22 to 1 as of 31 March 2023 (unaudited) and
\n31 December 2022 respectively. Thus, as described in
\nNote 30, the above restrictions, which were in place
\nsince 31 December 2022, had been lifted from 18 May
\n2023, the date of publication of unaudited interim
\ncondensed consolidated financial statements for the
\nperiod from 1 January 2023 to 31 March 2023.
\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
\nCapital Limited, Myronivska Pticefabrika, Ptakhofabryka
\nSnyatynska Nova, Vinnytska Ptakhofabryka, Zakhid-Agro
\nMHP, MHP-Urozhayna Krayina.
\nAs of 31 December 2023, the Group had borrowings of
\nUSD 148 million that were secured by property, plant,
\nand equipment with a collateral amount of USD 127
\nmillion (31 December 2022: USD 109 million and USD
\n101 million, respectively) (Note 15).
\nAs of 31 December 2023, the Group had borrowings
\nof USD 10 million that were secured by agricultural
\nproduce with a carrying amount of USD 13 million (31
\nDecember 2022: USD 31 million and USD 38 million,
\nrespectively) (Note 22).
\nAs of 31 December 2023, the bank short-term deposits
\nwith a carrying amount of USD 19 million (31 December
\n2022: USD 23 million), was restricted as collateral
\nto secure issued letters of credit. These amounts are
\npresented within cash and cash equivalents and the
\nletters of credit in other current financial assets.
\nAs of 31 December 2023 and 31 December 2022, interest
\npayable on bank borrowings was USD 2.4 million and
\nUSD 1 million, respectively.
\nLOAN AGREEMENT WITH INTERNATIONAL
\nFINANCIAL INSTITUTIONS
\nWith the purpose of refinancing the part of its Eurobond
\nindebtedness maturing in 2024, on 20 October 2023
\nthe Group signed agreements with three international
\nand development financial institutions - DFC, IFC
\nand EBRD - to provide facilities of up to USD 400
\nmillion in aggregate. First tranches in total amount
\nof USD 107 million were received to partially finance
\nthe repurchase of Notes on 10 November 2023, under
\na Tender Offer, with a principal amount of USD 151
\nmillion for USD 128 million (for details refer to Note 30
\nBonds issued). Subsequently, in 2024, second tranches
\n(USD 113 million) were received to partially finance
\nthe repurchase of Notes on 23 January 2024, under
\na Tender Offer, with a principal amount of USD 138
\nmillion for USD 131 million (for details refer to Note
\n30 Bonds issued).
\n
\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag360": {
"value": "\n30. BONDS ISSUED
\nBonds issued and outstanding as of 31 December 2023 and 2022 were as follows:
\nCARRYING AMOUNT NOMINAL AMOUNT
\n31 DECEMBER
\n202 3
\n31 DECEMBER
\n202 2
\n31 DECEMBER
\n202 3
\n31 DECEMBER
\n202 2
\nNON-CURRENT
\n7.75% Senior Notes due in 2024 - 494 - 500
\n6.95% Senior Notes due in 2026 543 541 550 550
\n6.25% Senior Notes due in 2029 348 348 350 350
\n891 1,383 900 1,400
\n
\nCURRENT
\n7.75% Senior Notes due in 2024 348 - 349 -
\n348 - 349 -
\nUnamortized debt issuance cost - - (10) (17)
\nTotal bonds issued 1 239 1,383 1 239 1,383
\nAs of 31 December 2023 and 2022 accrued interest
\npayable on bonds issued was USD 19.2 million and USD
\n41 million, respectively.
\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 million 6.25% Senior Notes due in 2029
\nat par value. The funds received were used to satisfy and
\ndischarge the 8.25% Senior Notes due in April 2020
\nfor debt refinancing and 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,
\nPrJSC \u201cMHP\u201d, PrJSC \u201cZernoprodukt MHP\u201d and PrJSC
\n\u201cAgrofort\u201d.
\nInterest on the Senior Notes is payable semi-annually
\nin arrears in March and September. These Senior Notes
\nare subject to certain restrictive covenants including, but
\nnot limited to, limitations on the incurrence of additional
\nindebtedness in excess of Net Debt to EBITDA ratio
\nas defined by the indenture, restrictions on mergers or
\nconsolidations, limitations on liens and dispositions of
\nassets and limitations on transactions with affiliates. If
\nthe Group fails to comply with the covenants imposed,
\nthe Trustee or the Holders of at least 25% in principal
\namount of outstanding Notes may, upon written notice
\nto the Group, declare all outstanding Senior Notes to
\nbe due and payable immediately. If a change of control
\noccurs, the Group shall make an offer to each holder of
\nthe Senior Notes to purchase such Senior Notes at a
\npurchase price in cash in an amount equal to 100% of
\nthe aggregate principal amount thereof, plus accrued
\nand unpaid interest and additional amounts, if any.
\n6.95% SENIOR NOTES
\nOn 3 April 2018, MHP Lux S.A. issued USD 550 million
\n6.95% Senior Notes due in 2026 at par value. Out of the
\ntotal issue amount, USD 416 million were designated
\nfor redemption and exchange of the existing 8.25%
\nSenior 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
\nin arrears in April and October. 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
\nas defined by the indenture, restrictions on mergers or
\nconsolidations, limitations on liens and dispositions of
\nassets and limitations on transactions with affiliates. If
\nthe Group fails to comply with the covenants imposed,
\nthe Trustee or the Holders of at least 25% in principal
\namount of outstanding Notes may, upon written notice
\nto the Group, declare all outstanding Senior Notes to
\nbe due and payable immediately. If a change of control
\noccurs, the Group shall make an offer to each holder of
\nthe Senior Notes to purchase such Senior Notes at a
\npurchase price in cash in an amount equal to 100% of
\nthe 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 million 7.75%
\nSenior Notes due in 2024 at par value. Out of the total
\nissue amount, USD 245 million were designated for
\nredemption and exchange of existing 8.25% Senior
\nNotes due in 2020.
\nThe Senior Notes are jointly and severally guaranteed
\non a senior basis by PrJSC \u201cMHP\u201d, PJSC \u201cMyronivsky
\nPlant of Manufacturing Feeds and Groats\u201d, PrJSC
\n\u201cZernoprodukt MHP\u201d, PrJSC \u201cAgrofort\u201d, PrJSC \u201cOril-
\nLeader\u201d, PrJSC \u201cMyronivska Pticefabrika\u201d, \u201cSPF
\n\u201cUrozhay\u201d LLC, \u201cStarynska Ptakhofabryka\u201d ALLC,
\nVinnytska Ptakhofabryka LLC, SE \u201cPeremoga Nova\u201d,
\n\u201cKaterinopolskiy Elevator\u201d LLC, Scylla Capital Limited.
\n
\n\n\n\n\n\n\n\n30. BONDS ISSUED (continued)
\nInterest on the Senior Notes is payable semi-annually
\nin arrears in May and November. These Senior Notes
\nare subject to certain restrictive covenants including,
\nbut not limited to, limitations on the incurrence of
\nadditional indebtedness in excess of Net Debt to
\nEBITDA ratio as defined by the indenture, restrictions
\non mergers or consolidations, limitations on liens and
\ndispositions of assets and limitations on transactions
\nwith affiliates. If the Group fails to comply with the
\ncovenants imposed, the Trustee or the Holders of at
\nleast 25% in principal amount of the then outstanding
\nNotes may, upon written notice to the Group, declare
\nall outstanding Senior Notes to be due and payable
\nimmediately. If a change of control occurs, the Group
\nshall make an offer to each holder of the Senior Notes
\nto purchase such Senior Notes at a purchase price
\nin cash in an amount equal to 101% of the principal
\namount thereof, plus accrued and unpaid interest and
\nadditional amounts, 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 agreements, 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
\nas if it had been incurred or done at the beginning of
\nthe most recent four consecutive fiscal quarters for
\nwhich financial statements are publicly available (or
\nare made available).
\nAs at 31 December 2023 the leverage ratio of the Group
\nis 2.47 to 1, lower than the defined limit 3.0 to 1. As the
\nleverage ratio of 3.22 to 1 as at 31 December 2022 was
\nhigher that defined limit, this led to certain restriction
\nas stated above. Subsequently, the Group improved the
\nleverage ratio during the first quarter 2023, and as at 31
\nMarch 2023 the leverage ratio was 2.58 to 1 as presented
\nin the unaudited interim condensed consolidated
\nfinancial statements for the three months ended 31
\nMarch 2023, published on 18 May 2023. Accordingly,
\nthe Group believes that the aforementioned restrictions
\nare no longer applicable to the Group from 18 May 2023,
\nthe date of publication of unaudited interim condensed
\nconsolidated financial statements for the three months
\nended 31 March 2023.
