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  • Rosneft Oil Company

    Interim Condensed Consolidated Financial Statements (unaudited) Three months ended March 31, 2018

  • Rosneft Oil Company

    Interim Condensed Consolidated Financial Statements (unaudited)

    Three months ended March 31, 2018

    2

    Contents

    Report on Review of Interim Condensed Consolidated Financial Statements ................................................... 3 Interim condensed consolidated financial statements (unaudited) Interim consolidated balance sheet ..................................................................................................................... 5 Interim consolidated statement of profit or loss ................................................................................................. 6 Interim consolidated statement of other comprehensive income ....................................................................... 7 Interim consolidated statement of changes in shareholders equity ................................................................... 8 Interim consolidated statement of cash flows .................................................................................................... 9 Notes to the interim condensed consolidated financial statements (unaudited) 1. General ................................................................................................................................................... 11 2. Basis of preparation ............................................................................................................................... 11 3. Changes in accounting policies .............................................................................................................. 12 4. Acquisitions of subsidiaries and shares in joint operations.................................................................... 12 5. Segment information .............................................................................................................................. 14 6. Income tax and other taxes ..................................................................................................................... 16 7. Export customs duty ............................................................................................................................... 16 8. Finance expenses .................................................................................................................................... 17 9. Other income and expenses .................................................................................................................... 17 10. Cash and cash equivalents ...................................................................................................................... 17 11. Other short-term financial assets ............................................................................................................ 18 12. Accounts receivable ............................................................................................................................... 18 13. Inventories .............................................................................................................................................. 19 14. Prepayments and other current assets .................................................................................................... 19 15. Property, plant and equipment and construction in progress ................................................................. 20 16. Other non-current non-financial assets .................................................................................................. 21 17. Accounts payable and accrued liabilities ............................................................................................... 21 18. Loans and borrowings and other financial liabilities ............................................................................. 22 19. Other current tax liabilities..................................................................................................................... 24 20. Provisions ............................................................................................................................................... 24 21. Prepayment on long-term oil and petroleum products supply agreements ............................................ 25 22. Cash flow hedging of the Companys future exports ............................................................................. 25 23. Fair value of financial instruments ......................................................................................................... 26 24. Related party transactions ...................................................................................................................... 28 25. Contingencies ......................................................................................................................................... 32

  • Rosneft Oil Company

    Interim consolidated statement of profit or loss

    (in billions of Russian rubles, except earnings per share data, and share amounts)

    The accompanying notes to the interim condensed consolidated financial statements are an integral part of these statements.

    6

    Notes

    Three months ended

    March 31, 2018 (unaudited)

    Three months ended

    March 31, 2017 (unaudited, restated)*

    Revenues and equity share in profits of associates and joint ventures

    Oil, gas, petroleum products and petrochemicals sales 5 1,689 1,383 Support services and other revenues 21 18 Equity share in profits of associates and joint ventures 12 9 Total revenues and equity share in profits of associates and

    joint ventures 1,722 1,410 Costs and expenses Production and operating expenses 158 142 Cost of purchased oil, gas, petroleum products and refining costs 232 168 General and administrative expenses 35 36 Pipeline tariffs and transportation costs 160 153 Exploration expenses 2 2 Depreciation, depletion and amortization 152 148 Taxes other than income tax 6 568 460 Export customs duty 7 215 166 Total costs and expenses 1,522 1,275 Operating income 200 135 Finance income 30 34 Finance expenses 8 (60) (59) Other income 9 6 1 Other expenses 9 (16) (10) Foreign exchange differences 1 (45) Cash flow hedges reclassified to profit or loss 22 (36) (36) Income before income tax 125 20 Income tax expense 6 (30) (3)

    Net income 95 17 Net income attributable to: - Rosneft shareholders 81 11 - non-controlling interests 14 6 Net income attributable to Rosneft per common share

    (in RUB) basic and diluted 7.64 1.04 Weighted average number of shares outstanding (millions) 10,598 10,598

    * Some amounts for the three months ended March 31, 2017 have been restated see Note 4.

  • Rosneft Oil Company

    Interim consolidated statement of other comprehensive income

    (in billions of Russian rubles)

    The accompanying notes to the interim condensed consolidated financial statements are an integral part of these statements.

    7

    Notes

    Three months ended

    March 31, 2018 (unaudited)

    Three months ended

    March 31, 2017 (unaudited,

    restated)

    Net income 95 17 Other comprehensive income to be reclassified to profit or

    loss in subsequent periods Foreign exchange differences on translation of foreign operations 4 44 Foreign exchange cash flow hedges 22 37 37 Income from changes in fair value of financial assets

    at fair value through other comprehensive income 2 6 Income tax related to other comprehensive income

    to be reclassified to profit or loss in subsequent periods (7) (8) Total other comprehensive income to be reclassified

    to profit or loss in subsequent periods, net of tax 36 79

    Total comprehensive income, net of tax 131 96 Total comprehensive income, net of tax, attributable to: - Rosneft shareholders 117 90 - non-controlling interests 14 6

  • Rosneft Oil Company

    Interim consolidated statement of changes in shareholders equity

    (in billions of Russian rubles, except share amounts)

    The accompanying notes to the interim condensed consolidated financial statements are an integral part of these statements.

    8

    Number of shares (millions)

    Share capital

    Additional paid-in capital

    Other funds and reserves

    Retained earnings

    Rosneft share-

    holders equity

    Non-controlling

    interests Total equity

    Balance at January 1, 2017 (restated) 10,598 1 603 (497) 3,195 3,302 480 3,782

    Net income 11 11 6 17 Other comprehensive

    income 79 79 79 Total comprehensive

    income 79 11 90 6 96 Other movements 7 7 7 Balance at March 31,

    2017 (unaudited, restated) 10,598 1 610 (418) 3,206 3,399 486 3,885

    Balance at January 1,

    2018 10,598 1 627 (322) 3,313 3,619 564 4,183 Adjustment on initial

    application of IFRS 9 (27) (27) (1) (28) Balance at January 1,

    2018 adjusted for the effect of IFRS 9 10,598 1 627 (322) 3,286 3,592 563 4,155

    Net income 81 81 14 95 Other comprehensive

    income 36 36 36 Total comprehensive

    income 36 81 117 14 131 Balance at March 31,

    2018 (unaudited) 10,598 1 627 (286) 3,367 3,709 577 4,286

  • Rosneft Oil Company

    Interim consolidated statement of cash flows

    (in billions of Russian rubles)

    The accompanying notes to the interim condensed consolidated financial statements are an integral part of these statements.

    9

    Notes

    Three months ended

    March 31, 2018 (unaudited)

    Thr

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