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  • PJSC GAZPROM

    IFRS CONSOLIDATED INTERIM CONDENSED FINANCIAL INFORMATION (UNAUDITED)

    30 September 2017

    Moscow | 2017

  • Contents

    Report on Review of Interim Condensed Financial Information ............................................................................. 3 Consolidated interim condensed balance sheet ......................................................................................................... 5 Consolidated interim condensed statement of comprehensive income .................................................................... 6 Consolidated interim condensed statement of cash flows ........................................................................................ 7 Consolidated interim condensed statement of changes in equity ............................................................................. 8

    Notes to the consolidated interim condensed financial information

    1 Nature of operations.................................................................................................................................. 9 2 Economic environment in the Russian Federation .................................................................................. 9 3 Basis of presentation ................................................................................................................................. 9 4 Summary of significant accounting policies and accounting estimates ................................................ 10 5 Segment information .............................................................................................................................. 11 6 Cash and cash equivalents ...................................................................................................................... 15 7 Accounts receivable and prepayments ................................................................................................... 15 8 Inventories ............................................................................................................................................... 15 9 Property, plant and equipment ................................................................................................................ 16 10 Investments in associates and joint ventures .......................................................................................... 17 11 Long-term accounts receivable and prepayments .................................................................................. 19 12 Other current and non-current assets ...................................................................................................... 19 13 Long-term borrowings, promissory notes .............................................................................................. 19 14 Profit tax .................................................................................................................................................. 22 15 Equity ...................................................................................................................................................... 22 16 Sales ........................................................................................................................................................ 23 17 Operating expenses ................................................................................................................................. 24 18 Finance income and expenses ................................................................................................................ 24 19 Basic and diluted earnings per share, attributable to owners of PJSC Gazprom .................................. 24 20 Provisions for liabilities and charges ...................................................................................................... 25 21 Fair value of financial instruments ......................................................................................................... 26 22 Related parties ......................................................................................................................................... 27 23 ommitments and contingencies ........................................................................................................... 33 24 Post balance sheet events ........................................................................................................................ 38

  • Report on Review

    Report on Review of Interim Condensed Financial Information

    To the Shareholders and the Board of Directors of PJSC Gazprom

    Introduction

    We have reviewed the accompanying consolidated interim condensed balance sheet

    of PJSC Gazprom and its subsidiaries as of 30 September 2017 and the related consolidated

    interim condensed statements of comprehensive income for the three and nine months ended

    30 September 2017, the consolidated interim condensed statements of cash flows and

    changes in equity for the nine months ended 30 September 2017 and notes to the

    consolidated interim condensed financial information.

    Management is responsible for the preparation and presentation of this consolidated interim

    condensed financial information in accordance with International Accounting Standard 34,

    Interim Financial Reporting. Our responsibility is to express a conclusion on this consolidated

    interim condensed financial information based on our review.

    Scope of Review

    We conducted our review in accordance with International Standard on Review

    Engagements 2410, Review of Interim Financial Information Performed by the Independent

    Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for

    financial and accounting matters, and applying analytical and other review procedures.

    A review is substantially less in scope than an audit conducted in accordance with

    International Standards on Auditing and consequently does not enable us to obtain assurance

    that we would become aware of all significant matters that might be identified in an audit.

    Accordingly, we do not express an audit opinion.

  • (pK

    Conlusion

    Based on our review, nothing has ome to our attention that causes us to believe that theaompanying onsolidated interim ondnsed financiaI informtion is not prepared, in allmaterial respets, in accordane with lnternationai Aounting Standard 34, lnterim FinanialReporting.

    e

    President of FBK,Audit QuaI ifiation Cetifiate0'1 -001 230, oRNZ 21 606043397)

    ngagement partner

    November 29,2017Mosow, Russian Federation

    Audited entity

    Nme:

    Publi Joint stok Company Gazprom (PJSC Gzprom).

    Plae of business:

    16' Nametkinast., Mosow' 117997, Russian Fedration.

    offiiI registrtion:

    state registration ertifiate No.002.726, issued by MosowRegistration Chambe on 25 Fbruary 1993.h registration entry Was made in th Unified state Rgister ofLegal ntities on 02 August 2002 under prinipal stateregistration number 1 02770007051 8.

    .S. Shirikova, AA(Aud it Qual ification Certificate0'1 -00071 2, oRNZ 21606042126)

    Auditor

    Name:

    FBK, LLPlae of business:

    4411, 2^8, Myasnitskaya St., Moscow, 1 01 990, RussianFderation.

    offiial registrtion:

    Registered by the osow Registration chamber on November'15' 1993' the certifiate: seris Yz No. 484.583 RP. ntered inthe Uniform stat Register of Legal Entities on Jul 24' 20o2under the main state number 1027700058286.

    lvlembership in self_Regulatory orgniztion of Auditors:

    self-regulatory organization of auditors ssoiation"Sodruzhestvo".

    Number in the register of Self-Regulatory Organization ofAuditors:

    etifiate of membership in the Self-rgulatory orgnization ofauditors ssoiation ''sodruzhestvo" No' 7198, number in theregister- 1150600481.

    K

    Report on Reviw

  • PJSC GAZPROM

    NOTES TO THE CONSOLIDATED INTERIM CONDENSED FINANCIAL INFORMATION

    (UNAUDITED) 30 SEPTEMBER 2017

    (in millions of Russian Rubles)

    9

    Notes to the consolidated interim conde nsed financial infor mation

    1 NATURE OF OPERATIONS

    Public Joint Stock Company Gazprom (PJSC Gazprom) and its subsidiaries (the Group or Gazprom

    Group) operate one of the largest gas pipeline systems in the world, are responsible for the major part of

    gas production and high pressure gas transportation in the Russian Federation. The Group is also a major

    supplier of gas to European countries. The Group is engaged in oil production, refining activities, electric

    and heat energy generation. The Government of the Russian Federation is the ultimate controlling party of

    PJSC Gazprom and has a controlling interest (including both direct and indirect ownership) of over 50 % in

    PJSC Gazprom.

    The Group is involved in the following principal activities:

    exploration and production of gas;

    transportation of gas;

    sales of gas within the Russian Federation and abroad;

    gas storage;

    production of crude oil and gas condensate;

    processing of oil, gas condensate and other hydrocarbons, and sales of refined products;

    electric and heat energy generation and sales.

    Other activities include production of other goods, works and services.

    The gas business is subject to seasonal fluctuations with peak demand in the first and fourth quarters of each

    year. Typically approximately 20 % and 70 % of total annual gas volumes are shipped in the three and nine

    months ended 30 September, respectively.

    2 ECONOMIC ENVIRONMENT IN THE RUSSIAN FEDERATION

    The economy of the Russian Federation displ

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