\nCONSENT SOLICITATION IN 2022
\nOn 30 March 2022, the Group received consent from the
\nHolders to postpone the semi-annual interest payments
\non each of the 2024 Notes, the 2026 Notes, and the 2029
\nNotes scheduled for Spring 2022 for a period of up to
\n270 days (the \u201cSupport Period\u201d). As a result, the Group
\npostponed bond interest payments in a total amount of
\nUSD 49 million, and interest on postponed 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 32 million were paid by
\nthe Group on time. The last deferred coupon payment
\ndue in February 2023 in the amount of USD 21 million
\nwas paid on time.
\nTENDER OFFER TO REPURCHASE BONDS
\nOn 25 September 2023 MHP SE launched an invitation
\nto the holders (the \u201cNoteholders\u201d) of its USD 500
\nmillion 7.75% Guaranteed Notes due 10 May 2024
\n(the \u201cNotes\u201d) to tender for purchase for cash any and
\nall of the USD 500 million aggregate principal amount
\nof Notes outstanding. On 9 November 2023 the MHP
\nSE has accepted for purchase all validly traded Notes
\nin the amount of USD 151 million with the aggregate
\nprincipal amount of Notes outstanding following
\ncompletion of the Tender Offer. On 10 November 2023
\nNoteholders who validly tendered their Notes were paid
\nthe consideration of USD 850 per USD 1,000 principal
\namount of the Notes (with total consideration paid USD
\n128 million) and, on the same date, Notes in the amount
\nof USD 151 have been cancelled. Finance income in the
\namount USD 22 million was recognized as a result of
\nthe Notes repurchase (Note 12).
\nOn 5 January 2024 MHP SE launched an invitation to the
\nNoteholders of its USD 349 million 7.75% Guaranteed
\nNotes due 10 May 2024 (the \u201cNotes\u201d) to tender for
\npurchase for cash any and all of the USD 349 million
\naggregate principal amount of Notes outstanding. On
\n22 January 2024 MHP SE has accepted for purchase
\nall validly traded Notes in the amount of USD 138
\nmillion with the aggregate principal amount of Notes
\noutstanding following completion of the Tender Offer.
\nOn 23 January 2024 Noteholders who validly tendered
\ntheir Notes were paid the consideration of USD 950 per
\nUSD 1,000 principal amount of the Notes (with total
\nconsideration paid USD 131 million) and, on the same
\ndate, the Notes in the amount of USD 138 million have
\nbeen cancelled.
\n
\n
\n
\n\n\n\n\n\n",
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"Tag361": {
"value": "\n
\n32. OTHER CURRENT LIABILITIES
\nOther current liabilities were as follows as of 31
\nDecember 2023 and 2022:
\n\n
202 3 202 2
\n
Accrued payroll and
\n
related taxes
\n
75 67
\n
Amounts payable for
\n
property, plant and
\n
equipment
\n
12 13
\n
Income tax payable 4 4
\n
Provision for claims,
\n
penalties and
\n
indemnification
\n
2 3
\n
VAT paybable 2 5
\n
Other financial liabilities 4 4
\n
99 96
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
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"Tag362": {
"value": "\n
\n
\n33. RELATED PARTY BALANCES
\nAND TRANSACTIONS
\n\nFor the purpose 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 significant influence over the other party in making
\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 unrelated
\nparties might not, and transactions between related
\nparties may not be effected on the same terms and
\nconditions as transactions 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
\nof the Group (Note 1) for the purchase and sale of
\ngoods and services and in relation to the provision of
\nfinancing arrangements. Terms and conditions of sales
\nto related parties are determined based on arrangements
\nspecific to each contract or transaction. The terms of the
\npayables and receivables related to the Group's trading
\nactivities do not vary significantly from the terms of
\nsimilar transactions with third parties.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTransactions with related parties during the years ended
\n31 December 2023 and 2022 were as follows:
\nIN THOUSAND USD 2023 2022
\nLoans and finance aid
\nprovided to related parties
\n46 1,096
\nInterest charged on loans
\nand finance aid provided
\n322 293
\nSales of goods 571 36
\nPurchases from related
\nparties
\n460 410
\n
\nKEY MANAGEMENT
\nPERSONNEL OF THE
\nGROUP:
\nLoans provided 383 720
\nLoans repaid 337 867
\nThe balances owed to and due from related parties were
\nas follows as of 31 December 2023 and 2022:
\nIN THOUSAND USD 2023 2022
\nLoans and finance aid
\nreceivable (Notes 19, 25)
\n3,815 3,601
\nLess: expected credit
\nlosses
\n(2,101) (2,117)
\n1,714 1,484
\nLoans to key management
\npersonnel (Notes 19, 25)
\n3,564 3,656
\nLess: expected credit
\nlosses
\n(414) (276)
\n3,150 3,380
\nTrade accounts receivable
\n(Note 24)
\n391 106
\nPayables due to related
\nparties
\n53 21
\nLOANS AND FINANCE AID RECEIVABLE
\nFor loans and finance aid receivable, credit risk increased
\nto the point where it is considered credit-impaired.
\nThe expected credit loss for such loans amounted to
\nUSD 1,894 thousand and USD 1,882 thousand as of 31
\nDecember 2023 and 2022, respectively.
\n\nCOMPENSATION OF KEY MANAGEMENT
\nPERSONNEL
\nKey management personnel totalled 21 individuals as of
\n31 December 2023 (31 December 2022: 20 individuals),
\nincluding 4 and 3 independent non-executive directors
\nas of 31 December 2023 and 2022 respectively.
\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 23,626 thousand and USD 15,341
\nthousand for the years ended 31 December 2023 and
\n2022, respectively. Compensation of key management
\npersonnel consists of contractual salary and performance
\nbonuses paid.
\nTotal compensation of the Group\u2019s non-executive
\ndirectors, which consists of contractual salary, amounted
\nto USD 771 thousand and USD 597 thousand in 2023
\nand 2022, respectively.
\nTotal compensation of the Group\u2019s Executive Chairman,
\nwhich consists of contractual salary, amounted to USD
\n588 thousand in 2023 (2022: USD 571 thousand).
\nLOANS TO KEY MANAGEMENT
\nPERSONNEL
\nThe Group has provided several of its key management
\npersonnel with unsecured loans. The loans to key
\nmanagement personnel granted during 2023 and
\n2022 mainly include loans provided by the Ukrainian
\nsubsidiaries to the Group\u2019s executive directors, which
\namounted to USD 383 thousand and USD 720 thousand,
\nrespectively.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"Tag363": {
"value": "\nFor the purpose 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 significant influence over the other party in making
\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 unrelated
\nparties might not, and transactions between related
\nparties may not be effected on the same terms and
\nconditions as transactions 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
\nof the Group (Note 1) for the purchase and sale of
\ngoods and services and in relation to the provision of
\nfinancing arrangements. Terms and conditions of sales
\nto related parties are determined based on arrangements
\nspecific to each contract or transaction. The terms of the
\npayables and receivables related to the Group's trading
\nactivities do not vary significantly from the terms of
\nsimilar transactions with third parties.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"Tag364": {
"value": "\nCOMPENSATION OF KEY MANAGEMENT
\nPERSONNEL
\nKey management personnel totalled 21 individuals as of
\n31 December 2023 (31 December 2022: 20 individuals),
\nincluding 4 and 3 independent non-executive directors
\nas of 31 December 2023 and 2022 respectively.
\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 23,626 thousand and USD 15,341
\nthousand for the years ended 31 December 2023 and
\n2022, respectively. Compensation of key management
\npersonnel consists of contractual salary and performance
\nbonuses paid.
\nTotal compensation of the Group\u2019s non-executive
\ndirectors, which consists of contractual salary, amounted
\nto USD 771 thousand and USD 597 thousand in 2023
\nand 2022, respectively.
\nTotal compensation of the Group\u2019s Executive Chairman,
\nwhich consists of contractual salary, amounted to USD
\n588 thousand in 2023 (2022: USD 571 thousand).
\nLOANS TO KEY MANAGEMENT
\nPERSONNEL
\nThe Group has provided several of its key management
\npersonnel with unsecured loans. The loans to key
\nmanagement personnel granted during 2023 and
\n2022 mainly include loans provided by the Ukrainian
\nsubsidiaries to the Group\u2019s executive directors, which
\namounted to USD 383 thousand and USD 720 thousand,
\nrespectively.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
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"Tag383": {
"value": "\n34.OPERATING ENVIRONMENT
\nOn 24 February 2022, Russian forces commenced a
\nmilitary invasion of Ukraine, resulting in a full-scale war
\nacross the Ukrainian State. The ongoing military attack
\nhas led and continues to lead, to significant casualties,
\ndislocation of the population, damage to infrastructure,
\ndisruption to economic activity in Ukraine, and
\ntemporary occupation of some territories. Airports
\nremain closed, and some have been damaged, many
\nroads and bridges have been damaged or destroyed,
\nfurther crippling transportation and logistics.
