REG - Turkiye Petrol Rafin - 3rd Quarter Results <Origin Href="QuoteRef">TUPRS.IS</Origin>

Turkiye Petrol Rafinerileri ASAnnouncement

05/01/2016 13:18

RNS Number : 8282E
Turkiye Petrol Rafinerileri AS
06 November 2015
TURKISH PETROLEUM REFINERIES CORPORATION (TUPRAS)
3Q 2015 Results 
06 11 2015
Announcement
Full Capacity Utilization after completion of RUP
Continuing increases in supply along with a variety of political and economic developments, kept the price of crude oil low but volatile. From 55 dollars per barrel at the beginning of the year, oil prices fell to 45 dollars a barrel before rebounding as high as 65 dollars due to higher than expected demand, falling rig counts in the USA and geopolitical factors. Positive developments in the Iran Sanctions related negotiations increased expectations of supply growth, and with the perception of increasing economic risks inChina and Emerging Countries oil prices fell to 47 $/bbl at the end of September.
With the support of high seasonal consumption and low oil prices , Gasoline and Gasoil price ratios in the Mediterranean market increased in the third quarter, and the benchmark Mediterranean refinery margin increased from 3.45 $/bbl last year to 4.92 $/bbl , while for the nine-month period increased from 1.31$/bbl to 5.26 $/bbl. During the same period, Tpras's net refining margin was increased from 2.71 $/bbl to 6.89 $/bbl.
With the positive contribution of improvement in margins and production at The Residuum Upgrading Complex which had started in May, Tpra reached full capacity utilization in the third quarter and broke company records for 9-month period with the average capacity utilization of 99%.
As well as the high production achieved with The Residuum Upgrading Complex , supported by our customer-focused sales strategy, Tpra's domestic sales increased by 27%, more rapidly than the country's demand growth in the nine-month period. Exports were supported by full capacity utilization and strong Mediterranean products ratios, rising 38%. Total sales therefore increased by 30% (4.8 million tons) compared to last year to reach 20.9 million tons.
Operational and Financial Data
9 Months 2014
9 Months 2015
Difference
Total Volume Processed (ton*000)
15,293
20,968
5,674
Domestic Sales (ton*000)
12,594
16,047
3,454
Total Sales (ton*000)
16,105
20,878
4,772
Revenues (Million TL)
30,686
27,995
-9%
Operating Profit (Million TL)
448
1,610
259%
Profit/Loss Before Tax (Million TL)
279
1,178
323%
Net Profit (Million TL)
1,246
1,735
39%
Despite significant sales volume increases and Turkish Lira depreciation, sales revenues fell 9% due to a 48% decrease in crude oil prices versus last year. However, high performance in the global refinery margin environment, high capacity utilization, the Residuum Upgrading Project coming into operation, and large increases in sales, compared to last year, meant that operating profits grew by 1,162 Million TL to reach 1,610 Million TL. Despite foreign exchange losses due to a weakening currency, consolidated pre-tax profits rose by 899 Million TL to reach 1,178 Million TL. Together with a contribution of 576 million TL for tax incentives from RUP, net income for the period was 1,735 million TL
Including expenditure on the Residuum Upgrading Project, investments in the first 9 months of 2015 reached 275.7 Million Dollars. The Residuum Upgrading Project units are all producing at full capacity.
THE CONSOLIDATED INCOME STATEMENT
In accordance with Capital Market Board Regulations

