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Transneft Publishes IFRS –°onsolidated Financial Statements for 2018

Date of publication: 29 March 2019 Printable version

Transneft has released consolidated financial statements prepared in compliance with International Financial Reporting Standards (IFRS) for the year ending 31 December 2018. The results can be viewed on Transneft’s official website, in the “For Investors and Shareholders” section.

Transneft Group’s Key Operating Results for 2018

*Without crude oil purchase-sale transactions based on agreements with Rosneft and China National United Oil Corporation

Crude oil delivery in 2018 amounted to 479.8 million tonnes, up 0.5% or 2.3 million tonnes year-on-year. Oil turnover grew by 6.2 billion tonnes per km or 0.5%.

Petroleum products delivered to consignees in 2018 amounted to 39.2 million tonnes. Growth against the same period last year came to 6.1 million tonnes or 18.4%.

In September 2018, the Group secured control over Novorossiysk Commercial Sea Port (NCSP), including its subsidiaries, as a result of stock acquisition. The Group’s effective stake in NCSP grew from 37% to 63%.

The revenue of Transneft Group rose by 10.8% or RUB 95.6 billion, mainly due to growing proceeds from oil and petroleum products transportation services, growing revenue from oil export and stevedore services, as well as additional port and fleet services rendered by NCSP and its subsidiaries.

Operating expenditures (exclusive of depreciation and amortisation, taxes and oil export) went 3.2% down against inflated operating expenditures in 2017.

EBITDA of Transneft Group amounted to RUB 433.4 billion, up 6.1% or RUB 24.7 billion year-on-year.

Transneft Group’s earnings in 2018 rose by 17.5% or by RUB 33.6 billion, to RUB 225.4 billion year-on-year.

During 2018, Transneft spent USD 5.7 billion (RUB 342 billion), on the extinguishment of eurobonds and a loan from China Development Bank. Thus, during 9 months of 2018, Transneft repaid the debt denominated in foreign currencies in full, significantly reducing foreign exchange risks. As of 31 December 2018, the outstanding debt of Transneft Group in foreign currencies (estimated at RUB 79.5 billion) was generated by the acquisition of NCSP (Omirico Limited); the debt is scheduled to be repaid before 2023.

During 2018, three large projects were commissioned as part of the Investment Programme:

- increasing the throughput capacity of oil trunk pipelines to 14 MTPA for crude oil deliveries to TANECO’s refineries;

- developing the system of trunk pipelines for increasing petroleum products deliveries to the port of Primorsk to 25 MTPA (the Sever project);

- revamping the system of trunk pipelines for increasing petroleum products transportation to the Moscow area.

The Group’s consolidated financial statements by IFRS for the year ending on 31 December 2018 as well as the analysis of its financial standing and performance  can be found here and here.

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