TIDM74JJ
RNS Number : 7263L
Petrol AD
13 January 2016
PETROL AD
INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD
ENDING ON MARCH 31, 2015
CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
For the period ending on March 31
Note 2015 2014
BGN'000 BGN'000
Revenue from sales 6 155,734 224,764
Other income 7 251 547
Cost of goods sold (142,829) (209,581)
Materials and consumables 8 (1,225) (2,149)
Hired services 9 (5,278) (4,118)
Personnel expenses 10 (5,485) (8,238)
Depreciation and amortization 15,
expenses 16 (2,181) (2,955)
Other expenses 11 (587) (783)
Finance income 12 808 1,223
Finance costs 12 (43,217) (9,030)
--------- ---------
Loss before tax (44,009) (10,320)
--------- ---------
Income tax for the period 13 (2,276) (360)
--------- ---------
Loss for the period (46,285) (10,680)
--------- ---------
Total comprehensive income
for the period (46,285) (10,680)
========= =========
Loss for:
Owners of the Parent Company (46,285) (10,682)
Non-controlling interest - 2
Loss for the period (46,285) (10,680)
========= =========
Total comprehensive income
for:
Owners of the Parent Company (46,285) (10,682)
Non-controlling interest - 2
--------- ---------
Total comprehensive income
for the period (46,285) (10,680)
========= =========
Basic net earnings (loss)
per share (BGN) 24 (0.42) (0.10)
These interim consolidated financial statements were approved on
behalf of Petrol AD by:
Georgi Tatarski Milko Dimitrov Rostislava Markova
Executive Director Executive Director Chief Accountant
May 4, 2015
The notes on pages 9 to 51 are an integral part of these interim
consolidated financial statements
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
For the period ending on
Note March December
31, 31,
2015 2014
BGN'000 BGN'000
Non-current assets
Property, plant and
equipment 14 138,506 150,424
Investment in subsidiaries 15 - 2,817
Financial assets available
for sale 17 28,500 28,500
Goodwill 18 2,000 2,000
Deferred tax assets 13 3,222 5,395
Total non-current assets 172,228 189,136
------------------ ---------
Current assets
Inventories 20 21,939 51,864
Loans granted 19 35,110 34,445
Trade and other receivables 21 73,225 114,927
Refundable income taxes 22 536 446
Financial assets available
for sale 17 482 428
Cash and cash equivalents 23 6,729 6,965
Total current assets 138,021 209,075
------------------ ---------
Total assets 310,249 398,211
================== =========
Equity
Share capital 24 109,250 108,835
General reserves 18,864 18,864
Accumulated loss (301,863) (255,994)
------------------ ---------
Total equity belonging to
the owners of
the Parent-Company (173,749) (128,295)
------------------ ---------
Non-controlling interest 30 - -
------------------ ---------
Total equity (173,749) (128,295)
------------------
Non-current liabilities
Loans and borrowings 25 118,467 137,256
Trade and other payables 27 6,342 6,342
Obligation for defined benefit
retirement
compensations 26 497 497
Total non-current liabilities 125,306 144,095
------------------ ---------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)
Note March December
31, 31,
2015 2014
BGN'000 BGN'000
Current liabilities
Trade and other payables 27 121,656 170,953
Loans and borrowings 25 237,036 211,458
Total current liabilities 358,692 382,411
-------- --------
Total liabilities 483,998 526,506
-------- --------
Total equity and liabilities 310,249 398,211
======== ========
These interim consolidated financial statements were approved on
behalf of Petrol AD by:
Georgi Tatarski Milko Dimitrov Rostislava Markova
Executive Director Executive Director Chief Accountant
May 4, 2015
The notes on pages 9 to 51 are an integral part of these interim
consolidated financial statements
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Capital belonging to Non- Total
the owners of the control. equity
Parent Company interest
Registered General Retained Total
capital Reserves earnings
BGN'000 BGN'000
Balance on January
1, 2014 63,486 18,864 (167,651) (85,301) 57 (85,244)
Comprehensive
income for the
period
Loss for the period - - (10,682) (10,682) 2 (10,680)
Total comprehensive
income for the