Unaudited Income Statement
Unaudited Income Statement
(1000 TL)
(1000 USD)
01.01 2015- 30.09.2015
01.01 2014- 30.09.2014
%
change
01.01 2015- 30.09.2015
01.01 2014- 30.09.2014
%
change
Revenue 
27.994.812
30.685.740
(9)
10.539.528
14.190.448
(26)
Cost of sales (-) 
(25.122.858)
(29.649.048)
(15)
(9.458.290)
(13.711.036)
(31)
GROSS OPERATING PROFIT
2.871.954
1.036.692
177 
1.081.237
479.412
126 
General administrative expenses (-) 
(446.637)
(354.917)
26
(168.151)
(164.129)
2
Marketing, selling & distribution expenses (-) 
(130.820)
(123.560)
6
(49.251)
(57.140)
(14)
Research & development expenses (-) 
(17.073)
(11.432)
49
(6.428)
(5.287)
22
Other operating income 
103.358
133.328
(22)
38.912
61.657
(37)
Other operating expenses (-) 
(813.147)
(277.769)
193
(306.135)
(128.453)
138
OPERATING PROFIT/ (LOSS) 
1.567.635
402.342
290
590.186
186.061
217 
Income/ (expense) from investment activities
769
(29)
(2.752)
290
(13)
(2.259)
Income from investments accounted by equity method
41.259
45.331
(9)
15.533
20.963
(26)
OPERATING PROFIT/ (LOSS) BEFORE FINANCIAL INCOME/LOSS 
1.609.663
447.644
260
606.008
207.010
193 
Financial income 
1.002.239
353.116
184
377.324
163.297
131
Financial expenses (-) 
(1.433.523)
(521.741)
175
(539.695)
(241.276)
124
PROFIT BEFORE TAXATION
1.178.379
279.019
322
443.638
129.031
244 
Income Tax expense
563.675
974.516
(42)
212.213
450.659
(53)
 -Tax expense for the period
(12.790)
(2.551)
401
(4.815)
(1.180)
308
 -Deferred tax income/(expense)
576.465
977.067
(41)
217.028
451.839
(52)
PROFIT FOR THE PERIOD
1.742.054
1.253.535
39
655.851
579.690
13 
Other comprehensive income 






Items to be reclassified to profit or loss 
(919.980)
2.373
(38.869)
(346.355)
1.097
(31.662)
 Changes in currency translation differences 
7.358
2.373
210
2.770
1.097
152
 Gain/Loss on hedge
(927.338)
-
-
(349.126)
-
-
 Tax effect of other comprehensive income / (loss) to be reclassified to profit or loss
185.469
-
-
69.826
-
-
 - Deferred Tax income/(expense)
185.469
-
-
69.826
-
-
Other comprehensive income/(expense) after tax
(734.511)
2.373
(31.053)
(276.530)
1.097
(25.299)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
1.007.543
1.255.908
(20)
379.321
580.788
(35)
Distribution of Profit for the Period


-



 Non-controlling interest
6.799
7.279
(7)
2.560
3.366
(24)
 Attributable to equity holders of the Company
1.735.255
1.246.256
39
653.291
576.324
13
Distribution of Total Comprehensive Income for the Period





-
 Non-controlling interest
6.542
7.279
(10)
2.463
3.366
(27)
 Attributable to equity holders of the Company
1.001.001
1.248.629
(20)
376.858
577.421
(35)
Earnings per share 
6,93
4,98
39
2,61
2,30
13





