Report on Review of Interim Financial Information
PJSC Magnit and its subsidiaries
for the six-month period ended 30 June 2023
August 2023
Report on Review of Interim Financial Information
PJSC Magnit and its subsidiaries
Contents | Page | |
Report on Review of Interim Financial Information | 3 | |
Appendices | ||
Statement of management's responsibilities for the preparation and | ||
approval of the interim condensed consolidated financial statements | ||
for the six-month period ended 30 June 2023 | 5 | |
Interim condensed consolidated statement of financial position | 6 | |
Interim condensed consolidated statement of profit and loss and other | ||
comprehensive income | 7 | |
Interim condensed consolidated statement of cash flows | 8 | |
Interim condensed consolidated statement of changes in equity | 9 | |
Selected notes to the interim condensed consolidated financial | ||
statements | ||
1. | Corporate information | 10 |
2. | Basis of preparation of the financial statements | 11 |
3. | Changes in accounting policies | 12 |
4. | Significant accounting judgments and estimates | 14 |
5. | Balances and transactions with related parties | 17 |
6. | Business combination | 18 |
7. | Property, plant and equipment | 18 |
8. | Right-of-use assets and lease liabilities | 20 |
9. | Intangible assets | 22 |
10. | Short-term and long-term financial assets | 22 |
11. | Inventories | 23 |
12. | Long-term receivables, and short-term trade and other receivables | 23 |
13. | Advances paid | 24 |
14. | Cash and cash equivalents | 24 |
15. | Share capital, share premium and treasury shares | 25 |
16. | Dividends declared | 26 |
17. | Short-term trade and other payables | 26 |
18. | Taxes payable, excluded income tax | 27 |
19. | Loans and borrowings | 27 |
20. | Government grants | 28 |
21. | Contract liabilities | 28 |
22. | Revenue from contracts with customers | 29 |
23. | Cost of sales | 29 |
24. | Selling, general and administrative expenses | 29 |
25. | Other income | 30 |
26. | Other expenses | 30 |
27. | Interest income | 30 |
28. | Finance costs | 30 |
29. | Income tax | 31 |
30. | Earnings per share | 31 |
31. | Share-based payments | 31 |
32. | Contingencies, commitments and operating risks | 32 |
33. | Financial risk management objectives and policies | 34 |
34. | Subsequent events | 36 |
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Report on Review of Interim Financial Information
To the Shareholders of PJSC Magnit
Introduction
We have reviewed the accompanying interim condensed consolidated financial statements of PJSC Magnit and its subsidiaries, which comprise of!the interim condensed consolidated statement of financial position as at 30 June 2023, the interim condensed consolidated statement of profit and loss and other comprehensive income, interim condensed consolidated statement of cash flows and interim condensed consolidated statement of changes in equity for the six-month period then ended, and selected explanatory notes (interim consolidated financial information).
Management of PJSC Magnit is responsible for the preparation and presentation of this interim consolidated financial information in accordance with IAS 34, Interim Financial Reporting. Our responsibility is to express a conclusion on this interim 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 consolidated 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.
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PJSC Magnit and its subsidiaries
Statement of management's responsibilities for the preparation and approval of the interim condensed consolidated financial statements for the six-month period ended 30 June 2023
The following statement is made with a view to the respective responsibilities of management in relation to the interim condensed consolidated financial statements of PJSC Magnit and its subsidiaries ("the Group").
Management is responsible for the preparation of these interim condensed consolidated financial statements that present fairly the financial position of the Group as at 30 June 2023 and the results of its operations, cash flows and changes in shareholders' equity for the six months then ended, in compliance with International Accounting Standard (IAS) 34 Interim Financial Reporting ("IAS 34").
In preparing the interim condensed consolidated financial statements, management is responsible for:
selecting and applying appropriate accounting policies;
maintaining appropriate accounting records to ensure compliance of the interim condensed consolidated financial statements of the Group with IFRS, local legislation and local GAAP;
making judgments and estimates that are reasonable and prudent;
providing additional disclosures when compliance with the specific requirements of IAS 34 are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Group's consolidated financial position and financial performance;
making an assessment of the Group's ability to continue as a going concern;
designing, implementing and maintaining an effective and sound system of internal controls;
preventing and detecting material misstatements due to fraud or error.
The interim condensed consolidated financial statements of the Group for the six-month period ended 30 June 2023 were approved by management on 28 August 2023.
On behalf of the management in accordance with authority:
Member of the Management Board of PJSC Magnit,
Power of attorney no. DKU/23-13 dated May 30, 2023
28 August 2023
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Disclaimer
Magnit OAO published this content on 29 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 August 2023 16:58:09 UTC.