Petrolina (Holdings) Public LTD

Earnings Release • Aug 27, 2014

Consolidated income statement

For the six months ended June 30, 2014

	Unaudited	Unaudited	Audited
	6 months 30/06/2014 €	6 months	12 months
Sales via gas stations and to trade		30/06/2013 €	31/12'2013 €
customers Sales to other fuel companies	177.184.229	181.987.894	371.292.692
	36.936.482	35.896.359	74.095.158
Turnover	214.120.711	217.884.253	445.387.850
Cost of sales	(196.817.138)	(199.881.286)	(407.805.382)
Gross profit	17.303.573	18.002.967	37.582.468
Other operating income	665.427	869.786	1.598.813
Other operating expenses Selling and distribution expenses			(356.145) (22.566.980)
Administrative expenses	(11.053.057) (2.641.829)	(11.117.431) (2.389.125)	(5.043.375)
Provisions for bad debts	(593.576)	(1.105.910)	(2.683.362)
Profit from operations	3.680.538	4.260.287	8.531.419
Finance income	386.325	548.559	1.278.840
Finance cost	(1.043.557)	(1.167.326)	(2.589.694)
Net finance cost	(657.232)	(618.767)	(1.310.854)
Net profit / (loss) from investment
activities	136.110	(600.000)	1.157.660
Share of profit from investments presented with the equity method
	77.057	252.847	787.163
Profit before taxation	3.236.473	3.294.367	9.165.388
Taxation	(426.206)	(378.080)	(1.035.396)
Profit for the period	2.810.267	2.916.287	8.129.992
Other total income	(45.151)	(1.581)
Impairment in value of investments			(1.581)
available for sale Net loss from revaluation of land after deferred taxation			(8.616.304)
Other total income for the period	(45.151)	(1.581)	(8.617.885)
Total income for the period	2.765.116	2.914.706	(487.893)
Basic and fully diluted earnings per share (cent)	3,21	3,33	9,29

CONSOLIDATED BALANCE SHEET

	Unaudited	Audited
	30/06/2014	31/12/2013
	€	€
ASSETS
Non current assets
Property, plant and equipment	99.122.586	96.922.092
Investment property	659.950	670.000
Goodwill	8.964.213	8.310.714
Investments presented with the equity
method	3.676.088	3.201.156
Investments available for sale	40.915	86.066
	112.463.752	109.190.028
Current asset
Stock	13.505.674	14.648.192
Trade and other debtors	49.241.876	49.632.843
Tax refundable	-	18.938
Cash and cash equivalent	9.449.381	12.688.371
	72.196.931	76.988.344
Total assets	184.660.683	186.178.372
EQUITY AND LIABILITIES
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	25.685.298	25.685.298
Income reserve	42.467.853	41.190.237
	107.665.380	106.387.764
Non current liabilities
Long term loans	6.245.821	4.080.864
Cylinder and gas station guarantees	2.147.501	2.149.698
Deferred taxation	6.133.213	6.133.213
	14.526.535	12.363.775
Current liabilities
Bank overdrafts	26.159.871	37.888.127
Current installments of long term loans	2.040.000	2.040.000
Short term loans	19.800.000	20.184.242
Trade and other creditors	14.061.629	7.314.464
Taxation due	407.268	-
	62.468.768	67.426.833
Total liabilities	76.995.303	79.790.608
Total equity and liabilities	184.660.683	186.178.372