Petrol AD - 1st Quarter Results - Part 3
13/01/2016 10:46
- Part 3: For the preceding part double click ID:nRSM7263Lb
109,249,612 108,834,051
Capital of the Parent Company (number of shares) in these financial statements 109,249,612 108,834,051
Capital of the Parent Company (number of shares) in these financial statements (BGN thousand) 109,250 108,835
Capital of the Group Statement of changes in equity 109,250 108,835
24. Registered capital (continued)
Loss per share
Loss per share is calculated by dividing the net loss by the weighted average number of ordinary shares outstanding during
the reporting period. The Parent company has not issued any potential ordinary shares.
March 312015 March 312014
Weighted average number of shares 109,250 108,835
Loss in BGN thousand (46,285) (10,680)
Loss per share (BGN) (0.42) (0.10)
The weighted average number of outstanding shares during the period March 31, 2015 and December 31, 2014 is as follows:
March 312015 December 312014
Number of shares at the beginning of the period 108,834 63,486
Effect of sold (redeemed) own shares 416 45,348
Weighted average of number of shares 109,250 108,834
25. Loans and borrowings
March 312015BGN'000 December 312014BGN'000
Long-term liabilities
Loans from financial institutions - 1,239
Commercial loans from related parties 71,741 89,124
Bonds 36,107 36,073
Leaseback 10,619 10,752
Financial leasing - 68
118,467 137,256
Short-term liabilities
Loans from financial institutions 123,656 109,917
Commercial loans from related parties 111,495 97,550
Bonds 536 2,838
Leaseback 1,228 1,089
Financial leasing 121 64
237,036 211,458
355,503 348,714
In October 2014 an agreement was signed to take on foreign debt and subrogation between the Group and an unrelated party to
refinance part of the loan totaling for USD 25.512 thousand. The maturity is in November 2018 and has contractual interest
rate of 8.5%. The effective interest rate on borrowings was 9.57%. At March 31, 2015 the amount of the loan at amortized
cost in the original currency is USD 21.771 thousand. (2014: USD 25,700 thousand). In favor of the creditor third pledge of
commercial enterprise is established.
25. Loans and borrowings (continued)
At the date of this consolidated financial statement an invitation is received for the announcement of the early collection
where the loan is presented as short-termed.
In the month of December 2014 under a cession agreement a loan obligation from a subsidiary to an associated person has
been transferred to an unrelated person. To the date of the transfer an obligation to the Group occurs on a commercial loan
to an unrelated party for the amount of BGN 24,153 thousand. The loan conditions remain unchanged.
In 2013, a long-term commercial loan was signed for the amount of USD 60,000 thousand with a repayment period up to
November 2019 and agreed rate of 9%. The loan is secured by cash and cash equivalents in bank accounts, mortgage and pledge
of property, plant and equipment and guarantee in favor of the creditor.
In 2013 a short -term commercial loan was utilized from an unrelated party in the amount of USD 16,200 thousand (BGN 32,197
thousand). With final maturity in October 2014 and agreed rate of 8.5%. The loan is secured by a mortgage of land and
buildings, pledge of machinery and equipment, trade receivables from unrelated parties and cash in bank accounts as well as
guarantee in favor of the creditor.
As of March 31, 2015 the Group has an obligation under commercial loan for BGN 1,742 thousand from an unrelated party that
is a controlling company until November 2013. The agreed interest rate is quarterly SOFIBOR plus a margin.
25.1 Bonds
In October 2016, the Parent company issued 2,000 registered, transferable bonds with a fixed annual interest of 8.375 % and
the issue price of 99.507% of the face value, which is set at EUR 50,000 bond. The bond loan has a term of five years and
maturity in October 2011. Once the principal is due at maturity. On held in October and the month of December 2011 General
Meetings of bondholders decided to extend the issue until January 26, 2017.
The issue is secured by Group's receivables on loans granted to the controlling up to November 2013 and the subsidiary, as
well as a corporate guarantee, which is issued by the mentioned subsidiary. Interest is paid once a year. The annual
effective rate after extension of the issue is 8.6%. The purpose of the issue is to provide funds for working capital,
financing of investment projects and restructuring of the Group's previous debt.
In 2013 the Group bought back bonds with a total nominal value of EUR 2,555 thousand. Euros. At the date of these financial
statements the nominal value of the bond issue is EUR 18.659 thousand.
