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

Turkiye Petrol Rafinerileri ASAnnouncement

12/02/2016 18:10

RNS Number : 9987O
Turkiye Petrol Rafinerileri AS
12 February 2016
TURKISH PETROLEUM REFINERIES CORPORATION (TUPRAS)
4Q 2015 Results 
12 02 2016
Announcement
New investment of USD 3 billion had a positive effect on operational and financial outcomes of Tpra in 2015 
Price of crude oil starting with the level of 55 USD/barrel in 2015 closed the year with the level of USD 36 due to economic risks in China and emerging countries, crude oil production and stock increase occurring on a global basis, lifting of the crude oil export ban of the USA and to the expectation for lifting the economic sanctions to Iran. Correspondingly, the crude oil consumption in 2015 increased to 94,4 million barrel/day with an increase of 1.61 million barrel per day thanks to the demand supported by the low price environment.
With the positive effect of gasoline, jet fuel and diesel ratios and thanks to the support of the low oil price to the global consumption over the year, Mediterranean Refinery Margin increased from 1.95 USD per barrel to 4.38 USD per barrel in the period of 12 months, and in the same period, net refining margin of Tpra reached to 6.47 USD per barrel from 3.21 USD per barrel with the effect of Fuel Oil Conversion Unit. 
By means of the margin improvement in the Mediterranean market and of Fuel Oil Conversion Unit which started production in May, Tpra reached full capacity utilization in the period of 12 months.
With the contribution of the high level of production achieved by Fuel Oil Conversion Unit, Tpra's domestic sales volume in the period of 12 months increased 32%, surpassing consumption growth in Turkey. By the help of full capacity utilization and strong Mediterranean petroleum product ratios, the exports have increased 22% (6.5 million tons) and total sales have increased 29% reaching 28,7 million tons per year. 
Operational and Financial Data
2014
2015
Difference
Total Charge Quantity (Thousand Ton)
21,050
28,807
7,757
Domestic Sales Quantity (Thousand Ton)
16,861
22,245
5,384
Total Sales Quantity (Thousand Ton)
22,194
28,739
6,545
Sales Revenue (Million TL)
39,723
36,893
-7%
Operating Income (Million TL)
419
2,824
574%
Profit Before Tax (Million TL)
184
2,225
1,112%
Net Profit for the year (Million TL)
1,459
2,550
75%
In spite of the increase in sales quantity and USD Currency, sales revenue was 7% lower than 2014 with the effect of 47% lower oil prices compared with last year. However, the operating income increased to 2,824 Million TL due to the high capacity utilization reached by the help of the start of the production in Fuel Oil Conversion Unit, high performance in the international refinery margins and the increased white product efficiency. In spite of exchange difference expenses resulting from increase in USD Currency, the Profit Before Consolidated Tax became 2,225 Million TL, correspondingly with the increase in the operating income. The Net Profit of The Year was 2,550 Million TL with the contribution of the Deferred Tax Income of 472 Million TL arising from Investment Incentive of Fuel Oil Conversion Project.
Capital Expenditure of 343.6 Million USD in total was made in 2015, including the spending for Fuel Oil Conversion Project.
Tpra, will sustainably continue its operational and financial achievements and keep creating added value for its shareholders, business partners and for the country, thanks to its strong human resources. 
We kindly present to the public attention. 
Corporate Communication Department
THE CONSOLIDATED INCOME STATEMENT
In accordance with Capital Market Board Regulations