\nIn 2023, Ukrainian entities continue their business
\nactivity in the challenging economic environment,
\nfacing disruption of supply chains, higher business
\ncosts, and physical destruction of production facilities
\nand infrastructure (in the energy sector, in particular).
\nIn 2023, consumer inflation decelerated to 5.1% y/y,
\naccording to the inflation report of the National Bank
\nof Ukraine (hereafter \u201cNBU\u201d). The easing of inflationary
\npressure was primarily driven by the large supply of
\nagricultural produce from the new harvest, in particular
\nfruits and vegetables, grains, and oilseeds, the recovery
\nof the energy system from the consequences of Russian
\nmissile attacks, and the decrease in global energy prices.
\nAccording to the NBU\u2019s recent forecasts, inflation will
\ngrow up to 6.4% in 2024 and then will decelerate to
\n3.1% in 2025.
\nThe economy has been recovering throughout the entire
\n2023 thanks to the high adaptability of businesses and
\nhouseholds to wartime conditions and thanks to the
\nexpansionary fiscal policy supported by large-scale
\ninternational financing. In Q4, the growth in real GDP
\nexceeded expectations, primary due to better harvests
\nof late crops and the development of alternative export
\nroutes. This created grounds for an improvement in
\nestimates of real GDP growth for the whole of 2023,
\nto 5.3%.
\nThe NBU set its key policy rate at 15% effective 15
\nDecember 2023 (comparing to the key policy rate of
\n25% p.a. as at 31 December 2022). Since 15 March 2024,
\nthe key policy rate was further decreased to 14.5%.
\nSince 22 July 2022 and up October 2023, the exchange
\nrate remained fixed at UAH 36.57 to the US Dollar. In
\nOctober 2023, the NBU moved to a regime of managed
\nflexibility of the exchange rate, whereby the official
\nexchange rate is determined by the exchange rate used
\nfor transactions in the interbank foreign exchange market
\ninstead of being fixed by the NBU, as had been the case
\nsince 24 February 2022. At the same time, the NBU
\ncontinues to control the situation in the interbank
\nforeign currency exchange market in an attempt to
\nbetter manage the foreign currency structural deficit.
\nThe National Bank of Ukraine decreased the maximum
\nsettlement period from 180 to 90 calendar days for
\nrepatriating cash from the export of specific grain
\nproducts, including wheat, corn, soy, sunflower,
\nrapeseed, and vegetable oil (soy, sunflower, and
\nrapeseed).
\nOn 15 September 2023, the European Commission
\ndecided not to renew the restrictive measures on
\nUkrainian exports of wheat, maize, rapeseed, and
\nsunflower seed to five EU Member States (Bulgaria,
\nHungary, Poland, Romania, and Slovakia), which were
\nadopted since 2 May 2023. According to the reached
\nagreements, Ukraine introduced an export licensing
\nsystem for verifying the export of these four categories
\nof agricultural products in the EU market.
\nThe \u201cGrain deal\u201d or Black Sea Grain Initiative, which was
\nsigned by Ukraine, the UN, Turkey, and Russia on 22
\nJuly 2022, was suspended on 18 July 2023 after Russia
\nhad refused to extend the deal. From the second half of
\nAugust 2023 the temporary Black Sea corridor started
\nto operate with no regular schedule, and with vessels
\nmoving whenever security conditions allow. Since then,
\nRussia has launched a series of air attacks on Ukraine,
\nfocused, among others, on destroying Danube ports
\ninfrastructure as well as Black Sea ports infrastructure.
\nThe situation remains highly fluid and the outlook is
\nsubject to extraordinary uncertainty.
\nThe blockade of the Polish-Ukrainian border which
\ncommenced in November 2023 and intensified in
\nJanuary-February 2024, led to additional logistic
\nchallenges. During respective period, Ukraine export
\nand import volumes dropped and businesses faced a
\nneed to establish alternative logistic routes.
\nThe Government continues to implement measures
\nto stabilize markets and the economy. International
\nassistance will remain the main source of capital inflows
\nto the country in the future. Despite delays in the flow
\nof international aid at the beginning of the year, it is
\nexpected to resume in the coming months.
\nInternational organizations (such as the IMF, EBRD,
\nEU, and World Bank), along with individual countries
\nand charities, are providing Ukraine with financing,
\ndonations, and material support. These disbursements
\nremain the main source for covering the high budget
\ndeficit, which stands to widen to almost 29% of GDP
\nin 2023, from 18% in 2022.
\nThe Group considers the following losses and expenses
\nincurred during the periods ended 31 December 2023
\nand 2022 to be directly related to or driven by the
\ncontinuing war:
\nIN THOUSAND USD 2023 2022
\nLoss on impairment
\nof property, plant and
\nequipment
\n- 11.1
\nCommunity support
\ndonations
\n1
\n7.8 17.9
\nWrite-off of inventories
\nand biological assets
\n1
\n0.2 9.9
\nSalary to mobilized
\nemployees
\n2
\n19.2 12.7
\nExpected credit losses of
\ntrade accounts receivable
\nand non-current financial
\nassets
\n1
\n- 24.8
\nOther war-related
\nexpenses
\n1
\n7.5 3.4
\nTotal amount recognized
\nin profit or loss
\n34.7 79.8
\nDecrease in revaluation
\nreserve
\n- 9.5
\n34.7 89.3
\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 the cost of sales and selling,
\ngeneral and administrative expenses in the consolidated statement of
\nprofit or loss, and other comprehensive income.
\n\n\n34.OPERATING ENVIRONMENT
\n(continued)
\nThe Group, working with volunteers, has provided
\nhumanitarian aid (mainly through food supply) to the
\npeople of Ukraine since the beginning of the war.
\nWhile the Ukrainian businesses and government
\ninstitutions demonstrated a high degree of adaptability
\nand resilience in the face of challenges brought by the
\nfull-scale military invasion, the related security and
\nmacroeconomic risks remain high and continue to
\naffect the economic situation in Ukraine. Due to the
\nunpredictability in the future course of the war and the
\nuncertainty regarding the timing of its cessation as well as
\navailability of sustainable international financial support,
\nother geopolitical and macroeconomic factors, it remains
\ndifficult to estimate the scale and direction of possible
\nfurther developments, both negative or positive, in the
\noperating environment in Ukraine at present.
\n\n",
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"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag365": {
"value": "\n
\n35. CONTINGENCIES AND
\nCONTRACTUAL COMMITMENTS
\n\n
\nTAXATION AND LEGAL ISSUES
\nThe Group carries its operations in various jurisdictions,
\nwith a significant number of operations in Ukraine.
\nUkrainian legislation regarding taxation and other
\nregulatory matters, including currency exchange control
\nand customs regulations, is regularly changed and
\nrevisited. Non-compliance with tax laws and regulations
\ncan lead to the imposition of severe penalties and fines.
\nManagement believes that the Group has complied with
\nall requirements of effective tax legislation.
\nThe Group exports vegetable oil, chicken meat,
\nand related products and performs intercompany
\ntransactions, which may potentially be in the scope of
\nthe Ukrainian transfer pricing (\u201cTP\u201d) regulations. The
\nGroup has submitted the controlled transaction reports
\nfor the years ended 31 December 2022 and 31 December
\n2021 meeting the regulatory deadlines.
\nAs of 31 December 2023 and 2022, management
\nassessed the Group`s possible exposure to tax risks
\nfor a total amount of USD 4 million related to corporate
\nincome tax. No provision was recognized relating to
\nsuch possible tax exposure.
\nAlso, as of 31 December 2023, companies of the
\nGroup were engaged in ongoing litigations with tax
\nauthorities in the amount of USD 35 million (2022:
\nUSD 26 million), including USD 6 million (2022: USD
\n17 million) of litigations with the tax authorities related
\nto disallowance of certain amounts of VAT refunds
\nand deductible expenses claimed by the Group. Out
\nof this amount, USD 5 million as of 31 December 2023
\n(2022: USD 20 million) relates to cases where court
\nhearings have taken place and where the court in either
\nthe first or second instance has ruled in favour of the
\nGroup. In addition, the Group maintains disputes with
\ntax authorities in the amount USD 26 million, which
\nare not brought to the courts as at 31 December 2023.
