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 - 50

NOTE 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.

1

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.

2

TUPRAS - Turkiye Petrol Rafinerileri AS published this content on 02 August 2017 and is solely responsible for the information contained herein.
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