The obligations under the debenture loans are presented in the statement of financial position at amortized cost.
The fair value of the bond issue at March 31, 2015 is BGN 36,494 thousand (December 31, 2014: BGN 36,494 thousand)
calculated at an interest rate of 9.12% (2014: 9.12%).
25.2 Leaseback
In previous period, the Group conducted several contracts for the sale of real estate in which the seller agreed upon the
obligation to reacquire the property under finance leases. That scheme, also known as leaseback, in fact represents the
attraction of financing secured by the leased assets. Proceeds from leaseback transactions are accounted as liabilities on
borrowings (see note 3.11.5).
Nominal InterestRate Maturity March 312015BGN'000 December 312014BGN'000
Office building in Sofia 1m Euribor + 2.25% (min 5.25%) 04.2023 8,155 8,231
Oil facility in Svilengrad БЛП + 1.75% 12.2020 3,692 3,610
11,847 11,841
The effective interest rate on interest-bearing loans received under leaseback contracts is in the range of 5.68% - 8.08%.
Obligations from granted loans or through leaseback contracts are availed from the controller to the company in November
2013
25.3. Loans from financial institutions
Nominal InterestRate Maturity March 312015BGN'000 December 312014BGN'000
Working capital loan 9% 05.2015 53,383 46,945
Working capital loan 9% 02.2015 37,281 32,785
Working capital loan 9% 06.2015 28,093 24,705
Working capital loan 3m Euribor + 7.6% (min 9%) 05.2015 4,899 4,949
Investment loan 3m Euribor + 3.1% (min 7%) 02.2018 - 1,772
123,656 111,156
The average effective interest rate for the current period on loans from financial institutions is in the range of 8% to
9.6% (2014: 8% to 9.6%).
25.3. Loans from financial institutions (continued)
In 2011 a long syndicated bank loan amounted to USD 80,240 thousand was utilized with a maturity in November 2018 and
contractual interest rate of 8.5%.The effective interest rate on bank loans is 9.6 %. In October 2014 an agreement was
signed to take on foreign debt and subrogation by an unrelated party to refinance part of the loan totaling for USD 25,512
thousand. The maturity is in November 2018 and has contractual interest rate of 8.5%. The effective interest rate on
borrowings was 9.57%. As of December 31, 2014 amount of the loan at amortized cost in the original currency is USD 25,700
thousand. In favor of the creditor a third pledge of commercial enterprise is established. In early November 2014 the
remaining principal is repaid on the syndicated bank loan mainly by offsetting reciprocal obligations of the bank. In the
month of December 2014 all the interest owed was paid.
In July 2013, a subsidiary entered into a loan agreement from a financial institution with a credit limit of principal up
to USD 15,000,000. The loan repayment should start from July 2014, as the company benefited from one-year extend option
under certain conditions in the loan agreement (until 2016). The agreed interest rate is at 9% annual interest. In November
and December 2014 the loan was repaid through payments and offsetting them against liabilities of the bank.
In February 2014 the Group concludes a bank loan of USD 20,000 thousand. The loan is secured by a pledge of money and bank
accounts, trade receivables and inventories.
In April 2014 a subsidiary has entered into a loan agreement for the amount of USD 15,000. The loan is secured by a pledge
of cash in bank accounts, trade receivables and inventories.
In February 2015 subsidiary has fully repaid its obligations under an investment credit.
The obligations of the Group's loans from financial institutions are secured by property, plant and equipment, inventories,
cash and receivables of the Group as well as warranties and promissory notes.
25.4. Obligations under finance leases
March 31, 2015 December 31, 2014
Future minimumLeasepayments Interest Present valueOf minimumLeasepayments FutureMinimumLeasepayments Interest Present valueOf minimumLeasepayments
BGN'000 BGN'000 BGN'000. BGN'000 BGN'000 BGN'000.
Up to a year 130 (9) 121 73 (9) 64
From one-up to- fiveyears - - - 70 (2) 68
130 (9) 121 143 (11) 132
25.4. Obligations under finance leases (continued)
The assets acquired by the Group under finance leases are vehicles. The term of the contracts varies between 3 and 6 years.
