Анализ руководством ОАО «ак «транснефть» финансового состояния и результатов деятельности группы ОАО «ак «транснефть»за шесть месяцев, закончившихся 30 июня 2012 года



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OAO AK TRANSNEFT
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF THE GROUP’S FINANCIAL POSITION
AND RESULTS OF ITS OPERATIONS
FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2014


OAO AK TRANSNEFT
MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE GROUP’S FINANCIAL POSITION
AND RESULTS OF ITS OPERATIONS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2014
(in millions of Russian roubles, if not stated otherwise)
2 1.
General information and overview of the Group’s activities ................................................................. 4 1.1.
Key investment projects .......................................................................................................................... 5 1.2.
Environmental policy ............................................................................................................................... 5 2.
Tariffs and key macroeconomic factors affecting the Group's performance ....................................... 6 2.1.
Oil and oil products transportation tariffs .............................................................................................. 6 2.2.
Oil mining and oil products refining volumes ......................................................................................... 7 2.3.
The rouble’s exchange rate against foreign currencies ........................................................................ 7 2.3.
The rouble’s exchange rate against foreign currencies (continued) .................................................... 8 2.4.
Inflation rates ........................................................................................................................................... 8 2.5.
Taxation .................................................................................................................................................... 8 3.
Analysis of the Group’s performance ..................................................................................................... 9 3.1.
Revenue ................................................................................................................................................. 10 3.1.1.
Oil and oil products transportation services ........................................................................................ 10 3.1.2.
Revenue from sales of crude oil and oil products ............................................................................... 10 3.1.3.
Revenue from oil compounding services ............................................................................................. 10 3.1.4.
Other revenue ........................................................................................................................................ 11 3.2.
Operating expenses ............................................................................................................................... 11 3.2.1.
Salaries, social funds contributions and social expenses .................................................................. 13 3.2.2.
Pension expense ................................................................................................................................... 14 3.2.3.
Energy ..................................................................................................................................................... 14 3.2.4.
Transportation of oil using railways ...................................................................................................... 14 3.2.5.
Materials ................................................................................................................................................ 14 3.2.6.
Repairs services and maintenance of relevant technical condition of pipeline ................................... 14 3.2.7.
Cost of crude oil and oil products sold ................................................................................................. 14 3.2.8.
Taxes (except income tax) ..................................................................................................................... 15 3.2.9.
Other operating expenses ..................................................................................................................... 15 3.2.10.
Share of results from associates and jointly controlled entities ......................................................... 15 3.2.11.
Finance income and costs .................................................................................................................... 15 3.3.
Reconciliation of profit and EBITDA ...................................................................................................... 17 4.
Cash flow analysis ................................................................................................................................. 18 4.1.
Operating activities ................................................................................................................................ 18 4.2.
Investing activities ................................................................................................................................. 18 4.3.
Financing activities ................................................................................................................................ 18 4.4.
Disclosure of cash flows from operating activities using indirect method ......................................... 19 5.
Liquidity analysis ................................................................................................................................... 20


OAO AK TRANSNEFT
MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE GROUP’S FINANCIAL POSITION
AND RESULTS OF ITS OPERATIONS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2014
(in millions of Russian roubles, if not stated otherwise)
3
The following analysis provides an overview of the financial position of OAO AK Transneft and its subsidiaries
(hereinafter – the “Group”) as at 30 September 2014 and results of operations for the nine months ended 30
September 2014, compared to the nine months ended 30 September 2013, as well as other important factors which could affect the future results of the Group. This analysis should be read in conjunction with the
Consolidated interim condensed financial statements prepared in accordance with International financial reporting standards (hereinafter – “IFRS”) for the nine months ended 30 September 2014.
Key financial and operating results
Nine months ended
30 September
2014
Nine months ended
30 September
2013
Change, %
Revenue
573,935 561,586 2.2
Profit for the period
117,978 132,873
(11.2)
EBITDA
264,551 264,307 0.1
EBITDA margin, %*
59.1 59.1
х
Oil delivered to consignees, mln. tons
359.6 359.9
(0.1) including:
Russian oil refineries, mln. tons
195.9 186.7 4.9 transshipment into the CPC-R system, mln. tons
1.3 1.5
(13.3) exports to FSU countries, mln. tons
15.7 20.5
(23.4) exports to ROW, mln. tons
146.7 151.2
(3.0)
Oil products delivered to consignees, mln. tons
24.0 24.1
(0.4) including:
Russia’s domestic market, mln. tons
7.4 7.7
(3.9) exports to the Customs Union member countries, mln.tons
0.15 0.21
(28.6)
exports to ROW, mln. tons
16.4 16.1 1.9
* Less crude oil sale and purchase operations under contracts with OAO NK Rosneft and the China National
United Oil Corporation.
The Group’s profit for the nine months ended 30 September 2014 amounted to RUB 118.0 bn which is
RUB 14.9 bn or 11.2% lower than for the nine months ended 30 September 2013 which amounted to
RUB 132.9 bn.
The Group’s profit as for the nine months ended 30 September 2014 was mainly affected by net finance costs in the amount of RUB 36.7 bn (RUB 20.5 bn as for the nine months ended 30 September 2013) (refer to p.
3.2.10) presented by net currency exchange losses, net interest expenses and losses from operations with derivatives as well as the share of profit from associates and jointly controlled entities in the amount of RUB
0.05 bn (RUB 1.3 bn as for the nine months ended 30 September 2013) (refer to p.3).
Without taking into consideration the afore-mentioned factors the profit for the nine months ended
30 September 2014 would amount to RUB 154.6 bn (RUB 152.1 as for the nine months ended 30 September
2013) and would increase by RUB 2.5 bn or by 1.6%.