\nManagement believes that, based on the past history
\nof court resolutions of similar disputes upheld by the
\nGroup, it is unlikely that a significant settlement would
\narise out of such lawsuits and, therefore, no respective
\nprovision is required in the Group\u2019s financial statements.
\n\nCONTRACTUAL COMMITMENTS
\nON THE PURCHASE OF PROPERTY,
\nPLANT, AND EQUIPMENT
\nDuring the year ended 31 December 2023, companies
\nof the Group entered into a number of contracts with
\nsuppliers for the purchase of property, plant and
\nequipment. These agreements are mainly related to
\nmaintenance and modernization projects, new product
\ndevelopment in Ukraine, and expansion of Perutnina
\nPtuj production facilities. As of 31 December 2023, such
\npurchase commitments amounted to USD 67 million
\n(2022: USD 33 million).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag367": {
"value": "\n
\nTAXATION AND LEGAL ISSUES
\nThe Group carries its operations in various jurisdictions,
\nwith a significant number of operations in Ukraine.
\nUkrainian legislation regarding taxation and other
\nregulatory matters, including currency exchange control
\nand customs regulations, is regularly changed and
\nrevisited. Non-compliance with tax laws and regulations
\ncan lead to the imposition of severe penalties and fines.
\nManagement believes that the Group has complied with
\nall requirements of effective tax legislation.
\nThe Group exports vegetable oil, chicken meat,
\nand related products and performs intercompany
\ntransactions, which may potentially be in the scope of
\nthe Ukrainian transfer pricing (\u201cTP\u201d) regulations. The
\nGroup has submitted the controlled transaction reports
\nfor the years ended 31 December 2022 and 31 December
\n2021 meeting the regulatory deadlines.
\nAs of 31 December 2023 and 2022, management
\nassessed the Group`s possible exposure to tax risks
\nfor a total amount of USD 4 million related to corporate
\nincome tax. No provision was recognized relating to
\nsuch possible tax exposure.
\nAlso, as of 31 December 2023, companies of the
\nGroup were engaged in ongoing litigations with tax
\nauthorities in the amount of USD 35 million (2022:
\nUSD 26 million), including USD 6 million (2022: USD
\n17 million) of litigations with the tax authorities related
\nto disallowance of certain amounts of VAT refunds
\nand deductible expenses claimed by the Group. Out
\nof this amount, USD 5 million as of 31 December 2023
\n(2022: USD 20 million) relates to cases where court
\nhearings have taken place and where the court in either
\nthe first or second instance has ruled in favour of the
\nGroup. In addition, the Group maintains disputes with
\ntax authorities in the amount USD 26 million, which
\nare not brought to the courts as at 31 December 2023.
\nManagement believes that, based on the past history
\nof court resolutions of similar disputes upheld by the
\nGroup, it is unlikely that a significant settlement would
\narise out of such lawsuits and, therefore, no respective
\nprovision is required in the Group\u2019s financial statements.
\n\nCONTRACTUAL COMMITMENTS
\nON THE PURCHASE OF PROPERTY,
\nPLANT, AND EQUIPMENT
\nDuring the year ended 31 December 2023, companies
\nof the Group entered into a number of contracts with
\nsuppliers for the purchase of property, plant and
\nequipment. These agreements are mainly related to
\nmaintenance and modernization projects, new product
\ndevelopment in Ukraine, and expansion of Perutnina
\nPtuj production facilities. As of 31 December 2023, such
\npurchase commitments amounted to USD 67 million
\n(2022: USD 33 million).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag366": {
"value": "\nCONTRACTUAL COMMITMENTS
\nON THE PURCHASE OF PROPERTY,
\nPLANT, AND EQUIPMENT
\nDuring the year ended 31 December 2023, companies
\nof the Group entered into a number of contracts with
\nsuppliers for the purchase of property, plant and
\nequipment. These agreements are mainly related to
\nmaintenance and modernization projects, new product
\ndevelopment in Ukraine, and expansion of Perutnina
\nPtuj production facilities. As of 31 December 2023, such
\npurchase commitments amounted to USD 67 million
\n(2022: USD 33 million).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag381": {
"value": "\n
\n
\n
\n
\n\n36. FAIR VALUE OF FINANCIAL
\nINSTRUMENTS
\nFair value disclosures in respect of financial instruments
\nare made in accordance with the requirements of IFRS
\n7 \u201cFinancial Instruments: Disclosure\u201d and IFRS 13 \u201cFair
\nValue Measurement\u201d. Fair value is defined as the amount
\nat which the instrument could be exchanged in a current
\ntransaction between knowledgeable willing parties in
\nan arm\u2019s length transaction, other than in forced or
\nliquidation sale. As no readily available market exists
\nfor a large part of the Group\u2019s financial instruments,
\njudgment is necessary in arriving at fair value, based
\non current economic conditions and specific risks
\nattributable to the instrument. The estimates presented
\nherein are not necessarily indicative of the amounts the
\nGroup could realize in a market exchange from the sale
\nof 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
\nassets, and trade accounts payable due to the short-term
\nnature of the financial instruments. The fair value of
\nnon-current financial assets is measured by discounting
\nthe estimated future cash outflows, with reference to
\nmarket interest rates, and it approximates the carrying
\nvalue of non-current financial assets.
\nSet out below is the comparison of carrying amounts
\nand fair values of the Group\u2019s financial instruments,
\nexcluding those discussed above, in the consolidated
\nstatement of financial position:
\nCARRYING
\nAMOUNT
\nFAIR VALUE
\n202 3 2022 2023 202 2
\nFINANCIAL
\nLIABILITIES
\nBank
\nborrowings
\n(Note 29)
\n381 295 382 296
\nSenior Notes
\ndue in 2024,
\n2026, 2029
\n(Note 30)
\n1,259 1,424 996 693
\nThe fair value of bank borrowings was estimated by
\ndiscounting the expected future cash outflows by a
\nmarket rate of interest for bank borrowings, and is within
\nLevel 2 of the fair value hierarchy.
\nThe fair value of Senior Notes was estimated based
\non market quotations and is within Level 1 of the fair
\nvalue hierarchy.
\nIn determining the 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
\nand found not to be material.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n36. FAIR VALUE OF FINANCIAL INSTRUMENTS (continued)
\nRECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
\nThe table below details the changes in the Group\u2019s liabilities arising from financing activities, including cash and
\nnon-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash
\nflows will be, classified in the Group\u2019s consolidated statement of cash flows as cash flows from financing activities.
\nBANK
\nBORROWINGS
\nBONDS
\nISSUED
\nLEASE
\nOBLIGATIONS
\nTOTAL
\nAs of 31 December 2022 294 1,383 229 1,906
\nCash flow from proceeds/(repayments) 71 (128) (68) (125)
\n
\nNON-CASH MOVEMENTS
\nForeign exchange movements 20 - 1 21
\nNon-cash additions and change in terms - - 69 69
\nNon-cash repayments of lease liabilities
\n1
\n- - (7) (7)
\nFinance costs 18 111 40 169
\nReclassification to interest payable (18) (103) - (121)
\nTranslation difference (6) (24) (8) (38)
\nAs of 31 December 2023 379 1,239 256 1,874
\n
\n1
\n Non-cash repayments are represented by grains and other agriculture produce provided to lessors of land as settlement of lease liabilities.
\nBANK
\nBORROWINGS
\nBONDS
\nISSUED
\nLEASE
\nOBLIGATIONS
\nTOTAL
\nAs of 31 December 2021 225 1,377 281 1,883
\nCash flow from proceeds/(repayments) 72 - (52) 20
\n
\nNON-CASH MOVEMENTS
\nForeign exchange movements 47 - 2 49
\nNon-cash additions and change in terms - - 44 44
\nNon-cash repayments of lease liabilities
\n1
\n- - (9) (9)
\nFinance costs 7 113 39 159
\nReclassification to interest payable (7) (106) - (113)
\nTranslation difference (50) (1) (76) (127)
\nAs of 31 December 2022 294 1,383 229 1,906
\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\n\n
\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag368": {
"value": "\n36. FAIR VALUE OF FINANCIAL
\nINSTRUMENTS
\nFair value disclosures in respect of financial instruments
\nare made in accordance with the requirements of IFRS
\n7 \u201cFinancial Instruments: Disclosure\u201d and IFRS 13 \u201cFair
\nValue Measurement\u201d. Fair value is defined as the amount
\nat which the instrument could be exchanged in a current
\ntransaction between knowledgeable willing parties in
\nan arm\u2019s length transaction, other than in forced or
\nliquidation sale. As no readily available market exists
\nfor a large part of the Group\u2019s financial instruments,
\njudgment is necessary in arriving at fair value, based
\non current economic conditions and specific risks
\nattributable to the instrument. The estimates presented
\nherein are not necessarily indicative of the amounts the
\nGroup could realize in a market exchange from the sale
\nof 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
\nassets, and trade accounts payable due to the short-term
\nnature of the financial instruments. The fair value of
\nnon-current financial assets is measured by discounting
\nthe estimated future cash outflows, with reference to
\nmarket interest rates, and it approximates the carrying
\nvalue of non-current financial assets.
