ABU DHABI NATIONAL OIL COMPANY FOR DISTRIBUTION PJSC
Review report and unaudited interim condensed consolidated financial information for the six-month period ended 30 June 2022
ABU DHABI NATIONAL OIL COMPANY FOR DISTRIBUTION PJSC
Review report and unaudited interim condensed consolidated financial information for the six-month period ended 30 June 2022
Table of contents
Pages | |
Directors' report | 1 |
Report on review of unaudited interim condensed consolidated financial information | 2 |
Unaudited condensed consolidated interim statement of financial position | 3 |
Unaudited condensed consolidated interim statement of profit or loss | |
and other comprehensive income | 4 |
Unaudited condensed consolidated interim statement of changes in equity | 5 |
Unaudited condensed consolidated interim statement of cash flows | 6 |
Notes to the unaudited interim condensed consolidated financial information | 7 - 21 |
ABU DHABI NATIONAL OIL COMPANY FOR DISTRIBUTION PJSC
Directors' report
for the six-month period ended 30 June 2022
The Directors present their report together with the unaudited interim condensed consolidated financial information of Abu Dhabi National Oil Company for Distribution PJSC (the "Company") and its subsidiary (collectively referred to as "the Group") for the six-month period ended 30 June 2022.
Principal activities
The principal activities of the Group are the marketing of petroleum products, compressed natural gas and ancillary products.
Review of business
During the period, the Group reported revenue of AED 15,373,376 thousand (30 June 2021: AED 9,300,541
thousand). Profit for the period was AED 1,561,843 thousand (30 June 2021: AED 1,152,138 thousand).
The appropriation of the results for the period is follows:
AED '000 | |
Retained earnings as at 1 January 2022 | 1,767,632 |
Profit for the period | 1,561,843 |
Dividends declared | (1,285,625) |
Retained earnings as at 30 June 2022 | 2,043,850 |
For the Board of Directors
Chairman
5 August 2022
Abu Dhabi, UAE
1
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REPORT ON REVIEW OF UNAUDITED
INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION TO THE BOARD OF DIRECTORS OF
ABU DHABI NATIONAL OIL COMPANY FOR DISTRIBUTION PJSC
Introduction
We have reviewed the accompanying unaudited condensed consolidated interim statement of financial position of Abu Dhabi National Oil Company for Distribution PJSC ("ADNOC Distribution" or "the Company") and its subsidiary (collectively referred to as "the Group") as at 30 June 2022 and the related unaudited condensed consolidated interim statement of profit or loss and other comprehensive income for the three-month and six- month periods then ended and the unaudited condensed consolidated interim statement of changes in equity and unaudited condensed consolidated interim statement of cash flows for the six-month period then ended and other related explanatory notes. Management is responsible for the preparation and presentation of this unaudited interim condensed consolidated financial information in accordance with International Accounting Standard 34, 'Interim Financial Reporting' as issued by the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on this unaudited interim condensed consolidated 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.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying unaudited interim condensed consolidated financial information is not prepared, in all material respects, in accordance with International Accounting Standard 34, 'Interim Financial Reporting' as issued by the IASB.
GRANT THORNTON
Farouk Mohamed Registration No: 86
Abu Dhabi, United Arab Emirates
5 August 2022
© 2022 Grant Thornton UAE - All rights reserved. Grant Thornton UAE represents all legal licenses under which Grant Thornton Audit | grantthornton.ae |
and Accounting Limited, A British Virgin Islands registered company, operate in the UAE. These licenses include the Abu Dhabi based | |
branch - Grant Thornton Audit and Accounting Limited - registered with the Abu Dhabi Global Market and the Dubai based branch - | |
Grant Thornton Audit and Accounting Limited (BVI) - registered with the Dubai Financial Services Authority. | |
"Grant Thornton" refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to | |
their clients and/or refers to one or more member firms, as the context requires. GTIL and the member firms are not a worldwide | |
partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide | |
services to clients. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another's | |
acts or omissions. |
Abu Dhabi National Oil Company for Distribution PJSC
Financial Statements
Unaudited condensed consolidated interim statement of financial position as at 30 June 2022
30 June | 31 December | ||
2022 | 2021 | ||
Notes | AED'000 | AED'000 | |
ASSETS | (unaudited) | (audited) | |
Non-current assets | |||
Property, plant and equipment | 4 | 5,665,765 | 5,574,167 |
Right-of-use assets | 8 | 1,283,250 | 952,758 |
Advances to contractors | 44,231 | 41,308 | |
Total non-current assets | 6,993,246 | 6,568,233 | |
Current assets | |||
Inventories | 5 | 1,702,524 | 1,046,158 |
Trade receivables and other current assets | 6 | 2,813,770 | 2,683,275 |
Due from related parties | 7 | 1,059,053 | 1,225,600 |
Term deposits | 9 | 130,225 | 130,225 |
Cash and bank balances | 9 | 2,655,157 | 2,125,540 |
Total current assets | 8,360,729 | 7,210,798 | |
Total assets | 15,353,975 | 13,779,031 | |
EQUITY AND LIABILITIES | |||
Equity | |||
Share capital | 1,000,000 | 1,000,000 | |
Statutory reserve | 500,000 | 500,000 | |
Hedge reserve | (11,066) | (65,567) | |
Retained earnings | 2,043,850 | 1,767,632 | |
Total equity | 3,532,784 | 3,202,065 | |
Non-current liabilities | |||
Lease liabilities | 8 | 1,091,431 | 787,383 |
Provision for decommissioning | 13 | 131,923 | 129,226 |
Provision for employees' end of service benefit | 191,541 | 192,583 | |
Total non-current liabilities | 1,414,895 | 1,109,192 | |
Current liabilities | |||
Lease liabilities | 8 | 108,047 | 88,975 |
Trade and other payables | 11 | 1,684,968 | 1,509,013 |
Due to related parties | 7 | 3,094,963 | 2,292,510 |
Borrowings | 10 | 5,502,142 | 5,499,641 |
Derivative financial instruments | 12 | 16,176 | 77,635 |
Total current liabilities | 10,406,296 | 9,467,774 | |
Total liabilities | 11,821,191 | 10,576,966 | |
Total equity and liabilities | 15,353,975 | 13,779,031 |
To the best of our knowledge, the financial information included in the report fairly present in all material respects the financial condition, result of operations and cash flows of the Group as of 30 June 2022, and for the periods presented in the report.
Wayne Beifus | Bader Saeed Al Lamki | Dr. Sultan Ahmed Al Jaber |
Chief Financial Officer | Chief Executive Officer | Chairman of the Board of Directors |
The accompanying notes form an integral part of these unaudited interim condensed consolidated financial information.
3
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Abu Dhabi National Oil Company for Distribution PJSC published this content on 08 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2022 09:33:03 UTC.