Audited Income Statement
Audited Income Statement
(1000 TL)
(1000 USD)
01.01 2015- 31.12.2015
01.01 2014- 31.12.2014
%
change
01.01 2015- 31.12.2015
01.01 2014- 31.12.2014
%
change
Revenue 
36.893.328
39.722.712
(7)
13.570.708
18.165.597
(25)
Cost of sales (-) 
(32.718.264)
(38.459.914)
(15)
(12.034.968)
(17.588.107)
(32)
GROSS OPERATING PROFIT
4.175.064
1.262.798
231 
1.535.740
577.490
166 
General administrative expenses (-) 
(661.458)
(545.943)
21
(243.308)
(249.665)
(3)
Marketing, selling & distribution expenses (-) 
(192.855)
(169.639)
14
(70.939)
(77.578)
(9)
Research & development expenses (-) 
(22.764)
(16.220)
40
(8.373)
(7.418)
13
Other operating income 
142.681
173.845
(18)
52.483
79.501
(34)
Other operating expenses (-) 
(688.900)
(269.098)
156
(253.402)
(123.061)
106
OPERATING PROFIT/ (LOSS) 
2.751.768
435.743
532
1.012.200
199.270
408 
Income/ (expense) from investment activities
2.560
(319)
(903)
942
(146)
(745)
Income from investments accounted by equity method
70.080
(16.380)
(528)
25.778
(7.491)
(444)
OPERATING PROFIT/ (LOSS) BEFORE FINANCIAL INCOME/LOSS 
2.824.408
419.044
574
1.038.920
191.633
442 
Financial income 
862.715
498.917
73
317.338
228.160
39
Financial expenses (-) 
(1.461.751)
(734.300)
99
(537.685)
(335.803)
60
PROFIT BEFORE TAXATION
2.225.372
183.661
1.112
818.573
83.990
875 
Income Tax expense
338.555
1.286.460
(74)
124.533
588.311
(79)
 -Tax expense for the period
(133.346)
(5.147)
2.491
(49.050)
(2.354)
1.984
 -Deferred tax income/(expense)
471.901
1.291.607
(63)
173.582
590.665
(71)
PROFIT FOR THE PERIOD
2.563.927
1.470.121
74
943.106
672.301
40 
Other comprehensive income 






Items not to be reclassified to profit or loss
7.632
(8.670)
(188)
2.807
(3.189)
(188)
 Actuarial gain/(loss) arising from defined benefit plans
9.414
(10.390)
(191)
3.463
(3.822)
(191)
 Tax effect of other comprehensive income / (loss) not to be reclassified to profit or loss
(1.782)
1.720
(204)
(655)
633
(204)
 Deferred Tax income/(expense)
(1.782)
1.720
(204)
(655)
633
(204)
Items to be reclassified to profit or loss 
(476.853)
8.828
(5.502)
(175.404)
4.037
(4.445)
 Revaluation gains of available-for-sale investments
29.479
7.094
316
10.843
3.244
234
 Changes in currency translation differences 
5.498
2.683
105
2.022
1.227
65
 Gain/Loss on hedge
(637.390)
(559)
113.923
(234.455)
(256)
91.614
 Tax effect of other comprehensive income / (loss) to be reclassified to profit or loss
125.560
(390)
(32.295)
46.186
(178)
(25.996)
 - Deferred Tax income/(expense)
125.560
(390)
(32.295)
46.186
(178)
(25.996)
Other comprehensive income/(expense) after tax
(469.221)
158
(297.075)
(172.597)
72
(238.971)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
2.094.706
1.470.279
42
770.509
672.373
15
Distribution of Profit for the Period






 Non-controlling interest
13.759
11.158
23
5.061
5.103
(1)
 Attributable to equity holders of the Company
2.550.168
1.458.963
75
938.045
667.199
41
Distribution of Total Comprehensive Income for the Period





-
 Non-controlling interest
13.472
11.002
22
4.955
5.031
(2)
 Attributable to equity holders of the Company
2.081.234
1.459.277
43
765.554
667.342
15
Earnings per share 
10,18
5,83
75
3,75
2,66
41





EBITDA CMB :
01.01. 2015 - 31.12.2015
01.01.2014- 31.12.2014
% 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



