REG - Turkiye Petrol Rafin - 1st Quarter Results <Origin Href="QuoteRef">TUPRS.IS</Origin>

Turkiye Petrol Rafinerileri ASAnnouncement

05/05/2016 17:10

RNS Number : 4264X
Turkiye Petrol Rafinerileri AS
05 May 2016
TURKISH PETROLEUM REFINERIES CORPORATION (TUPRAS)
1Q 2016 Results 
05 05 2016
Announcement
THE CONSOLIDATED INCOME STATEMENT
In accordance with Capital Market Board Regulations

Unaudited Income Statement
Unaudited Income Statement
(1000 TL)
(1000 USD)
01.01 2016- 31.03.2016
01.01 2015- 31.03.2015
%
change
01.01 2016- 31.03.2016
01.01 2015- 31.03.2015
%
change
Revenue 
6.191.416
6.948.259
(11)
2.101.349
2.829.441
(26)
Cost of sales (-) 
(5.700.714)
(6.449.565)
(12)
(1.934.807)
(2.626.365)
(26)
GROSS OPERATING PROFIT
490.702
498.694
-2 
166.543
203.076
-18 
General administrative expenses (-) 
(177.669)
(129.491)
37
(60.300)
(52.731)
14
Marketing, selling & distribution expenses (-) 
(41.810)
(35.011)
19
(14.190)
(14.257)
(0)
Research & development expenses (-) 
(7.183)
(7.412)
(3)
(2.438)
(3.018)
(19)
Other operating income 
99.194
21.488
362
33.666
8.750
285
Other operating expenses (-) 
(89.417)
(244.479)
(63)
(30.348)
(99.556)
(70)
OPERATING PROFIT/ (LOSS) 
273.817
103.789
164
92.933
42.265
120 
Income/ (expense) from investment activities
(201)
210
(196)
(68)
86
(180)
Income from investments accounted by equity method
14.733
(22.746)
(165)
5.000
(9.263)
(154)
OPERATING PROFIT/ (LOSS) BEFORE FINANCIAL INCOME/LOSS 
288.349
81.253
255
97.865
33.088
196 
Financial income 
181.555
443.718
(59)
61.619
180.689
(66)
Financial expenses (-) 
(374.003)
(554.294)
(33)
(126.936)
(225.717)
(44)
PROFIT BEFORE TAXATION
95.901
(29.323)
(427)
32.549
(11.941)
-373 
Income Tax expense
(12.787)
307.620
(104)
(4.340)
125.268
(103)
 -Tax expense for the period
(3.545)
(1.654)
114
(1.203)
(674)
79
 -Deferred tax income/(expense)
(9.242)
309.274
(103)
(3.137)
125.941
(102)
PROFIT FOR THE PERIOD
83.114
278.297
(70)
28.209
113.327
-75 
Other comprehensive income 






Items to be reclassified to profit or loss 
82.503
256.874
(68)
28.001
104.603
(73)
 Changes in currency translation differences 
(483)
1.940
(125)
(164)
790
(121)
 Gains/losses on hedging
107.703
222.139
(52)
36.554
90.459
(60)
 Tax effect of other comprehensive income / (loss) to be reclassified to profit or loss
(24.717)
32.795
(175)
(8.389)
13.355
(163)
 - Deferred Tax income/(expense)
(24.717)
32.795
(175)
(8.389)
13.355
(163)
Other comprehensive income/(expense) after tax
82.503
256.874
(68)
28.001
104.603
(73)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
165.617
535.171
(69)
56.210
217.930
(74)
Distribution of Profit for the Period






 Non-controlling interesests
4.202
3.137
34
1.426
1.277
12
 Attributable to equity holders of the Company
78.912
275.160
(71)
26.783
112.050
(76)
Distribution of Total Comprehensive Income for the Period





-
 Non-controlling interesest
4.007
3.137
28
1.360
1.277
6
 Attributable to equity holders of the Company
161.610
87.756
84
54.850
35.736
53
Earnings per share 
0,32
1,10
(71)
0,11
0,45
(76)








EBITDA CMB :
01.01. 2016 - 31.03.2016
01.01.2015- 31.03.2015
% change



OPERATING PROFIT/ (LOSS) 
2.751.768
435.743
531,5



Total Depreciation
486.013
258.123
88,3



EBITDA, (1000 TRY)
3.237.781
693.866
367



EBITDA, (1000 USD)
1.190.974
317.312
275


EBITDA Alternative Method :
01.01. 2016 - 31.03.2016
01.01.2015- 31.03.2015
% change
PROFIT BEFORE TAXATION
95.901
-29.323
-427,1
Credit finance gains
-29.354
-15.705
86,9
Credit finance charges
1.533
1.819
-15,7
Financial income
-181.555
-443.718
-59,1
Financial expenses
374.003
554.294
-32,5
Foreign exchange gains on trade receivables, net
1.245
-3.550
-135,1
Foreign exchange gains on trade payables, net
-60.989
230.232
-126,5
Income from investment activities
201
-210
-195,7
Total Depreciation
134.281
73.261
83,3
EBITDA, (1000 TRY)
335.266
367.100
-9
EBITDA, (1000 USD)
113.788
149.489
-24
CONSOLIDATED BALANCE SHEET
In accordance with Capital Market Board Regulations

