Petrolina (Holdings) Public LTD

Earnings Release • Apr 28, 2017

PETROLINA (HOLDINGS) PUBLIC LTD

CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 31 December 2016

	2016	2015
	€	€
Assets
Property, plant and equipment	120,965,743	111,647,607
Property for investment	288,880	619,000
Goodwill	10,602,351	10,694,051
Investments presented with the net position method	4,677,624	4,016,582
Investments available for sale	86,066	86,066
Non-current assets	136,620,664	127,063,306
Inventories	17,905,386	12,053,514
Assets classified as held for sale	-	439.255
Trade and other debtors	44,591,497	42,504,936
Tax refundable	324,234	41,902
Cash and cash equivalents	5,761,921	4,474,953
Current assets	68,583,038	59,514,560
Total assets	205,203,702	186,577,866
Equity
Share capital	29,750,000	29,750,000
Difference form 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	44,679,181	45,698,411
Total equity	109,876,708	110,895,938
Liabilities
Long-term loans	6,167,488	7,707,425
Guarantees for cylinders and service stations Deferred taxation	2,124,731 6,278,379	2,138,463 6,099,772
Non-current liabilities	14,570,598	15,945,660
Bank overdrafts	58,153,437	32,496,757
Current instalments of long-term loans	1,952,196	2,020,152
Short-term loans	14,663,867	12,743,142
Trade and other creditors	5,986,896	12,476,217
Current liabilities	80,756,396	59,736,258
Total liabilities	95,326,994	75,681,928
Total equity and liabilities	205,203,702	186,577,866

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 December 2016

	2016	2015
	€	€
Sales through service stations and to commercial clients	277,008,770	297,524,046
Sales to other oil companies	102,227,333	107,325,621
Turnover	379,236,103	404,849,667
Cost of sales	(338,737,781)	(368,086,571)
Gross profit	40,498,322	36,763,096
Other operating income	1,842,786	1,695,062
Other operating expenses	(241,700)	(634,000)
Sales and distribution expenses	(26,765,628)	(23,183,208)
Administrative costs	(6,511,334)	(5,385,202)
Recovery / (provisions) for doubtful debts	(1,602,004)	156,697
Operating profit	7,220,442	9,412,445
Finance income	398,964	688,253
Finance costs	(2,665,895)	(1,936,931)
Net finance costs	(2,266,931)	(1,248,678)
Net loss from investing activities	-	(545,088)
Share of gain from investments presented with the net position method	1,464,579	683,425
Profit before taxation	6,418,090	8,302,104
Taxation	(796,070)	(1,058,810)
Profit for the year	5,622,020	7,243,294
Other comprehensive income for the year	-	-
Total comprehensive income for the year	5,622,020	7,243,294
Basic and fully diluted profit per share (cent)	6,43	8.28
Dividend	5,162,500	5,591,250

CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 December 2016

	2016	2015
	€	€
CASH FLOW FROM OPERATING ACTIVITIES
Profit before taxation	6,418,090	8,302,104
Adjustments for:
Depreciation	5,012,437	4,100,445
Impairment of goodwill	241,700	205,000
Impairment of investment in affiliated company	-	200,000
Interest payable	2,665,895	1,936,931
Interest receivable	(37,097)	(81,090)
(Recovery) / special provision for doubtful debts	1,602,004	(156,697)
Share of profit in affiliated companies	(1,464,579)	(683,425)
Loss from the disposal of plant and equipment	18,403	27,123
	14,456,853	13,850,391
Change in inventories	(5,851,872)	3,109,185
Change in trade and other debtors	(3,688,565)	3,859,757
Change in assets classified as held for sale	439,255	(439,255)
Change in the guarantees of cylinders and service stations	(13,732)	(7,264)
Change in trade and other creditors	(6,489,117)	1,653,626
	(1,147,178)	22,026,440
Tax paid	(900,000)	(1,000,000)
Net (ouflow)/inflow of cash from operating activities	(2,047,178)	21,026,440
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment	(14,344,977)	(10,403,183)
Purchase of service stations	(150,000)	(1,559,838)
Net proceeds from the disposal of investments	295,494	-
Increase in investment in affiliated company	-	(307,488)
Proceeds from the disposal of property, plant and equipment	326,123	128,974
Dividends received	508,043	1,164,235
Interest receivable	37,097	81,090
Net outflow of cash for investing activities	(13,328,220)	(10,896,210)
CASH FLOW FROM FINANCING ACTIVITIES
(Decrease)/Increase in long-term loans	(1,607,893)	221,217
Dividend paid	(6,641,251)	(3,850,000)
Interest paid	(2,665,895)	(2,417,572)
Net outflow of cash in financing activities	(10,915,039)	(6,046,355)
Net (decrease)/increase in cash and cash equivalents	(26,290,437)	4,083,875
Cash and cash equivalents at beginning of year	(40,764,946)	(44,848,821)
Cash and cash equivalents at end of year	(67,055,383)	(40,764,946)

CONSOLIDATED STATEMENT OF CHANGES IN NET POSITION for the year ended 31 December 2016

		Difference from
		conversion of
	Share	share capital into	Share	Revaluation	Annuity
	capital	euro	premium	reserve	reserve	Total
	€	€	reserve €	€	€	€
Balance as at 1 January 2016	29,750,000	150,525	9,611,704	25,685,298	45,698,411	110,895,938
Total comprehensive income for the year
Profit for the year	-	-	-	-	5,622,020	5,622,020
Transactions with shareholders recognised in equity
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
		Difference from conversion of
	Share	share capital into	Share	Revaluation	Annuity
	capital	euro	premium	reserve	reserve	Total
	€	€	reserve €	€	€	€
Balance as at 1 January 2015	29,750,000	150,525	9,611,704	25,685,298	42,305,117	107,502,644
Total comprehensive income for the year
Profit for the year	-	-	-	-	7,243,294	7,243,294
Transactions with shareholders recognised in equity
Dividend paid	-	-	-	-	(3,850,000)	(3,850,000)
Balance as at 31 December 2015	29,750,000	150,525	9,611,704	25,685,298	45,698,411	110,895,938