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“National Joint Stock Company “NAFTOGAZ of UKRAINE”

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“National Joint Stock Company “NAFTOGAZ of UKRAINE” Public Joint Stock Company “National Joint Stock Company “NAFTOGAZ OF UKRAINE” Condensed Consolidated Interim Financial Statements as at and for the Nine Months Ended 30 September 2018 PUBLIC JOINT STOCK COMPANY “NATIONAL JOINT STOCK COMPANY “NAFTOGAZ OF UKRAINE” CONTENTS Page REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION 1-2 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Condensed Consolidated Interim Statement of Financial Position 3 Condensed Consolidated Interim Statement of Profit or Loss 4 Condensed Consolidated Interim Statement of Comprehensive Income 5 Condensed Consolidated Interim Statement of Changes in Equity 8-9 Condensed Consolidated Interim Statement of Cash Flows 10-11 Notes to the Condensed Consolidated Interim Financial Statements 1. THE ORGANISATION AND ITS OPERATIONS ..................................................................... 12 2. OPERATING ENVIRONMENT .................................................................................................. 13 3. RESTATEMENT OF COMPARATIVE INFORMATION ......................................................... 18 4. SEGMENT INFORMATION ....................................................................................................... 20 5. BALANCES AND TRANSACTIONS WITH RELATED PARTIES ......................................... 27 6. PROPERTY, PLANT AND EQUIPMENT .................................................................................. 28 7. OTHER NON-CURRENT ASSETS ............................................................................................ 28 8. INVENTORIES ............................................................................................................................ 28 9. TRADE ACCOUNTS RECEIVABLE ......................................................................................... 29 10. PREPAYMENTS MADE AND OTHER CURRENT ASSETS .................................................. 30 11. SHARE CAPITAL ........................................................................................................................ 31 12. BORROWINGS ............................................................................................................................ 31 13. PROVISIONS ............................................................................................................................... 33 14. ADVANCES RECEIVED AND OTHER CURRENT LIABILITIES ......................................... 35 15. COST OF SALES ......................................................................................................................... 35 16. OTHER OPERATING INCOME ................................................................................................. 36 17. OTHER OPERATING EXPENSES ............................................................................................. 36 18. FINANCE COSTS ........................................................................................................................ 36 19. CONTINGENCIES, COMMITMENTS AND OPERATING RISKS ......................................... 37 20. FINANCIAL RISK MANAGEMENT ......................................................................................... 40 21. FAIR VALUE ............................................................................................................................... 41 22. SUBSEQUENT EVENTS ............................................................................................................ 41 23. BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ..................................................................................................................................... 42 PJSC “Deloitte & Touche USC” 48, 50A, Zhylyanska St. Kyiv 01033 Ukraine Tel: +38 (044) 490 9000 Fax: +38 (044) 490 9001 deloitte.ua REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION To the shareholder of Public Joint Stock Company “National Joint Stock Company “Naftogaz of Ukraine”: Introduction We have reviewed the accompanying condensed consolidated interim statement of financial position of Public Joint Stock Company “National Joint Stock Company “Naftogaz of Ukraine” and its subsidiaries (the “Group”) as at 30 September 2018 and the related condensed consolidated interim statements of profit or loss for the three and nine months then ended, comprehensive income, changes in equity and cash flows for the nine months then ended, and selected explanatory notes (“condensed consolidated interim financial information”). Management is responsible for the preparation of this condensed consolidated interim financial information in accordance with International Accounting Standard (“IAS”) 34, Interim Financial Reporting. Our responsibility is to express a conclusion on this condensed consolidated interim 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 of interim financial information 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. Basis for Qualified Conclusion The Group’s subsidiary “Ukrgasvydobuvannya” JSC had investment in joint operation with Misen Enterprises AB and LLC “Karpatygaz”. As described in Note 19, in 2016 the Group initiated legal proceedings in the Arbitration Institute of the Stockholm Chamber of Commerce on termination of respective joint operation agreement and in July 2018 the partial final award to terminate the agreement has been issued. The following balances were included in the condensed consolidated interim financial information regarding this joint operation: Line item in the condensed consolidated interim 31 December 2017, financial information UAH million Condensed consolidated interim statement of financial position as at: Property, plant and equipment 1 456 Other non-current assets 3 Inventories 1 Trade accounts receivable 80 Cash and bank balances 1 Prepayments made and other current assets 57 Borrowings 95 Provisions 122 Trade accounts payable 47 Advances received and other current liabilities 2 Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/about for a more detailed description of DTTL and its member firms. © 2018 PJSC “Deloitte & Touche USC”. All rights reserved. We were unable to: a. Perform the procedures we considered necessary concerning financial information of this joint operation, including completeness of its assets and liabilities as at 31 December 2017; b. Determine the effect of the departure from the uniform accounting policy of the Group to use the revaluation model for measurement of property, plant and equipment by this joint operation as at 31 December 2017. Qualified Conclusion Except for the effect of any adjustments to the condensed consolidated interim financial information that we might have become aware of had it not been for the situation described in the Basis for Qualified Conclusion section of our report, based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information is not prepared, in all material respects, in accordance with IAS 34 Interim Financial Reporting. Emphasis of Matters Operating environment We draw your attention to Note 2 to the condensed consolidated interim financial information, which describes that the impact of the continuing economic crisis and political turmoil in Ukraine and their final resolution are unpredictable and may adversely affect the Ukrainian economy and the operations of the Group. Our conclusion is not modified in respect of this matter. Disputes with JSC “Gazprom” We also draw your attention to Note 19 to the condensed consolidated interim financial information, which describes material uncertainty regarding final resolution of the Arbitration process between the Company and JSC “Gazprom”. Our conclusion is not modified in respect of this matter. Retrospective restatement We further draw your attention to Note 3 to the condensed consolidated interim financial information, which describes the restatement of corresponding figures for the nine months period ended 30 September 2017. Our conclusion is not modified in respect of this matter. Other Matter Corresponding figures for the nine months and three months ended 30 September 2017 included in the condensed consolidated interim financial information were not reviewed. Original signed by Deloitte & Touche on 17 December 2018 2 PUBLIC JOINT STOCK COMPANY “NATIONAL JOINT STOCK COMPANY “NAFTOGAZ OF UKRAINE” CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2018 In millions of Ukrainian hryvnias Note 30 September 2018 31 December 2017 ASSETS Non-current assets Property, plant and equipment
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