Report on the operations of the
Petrol Group and the company
Petrol d.d., Ljubljana in the first
three months of 2016
May 2016
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
CONTENTS
STATEMENT OF THE MANAGEMENT BOARD .................................................................... 4
INTRODUCTORY NOTES ..................................................................................................... 5
HIGHLIGHTS ......................................................................................................................... 7
The Petrol Group's significant performance indicators ....................................................... 8
BUSINESS REPORT ........................................................................................................... 10
Operations of the Petrol Group .........................................................................................11
A.
Oil and merchandise sales in Slovenia ....................................................................12
The Petrol Group's sales of petroleum products in Slovenia ..........................................12
The Petrol Group’s sales of merchandise in Slovenia ....................................................14
The Petrol Group's sales of services in Slovenia ...........................................................14
B.
Oil and merchandise sales in EU markets ...............................................................14
The Petrol Group's sales of petroleum products in EU markets .....................................15
C.
Oil and merchandise sales in SEE markets .............................................................15
The Petrol Group's sales of petroleum products in SEE markets ...................................15
The Petrol Group’s sales of merchandise in SEE markets .............................................16
Procurement and logistics of petroleum products and merchandise..................................16
D.
Energy operations ...................................................................................................17
Gas and heat.................................................................................................................17
Electricity .......................................................................................................................18
Environmental and energy solutions ..............................................................................18
Sustainable development ..................................................................................................19
Employees ....................................................................................................................19
Investments ...................................................................................................................20
The quality management system ...................................................................................21
Social responsibility .......................................................................................................22
Risk management .............................................................................................................23
Petrol’s shares ..................................................................................................................26
Contingent increase in share capital .................................................................................29
Dividends ..........................................................................................................................29
Own shares ......................................................................................................................29
Regular participation at investors’ conferences and external communication ....................29
Management Board of Petrol d.d., Ljubljana .....................................................................29
Supervisory Board of Petrol d.d., Ljubljana .......................................................................30
Credit rating ......................................................................................................................30
Events after the end of the accounting period ...................................................................30
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Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
FINANCIAL REPORT ........................................................................................................... 31
Financial performance of the Petrol Group and the company Petrol d.d., Ljubljana ..........32
Notes to the financial statements ......................................................................................38
Notes to individual items in the financial statements .........................................................39
Appendix 1: Organisational structure of the Petrol Group ..................................................... 59
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Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
STATEMENT OF THE MANAGEMENT BOARD
Members of the Management Board of Petrol d.d., Ljubljana, which comprises Tomaž
Berločnik, President of the Management Board, Rok Vodnik, Member of the Management
Board, Igor Stebernak, Member of the Management Board, and Ika Krevzel Panić, Member
of the Management Board/Worker Director, declare that to their best knowledge:
−
−
−
the financial report of the Petrol Group and Petrol d.d., Ljubljana for the first three months
of 2016 has been drawn up in accordance with International Financial Reporting
Standards and gives a true and fair view of the assets and liabilities, financial position,
financial performance and comprehensive income of the company Petrol d.d., Ljubljana
and other companies included in the consolidation as a whole;
the business report of the Petrol Group and Petrol d.d., Ljubljana for the first three
months of 2016 gives a fair view of the development and results of the Company’s
operations and its financial position, including the description of significant risks that the
company Petrol d.d., Ljubljana and other companies included in the consolidation are
exposed to as a whole;
the report of the Petrol Group and the company Petrol d.d., Ljubljana for the first three
months of 2016 contains a fair presentation of significant transactions with related
entities, which has been prepared in accordance with International Financial Reporting
Standards.
Tomaž Berločnik
President of the Management Board
Rok Vodnik
Member of the Management Board
Igor Stebernak
Member of the Management Board
Ika Krevzel Panić
Member of the Management Board/Worker Director
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Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
INTRODUCTORY NOTES
The report on the operations of the Petrol Group and the company Petrol, d.d., Ljubljana,
Dunajska 50, in the first three months of 2016 has been published in accordance with the
Market in Financial Instruments Act, the Ljubljana Stock Exchange Rules, Guidelines on
Disclosure for Listed Companies and other relevant legislation.
The figures and explanation of the operations are based on unaudited consolidated financial
statements of the Petrol Group and unaudited financial statements of the company Petrol
d.d., Ljubljana for the first three months of 2016 prepared in compliance with the Companies
Act and IAS 34 – Interim Financial Reporting.
Subsidiaries are included in the consolidated financial statements prepared in accordance
with IFRS on the basis of the full consolidation method, while jointly controlled entities and
associates are included on the basis of the equity method.
In the separate financial statements prepared in accordance with IFRS, investments in
subsidiaries, jointly controlled entities and associates are carried at historical cost.
The report on the operations in the first three months of 2016 has been published on the
website of Petrol d.d., Ljubljana (http://www.petrol.si), and is available on demand at the
registered office of Petrol d.d., Ljubljana, Dunajska cesta 50, 1527 Ljubljana, every working
day between 8 am and 3 pm.
The Company’s Supervisory Board discussed the report on the operations of the Petrol
Group and the company Petrol d.d., Ljubljana in the first three months of 2016 at its meeting
held on 19 May 2016.
Table 1: Profile of the parent company Petrol d.d., Ljubljana
Company name
Abbreviated company name
Registered office
Telephone
Telefax
Website
Activity code
Company registration number
Tax number
Share capital
Number of shares
President of the Management board
Members of the Management board
President of the Supervisory board
Petrol, slovenska energetska družba, d.d., Ljubljana
Petrol d.d., Ljubljana
Dunajska cesta 50, 1000 Ljubljana
(01) 47 14 234
(01) 47 14 809
http://www.petrol.si
47,301
5025796000
SI 80267432
EUR million 52.24
2.086.301
Tomaž Berločnik
Rok Vodnik, Janez Živko, Ika Krevzel Panić (worker director)
Tomaž Kuntarič
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Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
List of acronyms and explanation of financial ratio calculations
Ratio/acronym
Explanation
SEE
Merchandise
South Eastern Europe
Consists of automotive products, foodstuffs,
accessories, tobacco and lottery products, coupons
and cards, coffee-to-go, chemical products, wood
biomass.
Operating profit or loss + regular depreciation and
amortisation
Net profit or loss for the period / weighted average
number of issued ordinary shares, excluding own
shares
Equity as at period end / total number of shares
EBITDA
Earnings per share
Book value of share
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Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
HIGHLIGHTS
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Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
The Petrol Group's significant performance indicators
The Petrol Group
Net sales revenues
Gross profit or loss
Operating profit or loss
Net profit or loss
EBITDA
Cash flow from operating activities before changes in working capital
Non-current (long-term) assets as at period end
Earnings per share
Net debt / Equity
Net debt / EBITDA1
1
I-III 2016
I-III 2015
Index 2016 /
2015
EUR million
EUR million
EUR million
EUR million
EUR million
EUR million
EUR million
EUR
827.0
85.8
20.7
14.0
31.5
30.6
800.1
6.8
0.8
3.1
883.5
82.6
18.8
13.3
29.4
31.0
800.6
6.5
1.0
3.3
94
104
110
105
107
99
100
105
75
92
Unit
I-III 2016
I-III 2015
Index 2016 /
2015
thousand tons
thousand tons
million m3
TWh
thousand MWh
EUR million
EUR million
747.0
35.1
50.8
3.6
58.1
126.0
7.9
484
643.1
19.1
52.2
3.2
56.1
120.4
27.7
487
116
184
97
113
103
105
28
99
Calculated on an annual level
The Petrol Group
Volume of petroleum products sold
Volume of liquefied petroleum gas sold
Volume of natural gas sold
Electricity sold
Heat sold
Revenue from the sale of merchandise
Investments in fixed assets
1
Number of service stations as at period end
1
Unit
Number of service stations for the year 2015 as at 31 December 2015.
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Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
Figure 2: The Petrol Group’s revenue
from the sale of merchandise
Figure 1: Volume of petroleum
products sold by the Petrol Group
000 ton
EUR m illion
800
140
747
700
641
643
627
117
119
120
I-III 2013
I-III 2014
I-III 2015
120
600
126
100
500
80
400
60
300
40
200
20
100
0
0
I-III 2013
I-III 2014
I-III 2015
I-III 2016
I-III 2016
Sli5ka 2, Slika 3, Sika 4, Slka 5
Figure 3: Increase in the number of the
Petrol Group's service stations
Figure 4: Net profit or loss of the Petrol
group
EUR m illion
476
500
487
479
484
450
14.0
12.4
13.0
13.3
I-III 2014
I-III 2015
14.0
12.0
400
10.0
350
8.0
300
250
6.0
200
4.0
150
100
2.0
50
0.0
0
31/12/2013 31/12/2014 31/12/2015 31/03/2016
Figure 5: Cash flow from operating
activities before changes in the Petrol
Group's working capital
I-III 2013
I-III 2016
Figure 6: Breakdown of the Petrol
Group’s investments in the first three
months of 2016
EUR m illion
35.0
30.0
28.7
30.2
31.0
30.6
Other
7%
25.0
20.0
Oil and
merchandise
activity in
Slovenia
25%
15.0
10.0
5.0
0.0
I-III 2013
I-III 2014
I-III 2015
I-III 2016
Energy
activity
59%
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Oil and
merchandise
activity in
SEE
9%
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Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
BUSINESS REPORT
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Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
Operations of the Petrol Group
The Petrol Group operates in a competitive environment influenced by oil price fluctuations,
global and domestic economic developments, and national laws governing the pricing of
energy products. Slovenia's economic situation is improving, but Croatia and other SE
Europe countries which are part of Petrol's sales market still face extremely tough economic
conditions, low purchasing power, high unemployment and lack of payment discipline. In
Slovenia, the selling prices of petroleum products were higher than in most neighbouring
countries.
Table 2: The Petrol Group’s financial performance indicators
EUR million
The Petrol Group
I-III 2016 I-III 2015
Index 2016
/ 2015
Net sales revenues
827.0
883.5
94
Gross profit or loss
85.8
82.6
104
EBITDA
31.5
29.4
107
Net profit or loss
14.0
13.3
105
800.1
800.6
100
Non-current (long-term) assets as at period end
In the first three months of 2016, the Petrol Group sold 747.0 thousand tons of petroleum
products1, up 16 percent from the same period of 2015. In Slovenia, the three-month sales of
petroleum products stood at 386.9 thousand tons, accounting for 52 percent of the Petrol
Group's total sales. In the same period, the Group sold 194.1 thousand tons of petroleum
products in SEE markets, representing 26 percent of the Petrol Group’s total sales, and
166.0 thousand tons in EU markets, which represented 22 percent of the Group's total sales.
In the first three months of 2016, the Petrol Group generated 39 percent of petroleum
product sales in the retail market and the remaining 61 percent in the wholesale market. At
the end of March 2016, the Petrol Group's retail network consisted of 484 service stations, of
which 314 were in Slovenia, 105 in Croatia, 36 in Bosnia and Herzegovina, 9 in Serbia, 9 in
Montenegro and 11 in Kosovo.
The Petrol Group generated EUR 126.0 million in revenue from the sale of merchandise in
the period under review, an increase of 5 percent compared to the same period of the
previous year.
In the same period, the Petrol Group sold 35.1 thousand tons of liquefied petroleum gas, a
year-on-year increase of 84 percent, and 35.6 thousand tons (50.8 million m3) of natural gas
or 3 percent less than in the same period of the previous year.
1
The figure is inclusive of liquefied petroleum gas sales, which are described in more detail and presented separately under
energy operations.
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Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
In addition, the Petrol Group sold 3.6 TWh of electricity, which was 13 percent more than in
the same period of the previous year, and 58.1 thousand MWh of heat, up 3 percent from the
same period of the previous year.
What follows is a detailed presentation of the Petrol Group's operations in the first three
months of 2016 broken down by type of activity:
A. Oil and merchandise sales in Slovenia
B. Oil and merchandise sales in EU markets
C. Oil and merchandise sales in SEE markets
D. Energy operations
A. Oil and merchandise sales in Slovenia
The company engaged in oil and merchandise sales in Slovenia in the first three months of
2016 was Petrol d.d., Ljubljana2.
During this period, the Petrol Group's oil and merchandise sales in Slovenia resulted in an
EBITDA of EUR 15.8 million, which accounted for 50 percent of the Petrol Group's total
EBITDA and was 8 percent higher compared to the previous year's figure for this period.
The Petrol Group's sales of petroleum products in Slovenia
In the first three months of 2016, the Petrol Group sold 386.9 thousand tons of petroleum
products in Slovenia3, a year-on-year increase of 10 percent. Of this quantity, liquid fuels
accounted for 379.6 thousand tons and other petroleum products for 7.3 thousand tons.
Motor fuel sales (petrol and diesel fuel) were up 9 percent compared to the previous year's
figures for this period.
Key impacts on operations
Fuel pricing in Slovenia
In Slovenia, fuel prices were set in accordance with the Decrees Setting Prices for Petroleum
Products in force from 9 October 2015 to 8 February 2016 and from 9 February to 8 April
2016. In both decrees, the model-based margin applicable to government-regulated
petroleum products was set at a fixed amount (EUR 0.08701 for a litre of petrol,
EUR 0.08158 for a litre of diesel fuel and EUR 0.05370 for a litre of extra light heating oil).
Slovenia's gross margins for petroleum products, which are, under the model, set at a fixed
amount and do not reflect changes in retail prices, are still below European average. Gross
fuel margins remain well below European average. In the case of petrol, they amounted to 70
percent of the average gross margin in the EU countries (61 percent if the compulsory stocks
membership fee is not taken into account), in the case of diesel fuel to 56 percent (49
percent if the compulsory stocks membership fee is not taken into account) and in the case
2
Activities supporting oil and merchandise sales are performed by the companies Petrol Tehnologija, d.o.o. and Petrol-Trade
Handelsges.m.b.H.
3
The figure is inclusive of liquefied petroleum gas sales, which are described in more detail and presented separately under
energy operations.
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of extra light heating oil to 47 percent (39 percent if the compulsory stocks membership fee is
not taken into account) (own calculations based on Platts and Oil Bulletin data).
In April 2016, the Government of the Republic of Slovenia adopted a new Decree Setting
Prices for Petroleum Products, which will be in force from 9 April to 8 June 2016. Under the
new decree, the pricing system for the 95-octane petrol in diesel fuel remains unchanged
and the model-based margin applicable to the two government-regulated petroleum products
is still fixed, at EUR 0.08701 for a litre of the 95-octance petrol and EUR 0.08158 for a litre of
diesel fuel. Since 9 April 2016, the prices of the 98-octane and higher-octane petrol and of
extra light heating oil have been liberalised and set by the market.
Changes in oil and petroleum product prices in the world market
The average price of Brent Dated North Sea crude oil stood at USD 33.95 per barrel in the
first three months of 2016, down 37 percent year-on-year. The average price in euros was
down 35 percent. During this period, the price of Brent crude peaked on 18 March 2016,
reaching USD 40.25 per barrel. Its lowest price was recorded on 20 January 2016 at
USD 25.99 per barrel. The prices of petrol and middle distillates followed the same trends as
crude oil prices.
Figure 7: Changes in Brent Dated High oil price in the first three months of 2016 in
USD/barrel
USD / bbl
45.00
40.00
35.00
30.00
25.00
20.00
January
February
March
SOURCE: Petrol, 2016
Figure 8: Changes in Brent Dated High oil price in the first three months of 2016 in
EUR/barrel
EUR / bbl
40
35
30
25
20
January
February
March
SOURCE: Petrol, 2016
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After dipping below USD 30 per barrel in January 2016, oil prices rose again in February and
March as Saudi Arabia, Russia, Venezuela and Qatar first published their plans to freeze
supply. On the supply side, Iran became an important player after the international sanctions
had been lifted and has significantly increased oil output, which is, however, still below presanction levels. At the April meeting in Doha, OPEC failed to come to an agreement to freeze
oil production.
