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Transneft, JSC, has Published its Condensed Consolidated Interim Financial Statements Prepared in Compliance with the International Financial Reporting Standards over Nine Months Ended on September 30, 2014

Date of publication: 1 December 2014

In the Investor and Shareholder Section of its official website, Transneft, JSC, has published its condensed consolidated interim financial statements prepared in compliance with the International financial reporting standards (IFRS) over nine months ended on September 30, 2014.

The Table given below shows the IFRS-based main performance results over the reporting period.

Key indicators

Unit of measure

Nine months ended on September 30, 2014

Nine months ended on September 30, 2013

Change, %

 

 

 

 

 

Oil transportation volume

mln tons

359.6

359.9

(0.1)

Oil freight turnover

bn tons-km

865.0

864.8

0.02

Oil product transportation volume

mln tons

24.0

24.1

(0.4)

Revenue

bn rubles

573,9

561,6

2,2

EBITDA

bn rubles

264.6

264.3

0.1

EBITDA profitability*

%

59.1

59.1

х

Net profit**

bn rubles

154.6

152.1

1.6

* Exclusive of crude oil purchase-sale transactions under contracts with Rosneft Oil Company, OJSC, and the China National United Oil Corporation

** Exclusive of net losses caused by exchange rate differences, net interest expenses, losses on transactions with derivative financial instruments, interest in profits of affiliated and jointly controlled companies

The volume of oil transportation over nine months ended on September 30, 2014 totaled 359.6 million tons, thus having decreased by 0.3 million tons or by 0.1% of the respective level over the same period in 2013, while the oil freight turnover increased by 0.2 billion tons-km or by 0.02%.

The volume of oil product transportation over nine months ended on September 30, 2014 totaled 24.0 million tons. The decrease against the same period of the previous year was 0.1 million tons or 0.4 %.

 

Revenue breakdown by activities, bn rubles

Nine months ended on September 30, 2014

Nine months ended on September 30, 2013

Change, %

Revenue from the services in oil transportation

376.7

378.9

(0.6)

Revenue from the services in oil product transportation

36.2

33.1

9.4

Revenue from the commercial oil sales

143.2

124.1

15.4

Other revenue

17.8

25.5

(30.2)

Total revenue

573.9

561.6

2.2

The revenue of the Group increased by 12.3 billion rubles or by 2.2% primarily due to the increased revenue from the services provided in the transportation of oil products and the revenue from the sales of commercial oil.

The revenue from the services provided in oil transportation over nine months ended on September 30, 2014 decreased by 2.2 billion rubles or by 0.6% due to the changes in the freight traffic and transportation volume, while the revenue from the services in oil product transportation increased by 3.1 billion rubles or by 9.4% due to the increased tariff rates and changes in the transportation volume and freight traffic.

The 19.1 billion ruble or 15.4% increase in the revenue from the services in commercial oil sales primarily resulted from the increase in the revenue from oil export sales (the terms and conditions of the loan provided by the People’s Republic of China), which was caused by the weakening of the RF ruble against the US dollar.

The operating expenses (net of depreciation, non-recurring expenses and the cost of sales) totaled 164.1 billion rubles, thus having decreased by 1.7 billion rubles or 1.0% as compared to the expenses in the same period of 2013. The key factor that caused the decrease in the operating expenses was the 63% reduction in the expenses on the services provided in oil transportation by rail due to the switchover to oil transportation by the newly commissioned Eastern Siberia – Pacific Ocean Pipeline System, Stage 2, the Skovorodino – Specialized Sea Oil Port «Kozmino» (ESPO-II).

The Group’s net profit exclusive of net financing expenses, which are represented by the net losses caused by exchange rate differences, net interest expenses, losses on transactions with derivative financial instruments, interest in profits of affiliated and jointly controlled companies, over nine months ended on September 30, 2014 totaled 154.6 billion rubles, thus having increased by 2.5 billion rubles (1.6%) as compared to the net profit over the same period of 2013.

The detailed analysis of the IFRS-compliant condensed consolidated interim financial statements over nine months ended on September 30, 2014 are available here and here.

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