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Annual report 2018 Company’s Faces CONTENT COMPANY STRATEGIC FINANCIAL CORPORATE PROFILE REPORT OVERVIEW GOVERNANCE 4 Transneft Group 22 Situation in the Industry 60 Transneft’s Key Indicators under IFRS 109 Address of the Chairman of the Board 6 Key Results of 2018 25 Strategy 69 Key Financial and Economic Performance of Directors 8 Operational Efficiency 28 Company’s Faces: Pavel Kormilets Indicators of Transneft under RAS 110 Corporate Governance System 10 Business Model 30 Long-Term Development Programme 74 Company’s Faces: Yulia Mironenko 114 Company’s Faces: Aida Sukhanova 12 Company’s Faces: Sergey Kamnev 31 Key Performance Indicators (KPI) System 116 General Meeting of Shareholders 33 Raising the Operational Efficiency 117 Board of Directors 35 Main Investment Projects 127 Executive Governing Bodies 42 Company’s Faces: Oksana Belyakova 134 Company’s Faces: Mikhail Matveyev 136 Risk Management 143 Internal Control and Audit System 147 Authorised Capital and Securities 152 Company’s Faces: Denis Lapitsky OPERATING SUSTAINABLE ADDRESS RESULTS DEVELOPMENT APPENDIXES 16 Address of the Chairman 47 Oil Transportation 78 Sustainable Development Principles 154 1. Major transactions of the Board of Directors of Transneft 48 Petroleum Products Transportation 81 Environment Protection 154 2. Interested-party transactions 18 Address of the President of Transneft 50 Consolidation of the Controlling Stake in NCSP 88 Company’s Faces: Luiza Ismailova 154 3. Information on Transneft’s membership 52 International Cooperation 91 Use of Energy Resources and Energy in business entities and non-profit organisations 53 Innovative Development Conservation 158 4. Dividends received by Transneft in 2018 54 Key 2018 Projects 93 HR Policy 159 5. Transactions with stakes, shares, and equity interests in business partnerships and entities 55 Promotion of Innovations in Foreign Markets 94 Social Policy 159 6. Transneft’s investments with expected annual 56 Company’s Faces: Aleksandr Osinkin 96 Industrial Safety and Occupational Health income in excess of 10% 98 Company’s Faces: Rozalia Isayeva 159 7. Pending legal proceedings 100 Developing Regions of Operation 159 8. Execution of instructions from the President 102 Responsible Procurement and the Government of the Russian Federation 104 Company’s Faces: Sergey Valchenko 169 9. Information on disposal of non-core assets of Transneft and its subsidiaries 170 10. Capital investment financing sources of Transneft 171 11. Corporate Governance Code principles compliance report 198 12. Transneft’s history and plans 200 13. Key events of 2018 201 14. The structure of Transneft Group 202 15. Glossary The Annual Report of Transneft for 2018 was preliminary approved by the Board of Directors of Transneft on 28 May 2019 (Minutes No. 8 dated 31 May 2019), and approved by the order No. 406-r of the Federal Agency for State Property Management (Rosimushchestvo) dated 30 June 2019 COMPANY PROFILE 4 Transneft Group 6 Key Results of 2018 8 Operational Efficiency 10 Business Model 12 Company’s Faces: Sergey Kamnev Primorsk Ust-Luga Saint Petersburg Kirishi Usa Ukhta Zapolyarye Moscow Bryansk Yaroslavl Unecha Nizhny Novgorod Orel Ryazan Krasnoleninskaya Purpe Nikolskoye Lazarevo Kholmogory Kazan Perm Konda Liski Surgut Kambarka Suhodolnaya Chernushki Kuyumba Almetievsk Samotlor Rodionovskaya Klin Talakan Tobolsk Aldan Novorossiysk Saratov Samara Ufa Chelyabinsk Tyumen Parabel Salavat Yurgamysh Komsomolsk-on-Amur Volgograd Tikhoretsk Igolsko-Talovoye Annual report 2018 Tuapse Orsk Anzhero- Omsk Sudzhensk Skovorodino Petropavlovsk Khabarovsk Sokur Tayshet Makhachkala Transneft Group Angarsk Irkutsk is... Kozmino a natural monopoly the largest oil one of the most transporting oil and petroleum pipeline company efficient pipeline products via trunk pipelines in the world companies in Russia in the world Read more in the Shareholder and Investor Relations The Russian Federation section on Read more p. 151 Oil pipelines in the Operating Efficiency section on is the main shareholder p. 8 of Transneft. Petroleum products pipelines The Company is included in the list of joint-stock Transneft’s ports Primorsk Ust-Luga companies of strategic importance. Transneft’s Saint Petersburg operational resources Kirishi Usa Ukhta Zapolyarye Moscow Bryansk Yaroslavl Unecha Nizhny Novgorod Orel Ryazan Krasnoleninskaya Purpe Nikolskoye Lazarevo Kholmogory Kazan Perm Konda Liski Surgut Kambarka Suhodolnaya Chernushki Kuyumba Almetievsk Samotlor Rodionovskaya Klin Talakan Tobolsk Aldan Novorossiysk Saratov Samara Ufa Chelyabinsk Tyumen Parabel Salavat Yurgamysh Komsomolsk-on-Amur Volgograd Tikhoretsk Igolsko-Talovoye Tuapse Orsk Anzhero- Omsk Sudzhensk Skovorodino Petropavlovsk Khabarovsk Sokur Tayshet Makhachkala Angarsk Irkutsk TRANSPORTATION TRANSPORTATION OVER OVER OVER Kozmino % % 83 30 500 68,000 24 The list of essential Transneft subsidiaries is approved OF OIL PRODUCED OF PETROLEUM PRODUCTS PRODUCED PUMPING STATIONS by the Company’s President, based on