Petrolina (Holdings) Public LTD

Earnings Release • Sep 14, 2017

Condensed Interim Consolidated Statement of Comprehensive Income for the six months ended 30 June 2017

	Unaudited	Unaudited	Audited
	6 months	6 months	12 months
	30/06/2017	30/06/2016	31/12/2016
	€	€	€
Sales through service stations and to commercial
clients	144.480.197	137.055.103	277.008.770
Sales to other oil companies	48.545.415	52.518.258	102.227.333
Turnover	193.025.612	189.573.361	379.236.103
Cost of sales	(174.536.218)	(168.659.773)	(338.737.781)
Gross profit	18.489.394	20.913.588	40.498.322
Other operating income	857.203	781.545	1.842.786
Other operating costs	--	--	(241.700)
Sales and distribution expenses	(13.097.603)	(13.665.394)	(26.765.628)
Administrative expenses	(3.703.896)	(3.011.754)	(6.511.334)
Provisions for bad debts	(306.145)	(45.625)	(1.602.004)
Operating profit	2.238.953	4.972.360	7.220.442
Finance income	424.785	34.184	398.964
Finance costs	(1.387.262)	(1.275.083)	(2.665.895)
Net finance costs	(962.477)	(1.240.899)	(2.266.931)
Share of profit from investments presented with the net position method	728.261	205.331	1.464.579
Profit before taxation	2.004.737	3.936.792	6.418.090
Taxation	(167.646)	(534.469)	(796.070)
Profit for the period / year	1.837.091	3.402.323	5.622.020
Other comprehensive income for the period / year	--	--	--
Total comprehensive income for the period / year	1.837.091	3.402.323	5.622.020
Basic and fully diluted earnings per share (cents)	2.10	3.89	6.43

PETROLINA (HOLDINGS) PUBLIC LTD

Condensed Interim Consolidated Statement of Financial Position as at 30 June 2017

	Unaudited	Audited
	30/06/2017	31/12/2016
Assets
Property. plant and equipment	133.243.890	122.038.054
Investment property	288.880	288.880
Goodwill	11.470.352	10.602.351
Investments presented with the net position method	5.405.885	4.677.624
Investments available for sale	86.066	86.066
Non-current assets	139.495.073	137.692.975
Stocks	15.460.421	17.905.386
Trade and other debtors	45.462.613	44.591.497
Tax refundable	156.588	324.234
Cash and cash equivalents	5.385.833	5.761.921
Current assets	66.465.455	68.583.038
Total assets	205.960.528	206.276.013
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	25.685.298	25.685.298
Annuity reserve	45.028.772	44.679.298
Total equity	110.226.299	109.876.708
Liabilities
Long-term loans	5.191.802	6.167.488
Guarantees for cylinders and service stations	2.135.604	2.124.731
Deferred taxation	6.278.379	6.278.379
Non-current liabilities	13.605.785	14.570.598
Bank overdrafts	59.545.976	58.153.437
Current portion of long-term loans	1.952.196	1.952.196
Short-term loans	15.700.000	14.663.867
Trade and other creditors	4.930.272	7.059.207
Current liabilities	82.128.444	81.828.707
Total liabilities	95.734.229	96.399.305
Total equity and liabilities	205.960.528	206.276.013

PETROLINA (HOLDINGS) PUBLIC LTD

Condensed Interim Consolidated Statement of Cash Flows six months ended 30 June 2017

Unaudited 30/06/2017 Unaudited 30/06/2016 CASH FLOW FROM OPERATIONS Profit for the period before taxation 1.837.091 3.936.792 Adjustments for: Depreciation of property. plant and equipment 2.615.226 2.521.464 Share of profit from affiliated companies (728.261) (205.331) Provisions for bad debtors 306.145 45.625 Interest payable 1.300.816 1.220.238 Interest receivable (4.646) (17.428) Tax payable 167.646 - Loss from disposal of plant and equipment - 3.345 5.494.017 7.504.705 Change in: Stocks 2.444.965 (9.305.450) Trade and other debtors (1.177.261) (3.922.738) Guarantees for cylinders and service stations 10.872 (3.526) Trade and other creditors (1.056.624) (414.871) 5.715.969 (6.141.880) Tax paid - (39.604) Net outflow of cash from operations 5.715.969 (6.181.484) CASH FLOW FROM INVESTING ACTIVITIES Purchase of service station (868.001) (123.357) Purchase of plant and equipment (3.896.920) (6.695.717) Proceeds from sale of assets classified as held for sale - 439.255 Proceeds from sale of investment property - 378.304 Proceeds from disposal of property. plant and equipment 3.548 186.115 Interest receivable 4.646 17.428 Net outflow of cash for investing activities (4.756.727) (5.797.972) CASH FLOWS FROM FINANCING ACTIVITIES Interest paid (1.300.816) (1.220.238) Repayment of loans (975.686) (797.206) Dividends (1.487.500) (2.528.751) Net outflow of cash in financing activities (3.764.002) (4.546.195) Net decrease in cash and cash equivalents (2.804.760) (16.525.651) Cash and cash equivalents at beginning of period (67.055.383) (40.764.946) Cash and cash equivalents at end of period (69.860.143) (57.290.597)

PETROLINA (HOLDINGS) PUBLIC LTD

Condensed Interim Consolidated Statement of Changes in Net Position for the six months ended 30 June 2017

		Difference from
		conversion of	Share
	Share	capital into	premium	Revaluation	Profit and loss
	capital	euro	reserve	reserve	account	Total
	€	€	€	€	€	€
Unaudited: 30/06/2016
Balance as at 1 January 2016	29.750.000	150.525	9.611.704	25.685.298	45.698.411	110.895.938
Comprehensive income for the period
Profit for the period	--	--	--	--	3.402.323	3.402.323
Dividend paid	--	--	--	--	(2.528.751)	(2.528.751)
Balance as at 30 June 2016	29.750.000	150.525	9.611.704	25.685.298	46.571.983	111.769.510
Audited: 31/12/2016
Balance as at 1 January 2016	29.750.000	150.525	9.611.704	25.685.298	45.698.411	110.895.938
Comprehensive income for the year
Profit for the year	--	--	--	--	5.622.020	5.622.020
Dividend paid	--	--	--	--	(6.641.250)	(6.641.250)
Balance as at 31 December 2016	29.750.000	150.525	9.611.704	25.685.298	44.679.181	109.876.708
Unaudited: 30/06/2017
Balance as at 1 January 2017	29.750.000	150.525	9.611.704	25.685.298	44.679.181	109.876.708
Comprehensive income for the period
Profit for the period	--	--	--	--	1.837.091	1.837.091
Dividend paid	--	--	--	--	(1.487.500)	(1.487.500)
Balance as at 30 June 2017	29.750.000	150.525	9.611.704	25.685.298	45.028.772	110.226.299