TIDM93AN
RNS Number : 0785H
Turkiye Petrol Rafinerileri AS
12 November 2018
Türkiye Petrol Rafinerileri A. . ("Tupras")
Q3 2018 Financial Results
Tüpra realized full capacity production in third quarter
following the completion of majority of planned maintanence
Tüpra continued to meet the fuel demand of Turkey by increasing
its domestic diesel and jet fuel sales by 7% in 9M 2018, compared
to last year.
Crude oil price, which started July at $76.7/bbl level, climbed
by 9% during Q3 2018 due to increasing geopolitical risks &
supply problems, and reached $83,7/bbl by the end of 9M. The
average crude price for 9M was realized at $72.1/bbl.
In Q3 2018, diesel and jet fuel cracks-supported by global
economic growth, air traffic demand increase and infrastructure
investments-were higher than last year, while gasoline and fuel oil
cracks fell below last year's levels. On the the other hand, diesel
and jet fuel consumption in Turkish market grew by 8% and 12.3%
respectively in 8M 2018.
In Q3 2018, Tüpra continued to meet the demand of Turkey with
its full capacity production; domestic sales volume was realized at
7.7 million tons, while total sales reached 8.7 million tons. The
total sales volume for 9M was 22.3 million tons.
Operational and Financial Results
Diff Diff
Q3 2018 Q3 2017 (%) 9M 2018 9M 2017 (%)
-------- -------- ------ -------- -------- ------
Operational
(Thousand Tons) Total Production 7,690 7,666 0.3 19,081 22,543 -15.4
------------------ -------- -------- ------ -------- -------- ------
Total Sales 8,702 8,899 -2.2 22,262 24,177 -7.9
------------------------------------- -------- -------- ------ -------- -------- ------
Financial
(Million TL) Sales Revenue 30,247 14,344 110.9 63,749 39,344 62.0
------------------ -------- -------- ------ -------- -------- ------
Operating Profit 802 1,290 -37.8 2,559 4,079 -37.3
------------------------------------- -------- -------- ------ -------- -------- ------
Profit Before
Tax 678 1,234 -45.0 2,075 3,720 -44.2
------------------------------------- -------- -------- ------ -------- -------- ------
Net Profit 551 1,000 -44.9 1,973 3,339 -40.9
------------------------------------- -------- -------- ------ -------- -------- ------
Tüpra Q3 2018 sales revenue increased by 110.9% to 30.2 billion
TL, following the effect of crude price hike of 44% and FX rate
increase of 60%, compared to same period of last year. Net profit
for Q3 decreased by 45% to 551 million TL and 9M net profit was
realized at 1,973 million TL.
In 9M 2018, a total investment of $97 million was made in
refining.
Within the framework of our corporate risk policies, our balance
sheet-managed by strong financing policies, effective FX position
management and early long-term borrowings-does not have a new
long-term borrowing requirement in the period we are in. 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.
More detailed information on results releases could be found on
company website: www.tupras.com.tr
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER
2018
(Amounts expressed in thousands of Turkish Lira ("TRY") unless
otherwise indicated.)
Unaudited Audited
------------------------- ---------------- ------------------- ----------------------------------------------------
Assets Notes 30 September 2018 31 December 2017
------------------------- ---------------- ------------------- ----------------------------------------------------
Current assets 30.250.105 20.366.024
------------------------- ---------------- ------------------- ----------------------------------------------------
Cash and cash
equivalents 4 9.957.795 8.802.069
Trade receivables 6 9.319.393 5.027.033
Due from related
parties 6, 31 2.862.216 1.399.601
Trade receivables
from third parties 6.457.177 3.627.432
Other receivables 7 102.835 84.267
Other receivables
from third parties 102.835 84.267
Derivative Instruments 20 473.808 346.909
Inventories 8 8.495.315 5.291.090
Prepaid expenses 14 131.489 62.397
Other current assets 15 1.769.470 752.259
Non-current assets 18.816.080 17.796.955
------------------------- ---------------- ------------------- ----------------------------------------------------
Financial investments 9 - 9.000
Investments accounted
for using the equity
method 10 1.234.658 1.134.364
Investment properties 11 4.621 4.621
Property, plant and
equipment 12 12.273.361 12.303.437
Intangible assets 13 58.275 65.187
Other intangible
assets 58.275 65.187
Derivative instruments 20 262.238 100.560
Prepaid expenses 14 318.033 99.276
Deferred tax assets 29 3.518.545 3.067.871
Other non-current
assets 15 1.146.349 1.012.639
Total assets 49.066.185 38.162.979
========================= ================ =================== ====================================================
Liabilities
Current liabilities 27.092.966 17.675.669
------------------------- ---------------- ------------------- ----------------------------------------------------
Short-term financial
liabilities 5 1.486.188 340.875
Current portion of long
term financial
liabilities 5 3.947.735 4.932.839
Trade payables 6 16.638.463 8.213.166
Due to related
parties 6, 31 173.933 115.456
Trade payables, third
parties 16.464.530 8.097.710
Liabilities for
employee benefits 18 85.705 119.833
Other payables 19 24.567 36.797
Due to related
parties 19, 31 2.395 23.463
Other payables to
third parties 22.172 13.334
