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State Oil Company of the Azerbaijan Republic International Financial State Oil Company of the Azerbaijan Republic International Financial Reporting Standards Consolidated financial statements 31 December 2017 State Oil Company of the Azerbaijan Republic Consolidated financial statements Contents Independent auditor’s report Consolidated financial statements Consolidated statement of financial position ...................................................................................................... 1 Consolidated statement of profit or loss and other comprehensive income ...................................................... 3 Consolidated statement of changes in equity..................................................................................................... 4 Consolidated statement of cash flows ................................................................................................................ 5 Notes to the consolidated financial statements 1. The Group and its operations ................................................................................................................... 6 2. Basis of preparation and significant accounting policies.......................................................................... 6 3. Critical accounting estimates and judgments ......................................................................................... 23 4. Adoption of new or revised standards and interpretations and new accounting pronouncements........ 27 5. Segment Information .............................................................................................................................. 32 6. Financial risk management .................................................................................................................... 37 7. Balances and transactions with related parties ...................................................................................... 44 8. Cash and cash equivalents and deposits .............................................................................................. 47 9. Restricted cash ....................................................................................................................................... 47 10. Available-for-sale investments ............................................................................................................... 47 11. Trade and other receivables .................................................................................................................. 48 12. Inventories .............................................................................................................................................. 49 13. Other current assets ............................................................................................................................... 49 14. Other non-current assets ....................................................................................................................... 49 15. Other non-current financial assets ......................................................................................................... 50 16. Property, plant and equipment ............................................................................................................... 51 17. Intangible assets other than goodwill ..................................................................................................... 52 18. Investments in joint ventures .................................................................................................................. 53 19. Investment in associates ........................................................................................................................ 56 20. Trade and other payables ...................................................................................................................... 60 21. Borrowings ............................................................................................................................................. 60 22. Taxes payable ........................................................................................................................................ 64 23. Asset retirement obligations ................................................................................................................... 64 24. Other provisions for liabilities and charges ............................................................................................ 65 25. Deferred income ..................................................................................................................................... 66 26. Other current and non-current liabilities ................................................................................................. 66 27. Deferred acquisition consideration payable ........................................................................................... 67 28. Charter capital, additional paid-in capital, retained earnings and gain on sale of subsidiary share ...... 67 29. Analysis of revenue by categories ......................................................................................................... 69 30. Analysis of expenses by nature ............................................................................................................. 69 31. Other operating income .......................................................................................................................... 69 32. Finance income ...................................................................................................................................... 70 33. Finance costs ......................................................................................................................................... 70 34. Income taxes .......................................................................................................................................... 70 35. Advances received for sale of interest ................................................................................................... 73 36. Put option liabilities ................................................................................................................................. 73 37. Significant non-cash investing and financing activities .......................................................................... 74 38. Changes in liabilities arising from financing activities ............................................................................ 74 39. Contingences, commitments and operating risks .................................................................................. 74 40. Business combination, acquisition of non-controlling interests, acquisition of subsidiary which is not a business, acquisition of interests in PSA, goodwill and intangible asset with indefinite useful life ................................................................................................................................. 82 41. Material partly-owned subsidiaries ......................................................................................................... 86 42. Events after reporting date ..................................................................................................................... 89 State Oil Company of the Azerbaijan Republic Consolidated financial statements Consolidated statement of financial position (Amounts presented are in millions of Azerbaijani Manats) 31 December 31 December 2016 Note 2017 (reclassified*) Assets Current assets Cash and cash equivalents 8 5,217 4,163 Restricted cash 9 265 121 Deposits 8 218 1,039 Available-for-sale investments 10 174 82 Trade and other receivables 11 10,007 8,618 Inventories 12 4,810 4,968 Other current assets 13 1,614 1,564 Total current assets 22,305 20,555 Non-current assets Property, plant and equipment 16 25,669 20,116 Goodwill 40 327 342 Intangible assets other than goodwill 17 739 689 Investments in joint ventures 18 5,022 4,555 Investments in associates 19 4,571 4,442 Deferred tax assets 34 905 841 Other non-current financial assets 15 685 578 Other non-current assets 14 1,124 889 Total non-current assets 39,042 32,452 Total assets 61,347 53,007 Equity Charter capital 28 3,036 1,802 Additional paid-in capital 28 4,541 2,159 Retained earnings 7,357 6,265 Other capital reserves (6) (46) Put option on company’s shares (1,310) (1,305) Gain on sale/purchase of subsidiary share 28 1,181 1,280 Cumulative translation differences 5,806 6,292 Equity attributable to equity holders of the Group 20,605 16,447 Non-controlling interests 1,370 1,257 Total equity 21,975 17,704 * Certain amounts shown here do not correspond to the 2016 financial statements and reflect reclassifications made as detailed in Note 2. The accompanying notes are an integral part of these consolidated financial statements. 1 State Oil Company of the Azerbaijan Republic Consolidated financial statements Consolidated statement of profit or loss and other comprehensive income (Amounts presented are in millions of Azerbaijani Manats) Note 2017 2016 Revenue 29 92,571 51,905 Cost of sales 30 (87,352) (47,387) Gross profit 5,219 4,518 Distribution expenses 30 (864) (814) General and administrative expenses 30 (1,267) (1,092) Loss on disposal of property, plant and equipment and intangible assets (26) (34) Social expenses (125) (148) Exploration and evaluation expenses 30 (38) (35) Other operating expenses 30 (1,326) (1,196) Other operating income 31 949 697 Operating profit 2,522 1,896 Finance income 32 117 189 Finance
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