RUS

Financial reporting under Russian Accounting Standards

In accordance with the requirements of the Regulation on Information Disclosure by Issuers of Issue-Grade Securities approved by order of the Central Bank of the Russian Federation dated 30 December 2014 No.454-P PAO Sovcomflot publishes consolidated financial reports prepared in accordance with IFRS, and also accounting reports of PAO Sovcomflot, prepared in accordance with Russian Accounting Standards.

Reporting carried out prepared in accordance with Russian Accounting Standards differs significantly from reports prepared in accordance with IFRS, as they do not include the figures from all companies within Sovcomflot Group. Furthermore, RAS and IFRS differ in their evaluation of the economic composition of reporting indices.

In light of this, for the analysis of Sovcomflot Group’s financial and production results it is recommended using consolidated financial reporting prepared in accordance with IFRS.

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