EBITDA Calculation:
 01.01. 2015- 30.09.2015
01.01.2014- 30.09.2014
% change



OPERATING PROFIT/ (LOSS) 
1.567.635
402.342
289,6



Income from investments accounted by equity method
41.259
45.331
-9,0



Credit finance, net
-78.078
-114.476
-31,8



Foreign exchanges on trade payables, net
743.343
231.696
220,8



Total Depreciation
317.159
189.870
67,0



EBITDA, (1000 TRY)
2.591.318
754.763
243,3



EBITDA, (1000 USD)
975.583
349.036
179,5





CONSOLIDATED BALANCE SHEET
In accordance with Capital Market Board Regulations

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

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


 01.01 2015 - 30.09.2015
01.01 2014 -31.12.2014
%
change
01.01 2015- 30.09.2015
01.01 2014 -31.12.2014
%
change
Current assets 
9.779.630
6.991.378
40
3.213.495
3.014.955
7
Cash and cash equivalents
2.486.584
3.898.396
(36)
817.068
1.681.140
(51)
Trade receivables (net) 
3.149.171
169.835
1.754
1.034.788
73.239
1.313
 Due from related parties
770.538
7.383
10.337
253.192
3.184
7.852
 Trade receivables from unrelated parties 
2.378.633
162.452
1.364
781.597
70.056
1.016
Other receivables 
115.843
30.866
275
38.065
13.311
186
 Due from unrelated parties
115.843
30.866
275
38.065
13.311
186
Derivatives
503.684
64.606
680
165.506
27.861
494
Inventories
2.722.666
2.370.534
15
894.643
1.022.267
(12)
Prepaid expenses
139.350
124.031
12
45.789
53.487
(14)
Assets related to current period tax
1.916
1.235
55
630
533
18
Other current assets 
660.416
331.875
99
217.007
143.117
52
Non-current assets 
16.725.491
14.941.182
12
5.495.840
6.443.220
(15)
Financial investments
4.000
4.000
-
1.314
1.725
(24)
Investment accounted by equity method
707.030
726.494
(3)
232.323
313.293
(26)
Investment property 
4.621
4.621
-
1.518
1.993
(24)
Property, plant and equipment 
11.421.065
10.663.393
7
3.752.855
4.598.470
(18)
Intangible assets(net) 
55.268
60.569
(9)
18.161
26.120
(30)
 Other intangible assets 
55.268
60.569
(9)
18.161
26.120
(30)
Derivatives
287.003
-
(29)
94.307
-
-
Prepaid expenses
184.297
260.314
28
60.558
112.258
(46)
Deferred tax assets
3.368.758
2.623.134
16
1.106.942
1.131.198
(2)
Other non-current assets 
693.449
598.657
21
227.861
258.164
(12)
TOTAL ASSETS 
26.505.121
21.932.560
21
8.709.336
9.458.174
(8)
Current Liabilities 
9.835.031
8.561.001
15
3.231.699
3.691.837
(12)
Short-term financial liabilities (net
356.131
40.248
785
117.021
17.357
574
Current portion of long-term financial liabilities(net)
1.360.896
737.056
85
447.178
317.847
41
Trade payables (net) 
4.795.548
5.610.001
(15)
1.575.772
2.419.251
(35)
 Due to related parties
43.866
67.849
(35)
14.414
29.259
(51)
 Other trade payables
4.751.682
5.542.152
(14)
1.561.358
2.389.992
(35)
Payables related to employee benefits
33.001
93.297
(65)
10.844
40.233
(73)
Other payables
8.653
10.282
(16)
2.843
4.434
(36)
 Other payables to unrelated parties
8.653
10.282
(16)
2.843
4.434
(36)
Derivatives
41.968
68
61.618
13.790
29
46.927
Deferred income
50.047
17.366
188
16.445
7.489
120
Current period corporate tax provision
12.790
5.147
148
4.203
2.220
89
Short-term provisions
117.216
108.824
8
38.516
46.929
(18)
 Employee benefits
50.744
6.870
639
16.674
2.963
463
 Other provisions
66.472
101.954
(35)
21.842
43.967
(50)
Other current liabilities
3.058.781
1.938.712
58
1.005.087
836.048
20
Non-current Liabilities 
9.388.804
7.158.929
31
3.085.073
3.087.209
(0)
Long-term financial liabilities(net)
9.131.406
6.977.706
31
3.000.495
3.009.059
(0)
Long-term provisions
190.500
176.023
8
62.597
75.908
(18)
 Employee benefits
190.500
176.023
8
62.597
75.908
(18)
Other non-current liabilities 
3.827
4.709
(19)
1.258
2.031
(38)
Derivatives
63.071
491
12.745
20.725
212
9.688
EQUITY 
7.281.286
6.212.630
17
2.392.563
2.679.128
(11)
Share capital 
250.419
250.419
-
82.285
107.990
(24)
Adjustment to share capital 
1.344.243
1.344.243
-
441.706
579.690
(24)
Share premium
172
172
-
57
74
(24)
Other comprehensive retained gain/loss not classified on profit and loss
(11.186)
(11.186)
-
(3.676)
(4.824)
(24)
 Actuarial gain/(loss) arising from defined benefit plans
(11.186)
(11.186)
-
(3.676)
(4.824)
(24)
Other comprehensive retained gain/loss classified on profit and loss
(668.387)
65.867
(1.115)
(302.728)
(9.607)
3.051
 Pre-protected gain/(loss)
(742.059)
(447)
165.909
(243.834)
(193)
126.393
 Currency translation differences
19.416
12.058
61
(76.723)
(32.812)
134
 Financial assets fair value reserve
54.256
54.256
-
17.828
23.397
(24)
Restricted reserves 
163.401
163.401
-
53.692
70.465
(24)
Retained earnings 
4.410.959
2.884.837
53
1.449.400
1.244.054
17
Net Income for the period
1.735.255
1.458.963
19
653.291
667.173
(2)
Total equity attributable to equity holders of the parent 
7.224.876
6.156.716
17
2.374.027
2.655.016
(11)
Non-controlling interest
56.410
55.914
1
18.536
24.112
(23)
TOTAL EQUITY AND LIABILITIES 
26.505.121
21.932.560
21
8.709.336
9.458.174
(8)
CONSOLIDATED STATEMENTS OF CASH FLOWS
In accordance with Capital Market Board Regulations