At the end of 2014 all installments are paid in the financial lease contract with Raiffeisen Leasing Bulgaria OOD signed in
2008 and acquired 12 trucks and trailers for the transport of light fuels and gas. At December 31, 2014 the average
effective interest rate on finance lease agreements was 5.33%.
The Group's management believes that the fair value of finance lease liabilities is not materially different from their
carrying value.
Obligations under finance leases are secured by promissory notes issued by the Group in favor of lessors, which are due to
expire with the term of the contract. Promissory notes issued by the Group's obligations under the lease agreements are
availed from the controller to the company in November 2013.
26. Obligations under defined retirement benefit plans
Up to March 31, 2015 and December 31, 2014 the Group recorded liabilities for defined retirement benefit plans for the
amount of BGN 497 thousand. The amount of the obligation is determined based on actuarial valuation based on assumptions
for mortality, disability, to leaving, wage growth and other.
The present value of the obligation is calculated by applying a discount factor in the range of 3-3.5% and future wage
increase between 2% and 4%.
Demographic assumptions are related to the likelihood that people will drop out before retirement for various reasons:
withdrawal of state cuts, illness, death, disability and others. These are based on statistical information on the
population and are attached to the structure of the staff by gender and age at the time of the assessment.
27. Trade and other payables
March 312015BGN'000 December 312014BGN'000
Non-current liabilities
Obligations under cession agreements 6,342 6,342
6,342 6,342
Current liabilities
Obligations under cession agreements 70,498 54,442
Payables to suppliers 34,410 101,271
Tax payables, including 9,967 9,998
VAT 1,922 3,272
Excise and other taxed 8,045 6,726
Payables to employees and social security 2,500 2,092
Advances received 2,428 1,203
Income for future periods 183 356
Payables to related parties 159 76
Other 1,511 1,515
121,656 170,953
127,998 177,295
27. Trade and other payables (continued)
Payables to related parties are disclosed in note 31.
Obligations under cession agreements include obligations of the Group to unrelated parties under contracts for the transfer
of receivables from commercial bank for the amount of BGN 55,651 thousand. There are possible adjustments to be made to
obligations cessions regarding subsequent events.
The Group accrued liabilities for unused paid leave of employees in accordance with IAS 19 Employee Benefits. The movement
of these charges for the period is as follows:
March 312015BGN'000 December 312014BGN'000
Balance at the beginning of the period 412 688
Accrued during the period 219 222
Utilized during the period (81) (496)
Out due to business combinations and other transfers (59) (2)
Balance at the end of the period, including 491 412
Leaves 415 336
Social security contributions 76 76
The balance at the end of the period is presented in the consolidated statement of financial position together with the
current obligations to staff.
Management has made an analysis of trade payables, to determine their fair values and their corresponding levels in the
fair value hierarchy. The Group's management believes that the values at which commercial and other liabilities 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.
Non-current assets with a carrying value of BGN 1,555 thousand serve as collateral for trade payables.
28. Subsidiaries
The consolidated subsidiaries over which the Group exercised control as of March 31, 2015 and December 31, 2014 are as
follows:
Subsidiary Main activities Interest as ofMarch 312015 Interest as ofDecember 312014
Naftex Petrol EOOD Fuel trade wholesale 100% 100%
Petrol Trans ExpressEOOD Transport services 100% 100%
Petrol Technika EOOD Service and Support 100% 100%
Petrol Gas EOOD Wholesale sale of fuels 100% 100%
Petrol Properties EOOD Trading movable and immovable property 100% 100%
Elit Petrol AD Management, leasing and sale of real estate 100% 100%
BPI EAD Rental property 100% 100%
Naftex Security EAD Security of individuals and property 100% 100%
Varna Storage EOOD Trade with oil and oil products 100% 100%
Naftex Petrol Trade EOOD Processing and marketing of petroleum products 100% 100%
Blitz Aviation AD Aviation activities 99% 99%
Petrol base Varna EAD Trade with oil and oil products 100% 100%
Petrol base - PetrolVarna EAD Trade with oil and oil products 100% 100%
Elit Petrol -Lovech EAD Sale-supply and trade in oil and oil products 100% -
Petrol Finances OOD Financial and accounting services, preparation of financial analysis 99% -
Petrol Zapad EOOD Management, leasing and sale of real estate - 100%
Jurex Consult AD Providing legal services, management consultancy services - -
Due to loss of control, these companies are excluded from the consolidation:
Petrol Eco Tur Invest EOOD Consulting and engineering 100% 100%
EuroCapital-Bulgaria ЕAD Management, leasing, real estate sales and construction activity through subcontractors 100% 100%
28. Subsidiaries (continued)
In December 2013, the Group participated as a co-founder of a new company Blitz Aviation AD, as recording 99% of the
registered capital. The Company is registered in the Commercial Register in January 2014.
