Key Financial and Economic Performance Indicators of Transneft under RAS

Incomes and Expenses on Core Activities

Revenues from Sale of Goods (Works, Services), RUB mln
Indicator 2020 2019 Change 2020/2019, RUB mln Change 2020/2019, % 2018
Total revenue 870,901 960,812 (89,911) -9.4 937,768
including: oil transportation services 651,754 697,646 (45,892) -6.6 659,813
petroleum products transportation services 64,462 61,096 3,366 5.5 66,453
oil sales for export 141,547 186,900 (45,353) -24.3 200,286
oil compounding services 4,755 6,258 (1,503) -24.0 5,849
other 8,383 8,912 (529) -5.9 5,367

Changes in revenues from the sale of goods (works, services) of the Company in 2020 as compared to 2019 were mainly due to:

  • decrease in revenues from crude oil transportation services, which was mainly caused by changes in volumes of transported oil and oil freight flow routes;
  • growth of revenue from petroleum products transportation services caused by changes in tariffs, transported volumes of petroleum products and freight flow routes;
  • reduction in revenue from the provision of oil compounding services due to changes in compounding volumes;
  • decrease in revenue from the sale of oil for export under the agreement with China National United Oil Corporation mainly due to lower oil prices and the growth of US dollar exchange rate.
  • decrease in revenue from other activities.
Expenses on core activities, RUB mln
Indicator 2020 2019 Change 2020/2019, RUB mln Change 2020/2019, % 2018
Expenses on core activities, total 798,405 856,021 (57,616) -6.7 880,450
including: oil transportation services 555,093 566,979 (11,886) -2.1 580,291
petroleum products transportation services 64,386 60,917 3,469 5.7 65,662
oil sales for export (selling expenses included) 140,980 186,687 (45,707) -24.5 200,731
oil compounding services 2,853 3,755 (902) -24.0 3,510
administrative costs 31,686 32,623 (937) -2.9 27,688
Other 3,407 5,060 (1,653) -32.7 2,568

Changes in expenses related to core activities in 2020 compared to 2019 were mainly due to:

  • a reduction in expenses under contracts for the provision of services on acceptance/delivery, pumping, transshipment, oil discharge/loading with Transneft subsidiaries, which is associated with a change in the oil transportation volume;
  • a reduction in expenses under contracts for petroleum products acceptance services, delivery (pumping) to destinations, as well as shipping at destinations with Transneft subsidiaries, due to the change of petroleum products transportation volumes;
  • a reduction in expenses from the provision of oil compounding services due to changes in compounding volumes;
  • a decrease in expenses from the sale of oil for export under the agreement with China National United Oil Corporation mainly due to lower oil prices.
  • a decrease in costs of other activities.
Net profit, RUB mln
Information on the net asset value, RUB mln