Unaudited Cash Flow (1000 TL)

01.01 2015- 30.09.2015
01.01 2014-30.09.2014
% change
A. Cash flows from operating activities
(1.207.940)
1.779.932
(168)
Profit/(loss) before taxation
1.743.973
1.253.535
39
Adjustment for reconciliation of profit/(loss) before taxation
591.536
(421.557)
(240)
 - Adjustment for depreciation and amortisation expense
317.159
189.870
67
 - stock depreciation
(90.204)
-
-
 - Adjustment for provisions
65.421
43.539
50
 - Adjustment for interest income and expense
267.749
123.807
116
 - Adjustment for value gain or loss
(418.192)
(55.736)
650
 - Adjustment for income of investments accounted by equity method
(43.178)
(45.331)
(5)
 - Adjustment for deferred tax income
(563.675)
(974.516)
(42)
 - Adjustment for gain/loss on sales of property, plant and equipment, net
(769)
29
(2.752)
 - Adjustment for other items related with cash flow of investment or financial activities
1.046.148
301.662
247
 - Other adjustments 
11.077
(4.881)
(327)
Changes in working capital
(3.453.975)
1.286.721
(368)
 - Adjustment for increase/decrease in Inventories
(261.928)
239.542
(209)
 - Adjustment for increase/decrease in trade receivables
(2.992.130)
830.782
(460)
 - Adjustment for increase/decrease in other receivables related with operations
(475.302)
(338.005)
41
 - Adjustment for increase/decrease in trade payables
(812.736)
199.600
(507)
 - Adjustment for increase/decrease in other payables related with operations
1.088.121
354.802
207
Cash flows from operating activities
(1.118.466)
2.118.699
(153)
- Tax payments/returns
(5.828)
(5.441)
7
- Payment for penalty
(54.998)
(309.011)
(82)
- Other cash inflow/outflow
(28.648)
(24.315)
18
B. Cash flows from investing activities
(654.472)
(1.533.816)
(57)
Cash inflows from the sale of property, plant and equipment and intangible assets
1.046
89
1.075
Cash outflows from the purchase of property, plant and equipment and intangible assets
(725.518)
(1.603.905)
(55)
Dividends received
70.000
70.000
-
C. Cash flows from financing activities
351.772
(255.144)
(238)
Cash inflows from financial liabilities
506.219
235.062
115
Dividend paid
(6.046)
(396.163)
(98)
Interest received
121.181
100.530
21
Interest paid
(269.582)
(194.573)
39
Before net increase/decrease in cash and cash equivalents before the effect of foreign currency translation differences
(1.510.640)
(9.028)
16.633
D. Impact of foreign currency translation differences on cash and cash equivalents



Net increase/decrease in cash and cash equivalents
(1.510.640)
(9.028)
16.633
E. Cash and cash equivalents at beginning of period
3.211.406
3.087.870
4
Cash and cash equivalents at end of period
1.700.766
3.078.842
(45)
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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