Unaudited Balance Sheet (1000 TL) 
Audited Balance Sheet (1000 TL)

Unaudited Balance Sheet (1000 USD) 
Audited Balance Sheet (1000 USD)


 01.01 2016 - 31.03.2016
01.01 2015 -31.12.2015
%
change
 01.01 2016 - 31.03.2016
01.01 2015 -31.12.2015
%
change
Current assets 
9.407.864
8.674.981
8
3.320.344
2.983.554
11
Cash and cash equivalents
4.638.043
3.027.546
53
1.636.918
1.041.253
57
Trade receivables (net) 
1.954.526
2.539.832
(23)
689.816
873.515
(21)
 Due from related parties
583.385
658.673
(11)
205.896
226.535
(9)
 Trade receivables from unrelated parties 
1.371.141
1.881.159
(27)
483.921
646.980
(25)
Other receivables 
28.608
25.815
11
10.097
8.878
14
 Due from unrelated parties
28.608
25.815
11
10.097
8.878
14
Derivatives
13.666
18.845
(27)
4.823
6.481
(26)
Inventories
2.225.317
2.102.161
6
785.388
722.988
9
Prepaid expenses
128.553
132.093
(3)
45.371
45.430
(0)
Assets related to current period tax
66.261
4.317
1.435
23.386
1.485
1.475
Other current assets 
352.890
824.372
(57)
124.546
283.523
(56)
Non-current assets 
16.749.872
16.795.135
(0)
5.911.580
5.776.288
2
Financial investments
4.000
4.000
-
1.412
1.376
3
Investment accounted by equity method
734.467
762.217
(4)
259.218
262.146
(1)
Investment property 
4.621
4.621
-
1.631
1.589
3
Property, plant and equipment 
11.490.509
11.479.744
0
4.055.378
3.948.185
3
Intangible assets(net) 
57.479
59.409
(3)
20.286
20.432
(1)
 Other intangible assets 
57.479
59.409
(3)
20.286
20.432
(1)
Derivatives
202.375
250.027
43
71.425
85.991
(17)
Prepaid expenses
257.250
179.695
(4)
90.792
61.802
47
Deferred tax assets
3.080.304
3.202.503
8
1.087.141
1.101.425
(1)
Other non-current assets 
918.867
852.919
3
324.298
293.341
11
TOTAL ASSETS 
26.157.736
25.470.116
3
9.231.925
8.759.842
5
Current Liabilities 
9.096.401
8.828.240
3
3.210.419
3.036.264
6
Short-term financial liabilities (net
66.611
94.023
(29)
23.509
32.337
(27)
Current portion of long-term financial liabilities(net)
2.702.803
1.777.358
52
953.908
611.280
56
Trade payables (net) 
3.441.075
3.878.036
(11)
1.214.468
1.333.758
(9)
 Due to related parties
42.087
80.273
(48)
14.854
27.608
(46)
 Other trade payables
3.398.988
3.797.763
(11)
1.199.615
1.306.150
(8)
Payables related to employee benefits
45.149
70.129
(36)
15.935
24.119
(34)
Other payables
9.329
14.288
(35)
3.293
4.914
(33)
 Other payables to unrelated parties
9.329
14.288
(35)
3.293
4.914
(33)
Derivatives
111.783
40.379
177
39.452
13.887
184
Deferred income
17.510
23.111
(24)
6.180
7.948
(22)
Current period corporate tax provision
3.545
133.346
(97)
1.251
45.861
(97)
Short-term provisions
98.356
70.604
39
34.713
24.283
43
 Employee benefits
22.727
7.952
186
8.021
2.735
193
 Other provisions
75.629
62.652
21
26.692
21.548
24
Other current liabilities
2.600.240
2.726.966
(5)
917.710
937.875
(2)
Non-current Liabilities 
8.527.269
8.273.427
3
2.988.291
2.836.079
5
Long-term financial liabilities(net)
8.265.610
8.048.039
3
2.917.205
2.767.932
5
Long-term provisions
197.469
193.973
2
69.693
66.712
4
 Employee benefits
197.469
193.973
2
69.693
66.712
4
Deferred incomes
2.390
2.560
(7)
844
880
(4)
Other non-current liabilities 
60.246
27.244
121
21.263
9.370
127
Derivatives
1.554
1.611
(4)
548
554
(1)
EQUITY 
8.534.066
8.368.449
2
3.033.215
2.887.499
5
Share capital 
250.419
250.419
-
88.381
86.126
3
Adjustment to share capital 
1.344.243
1.344.243
-
474.428
462.320
3
Share premium
172
172
-
61
59
3
Other comprehensive reatined gain/loss not classified on profit and loss
(3.622)
(3.622)
-
(1.278)
(1.246)
3
 Actuarial gain/(loss) arising from defined benefit plans
(3.622)
(3.622)
-
(1.278)
(1.246)
3
Other comprehensive reatained gain/loss classified on profit and loss
(327.933)
(410.631)
(20)
(93.407)
(192.832)
(52)
 Pre-protected gain/(loss)
(427.267)
(510.448)
(16)
(150.797)
(175.556)
(14)
 Currency translation differences
17.073
17.556
(3)
28.357
(45.567)
(162)
 Financial assets fair value reserve
82.261
82.261
-
29.033
28.292
3
Restricted reserves 
163.401
163.401
-
57.670
56.198
3
Retained earnings 
6.961.127
4.410.959
58
2.456.811
1.517.045
62
Net Income for the period
78.912
2.550.168
(97)
26.783
938.045
(97)
Total equity attributable to equity holders of the parent 
8.466.719
8.305.109
2
3.009.446
2.865.715
5
Non-controlling interest
67.347
63.340
6
23.769
21.784
9
TOTAL EQUITY AND LIABILITIES 
26.157.736
25.470.116
3
9.231.925
8.759.842
5
CONSOLIDATED STATEMENTS OF CASH FLOWS
In accordance with Capital Market Board Regulations

