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Metinvest B.V. Summary IFRS Consolidated Financial Statements

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Metinvest B.V. Summary IFRS Consolidated Financial Statements Metinvest B.V. Summary IFRS Consolidated Financial Statements 31 December 2019 Contents Summary IFRS Consolidated Financial Statements Independent auditor`s report Summary Consolidated Balance Sheet ...................................................................................................................... 1 Summary Consolidated Income Statement ................................................................................................................. 2 Summary Consolidated Statement of Comprehensive Income ................................................................................... 2 Summary Consolidated Statement of Cash Flows ...................................................................................................... 3 Summary Consolidated Statement of Changes in Equity ........................................................................................... 4 Notes to the Summary IFRS Consolidated Financial Statements 5–56 1 Metinvest B.V. and its operations .................................................................................................................... 5 2 Operating environment of the Group ............................................................................................................... 5 3 Basis of preparation and significant accounting policies .................................................................................. 6 4 Critical accounting estimates and judgements in applying accounting policies ............................................. 17 5 Adoption of new or revised standards and interpretations ............................................................................. 19 6 New accounting pronouncements.................................................................................................................. 20 7 Segment information ...................................................................................................................................... 21 8 Goodwill ......................................................................................................................................................... 24 9 Other intangible assets .................................................................................................................................. 27 10 Property, plant and equipment ....................................................................................................................... 28 11 Investments in associates and joint ventures ................................................................................................ 29 12 Inventories ..................................................................................................................................................... 34 13 Trade and other receivables .......................................................................................................................... 35 14 Cash and cash equivalents ............................................................................................................................ 38 15 Share capital and share premium .................................................................................................................. 39 16 Other reserves ............................................................................................................................................... 39 17 Material non-controlling interests in subsidiaries ........................................................................................... 40 18 Loans and borrowings ................................................................................................................................... 41 19 Deferred consideration and seller’s notes ...................................................................................................... 44 20 Retirement benefit obligations ....................................................................................................................... 44 21 Other non-current liabilities ............................................................................................................................ 46 22 Trade and other payables .............................................................................................................................. 46 23 Net operating costs (excluding items shown separately) ............................................................................... 46 24 Finance income ............................................................................................................................................. 47 25 Finance costs ................................................................................................................................................ 47 26 Income tax ..................................................................................................................................................... 47 27 Balances and transactions with related parties .............................................................................................. 50 28 Contingencies, commitments and operating risks ......................................................................................... 52 29 Financial risk management ............................................................................................................................ 53 30 Capital risk management ............................................................................................................................... 55 31 Fair values of financial instruments................................................................................................................ 56 32 Reconciliation of classes of financial instruments with measurement categories .......................................... 56 33 Events after the balance sheet date .............................................................................................................. 56 Independent auditor’s report To: the board of directors of Metinvest B.V. Report on the summary IFRS consolidated financial statements 2019 Our opinion In our opinion, the accompanying summary IFRS consolidated financial statements 2019 of Metinvest B.V. (‘the Company’), are consistent, in all material respects, with the audited statutory financial statements, on the basis described in note 1. The summary consolidated financial statements The Company’s summary IFRS consolidated financial statements derived from the audited statutory financial statements for the year ended 31 December 2019 comprise: the summary consolidated balance sheet as at 31 December 2019; the summary consolidated income statement for the year then ended; the summary consolidated statement of comprehensive income for the year then ended; the summary consolidated statement of changes in equity for the year then ended; the summary consolidated statement of cash flows for the year then ended; and the related notes to the summary IFRS consolidated financial statements. The summary IFRS consolidated financial statements do not contain all the disclosures required by International Financial Reporting Standards as adopted by the European Union and Part 9 of Book 2 of the Dutch Civil Code. Reading the summary IFRS consolidated financial statements and the auditor’s report thereon, therefore, is not a substitute for reading the audited statutory financial statements and the auditor’s report thereon. The audited statutory financial statements and the summary IFRS consolidated financial statements do not reflect the events that occurred subsequent to the date of our report on the audited statutory financial statements. 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 26 February 2020. That report also includes: The communication of key audit matters. Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the statutory financial statements of the current period. CJCDMUWRQJDN-1924338701-43 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. Responsibilities of management for the summary IFRS consolidated financial statements Management is responsible for the preparation of the summary
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