TIDM74JJ
RNS Number : 3471D
Petrol AD
30 November 2009
CONSOLIDATED FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2009
Table of contents
Consolidated financial statements as of September 30, 20093
Notes to the consolidated financial statements 9
Consolidated financial statements
as of September 30, 2009
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the nine months ended September 30, 2009
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| |Notes | Nine | Nine | Three | Three |
| | | months | months | months | months |
| | No | ended | ended | ended | ended |
| | | September | September | September | September |
| | | 30, 2009 | 30, | 30, 2009 | 30, |
| | | BGN'000 | 2008 | BGN'000 | 2008 |
| | | | BGN'000 | | BGN'000 |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| | | | | | |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| Revenue | 6 | 763,134 | 1,126,669 | 292,678 | 396,106 |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| Other income | 7 | 7,975 | 393,636 | 782 | 41,431 |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| | | | | | |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| Cost of goods sold | | (693,193) | (1,033,468) | (266,388) | (371,265) |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| Materials | 8 | (5,450) | (9,062) | (1,650) | (3,196) |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| Hired services | 9 | (28,045) | (33,295) | (10,038) | (12,097) |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| Employee benefits expenses | 10 | (16,725) | (19,162) | (5,486) | (5,823) |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| Depreciation | 11 | (13,434) | (12,156) | (4,303) | (3,830) |
| and | | | | | |
| amortization | | | | | |
| expenses | | | | | |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| Other expenses | 12 | (6,614) | (7,782) | (2,426) | (1,707) |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| | | | | | |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| Finance income | 13 | 3,035 | 8,861 | 1,281 | 8,242 |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| Finance costs | 13 | (16,263) | (91,778) | (5,339) | (7,732) |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| Share of profit of associates | 16 | 410 | 459 | 75 | 242 |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| | | | | | |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| Profit (loss) before tax | | (5,170) | 322,922 | (814) | 40,371 |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| | | | | | |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| Income tax benefit (expense) | 14 | 42 | (41,786) | (61) | (3,529) |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| | | | | | |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| Profit (loss) for the period | | (5,128) | 281,136 | (875) | 36,842 |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| | | | | | |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| Other comprehensive income | | - | - | - | - |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| | | | | | |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| Total comprehensive income for | | (5,128) | 281,136 | (875) | 36,842 |
| the period | | | | | |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| | | | | | |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| Profit (loss) attributable to: | | | | | |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| | | | | | |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| Owners of the Parent | | (5,128) | 281,174 | (875) | 36,842 |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| Non-controlling interest | | - | (38) | - | - |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| | | | | | |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| Total comprehensive income | | | | | |
| attributable to: | | | | | |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| | | | | | |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| Owners of the Parent | | (5,128) | 281,174 | (875) | 36,842 |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| Non-controlling interest | | - | (38) | - | - |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| | | | | | |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
| Earnings (loss) per share (BGN) | 32 | (0.08) | 3.13 | (0.01) | 0.45 |
+----------------------------------+-------+-----------+-------------+-----------+-----------+
These consolidated financial statements have been approved on behalf of Petrol
AD by:
+-------------------------+-----------+---------------------+
| | | |
+-------------------------+-----------+---------------------+
Svetoslav YordanovDesislava Todorova
Executive Director Chief Accountant
November 27, 2009
(The accompanying notes from page 9 to page 43 are an integral part of these
consolidated financial statements)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as of September 30, 2009
+---------------------------------------+-------+-------------------+-----------------+----------+
| |Notes | September | June 30, | December |
| | No | 30, | 2009 | 31, |
| | | 2009 | BGN'000 | 2008 |
| | | BGN'000 | | BGN'000 |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Non-current assets | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Property, plant, | 15 | 165,792 | 165,529 | 167,338 |
| equipment and | | | | |
| intangible assets | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Investments in | 16 | 15,420 | 15,345 | 15,776 |
| associates and other | | | | |
| investments | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Goodwill | 17 | 18,297 | 18,297 | 18,297 |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Interest-bearing loans | 18 | 28,860 | 28,860 | 28,922 |
| granted | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Other long-term | 19 | 274 | 274 | 274 |
| receivables | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Total non-current assets | | 228,643 | 228,305 | 230,607 |
+---------------------------------------+-------+-------------------+-----------------+----------+
| | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Current assets | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Inventories | 20 | 47,436 | 49,836 | 45,912 |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Trade and other | 21 | 83,045 | 69,623 | 77,405 |
| receivables, net | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Interest-bearing loans | 18 | 12,045 | 51 | 7,989 |
| granted | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Cash and cash | 22 | 15,616 | 24,578 | 23,318 |
| equivalents | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Income tax receivable | 28 | - | 132 | - |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Non-current assets, | 23 | 2,514 | 2,669 | 3,807 |
| held for sale | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Total current assets | | 160,656 | 146,889 | 158,431 |
+---------------------------------------+-------+-------------------+-----------------+----------+
| | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Total assets | | 389,299 | 375,194 | 389,038 |
+---------------------------------------+-------+-------------------+-----------------+----------+
| | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Current liabilities | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Trade and other | 24 | 126,716 | 125,085 | 136,183 |
| payables | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Interest-bearing loans | 25 | 27,217 | 13,195 | 9,194 |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Finance lease | 26 | 1,773 | 1,817 | 1,989 |
| liabilities | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Derivative liabilities | 27 | - | 330 | 205 |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Income tax payable | 28 | 417 | - | 1,193 |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Retirement benefits | 29 | 46 | 46 | 46 |
| obligations | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Total current liabilities | | 156,169 | 140,473 | 148,810 |
+---------------------------------------+-------+-------------------+-----------------+----------+
| | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Non-current liabilities | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Interest-bearing loans | 25 | 195,291 | 195,102 | 195,002 |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Finance lease | 26 | 4,587 | 5,002 | 5,884 |
| liabilities | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Deferred tax | 14 | 608 | 1,127 | 2,297 |
| liabilities | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Retirement benefits | 29 | 325 | 325 | 325 |
| obligations | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Total non-current liabilities | | 200,811 | 201,556 | 203,508 |
+---------------------------------------+-------+-------------------+-----------------+----------+
| | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Net assets | | 32,319 | 33,165 | 36,720 |
+---------------------------------------+-------+-------------------+-----------------+----------+
| | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Equity attributable to the equity | | | | |
| holders of the Parent | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Share capital | 30 | 63,566 | 63,568 | 63,471 |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Accumulated loss | | (70,759) | (70,212) | (67,395) |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Revaluation reserve | 31 | 20,648 | 20,945 | 21,780 |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Other reserves | | 18,864 | 18,864 | 18,864 |
+---------------------------------------+-------+-------------------+-----------------+----------+
| | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Total equity, owned by the owners of | | 32,319 | 33,165 | 36,720 |
| the Parent Company | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Non-controlling interest | | - | - | - |
+---------------------------------------+-------+-------------------+-----------------+----------+
| | | | | |
+---------------------------------------+-------+-------------------+-----------------+----------+
| Total equity | | 32,319 | 33,165 | 36,720 |
+---------------------------------------+-------+-------------------+-----------------+----------+
These consolidated financial statements have been approved on behalf of Petrol
AD by:
+-------------------------+-----------+---------------------+
| | | |
+-------------------------+-----------+---------------------+
Svetoslav YordanovDesislava Todorova
Executive Director Chief Accountant
November 27, 2009
(The accompanying notes from page 9 to page 43 are an integral part of these
consolidated financial statements)
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY
For the nine months ended September 30, 2009
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| | Equity attributable to the owners of the | Non-controlling | Total |
| | Parent | interest | equity |
| | | | |
+---------------------+------------------------------------------------------------+-----------------+-----------+
| | Share | Revaluation | Other | Retained | Total | BGN'000 | BGN'000 |
| | capital | reserve | reserves | earnings | BGN'000 | | |
| | BGN'000 | BGN'000 | BGN'000 | BGN'000 | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| | | | | | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| Balance at January | 103,623 | 28,137 | 18,864 | (46,928) | 103,696 | 38 | 103,734 |
| 1, 2008, | | | | | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| | | | | | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| Profit/(loss) for | - | - | - | 281,174 | 281,174 | (38) | 281,136 |
| the period | | | | | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| | | | | | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| Total comprehensive | - | - | - | 281,174 | 281,174 | (38) | 281,136 |
| income for the | | | | | | | |
| period | | | | | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| | | | | | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| Revaluation reserve | - | (5,520) | - | 5,520 | - | - | - |
| of disposed | | | | | | | |
| non-current assets | | | | | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| Treasury shares | (21,072) | - | - | (70,803) | (91,875) | - | (91,875) |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| | | | | | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| Balance at | 82,551 | 22,617 | 18,864 | 168,963 | 292,995 | - | 292,995 |
