4.3.2 –Cationes solubles más intercambiables.
Grafico 1.- Clasificación de las aguas, de acuerdo a las Normas de Riverside.
On 3 December 2007 the shareholders of the Company have taken a decision about splitting of the currently outstanding shares into ten (10) shares with a nominal value of ten Eurocent (€ 0.10) each and future issuing of 24,100,000 of ordinary shares, amounting EUR 2,410 thousand. The Shareholder has pre-paid EUR 2,410 thousand for these shares on the basis of the preliminary agreement on issuing and purchase of shares signed on 4 December 2007.
On 9 June 2008 the Company issued 24,100,000 ordinary shares with a nominal value of ten Eurocent (€ 0.10). As at 09 June, 2008 the Company’s issued capital amounts to EUR 2,500 thousand.
The authorised, issued and paid up share capital of Milkiland N.V. amounts to EUR 2,500 thousand (2008: EUR 2,500 thousand). 19. Revenue 2009 2008 Cheese 87,070 83,881 Whole-milk products 86,687 127,286 Butter 12,908 23,095 Dry milk products 9,317 29,005 Ice-cream 1,223 2,317 Other 2,803 4,833 –––––––– –––––––– Total 200,008 270,417
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Regional sales during the year ended 31 December was as follows:
2009 2008
Country net sales % of sales net sales % of sales
Russia 127,600 64% 147,803 55% Ukraine 62,055 31% 100,297 37% Kazakhstan 3,873 2% 7,617 3% Poland 284 0% – 0% Moldova 451 0% – 0% Belorussia 207 0% 307 0% Azerbaijan – 0% 893 0% Holland – 0% 6,051 2% Denmark – 0% 720 0% Italia – 0% – 0% Singapore – 0% 616 0% Armenia – 0% 758 0% Germany – 0% 763 0% Afghanistan – 0% – 0% Other 5,538 3% 4,592 2% –––––––– –––––––– Total 200,008 270,417
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20. Cost of sales 2009 2008 Raw materials 81,151 124,149 Other materials 8,904 13,083 Wages and salaries 7,883 9,448 Depreciation 6,405 7,952 Transportation costs 5,810 6,715 Gas 5,457 5,351 Electricity 3,687 4,338 Social insurance and state pension plan contributions 2,497 3,088 Repairs of property, plant and equipment 1,215 1,374 Cost of sold materials 1,179 1,707 2009 2008 Water 847 915 Other 4,940 9,411 –––––––– –––––––– 129,975 187,531–––––––– ––––––––
In 2009 other materials are shown net of government grant at the amount of EUR 680 thousand (2008: nil) (note 17).21. Selling expenses
2009 2008
Transportation costs 9,108 11,314 Security and other services 2,136 1,647 Marketing and advertising 1,918 1,669 Wages and salaries 3,816 3,972 Social insurance and state pension plan contributions 923 984
Licence fees 143 88
Rental costs 131 135
Depreciation and amortisation 90 61
Other 422 439 –––––––– –––––––– 18,687 20,309
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22. Administrative expenses 2009 2008Wages and salaries 8,181 11,282 Representative charges 3,491 7,133 Social insurance, state pension plan contributions and other charges 2,793 3,605 Other utilities 2,345 5,053 Consulting fees 1,726 1,158 Bank commission 1,322 1,722 Repairs and maintenance 1,292 2,733 Depreciation and amortisation 1,186 1,652 Security and other services 1,039 1,360 Transportation costs 709 1,236 Property insurance 512 383 Licence fees 460 614 Rental costs 307 435 Communication 228 363 Office supplies 70 107 Other 589 905 –––––––– –––––––– Total 26,250 39,741
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23. Other income and expenses 2009 2008
Other operating income 302 416
Profit from disposal of financial investments 163 101
Gain/(loss) from disposal of non-current assets 23 (779)
Penalties (154) (530)
Loss from write off of inventories (423) (1,187) Change in provision and write off of trade and other accounts receivable (275) (1,339) Loss from revaluation of non-current assets (1,610) (1,416) Other expenses (1,259) (1,122) –––––––– ––––––––
(3,233) (5,856)
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24. Finance income and expenses
2009 2008
Finance income – Bank deposits 430 31
– Trade and other accounts receivable 423 –
–––––––– –––––––– 853 31 –––––––– –––––––– Finance expenses – Bank borrowings (13,390) (14,081) – Other borrowings (570) (563) – Finance leases (226) (409) –––––––– –––––––– (14,186) (15,053)
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Net finance expense recognised in statements of comprehensive income (13,333) (15,022)
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25. Income tax 2009 2008
Income tax expense – current (891) (2,655) Deferred tax (expense) benefit – origination and reversal of temporary differences 1,137 (925)
Deferred tax expense (income) resulting from reduction in tax rate – 1,091 –––––––– ––––––––
Income tax (expense) benefit 245 (2,489)
