TIDM93AN
RNS Number : 6291N
Turkiye Petrol Rafinerileri AS
10 May 2018
Türkiye Petrol Rafinerileri A. . ("Tüpra ")
Q1 2018 Financial Results
Tüpra announces its financial and a summary of operational
results for the three months ended 31 March 2018 ("Q1 2018" or the
"Quarter").
Tüpra continued to respond to domestic demand in Q1 2018 during
ongoing maintenance operations. Despite investment related
activities and planned maintenances, Tüpra continued to respond to
the strong domestic demand during the quarter.
Starting the year 2018 at $66,6/bbl, crude oil price has been
supported by continuing compliance of OPEC countries and Russia to
the cut agreement along with the increasing geopolitical risks in
the Middle East. However, increasing US production had an adverse
impact, balancing crude prices at $67,3/bbl on average, with 1%
increase in 3 months.
Thanks to the strong economic activities during the first
quarter supported by hard winter conditions, diesel and jet crack
margins have been above last year while gasoline and fuel oil
margins fell short of Q1 2017. During the same period, price
difference between light and heavy crude oils has been narrowed
with the impact of continuing OPEC cut agreement. Mediterranean
margin was realized at $4,0/bbl while Tüpra margin averaged at
$4,8/bbl, falling short vs. that of Q1 2017 ($8,7/bbl) due to above
mentioned impacts.
Despite decrease in production due to planned maintenance
activities, Tüpra continued to respond to the strong domestic
demand during Q1 2018, increasing its domestic sales by 5% and
reaching to 5,2 million tons, while total sales has reached to 6,2
million tons.
Operational and Financial Results
Q1 2018 Q1 2017 Diff
(%)
-------- -------- -----
Operational Total Production (KTon) 5,180 7,080 -27
------------- ---------------------------- -------- -------- -----
Domestic Sales (KTon) 5,203 4,956 5
------------------------------------------ -------- -------- -----
Total Sales (KTon) 6,201 7,215 -14
------------------------------------------ -------- -------- -----
Sales Revenue (Million
Financial TL) 13,421 12,370 8
---------------------------- -------- -------- -----
Operating Profit (Million
TL) 690 1,312 -47
------------------------------------------ -------- -------- -----
Profit Before Tax (Million
TL) 472 1,052 -55
------------------------------------------ -------- -------- -----
Net Profit (Million TL) 387 876 -56
------------------------------------------ -------- -------- -----
Tüpra Q1 2018 sales increased by 8% vs. last year and reached to
13,4 billion TL, mainly due to increasing product prices driven by
24% increase in crude oil price and 3% increase in USD/TL forex
rate.
Operating profit has declined by 47% and profit before tax has
declined by 55% vs. last year and resulted as 690 million TL and
472 million TL respectively, due to narrowing heavy-light crude oil
price differences, deterioration in overall crack margin and
planned maintenances.
Tüpra has continued its investments in line with company's
targets during the first three months of the year, with a capital
expenditure of $63 million on refinery. 2018 year-end operation
targets of Tüpra , which is already shared with the investors, have
not been changed and targets of full capacity production along with
Tüpra refinery margin surpassing Mediterranean margin have been
addressed again.
Tüpra will continue to create added value for its shareholders,
business partners and our country by achieving its operational and
financial objectives with its increasing global competitive
power.
Find below the 1 January - 31 March 2018 condensed interim
consolidated financial statements.
More detailed information on results releases could be found on
company website: www.tupras.com.tr
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH
2018
(Amounts expressed in thousands of Turkish Lira ("TRY") unless
otherwise indicated.)