Oil price movements will continue to depend largely on the situation in the Middle East and in
Iran as well as on economic growth expectations, US and EU oil stocks figures, and demand
in China.
Changes in the US dollar to the euro exchange rate
The US dollar to the euro exchange rate ranged between 1.07 and 1.13 USD/EUR in the first
three months of 2016. The average exchange rate of the US dollar according to the
exchange rate of the European Central Bank stood at 1.10 US dollars for 1 euro in the period
concerned.
The Petrol Group’s sales of merchandise in Slovenia
In Slovenia, the Petrol Group generated EUR 111.8 million in revenue from the sale of
merchandise in the first three months of 2016, an increase of 3 percent compared to the
same period of the previous year. The range at Petrol’s points of sale is modified and
expanded as we try to mitigate the impact of adverse economic conditions by quickly
adapting the range to the needs of our service station customers.
The Petrol Group's sales of services in Slovenia
Services consist of revenue from storage and petroleum-product handling services, renting of
business premises and hospitality facilities, transport, carwash services, revenue from Petrol
Club cards, and other services. In the first three months of 2016, the Petrol Group generated
EUR 7.9 million in revenue from the services related to oil and merchandise sales in
Slovenia.
B. Oil and merchandise sales in EU markets
The companies engaged in oil and merchandise sales in EU markets in the first three months
of 2016 were Petrol d.d., Ljubljana and Petrol Trade - Handelsges.m.b.H.
During this period, the Petrol Group's oil and merchandise sales in EU markets resulted in an
EBITDA of EUR 1.2 million, which accounted for 4 percent of the Petrol Group's total
EBITDA and was 11 percent lower compared to the previous year's figure for this period.
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The Petrol Group's sales of petroleum products in EU markets
In the first three months of 2016, the Petrol Group sold 166.0 thousand tons of petroleum
products in EU markets, a year-on-year increase of 54 percent. The most important
commodity sold in the EU markets is diesel fuel.
C. Oil and merchandise sales in SEE markets
The following companies were engaged in oil and merchandise sales in SEE markets in the
first three months of 2016:
- Petrol d.d., Ljubljana,
- Petrol d.o.o.,
- Petrol BH Oil Company d.o.o., Sarajevo,
- Petrol d.o.o. Beograd,
- Petrol Crna Gora MNE d.o.o.,
- Petrol Plin d.o.o. and
- Petrol LPG d.o.o. Beograd.
In addition to these companies, the jointly controlled entity Petrol - Oti - Slovenija L.L.C. is
also engaged in oil and merchandise sales in SEE markets.
During the period concerned, the Petrol Group's oil and merchandise sales in SEE markets
resulted in an EBITDA of EUR 6.0 million, which accounted for 19 percent of the Petrol
Group's total EBITDA and was 13 percent higher compared to the previous year's figure for
this period.
The Petrol Group's sales of petroleum products in SEE markets
In the first three months of 2016, the Petrol Group sold 194.1 thousand tons of petroleum
products4 in SEE markets, a year-on-year increase of 5 percent.
In addition, the jointly controlled entity Petrol - Oti - Slovenija L.L.C. sold 2.3 thousand tons of
petroleum products, up 24 percent from the same period of the previous year.
Key impacts on operations
Fuel pricing in Croatia
Since 20 February 2014, when the Oil and Petroleum Products Market Act entered into force
and fully liberalised the pricing of petroleum products, the prices of petroleum products in
Croatia have been set freely in accordance with market conditions.
4
The figure is inclusive of liquefied petroleum gas sales, which are described in more detail and presented separately under
energy operations.
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Fuel pricing in Bosnia and Herzegovina
In Bosnia and Herzegovina, the prices of petroleum products are not government-regulated
and are set freely in accordance with market conditions. The prices normally change weekly.
In the Federation of Bosnia and Herzegovina, retailers notify the Federal Ministry of
Commerce of new retail prices four days in advance, whereas in the Republic of Srpska
changes in retail prices need not be notified in advance. Due to the free setting of prices,
retail fuel prices vary according to the location of a service station.
Fuel pricing in Serbia
Since the legislation liberalising Serbia's oil market (unregulated imports of oil and petroleum
products) entered into force on 1 January 2011, the prices of petroleum products have no
longer been government-regulated and are set freely in accordance with market conditions.
Fuel pricing in Montenegro
In Montenegro, the prices of petroleum products are set in accordance with the Regulation
on the Method of Setting Maximum Retail Prices, which has been in force since 1 January
2011. The prices change fortnightly, provided that prices on the oil market (Platts European
Marketscan) and the exchange rates of the euro and the US dollar change by more than 5
percent. In addition to market oil prices and changes in the exchange rates of the euro and
the US dollar, the methodology used to calculate selling prices includes taxes, the costs of
transhipment, handling, bank charges, storage, transport and distribution, as well as (excise)
duties and an oil companies’ margin. The overall gross margin is fixed at EUR 0.1108 for a
litre of petrol, EUR 0.1119 for a litre of eurodiesel and EUR 0.0999 for a litre of extra light
heating oil.
Fuel pricing in Kosovo
In Kosovo, retail and wholesale prices of petroleum products are not government-regulated.
Only in the case of sales of petroleum products to government institutions and state-owned
companies are prices set in accordance with the prescribed methodology, which takes into
account average monthly market prices, changes in the exchange rate of the euro and the
US dollar, logistics costs and the maximum margin. These prices represent an unofficial
basis for retail prices, which change according to market fuel prices.
The Petrol Group’s sales of merchandise in SEE markets
The Petrol Group generated EUR 11.0 million in revenue from the sale of merchandise in
SEE markets in the first three months of 2016, an increase of 13 percent compared to the
same period of the previous year. The best results were achieved in tobacco and food sales.
Procurement and logistics of petroleum products and merchandise
Efficient procurement and logistics of petroleum products and merchandise are key factors of
the Petrol Group’s successful operating performance. Petrol buys most of its petroleum
products from the largest multinational oil companies and some from major global oil and
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petroleum products traders. Many years of continuous cooperation with reliable and
competitive suppliers give Petrol the status of a partner. As in 2015, purchased petroleum
products were mostly delivered by sea in the period concerned.
Petroleum products logistics is primarily concerned with ensuring a cost-efficient and
uninterrupted supply to all of the Petrol Group's markets.
In the procurement of merchandise, the main goal and task is to ensure availability of goods
and provide adequate support for the provision of services at service stations in Slovenia and
in SE Europe while attempting to secure optimal procurement terms. On the operational
level, merchandise is procured directly from manufacturers, official distributors and strategic
business partners. When putting together our range, we take into account customer
requests, market shares for specific goods, as well as prices and product quality.
D. Energy operations
In the first three months of 2016, energy operations resulted in an EBITDA of EUR 8.4
million, which accounted for 27 percent of the Petrol Group's total EBITDA and was 5 percent
higher compared to the previous year's figure for this period.
Gas and heat
The following companies were engaged in the sale of gas and heat in the first three months
of 2016:
- Petrol d.d., Ljubljana,
- Petrol Energetika d.o.o.,
- Petrol d.o.o.,
- Petrol Plin d.o.o.,
- Petrol BH Oil Company d.o.o., Sarajevo,
- Petrol LPG d.o.o. Beograd,
- Petrol d.o.o. Beograd,
- Rodgas AD Bačka Topola,
- Beogas AD and
- Petrol-Trade Handelsges.m.b.H.
At the end of March 2016, the Petrol Group operated 30 gas supply concessions in Slovenia
(24 for the supply of natural gas and 6 for the supply of liquefied petroleum gas) and, in
Serbia, supplied natural gas to the municipalities of Bačka Topola and Pećinci as well as
three Belgrade municipalities. In addition, the company Petrol Plin d.o.o. has LPG supply
contracts in the towns of Šibenik and Rijeka.
In the first three months of 2016, the Petrol Group sold 35.1 thousand tons of liquefied
petroleum gas, a year-on-year increase of 84 percent, mainly thanks to the consolidation of
LPG sales of the company Petrol LPG d.o.o. Beograd (effective from the end of 2015) It also
sold 35.6 thousand tons (50.8 million m3) of natural gas or 3 percent less than in the same
period of the previous year.
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Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
Heat was supplied to customers through district heating systems. In the period concerned,
the Group sold 58.1 thousand MWh of heat or 3 percent more than in the comparable period
of the previous year.
Electricity
The following companies were engaged in the production, sale, distribution and trading of
electricity in the first three months of 2016:
- Petrol d.d., Ljubljana,
- Petrol Energetika d.o.o.,
- Petrol d.o.o. Beograd,
- Petrol d.o.o.,
- Petrol Crna Gora MNE d.o.o.,
- Petrol BH Oil Company d.o.o., Sarajevo,
- Petrol-Energetika DOOEL Skopje,
- Petrol Bucharest Rom S.R.L and
- Petrol Praha CZ s.r.o.
At the end of 2015, Petrol d.d., Ljubljana formed a Bosnia and Herzegovina based company
Petrol Hidroeneregija d.o.o. Teslić, which is to produce hydroelectricity. In 2016 the
companies Vjetroelektrarne Glunča d.o.o. (Croatia), which will be engaged in the production
of wind electricity, and Petrol Trade Slovenija L.L.C. (Kosovo), a company engaged in
electricity trading, were established.
In the first three months of 2016, the Petrol Group sold 3.6 TWh of electricity, a year-on-year
increase of 13 percent.
The Petrol Group has positioned itself as an important electricity market player. It set up a
complete infrastructure for wholesale electricity trading in Slovenia, EU countries and in the
neighbouring countries, and for the sale of electricity to end users in Slovenia (businesses
and households). At the end of March 2016, the Petrol Group supplied electricity to more
than 48 thousand households.
Environmental and energy solutions
The following companies were engaged in environmental and energy solutions in the first
three months of 2016:
- Petrol d.d., Ljubljana and
- Petrol Energetika d.o.o.
Environmental solutions
During this period, the Petrol Group operated four concessions for the public utility service of
municipal wastewater treatment. The capacity of the treatment plant in Murska Sobota is
42,000 population equivalents (PE), in Sežana 6,000 PE, in Ig and Matena 6,000 PE and in
Mežica 4,000 PE. Petrol also managed industrial waste treatment plants at Vevče Paper Mill
and Paloma. As an important member of the company Aquasystems d.o.o., Petrol d.d.,
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Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
Ljubljana is also involved in the treatment of municipal wastewater in the Municipality of
Maribor, the capacity of which is 190,000 PE.
At all waste treatment plants, the treatment process and financial performance were in line
with the plan in the period concerned.
The Petrol Group is also involved in energy production from waste. At Ihan and Črnomelj
biogas plants, Petrol processes organic waste to produce green electricity, and is Slovenia's
biggest producer of green electricity from organic waste. For greater efficiency, Petrol built in
Ihan a dehydration plant for sludge obtained from treatment plants. Dehydrated sludge is
transformed into secondary fuel.
In the first three months of 2016, the Petrol Group generated EUR 1.4 million in revenue from
environmental solution services, of which EUR 0.5 million was attributable to electricity sales.
Energy solutions
The area of energy solutions comprises an energy range consisting of:
- the preparation of alternative solutions for supplying heat and other forms of energy
(energy packages) to households and small-business customers;
- the implementation of more complex comprehensive energy solutions projects;
- the production of energy from renewable sources.
In the first three months of 2016, the public economic service of public lighting was
performed in several municipalities, accompanied by other energy solutions projects.
In the area of energy solutions, the Petrol Group generated during this period EUR 3.3
million in revenue from the sale of merchandise (wood biomass) and EUR 2.7 million in
revenue from the sale of energy products and services, of which EUR 0.8 million was
attributable to the sale of electricity and heat.
Sustainable development
Employees
On 31 March 2016, the Petrol Group had 4,090 employees, of which 33 percent worked for
subsidiary companies abroad. The number of employees increased by 22 compared to the
end of 2015.
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Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
Figure 9: Changes in the number of employees of the Petrol Group and at third-party
managed service stations in the period 2013 – 2016
4,400
3,945
4,000
10
3,912
3,600
1.164
4,090
4,068
11
1,114
1,150
1,600
1,580
1,354
1,360
1.132
3,200
2,800
2,400
1,534
2,000
2,027
1,600
1,200
800
1,235
400
744
0
13
20
14
20
20
15
03
PETROL d.d., Ljubljana
Third-party m anaged service s tations in Slovenia
1
/3
01
/2
6
SUBSIDIARIES - total
Third-party m anaged s ervice stations in SEE
Employee structure
At the end of March 2016, the average age of the Petrol Group employees was 39.5 years.
65 percent of the employees were male and 35 percent were female.
The educational structure of the Petrol Group has been improving over the years. This is a
result of employee training on the one hand and HR policy on the other. Newly hired
employees with higher education thus improve the educational structure, while at the same
time employees with lower education leave the company. It should be noted that the Petrol
Group has a keen interest in training its employees, as knowledge represents one of Petrol’s
key competitive advantages.
Training
In the first three months of 2016, 4,587 individuals took part in various forms of training. In
all, the Petrol Group provided 17,838 teaching hours of training, which represented, on
average, more than 4 teaching hours of training per employee in the period concerned.
Organised as part of the Petrol Group is Petrol Academy. Its main goal is systematic and
comprehensive training of all employees. The Group carried out technical and legally
required training in the period under review.
Investments
In the first three months of 2016, EUR 7.9 million was allocated to investments in property,
plant and equipment, intangible assets and long-term investments. Out of the above amount,
25 percent was allocated to oil and merchandise sales in Slovenia, 9 percent to oil and
merchandise sales in SE Europe, 59 percent to energy operations and 7 percent to the
upgrading of information and other infrastructure.
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Figure 10: Breakdown of the Petrol Group’s investments in the first three months of
2016
Other
7%
Energy
activity
59%
Oil and
merchandise
activity in
Slovenia
25%
Oil and
merchandise
activity in
SEE
9%
The quality management system
The Petrol Group’s operations are based on the implementation of strict quality standards.
Since 1997, we have been constantly upgrading and expanding the Group’s quality
management system. In addition to the certified quality and environmental management
systems, the comprehensive quality management system incorporates the requirements of
the HACCP food safety management system, of the OHSAS occupational health and safety
system and of the ISO 27001 information security system. In 2016 the ISO 50001 energy
management system was also incorporated into the quality management system as proof of
our systematic approach to continuous improvement in this field and the Company's
commitment to sustainable development.
The certification of the energy management system to the ISO 50001 standard was
completed in January 2016. The system allows for continuous monitoring of the Company's
energy efficiency indicators and control over implemented energy measures. It also
encourages active staff involvement in the area of efficient energy consumption and
renewable energy sources. The Company's energy management system covers oil and
merchandise sale processes, energy and environmental processes as well as Petrol's energy
and environmental solutions provided to our customers.
In March 2016, Petrol d.d., Ljubljana was awarded the OHSAS 18001 occupational health
and safety certificate for comprehensive solutions processes in the area of district and
energy systems, water supply systems, efficient lighting and energy management in
buildings.
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Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
Table 3: Overview of certificates and laboratory accreditations
The Company
Quality
management
system
Petrol d.d., Ljubljana
ISO 9001:
2008
Petrol Tehnologija,
d.o.o.
ISO
9001:2008
Petrol Energetika
d.o.o.
Petrol d.o.o.
