CONVENIENCE TRANSLATION OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
ORIGINALLY ISSUED IN TURKISH TÜRKİYE PETROL RAFİNERİLERİ A.Ş.
1 JANUARY - 30 JUNE 2017 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
TÜRKİYE PETROL RAFİNERİLERİ A.Ş. TABLE OF CONTENTS PAGE CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION ........................................ 1 CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME................................................................................................................... 2 CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY .... 3 CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS....................................................... 4 NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 5 - 50NOTE 1 ORGANIZATION OF THE GROUP AND NATURE OF OPERATIONS 5-6
NOTE 2 BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS 7-12
NOTE 3 BUSINESS COMBINATIONS..................................................................................................................... 12
NOTE 4 CASH AND CASH EQUIVALENTS........................................................................................................... 13
NOTE 5 FINANCIAL LIABILITIES 14-17
NOTE 6 TRADE RECEIVABLES AND PAYABLES 17-19
NOTE 7 OTHER RECEIVABLES AND PAYABLES............................................................................................... 19
NOTE 8 INVENTORIES 19-20
NOTE 9 FINANCIAL INVESTMENTS..................................................................................................................... 20
NOTE 10 INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD 20-21
NOTE 11 INVESTMENT PROPERTY ........................................................................................................................ 21
NOTE 12 PROPERTY, PLANT AND EQUIPMENT ................................................................................................. 22
NOTE 13 INTANGIBLE ASSETS .............................................................................................................................. 23
NOTE 14 PREPAID EXPENSES.................................................................................................................................. 24
NOTE 15 OTHER ASSETS AND LIABILITIES 24-26
NOTE 16 DEFERRED INCOME.................................................................................................................................. 26
NOTE 17 PROVISIONS 26-29
NOTE 18 LIABILITIES FOR EMPLOYEE BENEFITS.............................................................................................. 29
NOTE 19 OTHER PAYABLES .................................................................................................................................... 29
NOTE 20 DERIVATIVE INSTRUMENTS 30-31
NOTE 21 GOVERNMENT GRANTS 31-32
NOTE 22 COMMITMENTS AND CONTINGENT ASSETS AND LIABILITIES 33-34
NOTE 23 EQUITY 34-36
NOTE 24 SALES AND COST OF SALES................................................................................................................... 36
NOTE 25 GENERAL ADMINISTRATIVE EXPENSES MARKETING, SELLING AND DISTRIBUTION EXPENSES,
RESEARCH AND DEVELOPMENT EXPENSES...................................................................................... 37
NOTE 26 OPERATING INCOME/(EXPENSES) ........................................................................................................ 38
NOTE 27 INCOME FROM INVESTMENT ACTIVITIES .......................................................................................... 38
NOTE 28 FINANCIAL INCOME/(EXPENSES) ......................................................................................................... 39
NOTE 29 TAX ASSETS AND LIABILITIES 39-41
NOTE 30 EARNINGS PER SHARE ............................................................................................................................ 41
NOTE 31 RELATED PARTY TRANSACTIONS 41-44
NOTE 32 FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT 44-49
NOTE 33 SUBSEQUENT EVENTS............................................................................................................................. 50
TÜRKİYE PETROL RAFİNERİLERİ A.Ş. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT 30 JUNE 2017(Amounts expressed in thousands of Turkish Lira ("TRY") unless otherwise indicated.)
