Petrolina (Holdings) Public LTD

Interim / Quarterly Report • Aug 30, 2016

Condensed Interim Consolidated Statement of Comprehensive Income for the six months ended 30 June 2016

	Unaudited 6 months	Unaudited 6 months	Audited 12 months
	30/06/2016	30/06/2015	30/06/2015
	€	€	€
Sales through service stations and to commercial
clients	137,055,103	141,259,214	297,524,046
Sales to other oil companies	52,518,258	54,006,861	107,325,621
Turnover	189,573,361	195,266,075	404,849,667
Cost of sales	(168,659,773)	(179,076,783)	(368,086,571)
Gross profit	20,913,588	16,189,292	36,763,096
Other operating income	781,545	647,560	1,695,062
Other operating costs	--	--	(634,000)
Sales and distribution expenses	(13,665,394)	(10,935,250)	(23,183,208)
Administrative expenses	(3,011,754)	(2,856,578)	(5,385,202)
(Provisions) / recovery for bad debts	(45,625)	(297,748)	156,697
Operating profit	4,972,360	2,747,276	9,412,445
Finance income	34,184	188,765	688,253
Finance costs	(1,275,083)	(984,535)	(1,936,931)
Net finance costs	(1,240,899)	(795,770)	(1,248,678)
Net loss from investing activities Share of profit from investments presented with the	--	--	(545,088)
net position method	205,331	130,046	683,425
Profit before taxation	3,936,792	2,081,552	8,302,104
Taxation	(534,469)	(262,279)	(1,058,810)
Profit for the period	3,402,323	1,819,273	7,243,294
Other comprehensive income for the period	--	--	--
Total comprehensive income for the period	3,402,323	1,819,273	7,243,294
Basic and fully diluted earnings per share (cents)	3.89	2.08	8.28

PETROLINA (HOLDINGS) PUBLIC LTD

Condensed Interim Consolidated Statement of Financial Position as at 30 June 2016

	Unaudited	Audited
	30/06/2016	31/12/2015
Assets
Property, plant and equipment	115,632,400	111,647,607
Investment property	240,696	619,000
Goodwill	10,817,408	10,694,051
Investments presented with the net position method	4,221,913	4,016,582
Investments available for sale	86,066	86,066
Non-current assets	130,998,483	127,063,306
Stocks	21,358,964	12,053,514
Assets classified as held for sale	-	439,255
Trade and other debtors	46,382,049	42,504,936
Tax refundable	-	41,902
Cash and cash equivalents	4,384,384	4,474,953
Current assets	72,125,397	59,514,560
Total assets	203,123,880	186,577,866
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	46,571,983	45,698,411
Total equity	111,769,510	110,895,938
Liabilities
Long-term loans	6,910,219	7,707,425
Guarantees for cylinders and service stations	2,134,937	2,138,463
Deferred taxation	6,099,772	6,099,772
Non-current liabilities	15,144,928	15,945,660
Bank overdrafts	52,324,981	32,496,757
Current portion of long-term loans	2,020,152	2,020,152
Short-term loans	9,350,000	12,743,142
Trade and other creditors	12,061,346	12,476,217
Tax payable	452,963	--
Current liabilities	76,209,442	59,736,268
Total liabilities	91,354,370	75,681,928
Total equity and liabilities	203,123,880	186,577,866

PETROLINA (HOLDINGS) PUBLIC LTD

Condensed Interim Consolidated Statement of Cash Flows six months ended 30 June 2016

	Unaudited	Audited
	30/06/2016	31/12/2015
CASH FLOW FROM OPERATIONS
Profit for the period before taxation	3,936,792	2,081,552
Adjustments for:
Depreciation of property, plant and equipment	2,521,464	2,123,023
Share of profit from affiliated companies	(205,331)	(130,046)
Provisions for bad debtors	45,625	297,748
Interest payable	1,220,238	923,822
Interest receivable	(17,428)	(16,277)
Loss from disposal of plant and equipment	3,345	19,974
	7,504,705	5,299,796
Change in:
Stocks	(9,305,450)	3,783,497
Trade and other debtors	(3,922,738)	(1,442,936)
Guarantees for cylinders and service stations	(3,526)	(5,763)
Trade and other creditors	(414,871)	4,393,548
	(6,141,880)	12,028,142
Tax paid	(39,604)	--
Net (outflow) / inflow of cash from operations	(6,181,484)	12,028,142
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of service stations	(123,357)	(241,700)
Increase in investment in dependent company	--	(307,488)
Purchase of plant and equipment	(6,695,717)	(3,909,476)
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	186,115	72,876
Interest receivable	17,428	16,277
Net outflow of cash for investing activities	(5,797,972)	(4,369,511)
CASH FLOWS FROM FINANCING ACTIVITIES
Interest paid	(1,220,238)	(923,822)
Increase in long-term loans	--	1,982,301
Repayment of loans	(797,206)	(994,917)
Dividends	(2,528,751)	(1,487,500)
Net outflow of cash in financing activities	(4,546,195)	(1,423,938)
Net increase in cash and cash equivalents	(16,525,651)	6,234,693
Cash and cash equivalents at beginning of period	(40,764,946)	(44,848,821)
Cash and cash equivalents at end of period	(57,290,597)	(38,614,128)

PETROLINA (HOLDINGS) PUBLIC LTD

Condensed Interim Consolidated Statement of Changes in Net Position for the six months ended 30 June 2016

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he f he d Co ive in io t m p re ns co m e or p er
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he ive in f he Co t m p re ns co m e or y ea r
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he f he d Co iv in io t m p re ns e co m e or p er
f i fo he io d Pr t t o r p er	--	--	--	--	3, 4 0 2, 3 2 3	3, 4 0 2, 3 2 3
iv i de d i d D n p a	--	--	--	--	( ) 2, 2 8, 5 7 5 1	( ) 2, 2 8, 5 7 5 1
la Ba 3 0 Ju 2 0 1 6 t nc e as a ne	2 9, 7 5 0, 0 0 0	1 5 0, 5 2 5	9, 6 1 1, 7 0 4	2 5, 6 8 5, 2 9 8	4 6, 5 7 1, 9 8 3	1 1 1, 7 6 9, 5 1 0