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  • Rosneft Oil Company

    Interim Condensed Consolidated Financial Statements(unaudited)Three and six months ended June 30, 2017

  • Rosneft Oil Company

    Interim Condensed Consolidated Financial Statements (unaudited)

    Three and six months ended June 30, 2017

    2

    Contents

    Report on review of the interim condensed consolidated financial statements ................................................3

    Interim condensed consolidated financial statements

    Interim consolidated balance sheet ................................................................................................................5Interim consolidated statement of profit or loss .............................................................................................6Interim consolidated statement of other comprehensive income .....................................................................7Interim consolidated statement of changes in shareholders equity.................................................................8Interim consolidated statement of cash flows.................................................................................................9

    Notes to the interim condensed consolidated financial statements

    1. General ............................................................................................................................................. 112. Basis of preparation .......................................................................................................................... 113. Changes in accounting policies.......................................................................................................... 124. Acquisitions of subsidiaries and shares in joint operations ................................................................. 125. Segment information ......................................................................................................................... 146. Income tax and other taxes ................................................................................................................ 187. Export customs duty.......................................................................................................................... 188. Finance expenses .............................................................................................................................. 199. Other income and expenses ............................................................................................................... 1910. Cash and cash equivalents ................................................................................................................. 2011. Other short-term financial assets ....................................................................................................... 2012. Accounts receivable .......................................................................................................................... 2113. Inventories ........................................................................................................................................ 2114. Prepayments and other current assets ................................................................................................ 2215. Property, plant and equipment and construction in progress ............................................................... 2216. Other non-current non-financial assets .............................................................................................. 2317. Accounts payable and accrued liabilities ........................................................................................... 2318. Loans and borrowings and other financial liabilities .......................................................................... 2419. Other current tax liabilities ................................................................................................................ 2620. Provisions ......................................................................................................................................... 2621. Prepayment on long-term oil and petroleum products supply agreements ........................................... 2722. Shareholders equity ......................................................................................................................... 2723. Non-controlling interest .................................................................................................................... 2724. Cash flow hedging of the Companys future exports .......................................................................... 2725. Fair value of financial instruments..................................................................................................... 2926. Related party transactions ................................................................................................................. 3027. Contingencies ................................................................................................................................... 3528. Events after the reporting period ....................................................................................................... 37

  • The accompanying notes to the interim condensed consolidated financial statements arean integral part of these statements.

    6

    Rosneft Oil Company

    Interim consolidated statement of profit or loss(in billions of Russian rubles, except earnings per share data, and share amounts)

    Notes

    Three monthsended

    June 30, 2017(unaudited)

    Three monthsended

    June 30, 2016(unaudited)

    Six monthsended

    June 30, 2017(unaudited)

    Six monthsended

    June 30, 2016(unaudited,

    restated)Revenues and equity share in profits of associates

    and joint venturesOil, gas, petroleum products and petrochemicals sales 5 1,368 1,201 2,751 2,227Support services and other revenues 18 19 36 38Equity share in profits of associates and joint

    ventures 13 12 22 15Total revenues and equity share in profits of

    associates and joint ventures 1,399 1,232 2,809 2,280

    Costs and expensesProduction and operating expenses 155 123 297 260Cost of purchased oil, gas, petroleum products and

    refining costs 199 149 367 279General and administrative expenses 38 30 74 60Pipeline tariffs and transportation costs 145 135 298 282Exploration expenses 3 4 5 7Depreciation, depletion and amortization 142 113 285 229Taxes other than income tax 6 439 329 899 560Export customs duty 7 160 142 326 274Total costs and expenses 1,281 1,025 2,551 1,951

    Operating income 118 207 258 329

    Finance income 22 23 56 41Finance expenses 8 (53) (44) (112) (96)Other income 9 2 1 2Other expenses 9 (10) (13) (20) (25)Foreign exchange differences 55 (16) 10 (41)Cash flow hedges reclassified to profit or loss 24 (37) (37) (73) (74)Income before income tax 95 122 120 136

    Income tax expense 6 (15) (31) (19) (33)

    Net income 80 91 101 103

    Net income attributable to:- Rosneft shareholders 68 89 81 101- non-controlling interests 12 2 20 2

    Net income attributable to Rosneft per commonshare (in RUB) basic and diluted 6.42 8.40 7.64 9.53

    Weighted average number of shares outstanding(millions) 10,598 10,598 10,598 10,598

  • The accompanying notes to the interim condensed consolidated financial statements arean integral part of these statements.

    7

    Rosneft Oil Company

    Interim consolidated statement of other comprehensive income(in billions of Russian rubles)

    Notes

    Three monthsended

    June 30, 2017(unaudited)

    Three monthsended

    June 30, 2016(unaudited)

    Six monthsended

    June 30, 2017(unaudited)

    Six monthsended

    June 30, 2016(unaudited,

    restated)

    Net income 80 91 101 103

    Other comprehensive income to be reclassifiedto profit or loss in subsequent periods

    Foreign exchange differences on translation offoreign operations (6) 41 38 118

    Foreign exchange cash flow hedges 24 34 37 71 74(Loss)/income from changes in fair value of financial

    assets available-for-sale (1) 3 5 4Income tax related to other comprehensive income

    to be reclassified to profit or loss in subsequentperiod (7) (9) (15) (16)

    Total other comprehensive income to bereclassified to profit or loss in subsequentperiods, net of tax 20 72 99 180

    Total comprehensive income, net of tax 100 163 200 283

    Total comprehensive income, net of tax,attributable to:

    - Rosneft shareholders 88 161 180 281- non-controlling interests 12 2 20 2

  • The accompanying notes to the interim condensed consolidated financial statements arean integral part of these statements.

    8

    Rosneft Oil Company

    Interim consolidated statement of changes in shareholders equity(in billions of Russian rubles, except share amounts)

    Numberof shares(millions)

    Sharecapital

    Additionalpaid-incapital

    Otherfunds andreserves

    Retainedearnings

    Rosneftshare-

    holdersequity

    Non-controlling

    interestsTotalequity

    Balance at January 1,2016 10,598 1 507 (768) 3,146 2,886 43 2,929

    Net income 101 101 2 103Other comprehensive

    income 180 180 180Total comprehensive

    income 180 101 281 2 283

    Change of interest insubsidiaries 29 29 36 65

    Disposal of subsidiaries (2) (2)Dividends declared on

    common stock (Note 22) (125) (125) (125)Other movements 1 1Balance at June 30, 2016

    (unaudited, restated) 10,598 1 536 (588) 3,122 3,071 80 3,151

    Balance at January 1,2017 (restated) 10,598 1 603 (497) 3,200 3,307 417 3,724

    Net income 81 81 20 101Other comprehensive

    income 99 99 99Total comprehensive

    income 99 81 180 20 200

    Change of non-co

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