Derivative instruments 20 931.278 177.137
Deferred income 16 34.383 20.428
Current income tax
liabilities 29 170.843 21.296
Provisions 17 170.467 89.924
Provisions for
employee benefits 54.719 12.629
Other provisions 115.748 77.295
Other current
liabilities 15 3.603.337 3.723.374
Non-current liabilities 14.455.601 10.009.649
------------------------- ---------------- ------------------- ----------------------------------------------------
Long-term financial
liabilities 5 14.187.782 9.777.270
Provisions 17 242.136 223.734
Provisions for
employee benefits 242.136 223.734
Deferred income 16 3.236 4.112
Derivative Instruments 20 21.441 3.364
Other non-current
liabilities 15 1.006 1.169
Total liabilities 41.548.567 27.685.318
========================= ================ =================== ====================================================
Equity 7.517.618 10.477.661
------------------------- ---------------- ------------------- ----------------------------------------------------
Share capital 23 250.419 250.419
Adjustment to share
capital 23 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 (2.438.089) (960.973)
Hedging gains/(losses) (2.648.055) (1.141.847)
Cash flow hedge gains/(losses) (2.648.055) (1.141.847)
Share of other comprehensive income of investments accounted
for
using equity method that will be
reclassified to profit or loss 209.966 180.874
Restricted reserves 23 597.086 279.668
Retained earnings 5.739.481 5.651.805
Net income 1.946.730 3.811.546
Total equity attributable to equity
holders of the parent 7.436.509 10.373.347
------------------------------------------- ------------------ ----------------------------------------------------
Non-controlling interests 81.109 104.314
------------------------------------------- ------------------ ----------------------------------------------------
Total equity and liabilities 49.066.185 38.162.979
=========================================== ================== ====================================================
The condensed interim consolidated financial statements for the
period ended 30 September 2018 have been approved by the Board of
Directors on 7 November 2018.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME FOR THE SIX MONTH INTERIM PERIODED 30 SEPTEMBER 2018
(Amounts expressed in thousands of Turkish Lira ("TRY") unless
otherwise indicated.)
Unaudited Unaudited
----------------------- --------- ------------------------------ ------------------------- ------------------------- -------------------------
1 January 1 July 1 January 1 July
- - - -
30 September 30 September 30 September 30 September
Note 2018 2018 2017 2017
----------------------- --------- ------------------------------ ------------------------- ------------------------- -------------------------
Revenue 24 63.749.246 30.247.066 39.344.061 14.343.743
Cost of sales 24 (56.549.450) (26.337.227) (34.530.568) (12.733.809)
Gross profit 7.199.796 3.909.839 4.813.493 1.609.934
----------------------- --------- ------------------------------ ------------------------- ------------------------- -------------------------
General
administrative
expenses 25 (648.235) (237.352) (593.003) (224.386)
Marketing, selling
and distribution
expenses 25 (205.683) (80.913) (188.111) (68.357)
Research and
development expenses 25 (15.663) (6.077) (12.322) (3.532)
Other operating
income 26 508.152 238.190 170.358 30.378
Other operating
expenses 26 (4.279.650) (3.021.448) (111.058) (54.502)
Operating profit /
(loss) 2.558.717 802.239 4.079.357 1.289.535
----------------------- --------- ------------------------------ ------------------------- ------------------------- -------------------------
Expense from
investment
activities 27 (6.598) 112 (11.550) 597
Income/(loss) from
investments
accounted by
equity method 10 191.202 46.545 184.980 66.093
Operating profit
before financial
income/(expense) 2.743.321 848.896 4.252.787 1.356.225
----------------------- --------- ------------------------------ ------------------------- ------------------------- -------------------------
Financial income 28 5.162.486 3.060.460 450.278 223.125
Financial expense (-) 28 (5.830.612) (3.231.178) (982.841) (345.683)
Profit/(loss) before
tax from
continued operations 2.075.195 678.178 3.720.224 1.233.667
----------------------- --------- ------------------------------ ------------------------- ------------------------- -------------------------
Tax income /
(expense) (102.431) (127.491) (381.126) (233.849)
Taxes on income (-) (174.730) (136.270) (488.426) (228.739)
Deferred tax income
/ (expense) 29 72.299 8.779 107.300 (5.110)
Net profit/(loss)
from continued
operations 1.972.764 550.687 3.339.098 999.818
----------------------- --------- ------------------------------ ------------------------- ------------------------- -------------------------
Other comprehensive
income:
Items to be
reclassified to
profit or loss (1.526.355) (1.085.895) 126.743 11.828
Share of other
comprehensive
income accounted for
investment
using equity method
that will
be reclassified to
profit or
loss 29.092 19.144 380 499
Gain/(loss) from
translation
of foreign
currency of
investments using
equity method 29.092 19.144 380 499
Income/(expense)
relating to
avoidance of risk of
cash flow (1.933.822) (1.375.546) 157.057 14.578
Income/(loss) of
avoidance
of risk of cash
flow (1.933.822) (1.375.546) 157.057 14.578
Tax effect of other