Environmental
management
system
ISO
14001:2004
Energy
management
system
ISO
50001:2011
ISO 14001:2004 /
Laboratory
Other
accreditations certificates
SIST EN
ISO/IEC
17025:2012
OHSAS
18001*
RC**,
FSC***
SIST EN
ISO/IEC
17020:2012
/
ISO
ISO 14001:2004 /
9001:2008
ISO
ISO 14001:2004 /
/
9001:2008
Petrol Geoterm
ISO
/
/
/
d.o.o.
9001:2008
Beogas d.o.o.
ISO
/
/
/
9001:2008
* Petrol d.d., Ljubljana is a holder of the OHSAS 18001 certificate for comprehensive solutions
processes performed by the Energy Solutions organisational unit in the area of district and energy
systems, water supply systems, efficient lighting and energy management in buildings.
** Based on the Report on the implementation of the Responsible Care Global Charter commitments,
Petrol d.d., Ljubljana became a holder of a Responsible Care Certificate for its activities relating to
storage, logistics and retail network of service stations in Slovenia and granted the right to use the
initiative's logo.
*** Petrol d.d. Ljubljana is a holder of an FSC certificate for the production of wood chips used for heat
generation. The FSC certificate, which is issued by an international NGO called the Forest
Stewardship Council, promotes environmentally appropriate, socially beneficial and economically
viable management of forests.
In March 2016, Petrol Laboratory received a monitoring visit by SA in connection with its
quality management system certified to the SIST EN ISO/IEC 17025 standard.
Social responsibility
Caring for social and environmental issues has been part of the Petrol’s operations for a
number of years. The demands and challenges of our time are addressed based on a longterm growth strategy and a strong awareness that supporting the environment in which we
operate significantly affects our operations and development. For many years we have been
helping wider social and local communities achieve a dynamic lifestyle and better quality of
life. We demonstrate our social responsibility by supporting numerous sports, arts,
humanitarian and environmental projects. In the Petrol Group, social responsibility is
perceived as a lasting commitment to work together with the environment in which it
operates.
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Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
Risk management
Difficult economic conditions continue to put a strain on companies' operations and also on
the management of risks within the Petrol Group.
The Risk Management Committee held one meeting in the first three months of this year, at
which it discussed and approved the Petrol Group Risk Management Report for 2015, the
plan of activities for 2016 and the Petrol Group Risk Management document for the period
from October to December 2015.
Petrol’s risk model comprises 20 risk categories that are divided into two groups:
-
environment risks and
performance risks.
According to the results of the 2015 risk assessment, the most relevant and probable risks
comprise the following financial risks: price, credit, foreign exchange and liquidity risks.
In addition to the main financial risks, the most relevant and probable risks include economic
environment risks, interest rate risks, legislation and regulation risks, strategic decisionmaking risks, commercial risks, and business and financial decision-making risks.
Price and foreign exchange risk
The Petrol Group's business model includes energy products, such as petroleum products,
natural gas, electricity and liquefied petroleum gas, exposing the Group to price, quantity and
foreign exchange risks arising from the purchase and sale of these products.
The Petrol Group purchases petroleum products under international market conditions, pays
for them mostly in US dollars and sells them in local currencies. Because the global oil
market and the US dollar market constitute two of the most volatile global markets, the Petrol
Group is exposed to both the price risk (changes in the prices of petroleum products) and the
foreign exchange risk (changes in the EUR/USD exchange rate) while pursuing its core line
of business. The Petrol Group manages quantity and price risks to the largest extent possible
by matching suppliers’ terms of procurement with the terms of sale applying to customers.
The petroleum product pricing model applicable to the Slovene market allows for changes in
global petroleum product prices and exchange rates to be passed on to domestic selling
prices. Any remaining open price or foreign exchange positions are closed through the use of
financial instruments, in particular commodity swaps in the case of price risks and forward
contracts in the case of foreign exchange risks.
The Petrol Group plays an increasingly important role in electricity production, sale,
distribution and trading, exposing it to price and quantity risks. These are managed with an
assortment of limits systems defined according to the business partner, the area of trading
and the value at risk, and with appropriate processes in place to monitor and control these
risks.
In addition to the risks arising from changes in the EUR/USD exchange rate, the Petrol
Group is exposed to some degree also to the risk of changes in other currencies, which is
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linked to operating in the region. The Group monitors open foreign exchange positions and
decides how to manage them on a monthly basis.
With regard to other foreign exchange exposures, we should point out the risk of changes in
the EUR/HRK exchange rate. For this purpose, the impact of changes in the EUR/HRK
exchange rate on operations of Croatian-based companies is analysed on a regular basis.
The spread between the minimum and maximum level of the EUR/HRK exchange rate stood
at 2 percent in the first three months of 2016. Thanks to the low volatility of the exchange
rate, no forward contracts to hedge the foreign exchange risk were concluded during this
period. In Croatia, the foreign exchange risk in procurement was reduced by substantially
increasing the volume of procurement done in HRK in Croatia directly and by placing surplus
liquidity with the parent company in euros.
Foreign exchange risks are also encountered in Serbia with regard to the EUR/RSD
exchange rate. There, the procurement of petroleum products is done mostly in RSD, which
enables us to largely avoid the foreign exchange risks. In the first three months of 2016, the
EUR/RSD exchange rate ranged between RSD 123.55 and RSD 121.37 per 1 euro, while
the average exchange rate stood at RSD 122.77 per 1 euro.
Transactions with derivatives are entered into only to hedge against price and foreign
exchange risks and not for reasons of speculative nature.
Credit risk
The credit risk was assessed in 2015 as the third most relevant financial risk to which the
Petrol Group is exposed in connection with the sale of goods and services to natural and
legal entities. The risk is managed using the measures outlined below.
The operating receivables management system provides us with an efficient credit risk
management. Owing to the specific nature of our business, the credit and time limits system
with the Petrol Group's partners was upgraded in 2015. At the end of the year, we checked
once more the credit risk management system at the Petrol Group level and introduced, in
2016, some changes to the process of setting and approving credit limits in order to further
improve and harmonise the credit risk management system for the entire Petrol Group.
As part of regular receivables management processes, we keep actively pursuing the
collection of receivables, we are quick to discontinue sales on open account to defaulting
customers and we accelerated the use of legal remedies to collect receivables. Particular
attention is given to individual treatment of major customers or customers in relation to which
outstanding receivables balances exceed EUR 250,000. We refine procedures for approving
the amount of exposure (limits) to individual buyers and expand the range of first-class credit
insurance instruments as a requirement to approve sales (mortgages, pledges, bank
guarantees, letters of credit, receivables insurance with credit insurance companies,
collaterals, corporate guarantees, securities). A great deal of work is being put into the
management of receivables from large customers in Slovenia, and significant attention is
also devoted to the collection of receivables in SE Europe markets, where the solvency and
payment discipline of the business sector differs from that in Slovenia. Receivables are
systematically monitored by age, region and organisational unit as well as by quality and
individual customer. The exposure of customers in the Petrol Group's portfolio to the credit
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Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
risk is monitored at a global level. To monitor receivables, we use a joint computer-based
receivables management application, which provides us with automated control over the
exposure to individual customers and the possibility to respond immediately. Through
experience, the application is being continuously improved. In addition to the above, control
over credit insurance instruments received was organisationally centralised and is now
performed using a single computer system.
Despite the weak financial strength of some of our customers due to liquidity problems,
smaller production and sales volumes and a drop in exports, we estimate that credit risks are
adequately managed within the Petrol Group. Our estimate is based on the nature of our
products, our market share, our large customer base, the vast range of credit insurance
instruments and a higher volume of secured receivables. The Petrol Group too, however, is
unable to fully avoid the consequences of bankruptcies, compulsory composition
proceedings and personal bankruptcies.
Liquidity risk
The Petrol Group has been assigned a "BBB-" long-term international credit rating, an "A-3"
short-term credit rating and a "stable" credit rating outlook by Standard & Poor's Ratings
Services. This investment-grade rating enables us to tap international financial markets more
easily and represents an additional commitment towards successful operations and the
deleveraging of the Petrol Group. We are currently introducing relevant S&P's methodology
into the management of liquidity risks.
In the first three months of 2016, no additional long-term loans were raised. Operations were
financed through the already acquired long-term sources and, partly, through short-term
loans. At the end of March 2016, the total debt of the Petrol Group was EUR 14 million lower
than at the end of 2015.
In the first three months of 2016, petroleum product prices were lower than in 2015, meaning
that less working capital was needed. At the same time, the acquired long-term and shortterm credit lines provide us with a high level of liquidity.
Cash flow management nevertheless requires considerable attention and prudence,
especially as regards the planning of cash inflows from lay away sales, this being the main
source of credit risks and, consequently, liquidity risks.
The Petrol Group is capable of meeting all of its outstanding liabilities at any given moment.
The Group's successful operations in particular are a guarantee for the Group's long-term
solvency and boost its equity capital.
Interest rate risk
The Petrol Group regularly monitors its exposure to the interest rate risk. 31 percent of the
Group's non-current financial liabilities contain a variable interest rate that is linked to
EURIBOR. The average EURIBOR rate was lower in the first three months of 2016 than at
the end of 2015 and thus remains historically low (negative). In 2016 the Petrol Group's
overall borrowing interest rate was, on average, lower than in 2015. This is the result of low
EURIBOR rates and interest rate margins which had been further reduced.
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In 2015 we updated the interest rate risk management policy. Limits for interest rate risk
exposure reflect the risk of changes to the EURIBOR rate in the coming year and cumulative
figures for the next five years.
To hedge against exposure to the interest rate risk, a portion of variable interest rates is
transformed into a fixed interest rate using derivative financial instruments, thus protecting
our net interest position. When deciding whether to pursue additional hedging activities,
forecasts regarding interest rate changes are considered. The time of hedging and the type
of instruments used to this effect are determined based on market conditions. In the first
three months of 2016, no additional interest rate hedging contracts were concluded.
Petrol’s shares
At the end of March 2016, share prices at the Ljubljana Stock Exchange were on average
higher than at the end of 2015. This was also reflected in the SBITOP, the Slovene blue-chip
index, which is used as a benchmark and provides information on changes in the prices of
the most important and liquid shares traded on the regulated market. The index also
comprises Petrol's shares. The SBITOP stood at 726.31 as at the end of March 2016 and
was up 4.3 percent relative to the end of 2015 (696.15). During this period, Petrol's shares
gained 9.5 percent in value. In terms of trading volume, which in the case of Petrol's shares
amounted to EUR 16.1 million between January and March, the shares were ranked second
among the shares traded on the Ljubljana Stock Exchange. In terms of market capitalisation,
which stood at EUR 584.2 million as at 31 March 2016, the shares were ranked third and
accounted for 11 percent of the total Slovene stock market capitalisation on the said date.
Figure 11: Changes in Petrol d.d., Ljubljana’s closing share price base index and
changes in the SBITOP index in the first three months of 2016 compared with the end
of 2015
Index value
120
115
110
105
100
95
90
85
80
75
Petrol
3.30.16
3.22.16
3.16.16
3.10.16
3.4.16
2.29.16
2.23.16
2.17.16
2.11.16
2.4.16
1.29.16
1.25.16
1.19.16
1.13.16
1.7.16
12.30.15
70
SBI TOP
In the first three months of 2016, the price of Petrol’s shares ranged between EUR 246.1 and
EUR 280 per share. Their average price for the period stood at EUR 262.98 and their price
as at the end of March 2016 at EUR 280.0. The Petrol Group's earnings per share stood at
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EUR 6.78, with its book value per share amounting to EUR 269.87. Petrol d.d., Ljubljana had
33,095 shareholders as at 31 March 2016. At the end of March 2016, 468,003 shares or
22.43 percent of all shares were held by foreign legal or natural persons. Compared to the
end of 2015, the number of foreign shareholders increased by 1.5 percentage points.
Figure 12: Closing price and the volume of trading in Petrol's shares in the first three
months of 2016
Closing price (EUR)
Share trading
400
2,400
350
2,100
300
1,800
250
1,500
200
1,200
150
900
100
600
50
300
Share trading
3.31.16
3.23.16
3.17.16
3.11.16
3.7.16
3.1.16
2.24.16
2.18.16
2.12.16
2.5.16
2.1.16
1.26.16
1.20.16
1.14.16
1.8.16
0
1.4.16
0
Closing price (EUR)
Figure 13: Ownership structure of Petrol d.d., Ljubljana as at 31 March 2016
Slovenski državni holding, d.d.
19.7%
Kapitalska družba d.d. together
with own funds
8.9%
Other institutional investors domestic
14.0%
Others
3.7%
Own shares
1.2%
Banks - domestic
5.2%
Insurers - domestic
1.2%
Private individuals (domestic and
foreign)
23.8%
Foreign legal entities (banks and
other inst. inv.)
22.3%
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Table 4: Changes in the ownership structure of Petrol d.d., Ljubljana (comparison
between 31 March 2016 and 31 December 2015)
31 March 2016
No. of Shares
v%
Slovenski državni holding, d.d.
Kapitalska družba d.d. together with own funds
Other institutional investors - domestic
Banks - domestic
Insurers - domestic
Foreign legal entities (banks and other inst. inv.)
Private individuals (domestic and foreign)
Own shares
Others
Sum
31 December 2015
No. of Shares
v%
412,009
184,852
291,319
108,844
25,486
464,856
496,670
24,703
77,562
19.7%
8.9%
14.0%
5.2%
1.2%
22.3%
23.8%
1.2%
3.7%
412,009
184,852
323,839
109,363
25,571
433,057
496,809
24,703
76,098
19.7%
8.9%
15.5%
5.2%
1.2%
20.8%
23.8%
1.2%
3.7%
2,086,301
100.0%
2,086,301
100.0%
Table 5: 10 largest shareholders of Petrol d.d., Ljubljana as at 31 March 2016
Top 10 shareholders of Petrol d.d., Ljubljana as per 31 March 2016
Shareholder
Address
1 SLOVENSKI DRŽAVNI HOLDING, D.D.
2 ČEŠKOSLOVENSKA OBCHODNI BANK, A.S. - FID
3 KAPITALSKA DRUŽBA, D.D.
4 VIZIJA HOLDING, K.D.D.
5 SOCIETE GENERALE - SPLITSKA BANKA D.D. 6 VIZIJA HOLDING ENA, K.D.D.
7 NLB D.D.
8 NOVA KBM D.D.
9 PERSPEKTIVA FT D.O.O.
10 DUTB, D. D.
No. of Shares Share in %
MALA ULICA 5, 1000 LJUBLJANA
RADLICKA 333/150, 150 57 PRAGA 5, REPUBLIKA ČEŠKA
DUNAJSKA CESTA 119, 1000 LJUBLJANA
DUNAJSKA CESTA 156, 1000 LJUBLJANA
RUĐERA BOŠKOVIĆA 16, 21000 SPLIT, HRVAŠKA
DUNAJSKA CESTA 156, 1000 LJUBLJANA
TRG REPUBLIKE 2, 1000 LJUBLJANA
ULICA VITA KRAIGHERJA 4, 2000 MARIBOR
DUNAJSKA CESTA 156, 1000 LJUBLJANA
DAVČNA ULICA 1, 1000 LJUBLJANA
412,009
266,726
172,639
71,676
68,318
63,620
63,183
42,985
36,152
36,000
19.75%
12.78%
8.27%
3.44%
3.27%
3.05%
3.03%
2.06%
1.73%
1.73%
Table 6: Shares owned by members of the Supervisory and Management Board as at
31 March 2016
Name and Surname
Position
5
0.0002%
Internal members
0
0.0000%
0
0
0
0.0000%
0.0000%
0.0000%
5
0.0002%
0
0
0
0
0
5
0.0000%
0.0000%
0.0000%
0.0000%
0.0000%
0.0002%
220
0.0105%
0
0
220
0
0.0000%
0.0000%
0.0105%
0.0000%
Supervisory Board Member
Supervisory Board Member
Supervisory Board Member
External members
Tomaž Kuntarič
Irena Prijović
Igo Gruden
Matija Blažič
Klemen Ferjančič
Mladen Kaliterna*
Supervisory Board President
Supervisory Board Vice-president
Supervisory Board Member
Supervisory Board Member
Supervisory Board Member
Supervisory Board Member
Management Board
1.
