Petrol : Consolidated financial statements for period ended June 30, 2021

Petrol Group

INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF PETROL GROUP

AND CONDENSED EXPLANATORY NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED JUNE 30, 2021

(This document is a translated condensed version of the original Bulgarian document, in case of divergence the Bulgarian original text shall prevail)

1

					Petrol Group
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
For the period ended June 30
			Note	2021	2020
				BGN'000	BGN'000
Revenue	2	215,630	185,144
Other income	3	3,642	382
Cost of goods sold		(187,158)	(156,554)
Materials and consumables	4	(1,903)	(1,770)
Hired services	5	(17,099)	(17,324)
Employee benefits	6	(10,975)	(9,307)
Depreciation and amortisation	10,11,12	(2,870)	(2,803)
Reversal of (impairment) losses		4	(2,181)
Other expenses	7	(422)	(289)
Finance income	8	731	969
Finance costs	8	(2,459)	(2,630)
Loss before tax		(2,879)	(6,363)
Tax income	9	95	461
Loss for the period		(2,784)	(5,902)
Other comprehensive income
Items that will not be reclassified to profit or loss:
Revaluation		-	27,730
Income tax relating to items not reclassified		-	(2,771)
Other comprehensive income for the period		-	24,959
Total comprehensive income for the period		(2,784)	19,057
Loss attributable to:
Owners of the Parent company		(2,784)	(5,902)
Non-controlling interest		-	-
Loss for the period		(2,784)	(5,902)
Total comprehensive income attributable to:
Owners of the Parent company		(2,784)	19,057
Non-controlling interest		-	-
Total comprehensive income for the period		(2,784)	19,057
Loss per share (BGN)	19	(0.10)	(0.22)

Interim consolidated financial statements for the period ending on June 30, 2021

2

					Petrol Group
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
			Note	June 30	Dec. 31
				2021	2020
				BGN'000	BGN'000
Non-current assets
Property, plant and equipment and intangible
assets	10	39,605	40,479
Investment properties	12	1,675	1,699
Right-of-use asset	11	11,970	14,176
Goodwill	13	19,844	19,844
Deferred tax assets	9	2,122	1,977
Total non-current assets		75,216	78,175
Current assets
Inventories	14	19,692	18,779
Loans granted	16	23,346	23,202
Trade and other receivables	17	33,853	26,779
Non-current assets held-for-sale	15	1,422	8
Cash and cash equivalents	18	3,066	2,773
Total current assets		81,379	71,541
Total assets		156,595	149,716
Equity
Registered capital	19	109,250	109,250
Reserves		43,371	43,682
Accumulated loss		(126,626)	(124,153)
Total equity attributable to the owners of the Parent
company		25,995	28,779
Non-controlling interests		23	23
Total equity		26,018	28,802
Non-current liabilities
Loans and borrowings	20	36,453	36,543
Liabilities under lease agreements	11	8,079	9,796
Employee defined benefit obligations	21	773	773
Total non-current liabilities		45,305	47,112
Current liabilities
Trade and other payables	22	71,609	59,543
Loans and borrowings	20	9,696	10,008
Liabilities under lease agreements	11	3,917	4,251
Current income tax liabilities	23	50	-
Total current liabilities		85,272	73,802
Total liabilities		130,577	120,914
Total equity and liabilities		156,595	149,716

Interim consolidated financial statements for the period ending on June 30, 2021

3

Petrol Group

COMPREHENSIVE STATEMENT OF CHANGES IN EQUITY

		Equity attributable to the owners of the Parent	Non-	Total equity
			company		controlling
						interests
	Register	General	Reval.	Accumula	Total
	ed	reserves	reserve	ted profit
	capital			(loss)
	BGN'000	BGN'000	BGN'000	BGN'000	BGN'000	BGN'000	BGN'000
Balance at January 1, 2020	109,250	18,864	-	(113,564)	14,550	23	14,573
Comprehensive income for the
period
Loss for the period	-	-	-	(8,929)	(8,929)	-	(8,929)
Revaluation of defined benefit
obligations	-	-	-	(27)	(27)	-	(27)
Revaluation of property, plant and
equipment	-	-	27,730	(1,968)	25,762	-	25,762
Tax effect on revaluation of
property, plant and equipment	-	-	(2,774)	197	(2,577)	-	(2,577)
Total comprehensive income	-	-	24,956	(10,727)	14,229	-	14,229
Transfer of revaluation reserve of
assets to retained earnings, net of	-			138
assets	-	(138)	-	-	-
Balance at December 31, 2020	109,250	18,864	24,818	(124,153)	28,779	23	28,802
Comprehensive income for the
period
Loss for the period	-	-	-	(2,784)	(2,784)	-	(2,784)
Total comprehensive income	-	-	-	(2,784)	(2,784)	-	(2,784)
Transfer of revaluation reserve of
assets to retained earnings, net of	-			311
assets	-	(311)	-	-	-
Balance at June 30, 2021	109,250	18,864	24,507	(126,626)	25,995	23	26,018

Interim consolidated financial statements for the period ending on June 30, 2021

4

				Petrol Group
CONSOLIDATED STATEMENT OF CASH FLOWS
For the period ended June 30
			2021	2020
			BGN'000	BGN'000
Cash flows from operating activities
Net loss before taxes	(2,879)	(6,363)
Adjustments for:
Depreciation/amortization of property, plant and equipment and
intangible assets	2,870	2,803
Interest expense and bank commissions, net	1,723	1,663
Shortages and normal loss, net of excess assets	(298)	(163)
Provisions for unused paid leave and retirement benefits	439	294
(Reversal of) impairment loss on assets	(4)	2,181
Payables written-off	-	(96)
Loss (profit) on sale of assets	(1,155)	3
			696	322
Change in trade payables	10,004	(896)
Change in inventories	(590)	4,138
Change in trade and other receivables	(7,023)	3,284
Cash flows generated from operating activities	3,087	6,848
Interest, bank fees and commissions paid	(1,497)	(2,624)
Income tax paid	-	(3)
Net cash from operating activities	1,590	4,221
Cash flows from investing activities
Payments for purchase of property, plant and equipment	(400)	(147)
Proceeds from sale of property, plant and equipment	1,524	40
Payments for loans granted, net	(249)	(3,230)
Proceeds from loans granted, net	187	1,268
Interest received on loans granted	17	74
Proceed (payments) for acquisitions of other investments	-	158
Net cash flows used in investing activities	1,079	(1,837)
Cash flows from financing activities
Proceeds from loans and borrowings	350	-
Payments of loans and borrowings	(424)	(87)
Lease payments	(2,307)	(2,257)
Net cash flows from financing activities	(2,381)	(2,344)
Net decrease in cash flows during the period	288	40
Cash and cash equivalents at the beginning of the period	2,722	3,486
Effect of movements in exchange rates	5	(2)
Cash and cash equivalents at the end of the period	3,015	3,524

Interim consolidated financial statements for the period ending on June 30, 2021

5