\nSet out below is the comparison of carrying amounts
\nand fair values of the Group\u2019s financial instruments,
\nexcluding those discussed above, in the consolidated
\nstatement of financial position:
\nCARRYING
\nAMOUNT
\nFAIR VALUE
\n202 3 2022 2023 202 2
\nFINANCIAL
\nLIABILITIES
\nBank
\nborrowings
\n(Note 29)
\n381 295 382 296
\nSenior Notes
\ndue in 2024,
\n2026, 2029
\n(Note 30)
\n1,259 1,424 996 693
\nThe fair value of bank borrowings was estimated by
\ndiscounting the expected future cash outflows by a
\nmarket rate of interest for bank borrowings, and is within
\nLevel 2 of the fair value hierarchy.
\nThe fair value of Senior Notes was estimated based
\non market quotations and is within Level 1 of the fair
\nvalue hierarchy.
\nIn determining the 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
\nand found not to be material.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n36. FAIR VALUE OF FINANCIAL INSTRUMENTS (continued)
\nRECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
\nThe table below details the changes in the Group\u2019s liabilities arising from financing activities, including cash and
\nnon-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash
\nflows will be, classified in the Group\u2019s consolidated statement of cash flows as cash flows from financing activities.
\nBANK
\nBORROWINGS
\nBONDS
\nISSUED
\nLEASE
\nOBLIGATIONS
\nTOTAL
\nAs of 31 December 2022 294 1,383 229 1,906
\nCash flow from proceeds/(repayments) 71 (128) (68) (125)
\n
\nNON-CASH MOVEMENTS
\nForeign exchange movements 20 - 1 21
\nNon-cash additions and change in terms - - 69 69
\nNon-cash repayments of lease liabilities
\n1
\n- - (7) (7)
\nFinance costs 18 111 40 169
\nReclassification to interest payable (18) (103) - (121)
\nTranslation difference (6) (24) (8) (38)
\nAs of 31 December 2023 379 1,239 256 1,874
\n
\n1
\n Non-cash repayments are represented by grains and other agriculture produce provided to lessors of land as settlement of lease liabilities.
\nBANK
\nBORROWINGS
\nBONDS
\nISSUED
\nLEASE
\nOBLIGATIONS
\nTOTAL
\nAs of 31 December 2021 225 1,377 281 1,883
\nCash flow from proceeds/(repayments) 72 - (52) 20
\n
\nNON-CASH MOVEMENTS
\nForeign exchange movements 47 - 2 49
\nNon-cash additions and change in terms - - 44 44
\nNon-cash repayments of lease liabilities
\n1
\n- - (9) (9)
\nFinance costs 7 113 39 159
\nReclassification to interest payable (7) (106) - (113)
\nTranslation difference (50) (1) (76) (127)
\nAs of 31 December 2022 294 1,383 229 1,906
\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\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag369": {
"value": "\n
\n37. RISK MANAGEMENT POLICIES
\nDuring the years ended 31 December 2023 and 2022,
\nthere were no material changes to the objectives,
\npolicies, and processes for managing credit risk,
\ncapital risk, liquidity risk, currency risk, interest rate
\nrisk, livestock diseases risk, and commodity price and
\nprocurement 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 maximizing the return to the equity holders
\nthrough maintaining a balance between the higher
\nreturns that might be possible with higher levels of
\nborrowings and the security afforded by a sound capital
\nposition. The management of the Group reviews its
\ncapital structure regularly. Based on the results of this
\nreview, the Group takes steps to balance its overall
\ncapital structure through new share issues and the
\nissue of new debt or the redemption of existing debt.
\nIn addition to the target ratios of the covenants
\nestablished under the terms of the bonds issued and
\nbank borrowings (Notes 29 and 30), the Group\u2019s target
\nis to achieve a gearing ratio that is not higher than 2.5.
\nThe Group defines its gearing ratio as the proportion
\nof total liabilities to total equity.
\nAs of 31 December 2023 and 2022 the gearing ratio
\nwas as follows:
\n202 3 202 2
\nTotal Liabilities 2,319 2,363
\nTotal Equity 1,567 1,446
\nTotal Liabilities to Equity 1.48 1.63
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n37. RISK MANAGEMENT POLICIES
\n(continued)
\n\nMAJOR CATEGORIES OF ASSETS AND
\nLIABILITIES CONSIDERED BY THE GROUP
\nFROM A RISK MANAGEMENT PERSPECTIVE
\n202 3 202 2
\nASSETS:
\nCash and cash equivalents
\n(Note 26)
\n436 300
\nTrade accounts receivable
\n(Note 24)
\n186 183
\nOther current financial
\nassets (Note 25)
\n34 22
\nNon-current financial assets
\n(Note 19)
\n8 8
\nLong-term bank deposits 2 3
\n666 516
\nLIABILITIES:
\nBonds issued (Note 30) 1,239 1,383
\nBank borrowings (Note 29) 379 294
\nLease liabilities (Note 31) 256 229
\nTrade accounts payable 142 123
\nAccrued payroll and related
\ntaxes (Note 32)
\n75 67
\nInterest payable
\n(Note 29, 30)
\n22 42
\nAmounts payable for
\nproperty, plant and
\nequipment (Note 32)
\n12 13
\nIncome tax payable (Note
\n32)
\n4 4
\nProvision for claims,
\npenalties and
\nindemnification (Note 32)
\n2 3
\nVAT payable (Note 32) 2 5
\nOther financial liabilities
\n(Note 32)
\n4 4
\n2,137 2,167
\nThe main risks inherent to the Group\u2019s operations are
\nthose related to credit risk, liquidity risk, currency risk,
\ninterest rate, and commodity price risk.
\n
\n
\n\n\n\n\n\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
\nan obligation and cause the other party to incur a financial
\nloss. The Group does not hold any collateral or other
\ncredit enhancements to cover its credit risks associated
\nwith its financial assets. The amount of financial assets
\ndisclosed in the table \u201cMajor categories of assets and
\nliabilities considered by the Group from a risk management
\nperspective\u201d represents the maximum credit exposure.
\nThe Group structures the levels of credit risk it
\nundertakes by limiting the amount of risk accepted
\nby one customer or group of customers. The approved
\ncredit period for significant customer groups, including
\nfranchisees, distributors, and supermarkets, is 30 days.
\nLimits on the level of credit risk by customers are
\napproved and monitored regularly by the management
\nof the Group. Management assesses amounts receivable
\nfrom customers for recoverability starting from 30
\nand 60 days for receivables on sales of poultry meat
\nand receivables on other sales, respectively. As of 31
\nDecember 2023, approximately 21% of trade accounts
\nreceivable relates to the top 10 customers, of which 56%
\nbelongs to customers outside of Ukraine (31 December
\n2022: 25% and 79%, respectively).
\nThe credit risk on liquid funds is limited because almost
\nall counterparties are banks with high credit ratings
\nassigned by international credit-rating agencies; a
\nrelatively small portion of cash is held in Ukrainian
\nstate banks on current accounts.
\n
\n
\n\n\n\n\n\n\n\n\n\n\nLIQUIDITY RISK
\nLiquidity risk is the risk that the Group will not be able to
\nsettle all liabilities as they fall due. The Group\u2019s liquidity
\nposition is carefully monitored and managed. The Group
\nhas a detailed budgeting and cash forecasting process
\nto help ensure adequate cash is available to meet its
\npayment obligations.