period - - (10,682) (10,682) 2 (10,680)
----------- ---------- ---------- ---------- ---------- ----------
Transactions with
shareholders,
recorded directly
in equity
Shares sold 45,349 - 86,184 131,533 - 131,533
Subsidiary to
non-controlling
interest - - - - 2 2
Total transactions
with shareholders 45,349 - 86,184 131,533 2 131,535
----------- ---------- ---------- ---------- ---------- ----------
Balance on March
31, 2014 108,835 18,864 (92,149) 35,550 61 35,611
=========== ========== ========== ========== ========== ==========
Comprehensive
income for the
period
Loss for the period - - (163,845) (163,845) (4) (163,849)
Other comprehensive
income - - (28) (28) - (28)
Total comprehensive
income for the
period - - (163,873) (163,873) (4) (163,877)
----------- ---------- ---------- ---------- ---------- ----------
Transactions with
shareholders,
recorded directly
in equity
Acquisition of
subsidiaries - - 28 28 - 28
Sale of subsidiary
to non-controlling
interest - - - - (57) (57)
Total transactions
with shareholders - - 28 28 (57) (29)
----------- ---------- ---------- ---------- ---------- ----------
Balance on December
31, 2014 108,835 18,864 (255,994) (128,295) - (128,295)
=========== ========== ========== ========== ========== ==========
January 13, 2016 05:46 ET (10:46 GMT)
To secure its obligations under the contracts in connection with
the Public Procurement Law, the Group has set up bank guarantees
amounting to the end of the reporting period to BGN 960
thousand.
In connection with the loan received from a third party in 2013,
a company of the Group is a founding sponsor and a pledge on future
receivables in the amount of USD 50,632 thousand. Since 2013 the
companies from the Group are guarantors on loans to unrelated party
creditor in the amount of BGN 31,684 thousand with a residual value
at March 31, 2015 amounted to BGN 11,155 thousand. A subsidiary has
intervened in a debt bank loans to related parties until November
2013, with exposures to March 31, 2015 amounted to EUR 1,500
thousand and EUR 5.092 thousand.
In February 2013 a contract for pledge of vehicles that serves
as collateral for a bank loan granted to an unrelated party has
been conducted. Up to the date of registration, the pledge vehicles
are fully depreciated.
33. Subsequent events
In April a decision has been taken that a subsidiary from the
Group should constitute through a contribution of assets (land
buildings, machinery and equipment) in petroleum bases its
subsidiary named Petrol Sever EOOD.
In April 2015, as a result of the assumed default in February,
on the unpaid portion of the debt for syndicated bank contract and
acquired by a third party under a contract for the sale of
receivables in 2014, the creditor has declared the entire exposure
of the subsidiary equivalent to the amount of BGN 41,336 thousand
(with long-term portion BGN 25,648 thousand). Prepayment required
and started enforcement proceedings against the assets backing the
debt.
In April 2015, unrelated party has proceeded to implement with
respect to individual assets pledged in favor of commercial
enterprise of a company of the Group making the amount of EUR 5,750
thousand arising from a contract of sale of shares in 2014.
In April 2015, a third party has proceeded to implement in
regard to the pledged in his favor commercial enterprise of Group's
company with receivables amounted to BGN 5,002 thousand, which
derives from a liability related to the acquisition of a real
estate in 2014.
At the date of issuance of the consolidated financial statements
the Parent company and three subsidiaries are in process of tax
audit by the National Revenue Agency, and one of the subsidiaries
is subject to verification by the State Agency "State Reserve and
War-time Stocks".
[1] EBITDA (earnings before interest, tax, depreciation and
amortization)
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRFGGUBPGUPQUBW
(END) Dow Jones Newswires
January 13, 2016 05:46 ET (10:46 GMT)
Petrol 4.24% (LSE:74JJ)
Historical Stock Chart
From Dec 2024 to Jan 2025
Petrol 4.24% (LSE:74JJ)
Historical Stock Chart
From Jan 2024 to Jan 2025
