Petrolina (Holdings) Public LTD

Annual Report • Jun 24, 2020

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 31 December 2019
	2019	2018
	€	€
Assets
Property, plant and equipment	167,641,833	152,021,840
Right of use of assets	23,780,309	-
Investment property	253,000	194,000
Goodwill	12,435,211	11,021,227
Investments presented with the net position method	13,023,848	11,287,998
Loan to affiliated company	3,670,925	-
Other investments	715,595	741,659
Trade and other receivables	609,683	608,304
Non-current assets	222,130,404	175,875,028
Inventories	18,495,775	13,923,114
Trade and other receivables	37,681,610	44,735,764
Tax refundable	-	285,920
Loan to affiliated company	500,000	-
Cash and cash equivalents	4,611,984	5,607,486
Current assets	61,289,369	64,552,284
Total assets	283,419,773	240,427,312
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	49,929,037	50,395,236
Annuity reserve	54,451,797	54,906,370
Total equity	143,893,063	144,813,835
Liabilities
Provisions for other liabilities and charges	1,829,008	1,362,809
Long-term loans	2,554,818	3,455,613
Guarantees for cylinders and service stations	2,061,583	2,135,226
Deferred taxation	13,438,186	13,328,862
Lease liabilities	19,789,105	-
Non-current liabilities	39,672,700	20,282,510
Bank overdrafts	76,906,405	50,283,321
Current portion of long-term loans	1,880,088	1,530,336
Short-term loans	12,000,000	15,000,000
Trade and other liabilities	6,156,008	8,517,310
Deferred income	512,029	-
Leas liabilities	2,399,480	-
Current liabilities	99,854,010	75,330,967
Total liabilities	139,526,710	95,613,477
Total equity and liabilities	283,419,773	240,427,312

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 December 2019

	2019	2018
	€	€
Continuing operations
Sales through service stations and to commercial clients	292,396,298	312,486,001
Sales to other oil companies	30,516,757	81,666,241
Turnover	322,913,055	394,152,242
Cost of sales	(284,005,655)	(355,111,480)
Gross profit	38,907,400	39,040,762
Other operating income	2,420,137	2,266,974
Other operating expenses Sales and distribution expenses	(492,016) (30,185,952)	(844,124) (28,926,228)
Administrative costs	(6,337,087)	(7,409,578)
Recoveries / (provisions) for doubtful debts	96,098	(4,584)
Operating profit	4,408,580	4,123,222
Finance income	489,999	841,294
Finance costs	(3,146,977)	(2,374,979)
Net finance costs	(2,656,978)	(1,533,685)
Share of gain from investments presented with the net position method	2,733,349	2,306,061
Profit before taxation	4,484,951	4,895,598
Taxation	(389,524)	(604,220)
Profit for the year from continuing operations	4,095,427	4,291,378
Non-continuing operations
Profit for the year from non-continuing operations	-	9,994,487
Profit for the year	4,095,427	14,285,865
Other comprehensive income for the year
Revaluation of land after deferred taxation	(466,199)	(1,372,116)
Other comprehensive income for the year	(466,199)	(1,372,116)
Total comprehensive income for the year	3,629,228	12,913,749

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (continued) for the year ended 31 December 2019

	2019 €	2018 €
Profit attributable to
Company's owners	4,095,427	13,871,452
Minority interest	-	414,413
	4,095,027	14,285,865
Comprehensive total income for the year attributable to:
Company's owners	3,629,228	12,499,336
Minority interest	-	414,413
	3,629,228	12,913,749
Basic and fully diluted earnings per share (cents)	4.68	16.33
Basic and fully diluted earnings per share from continuing operations (cents)	4.68	4.90
Dividend	4,122,500	5,162,500

