Petrolina (Holdings) Public LTD

For the six months ended June 30, 2013.

	Unaudited	Unaudited	Audited
	6 months	6 months	12 months
	30/06/2013	30/06/2012	31/12/2012
	€	€	€
Sales via stations to trade customers	181.987.894	203.055.783	397.714.414
Sales to other fuel companies	35.896.359	36.089.997	68.178.823
Turnover	217.884.253	239.145.780	465.893.237
Cost of sales	(199.881.286)	(221.281.927)	(430.068.705)
Gross profit	18.002.967	17.863.853	35.824.532
Other operating income Selling and distribution expenses Administrative expenses Bad debt provisions	869.786 (11.117.431) (2.389.125) (1.105.910)	782.469 (11.890.950) (2.393.176) (952.174)	1.337.147 (23.291.425) (4.656.617) (2.175.011)
Profit from operations	4.260.287	3.410.022	7.038.626
Finance income Finance cost Net finance cost	548.559 (1.767.326) (1.218.767)	360.567 (1.338.163) (977.596)	1.021.865 (2.722.075) (1.700.210)
Share of profit from investments presented with the net worth method	252.847	384.217	714.200
Profit before taxation	3.294.367	2.816.643	6.052.616
Taxation	(378.080)	(280.805)	(624.210)
Profit for the period	2.916.287	2.535.838	5.428.406
Other total income (Decrease) / increase in fair value of investments available for sale Net loss from revaluation of land after deferred taxation	(1.581)	(7.166)	1.118 (291.918)
Other total income for the period	(1.581)	(7.166)	(290.800)
Concentrated total income for the period	2.914.706	2.528.672	5.137.606

June 30, 2013

	Unaudited	Audited
	30/06/2013	31/12/2012
	€	€
Assets
Property, plant and equipment	104.241.565	104.077.067

Investment property Goodwill	786.250 7.269.917	799.000 7.269.917
Investments presented with the method of net worth	4.240.636	3.987.789
Investments available for sale	86.066	687.647
Non current assets	116.624.434	116.821.420
Stock	10.756.020	18.864.690
Trade and other debtors Tax refundable	52.018.827 -	53.453.597 81.505
Cash and equivalent to cash	8.790.969	7.746.887
	71.565.816	80.146.679
Current assets
Total assets	188.190.250	196.968.099
Equity
Share capital	29.750.000	29.750.000
Difference from conversion of share capital in euros	150.525	150.525
Share premium	9.611.704	9.611.704
Revaluation reserve	34.301.602	34.301.602
Income reserve	41.926.532	40.499.326
Total equity	115.740.363	114.313.157
Long term loans	5.772.306	5.452.209
Cylinder and gas station guarantees	1.873.538	2.171.938
Deferred taxation	8.184.286	8.184.286
Non current liabilities	15.830.130	15.808.433
Bank overdrafts	34.852.633	37.826.327
Current installments of long term loans	360.000	720.000
Short term loans	13.000.000	21.080.111
Trade and other creditors	8.110.550	7.220.071
Taxation due	296.574	-
Current liabilities	56.619.757	66.846.509
Total liabilities	72.449.887	82.654.942
Total equity and liabilities	188.190.250	196.968.099