Financial reporting under Russian Accounting Standards
In accordance with the Regulations on disclosure of information on issuers of equity securities, affirmed by the Order of the Russian Federal Service for the Financial Markets of 04.10.2011 № 11-46 (as amended), PAO Sovcomflot publishes consolidated financial reports created in accordance with IFRS, and also accounting reports of the legal entity PAO Sovcomflot, created in accordance with Russian Accounting Standards.
Reporting carried out created in accordance with Russian Accounting Standards differs significantly from reports created 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, analysis of Sovcomflot Group’s financial and production results it is recommended using consolidated financial reporting prepared in accordance with IFRS.