OAO AK TRANSNEFT
MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE GROUP’S FINANCIAL POSITION
AND RESULTS OF ITS OPERATIONS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2014
(in millions of Russian roubles, if not stated otherwise)
4 1.

General information and overview of the Group’s activities
The oil transporting joint stock company Transneft was established and incorporated by the Russian
Government Resolution No. 810 dated 14 August 1993 under Presidential Decree No. 1403 dated 17
November 1992.
According to its Charter, OAO AK Transneft was established for the purposes of:

promoting the technical and socio-economic interests of its shareholders, while unconditionally ensuring the Russian Federation’s interests in the area of transporting oil, gas, and the products of oil & gas refining via trunk pipelines;

generating profit.
The main areas of OAO AK Transneft and its subsidiaries’ operations are as follows:

providing services in the area of transporting oil and oil products via trunk pipelines in the Russian
Federation and outside of its territory;

carrying out prevention, diagnostic, and emergency & recovery work on trunk pipelines;

coordinating activities aimed at comprehensive development of the trunk pipeline network and other pipeline transport facilities;

interacting with pipeline transport companies in other countries on matters of oil and oil products transportation in accordance with intergovernmental agreements;

participating in scientific, technical, and innovative development of the pipeline transport, and implementing new equipment, technology, and materials;

raising investment capital for the development of the production base, as well as the expansion and reconstruction of facilities of the Transneft system’s entities;

organizing environmental work in areas where pipeline transport facilities are located.
The Group also provides services of oil storage in the trunk pipeline system, oil compounding, crude oil sales.
OAO AK Transneft is also responsible for oil transportation planning and management on foreign territory, for exercising control of oil storage at and delivery to foreign oil receipt & delivery facilities, and for data collection and summarizing.
The Group as at 30 September 2014 possesses an extensive network of trunk oil pipelines with a total length of approximately 53.2 thousand km and trunk oil products pipelines with a total length of some 19.1 thousand km.
During the nine months ended 30 September 2014 the Group transported 87% of oil produced in Russia and more than 25% of oil products produced in Russia, as well as significant volumes of hydrocarbons and oil products from CIS countries.
OAO AK Transneft’s key competitive advantages include:

a monopoly position in the oil pipeline transport market;

a low ratio of operating costs to total oil transportation volume compared to railway or water transport;

average level of oil transportation tariffs, compared to those in the CIS, Europe, USA and Canada.


OAO AK TRANSNEFT
MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE GROUP’S FINANCIAL POSITION
AND RESULTS OF ITS OPERATIONS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2014
(in millions of Russian roubles, if not stated otherwise)
5 1.1.

Key investment projects
OAO AK Transneft pays considerable attention to comprehensive development of its trunk pipeline network, promotion of scientific and technical progress, and implementation of new equipment and technology.
OAO AK Transneft’s capital investment policy is aimed at achieving system-wide targets for production base development, as well as expansion, reconstruction, and technical upgrades of pipeline transport facilities.
Fulfillment of the investment projects regarding development of the system of trunk pipelines will allow to create unified pipelines system that allows for the effective redistribution of export flows of both the Western and Eastern directions depending on the situation market.
The largest investment projects for construction and expansion of pipeline systems under realization are:

Construction of Zapolyarie–Purpe oil trunk pipeline;

Construction of Kuyumba – Tayshet oil trunk pipeline;

Expansion of the ESPO pipeline system in the GNPS Taishet–NPS Skovorodino section to 80 mln tons annually;

Expansion of the ESPO pipeline system in the NPS Skovorodino-SMNP Kozmino to 50 mln. tons annually;

Development of the trunk pipeline system for increase of deliveries of oil products to Primorsk Sea Port to
15 mln tons (Project “Sever”);

Development of the trunk pipeline system for increase of deliveries of oil products to Primorsk Sea Port to
25 mln tons (Project “Sever”);

Reconstruction of the trunk pipeline system for increase of transportation volumes of oil products to the
Moscow area;

The project “Yug”, 1
st stage, reconstruction of the trunk pipelines Tikhoretsk-Novorossiysk;

The project “Yug”, 2
nd stage, construction of MNPP Volgograd-Tikhoretsk.
1.2.

Environmental policy
The Group’s management is fully aware of potential danger of a possible negative impact of technologically complex production activities on the environment. The main areas of the Group’s environmental activities have been set out in OAO AK Transneft’s ecological policy, the principles of which underlie OAO AK Transneft’s ecological policy for 2010–2017, which spells out specific environmental measures.
The Group’s management is fully informed of the conditions of all fixed assets and the pace of their wear and tear, and uses these data to plan reconstruction or building of new facilities. Transneft’s ecological strategy contains specific seven-year programs for each of its subsidiaries.
The amount of funding of the ecological safety program, building and reconstruction of environmental facilities, and acquisition of environmental protection equipment enable OAO AK Transneft to meet the strictest Russian and international environmental standards.
As at today all subsidiaries of OJSC «AK «Transneft» has developed, introduced and certified the environmental management System. All subsidiaries of the Company has received the international certificate DQS and IQNet conformity to the standard ISO 14001.


OAO AK TRANSNEFT
MANAGEMENT’S DISCUSSION AND ANALYSIS OF THE GROUP’S FINANCIAL POSITION
AND RESULTS OF ITS OPERATIONS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2014
(in millions of Russian roubles, if not stated otherwise)
6 2.



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