2.
3.
4.
Share of equity
Supervisory board
1. Zoran Gračner
2. Andrej Tomplak
3. Damjan Legen
1.
2.
3.
4.
5.
6.
No. of shares
Tomaž Berločnik
Igor Stebernak
Rok Vodnik
Ika Krevzel Panić
Management Board President
Management Board Member
Management Board Member
Management Board Member/Worker Director
Mladen Kaliterna sold 5 shares on 31 March 2016. The sale was recorded in the Share Register on 4 April 2016
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
28/59
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
Contingent increase in share capital
In the period up to 31 March 2016, the General Meeting of Petrol d.d., Ljubljana did not adopt
any resolutions regarding the contingent increase in share capital.
Dividends
In accordance with a resolution of the 26th General Meeting held on 21 April 2016, Petrol
d.d., Ljubljana shall pay 2015 gross dividends of EUR 12.60 per share in August 2016. The
gross dividend per share for 2014, which was paid in 2015, stood at EUR 11.70.
Own shares
Petrol d.d., Ljubljana did not repurchase its own shares in the first three months of 2016. As
at 31 March 2016, the Company held 24,703 own shares, representing 1.2 percent of its
registered share capital. The total cost of own shares equalled EUR 2.6 million as at 31
March 2016 and was EUR 4.3 million lower than their market value on the said date.
Own shares, in total 36,142, were purchased between 1997 and 1999. The Company may
acquire own shares only for the purposes laid down in Article 247 of the Companies Act
(ZGD-1) and as remuneration to the Management Board and the Supervisory Board. Own
shares are used in accordance with the Company’s Articles of Association.
Regular participation at investors’ conferences and external
communication
Petrol d.d., Ljubljana has set up a programme of regular cooperation with domestic and
foreign investors, which consists of public announcements, individual meetings and
presentations, and public presentations. The Company regularly attends investors’
conferences that are organised each year by stock exchanges, banks and brokerage
companies. In the first three months of 2016, several individual meetings were held with
investors and analysts. In March, we attended an investors' conference in London organised
by InterCapital and Goldman Sachs.
Management Board of Petrol d.d., Ljubljana
The president of the Management Board, Tomaž Berločnik, MSc, began his new term of
office on 1 February 2016. The terms of office of the other two legal representatives, Igor
Stebernak and Rok Vodnik, MSc, were aligned with that of Mr Berločnik. The terms of office
of all three legal representatives now run from 1 February 2016 to 31 January 2021.
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
29/59
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
Supervisory Board of Petrol d.d., Ljubljana
The Workers' Council of Petrol d.d., Ljubljana elected Damjan Legen as replacement
Supervisory Board member representing employees for the term of office beginning on 28
January 2016 and ending on 21 February 2017.
Credit rating
On 29 June 2015, Standard & Poor's Ratings Services affirmed the "BBB-" long-term credit
rating and the "A-3" short-term credit rating of Petrol d.d., Ljubljana and revised the credit
rating outlook from "negative" to "stable".
Events after the end of the accounting period
-
In April 2016, the Government of the Republic of Slovenia adopted a new Decree Setting
Prices for Petroleum Products, which will be in force from 9 April to 8 June 2016. Under
the decree, control is maintained over the prices of the 95-octane petrol and diesel fuel
while the prices of the 98-octane and higher-octane petrol and of extra light heating oil
have been liberalised and set by the market since 9 April 2016.
-
At the 26th General Meeting of Petrol d.d., Ljubljana held on 21 April 2016, the following
resolutions were adopted:
-
Accumulated profit of EUR 25,976,135.00 as at 31 December 2015 shall be used as
follows: EUR 25,976,134.80 shall be used to pay gross dividends of EUR 12.60 per
share (own shares excluded) and EUR 0.20 shall be transferred to retained earnings.
The dividends are to be paid out of the 2015 net profit and other revenue reserves for
2006. The Company shall pay the dividends on 12 August 2016 to shareholders
registered with KDD – the Central Securities Clearing Corporation on 26 April 2016,
as laid down in a Management Board decision.
-
The Company's Management Board shall be granted discharge from liability for the
year 2015.
-
The Company's Supervisory Board shall be granted discharge from liability for the
year 2015.
-
The audit firm ERNST & YOUNG Revizija, poslovno svetovanje, d.o.o., Ljubljana
shall be appointed auditor for the year 2016.
-
In April 2016, Petrol d.d., Ljubljana disposed of its 25-percent interest in the company
Marche Gostinstvo d.o.o.
-
The company Petrol Tehnologija d.o.o. was merged into the parent company Petrol d.d.,
Ljubljana in May 2016.
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
30/59
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
FINANCIAL REPORT
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
31/59
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
Financial performance of the Petrol Group and the company Petrol d.d.,
Ljubljana
Statement of profit and loss of the Petrol Group and Petrol d.d., Ljubljana
The Petrol Group
(in EUR)
Note
Sales revenue
- of which excise duty
Cost of goods sold
Gross profit
Petrol d.d.
1-3 2016
1-3 2015
1-3 2016
1-3 2015
826,966,502
883,472,045
675,235,191
715,001,989
267,545,764
234,119,519
175,313,552
165,695,424
(741,165,788)
85,800,714
(800,916,643)
82,555,402
(612,941,946)
62,293,244
(656,229,659)
58,772,330
Costs of materials
Costs of services
Labour costs
Depreciation and amortisation
Other costs
Operating costs
3
4
5
6
7
(8,186,583)
(29,426,882)
(16,873,151)
(11,114,043)
(847,358)
(66,448,017)
(8,887,267)
(27,530,830)
(15,832,766)
(10,970,379)
(1,196,802)
(64,418,044)
(4,151,585)
(24,705,258)
(11,314,616)
(7,639,295)
(479,089)
(48,289,842)
(3,891,939)
(23,164,008)
(9,901,088)
(7,406,241)
(836,754)
(45,200,029)
Other revenue
Other expenses
Operating profit
2
1,578,906
(238,586)
20,693,017
727,750
(41,967)
18,823,141
863,713
(26,696)
14,840,418
596,766
(25,444)
14,143,623
1,948,151
1,956,384
-
-
11,899,355
(18,001,067)
(6,101,712)
21,317,603
(26,273,926)
(4,956,323)
9,966,699
(15,784,812)
(5,818,114)
18,506,463
(22,911,977)
(4,405,514)
Profit before income tax
16,539,456
15,823,202
9,022,305
9,738,109
Tax expense
Deferred tax
Income tax
(1,850,387)
(718,276)
(2,568,663)
(1,365,808)
(1,167,937)
(2,533,745)
(691,305)
(778,338)
(1,469,643)
(751,132)
(863,380)
(1,614,511)
Net profit for the period
Net profit for the period attributable to:
13,970,793
13,289,457
7,552,662
8,123,597
Owners of the controlling company
13,948,333
13,371,807
7,552,662
8,123,597
22,460
(82,350)
-
-
6.78
6.45
3.66
3.94
Share of profit or loss of equity accounted investees
Other finance income
Other finance expenses
Net finance expense
8
8
Non-controlling interest
Basic and diluted earnings per share
9
Accounting policies and notes are an integral part of these financial statements and should be read in conjunction with them.
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
32/59
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
Other comprehensive income of the Petrol Group and Petrol d.d., Ljubljana
The Petrol Group
(in EUR)
Petrol d.d.
1-3 2016
1-3 2015
1-3 2016
1-3 2015
13,970,793
13,289,457
7,552,662
8,123,597
25,384
(5,077)
286,705
(47,676)
0
0
322,171
(54,769)
Foreign exchange differences
1,324,912
329,938
-
-
Other comprehensive income to be recognised in the
statement of profit or loss in the future
1,345,219
568,967
0
267,402
Net profit for the period
Effective portion of changes in the fair value of cash flow
variability hedging
Change in deferred taxes
Other comprehensive income not to be recognised in
the statement of profit or loss in the future
Total other comprehensive income
Total comprehensive income for the period
0
0
0
0
1,345,219
568,967
0
267,402
15,316,012
13,858,423
7,552,662
8,390,999
15,334,766
13,940,453
7,552,662
8,390,999
(18,754)
(82,030)
-
-
Total comprehensive income attributable to:
Owners of the controlling company
Non-controlling interest
Accounting policies and notes are an integral part of these financial statements and should be read in conjunction with them.
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
33/59
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
Statement of financial position of the Petrol Group and Petrol d.d., Ljubljana
(in EUR)
ASSETS
Non-current (long-term) assets
Intangible assets
Property, plant and equipment
Investment property
Investments in subsidiaries
Investments in jointly controlled entities
Investments in associates
Available-for-sale financial assets
Financial receivables
Operating receivables
Deferred tax assets
Note
Petrol d.d.
31 December
31 March 2016
2015
184,276,880
596,387,378
19,407,260
50,937,284
118,956,267
1,836,782
5,412,582
257,258
15,871,375
993,343,066
184,394,946
604,065,712
16,678,739
50,451,020
117,494,379
1,764,945
5,509,008
918,241
16,487,716
997,764,706
149,077,350
320,692,586
19,248,376
287,420,070
2,512,140
53,206,341
1,757,739
16,482,610
250,238
15,343,757
865,991,209
150,091,485
326,949,002
16,429,618
286,097,454
2,512,140
53,206,341
1,685,902
15,794,952
918,240
16,122,095
869,807,231
84,624,377
7,375,985
306,986,992
166,924
349,876
19,590,122
34,013,372
453,107,648
91,482,068
8,325,710
324,155,308
245,045
2,295,710
15,774,900
34,350,350
476,629,091
66,317,286
18,831,175
244,147,845
0
349,876
13,633,358
26,036,310
369,315,849
72,764,397
12,880,885
249,882,742
0
2,295,710
10,990,970
26,994,577
375,809,280
1,446,450,714
1,474,393,797
1,235,307,058
1,245,616,511
Non-controlling interest
52,240,977
80,991,385
61,987,955
2,604,670
(2,604,670)
180,794,332
206,914
(723,457)
(9,446,621)
198,552,923
564,604,408
(1,567,636)
52,240,977
80,991,385
61,987,955
2,604,670
(2,604,670)
180,794,332
206,914
(743,764)
(10,812,747)
184,604,590
549,269,642
(1,878,984)
52,240,977
80,991,385
61,749,884
2,604,670
(2,604,670)
177,892,472
40,187,257
0
22,589,897
435,651,873
-
52,240,977
80,991,385
61,749,884
2,604,670
(2,604,670)
177,892,472
40,187,257
0
15,037,235
428,099,211
-
Total equity
563,036,772
547,390,658
435,651,873
428,099,211
6,378,752
3,482,276
5,717,807
397,367,822
1,037,832
4,675,157
418,659,646
5,881,531
3,493,578
6,051,115
415,560,980
1,030,182
4,619,372
436,636,758
5,191,466
2,706,595
5,664,416
329,330,315
1,037,832
0
343,930,624
4,691,466
2,706,595
5,997,724
345,975,338
1,030,182
0
360,401,305
73,641,956
372,861,129
2,397,413
15,853,798
464,754,296
69,880,761
402,884,888
1,711,855
15,888,877
490,366,381
128,479,495
315,749,643
602,196
10,893,228
455,724,561
107,964,350
337,119,503
711,685
11,320,457
457,115,995
Current assets
Inventories
Financial receivables
Operating receivables
Corporate income tax assets
Financial assets at fair value through profit or loss
Prepayments and other assets
Cash and cash equivalents
10
11
The Petrol Group
31 December
31 March 2016
2015
12
13
14
15
16
17
18
19
20
Total assets
EQUITY AND LIABILITIES
Equity attributable to owners of the controlling company
Called-up capital
Capital surplus
Legal reserves
Reserves for own shares
Own shares
Other revenue reserves
Fair value reserve
Hedging reserve
Foreign exchange differences
Retained earnings
Non-current liabilities
Provisions for employee post-employment and other long-term benefits
Other provisions
Long-term deferred revenue
Financial liabilities
Operating liabilities
Deferred tax liabilities
Current liabilities
Financial liabilities
Operating liabilities
Corporate income tax liabilities
Other liabilities
Total liabilities
Total equity and liabilities
21
21
22
23
883,413,942
927,003,139
799,655,185
817,517,300
1,446,450,714
1,474,393,797
1,235,307,058
1,245,616,511
Accounting policies and notes are an integral part of these financial statements and should be read in conjunction with them.
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
34/59
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
Statement of changes in equity of the Petrol Group
Revenue reserves
(in EUR)
As at 1 January 2015
Net profit for the period
Other changes in other compehensive income
Called-up
capital Capital surplus Legal reserves
Reserves for
own shares
Own shares
Other revenue
reserves
Investment
revaluation
reserves
Hedging
reserve
Foreign
exchange
differences
(10,965,203)
52,240,977
80,991,385
61,987,955
2,604,670
(2,604,670)
169,324,875
759,718
(2,168,610)
239,029
329,617
0
0
0
0
0
0
0
239,029
329,617
As at 31 March 2015
52,240,977
80,991,385
61,987,955
2,604,670
(2,604,670)
169,324,875
759,718
(1,929,581)
As at 1 January 2016
52,240,977
80,991,385
61,987,955
2,604,670
(2,604,670)
180,794,332
206,914
(743,764)
Total changes in total comprehensive income
Increase in non-controlling interest
Transactions with owners
0
0
0
0
0
0
0
Net profit for the period
Other changes in other compehensive income
Total changes in total comprehensive income
As at 31 March 2016
Retained
earnings
13,371,807
(82,029)
503,257,377
13,289,457
568,967
13,858,424
(10,635,586)
168,033,771
520,773,514
(3,657,713)
517,115,801
(10,812,747)
184,604,590
549,269,642
(1,878,984)
547,390,658
0
0
0
330,102
330,102
330,102
330,102
22,460
(41,214)
(18,754)
13,970,793
1,345,219
15,316,012
(1,567,636)
563,036,772
0
20,307
1,366,126
0
0
0
0
0
0
0
20,307
1,366,126
13,948,333
13,948,333
1,386,433
15,334,766
52,240,977
80,991,385
61,987,955
2,604,670
(2,604,670)
180,794,332
206,914
(723,457)
(9,446,621)
198,552,923
564,604,408
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
35/59
Total
(3,575,684)
(82,350)
321
13,948,333
Accounting policies and notes are an integral part of these financial statements and should be read in conjunction with them.