The name of the registered in 2012 company Petrol Eco Invest EOOD has changed to Petrol Eco Tour Invest EOOD in January
2014.
In August 2014 one of the subsidiaries of the Group acquired 100% of the share capital of Petrol base Varna EAD. The
remuneration transferred is BGN 11,291 thousand. As a result of this, property, plant and equipment with a total carrying
value of BGN 11,776 thousand were acquired. Overall, the Group recognized a profit of BGN 485 thousand (see note 29).
In August 2014 a new company Petrol base-Petrol Varna EAD was established through a contribution in kind of tangible and
intangible assets valued at a total value of BGN 14,831 thousand and the carrying value of BGN 26,422 thousand.
In November 2014, the Group has established a subsidiary called Petrol Zapad EOOD. The following contribution has been made
of property, plant, equipment and other tangible and intangible assets belonging to 10 the number of stations rated
totaling of BGN 2,992 thousand and the carrying value of BGN 5,402 thousand. In early January 2015, a decision was taken to
sell the investment in Petrol Zapad EOOD to an unrelated party. The agreed price was BGN 2,992 thousand, which is repaid on
the day of signing the contract of sale.
In January 2015, a new subsidiary has been established called Elit Petrol Lovech EAD, which through monetary contribution
of tangible and intangible assets is valued at a total value of BGN 45,768 thousand and the carrying value of BGN 47,703
thousand.
In February 2015, the Company purchased 99% of Petrol Technologies EOOD's capital at a charge in the amount of BGN 495,
which was subsequently renamed to Petrol Finance OOD.
29. Acquisition and sale of subsidiaries and non-controlling interest
29.1. Acquisition of subsidiaries
Acquired during the quarter ending on March 31, 2014
Subsidiary Main activity Investment up to March 312015 Increase during the period Transferred remuneration
BGN'000
Petrol Finance OOD Financial and accounting serviced, preparation of financial analysis 99% 99% 1
1
29.1. Acquisition of subsidiaries (continued)
Acquired during 2014
Subsidiary Main activity Investments up to December 312014 Increase during the period Transferred remuneration
BGN'000
Petrol base Varna EAD Trade with oil and oil products 100% 100% 11,291
Elit Petrol AD Managing, renting and selling real estate 100% 0.01% 1,965
13,256
29.2. Acquired assets and recognized liabilities at the date of acquisition
During the quarter ending on March 31, 2015:
Current assets Petrol Finance OOD
BGN'000
Cash and cash equivalents 1
Total current assets 1
Total assets 1
Net assets 1
During 2014
Petrol base Varna EAD
BGN'000
Non-current assets
Property, plant and equipment and intangible assets 11,786
Current assets
Inventories 72
Trade and other receivables 1
Cash and cash equivalents 7
Total current assets 80
Total assets 11,866
Non-current liabilities
Loans and borrowings 40
Current liabilities
Trade and other payables 50
Total liabilities 90
Net assets 11,776
At the acquisition date the assets and liabilities are stated at their fair value evaluated by a licensed appraiser.
According to the valuation report, the difference between the carrying and fair is identified only for property, plant and
equipment.
29.3. Goodwill arising when acquiring
During the quarter ending on March 31, 2015
Petrol Finance OOD
BGN'000
Transferred remuneration: 1
(-) Fair value of net assets at the date of acquisition (1)
Gain on acquisition of controlling interest over subsidiary -
During 2014
Petrol base Varna EAD
BGN'000
Transferred remuneration: 11,291
(-)Fair value of net assets at the date of acquisition (11,776)
Gain on acquisition of controlling interest over subsidiary (485)
29.4. Net cash flows from acquiring subsidiaries
The remuneration transferred for the acquisition of Petrol Finance OOD during the quarter ending on March 31, 2015 amounted
to BGN 1 thousand and the cash received as a result of the acquisition is BGN 1 thousand. The Group has not recognized
cash flows relating to the acquisition shares of Petrol Finance OOD.
