ABU DHABI NATIONAL OIL COMPANY FOR DISTRIBUTION PJSC Notes to the interim condensed consolidated financial statements for the three-month period ended 31 March 2024 (continued) 2. Application of new and revised International Financial Reporting Standards (IFRS) (continued) The application of these revised IFRSs has not had any material impact on the amounts reported for the current and prior years but may affect the accounting for future transactions or arrangements. New and amended IFRS Standards in issue but not yet effective and not early adopted • Amendments to IAS 21 - Lack of Exchangeability An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. A currency is exchangeable when there is an ability to obtain the other currency (with a normal administrative delay), and the transaction would take place through a market or exchange mechanism that creates enforceable rights and obligations. • IFRS 18 — Presentation and Disclosure in Financial Statements IFRS 18 includes requirements for all entities applying IFRS for the presentation and disclosure of information in financial statements. IFRS 18 was issued in April 2024 and applies to an annual reporting period beginning on or after 1 January 2027. Management anticipates that these new standards and amendments will be adopted in the Group’s consolidated financial statements as and when they are applicable and adoption of these new standards and amendments, may have no material impact on the consolidated financial statements of the Group in the period of initial application. 3. Summary of significant accounting policies 3.1 Statement of compliance These interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting and comply with the applicable requirements of the laws in the UAE. These interim condensed consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements and should be read in conjunction with the Group’s consolidated financial statements for the year ended 31 December 2023. In addition, results for the three-month period ended 31 March 2024 are not necessarily indicative of the results that may be expected for the financial year ending 31 December 2024. 3.2 Basis of preparation These interim condensed consolidated financial statements are presented in UAE Dirhams (AED), which is the Company’s functional currency and the Group’s presentation currency, and all values are rounded to the nearest thousands (AED’000) except when otherwise indicated. These interim condensed consolidated financial statements have been prepared on a historical cost basis. The accounting policies used in the preparation of these interim condensed consolidated financial statements are consistent with those applied to the audited annual consolidated financial statements for the year ended 31 December 2023, except for the policies disclosed below and the adoption of new standards and interpretations effective 1 January 2024. 3.3 Basis of Consolidation The interim condensed consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and its subsidiaries. Control is achieved when the Company: • Has power over the investee • Is exposed, or has rights, to variable returns from its involvement • Has the ability to use its power to affect its returns The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. 11