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Transneft Publishes Condensed Consolidated Interim Financial Statements for Six Months Ending 30 June 2018

Date of publication: 28 August 2018

Transneft has published condensed consolidated interim financial statements, prepared in compliance with International Financial Reporting Standards (IFRS) for six months ending 30 June 2018.

Key performance results of the Group for the reporting period

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

Crude oil delivery for six months of 2018 amounted to 235.3 million tonnes, 2.1 million tonnes or 0.9% down year-on-year; oil turnover went down by 9.9 billion tonne-km or 1.6%.

Petroleum products deliveries for six months that ended on 30 June 2018 came to 19.7 million tonnes, which means growth by 3.1 million tonnes or 18.7% year-on-year.

The Group’s revenue increased by RUB 25.1 billion or 5.7%, mainly due to growing proceeds from oil transportation services.

Operating expenses (exclusive of oil export, amortisation and depreciation as well as outlay on new facilities) remained at the level of inflated operating expenses for the similar period of 2017.

The Group’s EBITDA stood at RUB 208.2 bln, down RUB 7.5 bln or 3.5% year-on-year. The reduction is mainly caused by a higher outlay on new facilities and falling revenues from other activities.

Net income for the reporting period dropped by RUB 21.8 billion or 19.2% – mainly because of growing amortisation and depreciation of new facilities, higher interest payable and shrunken income of Transneft subsidiaries and joint ventures.

For more detailed analysis of the Group’s financial standing and performance as well as its condensed consolidated interim financial statements by IFRS for six months ending 30 June 2018 see here and here.

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