Unaudited Audited
----------------------------------------- --------------- ----------------------------------------------------
Assets 31 March 2018 31 December 2017
----------------------------------------- --------------- ----------------------------------------------------
Current assets 20,311,172 20,366,024
------------------------------------------ -------------- ----------------------------------------------------
Cash and cash equivalents 6,716,597 8,802,069
Trade receivables 5,495,351 5,027,033
Due from related parties 1,755,940 1,399,601
Trade receivables from third parties 3,739,411 3,627,432
Other receivables 95,708 84,267
Other receivables from third parties 95,708 84,267
Derivative instruments 462,106 346,909
Inventories 6,716,365 5,291,090
Prepaid expenses 45,006 62,397
Other current assets 780,039 752,259
Non-current assets 17,873,327 17,796,955
----------------------------------------- --------------- ----------------------------------------------------
Financial investments - 9,000
Investments accounted for using
the equity method 1,075,232 1,134,364
Investment properties 4,621 4,621
Property, plant and equipment 12,283,981 12,303,437
Intangible assets 62,403 65,187
Other intangible assets 62,403 65,187
Derivative instruments 130,120 100,560
Prepaid expenses 202,303 99,276
Deferred tax assets 3,019,067 3,067,871
Other non-current assets 1,095,600 1,012,639
Total assets 38,184,499 38,162,979
========================================== ============== ====================================================
Liabilities
Current liabilities 21,068,892 17,675,669
------------------------------------------ -------------- ----------------------------------------------------
Short-term financial liabilities 433,920 340,875
Current portion of long term financial
liabilities 5,943,452 4,932,839
Trade payables 8,661,336 8,213,166
Due to related parties 69,442 115,456
Trade payables, third parties 8,591,894 8,097,710
Liabilities for employee benefits 81,289 119,833
Other payables 1,693,818 36,797
Due to related parties 8,616 23,463
Other payables to third parties 1,685,202 13,334
Derivative instruments 143,398 177,137
Deferred income 3,694 20,428
Current income tax liabilities 4,522 21,296
Provisions 125,788 89,924
Provisions for employee benefits 26,688 12,629
Other provisions 99,100 77,295
Other current liabilities 3,977,675 3,723,374
Non-current liabilities 9,774,157 10,009,649
------------------------------------------ -------------- ----------------------------------------------------
Long-term financial liabilities 9,544,275 9,777,270
Provisions 219,767 223,734
Provisions for employee benefits 219,767 223,734
Deferred income 3,951 4,112
Derivative Instruments 5,050 3,364
Other non-current liabilities 1,114 1,169
Total liabilities 30,843,049 27,685,318
========================================== ============== ====================================================
Equity 7,341,450 10,477,661
------------------------------------------ -------------- ----------------------------------------------------
Share capital 250,419 250,419
Adjustment to share capital 1,344,243 1,344,243
Accumulated other comprehensive
income/(expense) not to be
reclassified to profit or loss (3,361) (3,361)
Gains/ losses on revaluation and
remeasurement (2,211) (2,211)
Actuarial gain/(loss) arising
from defined benefit plans (2,211) (2,211)
Share of other comprehensive income
of investments accounted for
using equity method that will
not be reclassified to profit or
loss (1,150) (1,150)
Accumulated other comprehensive
income/(expense)
to be reclassified to profit or
loss (1,073,669) (960,973)
Hedging gains/(losses) (1,256,825) (1,141,847)
Cash flow hedge gains/(losses) (1,256,825) (1,141,847)
Share of other comprehensive income
of investments accounted for
using equity method that will
be reclassified to profit or loss 183,156 180,874
Restricted reserves 597,086 279,668
Retained earnings 5,739,481 5,651,805
Net income 378,436 3,811,546
Total equity attributable to equity
holders of the parent 7,232,635 10,373,347
------------------------------------------ -------------- ----------------------------------------------------
Non-controlling interests 108,815 104,314
------------------------------------------ -------------- ----------------------------------------------------
Total equity and liabilities 38,184,499 38,162,979
========================================== ============== ====================================================
The condensed interim consolidated financial statements for the
period ended 31 March 2018 have been approved by the Board of
Directors on 9 May 2018.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME FOR THE THREE MONTH INTERIM PERIODED 31 MARCH 2018
(Amounts expressed in thousands of Turkish Lira ("TRY") unless
otherwise indicated.)
Unaudited Unaudited
-------------------------------------------------- ------------------------------------- ---------------------
1 January 1 January
- -
31 March 2018 31 March 2017
-------------------------------------------------- ------------------------------------- ---------------------
Revenue 13,421,408 12,369,639
Cost of sales (12,352,218) (10,761,171)
Gross profit / (loss) 1,069,190 1,608,468
--------------------------------------------------- ------------------------------------- ---------------------
General administrative expenses (195,886) (178,864)
Marketing, selling and distribution expenses (67,165) (55,817)
Research and development expenses (4,910) (4,817)
Other operating income 106,040 55,232
Other operating expenses (217,081) (112,133)
Operating profit / (loss) 690,188 1,312,069
--------------------------------------------------- ------------------------------------- ---------------------
Income from investment activities - 926
Expense from investment activities (6,383) -
Income/(loss) from investments accounted
by
equity method 58,586 57,125
Operating profit before financial
income / (expense) 742,391 1,370,120
