Petrol AD - 1st Quarter Results - Part 2
13/01/2016 10:46
- Part 2: For the preceding part double click ID:nRSM7263La
procedures for systematic and
rational distribution.
In exchange of assets, revenue (expense) are reported as a result of the exchange transaction to the amount of the
difference between the fair value of the received asset and the carrying value of the exchanged asset.
3.10.2 Finance income and finance costs
Finance income comprises interest income, gains on transactions with own bonds, profits from foreign exchange differences
and others. Finance costs comprise interest expense, losses from foreign exchange differences, bank charges, commissions
and other finance costs.
Borrowing costs, which may be directly attributable to the acquisition, construction or production of a qualifying asset
prior to its being ready for its intended use or sale, and necessarily takes extended period of time, are capitalized in
part of the cost of the asset. All other finance income and costs are recognized in profit or loss for all instruments,
measured at amortized cost using the effective interest rate method.
Income for equity interests is recognised when the Group is entitled to receive the income.
Foreign currency gains and losses are reported on a net basis.
3.11. Leases
3.11.1. Determining whether an arrangement contains a lease
In case of agreement, the Group determines whether it is or it contains a lease. Upon occurrence or after reassessing the
agreement that contains a lease, the Group separates payments and other remunerations required by that agreement, such a
lease and those for other elements on the basis of their relative fair values. If the Group concludes that for a finance
lease it is impossible to separate the payments, then an asset and a liability are recognized at an amount equal to the
fair value of the underlying asset. Subsequently the liability is reduced as payments are made and is therefore recognised
as an imputed finance charge on the liability, while using the differential interest rate of the Group.
3.11.2 Leased assets
Leases under which the Group assumes substantially all the risks and rewards of an ownership are classified as finance
leases. Upon initial recognition the leased assets are stated at the lower of fair value and the present value of the
minimum lease payments. After initial recognition, the asset is accounted for and in accordance with the accounting policy
applicable to that asset.
Other than these leases are operating leases and there are not recognized in the consolidated statement of the Group's
financial position.
3.11.3. Finance lease
Payments made under operating leases are recognized in profit or loss on a straight line basis over the period of the
lease. Lease incentives received are recognized as an integral part of the total lease payments over the period of the
contract.
Minimum lease payments under finance leases are apportioned between finance charges and reduction of the outstanding
obligations. Finance costs are allocated to each period during the lease term so as to produce a constant periodic rate of
interest on the remainder of the debt.
3.11.4 Operating lease
Costs incurred for assets leased under operating lease contracts are recognised in profit or loss under the straight-line
method over the contract term. Lease incentives received is recognised as a reduction of the lease expenses on a
straight-line basis for the term of the lease contract.
Revenue realised from assets under operating lease contracts is recognised in profit or loss on a straight-line basis for
the contract term. Initial costs directly related to agreement conclusion are capitalized in the cost of the asset and are
recognised as expenses on a straight-line basis for the operating lease contract term.
3.11.5 Sale and leaseback
A sale and leaseback transaction involves the sale of an asset and leasing back the same asset. The accounting treatment of
a sale and leaseback transaction depends upon the type of lease and the nature of transaction.
If the leaseback is a finance lease, the transaction is a means of providing finance to the lessee, with the asset as a
security. If under the terms of the lease there are no changes of the rights to use the asset from the seller /lessee
before and after the transaction, it is beyond the scope of IAS 17 Leases and essentially constitutes funding/. In this
case, the proceeds received from the transaction are presented as liabilities on loans and credits in the statement of
financial position of the lessee and direct transaction costs are deferred for the period of the lease.
3.12. Segment Reporting
The information on operating segments in these interim consolidated financial statements is presented in a manner analogous
to operational reports provided by the Group's management, based on which decision are taken in respect of the resources to
be allocated to the segment and the assessment of its results.
4. Determination of fair values
Certain Group's accounting policies and disclosures require the determination of fair value, for both financial and
non-financial assets and liabilities.
The Group has an established control framework with respect to the measurement of fair values. This includes a valuation
team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair
values.
The significant unobservable inputs and valuation adjustments are reviewed regularly. If third party information, such as
broker quotes or pricing services is used to measure fair values, then the valuation team assesses the evidence obtained
from third parties to support the conclusion that such valuations meet the requirements of IFRS, including the level in the
fair value hierarchy in which such valuations should be classified.
