TIDM93AN
RNS Number : 4686X
Turkiye Petrol Rafinerileri AS
10 August 2018
Türkiye Petrol Rafinerileri A. . ("Tüpra ")
Q2 2018 Financial Results
Tüpra increased its domestic sales of diesel and jet fuel by %10
in the first half of 2018 compared to last year.
Crude oil price, which started April at $67/bbl level, climbed
by %16 during Q2 2018 due to increasing geopolitical risks-mainly
Iran-as well as supply disruptions in Libya, Canada and Venezuela.
Crude price reached $77.9/bbl by the end of first half of the year
and the average price for the first six months was realized at
$70.6/bbl.
In Q2 of 2018, middle distillate cracks-supported by increasing
global economic activity, air traffic demand growth and
infrastructure investments-were higher than last year; while
gasoline and fuel oil cracks fell below last year's levels. Over
the same period, light-heavy crude differentials widened slightly
with the effect of refinery maintenances. Mediterranean refining
margin in Q2 2018 was $4.4/bbl; while Tüpra net refinery margin was
realized at $12.3/bbl, the best among Q2s over the last 10 years,
due to increasing production, FX-stock effect and successful
operational activities. In H1 2018, Tüpra net margin was
$8.9/bbl.
Despite the decline in production due to planned maintenance in
Q2 2018, Tüpra continued to meet the demand of Turkey, with its
domestic sales volume of 6.7 million tons. The total sales volume
reached 7.4 million tons in Q2, and the total sales of H1 amounted
at 13.6 million tons.
Operational and Financial Results
Q2 2018 Q2 2017 Diff H1 2018 H1 2017 Diff
(%) (%)
Operational
(Thousand
Tons) Total Production 6,210 7,798 -20.4 11,391 14,877 -23.4
------------------ -------- -------- ------ -------- -------- ------
Total Sales 7,359 8,063 -8.7 13,560 15,278 -11.2
-------------------------------- -------- -------- ------ -------- -------- ------
Financial
(Million
TL) Sales Revenue 20,081 12,631 59.0 33,502 25,000 34.0
------------------ -------- -------- ------ -------- -------- ------
Operating Profit 1,066 1,478 -27.9 1,756 2,790 -37.1
-------------------------------- -------- -------- ------ -------- -------- ------
Profit Before
Tax 925 1,435 -35.5 1,397 2,487 -43.8
-------------------------------- -------- -------- ------ -------- -------- ------
Net Profit 1,035 1,464 -29.3 1,422 2,339 -39.2
-------------------------------- -------- -------- ------ -------- -------- ------
Following the effects of crude price hike of 16% and FX rate
increase of %15, Tüpra ' sales revenue for Q2 2018 increased by
59%, compared to the same period of last year, and reached 20.1
billion TL, while net profit decreased by 29% to 1,035 million TL.
The net profit for the first 6 months was 1,422 million TL.
In the first half of the year, a total investment of $92.6
million was made in refining. Our company's 2018 activities
continue as planned. Thereof, no change has been made to the
year-end guidance.
The $700 million Eurobond which matured in May 2018, was renewed
with a coupon rate of 4.5% in September 2017. Following this, our
strengthened balance sheet with diversified funding sources does
not require long-term borrowing and is in square FX position. The
continuity of strong balance sheet to support our company's
operations will be of primal focus also in the coming period.
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.
We kindly present to public attention.
Find below the 1 January - 30 June 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 30 JUNE
2018
(Amounts expressed in thousands of Turkish Lira ("TRY") unless
otherwise indicated.)