CONSOLIDATED STATEMENT OF CASH FLOWS

for the year ended 31 December 2019

€ € CASH FLOW FROM OPERATING ACTIVITIES Profit after taxation 4,095,427 14,285,865 Adjustments for: Depreciation: of property plant and equipment 5,846,902 6,195,267 of right of use of assets - 3,755,832 of investment property 6,000 6,000 Impairment of goodwill 124,124 492,016 Impairment - 720,000 Interest payable 2,523,396 2,374,979 Lease interest - 623,581 Interest receivable (7,428) (26,608) Special (recovery) / provision for doubtful debts (96,098) 4,584 Share of profit in affiliated companies (2,733,349) (2,306,061) Profit from sale of subsidiary - (8,337,185) Profit from disposal of plant and equipment (11,597) (17,424) Taxation 389,524 604,220 14,884,206 13,627,761 Change In inventories (4,572,661) (809,139) In trade and other receivables 2,167,997 (810,049) In guarantees for cylinders and service stations (73,643) (189) In trade and other liabilities (2,129,473) 5,382,980 10,276,426 17,391,364 Tax paid (280,200) (165,649) 17,225,715 Net inflow of cash from operating activities 9,996,226 CASH FLOW FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (21,962,017) (13,542,750) Purchase of service stations (1,906,000) (25,000) Proceeds from disposal of subsidiary's share in minority interest - 3,761,109 Proceeds from disposal of property, plant and equipment 506,719 492,278 Shareholding in joint venture (466,660) (3,340) Dividends received 1,464,159 883,002 Interest receivable 7,428 26,608 Net outflow of cash for investing activities (22,356,371) (8,408,093) CASH FLOW FROM FINANCING ACTIVITIES Leases paid (4,634,002) - Decrease in long-term loans (551,043) (1,999,610) Dividend paid (4,550,000) (5,162,502) Dividend paid to minority interest - (250,000) Interest paid (2,523,396) (2,374,979) Net outflow of cash in financing activities (12,258,441) (9,787,091) (969,469) Net decrease in cash and cash equivalents (24,618,586) Cash and cash equivalents at beginning of year (59,675,835) (58,706,366) Cash and cash equivalents at end of year (84,294,421) (59,675,835)	2019	2018

CONSOLIDATED STATEMENT OF CHANGES IN NET POSITION for the year ended 31 December 2019

	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 To ta €	Mi rit no y Int st ere €	l E ity To ta qu €
Ba lan 1 Ja 20 18 at ce as nu ary	29 75 0, 00 0 ,	15 0, 52 5	9, 61 1, 70 4	51 76 7, 35 2 ,	46 19 7, 42 0 ,	13 7, 47 7, 00 1	58 53 7 ,	13 7, 53 5, 35 8
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	-	-	-	-	13 87 1, 45 2 ,	13 87 1, 45 2 ,	41 4, 41 3	14 28 5, 86 5 ,
Ot he l in fo he r to ta r t co me ye ar	-	-	-	( ) 37 2, 6 1, 11	-	( ) 37 2, 6 1, 11	-	( ) 37 2, 6 1, 11
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 /a bu fro nd di bu Co i tio i tio Co ntr str to ns m ns mp an y o wn ers
Div ide nd id pa	-	-	-	-	( ) 16 2, 50 2 5,	( ) 16 2, 50 2 5,	( ) 25 0, 00 0	( ) 2, 50 2 5, 41
ha bs idi C e i ici tio n i art ng n p pa n s u ary
f s f c Sa le ha in bs idi it ho los l ut tro o re su ary s o on w	-	-	-	-	-	-	( ) 22 2, 77 0	( ) 22 2, 77 0
lan be Ba 31 D r 2 01 8 at ce as ec em	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	-	14 4, 81 3, 83 5

CONSOLIDATED STATEMENT OF CHANGES IN NET POSITION (continued) for the year ended 31 December 2019

	ha S re ita l ca p €	f fer Di en ce fro m ion co nv ers f s ha o re ita l in to ca p eu ro €	S ha re mi pre um res erv e €	lua tio Re va n res erv e €	ity An nu res erv e €	To l ta €	Mi rit no y Int st ere €	To l E ity 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	-	14 4, 81 3, 83 5
l co he fo he To ive in 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	-	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	-	( ) 46 6, 19 9
cti it h s ha ho lde nis d i ity Tr an sa on s w re rs rec og e n e qu
bu fro /a bu Co i tio nd di i tio Co ntr str to ns m ns mp an y o wn ers
ide nd id Div pa	-	-	-	-	( ) 4, 55 0, 00 0	( ) 4, 55 0, 00 0	-	( ) 4, 55 0, 00 0
lan be Ba 31 D r 2 01 9 at ce as ec em	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	-	14 3, 89 3, 06 3