Noncontrolling
interest
506,833,061
13,371,807
568,646
13,940,453
0
154,661,964
13,371,807
Equity
attributable to
owners of the
controlling
company
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
Statement of changes in equity of Petrol d.d., Ljubljana
Revenue reserves
(in EUR)
Called-up
capital Capital surplus Legal reserves
As at 1 January 2015
52,240,977
80,991,385
61,749,884
Reserves for
own shares
Own shares
Other revenue
reserves
Fair value
reserve
Hedging
reserve
Retained
earnings
Total
2,604,670
(2,604,670)
164,637,720
40,740,061
(1,149,437)
20,552,919
419,763,508
8,123,597
Net profit for the period
Other changes in other compehensive income
0
0
0
0
0
0
0
267,402
8,123,597
8,123,597
267,402
8,390,999
As at 31 March 2015
52,240,977
80,991,385
61,749,884
2,604,670
(2,604,670)
164,637,720
40,740,061
(882,035)
28,676,516
428,154,508
As at 1 January 2016
Net profit for the period
Total changes in total comprehensive income
52,240,977
80,991,385
61,749,884
2,604,670
(2,604,670)
177,892,472
40,187,257
0
0
0
0
0
0
0
0
0
15,037,235
7,552,662
7,552,662
428,099,210
7,552,662
7,552,662
As at 31 March 2016
52,240,977
80,991,385
61,749,884
2,604,670
(2,604,670)
177,892,472
40,187,257
0
22,589,897
435,651,873
Total changes in total comprehensive income
267,402
Accounting policies and notes are an integral part of these financial statements and should be read in conjunction with them.
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
36/59
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
Cash flow statement of the Petrol Group and Petrol d.d., Ljubljana
The Petrol Group
(in EUR)
Cash flows from operating activities
Petrol d.d.
31 March 2016
31 March 2015
31 March 2016
31 March 2015
13,970,793
13,289,457
7,552,662
8,123,597
Net profit
Adjustment for:
Corporate income tax
Depreciation of property, plant and equipment and of investment property
Amortisation of intangible assets
(Gain)/loss on disposal of property, plant and equipment
Impairment, write-down/(reversed impairment) of assets
Revenue from assets under management
Net (decrease in)/creation of provisions for employee benefits
Net (decrease in)/creation of other provisions and long-term deferred
revenue
Net goods shortages
Net (decrease in)/creation of allowance for receivables
Net finance (income)/expense
Share of profit of jointly controlled entities
Share of profit of associates
2,568,663
9,511,794
1,602,249
(102,833)
0
(16,350)
494,467
2,533,745
9,476,463
1,493,916
171,521
34,030
(16,350)
690
1,469,643
6,300,763
1,338,532
5,750
0
(16,350)
500,000
1,614,511
6,192,711
1,213,530
173,895
32,565
(16,350)
0
(342,856)
34,204
175,529
4,647,450
(486,263)
(1,461,888)
442,931
30,415
132,059
5,366,855
4,759
(1,961,143)
(333,308)
(44,650)
(121,376)
4,284,406
0
0
469,204
65,606
247,285
4,628,219
0
0
Cash flow from operating activities before changes in working
capital
30,594,959
30,999,348
20,936,072
22,744,773
(58,576)
(1,097,124)
6,964,055
29,138,158
(31,396,652)
418,408
(936,212)
(1,068,737)
27,944,061
(61,656,127)
(427,229)
(2,189,265)
6,491,760
8,744,908
(15,474,830)
(652,700)
(1,529,263)
1,299,949
51,368,542
(60,083,717)
Cash generated from operating activities
34,144,820
(4,299,259)
18,081,416
13,147,584
Interest paid
Taxes received/(paid)
(2,501,397)
(1,058,670)
(2,632,994)
(702,958)
(1,977,185)
(800,793)
(2,762,118)
(304,031)
Net cash from (used in) operating activities
Net (decrease in)/creation of other liabilities
Net decrease in/(creation of) other assets
Change in inventories
Change in operating and other receivables
Change in operating and other liabilities
30,584,753
(7,635,211)
15,303,438
10,081,435
Cash flows from investing activities
Payments for investments in subsidiaries
Payments for investments in jointly controlled entities
Payments for investments in associates
Payments for intangible assets
Receipts from property, plant and equipment
Payments for property, plant and equipment
Receipts from available-for-sale assets
Payments for available-for-sale assets
Receipts from financial assets held for trading
Receipts from loans granted
Payments for loans granted
Interest received
0
0
0
(661,687)
2,146,943
(15,493,463)
77,646
(149,349)
0
1,585,815
(355,251)
794,597
0
(1)
(11,963,444)
(4,327,718)
260,362
(4,061,808)
0
0
1,647,860
3,381,499
(6,424,838)
1,047,162
(1,322,616)
0
0
(324,397)
130,373
(10,323,289)
77,646
(149,349)
0
1,650,252
(8,207,449)
631,347
(11,973,402)
(1)
0
(3,631,507)
66,613
(5,629,371)
0
0
1,647,860
3,859,010
(4,288,143)
1,161,694
Net cash from (used in) investing activities
(12,054,749)
(20,440,926)
(17,837,482)
(18,787,247)
(13,613,642)
231,290,983
(236,514,443)
(12,774)
234,495
215,403,156
(173,759,026)
(6,731)
(13,613,642)
248,402,780
(233,200,587)
(12,774)
234,495
293,833,032
(270,860,102)
(6,731)
(18,849,876)
41,871,894
1,575,777
23,200,694
(319,872)
13,795,757
(958,267)
14,494,882
At the beginning of the year
Foreign exchange differences
Cash acquired through acquisition of companies
Increase/(decrease)
34,350,350
(17,106)
0
(319,872)
58,573,381
10,020
664,051
13,795,757
26,994,577
0
0
(958,267)
52,592,296
0
0
14,494,882
At the end of the period
34,013,372
73,043,209
26,036,310
67,087,178
Cash flows from financing activities
Payments for bonds issued
Proceeds from borrowings
Repayment of borrowings
Dividends paid to shareholders
Net cash from (used in) financing activities
Increase/(decrease) in cash and cash equivalents
Changes in cash and cash equivalents
Accounting policies and notes are an integral part of these financial statements and should be read in conjunction with them.
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
37/59
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
Notes to the financial statements
Reporting entity
Petrol d.d., Ljubljana (hereinafter the “Company”) is a company domiciled in Slovenia. The
address of the Company’s registered office is Dunajska cesta 50, 1527 Ljubljana. Below we
present consolidated financial statements of the Group for the period ended 31 March 2016
and separate financial statements of the company Petrol d.d., Ljubljana for the period ended
31 March 2016. The consolidated financial statements comprise the Company and its
subsidiaries and the Group’s interests in associates and jointly controlled entities (together
referred to as the “Group”). A more detailed overview of the Group's structure is presented
chapter Organisational structure of the Petrol Group in Appendix 1 of this report.
Basis of preparation
a. Statement of compliance
The Company’s management approved the Company's financial statements and the Group's
consolidated financial statements on 9 May 2016.
The financial statements of Petrol d.d., Ljubljana and consolidated financial statements of the
Petrol Group have been prepared in accordance with IAS 34 – Interim financial reporting and
should be read in conjunction with the Group’s annual financial statements as at 31
December 2015.
The financial statements for the period from January – March 2016 are prepared based on
the same accounting policies used for the preparation of financial statements for the year
ended 31 December 2015.
b. Basis of measurement
The consolidated and separate financial statements have been prepared on the historical
cost basis except for the following assets and liabilities that are carried at fair value:
- derivative financial instruments,
- financial assets at fair value through profit or loss,
- available-for-sale financial assets.
c.
Functional and presentation currency
These financial statements are presented in euros (EUR) without cents, the euro also being
the Company’s functional currency. Due to rounding, some immaterial differences may arise
as concerns the sums presented in tables.
d. Use of estimates and judgements
Preparation of financial statements requires management to make estimates, judgements
and assumptions that affect the reported amounts of assets and liabilities, the disclosure of
contingent assets and liabilities on the date of financial statements, and the reported
amounts of revenue and expenses in the reporting period.
Estimates and assumptions are used in the following judgements:
- estimating useful lives of depreciable assets,
- estimating the fair value of available-for-sale financial assets,
- estimating the fair value of financial assets at fair value through profit or loss,
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
38/59
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
-
-
estimating the fair value of derivative financial instruments,
estimating the influence in jointly controlled entities,
estimating the provisions for litigation,
estimating the provisions for employee post-employment and other long-term benefits,
asset impairment testing (investment property, goodwill, investments in subsidiaries,
investments in jointly controlled entities and associates, available-for-sale financial
assets, financial receivables, inventories)
assessing the possibility of using deferred tax assets, etc.
Because estimates are subject to subjective judgments and a certain degree of uncertainty,
actual results might differ from the estimates.
Estimates are reviewed regularly. Changes in accounting estimates are recognised in the
period in which the estimates are changed if a change affects that period only. If a change
affects future periods, they are recognised in the period of the change and in any future
periods.
Notes to individual items in the financial statements
1. Segment reporting
Because the financial report consists of the financial statements and the accompanying notes
of the Group as well as of the Company, only the Group’s operating segments have been
disclosed.
An operating segment is a component of the Group that engages in business activities from
which it earns revenues and incurs expenses that relate to transactions with any of the Group’s
other components. The operating results of operating segments are reviewed regularly by the
management to make decisions about resources to be allocated to a segment and assess the
performance of the Group.
The management monitors information on two levels: on the micro level, in which case
individual units are monitored, and on the macro level, where information is monitored only in
terms of certain key information that can be used to make comparisons with similar companies
in Europe. Given the enormous amount of information and their sensitivity on the micro level,
the Group only discloses macro-level information in its annual report.
The Group thus uses the following segments in the preparation and presentation of the
financial statements:
- oil and merchandise sales,
- energy activities.
Oil and merchandise sales consist of:
- sales of oil and petroleum products,
- sales of merchandise.
The sale of merchandise consists of selling automotive products, foodstuffs, accessories,
tobacco and lottery products, coupons, cards, Petrol Club merchandise, raw materials and
chemical products.
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
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Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
Energy activities consist of:
- gas and heat segment,
- generation, sale and distribution of electricity,
- environmental and energy solutions.
The Group’s operating segments in the period 1-3 2015:
(in EUR)
Sales revenue
Revenue from subsidiaries
Sales revenue
Net profit for the year
Interest income *
Interest expense *
Depreciation of property, plant and equipment, depreciation
of investment property, amortisation of intangible assets
Share of profit of equity accounted investees
Total assets
Equity accounted investments
Property, plant and equipment, intangible assets and
investment property
Other assets
Oil and
merchendise
sales
Energy
operations
Total
Statement of
profit or loss/
Statement of
financial
position
791,054,000
(81,906,870)
709,147,130
202,401,119
(28,076,204)
174,324,915
993,455,119
(109,983,074)
883,472,045
883,472,045
8,198,507
740,749
(3,726,517)
5,090,950
405,890
(2,041,925)
13,289,457
1,146,639
(5,768,442)
13,289,457
1,146,639
(5,768,442)
(8,065,528)
(168,690)
1,126,688,266
2,979,952
(2,904,851)
2,125,074
428,191,776
163,936,477
(10,970,379)
1,956,384
1,554,880,042
166,916,429
(10,970,379)
1,956,384
1,554,880,042
166,916,429
622,077,548
501,630,767
178,560,375
85,694,923
800,637,923
587,325,690
800,637,923
587,325,690
Current and non-current operating and financial liabilities
802,635,458
197,306,528
999,941,986
999,941,986
* Interest income and expenses are estimated based on a segment's share of investments and assets in total investments and assets.
The Group’s operating segments in the period 1-3 2016:
(in EUR)
Sales revenue
Revenue from subsidiaries
Sales revenue
Net profit for the year
Interest income *
Interest expense *
Depreciation of property, plant and equipment, depreciation
of investment property, amortisation of intangible assets
Share of profit of equity accounted investees
Total assets
Equity accounted investments
Property, plant and equipment, intangible assets and
investment property
Other assets
Oil and
merchendise
sales
Energy
operations
Total
Statement of
profit or loss/
Statement of
financial
position
707,189,950
(58,698,569)
648,491,381
207,429,720
(28,954,599)
178,475,121
914,619,670
(87,653,168)
826,966,502
826,966,502
9,125,531
548,436
(3,327,016)
4,845,262
320,429
(1,943,842)
13,970,793
868,865
(5,270,858)
13,970,793
868,865
(5,270,858)
(7,702,948)
(174,903)
1,007,512,786
3,376,280
(3,411,095)
2,123,054
438,937,928
166,517,271
(11,114,043)
1,948,151
1,446,450,714
169,893,551
(11,114,043)
1,948,151
1,446,450,714
169,893,551
608,874,919
395,261,587
191,196,599
81,224,058
800,071,518
476,485,645
800,071,518
476,485,645
Current and non-current operating and financial liabilities
662,561,342
182,347,397
844,908,739
844,908,739
* Interest income and expenses are estimated based on a segment's share of investments and assets in total investments and assets.
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
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Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
2. Other revenue
(in EUR)
The Petrol Group
1-3 2016
1-3 2015
Petrol d.d.
1-3 2016
1-3 2015
Utilisation of environmental provisions
Gain on disposal of fixed assets
Compensation received from insurance companies
Other revenue
334,034
167,164
24,819
1,052,889
349,132
24,273
13,064
341,281
332,257
58,093
7,608
465,755
349,132
21,753
3,350
222,531
Total other revenue
1,578,906
727,750
863,713
596,766
3. Costs of material
(in EUR)
The Petrol Group
1-3 2016
1-3 2015
Petrol d.d.
1-3 2016
1-3 2015
Costs of energy
Costs of consumables
Write-off of small tools
Other costs of materials
6,513,572
1,469,032
56,763
147,216
6,232,353
2,486,033
36,525
132,356
2,825,508
1,216,916
11,597
97,564
1,760,073
2,047,165
6,633
78,068
Total costs of materials
8,186,583
8,887,267
4,151,585
3,891,939
4. Costs of services
(in EUR)
Costs of service station managers
Costs of transport services
Costs of fixed-asset maintenance services
Lease payments
Costs of professional services
Costs of payment transactions and bank services
Costs of fairs, advertising and entertainment
Contributions for operations at motorway service areas
Costs of insurance premiums
Costs of fire protection and physical and technical security
Outsourcing costs
Fees for the building site use
Property management
Costs of environmental protection services
Concession charges
Reimbursement of work-related costs to employees
Membership fees
Other costs of services
Total costs of services
The Petrol Group
1-3 2016
1-3 2015
Petrol d.d.
1-3 2016
1-3 2015
7,432,552
6,840,726
2,858,266
2,464,880
1,602,141
1,493,179
1,447,925
1,151,072
899,774
475,083
408,536
368,912
336,588
309,646
286,837
185,512
77,694
787,559
7,038,403
6,664,156
2,525,083
2,293,237
1,409,491
1,850,509
775,002
1,069,422
1,039,509
415,073
358,856
376,518
88,661
371,779
309,587
250,552
94,135
600,857
7,432,552
5,963,144
2,754,792
904,483
1,533,815
1,144,393
1,187,685
951,113
601,198
366,806
1,660
338,539
346,297
194,280
183,990
103,676
54,792
642,043
7,196,008
5,964,259
2,368,420
744,580
1,166,677
1,430,856
578,022
904,838
738,306
320,818
977
344,160
280,186
255,276
190,531
120,502
44,337
515,255
29,426,882
27,530,830
24,705,258
23,164,008
5. Labour costs
(in EUR)
The Petrol Group
1-3 2016
1-3 2015
Petrol d.d.
1-3 2016
1-3 2015
Salaries
Costs of other insurance
Costs of pension insurance
Transport allowance
Meal allowance
Annual leave allowance
Supplementary pension insurance
Other allowances and reimbursements
11,899,143
1,190,763
1,006,250
620,615
503,512
417,947
237,467
997,454
11,254,107
1,158,875
972,530
591,160
468,821
413,526
228,057
745,690
7,848,868
622,177
759,254
361,442
339,957
297,687
208,904
876,327
6,965,658
571,743
692,171
327,213
315,192
274,591
195,756
558,764
Total labour costs
16,873,151
15,832,766
11,314,616
9,901,088
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
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Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
6. Depreciation and amortisation
(in EUR)
Amortisation of intangible assets
Depreciation of property, plant and equipment
Depreciation of investment property
Total depreciation and amortisation
The Petrol Group
1-3 2016
1-3 2015
Petrol d.d.
