Transneft, the world's largest oil pipeline company, has published condensed consolidated financial results under IFRS for Q1 2021 (unaudited) in the For Investors and Shareholders section of its official website.
Operational and financial indicators in Q1 2021 suffered a significant decrease y-o-y due to the world market turmoil caused by the COVID-19 global outbreak and oil production cuts by Russian oil and gas companies.
Crude oil transportation in Q1 2021 declined by 14.6 MMT, or 12%. Petroleum products transportation declined by 1.0 MMT, or 10%.
The adjusted revenue of Transneft Group (excluding revenue from sales of commercial oil for export) reduced by RUB 17.3 billion or 8% mainly due to the decrease in revenue from oil and petroleum products transportation.
The revenue reduction led to a decrease in Transneft Group's EBITDA by RUB 17.3 billion or 13%.
Profit due to the Transneft shareholders amounted to RUB 50.4 billion, demonstrating a decrease of RUB 6.3 billion or 11% y-o-y.
Total debt as of 31.03.2021 was RUB 568.6 billion or 13% lower y-o-y. The reduction in the principal debt of Transneft was mainly due to the planned redemption of exchange-traded bonds and bank loans.
For 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 31 March 2021, see here and here.