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Transneft publishes consolidated interim condensed financial statements for three months ending 31 March 2018

Date of publication: 1 June 2018 Printable version

Transneft has released consolidated interim condensed financial statements prepared according to International Financial Reporting Standards (IFRS) for the three months ending 31 March 2018. The results can be viewed in the For Investors and Shareholders section of Transneft’s official website.

The Group’s main operating results for the reporting period

 

* Exclusive of crude oil purchase and sale transactions under contracts with Rosneft and China National Petroleum Corporation

Crude oil delivery for the three months ending 31 March 2018 amounted to 116.5 mln tonnes, 1.2 mln tonnes or 1.0% down year-on-year; oil freight turnover decreased by 1.8 bln tone-km or by 0.6%.

Petroleum products deliveries for the three months ending 31 March 2018 came to 9.9 mln tonnes. The growth year-on-year amounted to 1.8 mln tonnes or 22.2%.

The Group’s revenue grew by RUB 6.2 billion or 2.8% mainly due to higher revenue from oil transportation, export and other earnings.

Operating expenses (less oil exports, depreciation and amortization) rose by 2.8% relative to inflated operating expenses year-on-year, which is mainly caused by higher labor, social security and insurance costs as well as by growing property tax expenditures. The growing labor, insurance and social security costs were mainly caused by higher insurance premiums paid into government off-budget funds in view of an increase in the upper limit of the base for their accrual, the indexation of wages in 2017, higher headcount, and the commissioning of new trunk pipeline facilities.

The Group’s EBITDA went down by RUB 2.9 billion or 2.7%, amounting to RUB 107.5 billion at the end of the reporting period.

Profit for the reporting period sank by RUB 32.5 billion or 40.9%, mainly by virtue of exchange rate difference impact due to the dynamics of the RUB exchange rate relative to the USD during the 3 months ending 31 March 2018, as compared to a similar period of the previous year, also due to the impact of interest payments and a decrease in the profit of dependent and jointly controlled companies. The adjusted earnings for the period without taking the factors unrelated to production activities into account decreased by RUB 1.5 billion or 2.7%.

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 three months ending 31 March 2018 can be found here and here.

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