| September 30, 2008 | | | | | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| | | | | | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| Profit/(loss) for | - | - | - | (54,953) | (54,953) | - | (54,953) |
| the period | | | | | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| | | | | | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| Total comprehensive | - | - | - | (54,953) | (54,953) | - | (54,953) |
| income for the | | | | | | | |
| period | | | | | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| | | | | | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| Revaluation reserve | - | (837) | - | 837 | - | - | - |
| of disposed | | | | | | | |
| non-current assets | | | | | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| Treasury shares | (19,080) | - | - | (182,242) | (201,322) | - | (201,322) |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| | | | | | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| Balance at December | 63,471 | 21,780 | 18,864 | (67,395) | | - | 36,720 |
| 31, 2008 | | | | | 36,720 | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| | | | | | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| Profit/(loss) for | - | - | - | (5,128) | (5,128) | - | (5,128) |
| the period | | | | | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| | | | | | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| Total comprehensive | - | - | - | (5,128) | (5,128) | - | (5,128) |
| income for the | | | | | | | |
| period | | | | | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| | | | | | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| Revaluation reserve | - | (1,132) | - | 1,132 | - | - | - |
| of disposed | | | | | | | |
| non-current assets | | | | | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| Unclaimed dividends | - | - | - | 46 | 46 | - | 46 |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| Treasury shares | 95 | - | - | 586 | 681 | - | 681 |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| | | | | | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
| Balance at | 63,566 | 20,648 | 18,864 | (70,759) | 32,319 | - | 32,319 |
| September 30, 2009 | | | | | | | |
+---------------------+----------+-------------+----------+-----------+------------+-----------------+-----------+
These consolidated financial statements have been approved on behalf of Petrol
AD by:
+-------------------------+-----------+---------------------+
| | | |
+-------------------------+-----------+---------------------+
Svetoslav YordanovDesislava Todorova
Executive Director Chief Accountant
November 27, 2009
(The accompanying notes from page 9 to page 43 are an integral part of these
consolidated financial statements)
CONSOLIDATED STATEMENT OF CASH FLOWS
For the nine months ended September 30, 2009
+--------------------------------------+-----------+-----------+-----------+-----------+
| | Nine | Nine | Three | Three |
| | months | months | months | months |
| | ended | ended | ended | ended |
| | September | September | September | September |
| | 30, 2009 | 30, | 30, | 30, |
| | BGN'000 | 2008 | 2009 | 2008 |
| | | BGN'000 | BGN'000 | BGN'000 |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Cash flows from operating activities | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Net profit (loss) before taxation | (5,170) | 322,922 | (814) | 40,371 |
+--------------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Adjustments for: | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Depreciation and | 13,434 | 12,156 | 4,303 | 3,830 |
| amortization of | | | | |
| non-current assets | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Interest expenses, bank | 12,311 | 11,895 | 4,317 | 3,343 |
| fees and commissions, | | | | |
| net | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Shortages of assets, | 1,759 | 1,378 | 936 | 400 |
| net of surpluses | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Provisions for unused | 424 | 749 | 164 | 452 |
| annual paid leave | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Low cost assets written | - | 1,631 | - | 551 |
| off | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Impairment of assets | 37 | - | 35 | - |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Net effect from | (410) | (459) | (75) | (242) |
| applying the equity | | | | |
| method | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Loss on sale of | 1,196 | 73,441 | 50 | 1,933 |
| derivatives | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| (Gain) loss on sale and | 5,309 | (391,532) | 11,066 | (32,007) |
| liquidation of | | | | |
| non-current assets | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Unrealized foreign | - | 2,270 | - | 12 |
| exchange gain | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Cash flows provided by operating | 28,890 | 34,451 | 19,982 | 18,643 |
| activities | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Interest and bank fees and | (2,778) | (3,891) | (970) | (469) |
| commissions paid | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Income taxes paid | (7,424) | (10,681) | (31) | (10,601) |
+--------------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Operating profit before changes in | 18,688 | 19,879 | 18,981 | 7,573 |
| working capital | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Increase (decrease) in trade | (3,422) | (86,202) | 1,894 | (11,322) |
| payables | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Decrease (increase) in inventories | (3,283) | 82,018 | 1,464 | 10,345 |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Decrease (increase) in trade | 2,209 | (94,454) | (14,774) | (16,594) |
| receivables | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Net cash generated (used) by | 14,192 | (78,759) | 7,565 | (9,998) |
| operating activities | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Cash flows from investing activities | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Payments for | (11,738) | (25,296) | (5,739) | (8,676) |