Significant unobservable inputs and adjustments to estimates are reviewed regularly. If information from third parties such
as quotes from brokers or similar services, are used to estimate the fair values, then evidence obtained from third parties
to support the conclusion that such assessments meet the requirements of IFRS is evaluated, including the level in the
hierarchy fair values in which such assessments should be classified.
Significant valuation issues are reported to the Management of the Group.
4. Determination of fair values (continued)
When measuring the fair value of an asset or liability, the Group uses market observable data as far as possible. Fair
values are categorized into different level in a fair value hierarchy based on the inputs in the valuation techniques as
follows.
· Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
· Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices).
· Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
If the inputs used to measure the fair value of an asset or liability might be categorised in different levels of the fair
value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value
hierarchy as the lowest level input that is significant to the entire measurement.
The Group recognises transfers between levels of the fair value hierarchy at end of the reporting period during which the
change has occurred.
5. Segment Reporting
Based on the operational reporting to the management of the Group serving also as a basis for strategy decisions, the Group
has identified the following operating segments:
· Wholesale of fuels - wholesale in the country of petroleum products storage facilities owned by the Group; bunker
fuel outside the country;
· Fuel retail - retail sale of oil and other products in the chain gas stations owned by the Group; servicing of fuel
stations and commercial objects and services;
· Other activities - transport fuel its own and leased vehicles; rental income and other activities.
Segment information provided to the Management of the Group for the period ending March 31, 2015 and March 31, 2014 is as
follows:
March 312015 Wholesale of fuels Fuel retail All other segments Total for the Group
BGN'000 BGN'000 BGN'000 BGN'000
Total revenues of the segment 51,370 104,893 7,925 164,188
Revenues from intra-groupsales 2,385 416 5,402 8,203
Revenues from external customers 48,985 104,477 2,523 155,985
Adjusted EBITDA (1,449) 1,918 112 581
Depreciation 714 1,117 350 2,181
5. Segment Reporting (continued)
March 312014 Wholesale of fuels Fuel retail All other segments Total for the Group
BGN'000 BGN'000 BGN'000 BGN'000
Total revenues of the segment 195,725 124,928 2,885 323,538
Revenues from intra-groupsales 90,174 6,227 1,826 98,227
Revenues from external customers 105,551 118,701 1,059 225,311
Adjusted EBITDA (6,154) 6,233 363 442
Depreciation 732 1,998 225 2,955
Policies for the revenue recognition from intra-group sales and sales to external customers for the purpose of reporting by
segments - do not differ from these that are adopted by the Group - accounting policies for revenue recognition in the
consolidated statement of profit or loss and other comprehensive income. The Group's management evaluated performance of
the segments based on the adjusted indicator EBITDA 1 . The calculation of the adjusted EBITDA does not take into account
the effect of depreciation of assets. Reconciliation between adjusted EBITDA and loss before tax is presented in the
following table:
March 312015BGN'000 March 312014BGN'000
Adjusted EBITDA of the reportable segments 469 79
Adjusted EBITDA of all other segments 112 363
Depreciation (2,181) (2,955)
Financial expenses (42,409) (7,807)
Loss before taxes (44,009) (10,320)
6. Revenue from sales
March 312015 BGN'000 March 312014BGN'000
Goods 153,462 222,482
Services 2,272 2,282
155,734 224,764
7. Other income
March 312015BGN'000 March 312014BGN'000
Profit from liquidation of property, plant and equipment: 70 -
Income from sales 1,020 -
Carrying value (950) -
Assets surplus 54 259
Gain from sale of property, plant and equipment 49 35
Income from sales 4,002 49
Carrying value (3,953) (14)
Benefits from insurers 17 23
Derecognition of liabilities 11 19
Fines and penalties 3 40
Other 47 171
251 547
8. Materials and consumables
March 312015BGN'000 March 312014BGN'000
Electricity and heating 728 766
Spare parts 156 139
Fuels and lubricants 124 848
Office supplies 112 144
Promotional materials 48 8
water 21 31
Work clothes 10 116
Assets of low value - 25
