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Consolidated interim condensed financial statements of Transneft for nine months ending 30 September 2017 have been published

Date of publication: 29 November 2017 Printable version

Consolidated interim condensed financial statements prepared in accordance with the International Financial Reporting Standards (IFRS) for nine months ending 30 September 2017 have been published in the section “To Investors and Shareholders” of the official Transneft website.

Main operational results of the Group for the reporting period

Key Performance Indicators

Measuring Unit

Nine months ending 30 Sept. 2017

Nine months ending 30 Sept. 2016

Change, %

Crude oil delivery

mln tonnes

356.9

360.2

(0.9)

Oil freight turnover

bln tonnes x km

905.9

907.9

(0.2)

Petroleum products delivery

mln tonnes

25.0

25.3

(1.2)

Revenue

bln rubles

657.8

629.0

4.6

EBITDA*

bln rubles

317.7

309.4

2.7

Debt / EBITDA

units

1.7

1.7

x

Profit for the period

bln rubles

166.8

182.6

(8.6)

*Exclusive of crude oil purchase and sale transactions based on the contracts with Rosneft and China National United Petroleum Corporation

Crude oil delivery for the nine months ending 30 September 2017 amounted to 356.9 mln tonnes, down 3.3 mln tonnes or 0.9% year-on-year; oil freight turnover decreased by 1.9 bln tonnes x km or by 0.2%.

Petroleum products delivery for the nine months ending 30 September 2017 came to 25.0 mln tonnes. The reduction year-on-year amounted to 0.3 mln tonnes or 1.2%.

The Group’s revenue grew by RUB 28.8 billion or 4.6% mainly due to higher revenue from oil export and other earnings.

Operating expenses (exclusive of exported oil sale, depreciation and amortization) rose 1.2% relative to inflated operating expenses year-on-year, which is mainly caused by higher property tax spending as well as by preparation and commissioning of new pipeline facilities in 2016. Growing property tax expenditures were caused by the commissioning of new facilities, reappraisal of the fixed assets and an increase in the tax rate in relation to trunk pipelines and installations which are 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 8.3 billion or 2.7%, mainly due to the higher revenue from rendering crude oil and petroleum products transportation along with other earnings.

Profit for the period sank by RUB 15.7 billion or 8.6% mainly by virtue of exchange rate difference impact, due to the dynamics of the Russian ruble exchange rate relative to the USD during 9 months ending 30 September 2017, as compared to a similar period of the previous year. The adjusted earnings for the period without taking into account the factors unrelated to production activities grew by RUB 11.3 billion or 7.3%.

For a more detailed analysis of the financial standing and operational results of the Group as well as consolidated interim condensed financial statements by IFRS for the nine months ending 30 September 2017, see here and here.

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