| acquisitions of | | | | |
| non-current assets | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Proceeds on disposal of | 1,015 | 346,714 | 418 | 18,372 |
| non-current assets, | | | | |
| including prepayments | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Interest received on | 1,961 | 1,723 | 643 | 244 |
| investment loans and | | | | |
| deposits and other | | | | |
| financial income | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Net payments from | (1,179) | (65,934) | 2 | 7,837 |
| derivative transactions | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Dividends received | 766 | - | 766 | - |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Payments for investment | (3,994) | (51,123) | (11,994) | (45,419) |
| deposits and loans | | | | |
| granted, net | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Net cash provided by (used in) | (13,169) | 206,084 | (15,904) | (27,642) |
| investing activities | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
CONSOLIDATED STATEMENT OF CASH FLOWS (continued)
For the nine months ended September 30, 2009
+--------------------------------------+-----------+-----------+-----------+-----------+
| | Nine | Nine | Three | Three |
| | months | months | months | months |
| | ended | ended | ended | ended |
| | September | September | September | September |
| | 30, 2009 | 30, | 30, | 30, |
| | BGN'000 | 2008 | 2009 | 2008 |
| | | BGN'000 | BGN'000 | BGN'000 |
+--------------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Cash flows from financing activities | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Proceeds (payments) for treasury | 681 | (91,875) | (17) | (1,206) |
| shares | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Proceeds from bank and trade loans | 10,307 | 20,277 | 9,012 | 14,517 |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Payments for bank and trade loans | (4,916) | (59,218) | 830 | (358) |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Dividends paid | (3) | (10) | (3) | - |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Finance lease payments | (1,580) | (1,584) | (458) | (507) |
+--------------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Net cash provided by (used | 4,489 | (132,410) | 9,364 | 12,446 |
| in) financing activities | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Net increase (decrease) in cash and | 5,512 | (5,085) | 1,025 | (25,194) |
| cash equivalents for the period | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Cash and cash equivalents at the | 10,014 | 55,956 | 14,501 | 76,065 |
| beginning of the period | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
| Cash and cash equivalents at the end | 15,526 | 50,871 | 15,526 | 50,871 |
| of the period | | | | |
+--------------------------------------+-----------+-----------+-----------+-----------+
These consolidated financial statements have been approved on behalf of Petrol
AD by:
+-------------------------+-----------+---------------------+
| | | |
+-------------------------+-----------+---------------------+
Svetoslav YordanovDesislava Todorova
Executive Director Chief Accountant
November 27, 2009
(The accompanying notes from page 9 to page 43 are an integral part of these
consolidated financial statements)
Notes
to the consolidated financial statements
as of September 30, 2009
1. Legal status
Petrol AD (the Parent company) is registered in Sofia. The headquarters of the
Parent company is located at 43, Cherni Vruh Blvd. Sofia. As of September 30,
2009 the majority shareholder of
Petrol AD is Petrol Holding AD with 55.45
% ownership of the share capital (see note 30).
Effective from July 1, 1998 Petrol AD is registered as a public company in the
Public Register of the Financial Supervision Commission.
The main activities of Petrol AD and its subsidiaries (the Group) comprise
retail and wholesale of oil and non-oil products, rendering of transport
services and maintenance. The Parent company is one of the oldest commercial
companies in Bulgaria and owns the largest network of fuel stations in the
country.
These consolidated financial statements have been approved for issue by the
management on November 27, 2009.
2. Basis for preparation of the consolidated financial statements and accounting
principles
2.1.Basis for preparation of the consolidated financial statements
The Group prepares and presents its consolidated financial statements in
accordance with International Financial Reporting Standards (IFRS), issued by
the International Accounting Standards Board (IASB) and the interpretations,
issued by the International Financial Reporting Interpretations Committee
(IFRIC), as approved by the European Union Commission (the Commission) and
applicable in the Republic of Bulgaria. IFRS as adopted by the Commission do not
differ from IFRS, issued by the IASB, and are effective for reporting periods
ended as of September 30, 2009, except for certain requirements for hedge
reporting in accordance with the IAS 39 Financial Instruments: Recognition and
Measurement, which has not been adopted by the Commission. The management
believes that if the hedge requirements have been approved by the Commission it
would have no influence on these financial statements.
These consolidated financial statements are prepared under the historical cost
convention, except for the assets (liabilities), which are stated at fair value
- financial assets (liabilities), including derivatives, reported at fair value
in profit or loss.
Except as described below, the accounting policies applied are consistent with
those of the annual financial statements for the year ended December 31, 2008:
The following new standards and amendments to standards are mandatory for the
first time for the financial year beginning January 1, 2009:
* Revised IAS 1 Presentation of Financial Statements prohibits the presentation of
items of income and expenses (that is 'non-owner changes in equity') in the
statement of changes in equity, requiring 'non-owner changes in equity' to be
presented separately from owner changes in equity. All 'non-owner changes in
equity' are required to be shown in the statement of comprehensive income.