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The Group operates in several tax jurisdictions, depending on the residence of its subsidiaries (primarily in Ukraine and Russia). In 2009 Ukrainian corporate income tax was levied on taxable income less allowable expenses at the rate of 25 per cent. (2008: 25 per cent.), Russian profit was levied at the rate of 20 per cent. (2008: 24 per cent.) The profit of two Ukrainian companies of the Group was subject to single agricultural tax, which is estimated based on the land area and normative valuation of the land. In 2009 the Group has reflected the single tax at the amount of EUR 4 thousand (2008: EUR 3 thousand) in administrative expenses. In 2009 the tax rate for Panama operations was 0 per cent. (2008: 0 per cent.) on worldwide income. Reconciliation between the expected and the actual taxation charge is provided below. 2009 2008
Profit/(loss) before taxation, including 7,922 (13,509) Profit of companies levied a single agricultural tax (Ukrainian operations) 5,059 26,775 Loss of other Ukrainian companies (29,456) (37,797) Profit of Ostankino Dairy Combine (38) 3,710 (Loss)/profit before income tax of non-Ukrainian companies 32,357 (6,197) –––––––– ––––––––
Income tax charge at statutory rate of 25% (Ukrainian operations) (7,364) (9,449) –––––––– ––––––––
Income tax charge at statutory rate of 20% (2008: 24%) (Russian operations) (8) 890
Income tax charge at statutory rate of 25.5% (Dutch operations) – –
Income tax charge at statutory rate of 0% (Panama) – –
Change in deferred taxes resulting from reduction in tax rate – (1,091) Provision in respect of irrecoverable deferred tax asset 3,679 492
Reassessment of deferred tax liability 238 (862)
Tax effect of items which are permanently not deductible or assessable for taxation purposes 3,210 12,509 –––––––– ––––––––
Income tax expense (245) 2,489
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At the existing Group’s structure tax losses and current tax assets of one company cannot be offset against current income tax liabilities of another company. Correspondently, taxes may be accrued even if there is a net consolidated tax loss. Thus, deferred tax assets of one company of the Group are not subject to offsetting against deferred tax liabilities of another company of the Group. The deferred tax liabilities and assets reflected in the consolidated balance sheets as at 31 December are as follows:
2009 2008
Deferred tax liability (25,993) (24,837) Deferred tax asset 5,545 6,989 –––––––– ––––––––
(20,448) (17,848)
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As at 31 December 2009 deferred tax assets are shown net of provision for irrecoverable deferred tax assets at the amount of EUR 3,741 thousand (2008: nil) Differences between IFRS and the Ukrainian tax legislation result in temporary differences between the carrying amount of assets and liabilities with the purpose to prepare financial statements and a tax basis for the income tax calculation. The following tables summarise the components of temporary differences that give rise to deferred tax assets and liabilities: Deferred tax
relating to
Deferred tax items that are
income charged or
or expense credited
31 December recognised in directly Currency 31 December 2008 profit or loss to equity Translation 2009
Recognised deferred tax assets attributable to the following elements: Trade and other receivables 255 959 – (56) 1,158 Inventories 188 (165) – (11) 12
Other non-current liabilities 78 25 – (3) 100
Property, plant and equipment 599 (596) – (3) –
Trade and other payables 186 16 – (15) 187
Advances received 33,619 18,672 – (2,626) 49,665 Other 248 (171) – (15) 62
Less accrued provision – (3,926) – 107 (3,819) –––––––––– –––––––––– –––––––––– –––––––––– ––––––––––
Deferred tax assets 35,173 14,814 – (2,622) 47,365
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Recognised deferred tax liabilities attributable to the following elements: Inventories 26 (25) – (1) –
Trade and other receivables – – – – –
Advances paid and prepaid expenses (36,351) (15,160) – 2,683 (48,828) Property, plant and equipment (16,684) 1,496 (4,522) 725 (18,985) Other (12) 12 – – –
–––––––––– –––––––––– –––––––––– –––––––––– ––––––––––
Deferred tax liabilities (53,021) (13,677) (4,522) 3,407 (67,813)
–––––––––– –––––––––– –––––––––– –––––––––– ––––––––––
Total deferred tax assets and liabilities (17,848) 1,137 (4,522) 785 (20,448)
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Comparative information for 2008:
Deferred tax
relating to
Deferred tax items that are
income charged or
Purchased or expense credited
31 December with recognised in directly Currency 31 December 2007 subsidiaries profit or loss to equity Translation 2008
Recognised deferred tax assets attributable to the following elements: Loss carry-forward – 761 (750) – (11) –
