Rosneft Oil : 2024 First quarter IFRS (Financial statements)

Rosneft Oil Company

Summary Interim Consolidated Financial Statements (unaudited)

Three months ended March 31, 2024

Rosneft Oil Company

Summary interim consolidated financial statements (unaudited)

Three months ended March 31, 2024

	Contents
Report on Review of Summary Interim Consolidated Financial Information	...................................................3
Summary interim consolidated financial statements (unaudited)
Summary interim consolidated balance sheet	5
Summary interim consolidated statement of profit or loss	6
Summary interim consolidated statement of cash flows	7
Notes to the summary interim consolidated financial statements (unaudited)
1.	Basis of preparation	8
2.	Changes in accounting policies	10
3.	Property, plant and equipment	10

2

Rosneft Oil Company

Summary interim consolidated balance sheet

(in billions of Russian rubles)

		March 31, 2024
	Notes	(unaudited)
ASSETS
Current assets		3,934
Non-current assets
Property, plant and equipment	3	12,893
Other non-current assets		2,408
Total non-current assets		15,301
Total assets		19,235
LIABILITIES AND EQUITY
Current liabilities		4,745
Non-current liabilities		5,538
Equity
Share capital		1
Retained earnings		6,284
Other equity components		2,667
Total equity		8,952
Total liabilities and equity		19,235

The accompanying notes to the summary interim consolidated financial statements are

an integral part of these statements.

5

Rosneft Oil Company

Summary interim consolidated statement of profit or loss

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

		Three months
		ended
		March 31, 2024
	Notes	(unaudited)
Revenues and equity share in profits of associates and joint ventures
Oil, gas, petroleum products and petrochemicals sales	2,544
Support services, other revenues, equity share in profit of associates and joint ventures	50
Total revenues and equity share in profits of associates and joint ventures	2,594
Costs and expenses
Production and operating expenses	223
Depreciation, depletion, amortization and impairment	200
Taxes other than income tax	885
Other costs and expenses	640
Total costs and expenses	1,948
Operating income	646
Other expenses	(27)
Income before income tax	619
Income tax expense	(133)
Net income	486
Net income attributable to Rosneft shareholders	399
Net income attributable to Rosneft shareholders, per common share (in RUB) -
basic and diluted	42.00
Weighted average number of shares outstanding (millions)	9,500

The accompanying notes to the summary interim consolidated financial statements are

an integral part of these statements.

6

Rosneft Oil Company

Summary interim consolidated statement of cash flows

(in billions of Russian rubles)

		Three months
		ended
		March 31, 2024
	Notes	(unaudited)
Operating activities
Net income	486
Adjustments to reconcile net income to net cash provided by operating activities	(42)
Net cash provided by operating activities	444
Investing activities
Capital expenditures	(269)
Other proceeds from investing activities	1
Net cash used in investing activities	(268)
Financing activities
Proceeds from loans and borrowings	315
Repayment of loans and borrowings	(194)
Other financing repayment	(445)
Net cash used in financing activities	(324)
Net decrease in cash and cash equivalents	(148)

The accompanying notes to the summary interim consolidated financial statements are

an integral part of these statements.

7

Rosneft Oil Company

Notes to the summary interim consolidated financial statements (unaudited)

Three months ended March 31, 2024

(all amounts in tables are in billions of Russian rubles, except as noted otherwise)

1. Basis of preparation of the summary interim consolidated financial statements

These summary interim consolidated financial statements were derived from unaudited interim condensed consolidated financial statements of the Company for the three months ended March 31, 2024, which were prepared in accordance with International Accounting Standard ("IAS") 34 Interim Financial Reporting. The summary interim consolidated financial statements were prepared with a purpose of presentation of consolidated financial position and consolidated financial results of the Company without causing damage to the Company and (or) its partners.

These summary interim consolidated financial statements consist of:

• summary interim consolidated balance sheet as of March 31, 2024;
• summary interim consolidated statement of profit or loss for the three months ended March 31, 2024;
• summary interim consolidated statement of cash flows for the three months ended March 31, 2024;
• notes to the summary interim consolidated financial statements.

These summary interim consolidated financial statements for the three months ended March 31, 2024, contain information facilitating comprehension of the Company's activities by the users and do not disclose all the information presented in unaudited interim condensed consolidated financial statements of the Company for the three months ended March 31, 2024.

Decisions of the management on preparation of the summary interim consolidated financial statements as well as on the range of sensitive information not subject to disclosure were made with consideration of Presidential Decree #903 On the temporary procedure for disclosing and providing information by some Russian business entities dated November 27, 2023.

Comparative information for the three months ended March 31, 2023 is not presented in these summary interim consolidated financial statements, as it is considered to be sensitive and has not been earlier disclosed for publication in accordance with decree of the Government of the Russian Federation #395 On specifics of access to information, which is included in governmental informational resource of accounting (financial) statements, and on disclosure of consolidated financial statements dated March 18, 2022.

