Petrolina (Holdings) Public LTD

Annual / Quarterly Financial Statement • Apr 29, 2021

CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 31 December 2020

	2020	2019
	€	€
Assets
Property, plant and equipment	144,722,637	167,641,833
Right of use of assets	26,911,933	23,780,309
Investment property	30,139,060	253,000
Intangible assets and goodwill	18,961,064	12,435,211
Investments valued with the equity method	15,231,062	13,023,848
Loan to affiliated company	3,743,958	3,670,925
Other investments	745,595	715,595
Trade and other receivables	708,830	609,683
Non-current assets	241,164,139	222,130,404
Inventories	13,403,852	18,495,775
Trade and other receivables	36,045,990	37,681,610
Loan to affiliated company	500,000	500,000
Cash and cash equivalents	8,754,839	4,611,984
Current assets	58,704,681	61,289,369
Total assets	299,868,820	283,419,773
Equity
Share capital	29,750,000	29,750,000
Difference from conversion of share capital into euro	150,525	150,525
Share premium reserve	9,611,704	9,611,704
Revaluation reserve	40,463,390	49,929,037
Annuity reserve	54,539,013	54,451,797
Total equity	134,514,632	143,893,063
Liabilities
Provisions for other liabilities and charges	3,791,678	1,829,008
Long-term loans	28,515,896	2,554,818
Guarantees for cylinders and service stations	2,061,641	2,061,583
Possible consideration for acquisition of subsidiary	774,871	-
Deferred taxation	11,086,370	13,438,186
Lease liabilities	24,031,581	19,789,105
Non-current liabilities	70,262,037	39,672,700
Bank overdrafts	43,847,889	76,906,405
Current portion of long-term loans	5,367,936	1,880,088
Short-term loans	28,686,722	12,000,000
Trade and other liabilities	14,645,724	6,156,008
Tax payable	148,956	-
Deferred income	-	512,029
Lease liabilities	2,394,924	2,399,480
Current liabilities	95,092,151	99,854,010
Total liabilities	165,354,188	139,526,710
Total equity and liabilities	299,868,820	283,419,773

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 December 2020

	2020	2019
	€	€
Continuing operations
Sales through service stations and to commercial clients	227,855,191	292,396,298
Sales to other oil companies	55,374,603	30,516,757
Turnover	283,229,794	322,913,055
Cost of sales	(242,852,894)	(284,005,655)
Gross profit	40,376,900	38,907,400
Other operating income	2,724,989	2,389,212
Other operating expenses	(286,000)	(492,016)
Sales and distribution expenses	(29,489,029)	(30,185,952)
Administrative costs	(6,780,743)	(6,337,087)
Recoveries of doubtful debts	257,688	96,098
Operating profit	6,803,805	4,377,655
Finance income	525,912	520,924
Finance costs	(3,365,362)	(3,146,977)
Net finance costs	(2,839,450)	(2,626,053)
(Loss) / Share in gain from investments valued with the equity method	(185,058)	2,733,349
Profit before taxation	3,779,297	4,484,951
Taxation	(629,580)	(389,524)
Profit for the year	3,149,717	4,095,427
Other comprehensive income for the year
Revaluation of land after deferred taxation	(9,465,647)	(466,199)
Other comprehensive expenses for the year	(9,465,647)	(466,199)
Total comprehensive (expenses) / income for the year	(6,315,930)	3,629,228
Basic and fully diluted earnings per share (cents)	3.60	4.68
Dividend	3,500,000	4,112,500