Reviewed | Audited | ||
Assets | Notes | 30 June 2017 | 31 December 2016 |
Current assets | 15.141.275 | 13.667.060 | |
Cash and cash equivalents | 4 | 5.540.022 | 6.050.721 |
Trade receivables | 6 | 3.997.830 | 3.180.282 |
Due from related parties | 6, 31 | 1.114.745 | 751.824 |
Trade receivables from third parties | 2.883.085 | 2.428.458 | |
Other receivables | 7 | 37.450 | 25.626 |
Other receivables from third parties | 37.450 | 25.626 | |
Derivative Instruments | 20 | 336.485 | 34.731 |
Inventories | 8 | 4.188.188 | 3.608.439 |
Prepaid expenses | 14 | 117.119 | 97.903 |
Current income tax assets | 29 | 115.159 | 95.928 |
Other current assets | 15 | 809.022 | 573.430 |
Non-current assets | 17.476.006 | 17.551.120 | |
Financial investments | 9 | 5.500 | 4.000 |
Investments accounted for using the equity method | 10 | 972.762 | 923.994 |
Investment properties | 11 | 4.621 | 4.621 |
Property, plant and equipment | 12 | 11.727.966 | 11.741.476 |
Intangible assets | 13 | 52.325 | 55.106 |
Other intangible assets | 52.325 | 55.106 | |
Derivative instruments | 20 | 79.522 | 368.882 |
Prepaid expenses | 14 | 321.125 | 238.352 |
Deferred tax assets | 29 | 3.311.996 | 3.227.031 |
Other non-current assets | 15 | 1.000.189 | 987.658 |
Total assets | 32.617.281 | 31.218.180 | |
Liabilities | |||
Current liabilities | 15.901.792 | 12.660.262 | |
Short-term financial liabilities | 5 | 142.886 | 385.524 |
Current portion of long term financial liabilities | 5 | 3.863.795 | 1.572.434 |
Trade payables | 6 | 7.610.162 | 6.987.843 |
Due to related parties | 6, 31 | 88.817 | 88.017 |
Trade payables, third parties | 7.521.345 | 6.899.826 | |
Liabilities for employee benefits | 18 | 46.277 | 92.442 |
Other payables | 19 | 11.248 | 27.953 |
Due to related parties | 19, 31 | - | 18.546 |
Other payables to third parties | 11.248 | 9.407 | |
Derivative instruments | 20 | 56.377 | 29.454 |
Deferred income | 16 | 3.220 | 15.417 |
Current income tax liabilities | 29 | 259.687 | 141.217 |
Provisions | 17 | 128.508 | 65.056 |
Provisions for employee benefits | 46.212 | 13.571 | |
Other provisions | 82.296 | 51.485 | |
Other current liabilities | 15 | 3.779.632 | 3.342.922 |
Non-current liabilities | 7.651.368 | 10.390.885 | |
Long-term financial liabilities | 5 | 7.424.983 | 10.176.307 |
Provisions | 17 | 218.600 | 207.415 |
Provisions for employee benefits | 218.600 | 207.415 | |
Deferred income | 16 | 4.098 | 3.992 |
Derivative Instruments | 20 | 2.406 | 1.782 |
Other non-current liabilities | 15 | 1.281 | 1.389 |
Total liabilities | 23.553.160 | 23.051.147 | |
Equity | 9.064.121 | 8.167.033 | |
Share capital | 23 | 250.419 | 250.419 |
Adjustment to share capital | 23 | 1.344.243 | 1.344.243 |
Share premiums/discounts | - | 172 | |
Accumulated other comprehensive income/(expense) not to be | |||
reclassified to profit or loss | (7.986) | (7.986) | |
Gains/ losses on revaluation and remeasurement | (6.124) | (6.124) | |
Actuarial gain/(loss) arising from defined benefit plans | (6.124) | (6.124) | |
Share of other comprehensive income of investments accounted for | |||
using equity method that will not be reclassified to profit or loss | (1.862) | (1.862) | |
Accumulated other comprehensive income/(expense) | |||
to be reclassified to profit or loss | (873.007) | (986.870) | |
Hedging gains/(losses) | (1.018.743) | (1.132.725) | |
Cash flow hedge gains/(losses) | (1.018.743) | (1.132.725) | |
Share of other comprehensive income of investments accounted for | |||
using equity method that will be reclassified to profit or loss | 145.736 | 145.855 | |
Restricted reserves | 23 | 279.668 | 331.337 |
Retained earnings | 5.651.805 | 5.363.804 | |
Net income | 2.325.983 | 1.793.267 | |
Total equity attributable to equity holders of the parent | 8.971.125 | 8.088.386 | |
Non-controlling interests | 92.996 | 78.647 | |
Total equity and liabilities | 32.617.281 | 31.218.180 |
The condensed interim consolidated financial statements for the period ended 30 June 2017 have been approved by the Board of Directors on 2 August 2017.
The accompanying notes form an integral part of these consolidated financial statements.