Payables and receivables

Payables, RUB mln
Type of debt 31 December 2020 31 December 2019 Change 2020/2019 31 December 2018
Long-term payables 49,941 41,849 8,092 1
Settlements with other creditors 49,941 41,849 8,092 1
Short-term payables 261,020 203,745 57,275 191,635
Suppliers and contractors 178,308 111,959 66,349 113,951
Payments for oil transportation services 147,451 78,120 69,331 86,333
Payments for petroleum products transportation services 10,934 8,612 2,322 8,631
Payments for the purchase of oil 15,551 16,199 (648) 12,911
Payments for oil compounding services 278 387 (109) 361
Payments for construction, revamping, modernisation and acquisition of fixed assets and intangible assets 259 4,035 (3,776) 1,396
Other payments 3,835 4,606 (771) 4,319
Tax due 93 83 10 33
Advances received (excluding VAT) 51,610 56,465 (4,855) 53,286
Under oil transportation contracts 41,519 44,617 (3,098) 41,584
Under petroleum products transportation contracts 9,456 10,826 (1,370) 10,395
Under other contracts 635 1,022 (387) 1,307
Agency contract payments 19,022 20,574 (1,552) 19,821
Payments under agency contracts for oil transportation 1,276 1,491 (215) 1,655
Payments under agency contracts for petroleum products transportation 267 313 (46) 718
Settlements with Transneft Group’s subsidiaries under other agency contracts 16,941 18,361 (1,420) 16,937
Other agency contracts payments 538 409 129 511
CTG settlements 9,265 14,274 (5,009) 3,957
Settlements with shippers for compensation of property losses 1,949 0 1,949 0
Settlements with other creditors 773 390 383 587
Total: 310,961 245,594 65,367 191,636
Receivables, RUB mln
Type of debt 31 December 2020 31 December 2019 Change 2020/2019 31 December 2018
Long-term receivables 4,202 3,016 1,186 1,609
Trade receivables 3 3 0 33
Other advances paid 0 0 0 0
Payments for accrued interest on loans issued 4,110 2,188 1,922 1,309
Payments for a sold share in a partnership 81 82 (1) 107
Payments for interest-free loans 7 13 (6) 11
Payments for other transactions 1 730 (729) 149
Short-term receivables 99,538 101,386 (1,848) 91,977
Trade receivables 16,850 18,555 (1,705) 17,016
Payments for oil transportation services 3,890 3,890 0 3,890
Provision for doubtful debts (3,890) (3,890) 0 (3,890)
Payments for oil compounding services 463 644 (181) 602
Agency contract payments 483 156 327 145
Payments for property rental services 78 75 3 83
Payments for oil sales for export 14,608 16,476 (1,868) 15,925
Payments for consulting services 8 97 (89) 90
Oil storage payments 994 986 8 15
Provision for doubtful debts (952) 0 (952) 0
Other 1,168 121 1,047 156
Advances paid 17,100 9,655 7,445 36,950
Under contracts for oil and petroleum products transportation 17,602 8,401 9,201 210
Under agency contracts for oil transportation 1,610 1,653 (43) 1,578
For the purchase of non-current assets 87 164 (77) 33,603
Others 748 865 (117) 7,660
VAT on advances paid (2,947) (1,428) (1,519) -6,101
Tax and due payments 55,493 61,359 (5,866) 29,666
Сonsolidated taxpayers group (CTG) income tax 10,713 9,120 1,593 2,342
VAT 44,774 52,226 (7,452) 27,304
Other taxes and charges 6 13 (7) 20
Other debtors 30,781 32,506 (1,725) 29,002
Payments for accrued interest on loans issued 3,520 6,928 (3,408) 4,635
Agency contract payments 1,462 2,573 (1,111) 2,356
Payments by CTG members 857 1,292 (435) 551
Other payments 24,942 21,713 3,229 21,460
Provision for doubtful debts (20,686) (20,689) 3 -20,657
Total: 103,740 104,402 (662) 93,586
Taxes and charges incurred during the year, RUB mln
Tax name 2020 2019 Change 2020/2019, RUB mln Change 2020/2019, % 2018
Corporate income tax 42 21 21 100 85
Income tax accrued by the responsible CTG member 30,300 37,409 (7,109) (19) 42,783
Income tax of controlled foreign companies (CFC) 0 0 0 0 6
Value-added tax (VAT) (99,876) (101,967) 2,091 (2) (97,426)
Property tax 383 362 21 6 73
Other taxes and charges 3,342 3,243 99 3 3,187
Total: (65,809) (60,932) (4,877) (51,292)
including:
to the federal budget (95,233) (96,192) 959 (1) (90,810)
to regional and local budgets 29,401 35,235 (5,834) (17) 39,493
to extrabudgetary funds 23 25 (2) (8) 25

In 2020, Transneft accrued and paid income tax as the responsible member of the Transneft Consolidated Group of Taxpayers (CTG), which included 32 (36 in 2019) Transneft subsidiaries (in accordance with the Agreement on the Establishment of the CGT).