CONSOLIDATED STATEMENT OF CASH FLOWS

for the year ended 31 December 2020

	2020	2019
	€	€
CASH FLOW FROM OPERATING ACTIVITIES
Profit after taxation	3,149,717	4,095,427
Adjustments for:
Depreciation:
of property plant and equipment	6,999,796	5,846,902
of right of use of assets	3,883,844	3,755,832
of investment property	6,000	6,000
Impairment of goodwill	-	492,016
Impairment of land value	227,000	-
Impairment of investment property	59,000	-
Interest payable	2,741,333	2,523,396
Lease interest	624,029	623,581
Interest receivable	(111,544)	(38,353)
Special recovery of doubtful debts	(257,688)	(96,098)
Share of loss / (gain) in affiliated companies	185,058	(2,733,349)
Gain on disposal of plant and equipment	(161,005)	(11,597)
Taxation	629,580	389,524
	17,975,120	14,853,281
Change
In inventories	5,419,565	(4,572,661)
In trade and other receivables	8,142,586	2,167,997
In guarantees for cylinders and service stations	58	(73,643)
In trade and other liabilities	(4,490,454)	(2,129,473)
	27,046,875	10,245,501
Tax paid	(500,117)	(280,200)
Net inflow of cash from operating activities	26,546,758	9,965,301
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment	(9,240,194)	(21,962,017)
Purchase of service stations	(279,000)	(1,906,000)
Proceeds from disposal of property, plant and equipment	230,000	506,719
Shareholding in joint venture	(2,373,500)	(466,660)
Dividends received	11,633	1,464,159
Additional capital in investment valued with the equity method	(30,405)	-
Other investments	(30,000)	-
Purchase of subsidiary, less cash acquired	(6,966,603)	-
Interest receivable	111,544	38,353
Net outflow of cash for investing activities	(18,566,525)	(22,325,446)
CASH FLOW FROM FINANCING ACTIVITIES
Leases paid	(3,319,263)	(4,634,002)
Increase / (decrease) in long-term loans	29,448,926	(551,043)
Dividend paid	(3,062,501)	(4,550,000)
Interest paid	(2,741,333)	(2,523,396)
Net inflow / (outflow) of cash in financing activities	20,325,829	(12,258,441)
Net increase / (decrease) in cash and cash equivalents	28,306,062	(24,618,586)
Cash and cash equivalents at beginning of year	(84,294,421)	(59,675,835)
Cash and cash equivalents at end of year	(55,988,359)	(84,294,421)

CONSOLIDATED STATEMENT OF CHANGES IN NET POSITION

for the year ended 31 December 2020

	S ha re ita l ca p €	Di f fer en ce fro m ion co nv ers f s ha o re ita l in to ca p eu ro €	ha S re mi pre um res erv e €	lua tio Re va n res erv e €	An ity nu res erv e €	l E ity To ta qu €
lan Ba 1 Ja 20 19 at ce as nu ary	29 75 0, 00 0 ,	15 0, 52 5	9, 61 1, 70 4	50 39 5, 23 6 ,	54 90 6, 37 0 ,	14 4, 81 3, 83 5
l co he ive in fo he To ta r t mp re ns co me ye ar
fit fo he Pro r t ye ar	-	-	-	-	4, 09 5, 42 7	4, 09 5, 42 7
he l in fo he Ot r to ta r t co me ye ar	-	-	-	( ) 46 6, 19 9	-	( ) 46 6, 19 9
Tr cti it h s ha ho lde nis d i ity an sa on s w re rs rec og e n e qu
Div ide nd id pa	-	-	-	-	( ) 4, 55 0, 00 0	( ) 4, 55 0, 00 0
lan 31 be r 2 01 9 Ba D at ce as ec em	29 0, 00 0 75 ,	0, 52 15 5	9, 61 70 1, 4	49 92 9, 03 7 ,	79 54 45 1, 7 ,	3, 89 3, 06 3 14

CONSOLIDATED STATEMENT OF CHANGES IN NET POSITION (continued) for the year ended 31 December 2020

	S ha re ita l ca p €	Di f fer en ce fro m ion co nv ers f s ha o re ita l in to ca p eu ro €	ha S re mi pre um res erv e €	lua tio Re va n res erv e €	An ity nu res erv e €	l E ity To ta qu €
Ba lan 1 Ja 20 20 at ce as nu ary	29 75 0, 00 0 ,	15 0, 52 5	9, 61 1, 70 4	49 92 9, 03 7 ,	54 45 1, 79 7 ,	14 3, 89 3, 06 3
l co he ive in fo he To ta r t mp re ns co me ye ar
fit fo he Pro r t ye ar	-	-	-	-	3, 14 9, 71 7	3, 14 9, 71 7
Ot he l in fo he r to ta r t co me ye ar	-	-	-	( ) 9, 46 64 5, 7	-	( ) 9, 46 64 5, 7
Tr cti it h s ha ho lde nis d i ity an sa on s w re rs rec og e n e qu
ide nd id Div pa	-	-	-	-	( ) 3, 06 2, 50 1	( ) 3, 06 2, 50 1
lan be Ba 31 D r 2 02 0 at ce as ec em	29 75 0, 00 0 ,	15 0, 52 5	9, 61 1, 70 4	40 46 3, 39 0 ,	54 53 9, 01 3 ,	13 4, 51 4, 63 2