29.5. Acquiring non-controlling interest
In August 2014 the Group acquired one share in the capital of Elit Petrol AD. As a result, goodwill was recognized
amounting to BGN 1,965 thousand (see also note. 18)
In December 2013, the Group participated as a co-founder of a new company Blitz Aviation AD with recording 99% of the
registered capital. 1% of the registered capital is owned by non-controlling interest. 25% of the subscribed capital has
been paid. The Company is registered in the Commercial Register in January 2014 (see note 30). As a result, the Group
recognizes the following non-controlling interest:
Fair value of net assets Non-controlling interest Non-controlling interest participation
BGN'000 % BGN'000
Blitz Aviation AD 250 1% 3
3
29.5. Acquiring non-controlling interest (continued)
The table below summarized the changes in the non-controlling interest in 2015 and 2014:
Financial result for the period Non-controlling interest Non-controlling interest
BGN'000 % BGN'000
Non- controlling interest at January 1, 2014 57
Share of non-controlling interest in total Comprehensive income
Jurex Consult AD 1 20.05% -
Blitz Aviation AD (211) 1% (2)
Effect of the acquisition of non-controlling interest
Blitz Aviation AD 2
Effect from sale of non-controlling interest
Jurex Consult AD (57)
Non-controlling interest at December 31, 2014 -
Share of non-controlling interest in totalComprehensive income
Blitz Aviation AD - 1% -
Petrol Finance OOD 1% -
Non-controlling interest at March 31, 2015 -
29.6. Sale of shares in subsidiary
In November 2014 the Group sold 100% of its interest in Jurex Consult AD to unrelated party for remuneration of BGN 20
thousand. The date of the net assets transaction of the divested subsidiary amounted to BGN 435 thousand and
non-controlling interest - amounting to BGN 57 thousand. As a result of the sale the Group's net loss amounted to BGN 358
thousand.
In January 2015 the Group sold 100% of its interest in Petrol Zapad EOOD to an unrelated party for remuneration amounting
to BGN 2,991 thousand. The date of the net assets transaction of the divested subsidiary amounted to BGN 5,379 thousand. As
a result of the sale of the Group's net loss amounted to BGN 2,388 thousand (see note 12).
30. Loss of control over subsidiaries
As a result of certain litigation in 2014, the Group lost operational control over two of its subsidiaries. What is more,
the 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 2014.
The impaired assets and liabilities resulting from the loss of control BGN'000
Non-current assets
Property, plant and equipment and intangible assets 12,947
Investment property 17,661
Other long-term investments 1
30,609
Current assets
Inventories 57
Granted loans 41,238
Trade and other receivables 746
Cash and cash equivalents 424
Total current assets 42,465
Total assets 73,074
Non-current liabilities
Loans and credits 23,366
Deferred tax liabilities 1,544
24,910
Current liabilities
Loans and credits 4
Trade and other payables 4,170
4,174
Total liabilities 29,084
Net assets 43,990
The loss resulting from the loss of control is formed as the difference between the fair value of investments in both
companies and the net assets.
BGN'000
Fair value of investment 28,500
Net assets (43,990)
Loss resulting from loss of control (15,490)
31. Related parties and transactions
Related parties that the parent company has control over and exercised significant influence are disclosed in Notes 16, 28
and 31.
The Parent company (controlled company) is Petrol AD.
During the reporting period, transactions were carried out with the following related parties:
Related party
EuroCapital-Bulgaria EAD Other related parties
Petrol Eco Tour Invest EOOD Other related parties
Other related parties
The transactions relate primarily to:
• purchase and sale of property, plant and equipment;
• services
The volume of transactions with related parties at March 31, 2015 and December 31, 2014 are as follow:
Related party 2015 2014 2015 2014
BGN'000 BGN'000. BGN'000. BGN'000.
Sales Sales Purchases Purchases
Other related parties 13 - 114 -
13 - 114 -
Related party March 312015 December 312014 March 312015 December 312014
BGN'000. BGN'000. BGN'000. BGN'000.
Receivables Receivables Payables Payables
Other related parties, including: 236 152 159 76
Short-term borrowings 4 4 - -
236 152 159 76
The total amount of accrued salaries of members of the Management and Supervisory Board of Directors of the Parent company
including in staff costs, amounted to BGN 309 thousand (March 31, 2014: BGN 223 thousand).