CONSOLIDATED BALANCE SHEET
In accordance with Capital Market Board Regulations

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

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


 01.01 2015 - 31.12.2015
01.01 2014 -31.12.2014
%
change
01.01 2015- 31.12.2015
01.01 2014 -31.12.2014
%
change
Current assets 
8.674.981
6.991.378
24
2.983.554
3.014.955
(1)
Cash and cash equivalents
3.027.546
3.898.396
(22)
1.041.253
1.681.140
(38)
Trade receivables (net) 
2.539.832
169.835
1.395
873.515
73.239
1.093
 Due from related parties
658.673
7.383
8.821
226.535
3.184
7.015
 Trade receivables from unrelated parties 
1.881.159
162.452
1.058
646.980
70.056
824
Other receivables 
25.815
30.866
(16)
8.878
13.311
(33)
 Due from unrelated parties
25.815
30.866
(16)
8.878
13.311
(33)
Derivatives
18.845
64.606
(71)
6.481
27.861
(77)
Inventories
2.102.161
2.370.534
(11)
722.988
1.022.267
(29)
Prepaid expenses
132.093
124.031
6
45.430
53.487
(15)
Assets related to current period tax
4.317
1.235
250
1.485
533
179
Other current assets 
824.372
331.875
148
283.523
143.117
98
Non-current assets 
16.795.135
14.941.182
12
5.776.288
6.443.220
(10)
Financial investments
4.000
4.000
-
1.376
1.725
(20)
Investment accounted by equity method
762.217
726.494
5
262.146
313.293
(16)
Investment property 
4.621
4.621
-
1.589
1.993
(20)
Property, plant and equipment 
11.479.744
10.663.393
8
3.948.185
4.598.470
(14)
Intangible assets(net) 
59.409
60.569
(2)
20.432
26.120
(22)
 Other intangible assets 
59.409
60.569
(2)
20.432
26.120
(22)
Derivatives
250.027
-
(31)
85.991
-
-
Prepaid expenses
179.695
260.314
22
61.802
112.258
(45)
Deferred tax assets
3.202.503
2.623.134
42
1.101.425
1.131.198
(3)
Other non-current assets 
852.919
598.657
16
293.341
258.164
14
TOTAL ASSETS 
25.470.116
21.932.560
16
8.759.842
9.458.174
(7)
Current Liabilities 
8.828.240
8.561.001
3
3.036.264
3.691.837
(18)
Short-term financial liabilities (net
94.023
40.248
134
32.337
17.357
86
Current portion of long-term financial liabilities(net)
1.777.358
737.056
141
611.280
317.847
92
Trade payables (net) 
3.878.036
5.610.001
(31)
1.333.758
2.419.251
(45)
 Due to related parties
80.273
67.849
18
27.608
29.259
(6)
 Other trade payables
3.797.763
5.542.152
(31)
1.306.150
2.389.992
(45)
Payables related to employee benefits
70.129
93.297
(25)
24.119
40.233
(40)
Other payables
14.288
10.282
39
4.914
4.434
11
 Other payables to unrelated parties
14.288
10.282
39
4.914
4.434
11
Derivatives
40.379
68
59.281
13.887
29
47.258
Deferred income
23.111
18.701
24
7.948
8.065
(1)
Current period corporate tax provision
133.346
5.147
2.491
45.861
2.220
1.966
Short-term provisions
70.604
108.824
(35)
24.283
46.929
(48)
 Employee benefits
7.952
6.870
16
2.735
2.963
(8)
 Other provisions
62.652
101.954
(39)
21.548
43.967
(51)
Other current liabilities
2.726.966
1.937.377
41
937.875
835.472
12
Non-current Liabilities 
8.273.427
7.158.929
16
2.836.079
3.086.997
(8)
Long-term financial liabilities(net)
8.048.039
6.977.706
15
2.767.932
3.009.059
(8)
Long-term provisions
193.973
176.023
10
66.712
75.908
(12)
 Employee benefits
193.973
176.023
10
66.712
75.908
(12)
Deferred incomes
2.560
2.648
(3)
880
1.142
(23)
Other non-current liabilities 
27.244
491
5.449
9.370
212
4.325
Derivatives
1.611
2.061
(22)
554
889
(38)
EQUITY 
8.368.449
6.212.630
35
2.887.499
2.679.340
8
Share capital 
250.419
250.419
-
86.126
107.990
(20)
Adjustment to share capital 
1.344.243
1.344.243
-
462.320
579.690
(20)
Share premium
172
172
-
59
74
(20)
Other comprehensive retained gain/loss not classified on profit and loss
(3.622)
(11.186)
(68)
(1.246)
(4.824)
(74)
 Actuarial gain/(loss) arising from defined benefit plans
(3.622)
(11.186)
(68)
(1.246)
(4.824)
(74)
Other comprehensive retained gain/loss classified on profit and loss
(410.631)
65.867
(723)
(192.832)
(9.421)
1.947
 Pre-protected gain/(loss)
(510.448)
(447)
114.094
(175.556)
(193)
90.973
 Currency translation differences
17.556
12.058
46
(45.567)
(32.625)
40
 Financial assets fair value reserve
82.261
54.256
52
28.292
23.397
21
Restricted reserves 
163.401
163.401
-
56.198
70.465
(20)
Retained earnings 
4.410.959
2.884.837
53
1.517.045
1.244.054
22
Net Income for the period
2.550.168
1.458.963
75
938.045
667.199
41
Total equity attributable to equity holders of the parent 
8.305.109
6.156.716
35
2.865.715
2.655.227
8
Non-controlling interest
63.340
55.914
13
21.784
24.112
(10)
TOTAL EQUITY AND LIABILITIES 
25.470.116
21.932.560
16
8.759.842
9.458.174
(7)
CONSOLIDATED STATEMENTS OF CASH FLOWS
In accordance with Capital Market Board Regulations