2.1.Basis for preparation of the consolidated financial statements (continued)
Entities can choose whether to present one statement (the statement of
comprehensive income) or two statements (the income statement and statement of
comprehensive income). The Group has elected to present one statement: a
statement of comprehensive income. The interim financial statements have been
prepared under the revised disclosure requirements.
* IFRS 8 Operating Segments replaces IAS 14 Segment Reporting. It requires a
'management approach' under which segment information is presented on the same
basis as that used for internal reporting purposes. The adoption of IFRS 8 has
not resulted in redesignation of the Group's reportable segments.
* Revised IAS 23 Borrowing Costs removes the option to expense borrowing costs and
requires that an entity capitalize borrowing costs directly attributable to the
acquisition, construction or production of a qualifying asset as part of the
cost of that asset. This revised standard has had no impact on the Group's
consolidated interim financial statements, as during the period the Group has
not acquired qualifying assets.
The following new standards, amendments to standards and interpretations are
mandatory for the first time for the financial year beginning 1 January 2009,
but are not currently relevant for the Group:
* Amended IFRS 2 Share-based Payment
* Amended IAS 32 Financial Instruments: Presentation
* IFRIC 13 Customer Loyalty Programs
* IFRIC 16 Hedges of a net investment in a foreign operation
2.2. Functional and presentation currency of the consolidated financial
statements
Functional currency is the currency of the primary economic environment in which
an entity operates and in which it primary generates and expends cash. A Group's
functional currency reflects the underlying transactions, events and conditions
that are relevant to it.
The Group keeps its records and prepares its financial statements in the
national currency of the Republic of Bulgaria - the Bulgarian Lev, which is
adopted by the Company as its functional currency. Effective January 1, 1999,
the Bulgarian Lev is fixed to the EUR at the rate of
BGN 1.95583 = EUR 1.
These consolidated financial statements are presented in thousand Bulgarian
Levs.
2.3. Foreign currency
Transactions in foreign currency are initially recorded at the official rate of
exchange of the Bulgarian National Bank (BNB) as of the date of the transaction.
The foreign exchange rate differences, arising upon the settlement of these
monetary positions or at restatement of these positions at rates, different from
those when initially recorded, are reported as financial income or financial
expenses in profit or loss for the period in which they arise.
The monetary positions denominated in foreign currency as of September 30, 2009,
June 30, 2009 and December 31, 2008 are stated in these consolidated financial
statements at the closing exchange rate of BNB. The closing exchange rates of
BGN against USD as of the respective reporting period are as follows:
+---------------------+-----------------------------------------------------+
| September 30, 2009 | 1 USD = BGN 1.33568 |
+---------------------+-----------------------------------------------------+
| June 30, 2009 | 1 USD = BGN 1.38378 |
+---------------------+-----------------------------------------------------+
| December 31, 2008 | 1 USD = BGN 1.38731 |
+---------------------+-----------------------------------------------------+
2.4. Subsidiary companies and consolidation
The consolidated financial statements incorporate the financial statements of
the Parent company and its subsidiaries. A subsidiary is an entity that is
controlled by the Parent company. Control is the power to govern the financial
and operating policies of an enterprise so as to obtain benefits from its
activities.
For consolidation purposes, the separate financial statements of the Parent
company and its subsidiaries have been combined on a line-by-line basis by
adding together like items of assets, liabilities, equity, income and expenses.
For consolidation purposes all intragroup balances as at September 30, 2009,
June 30, 2009 and December 31, 2008 and intragroup transactions, as well as all
intragroup profits and losses, including unrealised profits and losses as of
September 30, 2009 and 2008 are eliminated in full.
The carrying amount of the Parent company's investment in each subsidiary and
the Parent company's portion of equity of each subsidiary are eliminated.
The results of subsidiaries, which have been acquired or disposed during the
period, are included in the consolidated income statement from the date of the
acquisition, till the date at which control ceases.
Non-controlling interest presented in the consolidated financial statements is
based on the current equity structure of the subsidiaries as of September 30,
2009, June 30, 2009 and December 31, 2008 in accordance with IAS 27 Consolidated
and Separate Financial Statements and represents that part of the net assets of
the subsidiaries related to interest, which is not owned directly or indirectly
through other subsidiaries of the Parent Company. Non-controlling interest as of
the date of the business combination is calculated as interest in the fair
values of the acquired identifiable assets and liabilities.
Losses related to non-controlling interest in a consolidated subsidiary cannot
exceed the interest of the non-controlling in the net assets. The excess, as
well as other future losses, owned by the non-controlling interest are included
in the share of the Group, except when the non-controlling interest has a
commitment and is able to make additional investments to cover these losses. If
afterwards the subsidiary realizes profits, then they are allocated through
profit or loss to the share of the majority, until the losses assumed earlier
are recovered. When these losses are recovered not through profits realized by
the subsidiary, but as a result of other increase of its net assets, recognized
directly in equity, then the recovered losses are reported directly in equity of
the Group.