\nThe following table details the Group\u2019s financial
\nliabilities by their remaining contractual maturity. The
\ntable has been drawn up based on the undiscounted cash
\nflows of financial liabilities using the earliest date the
\nGroup can be required to pay. The table includes both
\ninterest and principal cash flows as of 31 December 2023
\nand 2022. The amounts in the table may not be equal
\nto the carrying amounts in the statement of financial
\nposition since the table presents all cash outflows on
\nan undiscounted basis.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\nCARRYING
\nAMOUNT
\nCONTRACTUAL
\nAMOUNTS
\nLESS THAN
\n1 YEAR
\nFROM 2ND
\nTO 5TH YEAR
\nAFTER
\n5TH YEAR
\nYEAR ENDED 31 DECEMBER 2023
\nBank borrowings 381 439 164 256 19
\nBonds issued 1,259 1,490 423 695 372
\nLease liabilities 256 510 76 230 204
\nTrade accounts payable 142 142 142 - -
\nOther current liabilities 99 99 99 - -
\nTotal 2,137 2,680 904 1,181 595
\nYEAR ENDED 31 DECEMBER 2022
\nBank borrowings 295 310 183 120 7
\nBonds issued 1,424 1,764 119 1,252 393
\nLease liabilities 229 440 65 193 182
\nTrade accounts payable 123 123 123 - -
\nOther current liabilities 96 96 96 - -
\nTotal 2,167 2,733 586 1,565 582
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n37. RISK MANAGEMENT POLICIES
\n(continued)
\n\nLIQUIDITY RISK (continued)
\nThe Group\u2019s target is to maintain its current ratio, defined
\nas the proportion of current assets to current liabilities,
\nat the level of not less than 1.2. As of 31 December 2023
\nand 2022, the current ratio was as follows:
\n202 3 202 2
\nCurrent assets 1,588 1,556
\nCurrent liabilities 850 533
\n1.87 2.92
\nThe reduction of the current ratio as at 31 December
\n2023 compared to 2022 is principally attributable to the
\nreclassification of bonds scheduled to mature in May
\n2024 and totaling to USD 348 million, from long-term
\nto short-term liabilities. In January 2024, the partial
\nrepurchase of the bonds amounting to USD 138 million
\nwas closed. The repurchase was predominantly financed
\nby long-term loans from the international financial
\ninstitutions (Note 30). The Group plans to settle the
\nremaining outstanding bonds on their maturity dates.
\nThe repayment is planned to be also partially financed
\nby additional long-term loan tranches from the same
\ninternational financial institutions.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\nCURRENCY RISK
\nCurrency risk is the risk that the value of a financial
\ninstrument will fluctuate due to changes in foreign
\nexchange rates. The Group undertakes certain transactions
\ndenominated in foreign currencies. The Group does
\nnot use any derivatives to manage foreign currency risk
\nexposure. However, Management limits exposure to
\nforeign currency fluctuations to manage currency risk.
\nThe carrying amounts of the Group\u2019s foreign currency-
\ndenominated monetary assets and liabilities as of 31
\nDecember were as follows:
\n202 3 2022
\nUSD EUR USD EUR
\nAssets 255 107 178 117
\nLiabilities
\n1
\n1,449 225 1,498 136
\nNet liabilities 1,194 118 1,320 19
\n
\n1
\n Currency-denominated liabilities consist primarily of bonds issued and
\nbank 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 changes in foreign currency rates.
\nCHANGE IN
\nFOREIGN
\nCURRENCY
\nEXCHANGE
\nR AT E S
\nEFFECT
\nON PROFIT
\nBEFORE TAX,
\nGAIN/(LOSS)
\n2023
\nIncrease in USD
\nexchange rate
\n10% (119)
\nIncrease in EUR
\nexchange rate
\n10% (12)
\nDecrease in USD
\nexchange rate
\n2% 24
\nDecrease in EUR
\nexchange rate
\n2% 2
\n2022
\nIncrease in USD
\nexchange rate
\n20% (264)
\nIncrease in EUR
\nexchange rate
\n20% (4)
\nDecrease in USD
\nexchange rate
\n2% 26
\nDecrease in EUR
\nexchange rate
\n2% -
\n
\n\n\n\n\n\n\n\n\n\n\n\nDuring the year ended 31 December 2023 the Ukrainian
\nHryvnia depreciated against the EUR and USD by 7.72%
\nand 3.72% respectively (2022: depreciated against the
\nEUR by 20.61% and 25.41% against the USD). As a result,
\nduring the year ended 31 December 2023 the Group
\nrecognised net foreign exchange losses in the amount
\nof USD 40 million (2022: foreign exchange losses in the
\namount of USD 365 million) and cumulative translation
\nloss of USD 20 million (2022: USD 326 million) in
\nthe consolidated statement of profit or loss and other
\ncomprehensive income.
\nThe currency risk exposure is mitigated by the USD-
\ndenominated cash from sales of sunflower oil, grain, and
\nchicken meat, which are deemed sufficient for servicing
\nthe Group\u2019s foreign currency denominated liabilities.
\nInformation about export sales is presented in Note 6.
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
\n37. RISK MANAGEMENT POLICIES
\n(continued)
\n\nINTEREST RATE RISK
\nInterest rate risk arises from the possibility that interest
\nrate changes will primarily affect borrowings by changing
\nfuture cash flows. For variable rate borrowings, interest
\nis linked to SOFR, EURIBOR or UIRD.
\nThe table below illustrates the Group\u2019s sensitivity to
\nincreases or decreases in interest rates by 1%. The
\nanalysis was applied to interest-bearing bank borrowings
\nand lease obligations based on the assumption that the
\namount of liability outstanding as of the reporting date
\nwas significant for the whole year.
\nINCREASE/
\n(DECREASE)
\nOF FLOATING
\nR AT E
\nEFFECT
\nON PROFIT
\nBEFORE TAX,
\nGAIN/(LOSS)
\n2023
\nSOFR 1% (1)
\nSOFR -1% 1
\nEURIBOR 1% (2)
\nEURIBOR -1% 2
\n
\n2022
\nSOFR 1% -
\nSOFR -1% -
\nEURIBOR 1% (2)
\nEURIBOR -1% 2
\nThe effect of interest rate sensitivity on shareholders\u2019
\nequity is equal to that on the consolidated statement
\nof profit or loss.
\nLIVESTOCK DISEASES RISK
\nThe Group\u2019s agro-industrial business is subject to risks
\nof outbreaks of various diseases. The Group faces the
\nrisk of outbreaks of diseases, which are highly contagious
\nand destructive to susceptible livestock, such as avian
\ninfluenza or bird flu, for its poultry operations. These
\nand other diseases could result in mortality losses. The
\nGroup adopted disease control measures to minimize
\nand manage this risk. Management is satisfied that its
\ncurrent risk management and quality control processes
\nare adequate to prevent any outbreak of livestock
\ndiseases and related losses.
\nCOMMODITY PRICE
\nAND PROCUREMENT RISK
\nCommodity price risk arises from the risk of an adverse
\neffect on current or future earnings from fluctuations
\nin the prices of commodities. To mitigate this risk, the
\nGroup continues the expansion of its grain-growing
\nsegment as part of its vertical integration strategy. Also,
\nit accumulates sufficient commodity stock to meet its
\nproduction needs.
\n
\n
\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag370": {
"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 maximizing the return to the equity holders
\nthrough maintaining a balance between the higher
\nreturns that might be possible with higher levels of
\nborrowings and the security afforded by a sound capital
\nposition. The management of the Group reviews its
\ncapital structure regularly. Based on the results of this
\nreview, the Group takes steps to balance its overall
\ncapital structure through new share issues and the
\nissue of new debt or the redemption of existing debt.
\nIn addition to the target ratios of the covenants
\nestablished under the terms of the bonds issued and
\nbank borrowings (Notes 29 and 30), the Group\u2019s target
\nis to achieve a gearing ratio that is not higher than 2.5.
\nThe Group defines its gearing ratio as the proportion
\nof total liabilities to total equity.
\nAs of 31 December 2023 and 2022 the gearing ratio
\nwas as follows:
\n202 3 202 2
\nTotal Liabilities 2,319 2,363
\nTotal Equity 1,567 1,446
\nTotal Liabilities to Equity 1.48 1.63
\n
\n\n\n\n\n\n\n\n\n\n\n\n\nMAJOR CATEGORIES OF ASSETS AND
\nLIABILITIES CONSIDERED BY THE GROUP
\nFROM A RISK MANAGEMENT PERSPECTIVE
\n202 3 202 2
\nASSETS:
\nCash and cash equivalents
\n(Note 26)
\n436 300
\nTrade accounts receivable
\n(Note 24)
\n186 183
\nOther current financial
\nassets (Note 25)
\n34 22
\nNon-current financial assets
\n(Note 19)
\n8 8
\nLong-term bank deposits 2 3
\n666 516
\nLIABILITIES:
\nBonds issued (Note 30) 1,239 1,383
\nBank borrowings (Note 29) 379 294
\nLease liabilities (Note 31) 256 229
\nTrade accounts payable 142 123
\nAccrued payroll and related
\ntaxes (Note 32)
\n75 67
\nInterest payable
\n(Note 29, 30)
\n22 42
\nAmounts payable for
\nproperty, plant and
\nequipment (Note 32)
\n12 13
\nIncome tax payable (Note
\n32)
\n4 4
\nProvision for claims,
\npenalties and
\nindemnification (Note 32)
\n2 3
\nVAT payable (Note 32) 2 5
\nOther financial liabilities
\n(Note 32)
\n4 4
\n2,137 2,167
\nThe main risks inherent to the Group\u2019s operations are
\nthose related to credit risk, liquidity risk, currency risk,
\ninterest rate, and commodity price risk.
