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JSC «Ukrposhta» IFRS Financial Statements 31.12.2018

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JSC «Ukrposhta» IFRS Financial Statements 31.12.2018 JSC Ukrposhta International Financial Reporting Standards Financial Statements and Independent Auditor’s Report 31 December 2018 Contents Independent Auditor’s Report IFRS Financial statements Balance Sheet (Statement of Financial Position) (Form No 1) ....................................................................................... 1 Statement of Financial Results (Statement of Comprehensive Income) (Form No 2) .................................................... 3 Statement of Cash Flows (Form No 3) ........................................................................................................................... 5 Statement of Changes in Equity (Form No 4) ................................................................................................................ 6 Notes to Financial Statements 1 JSC Ukrposhta.................................................................................................................................................... 7 2 Operating environment ....................................................................................................................................... 7 3 Significant accounting policies ............................................................................................................................ 8 4 Critical accounting estimates and judgements in applying policies ................................................................... 16 5 Adoption of new or revised standards and interpretations ................................................................................ 17 6 New standards and interpretations not yet adopted.......................................................................................... 19 7 Balances and transactions with related parties ................................................................................................. 22 8 Segment information ......................................................................................................................................... 22 9 Property, plant and equipment and construction in progress ............................................................................ 23 10 Inventories ........................................................................................................................................................ 24 11 Accounts receivable for goods, works and services, advances issued and other current accounts receivable 25 12 Cash and cash equivalents ............................................................................................................................... 27 13 Assets and liabilities on occupied territories ..................................................................................................... 28 14 Share capital ..................................................................................................................................................... 28 15 Borrowings ........................................................................................................................................................ 29 16 Trade accounts payable ................................................................................................................................... 31 17 Accruals and other liabilities ............................................................................................................................. 32 18 Deferred revenue .............................................................................................................................................. 32 19 Other current liabilities ...................................................................................................................................... 33 20 Revenue from sales of goods, works and services ........................................................................................... 33 21 Cost of sales of goods, works and services ...................................................................................................... 35 22 Selling expenses............................................................................................................................................... 35 23 Administrative expenses ................................................................................................................................... 35 24 Other operating expenses ................................................................................................................................ 36 25 Other financial income ...................................................................................................................................... 36 26 Financial expenses ........................................................................................................................................... 36 27 Other operating income .................................................................................................................................... 37 28 Income tax ........................................................................................................................................................ 37 29 Contingencies and commitments ...................................................................................................................... 40 30 Financial risk management ............................................................................................................................... 40 31 Capital risk management .................................................................................................................................. 42 32 Accounting policies before 1 January 2018 ...................................................................................................... 42 33 Subsequent events ........................................................................................................................................... 44 Independent Auditor’s Report To the Shareholder and Management of JSC Ukrposhta Report on the audit of the financial statements Our qualified opinion In our opinion, except for the effects and possible effects of the matters described in the Basis for qualified opinion section of our report, the financial statements present fairly, in all material respects, the financial position of Joint Stock Company Ukrposhta (the “Company” or JSC “Ukrposhta”) as at 31 December 2018, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (“IFRS”) and comply, in all material respects, with financial reporting requirements of the Law on Accounting and Financial Reporting in Ukraine. Our auditor’s report is consistent with our additional report to the Audit Committee dated 13 December 2019. What we have audited The Company’s financial statements comprise: • the balance sheet (statement of financial position) (Form 1) as at 31 December 2018; • the statement of financial results (statement of comprehensive income) (Form 2) for the year then ended; • the statement of cash flows (indirect method) (Form 3) for the year then ended; • the statement of changes in equity (Form 4) for the year then ended; and • the notes to the financial statements, which include significant accounting policies and other explanatory information. Basis for qualified opinion Misstatements and insufficient evidence over selected revenue streams and associated liabilities We were not able to obtain sufficient and appropriate audit evidence and identified misstatements with respect to the following Revenue streams for the sale of goods, works and services and Other operating income for the years ended 31 December 2018 and 31 December 2017 and the carrying amounts of the following liabilities as at 31 December 2018 and 31 December 2017: 1. Provision of postal services in respect of the portion settled by means other than direct payments to the Company’s bank accounts, which amounts to UAH 418,338 thousand of revenue from delivery of letters, UAH 808,868 thousand of revenue from delivery of parcels, small packages and UAH 49,510 thousand of revenue from other postal services (2017: total revenue from provision of the above postal services, which amounts to UAH 1,819,956 thousand) as disclosed in Note 20. Consequently, we were not able to obtain sufficient and appropriate audit evidence to confirm a portion of the balance of unused postage stamps in the amount of UAH 16,551 thousand as at 31 December 2018 (31 December 2017: UAH 8,632 thousand) reported in the balance sheet under Deferred revenue as disclosed in Note 18. 2. UAH 102,338 thousand, which represents a portion of revenues from collection of utility payments and UAH 233,926 thousand of revenues from postal money transfers (2017: total revenue from provision of financial services of UAH 742,780 thousand) as disclosed under Financial services in Note 20, and related balances of collected third party payments in the amount of UAH 404,288 thousand as at 31 December 2017 and money transfers due to customers of UAH 329,281 thousand as at 31 December 2018 (31 December 2017: UAH 270,904 thousand) reported in the balance sheet under Other current liabilities as disclosed in Note 19. Also we were not able to obtain sufficient and appropriate audit evidence to confirm a portion of foreign exchange gains less losses related to postal money transfers disclosed as revenues from other financial services in Note 20 in the amount of UAH
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