1-3 2016
1-3 2015
1,602,249
9,244,524
267,270
1,493,916
9,288,518
187,945
1,338,532
6,025,069
275,694
1,213,530
5,997,634
195,077
11,114,043
10,970,379
7,639,295
7,406,241
7. Other costs
(in EUR)
The Petrol Group
1-3 2016
1-3 2015
Petrol d.d.
1-3 2016
1-3 2015
Sponsorships and donations
Environmental charges and charges unrelated to operations
Loss on sale/disposal of property, plant and equipment
Other costs
313,812
234,177
64,331
235,038
335,249
239,779
195,794
425,980
306,001
41,923
63,844
67,321
310,378
31,893
195,648
298,835
Total other costs
847,358
1,196,802
479,089
836,754
8. Other financial income and expenses
(in EUR)
Foreign exchange differences
Gain on derivatives
Interest income
Allowances for receivables reversed and bad debt recovered
Other finance income
The Petrol Group
1-3 2016
1-3 2015
Petrol d.d.
1-3 2016
1-3 2015
4,416,741
6,223,568
868,865
229,639
160,542
2,903,988
16,164,552
1,146,639
952,932
149,492
2,933,292
6,095,482
737,567
139,819
60,539
1,208,091
16,164,552
975,086
10,885
147,849
Total other finance income
11,899,355
21,317,603
9,966,699
18,506,463
Foreign exchange differences
Loss on derivatives
Interest expense
Allowance for opertaing receivables
Other finance expenses
(3,127,217)
(8,936,007)
(5,270,858)
(405,167)
(261,818)
(12,642,749)
(6,299,346)
(5,768,442)
(1,084,991)
(478,398)
(2,062,379)
(8,621,478)
(4,828,711)
(19,887)
(252,357)
(11,019,450)
(6,171,843)
(4,994,244)
(258,170)
(468,270)
(18,001,067)
(26,273,926)
(15,784,812)
(22,911,977)
(6,101,712)
(4,956,323)
(5,818,114)
(4,405,514)
Total other finance expenses
Net finance expense
9. Earnings per share
(in EUR)
Net profit (in EUR)
Number of shares issued
Number of own shares at the beginning of the period
Number of own shares at the end of the period
Weighted average number of ordinary shares issued
Diluted average number of ordinary shares
Basic and diluted earnings per share (EUR/share)
The Petrol Group
31 March 2016
31 March 2015
Petrol d.d.
31 March 2016
31 March 2015
13,970,793
2,086,301
24,703
24,703
2,061,598
2,061,598
13,289,457
2,086,301
24,703
24,703
2,061,598
2,061,598
7,552,662
2,086,301
24,703
24,703
2,061,598
2,061,598
8,123,597
2,086,301
24,703
24,703
2,061,598
2,061,598
6.78
6.45
3.66
3.94
Basic earnings per share are calculated by dividing the owners’ net profit by the weighted
average number of ordinary shares, excluding ordinary shares owned by the Company. The
Group and the Company have no potential dilutive ordinary shares, so the basic and diluted
earnings per share are identical.
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
42/59
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
10. Intangible assets
Intangible assets of the Petrol Group
(in EUR)
Right to use
concession
Software infrastructure
Goodwill
Ongoing
investments
Total
Cost
As at 1 January 2015
New acquisitions
Disposals
Transfer between asset categories
Transfer from ongoing investments
Foreign exchange differences
As at 31 March 2015
15,181,030
0
0
15,385
154,961
207
15,351,583
93,066,746
0
(40,704)
(15,385)
590,133
10,413
93,611,203
106,326,905
0
0
0
0
26,594
106,353,499
2,133,952
4,188,073
0
0
(745,094)
174
5,577,105
216,708,633
4,188,073
(40,704)
0
0
37,388
220,893,390
Accumulated amortisation
As at 1 January 2015
Amortisation
Disposals
Transfer between asset categories
Foreign exchange differences
As at 31 March 2015
(7,842,119)
(519,210)
0
(12,397)
(205)
(8,373,931)
(28,195,383)
(974,706)
349
12,397
(3,507)
(29,160,850)
0
0
0
0
0
0
0
0
0
0
0
0
(36,037,502)
(1,493,916)
349
0
(3,712)
(37,534,782)
Net carrying amount as at 1 January 2015
7,338,911
64,871,363
106,326,905
2,133,952
180,671,131
Net carrying amount as at 31 March 2015
6,977,652
64,450,353
106,353,499
5,577,105
183,358,609
Right to use
concession
Software infrastructure
Goodwill
Ongoing
investments
Total
(in EUR)
Cost
As at 1 January 2016
New acquisitions as a result of takeover
New acquisitions
Disposals
Transfer from ongoing investments
Foreign exchange differences
As at 31 March 2016
17,558,277
0
0
0
208,952
196
17,767,425
100,766,397
0
0
0
476,161
120,303
101,362,861
106,364,856
358,502
0
0
0
198,700
106,922,058
2,784,983
176,144
661,687
(2,153)
(685,113)
2,245
2,937,793
227,474,513
534,646
661,687
(2,153)
0
321,444
228,990,137
(10,013,651)
(591,582)
(557)
(10,605,790)
(33,065,916)
(1,010,667)
(30,884)
(34,107,467)
0
0
0
0
0
0
0
0
(43,079,567)
(1,602,249)
(31,441)
(44,713,257)
Net carrying amount as at 1 January 2016
7,544,626
67,700,481
106,364,856
2,784,983
184,394,946
Net carrying amount as at 31 March 2016
7,161,635
67,255,394
106,922,058
2,937,793
184,276,880
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
43/59
Accumulated amortisation
As at 1 January 2016
Amortisation
Foreign exchange differences
As at 31 March 2016
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
Intangible assets of Petrol d.d., Ljubljana
(in EUR)
Right to use
concession
Software infrastructure
Goodwill
Ongoing
investments
Total
Cost
As at 1 January 2015
14,542,073
72,057,793
85,614,936
2,056,000
174,270,802
0
0
0
3,631,507
3,631,507
151,978
14,694,051
44,813
72,102,606
0
85,614,936
(196,791)
5,490,716
0
177,902,310
As at 1 January 2015
(7,529,001)
(22,619,776)
0
0
(30,148,777)
Amortisation
As at 31 March 2015
(491,973)
(8,020,974)
(721,557)
(23,341,333)
0
0
0
0
(1,213,530)
(31,362,307)
Net carrying amount as at 1 January 2015
7,013,072
49,438,017
85,614,936
2,056,000
144,122,025
Net carrying amount as at 31 March 2015
6,673,077
48,761,273
85,614,936
5,490,716
146,540,003
(in EUR)
Right to use
concession
Software infrastructure
Goodwill
Ongoing
investments
Total
New acquisitions
Transfer from ongoing investments
As at 31 March 2015
Accumulated amortisation
Cost
As at 1 January 2016
17,195,771
76,884,824
89,487,071
2,777,483
186,345,149
0
0
0
324,397
324,397
208,952
17,404,723
468,871
77,353,695
0
89,487,071
(677,823)
2,424,057
0
186,669,547
As at 1 January 2016
(9,738,942)
(26,514,722)
0
0
(36,253,664)
Amortisation
As at 31 March 2016
(581,893)
(10,320,835)
(756,639)
(27,271,361)
0
0
0
0
(1,338,532)
(37,592,196)
Net carrying amount as at 1 January 2016
7,456,829
50,370,102
89,487,071
2,777,483
150,091,485
Net carrying amount as at 31 March 2016
7,083,888
50,082,334
89,487,071
2,424,057
149,077,350
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
44/59
New acquisitions
Transfer from ongoing investments
As at 31 March 2016
Accumulated amortisation
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
11. Property, plant and equipment
Property, plant and equipment of Petrol Group
(in EUR)
Cost
As at 1 January 2015
New acquistions
Disposals
Transfer between assets categories
Transfer from ongoing investments
Transfer to investment property
Transfer from investment property
Foreign exchange differences
As at 31 March 2015
Accumulated depreciation
As at 1 January 2015
Depreciation
Disposals
Transfer between assets categories
Transfer to investment property
Transfer from investment property
Foreign exchange differences
As at 31 March 2015
Ongoing
investments
Land
Buildings
Plant
Equipment
219,902,431
0
0
0
963
(12)
0
140,746
220,044,128
596,237,718
0
(15,087)
23,320
2,093,426
(159,887)
515,458
232,338
598,927,286
39,339,159
0
(107,486)
0
163,643
0
0
14,226
39,409,542
177,117,817
0
(584,409)
(23,320)
5,966,362
0
0
58,913
182,535,363
25,026,435 1,057,623,560
4,217,429
4,217,429
(180,000)
(886,982)
0
0
(8,224,394)
0
0
(159,899)
0
515,458
8,723
454,946
20,848,193 1,061,764,512
(16,050,331) (114,860,489)
(506,902)
(3,166,643)
107,485
519,327
0
23,320
0
0
0
0
(1,478)
(41,341)
(16,451,226) (117,525,826)
0 (447,716,380)
0
(9,288,520)
0
634,493
0
0
0
81,231
0
(500,815)
0
(118,997)
0 (456,908,988)
0 (316,805,561)
0
(5,614,975)
0
7,681
0
(23,320)
0
81,231
0
(500,815)
0
(76,178)
0 (322,931,937)
Total
Net carrying amount as at 1 January 2015
219,902,431
279,432,157
23,288,828
62,257,328
25,026,435
609,907,179
Net carrying amount as at 31 March 2015
220,044,128
275,995,349
22,958,316
65,009,537
20,848,193
604,855,523
Land
Buildings
Plant
Equipment
Ongoing
investments
Total
216,889,113
0
0
(529,916)
719,287
(117,096)
275,240
776,145
218,012,773
623,589,973
0
0
(2,286,652)
1,449,790
(9,969,050)
4,802,189
1,067,272
618,653,522
33,914,127
0
0
(15,792)
280,079
0
0
(1,584)
34,176,830
187,871,229
0
0
(1,012,611)
3,228,157
0
0
349,723
190,436,498
20,809,482 1,083,073,924
988,059
988,059
4,075,351
4,075,351
0
(3,844,971)
(5,677,313)
0
0 (10,086,146)
0
5,077,429
6,772
2,198,328
20,202,351 1,081,481,974
(16,767,864) (121,555,001)
(463,474)
(3,162,829)
15,792
915,163
0
0
0
0
1,452
(255,219)
(17,214,094) (124,057,886)
0 (479,008,211)
0
(9,244,524)
0
1,800,255
0
5,159,351
0
(3,146,424)
0
(655,042)
0 (485,094,595)
(in EUR)
Cost
As at 1 January 2016
New acquistions as a result of takeover
New acquistions
Disposals
Transfer from ongoing investments
Transfer to investment property
Transfer from investment property
Foreign exchange differences
As at 31 March 2016
Accumulated depreciation
As at 1 January 2016
Depreciation
Disposals
Transfer to investment property
Transfer from investment property
Foreign exchange differences
As at 31 March 2016
0 (340,685,347)
0
(5,618,221)
0
869,300
0
5,159,351
0
(3,146,424)
0
(401,275)
0 (343,822,616)
Net carrying amount as at 1 January 2016
216,889,113
282,904,626
17,146,263
66,316,228
20,809,482
604,065,712
Net carrying amount as at 31 March 2016
218,012,773
274,830,906
16,962,736
66,378,612
20,202,351
596,387,378
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
45/59
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
Property, plant and equipment of Petrol d.d., Ljubljana
(in EUR)
Cost
As at 1 January 2015
New acquisitions
Disposals
Transfer from ongoing investments
Transfer to investment property
Transfer from investment property
As at 31 March 2015
Accumulated depreciation
As at 1 January 2015
Depreciation
Disposals
Transfer to investment property
Transfer from investment property
As at 31 March 2015
Land
Buildings
Equipment
Ongoing
investments
Total
115,656,507
0
0
663
(12)
0
115,657,158
462,082,217
0
(15,087)
1,786,294
(159,887)
515,458
464,208,995
151,350,681
0
(489,520)
5,511,244
0
0
156,372,405
18,170,031
3,213,885
(180,000)
(7,298,201)
0
0
13,905,715
747,259,436
3,213,885
(684,607)
0
(159,899)
515,458
750,144,273
0 (306,530,749) (110,918,237)
0
(3,871,172)
(2,126,462)
0
7,681
436,418
0
81,231
0
0
(500,815)
0
0 (310,813,824) (112,608,281)
0 (417,448,986)
0
(5,997,634)
0
444,099
0
81,231
0
(500,815)
0 (423,422,105)
Net carrying amount as at 1 January 2015
115,656,507
155,551,468
40,432,444
18,170,031
329,810,450
Net carrying amount as at 31 March 2015
115,657,158
153,395,171
43,764,124
13,905,715
326,722,168
Land
Buildings
Equipment
Ongoing
investments
Total
112,235,559
0
(52,129)
259,648
(117,096)
275,240
112,601,222
471,001,295
0
(40,747)
1,270,205
(10,128,674)
4,802,189
466,904,268
169,633,896
0
(478,923)
2,731,929
0
0
171,886,902
15,900,194
2,999,227
0
(4,261,782)
0
0
14,637,639
768,770,944
2,999,227
(571,799)
0
(10,245,770)
5,077,429
766,030,031
(in EUR)
Cost
As at 1 January 2016
New acquisitions
Disposals
Transfer from ongoing investments
Transfer to investment property
Transfer from investment property
As at 31 March 2016
Accumulated depreciation
As at 1 January 2016
Depreciation
Disposals
Transfer to investment property
Transfer from investment property
As at 31 March 2016
0 (322,982,864) (118,839,077)
0
(3,713,825)
(2,311,244)
0
17,385
418,291
0
5,159,351
0
0
(3,085,462)
0
0 (324,605,415) (120,732,030)
0 (441,821,941)
0
(6,025,069)
0
435,676
0
5,159,351
0
(3,085,462)
0 (445,337,445)
Net carrying amount as at 1 January 2016
112,235,559
148,018,431
50,794,819
15,900,194
326,949,002
Net carrying amount as at 31 March 2016
112,601,222
142,298,853
51,154,872
14,637,639
320,692,586
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
46/59
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
12. Investment in subsidiaries
Investments in subsidiaries are eliminated from the Group’s financial statements during
consolidation.
Petrol d.d.
31 March 2016
31 March 2015
(in EUR)
As at 1 January
New acquisitions
Merger by absorption
286,097,454
1,322,616
0
284,269,540
16,573,402
(4,600,000)
As at 31 March
287,420,070
296,242,942
13. Investments in jointly controlled entities
(in EUR)
The Petrol Group
31 March 2016
31 March 2015
Petrol d.d.
31 March 2016
31 March 2015
As at 1 January
Attributed profit
New acquisitions
Attribution of changes in the equity of jointly controlled
entities
50,451,020
486,264
0
50,064,833
(4,759)
1
2,512,140
0
0
4,081,683
0
1
0
2,291
0
0
As at 31 March
50,937,284
50,062,366
2,512,140
4,081,684
14. Investments in associates
(in EUR)
The Petrol Group
31 March 2016
31 March 2015
Petrol d.d.