\n
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag371": {
"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
\nan obligation and cause the other party to incur a financial
\nloss. The Group does not hold any collateral or other
\ncredit enhancements to cover its credit risks associated
\nwith its financial assets. The amount of financial assets
\ndisclosed in the table \u201cMajor categories of assets and
\nliabilities considered by the Group from a risk management
\nperspective\u201d represents the maximum credit exposure.
\nThe Group structures the levels of credit risk it
\nundertakes by limiting the amount of risk accepted
\nby one customer or group of customers. The approved
\ncredit period for significant customer groups, including
\nfranchisees, distributors, and supermarkets, is 30 days.
\nLimits on the level of credit risk by customers are
\napproved and monitored regularly by the management
\nof the Group. Management assesses amounts receivable
\nfrom customers for recoverability starting from 30
\nand 60 days for receivables on sales of poultry meat
\nand receivables on other sales, respectively. As of 31
\nDecember 2023, approximately 21% of trade accounts
\nreceivable relates to the top 10 customers, of which 56%
\nbelongs to customers outside of Ukraine (31 December
\n2022: 25% and 79%, respectively).
\nThe credit risk on liquid funds is limited because almost
\nall counterparties are banks with high credit ratings
\nassigned by international credit-rating agencies; a
\nrelatively small portion of cash is held in Ukrainian
\nstate banks on current accounts.
\n
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag372": {
"value": "\nLIQUIDITY RISK
\nLiquidity risk is the risk that the Group will not be able to
\nsettle all liabilities as they fall due. The Group\u2019s liquidity
\nposition is carefully monitored and managed. The Group
\nhas a detailed budgeting and cash forecasting process
\nto help ensure adequate cash is available to meet its
\npayment obligations.
\nThe following table details the Group\u2019s financial
\nliabilities by their remaining contractual maturity. The
\ntable has been drawn up based on the undiscounted cash
\nflows of financial liabilities using the earliest date the
\nGroup can be required to pay. The table includes both
\ninterest and principal cash flows as of 31 December 2023
\nand 2022. The amounts in the table may not be equal
\nto the carrying amounts in the statement of financial
\nposition since the table presents all cash outflows on
\nan undiscounted basis.
\n
\n\n\n\n\n\n\n\n\n\n\n\nCARRYING
\nAMOUNT
\nCONTRACTUAL
\nAMOUNTS
\nLESS THAN
\n1 YEAR
\nFROM 2ND
\nTO 5TH YEAR
\nAFTER
\n5TH YEAR
\nYEAR ENDED 31 DECEMBER 2023
\nBank borrowings 381 439 164 256 19
\nBonds issued 1,259 1,490 423 695 372
\nLease liabilities 256 510 76 230 204
\nTrade accounts payable 142 142 142 - -
\nOther current liabilities 99 99 99 - -
\nTotal 2,137 2,680 904 1,181 595
\nYEAR ENDED 31 DECEMBER 2022
\nBank borrowings 295 310 183 120 7
\nBonds issued 1,424 1,764 119 1,252 393
\nLease liabilities 229 440 65 193 182
\nTrade accounts payable 123 123 123 - -
\nOther current liabilities 96 96 96 - -
\nTotal 2,167 2,733 586 1,565 582
\n
\n\n\n\n\n\n\n\n\n\n\n\nLIQUIDITY RISK (continued)
\nThe Group\u2019s target is to maintain its current ratio, defined
\nas the proportion of current assets to current liabilities,
\nat the level of not less than 1.2. As of 31 December 2023
\nand 2022, the current ratio was as follows:
\n202 3 202 2
\nCurrent assets 1,588 1,556
\nCurrent liabilities 850 533
\n1.87 2.92
\nThe reduction of the current ratio as at 31 December
\n2023 compared to 2022 is principally attributable to the
\nreclassification of bonds scheduled to mature in May
\n2024 and totaling to USD 348 million, from long-term
\nto short-term liabilities. In January 2024, the partial
\nrepurchase of the bonds amounting to USD 138 million
\nwas closed. The repurchase was predominantly financed
\nby long-term loans from the international financial
\ninstitutions (Note 30). The Group plans to settle the
\nremaining outstanding bonds on their maturity dates.
\nThe repayment is planned to be also partially financed
\nby additional long-term loan tranches from the same
\ninternational financial institutions.
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag373": {
"value": "\n
\nCURRENCY RISK
\nCurrency risk is the risk that the value of a financial
\ninstrument will fluctuate due to changes in foreign
\nexchange rates. The Group undertakes certain transactions
\ndenominated in foreign currencies. The Group does
\nnot use any derivatives to manage foreign currency risk
\nexposure. However, Management limits exposure to
\nforeign currency fluctuations to manage currency risk.
\nThe carrying amounts of the Group\u2019s foreign currency-
\ndenominated monetary assets and liabilities as of 31
\nDecember were as follows:
\n202 3 2022
\nUSD EUR USD EUR
\nAssets 255 107 178 117
\nLiabilities
\n1
\n1,449 225 1,498 136
\nNet liabilities 1,194 118 1,320 19
\n
\n1
\n Currency-denominated liabilities consist primarily of bonds issued and
\nbank 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 changes in foreign currency rates.
\nCHANGE IN
\nFOREIGN
\nCURRENCY
\nEXCHANGE
\nR AT E S
\nEFFECT
\nON PROFIT
\nBEFORE TAX,
\nGAIN/(LOSS)
\n2023
\nIncrease in USD
\nexchange rate
\n10% (119)
\nIncrease in EUR
\nexchange rate
\n10% (12)
\nDecrease in USD
\nexchange rate
\n2% 24
\nDecrease in EUR
\nexchange rate
\n2% 2
\n2022
\nIncrease in USD
\nexchange rate
\n20% (264)
\nIncrease in EUR
\nexchange rate
\n20% (4)
\nDecrease in USD
\nexchange rate
\n2% 26
\nDecrease in EUR
\nexchange rate
\n2% -
\n
\n\n\n\n\n\n\n\n\n\n\n\nDuring the year ended 31 December 2023 the Ukrainian
\nHryvnia depreciated against the EUR and USD by 7.72%
\nand 3.72% respectively (2022: depreciated against the
\nEUR by 20.61% and 25.41% against the USD). As a result,
\nduring the year ended 31 December 2023 the Group
\nrecognised net foreign exchange losses in the amount
\nof USD 40 million (2022: foreign exchange losses in the
\namount of USD 365 million) and cumulative translation
\nloss of USD 20 million (2022: USD 326 million) in
\nthe consolidated statement of profit or loss and other
\ncomprehensive income.
\nThe currency risk exposure is mitigated by the USD-
\ndenominated cash from sales of sunflower oil, grain, and
\nchicken meat, which are deemed sufficient for servicing
\nthe Group\u2019s foreign currency denominated liabilities.
\nInformation about export sales is presented in Note 6.
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\nINTEREST RATE RISK
\nInterest rate risk arises from the possibility that interest
\nrate changes will primarily affect borrowings by changing
\nfuture cash flows. For variable rate borrowings, interest
\nis linked to SOFR, EURIBOR or UIRD.
\nThe table below illustrates the Group\u2019s sensitivity to
\nincreases or decreases in interest rates by 1%. The
\nanalysis was applied to interest-bearing bank borrowings
\nand lease obligations based on the assumption that the
\namount of liability outstanding as of the reporting date
\nwas significant for the whole year.
\nINCREASE/
\n(DECREASE)
\nOF FLOATING
\nR AT E
\nEFFECT
\nON PROFIT
\nBEFORE TAX,
\nGAIN/(LOSS)
\n2023
\nSOFR 1% (1)
\nSOFR -1% 1
\nEURIBOR 1% (2)
\nEURIBOR -1% 2
\n
\n2022
\nSOFR 1% -
\nSOFR -1% -
\nEURIBOR 1% (2)
\nEURIBOR -1% 2
\nThe effect of interest rate sensitivity on shareholders\u2019
\nequity is equal to that on the consolidated statement
\nof profit or loss.
\nLIVESTOCK DISEASES RISK
\nThe Group\u2019s agro-industrial business is subject to risks
\nof outbreaks of various diseases. The Group faces the
\nrisk of outbreaks of diseases, which are highly contagious
\nand destructive to susceptible livestock, such as avian
\ninfluenza or bird flu, for its poultry operations. These
\nand other diseases could result in mortality losses. The
\nGroup adopted disease control measures to minimize
\nand manage this risk. Management is satisfied that its
\ncurrent risk management and quality control processes
\nare adequate to prevent any outbreak of livestock
\ndiseases and related losses.
