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AGM Balance Sheet 2020 and Auditor's Report

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AGM Balance Sheet 2020 and Auditor's Report Public Joint-Stock Company Gazprom Neft Financial (Accounting) Statements As at and for the year ended on 31 December 2020 with Independent Auditor’s Report Independent Auditor’s Report To the Shareholders and the Board of Directors of Public Joint Stock Company Gazprom Neft Opinion We have audited the accompanying annual accounting (financial) statements of Public Joint Stock Company Gazprom Neft (hereinafter referred to as “Gazprom Neft PJSC”) which comprise the balance sheet as at 31 December 2020, the profit and loss account, the appendices to the balance sheet and the profit and loss account including the statement of changes in equity and the statement of cash flows for the year ended 31 December 2020, and notes to the balance sheet and the profit and loss account including a summary of significant accounting policies. In our opinion, the accompanying annual accounting (financial) statements present fairly, in all material respects, the financial position of Gazprom Neft PJSC as at 31 December 2020, its financial performance and cash flows for the year then ended in accordance with the rules of accounting (financial) statements established in the Russian Federation. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (“ISA”). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Annual accounting (financial) statements section of our report. We are independent of the audited entity in accordance with the Rules of Independence of the Auditors and Audit Organizations and the Code of Professional Ethics of the Auditors, which are conformant to the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the annual accounting (financial) statements of the current period. These matters were addressed in the context of our audit of the annual accounting (financial) statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Revenue recognition During the audit we specially focused on revenue recognition as the amount of revenue is material and revenue streams are formed in different geographical and operating segments. In addition, revenue streams differ in such terms of recognition as the determination of transaction prices and the pattern of transfer of ownership. Despite the high level of automation, a large number of contracts and a significant number of transactions pose a risk of misstatement of this item. Our audit procedures in respect of the risk of material misstatement of revenue included: assessing the consistency of the application of the revenue recognition accounting policy in relation to a variety of performance obligations; testing controls and assessing the risk of fraud or error; verifying the timeliness of revenue recognition and the right to recognised revenue based on the terms of contracts and other documents; 1 of 5 receiving confirmation letters from counterparties as at the end of the reporting period. Based on the results of our audit procedures, we considered the position of the audited entity’s management on the revenue recognition to be acceptable. Information about the approaches to revenue recognition is provided in Note 2.19 “Recognition of sales revenue” to the annual balance sheet and profit and loss account; information about revenue figures including information by geographic segments is disclosed in Note 5.13 “Revenue from the sale of goods, products, work and services” to the annual balance sheet and profit and loss account. Assessment of financial investments Investments of the audited entity in the form of long-term and short-term financial investments in shares, units, loans and deposits account for about 70% of the total assets. Due to the significance of financial investments, the variety and multiplicity of transactions with them, as well as the complexity of assessing some of them, we have determined that the assessment of financial investments, both initial and subsequent, can significantly affect results of operations and the financial standing of the audited entity, so this issue is given special attention during the audit. The disclosure of information about financial investments by the audited entity is given in Note 5.7 “Long-term and short-term financial investments”. Our audit procedures with respect to the risk of material misstatement in relation to the assessment of financial investments and the presentation of results thereof in the accounting (financial) statements included, in particular, conducting substantive procedures with respect to testing the accounting records; testing the correctness of the valuation of financial investments for the purposes of accounting and reporting based on data on securities quotations at the reporting date taking into account their tentative assessments made by the Company’s specialists, including: testing for impairment in order to analyze validity of the provision for impairment of financial investments. We have also assessed adequacy of the disclosures made by the audited entity about the accounting policies applied in Note 2.7 “Financial investments”. Based on results of the procedures carried out, we considered the management's position regarding the assessment of financial investments and the presentation of its results in the annual accounting (financial) statements to be appropriate. Other Information Management of the Company is responsible for the other information. The other information comprises the information included in the Annual Report of Gazprom Neft PJSC for 2020 and the Quarterly Issuer’s Report for the first quarter of 2021 but does not include the annual accounting (financial) statements and our opinion on these statements. The Annual Report of Gazprom Neft PJSC for 2020 and the Issuer’s Quarterly Report for the first quarter of 2021 are expected to be provided to us after the date of this auditor’s report. Our opinion on the annual accounting (financial) statements does not cover the other information, and we do not and will not express any form of assurance conclusion thereon. In connection with our audit of the annual accounting (financial) statements, our responsibility is to read the other information identified above (when provided to us) and, in doing so, consider whether the other information is materially inconsistent with the annual accounting (financial) statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. 2 of 5 If, upon reviewing the Annual Report of Gazprom Neft PJSC for 2020 and the Issuer’s Quarterly Report of Gazprom Neft PJSC for the first quarter of 2021, we conclude that they contain a material misstatement we shall be obliged to inform thereof the persons responsible for corporate governance. When we read the Annual report of Gazprom Neft PJSC for 2019 and the Quarterly issuer’s report of Gazprom Neft PJSC for the first quarter of 2020, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance. Responsibilities of Management and Those Charged with Governance for the Annual Accounting (Financial) Statements The management is responsible for the preparation and fair presentation of the annual accounting (financial) statements in accordance with the rules for accounting (financial) statements established in the Russian Federation, and for such internal control as management determines is necessary to enable the preparation of annual accounting (financial) statements that are free from material misstatement, whether due to fraud or error. In preparing the annual accounting (financial) statements, the management is responsible for assessing the audited entity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the management either intends to liquidate the audited entity or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the audited entity’s financial reporting process. Auditor’s Responsibilities for the Audit of the Annual Accounting (Financial) Statements Our objectives are to obtain reasonable assurance about whether the annual accounting (financial) statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounting (financial) statements. As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:
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