Petrolina (Holdings) Public LTD

Annual / Quarterly Financial Statement • Apr 19, 2016

PETROLINA (HOLDINGS) PUBLIC LTD

CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 31 December 2015

	2015	2014
	€	€
Assets
Property, plant and equipment	111,647,607	104,994,825
Property for investment	619,000	644,500
Goodwill	10,694,051	9,339,213
Investments presented with the net position method	4,016,582	4,389,903
Investments available for sale	86,066	86,066
Non-current assets	127,063,306	119,454,507
Inventories	12,053,514	15,162,699
Assets classified as held for sale	439.255	-
Trade and other debtors	42,504,936	46,207,791
Tax refundable	41,902	49,782
Cash and cash equivalents	4,474,953	4,529,875
Current assets	59,514,560	65,950,147
Total assets	186,577,866	185,404,654
Equity
Share capital	29,750,000	29,750,000
Difference form conversion of share capital into euro	150,525	150,525
Share premium reserve	9,.611,704	9,611,704
Revaluation reserve	25,685,298	25,685,298
Annuity reserve	45,698,411	42,305,117
Total equity	110,895,938	107,502,644
Liabilities
Long-term loans	7,707,425	7,486,208
Guarantees for cylinders and service stations	2,138,463	2,145,727
Deferred taxation	6,099,772	6,048,638
Non-current liabilities	15,945,660	15,680,573
Bank overdrafts	32,496,757	36,762,221
Current instalments of long-term loans	2,020,152	2,020,152
Short-term loans	12,743,142	12,616,475
Trade and other creditors	12,476,217	10,822,589
Current liabilities	59,736,258	62,221,437
Total liabilities	75,681,928	77,902,010
Total equity and liabilities	186,577,866	185,404,654

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 December 2015

	2015	2014
	€	€
Sales through service stations and to commercial clients	306,285,428	330,480,883
Sales to other oil companies	98,564,239	95,489,461
Turnover	404,849,667	425,970,344
Cost of sales	(368,086,571)	(390,650,751)
Gross profit	36,763,096	35,319,593
Other operating income	1,695,062	1,479,410
Other operating expenses	(634,000)	(6,830)
Sales and distribution expenses	(23,183,208)	(23,503,242)
Administrative costs	(5,385,202)	(5,301,679)
Recovery / (provisions) for doubtful debts	156,697	(1,797,774)
Operating profit	9,412,445	6,189,478
Finance income	688,253	735,971
Finance costs	(1,936,931)	(2,075,813)
Net finance costs	(1,248,678)	(1,339,842)
Net (loss) / profit from investing activities	(545,088)	136,110
Share of gain from investments presented with the net position method	683,425	790,872
Profit before taxation	8,302,104	5,776,618
Taxation	(1,058,810)	(580,402)
Profit for the year	7,243,294	5,196,216
Other comprehensive income for the year	-	-
Total comprehensive income for the year	7,243,294	5,196,216
Basic and fully diluted profit per share (cent)	8.28	5.94
Dividend	5,591,250	4,462,500

CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 December 2015

€ € CASH FLOW FROM OPERATING ACTIVITIES Profit before taxation 8,302,104 5,776,618 Adjustments for: Depreciation 4,074,945 4,686,044 Depreciation of investment property 25,500 25,500 Impairment of goodwill 205,000 - Impairment of investment in affiliated company 200,000 - Interest payable 1,936,931 2,075,813 Interest receivable (81,090) (92,051) (Recovery) / special provision for doubtful debts (156,697) 1,797,774 Share of profit in affiliated companies (683,425) (790,872) Gain from the disposal of investments - (136,110) Loss / (gain) from the disposal of plant and equipment 27,123 (101,637) 13,850,391 13,241,079 Change in inventories (514,507) 3,109,185 Change in trade and other debtors 3,859,757 1,054,508 Change in assets classified as held for sale - (439,255) Change in the guarantees of cylinders and service stations (7,264) (3,971) Change in trade and other creditors 1,653,626 4,474,025 22,026,440 18,251,134 Tax paid (1,000,000) (750,273) Net inflow of cash from operating activities 21,026,440 17,500,861 CASH FLOW FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (10,403,183) (13,615,834) Purchase of service stations (1,559,838) (1,028,499) Net proceeds from the disposal of investments - 1,026,420 Increase in investment in affiliated company (307,488) Proceeds from the disposal of property, plant and equipment 128,974 245,305 Dividends received 1,164,235 - Interest receivable 81,090 92,051 Net outflow of cash for investing activities (10,896,210) (13,280,557) CASH FLOW FROM FINANCING ACTIVITIES Increase in long-term loans 3,385,496 221,217 Dividend paid (3,850,000) (4,462,500) Interest paid (2,417,572) (2,608,123) Net outflow of cash in financing activities (6,046,355) (3,685,127) Net increase in cash and cash equivalents 4,083,875 535,177		2015	2014
	Cash and cash equivalents at beginning of year	(44,848,821)	(45,383,998)
Cash and cash equivalents at end of year (40,764,946) (44,848,821)

CONSOLIDATED STATEMENT OF CHANGES IN NET POSITION for the year ended 31 December 2015

		Di f fer fro en ce m
	ha S re	ion f co nv ers o ha ita l in to s re ca p	ha mi S re pre um	lua tio Re va n	ity An nu
	l ita ca p	eu ro	res erv e	res erv e	res erv e	l To ta
	€	€	€	€	€	€
lan Ba 1 Ja 20 15 at ce as nu ary l c he ive in fo he To ta r t om pr e ns co me ye ar	29 75 0, 00 0 ,	15 0, 52 5	9, 61 1, 70 4	25 68 5, 29 8 ,	42 30 5, 11 7 ,	10 7, 50 2, 64 4
fit fo he Pro r t ye ar tio it h s ha ho l de nis d i ity Tra ns ac ns w re rs rec og e n e qu	-	-	-	-	24 3, 29 7, 4	24 3, 29 7, 4
Div ide nd id pa	-	-	-	-	( ) 3, 85 0, 00 0	( ) 3, 85 0, 00 0
lan be Ba 31 D r 2 01 5 at ce as ec em	29 75 0, 00 0 ,	15 0, 52 5	9, 61 1, 70 4	25 68 5, 29 8 ,	45 69 8, 41 1 ,	11 0, 89 5, 93 8
		f fer fro Di en ce m ion f co nv ers o
	ha S re	ha l in ita to s re ca p	ha S mi re pre um	lua Re tio va n	An ity nu
	ita l ca p	eu ro	res erv e	res erv e	res erv e	l To ta
	€	€	€	€	€	€
lan 20 Ba 1 J 14 at ce as an ua ry l co he fo he To ive in ta r t re ns co me ar	29 0, 00 0 75 ,	0, 52 15 5	9, 61 70 1, 4	25 68 29 8 5, ,	40 41 57 1, 1 ,	10 6, 76 8, 92 8
mp ye fit fo Pro he r t ye ar tio wi h s ha ho lde nis d i ity Tra t ns ac ns re rs rec e n e	-	-	-	-	5, 19 6, 21 6	5, 19 6, 21 6
og qu ide nd id Div pa					( ) 4, 46 2, 50 0	( ) 4, 46 2, 50 0
	-	-	-	-