the criteria IN RUSSIA IN RUSSIA km mln set by the Board of Directors. The full list of Transneft 3 subsidiaries can be found in Annexes 3 and 14. OF TRUNK PIPELINES M OF STORAGEOil TANKS pipelines p. 201 Petroleum products pipelines Transneft’s ports Transneft’s operational resources 4 5 Annual report 2018 Key Results of 2018 FINANCIAL INDICATORS INVESTMENTS IN ACCORDING ENVIRONMENTAL TO INTERNATIONAL PROTECTION, FINANCIAL REPORTING RUB BILLION STANDARDS (IFRS), RUB BILLION 3.4 3.4 2.7 980.0 848.1 884.3 OIL AND PETROLEUM CORE ASSETS, 408.8 408.7 433.4 PRODUCTS THOUSAND KM 232.9 191.8 225.4 TRANSPORTATION, 2016 2017 2018 0 MILLION TONNES 2016 2017 2018 Revenue 483.4 477.5 479.8 EBITDA Net profit 52.8 51.5 51.6 In 2018, the Company’s investment in environmental protection increased by 24.9% and amounted to RUB 3.35 In 2018, the Company’s financial indicators rose markedly billion. Most of it was aimed at modernising existing and 16.2 16.9 16.7 33.1 33.1 39.2 as a result of increased revenues from transportation of building new wastewater treatment facilities at Transneft oil and petroleum products, as well as in connection with subsidiaries, as well as reproducing aquatic bioresources. 2016 2017 2018 the acquisition of a controlling stake in NCSP Group in September 2018. The indirect share in NCSP that had 2016 2017 2018 Delivery of oil to consignees Delivery of petroleum products already been owned by the Group was revalued to the Length of oil trunk pipelines, thousand km to consignees fair value at the date of acquisition in connection with the Length of petroleum products trunk acquisition of a controlling stake. pipelines, thousand km In 2018, the volume of oil transportation did not differ In 2018, the total length of oil trunk pipelines increased from the previous year, having increased by an insignificant slightly. The length of petroleum products trunk 0.5%. At the same time, petroleum products transportation pipelines decreased slightly, by 200 km, as a result of grew significantly, by 18.4%. This was due to the launch decommissioning and dismantling of the disconnected and of the Yug Project for transportation of diesel fuel to unused sections of pipelines at Transneft Urals, Transneft the port of Novorossiysk, an increase in the volume of Western Siberia and Transneft Kama Region, as well as transportation to the port of Primorsk, as well as an after repurposing of the Vtorovo – Yaroslavl petroleum increase in the supply of motor fuels and aviation kerosene products trunk pipeline for pumping oil. to the Moscow area. 6 7 8 Regulatory Commission (FERC) and other public sources. The data for 2018 had not yet beenpublished atthetimeofresearch. yet hadnot 2018 publicsources.The datafor andother Commission(FERC) Regulatory Commission(SEC),industry-specificFederal Energy to theUS theUSSecurities andExchange annualreports reports were reports to ofcompanies, provided submitted the mainsourcesofinformation KPMG.Duringthestudy, consulting company theinternational by conducted transportation products 2016-2017, oil andpetroleum for 1 in the sample (USD 1.24 per 100 tkm). per100 (USD 1.24 in thesample thanthemedianvalue tkm),and3.9timeslower 0.38 per100 (USD offreightturnover interms among thoseunderreview company Enbridge,thebiggestforeign for similar indicator thanthe lower tkm)were transportation (USD0.32per100 to oil expenses related specificoperating In2017, expenses. ofspecificoperating levels low maintainsconsistently Transneft Efficiency Operational companies the in world is one of the most energy-efficient pipeline Transneft According to the updated comparative analysis of the indicators of specific operating expenses of Transneft compared with leading foreign companies inthefieldof Transneftforeign companies withleading compared expenses of ofspecificoperating analysisof the indicators comparative theupdated to According 0.26 4 Transneft 2016 0.32 14.28 10.44 Chevron 4 19.52 Genesis 5.32 2017 USA 3.96 Enterprise 2.56 Crude 4.34 2.13 Shell 3.57 4 1 Median value in2017 Median value 2.77 Magellan 2.50 5 3.04 ExxonMobil 1.566 2.73 6 BP 1.55 1.55 Portland 2.23 0.88 Transneft’s value in2017 value Transneft’s Sunoco L.T. 1.44 tkm). per100 (USD1.53 inthesample than themedianvalue timeslower 1.5 transportation tkm)were (USD0.99per100 expenses onoil specificoperating Transneft’s In 2017, 1.21 ConocoPhillips 1.04 1.01 Marathon 0.81 0.61 Source: KPMG USD /100TKM OIL TRANSPORTATION, EXPENSES DURING SPECIFIC OPERATING Platte 0.72 Annual report 2018 0.64 TransCanada 0.62 0.67 Exel 0.23 Conoco 0.44 Offshore 0.44 0.33 Enbridge 0.38 West 0.32 Texas 0.27 0.29 Mid-Valley 0.26 0.32 1.24 Transneft 0.82 4 2016 0.99 Transneft 4 17.50 2016 17.30 10.44 Shell 4 20.67 8.22 ExxonMobil 4 18.11 2017 6.39 Genesis USA 6 8.50 2017 12.52 Enbridge EP 13.07 6 5.50 Chevron 12.31 4 Marathon 12.85 Median value in2017 value Median Marathon 3.06 4 3.09 in2017 Median value 7.63 BP 5 8.79 2.50 BP 5 2.08 6.93 TransCanada 6.48 2.10 6 Buckeye 2.42 4.27 6 Buckeye 4.04 2.08 Sunoco L.T.
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