other 26 72
1,225 2,149
9. Hired services
March 312015BGN'000 March 312014BGN'000
Fees and commissions 1,797 1,224
Rents from related parties 1,253 626
Security 546 47
Consulting and training 339 169
Transport costs 261 308
Software Licenses 193 202
Repair and maintenance 174 423
Inkaso 174 208
Communications 142 177
Rents from related parties 114 -
Insurance 108 388
Advertising 101 66
State and municipal fees and costs of litigation - 151
Other 76 129
5,278 4,118
10. Employee expenses
March 312015BGN'000 March 312014BGN'000
Wages and salaries 4,617 6,770
Social security contributions 868 1,468
5,485 8,238
11. Other expenses
March 312015BGN'000 March 312014BGN'000
Scrapped expenses and written off assets 227 275
Representative costs and sponsorship 158 158
Local taxes and expenditures 70 233
Business trips 49 74
Fines and penalties 30 20
Costs of insurance benefits 22 -
Loss on liquidation of investment properties, including 7 -
Sales revenues (2,800) -
Carrying value 2,807 -
Loss from sale of property, plant and equipment, including - 1
Sales revenues - -
Carrying value - 1
Other 24 22
587 783
12. Finance income and costs
March 312015BGN'000 March 312014BGN'000
Finance income
Interest income, including 808 1,223
Interest income on loans granted 664 1,111
Interest income on trade receivables 144 104
Other interest income - 8
808 1,223
Finance costs
Interest expenses, including (5,627) (8,071)
Interest on bank loans (825) (3,971)
Interest on trade loans (3,811) (2,291)
Interest on bonds (788) (785)
Interest on leaseback (197) (529)
Interest on trade and other payables (4) (424)
Budget interest - (61)
Interest on financial leases (2) (10)
Loss from sale of subsidiary, including: (2,388) -
Sales revenues 2,991 -
Carrying value of the Group's share of net assetsof subsidiary (5,379) -
Negative exchange rates (35,043) (312)
Bank charges, commissions and otherfinancial charges (159) (647)
(43,217) (9,030)
Finance costs, net (42,409) (7,807)
13. Taxation
13.1. Tax expenses
Tax expense recognized in profit or loss includes the amount of current and deferred income tax expenses in accordance with
IAS 12 Income taxes
March 312015BGN'000 March 312014BGN'000
Current tax benefit (expense) 103 343
Change in deferred tax, including 2,173 17
Temporary differences arising during the period 2,272 36
Temporary differences recognized during the period (99) (19)
Total tax expense 2,276 360
13.2. Effective tax rate
Reconciliation between accounting profit and tax expense and calculation of the effective tax rate as of March 31, 2015 and
year 2014 is presented in the table below:
March 312015BGN'000 March 312014BGN'000
Accounting loss for the year (44,009) (10,320)
Applicable tax rate 10% 10%
Tax expense (benefit) at the applicable tax rate (4,401) (1,032)
Tax effect of permanent differences 876 6
Tax effect of recognized tax during the current yearBut nor recognized in prior periods 3 (18)
Tax effect of unrecognized in the current year tax asset arising in the current period 3,151 1,383
Tax effect of consolidation adjustments 2,647 21
Tax expense 2,276 360
Effective tax rate - -
Until the expiration of five years from the end of the year, when declarations are supposed to be submitted, the tax
periods may be subject to examination by tax authorities. As a consequence of such checks, additional tax liabilities or
penalties might be imposed according to the interpretation of the tax legislation. The management of the Group is not aware
of any circumstances that could rise to additional material liabilities in this area.
13.3. Recognized deferred tax assets and liabilities
Deferred tax assets and liabilities are recognizes in the following positions/items/:
Asset(liability) at January 1 2014 Recognized in profit and loss Asset(liability) atDecember 31 2014 Recognized in profitand loss Asset (liability) at March 31, 2015
BGN'000 BGN'000 BGN'000 BGN'000 BGN'000
Property, plant and equipment (2,295) 1,558 (737) 75 (662)
Impairment of assets 1,515 2,561 4,076 (2,222) 1,854
Tax loss 60 1,164 1,224 (41) 1,183
Measurement of assets 12 (12) - - -
Provision for unused leave and other provisions 177 (97) 80 15 95
Excess interest expense by CITA 5 46 51 - 51
Other temporary differences incl.unpaid income individuals 724 (23) 701 - 701
198 5,197 5,395 (2,173) 3,222
14. Property, plant and equipment
Land BGN'000 Building BGN'000 Plant andequipment BGN'000. Vehicles BGN'000. Otherassets BGN'000. AssetsUnderconstruc.BGN'000. Intan.assets BGN'000. Total BGN'000.
