Consolidated Annual Report of Magyar Telekom Telecommunications Public

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Consolidated Annual Report of Magyar Telekom Telecommunications Public CONSOLIDATED ANNUAL REPORT OF MAGYAR TELEKOM TELECOMMUNICATIONS PUBLIC LIMITED COMPANY FOR THE YEAR ENDED DECEMBER 31, 2018 Consolidated Financial Statements and management report OF MAGYAR TELEKOM TELECOMMUNICATIONS PUBLIC LIMITED COMPANY FOR THE YEAR ENDED DECEMBER 31, 2018 1 INDEX TO THE CONSOLIDATED ANNUAL REPORT Consolidated Financial Statements ............................................................................................................................... 4 INDEPENDENT AUDITOR’S REPORT.......................................................................................................................................... 5 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ....................................................................................................... 12 CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME............................................... 13 CONSOLIDATED STATEMENTS OF CASH FLOWS.................................................................................................................... 15 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY ........................................................................................................ 16 NOTES TO THE CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY ............................................................................... 17 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS .................................................................................................... 19 1 GENERAL INFORMATION ................................................................................................................................................. 19 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES....................................................................................................... 25 3 CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS ................................................................................................... 30 4 FINANCIAL INSTRUMENTS ............................................................................................................................................... 34 5 FINANCIAL RISK MANAGEMENT....................................................................................................................................... 58 6 INCOME TAX..................................................................................................................................................................... 66 7 INVENTORIES ................................................................................................................................................................... 72 8 ASSETS HELD FOR SALE AND LIABILITIES ASSOCIATED WITH ASSETS HELD FOR SALE ................................................. 72 9 PROPERTY, PLANT AND EQUIPMENT ............................................................................................................................... 73 10 INTANGIBLE ASSETS ...................................................................................................................................................... 77 11 INVESTMENTS IN ASSOCIATES AND JOINT ARRANGEMENTS ........................................................................................ 82 12 OTHER ASSETS .............................................................................................................................................................. 83 13 PROVISIONS ................................................................................................................................................................... 84 14 OTHER CURRENT LIABILITIES ........................................................................................................................................ 85 15 OTHER NON CURRENT LIABILITIES................................................................................................................................ 86 16 NON-CONTROLLING INTERESTS .................................................................................................................................... 86 17 LEASES .......................................................................................................................................................................... 87 18 REVENUE ....................................................................................................................................................................... 91 19 DIRECT COSTS ............................................................................................................................................................... 96 20 EMPLOYEE RELATED EXPENSES.................................................................................................................................... 96 21 OTHER OPERATING EXPENSES.................................................................................................................................... 100 22 OTHER OPERATING INCOME........................................................................................................................................ 101 23 INTEREST INCOME ....................................................................................................................................................... 102 24 INTEREST EXPENSE ..................................................................................................................................................... 102 25 OTHER FINANCE EXPENSE – NET................................................................................................................................. 103 26 CHANGES IN THE GROUP ............................................................................................................................................ 103 27 EARNINGS PER SHARE................................................................................................................................................. 106 28 PURCHASE OF PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS ......................................................... 107 29 PURCHASE OF SUBSIDIARIES AND BUSINESS UNITS................................................................................................... 108 2 30 CONTINGENT ASSETS AND LIABILITIES ....................................................................................................................... 108 31 PURCHASE COMMITMENTS ......................................................................................................................................... 109 32 RELATED PARTY TRANSACTIONS ................................................................................................................................ 109 33 REPORTABLE SEGMENTS AND INFORMATION ABOUT GEOGRAPHICAL AREAS ......................................................... 111 34 REGULATED MARKETS AND PROCEDURES ................................................................................................................. 115 35 EVENTS AFTER THE REPORTING PERIOD .................................................................................................................... 120 Consolidated Business ReporT...................................................................................................................................... 121 3 Consolidated Financial Statements OF MAGYAR TELEKOM TELECOMMUNICATIONS PUBLIC LIMITED COMPANY FOR THE YEAR ENDED DECEMBER 31, 2018 PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS ENDORSED BY THE EUROPEAN UNION (EU IFRS) 4 INDEPENDENT AUDITOR’S REPORT 5 6 7 8 9 10 11 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION At December 31, Note 2017 2018 (in HUF millions) ASSETS Current assets Cash and cash equivalents 4.2.1 5,399 7,204 Trade................................ receivables ................................and other assets ........................................................................... 4.2.2, 12.1, 18 157,745 195,220 ................................Other current financial................................ assets ........................................................................... 4.2.3.1 8,162 11,631 Current................................ income tax................................ receivable ........................................................................... 6.1 384 254 ................................Inventories ........................................................................................................... 7 17,175 19,118 ................................ ........................................................................................................... 188,865 233,427 Assets held for sale 8 162 - ................................ Total current assets................................ ........................................................................... 189,027 233,427 ................................ Non current assets................................ ........................................................................... Property, plant and equipment 9 458,343 443,147 ................................Intangible assets ........................................................................................................... 10 441,458 447,952 Investments................................ in associates................................ and joint ventures................................ ........................................... 11 1,324 1,393 ................................Deferred
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