Reviewed Audited
------------------------------------------------ -------------- ----------------------------------------------------
Assets 30 June 2018 31 December 2017
------------------------------------------------ -------------- ----------------------------------------------------
Current assets 21.951.521 20.366.024
------------------------------------------------ -------------- ----------------------------------------------------
Cash and cash equivalents 5.886.217 8.802.069
Trade receivables 6.768.881 5.027.033
Due from related parties 2.334.838 1.399.601
Trade receivables from third parties 4.434.043 3.627.432
Other receivables 169.479 84.267
Other receivables from third parties 169.479 84.267
Derivative Instruments 243.515 346.909
Inventories 7.702.377 5.291.090
Prepaid expenses 145.896 62.397
Other current assets 1.035.156 752.259
Non-current assets 18.250.450 17.796.955
------------------------------------------------ -------------- ----------------------------------------------------
Financial investments - 9.000
Investments accounted for using the equity
method 1.168.969 1.134.364
Investment properties 4.621 4.621
Property, plant and equipment 12.297.931 12.303.437
Intangible assets 58.694 65.187
Other intangible assets 58.694 65.187
Derivative instruments 163.841 100.560
Prepaid expenses 221.891 99.276
Deferred tax assets 3.239.259 3.067.871
Other non-current assets 1.095.244 1.012.639
Total assets 40.201.971 38.162.979
================================================ ============== ====================================================
Liabilities
Current liabilities 20.724.569 17.675.669
------------------------------------------------ -------------- ----------------------------------------------------
Short-term financial liabilities 473.480 340.875
Current portion of long term financial
liabilities 3.154.204 4.932.839
Trade payables 12.520.349 8.213.166
Due to related parties 110.987 115.456
Trade payables, third parties 12.409.362 8.097.710
Liabilities for employee benefits 82.216 119.833
Other payables 14.445 36.797
Due to related parties 5 23.463
Other payables to third parties 14.440 13.334
Derivative instruments 256.818 177.137
Deferred income 2.107 20.428
Current income tax liabilities 36.535 21.296
Provisions 114.582 89.924
Provisions for employee benefits 41.347 12.629
Other provisions 73.235 77.295
Other current liabilities 4.069.833 3.723.374
Non-current liabilities 11.424.576 10.009.649
------------------------------------------------ -------------- ----------------------------------------------------
Long-term financial liabilities 11.181.848 9.777.270
Provisions 225.859 223.734
Provisions for employee benefits 225.859 223.734
Deferred income 3.558 4.112
Derivative Instruments 12.251 3.364
Other non-current liabilities 1.060 1.169
Total liabilities 32.149.145 27.685.318
================================================ ============== ====================================================
Equity 8.052.826 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)
Actuarial gain/(loss) arising from defined
benefit plans
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 (1.383.554) (960.973)
Hedging gains/(losses) (1.574.376) (1.141.847)
Cash flow hedge gains/(losses) (1.574.376) (1.141.847)
Share of other comprehensive income of investments accounted
for
using equity method that will be
reclassified to profit or loss 190.822 180.874
Restricted reserves 597.086 279.668
Retained earnings 5.739.481 5.651.805
Net income 1.405.128 3.811.546
Total equity attributable to equity holders of
the parent 7.949.442 10.373.347
------------------------------------------------ -------------- ----------------------------------------------------
Non-controlling interests 103.384 104.314
------------------------------------------------ -------------- ----------------------------------------------------
Total equity and liabilities 40.201.971 38.162.979
================================================ ============== ====================================================
The condensed interim consolidated financial statements for the
period ended 30 June 2018 have been approved by the Board of
Directors on 9 August 2018.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME FOR THE SIX MONTH INTERIM PERIODED 30 JUNE 2018
(Amounts expressed in thousands of Turkish Lira ("TRY") unless
otherwise indicated.)
Reviewed Reviewed
----------------------- ------------------------- ------------------------- ------------------------- -------------------------
1 January 1 April 1 January 1 April
- - - -
30 June 30 June 30 June
30 June 2018 2018 2017 2017
----------------------- ------------------------- ------------------------- ------------------------- -------------------------
Revenue 33.502.180 20.080.772 25.000.318 12.630.679
Cost of sales (30.212.223) (17.860.005) (21.796.759) (11.035.588)
Gross profit 3.289.957 2.220.767 3.203.559 1.595.091
----------------------- ------------------------- ------------------------- ------------------------- -------------------------
General
administrative
expenses (410.883) (214.997) (368.617) (189.753)
Marketing, selling
and distribution
expenses (124.770) (57.605) (119.754) (63.937)
Research and
development expenses (9.586) (4.676) (8.790) (3.973)
Other operating
income 269.962 163.922 139.980 84.748
Other operating
expenses (1.258.202) (1.041.121) (56.556) 55.577
Operating profit /
(loss) 1.756.478 1.066.290 2.789.822 1.477.753
----------------------- ------------------------- ------------------------- ------------------------- -------------------------
Expense from
investment
activities (6.710) (327) (12.147) (13.073)
Income/(loss) from
investments
accounted by
equity method 144.657 86.071 118.887 61.762
Operating profit
before financial
income/(expense) 1.894.425 1.152.034 2.896.562 1.526.442
----------------------- ------------------------- ------------------------- ------------------------- -------------------------
Financial income 2.102.026 1.448.210 227.153 64.792
Financial expense (-) (2.599.434) (1.675.037) (637.158) (156.406)
Profit/(loss) before
tax from
continued operations 1.397.017 925.207 2.486.557 1.434.828
----------------------- ------------------------- ------------------------- ------------------------- -------------------------