Balance on January 1, 2014 46,869 66,180 159,769 15,922 17,099 2,726 5,483 314,048
Additions 68 41 227 109 61 3755 5 4,266
Transfers - - 504 - - (504) - -
Disposals - - (72) (176) (58) (1) (11) (318)
Balance on March 31, 2014 46,937 66,221 160,428 15,855 17,102 5,976 5,477 317,996
Additions 16,777 166 966 64 195 3,250 56 21,474
Transfers - 1,124 4,916 - 353 (6,393) - -
Disposals (5,302) (6,362) (6,502) (315) (497) (224) (73) (19,275)
Disposals due to loss ofcontrol over subsidiaries (4,185) (10,617) (64) (1,146) (188) (11) - (16,211)
Disposals from sale of subsidiaries - - (9) - (6) - (2) (17)
Balance on December 31, 2014 54,227 50,532 159,735 14,458 16,959 2,598 5,458 303,967
Additions - - 58 10 20 31 - 119
Disposals (95) (519) (4,756) (355) (195) (490) (274) (6,684)
Disposals from sale of subsidiaries (1,361) (2,108) (5,321) - (1,223) - (44) (10,057)
Balance on March 31, 2015 52,771 47,905 149,716 14,113 15,561 2,139 5,140 287,345
Accumulated depreciation
Balance on January 1, 2014 - 28,028 91,026 14,202 12,065 - 4,680 150,001
Charged - 545 1,758 233 309 - 80 2,925
Disposals for the period - - (71) (176) (54) - (11) (312)
Салдо на 31 Март 2014 - 28,53 92,713 14,259 12,320 - 4,749 152,614
Charged - 1,530 5,090 623 830 - 248 8,321
Disposals for the period - (1,477) (1,948) (151) (473) - (65) (4,114)
Disposals due to loss of control over subsidiaries - (1,904) (18) (1,202) (140) - - (3,264)
Disposals from sale ofsubsidiaries - - (7) - (5) - (2) (14)
Transfers - - (2) - 2 - - -
Balance on December 31, 2014 - 26,722 95,828 13,529 12,534 - 4,930 153,543
Charged - 352 1,448 60 233 - 78 2,171
Disposals for the period - (250) (1,356) (351) (106) - (151) (2,214)
Disposals from sale of subsidiaries - (865) (2,837) - (915) - (44) (4,661)
Balance on March 31, 2015 - 25,959 93,083 13,238 11,746 - 4,813 148,839
Carrying Carrying value January 1, 2014201 46,869 38,152 68,743 1,720 5,034 2,726 803 164,047
ПрПр Carrying value at March 31,2014 46,937 37,648 67,715 1,596 4,782 5,976 728 165,382
Carrying Carrying value atDec. 31, 2014 54,227 23,810 63,907 929 4,425 2,598 528 150,424
Carrying Carrying value March 31, 2015 52,771 21,946 56,633 875 3,815 2,139 327 138,506
14. Property, plant and equipment (continued)
Vehicles carrying an amount of BGN 84,000 (2014: BGN 124,000) are acquired under finance leases.
In 2014 the Group lost control over two of its subsidiaries. As a result, property, plant and equipment as well as
intangible assets was with a carrying value of BGN 12,947 thousand- and were removed from the consolidated statements of
the Group (see note 30).
As of March 31st, 2015 - property, plant and equipment with carrying value of BGN 41,831 thousand serve as collateral for
bank loans and commercial group and unrelated parties, as well as securing trade payables to non-related parties (see note
27).
15. Investment Property
March 312015BGN'000 December 312014BGN'000
Cost
Balance at the beginning of the period 5,273 23,227
Additions - 23
Disposals due to loss of control over subsidiaries - (17,935)
Disposals (5,273) (42)
Balance at the end of the period - 5,273
Accumulated depreciation
Balance at the beginning of the period 2,456 2,609
Depreciation for the period 10 162
Disposals due to loss of control over subsidiaries - (274)
Disposals (2,466) (41)
Balance at the end of the period - 2,456
Carrying value at the beginning of the period 2,817 20,618
Carrying value at the end of the period - 2,817
In 2014, due to loss of control over two of its subsidiaries, the Group has removed them from the consolidated financial
statements of theirs with a carrying value of BGN 17,661 thousand (see note 30).