\nCOMMODITY PRICE
\nAND PROCUREMENT RISK
\nCommodity price risk arises from the risk of an adverse
\neffect on current or future earnings from fluctuations
\nin the prices of commodities. To mitigate this risk, the
\nGroup continues the expansion of its grain-growing
\nsegment as part of its vertical integration strategy. Also,
\nit accumulates sufficient commodity stock to meet its
\nproduction needs.
\n
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag382": {
"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 changes in foreign currency rates.
\nCHANGE IN
\nFOREIGN
\nCURRENCY
\nEXCHANGE
\nR AT E S
\nEFFECT
\nON PROFIT
\nBEFORE TAX,
\nGAIN/(LOSS)
\n2023
\nIncrease in USD
\nexchange rate
\n10% (119)
\nIncrease in EUR
\nexchange rate
\n10% (12)
\nDecrease in USD
\nexchange rate
\n2% 24
\nDecrease in EUR
\nexchange rate
\n2% 2
\n2022
\nIncrease in USD
\nexchange rate
\n20% (264)
\nIncrease in EUR
\nexchange rate
\n20% (4)
\nDecrease in USD
\nexchange rate
\n2% 26
\nDecrease in EUR
\nexchange rate
\n2% -
\n
\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag374": {
"value": "\n
\n
\n38. PENSIONS AND
\nRETIREMENT PLANS
\n\nThe Group's employees receive pension benefits
\nfrom the government in accordance with the laws and
\nregulations of their respective jurisdictions.
\nThe Group contributed USD 73 million to the State
\nPension Fund for the year ended 31 December 2023,
\nwhich is recorded in the Consolidated Statement of
\nProfit or Loss and Other Comprehensive Income on an
\naccrual basis (compared to USD 64 million in 2022). The
\nUkrainian companies of the Group are not responsible
\nfor providing any additional pensions, post-retirement
\nhealthcare, insurance benefits, or retirement indemnities
\nto current or former employees, apart from pay-as-you-
\ngo expenses.
\nAccording to legislative regulations, collective contracts,
\nand internal rules, the European Operating Segment
\ncompanies are obligated to pay loyalty bonuses
\nand severance payments to employees upon their
\nretirement, for which long-term provisions are made.
\nProvisions are recognised in other operating expenses
\nin the Consolidated Statement of Profit or Loss and
\nOther Comprehensive Income, and in other non-current
\nliabilities in the Statement of Financial Position.
\n
\n
\n\n\n\n\n\nThe balances of provisions for employee benefits are
\npresented within other non-current liabilities and were
\nas follows as of 31 December 2023 and 2022:
\n202 3 202 2
\nProvisions for severance
\npayments
\n4.8 3.9
\nProvisions for loyalty
\nbonuses
\n1.0 0.9
\n5.8 4.8
\nThe following table represents movements in provisions
\nfor employee benefits for the years ended 31 December
\n2023 and 2022:
\nPROVISIONS
\nFOR
\nSEVERANCE
\nPAYMENTS
\nPROVISIONS
\nFOR LOYALTY
\nBONUSES
\nTOTAL
\n31 December 2021 4.7 1.2 5.9
\nFormation 0.4 0.1 0.5
\nExpenditure (1.0) (0.3) (1.3)
\nTranslation
\nDifferences
\n(0.2) (0.1) (0.3)
\n31 December 2022 3.9 0.9 4.8
\nFormation 1.1 0.2 1.3
\nExpenditure (0.4) (0.1) (0.5)
\nTranslation
\nDifferences
\n0.2 - 0.2
\n31 December 2023 4.8 1.0 5.8
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag375": {
"value": "\nThe Group's employees receive pension benefits
\nfrom the government in accordance with the laws and
\nregulations of their respective jurisdictions.
\nThe Group contributed USD 73 million to the State
\nPension Fund for the year ended 31 December 2023,
\nwhich is recorded in the Consolidated Statement of
\nProfit or Loss and Other Comprehensive Income on an
\naccrual basis (compared to USD 64 million in 2022). The
\nUkrainian companies of the Group are not responsible
\nfor providing any additional pensions, post-retirement
\nhealthcare, insurance benefits, or retirement indemnities
\nto current or former employees, apart from pay-as-you-
\ngo expenses.
\nAccording to legislative regulations, collective contracts,
\nand internal rules, the European Operating Segment
\ncompanies are obligated to pay loyalty bonuses
\nand severance payments to employees upon their
\nretirement, for which long-term provisions are made.
\nProvisions are recognised in other operating expenses
\nin the Consolidated Statement of Profit or Loss and
\nOther Comprehensive Income, and in other non-current
\nliabilities in the Statement of Financial Position.
\n
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag376": {
"value": "\nThe balances of provisions for employee benefits are
\npresented within other non-current liabilities and were
\nas follows as of 31 December 2023 and 2022:
\n202 3 202 2
\nProvisions for severance
\npayments
\n4.8 3.9
\nProvisions for loyalty
\nbonuses
\n1.0 0.9
\n5.8 4.8
\nThe following table represents movements in provisions
\nfor employee benefits for the years ended 31 December
\n2023 and 2022:
\nPROVISIONS
\nFOR
\nSEVERANCE
\nPAYMENTS
\nPROVISIONS
\nFOR LOYALTY
\nBONUSES
\nTOTAL
\n31 December 2021 4.7 1.2 5.9
\nFormation 0.4 0.1 0.5
\nExpenditure (1.0) (0.3) (1.3)
\nTranslation
\nDifferences
\n(0.2) (0.1) (0.3)
\n31 December 2022 3.9 0.9 4.8
\nFormation 1.1 0.2 1.3
\nExpenditure (0.4) (0.1) (0.5)
\nTranslation
\nDifferences
\n0.2 - 0.2
\n31 December 2023 4.8 1.0 5.8
\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag377": {
"value": "\n
\n39. EARNINGS PER SHARE
\nThe earnings and weighted average number of ordinary
\nshares used in calculation of earnings per share are as
\nfollows:
\n202 3 2022
\nLoss/(profit) for the year
\nattributable to equity
\nholders of the Parent
\n 144 (226)
\n(Loss)/earnings used in
\ncalculation of earnings
\nper share
\n 144 (226)
\nWeighted average
\nnumber of shares
\noutstanding (Note 27)
\n 107,038,208 107,038,208
\nBasic and diluted
\n(loss)/earnings per
\nshare (USD per share)
\n 1.35 (2.11)
\n\nThe Group has neither potentially dilutive ordinary
\nshares nor other dilutive instruments; therefore, the
\ndiluted earnings per share equal basic earnings per share.
\n
\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag379": {
"value": "\nThe Group has neither potentially dilutive ordinary
\nshares nor other dilutive instruments; therefore, the
\ndiluted earnings per share equal basic earnings per share.
\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag378": {
"value": "\n40. SUBSEQUENT EVENTS
\nTENDER OFFER TO REPURCHASE BONDS
\nAFTER THE REPORTING DATE
\nAs described in Notes 29 and 30, on 23 January 2024
\nthe Group completed the Tender Offer to repurchase
\noutstanding 2024 Notes with a principal amount of
\nUSD 138 million for consideration of USD 131 million.
\nThis early redemption was mainly financed using the
\ntranches from the international financial institutions
\n(Note 29).
\nPLANNED ACQUISITIONS IN 2024
\nOn 29 December 2023, the Group entered into an
\nagreement to acquire 81% of corporate rights in business
\nengaged in poultry farming and meat processing in
\nAlbania for an estimated consideration of EUR 16.8
\nmillion (equivalent of USD 18.1 million). Completion
\nof this transaction is subject to approval by relevant
\nregulatory bodies.
\nOn 15 April 2024, the Group entered into a share
\npurchase agreement to acquire 100% of the corporate
\nrights in business engaged in meat processing in Ukraine
\nfor an estimated consideration of EUR 14.0 million
\n(equivalent of USD 15.1 million). Up to the date of
\nauthorization of these financial statements, the Group
\nmade payment of EUR 3.5 million for 24.9% of respective
\ncorporate rights. This transaction is expected to be
\ncompleted by the end of the 2024 but remains subject
\nto certain conditions, including approval by relevant
\nregulatory bodies.
\n
\n
\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag380": {
"value": "\n41. AUTHORIZATION OF THE
\nCONSOLIDATED FINANCIAL
\nSTATEMENTS
\nThese consolidated financial statements were
\nauthorized for issue by the Board of Directors of MHP
\nSE on 02 May 2024.
\n
\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800D7DXFXGA292757",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}