2.5. Associates
An associate is an enterprise over which the Parent company has significant
influence. Significant influence is the right of participation in, but not
control over, the financial and operating policy decisions of the investee.
Interests in associates are presented in the statement of financial position in
accordance with IAS 28 Investments in Associates, using the equity method of
accounting, according to which the investment is recorded initially at cost as
adjusted by post-acquisition changes in the investor's share in the net assets
of the associate.
2.6. Goodwill
Goodwill represents the excess of the cost of acquisition over the Group's
interest in the net fair value of identifiable assets, liabilities and
contingent liabilities of the acquired entity as of the date of the exchange
operation and is recognised as an asset. When the acquisition cost is lower than
the fair value of the net assets acquired by the Group, the acquirer should
reassess the identification and measurement of the acquiree's identifiable
assets, liabilities and contingent liabilities and the measurement of the cost
of the business combination and any excess remaining after that reassessment
should be recognized immediately in profit or loss.
Subsequent to its initial recognition, goodwill is not amortized, in compliance
with IFRS 3 Business combinations. At the end of each reporting period, a test
for impairment is performed (see also note 4).
2.7. Changes in accounting policy
The Group changes its accounting policy when this change is required by a
Standard or an Interpretation, or when the adopted change result in providing of
reliable and more relevant information about the effects of transactions, other
events or conditions, having effect on the entity's financial position,
financial performance or cash flows.
Change in accounting policy as a result of the initial application of IFRS
should be accounted in accordance with the transitional provisions of the
respective IFRS (if any). Where there are no such provisions, the change is
applied retrospectively by adjusting the opening balances of each item of the
equity to which this applies or the other comparative amounts and by assuming
that the newly adopted policy has always been applied.
2.8. Accounting estimates and reasonable assumptions
The preparation of the consolidated financial statements in accordance with IFRS
requires management to make some accounting estimates and reasonable assumptions
that affect some of the reported amounts of assets, liabilities, revenues and
expenses. These estimates and assumptions are based on the best estimate of
management, taking into account historical experience and analysis of all
factors of significance in the circumstances as of the date of the consolidated
financial statements. The actual results could differ from those estimates,
presented in these consolidated financial statements.
3. Summary of significant accounting policies
3.1. Property, plant and equipment and intangible assets
Property, plant, equipment and intangible assets are recognized and initially
carried at cost, including the purchase price, import duties and non-refundable
taxes, as well as any costs directly attributable to bringing the asset to the
location and condition necessary for it to be capable of operating in the manner
intended by management. Assets, acquired by means of a business combination are
carried at fair value. After initial recognition, property, plant and equipment
and intangible assets are stated at cost less accumulated depreciation
(amortization) and accumulated impairment loss, if any (see note 3.2).
Certain number of tangible fixed assets, assets, available at December 31, 2002,
have been revalued by coefficients, based on the accounting legislation,
applicable as of the end of 2001, as a result of which a revaluation reserve has
been created. In compliance with the changes in accounting legislation,
management has reviewed all material items of property, plant and equipment as
of December 31, 2002 to verify the measurement of their carrying amount. Those
assets, for which the carrying amount was materially different from their fair
value, were revalued to their fair value as of the same date. The so formed
revaluation reserve was added to the revaluation reserve, resulting from the
accounting legislation applicable as of December 31, 2001.
When property, plant and equipment include parts with different useful lives and
a cost that is significant in relation to the total cost of the item, such parts
are recognized as separate assets.
Subsequent costs, including costs for replacement of an item of property, plant
and equipment are recognized in the carrying amount of the asset, if they
satisfy the recognition principle. The carrying amount of the replaced item is
derecognized in accordance with the requirements of IAS 16 Property, Plant and
Equipment. All other subsequent costs are recognized as expense for the period
as incurred.
Depreciation and amortization are charged over the estimated useful lives, using
the straight-line method.