In the first quarter of 2015 the Group's investment properties with a carrying value of BGN 2,807 thousand were sold (see
note 11) and the Group does not account for investment properties on March 31, 2015.
16. Investments in other Companies
As of March 31, 2015 and December 31, 2014 the Group holds 6.92 % of the capital share of Capital 3000 AD. Capital
investment in 3000 AD was fully impaired in prior reporting periods.
17. Financial assets available for sale
In 2014, the Group lost control over two of its subsidiaries. As a result, assets and liabilities of subsidiaries and
other components of equity related companies were written off. The loss resulting from the loss of control amounted to BGN
15,490 thousand and is recognized in profit or loss for the period. In statements, investments in these companies are
presented as non-current financial assets available for sale and are measured at fair value at the date of loss of
control.
18. Goodwill
March 312015BGN'000 December 312014BGN'000
Cost 21,540 21,540
Impairment loss (19,540) (19,540)
2,000 2,000
In August 2014, the Group acquired one share in the capital of Elit Petrol AD. As a result, goodwill was recognized
amounting for BGN 1,965 thousand (see also note 29).
In view of the reduced volume of business of Naftex Petrol EOOD, the Group has concluded that carrying value of goodwill
exceeds its recoverable amount. As a result it is recognized an impairment loss on goodwill accounting to BGN 18,297
thousand.
Goodwill arising from the acquisition of Naftex Security EAD amounted to BGN 1,243 thousand and is fully impaired at the
date of acquisition.
Goodwill on March 31, 2015 and December 31, 2014 is with a carrying value of BGN 2,000 thousand has occurred at the time of
acquisition of the following subsidiaries: BPI EAD and Elit Petrol AD.
19. Granted loans
March 312015BGN'000 December 312014BGN'000
Long-term loans
Loans granted to third parties, including: - -
Initial value 21,034 21,034
Allowance for impairment (21,034) (21,034)
- -
Short-term loans
Loans granted to third parties, including 35,106 34,441
Initial value 50,054 49,389
Allowance for impairment (14,948) (14,948)
Loans granted for related parties 4 4
35,110 34,445
35,110 34,445
19. Granted loans (continued)
In 2014 the Group lend a loan to an unrelated party for a value of 30,420 thousand EU maturing in 2015 and interest rate of
8%.
In January 2014 and under art. 311, Paragraph 1 of the Commercial Code and contract for real stake controlled by November
2013, a company was carried out selling its share in three of its subsidiaries as a result of unmet notarial invitation.
The shares were sold to a licensed investment intermediary to a total cost of BGN 29,850 thousand.
The shares were sold by the firm of the Company for an unrelated person who paid the purchase price after getting a bank
loan. The Company has guaranteed bank credit to be received from the second buyer in the transaction by the first pledge of
cash with the amount of BGN 30,520 thousand. In May 2014, due to expiry of the loan agreement, the bank is cashing
officially outstanding principal and interest on the loan amounted to BGN 30,511 thousand. To sum, the company has a trade
receivable arising from contract for real pledge of shares concluded between the second buyer and the Company.
On February 17, 2014 the Company concluded a loan agreement with the second buyer in transaction. The loan is for an amount
up to 200 thousand for interest on the bank loan. The term of the loan is up to February 5th, 2015 and the agreed interest
rate is 9%. The loan is secured by a pledge of shares of subsidiaries of the borrower. With the release of the subsidiary
of the Group, the loan was written off, due to the loss of control, respectively.
In 2014 the Company has accrued impairment of receivables from the controlling company until November 2013 in loans and
interest due thereon in the amount of BGN 32,063 thousand, due to open insolvency proceedings and the difficult collection
of receivables.
Management has made an analysis of the granted loans, so their fair values could be determined as well as the corresponding
levels in the hierarchy of fair values. The Group's management believes that the values on which its loans are presented in
the consolidated statement of financial position are reasonably approximate of their fair value at March 31, 2015 and
December 31, 2014, categorized in Level 3.
20. Inventories
March 312015BGN'000 December 312014BGN'000
Goods, including: 19,712 49,595
Petrol products 14,500 28,156
Other goods 5,212 21,439
Materials 2,227 2,269
21,939 51,864
Until March 31, 2015 petrol products at the amount of 12,278 thousand BGN (December 31, 2014 - 38,982 thousand BGN) serve
as collateral for trade payables and utilized by the Group bank loans (see note 25).
