Transneft boosts 2011 IFRS 60% to 188.1 bln rubles
MOSCOW. May 17 (Interfax) - Transneft boosted net profit to International Financial Reporting Standards (IFRS) attributable to shareholders 60% in 2011 to 188.1 billion rubles, the oil pipeline operator said.
This was below the 196.4 billion rubles that analysts predicted in a consensus forecast for Interfax.
Sales revenue grew 50% to 670.27 billion rubles, operating costs rose 60% to 457.848 billion rubles, operating profit - 30% to 212.422 billion rubles and pre-tax profit - 50% to 235.529 billion rubles.
Earnings before taxes, depreciation and amortization (EBITDA) rose 21.9% to 291.189 billion rubles and the EBITDA margin was 55.3%.
Payables rose 30% to 124.419 billion rubles.
Transneft shipped 471.7 million tonnes of oil in 2011, 1.3% more than in 2010, including 233.4 million tonnes to Russian refineries, up 3.2%, 1.3 million tonnes to the CPC-R system, down 64.5%, 29 million tonnes export crude to CIS countries, (+12.8%) and 208 million tonnes export crude to non-CIS countries (+1%). Petroleum product shipments fell 3.7% to 29.3 million, including 8.6 million to the domestic market, down 0.5%, 2.2 million tonnes to Customs Union countries, up 100% and 18.4 million tonnes for export to other countries, down 10.7%.
The head count at Transneft increased 4.3% to 104,926 and the average monthly wage rose 11.9% to 64,900 rubles.
Remuneration for key management (64 managers) rose 1.6% to 1.057 billion rubles.