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TÜRKİYE PETROL RAFİNERİLERİ A.Ş. CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX MONTH INTERIM PERIOD ENDED 30 JUNE 2017(Amounts expressed in thousands of Turkish Lira ("TRY") unless otherwise indicated.)
Reviewed | Reviewed | ||||
1 January - | 1 April - | 1 January - | 1 April - | ||
Notes | 30 June 2017 | 30 June 2017 | 30 June 2016 | 30 June 2016 | |
Revenue | 24 | 25.000.318 | 12.630.679 | 14.644.570 | 8.453.154 |
Cost of sales | 24 | (21.796.759) | (11.035.588) | (13.512.197) | (7.728.012) |
Gross profit | 3.203.559 | 1.595.091 | 1.132.373 | 725.142 | |
General administrative expenses | 25 | (368.617) | (189.753) | (345.601) | (167.932) |
Marketing, selling and distribution expenses | 25 | (119.754) | (63.937) | (95.794) | (53.984) |
Research and development expenses | 25 | (8.790) | (3.973) | (13.464) | (6.281) |
Other operating income | 26 | 139.980 | 84.748 | 99.902 | 708 |
Other operating expenses | 26 | (56.556) | 55.577 | (10.647) | (4.701) |
Operating profit / (loss) | 2.789.822 | 1.477.753 | 766.769 | 492.952 | |
Income from investment activities | 27 | 926 | - | - | 65 |
Expense from investment activities | 27 | (13.073) | (13.073) | (136) | - |
Income/(loss) from investments accounted by | |||||
equity method | 10 | 118.887 | 61.762 | 68.671 | 53.938 |
Operating profit before financial | |||||
income/(expense) | 2.896.562 | 1.526.442 | 835.304 | 546.955 | |
Financial income | 28 | 227.153 | 64.792 | 131.551 | (50.004) |
Financial expense (-) | 28 | (637.158) | (156.406) | (472.302) | (98.299) |
Profit before tax from continued operations | 2.486.557 | 1.434.828 | 494.553 | 398.652 | |
Tax income / (expense) | (147.277) | 28.693 | (76.428) | (63.641) | |
Taxes on income (-) | (259.687) | (147.419) | (48.441) | (44.896) | |
Deferred tax income / (expense) | 29 | 112.410 | 176.112 | (27.987) | (18.745) |
Net income from continued operations | 2.339.280 | 1.463.521 | 418.125 | 335.011 | |
Other comprehensive income: | |||||
Items to be reclassified to profit or loss | 114.915 | 190.470 | (52.103) | (134.606) | |
Share of other comprehensive income accounted for investment | |||||
using equity method that will be reclassified to profit or loss | (119) | (1.305) | (30) | 453 | |
Income/(loss) from translation of foreign currency of investments using equity method | |||||
(119) | (1.305) | (30) | 453 | ||
Income/(expense) relating to avoidance of risk of cash flow | 142.479 | 237.460 | (64.888) | 172.591) | |
Income/(loss) of avoidance of risk cash flow | 142.479 | 237.460 | (64.888) | (172.591) | |
Tax effect of other comprehensive income/(loss) to | |||||
be reclassified to profit or loss | (27.445) | (45.685) | 12.815 | 37.532 | |
Deferred tax income/(expense) | (27.445) | (45.685) | 12.815 | 37.532 | |
Other comprehensive income/(expense) | 114.915 | 190.470 | (52.103) | (134.606) | |
Total comprehensive income | 2.454.195 | 1.653.991 | 366.022 | 200.405 | |
Distribution of income for the period: | |||||
Non-controlling interests | 13.297 | 6.362 | 8.696 | 4.494 | |
Attributable to equity holders of the parent | 2.325.983 | 1.457.159 | 409.429 | 330.517 | |
Distribution of total comprehensive income | |||||
Non-controlling interests | 14.349 | 8.170 | 8.444 | 4.437 | |
Attributable to equity holders of the parent | 2.439.846 | 1.645.821 | 357.578 | 195.968 | |
Earnings (loss) per share from continued operations | |||||
Earnings per share with | |||||
nominal value Kr 1 each (Kr) | 30 | 9,29 | 5,82 | 1,63 | 1,32 |
The accompanying notes form an integral part of these consolidated financial statements.
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