Transneft, the world's largest oil pipeline company, has published consolidated financial results under IFRS for Q2 2019 and 1H 2019 in the For Investors and Shareholders section on its official website.
The key financial performance indicators of Transneft Group in the second quarter and the first half of 2019, as compared to the similar period last year, were largely influenced by inclusion of NCSP Group’s performance results in the consolidated data of Transneft Group in view of Transneft having acquired a majority interest in this company in September 2018.
The revenue of Transneft Group for the six months of 2019 went up by RUB 57 billion or 12%, mainly due to the inclusion of NCSP Group’s performance indicators, growing revenues from oil transportation services and oil export.
Transneft Group's EBITDA for the six months of 2019 amounted to RUB 248 billion, which is RUB 40 billion or 19% higher than in the same period in 2018 due to the inclusion of NCSP Group’s performance indicators, growing revenues from oil transportation services and oil export.
The profit due to shareholders of Transneft for the six months of 2019 amounted to RUB 106 billion, which is RUB 14 billion or 15% higher than the same indicator for six months of 2018, including due to the profit from the sale of NGT in April 2019.
Free cash flow for the six months of 2019 increased by 2% and amounted to RUB 33 billion.
The total debt as of 30 June 2019 decreased by 13% compared to the figure as of 30 June 2018 and amounted to RUB 678 billion, mainly due to early repayment of Transneft's foreign currency debt to the Chinese Development Bank in 2018.
On 30 June 2019, the annual general meeting of shareholders decided to allocate 51.18% of the normalised consolidated profit of Transneft Group in the amount of RUB 77.6 billion for the payment of dividends for the year 2018.
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 six months ended on 30 June 2019 see here and here.