Audited Cash Flow (1000 TL)

01.01 2015- 31.12.2015
01.01 2014-31.12.2014
% change
A. Cash flows from operating activities
125.246
2.435.230
(95)
Profit/(loss) before taxation
2.563.927
1.470.121
74
Adjustment for reconciliation of profit/(loss) before taxation
1.520.377
(293.828)
(617)
 - Adjustment for depreciation and amortisation expense
486.013
258.123
88
 - stock depreciation
11.910
90.204
(87)
 - Adjustment for provisions
83.933
101.242
(17)
 - Adjustment for interest income and expense
348.864
157.114
122
 - Adjustment for value gain or loss
69.121
(64.606)
(207)
 - Adjustment for income of investments accounted by equity method
(70.080)
16.380
(528)
 - Adjustment for deferred tax income
(338.555)
(1.286.460)
(74)
 - Adjustment for gain/loss on sales of property, plant and equipment,net
(2.560)
319
(903)
 - Adjustment for other items related with cash flow of investment or financial activities
924.395
438.328
111
 - Other adjustments 
7.336
(4.472)
(264)
Changes in working capital
(3.855.384)
1.607.179
(340)
 - Adjustment for increase/decrease in Inventories
256.463
995.562
(74)
 - Adjustment for increase/decrease in trade receivables
(2.377.053)
1.791.340
(233)
 - Adjustment for increase/decrease in other receivables related with operations
(704.551)
(7.290)
9.565
 - Adjustment for increase/decrease in trade payables
(1.730.771)
(1.183.719)
46
 - Adjustment for increase/decrease in other payables related with operations
700.528
11.286
6.107
Cash flows from operating activities
228.920
2.783.472
(92)
- Tax payments/returns
(8.229)
(6.083)
35
- Payment for penalty
(54.998)
(309.011)
(82)
- Other cash inflow/outflow
(40.447)
(33.148)
22
B. Cash flows from investing activities
(888.504)
(2.187.284)
(59)
Cash inflows from the sale of property, plant and equipment and intangible assets
2.962
343
764
Cash outflows from the purchase of property, plant and equipment and intangible assets
(961.466)
(2.257.627)
(57)
Dividends received
70.000
70.000
-
C. Cash flows from financing activities
(248.980)
(124.410)
100
Cash inflows from financial liabilities
37.123
421.841
(91)
Dividend paid
6.046
(396.163)
(102)
Interest received
189.509
136.237
39
Interest paid
(469.566)
(286.325)
64
Before net increase/decrease in cash and cash equivalents before the effect of foreign currency translation differences
(1.012.238)
123.536
(919)
D. Impact of foreign currency translation differences on cash and cash equivalents



Net increase/decrease in cash and cash equivalents
1.012.238
123.536
719
E. Cash and cash equivalents at beginning of period
3.211.406
3.087.870
4
Cash and cash equivalents at end of period
2.199.168
3.211.406
(32)
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

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