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

Grant Thornton UAE - Abu Dhabi

Office 1101, 11th Floor

Al Kamala Tower

Zayed the 1st Street

Khalidiya

Abu Dhabi, UAE

T +971 2 666 9750

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.