32. Contingent assets and liabilities
32.1. Contingent assets
In 2006 the Group invoiced and recognized income from penalties amounting to BGN 8,196 thousand charged to counterparty
default because of the amount of contract for the supply of fuel. As of December 31, 2006 income was reversed as management
considers that it met the criteria for recognizing revenue in accordance with IAS 18 Revenue. In this connection, the Group
arises receivables amounting to BGN 8,196 thousand, which leads to further litigation.
32.2 Contingent liabilities
As a result of the fuel imports in 2014 the Group incurred a contingent liability for the creation and storage of fuel
reserves for a period of one year with effect from May 1, 2015 to April 30, 2016, pursuant to Stocks of Crude Oil and
Petroleum Product Act.
At December 31, 2013 the Group has pledged inventories at a bank guarantee issued in favor of the supplier, along with the
established in his favor pledges of fuels. In July 2014, the guarantee is claimed and due to the placement of the issuing
bank under conservatorship, is not paid. It is criminal to satisfy obligations through the sale of fuel, subject to pledges
in favor of the supplier, as outstanding debts at the reporting date amounted for USD 6,992 thousand.
From September 2014, the Parent company is a co-borrower under a standby loan granted to an unrelated party supplier of the
Group amounting to BGN 35,000 thousand with a contractual term until June 2020 and 10% interest. The Parent company is also
a joint debtor to another credit obtained by the same person in the amount of BGN 10,000 thousand and provided s collateral
land and buildings of the 22 petrol stations with a carrying value of BGN 4,011 thousand.
In November 2014, companies from the Group have secured a bank loan to an unrelated party, a creditor of the group, with a
pledge of movables with the carrying value of BGN 8,872 thousand.
At March 31, 2015 the Group has recorded contingent liabilities, including mortgages on properties and pledges on machinery
and equipment that serve as collateral for bank loans to unrelated parties with a total carrying value of BGN 26,599
thousand. The Parent company has pledged its trademarks as a secured loan to a third party.
To secure its obligations under the contracts in connection with the Public Procurement Law, the Group has set up bank
guarantees amounting to the end of the reporting period to BGN 960 thousand.
In connection with the loan received from a third party in 2013, a company of the Group is a founding sponsor and a pledge
on future receivables in the amount of USD 50,632 thousand. Since 2013 the companies from the Group are guarantors on loans
to unrelated party creditor in the amount of BGN 31,684 thousand with a residual value at March 31, 2015 amounted to BGN
11,155 thousand. A subsidiary has intervened in a debt bank loans to related parties until November 2013, with exposures to
March 31, 2015 amounted to EUR 1,500 thousand and EUR 5.092 thousand.
In February 2013 a contract for pledge of vehicles that serves as collateral for a bank loan granted to an unrelated party
has been conducted. Up to the date of registration, the pledge vehicles are fully depreciated.
33. Subsequent events
In April a decision has been taken that a subsidiary from the Group should constitute through a contribution of assets
(land buildings, machinery and equipment) in petroleum bases its subsidiary named Petrol Sever EOOD.
In April 2015, as a result of the assumed default in February, on the unpaid portion of the debt for syndicated bank
contract and acquired by a third party under a contract for the sale of receivables in 2014, the creditor has declared the
entire exposure of the subsidiary equivalent to the amount of BGN 41,336 thousand (with long-term portion BGN 25,648
thousand). Prepayment required and started enforcement proceedings against the assets backing the debt.
In April 2015, unrelated party has proceeded to implement with respect to individual assets pledged in favor of commercial
enterprise of a company of the Group making the amount of EUR 5,750 thousand arising from a contract of sale of shares in
2014.
In April 2015, a third party has proceeded to implement in regard to the pledged in his favor commercial enterprise of
Group's company with receivables amounted to BGN 5,002 thousand, which derives from a liability related to the acquisition
of a real estate in 2014.
At the date of issuance of the consolidated financial statements the Parent company and three subsidiaries are in process
of tax audit by the National Revenue Agency, and one of the subsidiaries is subject to verification by the State Agency
"State Reserve and War-time Stocks".
1 EBITDA (earnings before interest, tax, depreciation and amortization)
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