comprehensive
income/(loss) to
be reclassified to
profit or
loss 378.375 270.507 (30.694) (3.249)
Deferred tax
income/(expense) 378.375 270.507 (30.694) (3.249)
Other comprehensive
income/(expense) (1.526.355) (1.085.895) 126.743 11.828
Total comprehensive
income 446.409 (535.208) 3.465.841 1.011.646
----------------------- --------- ------------------------------ ------------------------- ------------------------- -------------------------
Distribution of
income for
the period:
Non-controlling
interests 26.034 9.085 20.911 7.614
Attributable to
equity holders
of the parent 1.946.730 541.602 3.318.187 992.204
Distribution of total
comprehensive
income
Non-controlling
interests (23.205) (22.275) 21.630 7.281
Attributable to
equity holders
of the parent 469.614 (512.933) 3.444.211 1.004.365
Earnings (loss) per
share from
continued operations
Earnings per share
with
nominal value kr. 1
each (kr.) 30 7,77 2,16 13,25 3,96
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE NINE MONTH INTERIM
PERIODED 30 SEPTEMBER 2018
(Amounts expressed in thousands of Turkish Lira ("TRY"), unless
otherwise indicated)
Unaudited Unaudited
--------------------------------------------------------------- ------- --------------------------------------------
1 January - 1 January -
Notes 30 September 2018 30 September2017
Cash flows from operating activities 2.854.585 4.057.792
--------------------------------------------------------------- ------- ---------------------- --------------------
Profit/(loss) 1.972.764 3.339.098
Adjustment for reconciliation of profit/(loss) 1.136.031 1.227.057
Adjustment for depreciation and amortisation expense 12, 13 466.184 427.737
Adjustments for stock impairment(cancelation) 1.708 -
Adjustments for stock impairment 8 1.708 -
Adjustment for provisions 17 113.040 89.701
Adjustment for interest (income) and expense 28 573.958 112.051
Adjustment for unrealized foreign currency translation
differences 28 (4.766.116) (55.001)
Adjustment for fair value (gain) or loss (131.742) 55.476
Adjustment for income of investments accounted by equity
method 10 (191.202) (184.980)
Adjustment for tax expenses(income) 29 102.431 381.126
Adjustment for (gain) / loss on sales of property, plant and
equipment 27 6.598 11.550
Adjustment for other items related with cash flow of
investment or financial activities 28 4.971.880 358.230
Other adjustments for reconciliation of profit/(loss) (10.708) 31.167
Changes in working capital (167.733) (143.011)
Adjustment for decrease/(increase) in trade receivables (4.402.088) (2.352.739)
Adjustment for decrease/(increase) in other receivables
related with operations (1.237.992) (588.269)
Adjustment for decrease/(increase) in assets of derivative
instruments (288.577) 1.432
Adjustment for decrease/(increase) in inventories (3.205.933) (847.734)
Adjustment for increase/(decrease) in trade payables 8.491.217 2.545.983
Adjustment for increase/(decrease) in other payables related
with operations (296.578) 779.533
Adjustment for decrease/(increase) in liabilities of
derivative instruments 772.218 318.783
Cash flows from operating activities 2.941.062 4.423.144
Tax returns/(payments) (25.183) (314.278)
Other cash inflow/(outflow) (61.294) (51.074)
Cash flows from investing activities (535.140) (633.011)
--------------------------------------------------------------- ------- ---------------------- --------------------
Cash outflows in subsidiaries regarding additional share
purchases - (2.500)
Cash inflows from the sales of property, plant and equipment
and intangible assets 970 3.072
Cash outflows from the purchase of property, plant and
equipment and intangible assets (656.110) (703.583)
Dividends received 10 120.000 70.000
Cash flows from financing activities (6.126.036) (1.911.106)
--------------------------------------------------------------- ------- ---------------------- --------------------
Cash inflows from financial liabilities 5 29.690.145 33.024.695
Cash outflows from financial liabilities 5 (32.194.993) (33.240.818)
Cash inflows from derivative instruments 547.234 26.242
Cash outflows from derivative instruments (345.057) (104.620)
Dividends paid (3.406.452) (1.557.107)
Interest paid (685.768) (450.863)
Interest received 268.855 391.365
Net increase/(decrease) in cash and cash equivalents before
the effect of foreign currency (3.806.591)
translation differences 1.513.675
--------------------------------------------------------------- ------- ---------------------- --------------------
Impact of foreign currency translation differences on cash and
cash equivalents 4.766.116 55.001
--------------------------------------------------------------- ------- ---------------------- --------------------
Net increase/(decrease) in cash and cash equivalents 959.525 1.568.676
--------------------------------------------------------------- ------- ---------------------- --------------------
Cash and cash equivalents at beginning of period 7.592.735 5.022.402
--------------------------------------------------------------- ------- ---------------------- --------------------
Cash and cash equivalents at end of period 4 8.552.260 6.591.078
--------------------------------------------------------------- ------- ---------------------- --------------------
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END
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