Trade and other receivables – 248 45 – (38) 255
Inventories – – 214 – (26) 188
Other non-current liabilities – – 88 – (10) 78
Property, plant and equipment – – 572 – 27 599
Trade and other payables – 97 116 – (27) 186
Advances received – 2,860 29,242 – 1,517 33,619 Other – 89 195 – (36) 248
––––––––– ––––––––– ––––––––– ––––––––– ––––––––– –––––––––
Deferred tax assets – 4,055 29,722 – 1,396 35,173
––––––––– ––––––––– ––––––––– ––––––––– ––––––––– –––––––––
Recognised deferred tax liabilities attributable to the following elements: Inventories – (845) 857 – 14 26
Advances paid and prepaid expenses – (2,860) (31,848) – (1,643) (36,351) Property, plant and equipment – (8,837) 1,200 (10,018) 971 (16,684) Other – (250) 235 – 3 (12)
––––––––– ––––––––– ––––––––– ––––––––– ––––––––– –––––––––
Deferred tax liabilities – (12,792) (29,556) (10,018) (655) (53,021)
––––––––– ––––––––– ––––––––– ––––––––– ––––––––– –––––––––
Total deferred tax assets and liabilities – (8,737) 166 (10,018) 741 (17,848)
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The analysis of deferred tax assets and deferred tax liabilities is as follows: 2009 2008
Deferred tax assets: – Deferred tax asset to be recovered after more than 12 months 1,372 1,154 – Deferred tax asset to be recovered within 12 months 45,993 34,019 –––––––– ––––––––
47,365 35,173
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2009 2008
Deferred tax liabilities: – Deferred tax liability to be recovered after more than 12 months (7,696) (7,123) – Deferred tax liability to be recovered within 12 months (60,117) (45,898) –––––––– ––––––––
(67,813) (53,021)
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Deferred tax liabilities, net (20,448) (17,848)
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Management assesses whether valuation allowances should be established against deferred tax assets based on consideration of all available evidence, both positive and negative. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry forward periods, the experience with tax attributes expiring unused and tax planning alternatives. In making such judgments, significant weight is given to evidence that can be objectively verified.The Company’s ability to realise deferred tax assets depends on the ability to generate sufficient taxable income within the carry back or carry forward periods provided for in the tax law for each applicable tax jurisdiction.
Based on the evaluation the Company determined the provision at the amount of EUR 3,926 thousand. 26. Correction of errors and reclassifications
In the course of preparation of financial statements for 2009 management has revised the classification of certain items of the statement of comprehensive income for 2008. Restated comparative figures in the statement of financial position of the beginning of the comparative period are not presented as the restatements in these figures are not material.
Effects of reclassifications of statement of comprehensive income for 2008 are summarised in the table below:
As
previously Reclassifi- As Notes reported cations reclassified Statement of comprehensive income
Sales 1 272,509 (2,092) 270,417 Cost of sales 2,3,4 (186,325) (1,206) (187,531) Selling expenses 1,2,3 (20,309) (20,309) Depreciation and amortisation 2 (9,665) 9,665 – Administrative expenses 2,3,4,5,7 (54,423) 14,682 (39,741) Other income/(expenses) 5,7 (5,153) (703) (5,856) Foreign exchange loss, net 7 (15,819) (37) (15,856) ––––––––– ––––––––– ––––––––– Statement of financial position
Other current liabilities 6 325 (325) – Trade and other payables 6,7 18,852 309 19,161
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Notes
1. Discounts provided to customers at the amount EUR 2,092 thousand, that were presented as advertisement expenses, were classified as a reduction from revenue.
2. Classification of depreciation expenses as cost of sales at the amount of EUR 8,014 thousand, administrative expenses at the amount of EUR 1,590 thousand and selling expenses at the amount of EUR 61 thousand.
3. Classification of selling expenses as a separate line item of the statement of comprehensive income. At the result of such reclassification cost of sales reduced by EUR 7,858 thousand, administrative expenses reduced by EUR 14,482 thousand. 4. Classification of bonuses for the milk purchased from farmers at the amount of EUR 1,113 thousand as cost of sales.
5. Classification of changes in provisions for bad and doubtful debts at the amount of EUR 1,339 thousand as other operating expenses.
6. Other current liabilities (which included the provision for audit and provision for unused vacation) at the amount of EUR 325 k are reclassified to trade and other payables
7. Other reclassifications.