Unaudited Cash Flow (1000 TL)

01.01 2016- 31.03.2016
01.01 2015-31.03.2015
% change
A. Cash flows from operating activities
384.446
(1.227.421)
(131)
Profit/(loss) 
83.114
278.297
(70)
Adjustment for reconciliation of profit/(loss)
174.909
67.941
157
 - Adjustment for depreciation and amortisation expense
134.281
73.261
83
 - Adjustments for stock impairment
(86.691)
(84.743)
2
 - Adjustment for provisions
33.004
22.833
45
 - Adjustment for interest income and expense
63.872
53.963
18
 - Adjustment for fair value gain or loss
64.814
(178.714)
(136)
 - Adjustment for income of investments accounted by equity method
(14.733)
22.746
(165)
 - Adjustment for tax income/expenses
12.787
(307.620)
(104)
 - Adjustment for (gain) / loss on sales of property, plant and equipment
201
(210)
(196)
 - Adjustment for other items related with cash flow of investment or financial activities
(123.896)
466.530
(127)
 - Other adjustments for reconciliation of profit/(loss)
91.270
(105)
(87.024)
Changes in working capital
338.589
(1.503.093)
(123)
 - Adjustment for increase/decrease in inventories
(36.465)
(365.741)
(90)
 - Adjustment for increase/decrease in trade receivables
589.130
(323.960)
(282)
 - Adjustment for increase/decrease in other receivables related with operations
481.018
(91.379)
(626)
 - Adjustment for increase/decrease in trade payables
(436.321)
(1.113.009)
(61)
 - Adjustment for increase/decrease in other payables related with operations
(258.773)
390.996
(166)
Cash flows from operating activities
596.612
(1.156.855)
(152)
- Tax payments/returns
(195.290)
(4.199)
4.551
- Payments for penalty
-
(54.998)

- Other cash inflow/outflow
(16.876)
(11.369)
48
B. Cash flows from investing activities
(179.594)
(248.711)
(28)
Cash inflows from the sales of property, plant and equipment and intangible assets
50
294
(83)
Cash outflows from the purchase of property, plant and equipment and intangible assets
(221.644)
(319.005)
(31)
Dividends received
42.000
70.000
(40)
C. Cash flows from financing activities
1.364.134
699.237
95
Cash inflows from financial liabilities
1.365.959
697.758
96
Dividends paid
-
(6.046)

Interest received
53.533
36.096
48
Interest paid
(55.358)
(28.571)
94
Net increase/decrease in cash and cash equivalents before the



effect of foreign currency translation differences
1.568.986
(776.895)
(302)
D. Impact of foreign currency translation differences on cash and cash equivalents



Net increase/decrease in cash and cash equivalents
1.568.986
(776.895)
(302)
E. Cash and cash equivalents at beginning of period
2.199.168
3.211.406
(32)
Cash and cash equivalents at end of period
3.768.154
2.434.511
55
For any further information released today or the financials, please contact us or visit www.tupras.com.tr
TUPRAS IR
Direct Line: +90 262 316 32 69

This information is provided by RNS
The company news service from the London Stock Exchange
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