Transneft has published condensed consolidated interim financial statements, prepared in compliance with International Financial Reporting Standards (IFRS) for nine months ending 30 September 2018.
The Group’s key performance results 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 the nine months of 2018 amounted to 357.5 million tonnes, 0.6 million tonnes or 0.2% up year-on-year; oil turnover reduced by 1.5 billion tonnes per km or 0.2%.
Petroleum products deliveries for the nine months ending on 30 September 2018 came to 30.2 million tonnes. The growth against the same period last year achieved 5.2 million tonnes or 20.8%.
The Group's revenue grew by 58.2 billion roubles or 8.8%, mainly due to the growth of revenue from oil export sales and oil transportation services.
Operating expenses (excluding oil export sales, taxes, depreciation and amortisation) reduced by 0.1 billion roubles as against inflated operating expenses for the same period last year.
The Group's EBITDA amounted to 314.6 billion roubles, showing a 3.1 billion roubles or 1.0% reduction against the same period of 2017. The reduction is mainly attributable to increased expenses on property tax and reduced income from other activities.
In September 2018, the Group secured control over Novorossiysk Commercial Sea Port (NCSP), including its subsidiaries, as a result of acquisition. The Group’s effective share in NCSP grew from 37.07% to 63.08%. The Group also obtained control over Novorossiysk Fuel Oil (NFOT), whose 50% are owned by NCSP.
The Group’s profit made 171 billion roubles, 4.2 billion roubles or 2.5% up year-on-year.
For more details on the Group’s financial standing and performance as well as for its condensed consolidated interim financial statements in accordance with IFRS for the nine months ending on 30 September 2018 see here and here.