21. Trade and other receivables
March 312015BGN'000 December 312014BGN'000
Receivables from clients, including 59,164 91,247
Initial value 68,235 100,318
Allowance for impairment (9,071) (9,071)
Cession 7,098 18,788
Guarantees for participation in tender procedures 1,394 1,477
Advances granted 1,051 1,245
Initial value 2,100 2,294
Allowance for impairment (1,049) (1,049)
Deferred expenses 373 415
Litigations and writs 334 305
Initial value 634 605
Allowance for impairment (300) (300)
Receivables from related parties 232 148
Tax refunds, including 19 30
VAT 5 4
Other taxes 14 26
Other 3,560 1,272
Initial value 4,982 2,694
Allowance for impairment (1,422) (1,422)
73,225 114,927
Receivables from related parties are disclosed in note 31.
Management performed an analysis of the trade receivables in order to determine their fair values and their level in the
fair value hierarchy. The Management considers that the carrying values of the trade and other receivables in the statement
of financial position are reasonable approximations of their fair value as at March 31, 2015 and December 31, 2014 within
Level 3 category.
The Group is of the opinion that unimpaired overdue receivables are collectible based on historical information about
payments, guarantees received and a detailed analysis of the credit risk and collaterals of its customers.
As at March 31, 2015 trade receivables from customers amounting to BGN 23,973 thousand (December 31, 2014 - BGN 50,810
thousand) serve as collateral for bank loans utilized by the Group (see note 25).
22. Current income tax
The excess of corporate taxes paid during the current and prior periods above tax payables as at March 31, 2015 and
December 31, 2014 is at the amount of BGN 536 thousand and BGN 446 thousand respectively, and is presented in the statement
of financial position as refundable income tax.
Deferred income taxes are formed as follows:
March 312015BGN'000 December 312014BGN'000
A refundable income tax at the beginning of the period 446 353
Calculated income tax - 1,073
Paid corporate tax (90) (980)
A refundable income tax at the end of the period 536 446
23. Cash and cash equivalents
March 312015BGN'000 December 312014BGN'000
Cash at banks 3,686 3,260
Cash in transit 1,897 3,167
Cash on hand 96 88
Cash and cash equivalents in Statement of Cash Flows 5,679 6,515
Blocked cash amount 1,050 450
Cash and cash equivalents in the Statement of Financial Position 6,729 6,965
Cash in transit comprises cash, collected from retail outlets at the end of the reporting period, but deposited in bank
account of the Group at the beginning of the next reporting period.
As for the blocked cash amounts until March 31,2015 is presented cash amounting to BGN 1,050 thousand (December 31, 2014 -
BGN 450 thousand) under a contract for a bank loan, which serves the issuance of bank guarantees in respect of
participation contests of PPL.
As at March 31, 2015 cash in the amount of BGN 211 thousand (December 31, 2014 - BGN 20 thousand) serve as collateral
under-utilized bank loans (see note 25).
24. Registered capital
The registered capital is presented at its nominal value in accordance with the court decision for registration. It
represents the registered capital of the parent company Petrol AD, reduced by the Group's own shares till March 31, 2015
and December 31, 2014.
Shareholders in the parent company at March 31, 2015 and December 31, 2014 are as follows:
Shareholder March 312015 December 312014
Alfa Capital AD 28.85% 28.85%
Julinor EOOD 23.11% 23.11%
Correct Pharm EOOD 18.31% 18.31%
Perfeto consulting EOOD 16.43 % -
VIP Properties EOOD 2.26% 18.31%
Corporate Commercial Bank AD 5.51% 5.51%
The Ministry of Economy and Energy of the Republic of Bulgaria 0.65% 0.65%
Naftex Petrol EOOD - 0.34%
Varna Storage EOOD - 0.04%
Other minority shareholders 4.88% 4.88%
100.00% 100.00%
In January 2014, Naftex Petrol EOOD sells 45,349,000 shares of Petrol AD on a regulated stock market, representing 41.51%
of the capital. Main buyers are Julinor EOOD (25,244,585 shares) and VIP Properties EOOD (20,000,000 shares).
The registered capital of the Group is presented net of the Group's own shares as of December 31, 2014 and 2013
respectively, as follows:
Shareholder March 312015Shares December 312014Shares
Registered capital of the Parent Company 109,249,612 109,249,612
Owned shares, pursuant to shareholders and Reference from the Central Depository AD - (415,561)
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