The assets' estimated useful lives are as follows:
+------------------------------------------+----------------+----------------+
| Useful life | 2009 | 2008 |
+------------------------------------------+----------------+----------------+
| | | |
+------------------------------------------+----------------+----------------+
| Administrative and trade buildings | 25 years | 25 years |
+------------------------------------------+----------------+----------------+
| Machines, fixtures and equipment | 2, 3 and 25 | 2, 3 and 25 |
| | years | years |
+------------------------------------------+----------------+----------------+
| Vehicles | 5 and 10 years | 5 and 10 years |
+------------------------------------------+----------------+----------------+
| Office furniture | 7 years | 7 years |
+------------------------------------------+----------------+----------------+
| Intangible assets | 2 and 7 years | 2 and 7 years |
+------------------------------------------+----------------+----------------+
Depreciation of an asset begins in the month following the month in which the
asset is available for use and ceases at the earlier of the date when the asset
is classified as held for sale, in accordance with IFRS 5 Non-current Assets
Held for Sale and Discontinued Operations, and the date when the asset is
derecognized.
Land, assets under construction and fully depreciated assets are not
depreciated.
3.2.Impairment of property, plant and equipment and intangible assets and
goodwill
At the end of each reporting period, the management reviews the carrying amounts
of its property, plant and equipment, intangible assets and goodwill to
determine whether there is any indication for impairment of these assets. If any
such indication exists, the recoverable amount of the respective asset is
estimated. Where it is not possible to estimate the recoverable amount of an
individual asset, the Group estimates the recoverable amount of the
cash-generating unit, to which the asset belongs.
The recoverable amount is the higher of the asset's fair value less costs to
sell the asset and its value in use. If the recoverable amount of an asset (or
cash-generating unit) is estimated to be less than its carrying amount, the
carrying amount of the asset (cash generating unit) is reduced to its
recoverable amount. Impairment loss is recognized in profit or loss immediately,
unless the asset is carried at a revalued amount, in which case the impairment
loss is treated as a decrease in the revaluation reserve (see note 3.1).
Where an impairment loss subsequently reverses, the carrying amount of the asset
(cash generating unit) is increased to the revised estimate of its recoverable
amount, but so that the increased carrying amount does not exceed the carrying
amount that would have been determined had no impairment loss been recognized
for the asset (cash generating unit) in prior years. A reversal of an impairment
loss is recognized as income immediately, unless the relevant asset is carried
at a revalued amount, in which case the reversal of the impairment loss is
treated as an increase in the revaluation reserve.
An impairment loss is recognized for a cash-generating unit to which goodwill
was allocated if and only if the recoverable amount is lower than its carrying
amount. The impairment loss is allocated to reduce the carrying amount of the
assets in the cash-generating unit, first to reduce the carrying amount of
goodwill and then, the carrying amount of other assets in the unit, pro rata on
the basis of the carrying amount of each asset in the unit. The impairment loss
of goodwill could not be reversed.
3.3. Non-current assets, held for sale
Non-current assets are classified as held for sale if their carrying amounts
would be recovered principally through a sale transaction rather than through
continuing use. For this to be the case, the asset must be available for
immediate sale in its present condition and its sale must be highly probable.
These criteria are considered to be met only when the sale is very probable and
the asset is available for sale in its present condition.
Non-current assets, held for sale are measured at the lower of carrying amount
and fair value, less costs to sell.
3.4. Inventories
Inventories are stated at lower of cost and net realizable value. Cost comprises
purchase price, transportation, customs and excise duties and other similar
costs. Net realizable value represents the estimated selling price less all
estimated costs to be incurred in selling.
Upon consumption, the cost of inventories is calculated using the following
methods:
+----------------------------+----------------------------------------------+
| Petroleum | Specific identification price of each |
| | delivery |
+----------------------------+----------------------------------------------+
| Fuel and other inventories | Weighted average cost |
+----------------------------+----------------------------------------------+
| Materials | Weighted average cost |
+----------------------------+----------------------------------------------+
3.5. Financial instruments
A financial instrument is a contract that gives rise to both a financial asset
of one enterprise and a financial liability or equity instrument of another
enterprise.
Financial assets/liabilities are recognized in the statement of financial
positions only when the Group becomes a party to the contractual provisions of
the instrument. Financial assets are removed from the statement of financial
position after the contractual rights for receiving cash flows expired or the
asset is transferred and the transfer meets the derecognition requirements under
IAS 39 Financial Instruments: Recognition and Measurement. Financial liability
is removed from the statement of financial position when, and only when, it is
extinguished - that is when the obligation specified in the contract is
discharged, cancelled, or expires.
On initial recognition financial assets/liabilities are measured at fair value.
Transaction costs, which are directly attributable to the acquisition or issue
of the financial assets/liabilities are included in their value, except when the
financial assets/liabilities are measured at fair value through profit or loss.
For the purposes of subsequent measurement, in accordance with IAS 39 Financial
Instruments: Recognition and Measurement, the Group classifies the financial
assets and financial liabilities into the following categories: financial assets
or financial liabilities at fair value through profit or loss; loans and
receivables; and financial liabilities at amortized cost. The Group does not
apply this classification of assets and liabilities for the purposes of their
presentation in the statement of financial position.