--------------------------------------------------- ------------------------------------- ---------------------
Financial income 653,816 162,361
Financial expense (924,397) (480,752)
Profit / (loss) before tax from continued
operations 471,810 1,051,729
--------------------------------------------------- ------------------------------------- ---------------------
Tax income / (expense) (85,023) (175,970)
Taxes on income (-) (5,118) (112,268)
Deferred tax income / (expense) (79,905) (63,702)
Net profit (loss) from continued operations 386,787 875,759
--------------------------------------------------- ------------------------------------- ---------------------
Other comprehensive income:
Items to be reclassified to profit or
loss (116,546) (75,555)
Share of other comprehensive income accounted
for investment
using equity method that will be reclassified
to profit or loss 2,282 1,186
Gain/(loss) from translation of foreign
currency of
investments using equity method 2,282 1,186
Income/(expense) relating to avoidance
of risk of cash flow (149,929) (94,981)
Income/(loss) of avoidance of risk of
cash flow (149,929) (94,981)
Tax effect of other comprehensive income/(loss)
to
be reclassified to profit or loss 31,101 18,240
Deferred tax income/(expense) 31,101 18,240
Other comprehensive income/(expense) (116,546) (75,555)
Total comprehensive income 270,241 800,204
--------------------------------------------------- ------------------------------------- ---------------------
Distribution of income for the period:
Non-controlling interests 8,351 6,935
Attributable to equity holders of the
parent 378,436 868,824
Distribution of total comprehensive income
Non-controlling interests 4,501 6,179
Attributable to equity holders of the
parent 265,740 794,025
Earnings (loss) per share from continued
operations
Earnings per share with
nominal value kr. 1 each (kr.) 1.51 3.47
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE THREE MONTH INTERIM
PERIOD ENDED 31 MARCH 2018
(Amounts expressed in thousands of Turkish Lira ("TRY"), unless
otherwise indicated)
Unaudited
------------------------------------------------ ---------------------------------------------
1 January - 1 January -
31 March 2018 31 March 2017
Cash flows from operating activities (618,947) 872,904
------------------------------------------------- ---------------------- ---------------------
Profit/(loss) 386,787 875,759
Adjustment for reconciliation
of profit/(loss) 630,756 574,869
Adjustment for depreciation and
amortisation expense 155,462 142,377
Adjustments for stock impairment(cancelation) 2,275 5,877
Adjustments for stock impairment 2,275 5,877
Adjustment for provisions 43,136 35,491
Adjustment for interest (income)
and expense 104,756 80,059
Adjustment for unrealized foreign
currency translation differences (445,696) (67,870)
Adjustment for fair value (gain)
or loss 20,291 3,605
Adjustment for income of investments
accounted by equity method (58,586) (57,125)
Adjustment for tax expenses(income) 85,023 175,970
Adjustment for (gain) / loss
on sales of property, plant and
equipment 6,383 (926)
Adjustment for other items related
with cash flow of investment or
financial activities 710,698 247,285
Other adjustments for reconciliation
of profit/(loss) 7,014 10,126
Changes in working capital (1,588,481) (513,568)
Adjustment for decrease/(increase)
in trade receivables (475,677) (756,180)
Adjustment for decrease/(increase)
in other receivables
related with operations (104,595) (79,324)
Adjustment for decrease/(increase)
in assets of derivative instruments (144,757) -
Adjustment for decrease/(increase)
in inventories (1,427,550) (796,613)
Adjustment for increase/(decrease)
in trade payables 457,891 920,510
Adjustment for increase/(decrease)
in other payables related with
operations 138,260 198,039
Adjustment for decrease/(increase)
in liabilities of derivative instruments (32,053) -
Cash flows from operating activities (570,938) 937,060
Tax returns/(payments) (21,892) (45,512)
Other cash inflow/(outflow) (26,117) (18,644)
Cash flows from investing activities (122,828) (104,787)
------------------------------------------------- ---------------------- ---------------------
Cash inflows from the sales of
property, plant and equipment
and intangible assets 552 1,315
Cash outflows from the purchase
of property plant and
equipment and intangible assets (243,380) (176,102)
Dividends received 120,000 70,000
Cash flows from financing activities (1,844,636) 423,963
------------------------------------------------- ---------------------- ---------------------
Cash inflows from financial liabilities 8,823,513 14,097,037
Cash outflows from financial
liabilities (8,874,590) (13,673,346)
Cash inflows from derivative
instruments 14,054 -
Cash outflows from derivative
instruments (68,767) -
Dividends paid (1,728,721) -
Interest paid (108,731) (99,868)
Interest received 98,606 100,140
Net increase/(decrease) in cash
and cash equivalents before the
effect of foreign currency translation
differences (2,586,411) 1,192,080
------------------------------------------------- ---------------------- ---------------------
Impact of foreign currency translation
differences on cash and cash equivalents 445,696 67,870
------------------------------------------------- ---------------------- ---------------------
Net increase/(decrease) in cash
and cash equivalents (2,140,715) 1,259,950
------------------------------------------------- ---------------------- ---------------------
Cash and cash equivalents at beginning
of period 7,592,735 5,022,402
------------------------------------------------- ---------------------- ---------------------
Cash and cash equivalents at end
of period 5,452,020 6,282,352
------------------------------------------------- ---------------------- ---------------------
This information is provided by RNS
The company news service from the London Stock Exchange
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