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Transneft Publishes Condensed Consolidated Interim Financial Statements for Three Months Ending 31 March 2020

Date of publication: 11 June 2020

Transneft, the world's largest oil pipeline company, has published condensed consolidated interim financial results under IFRS for 1Q 2020 in the For Investors and Shareholders section of its official website.

Crude oil transportation grew by 1.1 mln tonnes, or 0.9%, amounting to 120.2 mln tonnes.

Petroleum products transportation amounted to 10.5 mln tonnes, higher y-o-y by 0.8 mln tonnes, or 8.2% due to growing export deliveries.

The revenue of Transneft Group increased by RUB 3 billion, or 1% y-o-y, mainly due to growing revenues from oil transportation services. Simultaneously there was a decrease in revenue from the sales of crude oil for export and on the domestic market by RUB 10 billion.

Transneft Group's EBITDA amounted to RUB 134 billion, up RUB 4 billion or 3% year-on-year.

Profit due to the Transneft shareholders increased by RUB 7 billion, or 13% y-o-y, amounting to RUB 57 billion. The growth of profit was due to oil transportation results, also a significant impact on the financial results was made by reflecting negative exchange rate differences on FX assets and liabilities of the Group.

The total debt by the end of 1Q 2020 was RUB 652 bln, or 2% lower y-o-y.

For more detailed analysis of the Group’s financial standing and performance as well as its condensed consolidated interim financial statements in accordance with IFRS for three months ending on the 31st of March 2020, see here and here.

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