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Transneft published 2017 IFRS consolidated interim condensed financial statements for six months ending 30 June 2017

Date of publication: 25 August 2017 Printable version

Transneft has released consolidated interim condensed financial statements, prepared according to International Financial Reporting Standards (IFRS) for the six months ending 30 June 2017.

The Group’s main operating results for the reporting period.

Indicator

Unit

6M ending 30 June 2017

6M ending 30 June 2016

Change, %

Crude oil delivery

million tonnes

237.4

238.8

(0.6)

Oil freight turnover

bln tonne-km

604.9

603.5

0.2

Petroleum products deliveries

million tonnes

16.6

17.2

(3.5)

Revenue

RUB bln

438.3

417.4

2.5

EBITDA

RUB bln

215.7

209.6

5.8

EBITDA margin*

 %

1.7

1.7

x

Net income

RUB bln

113.9

134.5

(15.3)

* Purchase and sale of crude oil under contracts with Rosneft and China National Petroleum Corporation not included

 

A total of 237.4 million tonnes of crude oil was delivered to consignees in the six months to 30 June 2017 (-1.4 million tonnes, or 0.6 % y-o-y). Oil freight turnover grew by 1.4 bln tonne-km (0.2 % y-o-y).

Petroleum product deliveries in the six months to 30 June 2016 were 16.6 million tonnes, which means a y-o-y reduction of 0.6 million tonnes (-3.5 %).

Group revenues increased by RUB 20.8 bln (or 5.0 % y-o-y) mainly due to increase of revenues from crude and petroleum product transport services.

Operating expenses (less oil exports, D&A) rose 2.4% vis-à-vis inflated operating expenses year-on-year; the main reason is a higher outlay on the property tax and expenses on the commissioning of new pipeline facilities. Operating expenses excluding the outlay on new pipeline facilities amounted to 0.6%. Increased expenditures on the property tax are caused by the reappraisal of fixed assets, commissioning of new facilities and an increase of the tax rate on trunk pipelines and installations being an integral technological part of the said facilities from 1.3% in 2016 to 1.6% in 2017.

The Group’s EBITDA grew by RUB 6.1 billion or 2.9% mainly due to higher revenues from crude oil and petroleum products transportation services.

The earnings in the reporting period went down by RUB 20.6 billion or 15.3% mainly due to a lower net profit from differences in foreign exchange rates, caused by slower revaluation of the Russian ruble against the US dollar during 6 months ending 30 June 2017 on a year-on-year basis. The adjusted earnings in the reporting period, exclusive of factors unrelated to production activities, grew by RUB 8.0 billion or 7.6%. 

Detailed analysis of the Group’s financial standing and performance as well as consolidated interim condensed IFRS financial statements for the six months to 30 June 2017 can be found here and here

 

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