Tax income /
(expense) 25.060 110.083 (147.277) 28.693
Taxes on income (-) (38.460) (33.342) (259.687) (147.419)
Deferred tax income
/ (expense) 63.520 143.425 112.410 176.112
Net profit/(loss)
from continued
operations 1.422.077 1.035.290 2.339.280 1.463.521
----------------------- ------------------------- ------------------------- ------------------------- -------------------------
Other comprehensive
income:
Items to be
reclassified to
profit or loss (440.460) (323.914) 114.915 190.470
Share of other
comprehensive
income accounted for
investment
using equity method
that will
be reclassified to
profit or
loss 9.948 7.666 (119) (1.305)
Gain/(loss) from
translation
of foreign
currency of
investments using
equity method 9.948 7.666 (119) (1.305)
Income/(expense)
relating to
avoidance of risk of
cash flow (558.276) (408.347) 142.479 237.460
Income/(loss) of
avoidance
of risk of cash
flow (558.276) (408.347) 142.479 237.460
Tax effect of other
comprehensive
income/(loss) to
be reclassified to
profit or
loss 107.868 76.767 (27.445) (45.685)
Deferred tax
income/(expense) 107.868 76.767 (27.445) (45.685)
Other comprehensive
income/(expense) (440.460) (323.914) 114.915 190.470
Total comprehensive
income 981.617 711.376 2.454.195 1.653.991
----------------------- ------------------------- ------------------------- ------------------------- -------------------------
Distribution of
income for
the period:
Non-controlling
interests 16.949 8.598 13.297 6.362
Attributable to
equity holders
of the parent 1.405.128 1.026.692 2.325.983 1.457.159
Distribution of total
comprehensive
income
Non-controlling
interests (930) (5.431) 14.349 8.170
Attributable to
equity holders
of the parent 982.547 716.807 2.439.846 1.645.821
Earnings (loss) per
share from
continued operations
Earnings per share
with
nominal value kr. 1
each (kr.) 5,61 4,10 9,29 5,82
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTH INTERIM
PERIOD ENDED 30 JUNE 2018
(Amounts expressed in thousands of Turkish Lira ("TRY"), unless
otherwise indicated)
Reviewed Reviewed
-------------------------------------------------------------------------- ------------------------------------------
1 January - 1 January -
30 June 2018 30 June 2017
Cash flows from operating activities 2.023.996 2.107.420
-------------------------------------------------------------------------- -------------------- --------------------
Profit/(loss) 1.422.077 2.339.280
Adjustment for reconciliation of profit/(loss) 709.262 720.999
Adjustment for depreciation and amortisation expense 310.247 284.666
Adjustments for stock impairment(cancelation) (920) 13.470
Adjustments for stock impairment (920) 13.470
Adjustment for provisions 27.416 76.851
Adjustment for interest (income) and expense 305.547 117.118
Adjustment for unrealized foreign currency translation differences (1.548.823) 43.977
Adjustment for fair value (gain) or loss (340.798) (9.692)
Adjustment for income of investments accounted by equity method (144.657) (118.887)
Adjustment for tax expenses(income) (25.060) 147.277
Adjustment for (gain) / loss on sales of property, plant and equipment 6.710 12.147
Adjustment for other items related with cash flow of investment or
financial activities 2.121.391 138.693
Other adjustments for reconciliation of profit/(loss) (1.791) 15.379
Changes in working capital (52.665) (759.023)
Adjustment for decrease/(increase) in trade receivables (1.769.182) (827.861)
Adjustment for decrease/(increase) in other receivables related with
operations (533.822) (265.737)
Adjustment for decrease/(increase) in assets of derivative instruments 40.113 -
Adjustment for decrease/(increase) in inventories (2.410.367) (593.219)
Adjustment for increase/(decrease) in trade payables 4.347.017 617.253
Adjustment for increase/(decrease) in other payables related with
operations 185.008 310.541
Adjustment for decrease/(increase) in liabilities of derivative
instruments 88.568 -
Cash flows from operating activities 2.078.674 2.301.256
Tax returns/(payments) (23.221) (160.448)
Other cash inflow/(outflow) (31.457) (33.388)
Cash flows from investing activities (307.964) (308.221)
-------------------------------------------------------------------------- -------------------- --------------------
Cash outflows in subsidiaries regarding additional share purchases - (1.500)
Cash inflows from the sales of property, plant and equipment and
intangible assets 810 2.456
Cash outflows from the purchase of property, plant and equipment and
intangible assets (428.774) (379.177)
Dividends received 120.000 70.000
Cash flows from financing activities (6.288.683) (2.339.240)
-------------------------------------------------------------------------- -------------------- --------------------
Cash inflows from financial liabilities 19.020.669 23.009.300
Cash outflows from financial liabilities (22.098.167) (23.685.054)
Cash inflows from derivative instruments 585.678 8.175
Cash outflows from derivative instruments (115.305) -
Dividends paid (3.406.452) (1.557.107)
Interest paid (441.124) (350.662)
Interest received 166.018 236.108
Net increase/(decrease) in cash and cash equivalents before the effect of
foreign currency
translation differences (4.572.651) (540.041)
-------------------------------------------------------------------------- -------------------- --------------------
Impact of foreign currency translation differences on cash and cash
equivalents 1.548.823 (43.977)
-------------------------------------------------------------------------- -------------------- --------------------
Net increase/(decrease) in cash and cash equivalents (3.023.828) (584.018)
-------------------------------------------------------------------------- -------------------- --------------------
Cash and cash equivalents at beginning of period 7.592.735 5.022.402
-------------------------------------------------------------------------- -------------------- --------------------
Cash and cash equivalents at end of period 4.568.907 4.438.384
-------------------------------------------------------------------------- -------------------- --------------------
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END
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