31 March 2016
31 March 2015
As at 1 January
Attributed profit/loss
New acquisitions
117,494,379
1,461,888
0
103,592,923
1,961,143
11,299,997
53,206,341
0
0
53,206,341
0
0
As at 31 March
118,956,267
116,854,063
53,206,341
53,206,341
15. Available for sale financial assets
(in EUR)
The Petrol Group
31 March 2016
31 March 2015
Petrol d.d.
31 March 2016
31 March 2015
As at 1 January
New acquisitions
Disposals
1,764,945
149,349
(77,512)
1,645,185
0
0
1,685,902
149,349
(77,512)
1,515,239
0
0
As at 31 March
1,836,782
1,645,185
1,757,739
1,515,239
16. Inventories
(in EUR)
The Petrol Group
31 December
31 March 2016
2015
Petrol d.d.
31 December
31 March 2016
2015
Spare parts and materials inventories
Merchandise:
- fuel
- other petroleum products
- other merchandise
2,104,069
82,520,308
52,705,297
4,270,497
25,544,514
1,910,100
89,571,968
57,125,464
3,947,003
28,499,501
238,970
66,078,316
41,312,568
3,629,993
21,135,755
239,617
72,524,780
45,604,615
3,259,146
23,661,019
Total inventories
84,624,377
91,482,068
66,317,286
72,764,397
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
47/59
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
17. Current financial receivables
(in EUR)
Loans granted
Adjustment to the value of loans granted
Time deposits with banks (3 months to 1 year)
Interest receivables
Allowance for interest receivables
Finance lease receivables
Total current financial receivables
The Petrol Group
31 December
31 March 2016
2015
Petrol d.d.
31 December
31 March 2016
2015
9,440,907
(3,569,082)
702,731
860,759
(147,756)
88,426
10,412,971
(3,491,509)
704,624
760,947
(143,957)
82,634
20,213,697
(2,481,669)
0
3,421,435
(2,412,822)
90,534
14,208,283
(2,340,002)
0
3,173,719
(2,245,159)
84,043
7,375,985
8,325,710
18,831,175
12,880,885
18. Current operating receivables
(in EUR)
The Petrol Group
31 December
31 March 2016
2015
Petrol d.d.
31 December
31 March 2016
2015
Trade receivables
Allowance for trade receivables
Operating receivables from state and other institutions
Operating interest receivables
Allowance for interest receivables
Receivables from insurance companies (loss events)
Other operating receivables
Allowance for other receivables
347,160,979
(52,655,693)
9,835,313
3,695,434
(1,991,152)
287,008
1,039,468
(384,365)
371,357,701
(52,411,243)
1,600,483
3,945,709
(2,220,010)
366,172
1,900,861
(384,365)
265,121,506
(29,701,621)
5,567,681
4,778,823
(1,817,582)
158,852
40,186
0
276,179,674
(29,857,150)
337,816
4,956,878
(2,021,105)
199,672
86,957
0
Total current operating receivables
306,986,992
324,155,308
244,147,845
249,882,742
19. Financial assets at fair value through profit or loss
(in EUR)
The Petrol Group
31 December
2015
31 March 2016
Petrol d.d.
31 December
31 March 2016
2015
Assets arising from commodity swaps
Assets arising from forward contracts
Assets arising from interest rate swaps
69,980
184,179
95,717
2,295,710
0
0
69,980
184,179
95,717
2,295,710
0
0
Total financial assets at fair value through profit or loss
349,876
2,295,710
349,876
2,295,710
20. Prepayments and other assets
(in EUR)
The Petrol Group
31 December
31 March 2016
2015
Petrol d.d.
31 December
31 March 2016
2015
Prepayments
Prepaid subscriptions, specialised literature, etc.
Prepaid insurance premiums
Uninvoiced services and goods
Other deferred costs and accrued revenue
14,481,755
791,771
244,127
1,224,584
2,847,885
11,755,883
1,215,715
772,710
617,322
1,413,270
8,478,299
480,628
137,020
2,644,368
1,893,043
8,387,709
1,002,731
533,854
594,321
472,355
Total prepayments and other assets
19,590,122
15,774,900
13,633,358
10,990,970
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
48/59
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
21. Financial liabilities
(in EUR)
Current financial liabilities
Bank loans
Bonds issued
Liabilities to banks arising from interest rate swaps
Liabilities arising from commodity swaps
Liabilities to banks arising from forward contracts
Other loans and financial liabilities
Non-current financial liabilities
Bonds issued
Bank loans
Finance lease liabilities
Loans obtained from other companies
Total financial liabilities
The Petrol Group
31 December
31 March 2016
2015
Petrol d.d.
31 December
31 March 2016
2015
28,064,251
40,375,785
906,940
2,488,047
111,352
1,695,581
73,641,956
27,676,799
37,606,775
918,893
1,136,481
1,098,581
1,443,232
69,880,761
16,730,172
40,375,785
0
2,488,047
111,352
68,774,138
128,479,495
16,693,347
37,606,775
0
2,332,383
1,098,581
50,233,264
107,964,350
276,542,669
120,812,238
12,915
0
397,367,822
290,156,311
125,367,754
0
36,915
415,560,980
276,542,669
52,787,646
0
0
329,330,315
290,156,311
55,819,027
0
0
345,975,338
471,009,778
485,441,741
457,809,810
453,939,688
22. Current operating liabilities
(in EUR)
The Petrol Group
31 December
31 March 2016
2015
Petrol d.d.
31 December
31 March 2016
2015
Trade liabilities
Excise duty liabilities
Value added tax liabilities
Environment pollution charge liabilities
Import duty liabilities
Liabilities to employees
Liabilities arising from prepayments and collaterals
Liabilities arising from interests acquired
Other liabilities to the state and other state institutions
Liabilities associated with the allocation of profit or loss
Social security contribution liabilities
Other liabilities
201,059,283
111,448,781
25,506,882
10,466,479
10,054,059
6,837,866
2,254,590
1,533,752
1,175,488
617,485
543,248
1,363,216
291,343,537
58,784,718
18,203,996
11,085,799
7,897,791
6,006,327
3,945,158
1,521,447
1,083,740
627,319
531,762
1,853,294
164,887,056
104,002,822
18,581,801
10,323,728
7,419,827
5,024,090
1,428,856
1,533,752
180,427
617,485
432,751
1,317,048
245,537,011
51,848,822
12,731,938
10,986,981
5,833,750
4,337,163
1,570,822
1,518,029
190,330
627,319
433,285
1,504,053
Total current operating and other liabilities
372,861,129
402,884,888
315,749,643
337,119,503
23. Other liabilities
(in EUR)
Accrued annual leave expenses
Accrued litigation expenses
Accrued expenses for tanker demurrage
Accrued motorway site lease payments
Accrued concession fee costs
Accrued goods shortages
Other accrued costs
Deferred revenue from rebates granted
Deferred default interest income
Deferred prepaid card revenue
Deferred revenue from heating
Other deferred revenue
Total other liabilities
The Petrol Group
31 December
31 March 2016
2015
Petrol d.d.
31 December
31 March 2016
2015
1,697,361
1,100,782
138,492
123,912
188,649
740,083
7,903,164
1,040,096
1,428,686
951,542
147,323
393,708
1,680,575
1,569,831
122,510
119,125
211,885
311,892
7,546,976
541,245
1,425,331
1,737,719
147,323
474,465
1,078,871
793,984
138,492
123,912
137,579
623,400
4,938,848
507,505
1,424,989
910,076
0
215,572
1,078,871
848,169
122,510
119,125
188,047
311,892
5,096,610
167,278
1,424,989
1,684,871
0
278,095
15,853,798
15,888,877
10,893,228
11,320,457
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
49/59
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
24. Financial instruments and risks
This chapter presents disclosures about financial instruments and risks. Risk management is
explained in the business report, in the chapter Risk management.
Credit risk
The Group is exposed to various types of financial risks, which are regularly monitored by
relevant departments and responded to in time by taking appropriate measures and using
various hedging instruments.
Maximum exposure to credit risk represents the carrying amount of financial assets which
was the following as at 31 March 2016:
The Petrol Group
31 December
31 March 2016
2015
(in EUR)
Petrol d.d.
31 December
31 March 2016
2015
Available-for-sale financial assets
Non-current financial receivables
Non-current operating receivables
Current financial receivables
Current operating receivables (excluding receivables from
state)
Financial assets at fair value through profit or loss
Cash and cash equivalents
1,836,782
5,412,582
257,258
7,375,985
1,764,945
5,509,008
918,241
8,325,710
1,757,739
16,482,610
250,238
18,831,175
1,685,902
15,794,952
918,240
12,880,885
297,151,679
349,876
34,013,372
322,554,825
2,295,710
34,350,350
238,580,164
349,876
26,036,310
249,544,926
2,295,710
26,994,577
Total assets
346,397,534
375,718,789
302,288,112
310,115,192
The item that was most exposed to credit risk on the reporting date were short-term
operating receivables.
The Group’s short-term operating receivables by maturity:
Breakdown by maturity
31 to 60 days
61 to 90 days
overdue
overdue
(in EUR)
Not yet due
Up to 30 days
overdue
More than 90
days overdue
Total
Trade receivables
Interest receivables
Other receivables (excluding receivables from state)
271,012,845
1,467,278
1,872,119
27,949,922
99,982
76
9,115,572
65,054
10,473
1,317,424
10,958
0
9,550,696
82,426
0
318,946,459
1,725,698
1,882,668
Total as at 31 December 2015
274,352,242
28,049,980
9,191,099
1,328,382
9,633,122
322,554,825
(in EUR)
Not yet due
Up to 30 days
overdue
Breakdown by maturity
31 to 60 days
61 to 90 days
overdue
overdue
More than 90
days overdue
Total
Trade receivables
Interest receivables
Other receivables (excluding receivables from state)
249,434,158
1,455,606
851,263
23,954,817
130,880
46,718
8,483,082
57,845
21,984
2,564,065
21,581
5,195
10,069,164
38,370
16,951
294,505,286
1,704,282
942,111
Total as at 31 March 2016
251,741,027
24,132,415
8,562,911
2,590,841
10,124,485
297,151,679
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
50/59
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
The Company’s short-term operating receivables by maturity:
Breakdown by maturity
31 to 60 days
61 to 90 days
overdue
overdue
(in EUR)
Not yet due
Up to 30 days
overdue
More than 90
days overdue
Total
Trade receivables
Interest receivables
Other receivables (excluding receivables from state)
214,258,782
15,665
286,629
16,796,468
68,199
0
5,411,099
54,640
0
1,612,145
86,145
0
8,244,029
2,711,124
0
246,322,524
2,935,773
286,629
Total as at 31 December 2015
214,561,077
16,864,668
5,465,740
1,698,291
10,955,155
249,544,926
(in EUR)
Not yet due
Up to 30 days
overdue
Breakdown by maturity
31 to 60 days
61 to 90 days
overdue
overdue
More than 90
days overdue
Trade receivables
Interest receivables
Other receivables (excluding receivables from state)
197,438,586
1,442,515
199,038
20,483,647
94,960
0
4,830,284
16,855
0
Total
1,760,435
0
0
10,906,933
1,406,911
0
235,419,885
2,961,241
199,038
Total as at 31 March 2016
199,080,139
20,578,607
4,847,139
1,760,435
12,313,844
238,580,164
The Group/Company measures the degree of receivables management using day’s sales
outstanding:
(in days)
The Petrol Group
1-3 2016
1-12 2015
Petrol d.d.
1-3 2016
1-12 2015
Days sales outstanding
Contract days
Overdue receivables in days
30
14
31
13
29
12
31
12
Total days sales outstanding
44
44
41
43
Liquidity risk
The Group/Company manages liquidity risks through:
- assuring adequate structural liquidity in accordance with S&P methodology;
- standardised and centralised treasury management at Group level;
- annual funding plan for the Petrol Group as well as monthly and daily planning;
- approach to banks in Slovenia and abroad is handled by the headquarter;
- cash flow planning application for both, parent company and all subsidiaries;
- cash pooling.
Half of the Group’s/Company’s total revenue is generated through its retail network in which
cash and payment cards are used as the means of payment. This ensures regular daily
inflows and mitigates liquidity risks.
In addition, the Group/Company has credit lines at its disposal both in Slovenia and abroad,
the size of which enables the Group to meet all its due liabilities at any given moment. Due to
the financial crisis, the Group/Company now devotes even more attention to the planning of
cash flows, which enables it to anticipate any liquidity surpluses or shortages in time and
manage them optimally.
The majority of financial liabilities arising from long-term and short-term loans are those of
the parent company, where also the majority of revenue is generated.
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
51/59
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
The Group’s liabilities as at 31 December 2015 by maturity:
Contractual cash flows
Carrying
amount of
liabilities
Liability
0 to 6 months
6 to 12 months
1 to 5 years
More than 5
years
Non-current financial liabilities
Non-current operating liabilities (excluding other liabilities)
Current financial liabilities
Current operating liabilities (excluding liabilities to state,
employees and arising from advance payments)
415,560,980
0
69,880,761
448,070,554
0
81,628,872
0
0
27,719,576
0
0
53,909,297
432,127,211
0
0
15,943,343
0
0
295,345,597
295,345,597
294,055,447
1,290,150
0
0
As at 31 December 2015
780,787,338
825,045,023
321,775,023
55,199,447
432,127,211
15,943,343
(in EUR)
The Group’s liabilities as at 31 March 2016 by maturity:
Contractual cash flows
Carrying
amount of
liabilities
Liability
0 to 6 months
6 to 12 months
1 to 5 years
More than 5
years
Non-current financial liabilities
Non-current operating liabilities (excluding other liabilities)
Current financial liabilities
Current operating liabilities (excluding liabilities to state,
employees and arising from advance payments)
397,367,822
24,000
73,641,956
428,369,366
24,000
83,535,442
0
0
28,723,696
0
0
54,811,746
412,586,553
0
0
15,782,813
24,000
0
204,573,736
204,573,736
203,641,459
932,277
0
0
As at 31 March 2016
675,607,514
716,502,544
232,365,155
55,744,023
412,586,553
15,806,813
(in EUR)
The Company’s liabilities as at 31 December 2015 by maturity:
Contractual cash flows
Carrying
amount of
liabilities
Liability
0 to 6 months
6 to 12 months
1 to 5 years
More than 5
years
Non-current financial liabilities
Non-current operating liabilities (excluding other liabilities)
Current financial liabilities
Current operating liabilities (excluding liabilities to state,
employees and arising from advance payments)
345,975,338
0
107,964,350
374,805,094
0
121,476,905
0
0
34,977,149
0
0
86,499,756
372,896,724
0
0
1,908,370
0
0
249,186,412
249,186,412
247,124,948
2,061,464
0
0
As at 31 December 2015
703,126,100
745,468,412
282,102,097
88,561,220
372,896,724
1,908,370
(in EUR)
The Company’s liabilities as at 31 March 2016 by maturity:
Contractual cash flows
Carrying
amount of
liabilities
Liability
0 to 6 months
6 to 12 months
1 to 5 years
More than 5
years
Non-current financial liabilities
Non-current operating liabilities (excluding other liabilities)
Current financial liabilities
Current operating liabilities (excluding liabilities to state,
employees and arising from advance payments)
329,330,315
24,000
128,479,495
357,164,905
24,000
136,859,016
0
0
27,734,084
0
0
109,124,932
355,256,535
0
0
1,908,370
24,000
0
168,355,341
168,355,341
167,861,535
As at 31 March 2016
626,189,151
662,403,262
195,595,619
(in EUR)
110,397
109,235,329
383,409
0
355,639,944
1,932,370
Foreign exchange risk
The Group/Company is exposed to the EUR/USD foreign exchange risk as it purchases
petroleum products in US dollars, while sales in the domestic and foreign markets are made
in local currencies.