Additionally, interim condensed consolidated financial statements of the Company for the three months ended March 31, 2024, are restricted for full public disclosure in accordance with the Presidential Decree #903 On the temporary procedure for disclosing and providing information by some Russian business entities dated November 27, 2023.

The basis of preparation and disclosure of these summary interim consolidated financial statements are as follows:

These summary interim consolidated financial statements are intended to summarize and present aggregated information of the consolidated balance sheet, consolidated statement of profit or loss, consolidated statement of cash flows and do not include information about other comprehensive income and on changes in equity.

8

Rosneft Oil Company

Notes to the summary interim consolidated financial statements (unaudited)

(continued)

1. Basis of preparation of the summary interim consolidated financial statements (continued)

"Current assets" of the summary interim consolidated balance sheet includes cash and cash equivalents, restricted cash, other short-term financial assets, accounts receivable, bank loans granted, inventories, value added tax, excise and other taxes receivable, prepayments and other current assets.

"Other non-current assets" of the summary interim consolidated balance sheet includes right-of-use assets, intangible assets, other non-current financial assets, investments in associates and joint ventures, bank loans granted, deferred tax assets, goodwill and other non-currentnon-financial assets.

"Current liabilities" of the summary interim consolidated balance sheet includes accounts payable and accrued liabilities, loans and borrowings and other financial liabilities, income tax liabilities, other tax liabilities, provisions, prepayments on long-term oil and petroleum products supply agreements and other current liabilities.

"Other non-current liabilities" of the summary interim consolidated balance sheet includes loans and borrowings and other financial liabilities, deferred tax liabilities, provisions, prepayments on long-term oil and petroleum products supply agreements and other non-current liabilities.

"Other equity components" of the summary interim consolidated balance sheet includes treasury shares, additional paid-in capital, reserve for foreign exchange differences on translation of foreign operations, and other funds and reserves.

"Other costs and expenses" of the summary interim consolidated statement of profit or loss includes the cost of purchased oil, gas, petroleum products, goods for retail and refining costs, general and administrative expenses, transportation costs and other commercial expenses, exploration expenses.

"Other expenses" of the summary interim consolidated statement of profit or loss includes finance income, finance expenses, other income, other expenses, and foreign exchange differences.

"Other proceeds from investing activities" of the summary interim consolidated statement of cash flows includes the acquisition of short-term financial assets, proceeds from sale, payment and disposal of short-term financial assets, proceeds from sale of subsidiaries, net of cash disposed, proceeds from sale of property, plant and equipment.

"Other financing repayment" of the summary interim consolidated statement of cash flows includes repayment of other financial liabilities, interest paid, other financing received, dividends paid.

The summary interim consolidated financial statements for the three months ended March 31, 2024 were approved and authorized for issue by management of the Company on May 30, 2024.

9

Rosneft Oil Company

Notes to the summary interim consolidated financial statements (unaudited)

(continued)

2. Changes in accounting policies

The accounting policies adopted are consistent with those of the previous financial year except for the adoption of amendments to existing standards effective as of January 1, 2024:

• Amendments to IAS 1 Presentation of Financial Statements named Classification of Liabilities as Current or Non-current.The amendments clarify requirements for classifying liabilities as current or non-currentand were early adopted by the Company;
• Amendments to IFRS 16 Leases related to lease liability in a sale and leaseback. The amendments require from the seller-lesseeto measure lease liability arising from leaseback in such a way, that no profit or loss is recognised in respect of the right-of-useretained;
• Amendments to IAS 1 Presentation of Financial Statements named Non-current Liabilities with Covenants. The amendments presume that liability is classified as non-currentif the company has a substantial right to defer settlement for at least 12 months after the reporting date. The amendments clarify the criteria of classification (included that "future" covenants as well as management intentions do not affect classification as of the reporting date) and require certain additional disclosures;
• Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures named Supplier Finance Arrangements. The amendments clarify the influence of supplier finance arrangements on liabilities, cash flows, exposure to liquidity risk and risk management. Also the amendments presume certain additional disclosures.

The amendments mentioned above did not have a material impact on the consolidated financial statements.

3.	Property, plant and equipment
			Total
Cost as of January 1, 2024	18,139
Depreciation, depletion and impairment as of January 1, 2024	(5,810)
Net book value as of January 1, 2024	12,329
Prepayments for property, plant and equipment as of January 1, 2024	310
Total as of January 1, 2024	12,639
Cost
Additions	452
Disposals and other movements	(9)
Foreign exchange differences	42
Changes in cost of asset retirement (decommissioning) obligations	(18)
As of March 31, 2024	18,606
Depreciation, depletion and impairment
Depreciation, depletion charge and impairment	(194)
Disposals and other movements	5
Foreign exchange differences	(9)
As of March 31, 2024	(6,008)
Net book value as of March 31, 2024	12,598
Prepayments for property, plant and equipment as of March 31, 2024	295
Total as of March 31, 2024	12,893

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