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DTEK Energy B.V. Abbreviated Consolidated Financial Statements

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DTEK Energy B.V. Abbreviated Consolidated Financial Statements DTEK Energy B.V. Abbreviated Consolidated Financial Statements 31 December 2018 Independent auditor’s report To: the management board of DTEK Energy B.V. Report on the abbreviated consolidated financial statements 2018 Our opinion In our opinion the accompanying abbreviated consolidated financial statements 2018 of DTEK Energy B.V. (‘The Company’), are consistent, in all material respects, with the audited statutory financial statements, in accordance with the basis described in Note 3 on page 8 of the abbreviated consolidated financial statements. The abbreviated consolidated financial statements The Company’s abbreviated consolidated financial statements derived from the audited statutory financial statements for the year ended 31 December 2018 comprise: · the abbreviated consolidated balance sheet as at 31 December 2018; · the abbreviated consolidated income statement and statement of comprehensive income for the year then ended; · the abbreviated consolidated statement of changes in equity for the year then ended; · the abbreviated consolidated statement of cash flows for the year then ended; and the related notes to the abbreviated consolidated financial statements. The abbreviated consolidated financial statements do not contain all of the disclosures required by International Financial Reporting Standards as adopted by the European Union and with Part 9 of Book 2 of the Dutch Civil Code. Reading the abbreviated consolidated financial statements and the auditor’s report there on, therefore, is not a substitute for reading the audited statutory financial statements of DTEK Energy B.V. and the auditor’s report thereon. The audited statutory financial statements and the abbreviated consolidated financial statements do not reflect the events that occurred subsequent to the date of our report on the audited statutory financial statements. SFYAYFKSRVRU-452905381-27 PricewaterhouseCoopers Accountants N.V., Thomas R. Malthusstraat 5, 1066 JR Amsterdam, P.O. Box 90357, 1006 BJ Amsterdam, the Netherlands T: +31 (0) 88 792 00 20, F: +31 (0) 88 792 96 40, www.pwc.nl ‘PwC’ is the brand under which PricewaterhouseCoopers Accountants N.V. (Chamber of Commerce 34180285), PricewaterhouseCoopers Belastingadviseurs N.V. (Chamber of Commerce 34180284), PricewaterhouseCoopers Advisory N.V. (Chamber of Commerce 34180287), PricewaterhouseCoopers Compliance Services B.V. (Chamber of Commerce 51414406), PricewaterhouseCoopers Pensions, Actuarial & Insurance Services B.V. (Chamber of Commerce 54226368), PricewaterhouseCoopers B.V. (Chamber of Commerce 34180289) and other companies operate and provide services. These services are governed by General Terms and Conditions (‘algemene voorwaarden’), which include provisions regarding our liability. Purchases by these companies are governed by General Terms and Conditions of Purchase (‘algemene inkoopvoorwaarden’). At www.pwc.nl more detailed information on these companies is available, including these General Terms and Conditions and the General Terms and Conditions of Purchase, which have also been filed at the Amsterdam Chamber of Commerce. The audited statutory financial statements and our auditor’s report thereon We expressed an unmodified audit opinion on the audited statutory financial statements in our report dated 16 April 2019. The report also includes: · A ‘Material uncertainty related to going concern’ section that draws attention to the paragraph ‘going concern’ as included in Note 3 of the consolidated financial statements (as well as in paragraph ‘going concern’ in Note 3 of the abbreviated consolidated financial statements), which states that DTEK Energy B.V. has been negatively affected by the devaluation of the national currency of Ukraine in the period 2014 to 2016. This resulted in a breach of certain bank covenants and thus gave a number of the Group’s lenders the ability to legally require repayment of the respective debt on demand. In December 2016, the Group’s bonds were restructured. Furthermore, in 2017-2018 a majority of the Group’s bank borrowings were also restructured. The Group remains in discussions with lenders towards the goal of restructuring its remaining bank borrowings, which continue to be in breach of certain bank covenants. As a consequence, in order for the Group to achieve its positive cash flow estimates for periods throughout 2019 and the first six months of 2020, the Group among other assumptions made by management, is still dependent on the willingness of the Group’s remaining lenders not to demand repayment in relation to the unrestructured part of the debt and to continue their support of the Group. This, along with other matters as described in the paragraph ‘going concern’ as included in Note 3, indicates the existence of a material uncertainty which may cast significant doubt about the ability of DTEK Energy B.V. to continue as a going concern. Responsibilities of management for the abbreviated consolidated financial statements Management is responsible for the preparation of the abbreviated consolidated financial statements in accordance with the basis described in Note 3. Auditor’s responsibility Our responsibility is to express an opinion on whether the abbreviated consolidated financial statements are consistent, in all material respects, with the audited statutory financial statements based on our procedures, which we conducted in accordance with Dutch Law, including the Dutch Standard 810 ‘Engagements to report on summary financial statements’. Amsterdam, 16 April 2019 PricewaterhouseCoopers Accountants N.V. Original has been signed by A.G.J. Gerritsen RA DTEK Energy B.V. – SFYAYFKSRVRU-452905381-27 Page 2 of 2 CONTENTS Independent auditor’s report Abbreviated Consolidated Balance Sheet ...................................................................................................................... 1 Abbreviated Consolidated Income Statement ................................................................................................................ 2 Abbreviated Consolidated Statement of Comprehensive Income .................................................................................. 2 Abbreviated Consolidated Statement of Changes in Equity ........................................................................................... 3 Abbreviated Consolidated Statement of Cash Flows ..................................................................................................... 4 Notes to the Abbreviated Consolidated Financial Statements 1 The Organisation and its Operations ..................................................................................................................... 5 2 Operating Environment of the Group .................................................................................................................... 7 3 Significant Accounting Policies .............................................................................................................................. 8 4 Critical Accounting Estimates and Judgements .................................................................................................. 17 5 Adoption of New or Revised Standards and Interpretations ................................................................................ 20 6 Subsidiaries with material non-controlling interest .............................................................................................. 21 7 Segment Information ........................................................................................................................................... 22 8 Balances and Transactions with Related Parties ................................................................................................ 25 9 Property, Plant and Equipment ........................................................................................................................... 27 10 Intangible Assets ................................................................................................................................................. 29 11 Goodwill .............................................................................................................................................................. 30 12 Financial Investments.......................................................................................................................................... 32 13 Inventories ........................................................................................................................................................... 33 14 Trade and Other Receivables ............................................................................................................................. 33 15 Cash and Cash Equivalents ................................................................................................................................ 36 16 Loss of control over the operations of entities located in non-controlled territory ................................................ 37 17 Share Capital ...................................................................................................................................................... 39 18 Other Reserves ................................................................................................................................................... 40 19 Borrowings .........................................................................................................................................................
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