Petrolina (Holdings) Public LTD

Consolidated income statement Year ended December 31, 2014

	2014	2013
	€	€
Sales via gas station to commercial clients	351.951.535	371.292.692
Sales to other fuel companies	74.018.809	74.095.158
Turnover	425.970.344	445.387.850
Cost of sales	(390.650.751)	(407.805.382)
Gross profit	35.319.593	37.582.468
Other operating income	1.479.410	1.598.813
Other operating expenses	(6.830)	(356.145)
Selling and distribution expenses	(23.503.242)	(22.566.980)
Administrative expenses	(5.301.679)	(5.043.375)
Provisions for bad debts	(1.797.774)	(2.683.362)
Profit from operations	6.189.478	8.531.419
Finance income	735.972	1.278.840
Finance cost	(2.075.814)	(2.154.078)
Net finance cost	(1.339.842)	(875.238)
Net profit from investment activities	136.110	1.157.660
Share of profit from investments presented
with the equity method	790.872	787.163
Profit before taxation	5.776.618	9.601.004
Taxation	(580.402)	(1.089.848)
Profit for the year	5.196.216	8.511.156
Other total income
Reduction in value of investments available for sale	-	(1.581)
Net loss from revaluation of land after
deferred taxation	-	(8.616.304)
Other total income for the year	-	(8.617.885)
Total comprehensive income for the year	5.196.216	(106.729)

Basic and fully diluted earnings per
share (cent)	5,94	9,73
Dividend	4.462.500	7.437.500

December 31, 2014

	2014	2013
	€	€
Assets
Property, plant and equipment	104.994.825	97.357.708
Investment property	644.500	670.000
Goodwill	9.339.213	8.310.714
Investments presented with the method of
equity	4.389.903	3.201.156
Investments available for sale	86.066	86.066
Non current assets	119.454.507	109.625.644
Stock	15.162.699	14.648.192
Trade and other debtors	46.207.791	49.632.843
Tax refundable	49.782	-
Cash and equivalent to cash	4.529.875	12.688.371
Current assets	65.950.147	76.969.406
Total assets	185.404.654	186.595.050
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	42.305.117	41.571.401
Total equity	107.502.644	106.768.928
Liabilities
Long term loans	7.486.208
	4.080.864
Guarantees of cylinders and gas stations	2.145.727	2.149.698
Deferred taxation	6.048.638	6.133.213
Non current liabilities	15.680.573	12.363.775
Bank overdrafts	36.762.221	37.888.137
Current installments of long term loans	2.020.152	2.040.000
Short term loans	12.616.475	20.18.242
Trade and other creditors	10.822.589	7.314.464
Taxation due	-	35.514
Current liabilities	62.221.437	67.462.347
Total liabilities	77.902.010	79.826.122
Total equity and liabilities	185.404.654	186.595.050