Hedging is performed in accordance with the Group’s rules for the management of price and
foreign exchange risks prepared on the basis of the Decree Setting Prices for Petroleum
Products. The exposure to changes in the EUR/USD exchange rate is hedged against using
foreign exchange hedging. The EUR/USD exchange rate is thus fixed at the rate recognised
under the Decree Setting Prices for Petroleum Products and the margin is maintained. The
hedging instruments used are forward contracts entered into with banks.
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
52/59
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
Considering that forward contracts for hedging against foreign exchange risks are entered
into with first-class Slovene banks, the Group/Company estimates that the counterparty
default risk is minimal.
The Group is exposed to foreign exchange risks also in dealing with subsidiaries in SE
Europe. The risk incurred is a risk of changes in the EUR/HRK exchange rate arising from
the sales of euro-denominated goods in Croatia. Considering that due to low volatility of the
HRK currency towards EUR and an illiquid market in Croatia the cost of hedging against
changes in the above exchange rates would be too expensive and that the above items
represent only a small part of the Group’s operations, the Group is not exposed to significant
risks in this area.
The Group/Company regularly evaluates potential losses from currency changes in
accordance with the VaR method.
The Group/Company is most exposed towards EUR/USD changes in exchange rate – both
in terms of value and volatility of the EUR/USD rate. Price model valid on the Slovenian
market, where we are most exposed to changes in the dollar exchange rate, allows us the
change of exchange rate to be transferred into the retail price. This changes every 14 days
and to protect these prices we use forward contracts.
Exposure to the exchange rates on the markets on which the Group/Company is present with
its companies is either smaller or their rates against the euro are significantly less volatile.
We estimate that the change in the exchange rate would not have a significant impact on
operating profit.
In 2016 the Group/Company was also exposed to certain other currencies (RON, HUF),
which were hedged using derivative financial instruments.
Price risk
The Group/Company hedges petroleum product prices primarily by using commodity swaps
(variable to fixed price swap). Partners in this area include global financial institutions and
banks or suppliers of goods, which is why the Group/Company believes that the counterparty
default risk is nil.
Interest rate risk
In the financing of capital investments and current operations, interest rate risks are incurred
as the Group/Company enters into long and short-term loan agreements based on Euribor,
which changes on a daily basis. Interest rate hedging is conducted in accordance with the
Group’s policy for hedging against business risks as laid down in the Rules on business risk
management and Group’s policy for hedging against interest rate risks of the Petrol Group. In
2015 we redefined the limits of exposure to interest rate risk. They take into account the risk
of changes in Euribor over the next year and cumulative over the next five years.
Cash flow hedging of interest rate risks is performed by the use of the following instruments:
- partly through current operations (the Group’s/Company’s interest rate on operating
receivables being Euribor-based),
- partly through financial markets (the interest rate on bank deposits being Euribor-based),
- partly through forward markets by entering into interest rate swaps and
- partly through providing sources of finance with fixed interest rate.
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
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Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
Hedging through the use of derivatives is aimed at achieving a fixed interest rate and,
consequently, constant cash flows (cash flow hedging) amounting to the fixed interest rate
plus an interest margin. The Group/Company therefore recognises the instrument designated
as effective directly in equity.
To hedge against interest rate risks, the Group/Company uses multiple financial instruments,
of which most frequently the interest rate swap (IRS).
Because partners in this area include first-class Slovene banks, the Group/Company
estimates that the counterparty default risk is minimal.
Equity management
The main purpose of equity management is to ensure capital adequacy, the best possible
financial stability, and long-term solvency for the purpose of financing operations and
achieving maximum shareholder value. The Group/Company achieves this also through a
dividend payout policy to the Company’s owners.
Testifying to our financial stability are the "BBB-" credit rating received from S&P at the end
of June 2014 and the successful international issuance of eurobonds worth a total of EUR
265 million. Thanks to the long-term funds obtained we have been able to improve
significantly our capital structure and the financing of our long-term investments with longterm funding sources. On 29 June 2015, Standard & Poor‘s Ratings Services affirmed the
„BBB-“ long-term credit rating and the „A-3“ short-term credit rating of Petrol d.d., Ljubljana,
revising the credit rating outlook from „negative“ to „stable“.
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
54/59
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
Carrying amount and fair value of financial instruments
(in EUR)
Non-derivative financial assets at fair value
Available-for-sale financial assets
Non-derivative financial assets at amortised cost
Financial receivables
Operating receivables (excluding receivables from the state and noncurrent operating receivables)
Cash, cash equivalents and corporate income tax assets
Total non-derivative financial assets
The Petrol Group
31 March 2016
31 December 2015
Carrying
Carrying
amount
Fair value
amount
Fair value
1,836,782
1,836,782
1,764,945
1,764,945
12,788,567
12,788,567
13,834,718
13,834,718
297,151,679
34,180,296
297,151,679
34,180,296
322,554,825
34,595,395
322,554,825
34,595,395
345,957,324
345,957,324
372,749,883
372,749,883
Non-derivative financial liabilities at amortised cost
Bank loans and other financial liabilities (excluding derivative financial
instruments)
Operating liabilities (excluding other non-current liabilities, current
liabilities to the state, employees and arising from advance payments)
(467,503,439)
(467,503,439)
(482,287,786)
(482,287,786)
(204,573,736)
(204,573,736)
(295,345,597)
(295,345,597)
Total non-derivative financial liabilities
(672,077,175)
(672,077,175)
(777,633,383)
(777,633,383)
Derivative financial instruments at fair value
Derivative financial instruments (assets)
Derivative financial instruments (liabilities)
349,876
(3,506,339)
349,876
(3,506,339)
2,295,710
(3,153,955)
2,295,710
(3,153,955)
Total derivative financial instruments
(3,156,463)
(3,156,463)
(858,245)
(858,245)
(in EUR)
Petrol d.d.
31 March 2016
Carrying
amount
Fair value
31 December 2015
Carrying
amount
Fair value
1,757,739
1,757,739
1,685,902
1,685,902
Non-derivative financial assets at fair value
Available-for-sale financial assets
Non-derivative financial assets at amortised cost
Financial receivables
Operating receivables (excluding receivables from the state and noncurrent operating receivables)
Cash, cash equivalents and corporate income tax assets
35,313,785
35,313,785
28,675,837
28,675,837
238,580,164
26,036,310
238,580,164
26,036,310
249,544,926
26,994,577
249,544,926
26,994,577
Total non-derivative financial assets
301,687,998
301,687,998
306,901,242
306,901,242
Non-derivative financial liabilities at amortised cost
Bank loans and other financial liabilities (excluding derivative financial
instruments)
Operating liabilities (excluding other non-current liabilities, current
liabilities to the state, employees and arising from advance payments)
(455,210,411)
(455,210,411)
(450,508,724)
(450,508,724)
(168,355,341)
(168,355,341)
(249,186,412)
(249,186,412)
Total non-derivative financial liabilities
(623,565,752)
(623,565,752)
(699,695,136)
(699,695,136)
Derivative financial instruments at fair value
Derivative financial instruments (assets)
Derivative financial instruments (liabilities)
349,876
(2,599,399)
349,876
(2,599,399)
2,295,710
(3,430,964)
2,295,710
(3,430,964)
Total derivative financial instruments
(2,249,523)
(2,249,523)
(1,135,254)
(1,135,254)
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
55/59
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
25. Related party transactions
The Petrol Group
(in EUR)
Petrol d.d.
1-3 2016
1-3 2015
1-3 2016
1-3 2015
Sales revenue
Subsidiaries
Jointly controlled entities
Associates
4,268,707
368,502
1,613,979
389,635
52,875,456
4,058,761
368,502
71,479,014
1,400,449
389,635
Cost of goods sold
Subsidiaries
Jointly controlled entities
Associates
11,502,300
9,595,865
5,936,957
12,684,978
8,341,391
3,843,582
24,139
9,476,162
2,746,834
1,080
Cost of materials
Subsidiaries
Jointly controlled entities
Associates
71,997
93,399
151,467
168,968
623,164
71,063
25,397
595,671
618
100,627
1,063
7,520
938,210
1,063
1,119,996
7,367
Other costs
Subsidiaries
Jointly controlled entities
6
16
47,252
0
20,392
0
Other revenue
Associates
0
7,390
0
0
Finance income from interests in Group companies
Jointly controlled entities
Associates
571,047
1,552,006
143,808
1,911,739
0
0
0
0
Finance expenses for interests in Group companies
Jointly controlled entities
Associates
84,784
90,118
148,567
99,163
0
0
0
0
Finance income for interest
Subsidiaries
Jointly controlled entities
48,438
78,850
9,114
48,438
158,079
78,850
Finance expenses for interest
Subsidiaries
Associates
15,293
0
264,817
12,746
456,578
0
Cost of services
Subsidiaries
Associates
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
56/59
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
The Petrol Group
Petrol d.d.
31 March 2016
31 December
2015
31 March 2016
31 December
2015
Investments in Group companies
Subsidiaries
Jointly controlled entities
Associates
50,937,284
118,956,267
50,451,020
117,494,379
287,420,070
2,512,140
53,206,341
286,097,454
2,512,140
53,206,341
Non-current financial receivables
Subsidiaries
Jointly controlled entities
3,525,233
3,890,309
11,280,005
3,525,233
10,495,956
3,890,309
Current operating receivables
Subsidiaries
Jointly controlled entities
Associates
2,351,554
173,493
4,396,983
288,336
24,110,788
2,262,818
173,493
24,771,942
4,293,538
288,336
604,924
541,000
12,628,454
604,924
6,371,220
541,000
-
-
1,022,473
909,636
Current financial liabilities
Subsidiaries
Jointly controlled entities
Associates
1,292,749
4,372
1,308,445
0
67,397,967
1,292,749
47,372
48,815,819
1,308,445
0
Current operating liabilities
Subsidiaries
Jointly controlled entities
Associates
9,312,514
3,137,411
5,100,994
6,339,325
4,754,647
2,437,551
176
4,914,580
4,238,983
61,402
(in EUR)
Current financial receivables
Subsidiaries
Jointly controlled entities
Short-term deposits (up to 3 months)
Subsidiaries
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
57/59
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
26. Contingent liabilities
Contingent liabilities for guarantees issued
(in EUR)
Guarantee issued to:
Petrol d.o.o.
Petrol BH Oil Company d.o.o.
Petrol-Trade Handelsges.m.b.H.
Petrol Energetika d.o.o.
Petrol Crna Gora MNE
Petrol d.o.o. Beograd
Petrol Plin d.o.o.
Aquasystems d.o.o.
Petrol Geoterm d.o.o.
ELTEC Petrol d.o.o. Beograd
Petrol Tehnologija d.o.o.
ELTEC Petrol Hrvatska
Total
Other guarantees
Bills of exchange issued as security
Total contingent liabilities for guarantees issued
Petrol d.d.
31 December
31 March 2016
2015
Petrol d.d.
31 December
31 March 2016
2015
Value of guarantee issued
128,109,567
130,320,738
35,973,934
37,763,456
25,200,000
25,200,000
9,574,646
10,874,646
10,880,000
10,880,000
10,271,581
10,286,923
4,545,772
4,478,817
911,309
911,309
863,199
796,954
360,000
360,000
100,000
100,000
98,332
96,884
500,000
0
Guarantee amount used
73,291,367
75,350,412
21,233,000
21,842,573
1,600,000
2,750,000
1,324,646
7,772,678
1,894,972
2,036,550
2,367,265
1,570,000
451,457
701,370
911,309
911,309
270,348
224,086
4,075
27,229
0
0
49,166
78,505
222,650
0
227,388,340
232,069,727
103,620,255
113,264,712
11,308,172
2,337,220
16,190,445
2,373,804
11,308,172
2,337,220
16,190,445
2,373,804
241,033,732
250,633,976
117,265,647
131,828,961
The value of a guarantee issued represents the maximum value of the guarantee issued,
whereas the guarantee amount used represents a value corresponding to a company’s liability
for which the guarantee has been issued.
Contingent liabilities for lawsuits
The total value of lawsuits against the Company as defendant and debtor totals EUR
34,618,807. The Company’s management estimates that there is a possibility that some of
these lawsuits will be lost. As a result, the Company set aside short-term provisions, which
stood at EUR 793,984 as at 31 March 2015.
The total value of lawsuits against the Group as defendant and debtor totals EUR
35,925,605. The Group’s management estimates that there is a possibility that some of these
lawsuits will be lost. As a result, the Group set aside short-term provisions, which stood at
EUR 1,100,782 as at 31 March 2015.
27. Events after the reporting date
There were no events after the reporting date that would significantly affect the financial
statements for the first three months of year 2016.
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
58/59
Report on the operations of the Petrol Group and the company Petrol d.d., Ljubljana in the first three months of 2016
APPENDIX 1: ORGANISATIONAL STRUCTURE OF THE PETROL GROUP
The Petrol Group as at 31 March 2016
ENERGY ACTIVITIES
OIL AND
MERCHANDISE SALES
IN SLOVENIA
OIL AND MERCHANDISE
SALES ABROAD
GAS AND HEAT
ELECTRICITY
ENVIROMENTAL AND
ENERGY SOLUTIONS
PETROL d.d., Ljubljana
PETROL TEHNOLOGIJA, d.o.o.
(100%)
MARCHE GOSTINSTVO d.o.o.
(25%)
PETROL d.o.o.
(100%)
PETROL ENERGETIKA d.o.o.
(99.38%)
PETROL BH OIL COMPANY d.o.o.
Sarajevo
(100%)
PETROL PLIN d.o.o.
(100 %)
PETROL d.o.o. BEOGRAD
(100%)
RODGAS AD Bačka Topola
(89.64%)
PETROL CRNA GORA MNE d.o.o.
(100%)
BEOGAS INVEST d.o.o.
(100%)
IG ENERGETSKI SISTEMI d.o.o.
(100%)
GEN-I, d.o.o.
(50%)
PETROL GEOTERM d.o.o.
(100%)
ELTEC PETROL HRVATSKA d.o.o.
(100%)
INTRADE ENERGIJA d.o.o. Sarajevo
(51%)
ELTEC PETROL d.o.o. Beograd
(100%)
PETROL-TRADE
HANDELSGES.m.b.H.
(100%)
BEOGAS AD
(100%)
PETROL-ENERGETIKA DOOEL Skopje
(100%)
ENERGETIKA ČRNOMELJ, d.o.o.
(50.7%)
PETROL - OTI - SLOVENIJA L.L.C.
(51%)
DOMINGAS d.o.o.
(100%)
PETROL BUCHAREST ROM S.R.L.
(100%)
AQUASYSTEMS d.o.o.
(26%)
EKOPUR d.o.o.
(100%)
GEOPLIN d.o.o., Ljubljana
(7.09%)
PETROL LPG d.o.o. Beograd
(51%)
TIGAR PETROL d.o.o.
(100%)
PETROL PRAHA CZ S.R.O.
(100%)
PETROL HIDROENERGIJA d.o.o. Teslić
(80%)
PETROL TRADE SLOVENIJA LLC.
(100%)
VJETROELEKTRARNE GLUNČA d.o.o.
(100%)
GEOENERGO d.o.o.
(50%)
SOENERGETIKA d.o.o.
(25%)
GEOPLIN d.o.o. Ljubljana
(31.98%)
The parent company
Subsidiaries
Jointly controlled entities
Associates
Entered into the Companies Register of the District Court of Ljubljana; Company Registration Number: 5025796000; Share capital: EUR 52,240,977.04,
VAT ID: SI80267432
59/59