3.5.1. Financial assets (liabilities) at fair value through profit and loss
A financial asset or liability is classified as held for trading when it is
acquired mainly for the purpose of selling or being bought back in the near
future or is a derivative instrument, for example, option of futures contracts
concluded on international stock exchange markets.
After its initial recognition financial assets at fair value through profit or
loss are measured at fair value as of the date of the preparation of the
consolidated financial statements and every difference up to this amount is
recognized in profit or loss in the period in which it arises.
3.5.2. Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or
determinable terms for settlement, which are not quoted on an active market. The
assets from this category are presented in the statement of financial position
as receivables under interest loans, trade and other receivables and cash.
Receivables on interest bearing loans, trade and other receivables
After initial recognition, trade receivables and receivables on interest bearing
loans are measured at amortized cost by using the effective interest rate
method, less impairment loss, if any. Current receivables are not subject to
amortization. Impairment loss is accrued if any objective evidence exists, such
as material financial difficulties of the borrower, probability the borrower to
be entered into liquidation and other (see also note 3.5.3).
3.5.2. Loans and receivables (continued)
Cash
For the purposes of preparation of statement of cash flows, cash comprise cash
in hand and cash at banks, as well as cash in transfer, excluding restricted
cash, temporary not available for use such as margin deposits, which are
short-term collaterals on options and futures contracts concluded by the Group.
Cash in transfer comprise cash, collected by the fuel stations as of the end of
the reporting period, but actually received at the bank accounts of the Group at
the beginning of the following reporting period.
3.5.3. Impairment of financial assets
As of the date of the preparation of these consolidated financial statements the
management of the Group assesses whether there is any objective indication for
impairment of all financial assets with the exception of financial assets at
fair value through profit or loss. A financial asset is considered impaired only
when there is objective evidence that the estimated future cash flows have
decreased as a result of one or more future events that occurred after the
initial recognition of the asset.
When such indications exist for assets carried at cost, the impairment loss is
measured as the difference between the carrying amount and the present value of
the estimated future cash flows discounted at the current market interest rate
for similar assets.
Impairment loss on loans and receivables carried at amortised cost is measured
as the difference between the asset's carrying amount and the present value of
the estimated future cash flows discounted at the financial asset's original
effective interest rate. Impairment losses are recognized in profit or loss. It
is reversed if a subsequent increase of the recoverable amount could be
objectively tied to the occurrence of an event after the date on which the
impairment loss was recognized.
3.5.4. Financial liabilities at amortized cost
After initial recognition the Group measures all financial liabilities at
amortized cost with the exception of financial liabilities measured at fair
value through profit or loss, financial liabilities originating when the
transfer of an asset does not qualify for derecognition; financial guarantee
contracts, commitments for providing loans at below-market interest rate. These
liabilities are presented in the statement of financial position of the Group as
trade and other liabilities and interest-bearing loans.
Trade and other payables
Trade and other payables incurred as a result of purchases of goods and
services. Current liabilities are not subject to amortisation.
Interest bearing loans
Interest bearing loans are initially recorded at the fair value of proceeds
received, net of transaction cost. After initial recognition, interest bearing
loans are measured at amortized cost, as any difference between the initial cost
and maturity cost is recognized in profit or loss over the loan period, using
the effective interest method. If no transaction costs have been incurred in
negotiating an interest bearing loan, the loan is not subject to amortization.
The same applies to bank overdrafts, where the borrower is entitled to multiple
borrowings or repayments of the borrowed funds within a pre-determined overdraft
limit.
3.5.4. Financial liabilities at amortized cost (continued)
Financial expenses, including direct issue costs, are accounted for on an
accrual basis to profit or loss using the effective interest method, except for
transaction costs on bank overdrafts, which are recognized in profit or loss on
a straight line basis over the overdraft period.
Interest bearing loans are considered short-term when they should be settled no
later than twelve months after the end of the reporting period.
3.5.5. Share capital and treasury shares
The share capital of the Parent company is presented at historical cost as of
the date of its registration.
When the Parent Company or other members of the Group reacquires equity
instruments of the Parent Company, those instruments ('treasury shares') are
deducted from equity. No gain or loss is recognised in profit or loss on the
purchase, sale, issue or cancellation of the Parent Company's own equity
instruments. Consideration paid or received is recognized directly in equity and
is stated net.
When at the end of the reporting period the Group has outstanding treasury
shares, their nominal value is deducted from share capital, and the difference
paid below or above the par value - in retained earnings, according to IAS 32
Financial Instruments: Disclosure and Presentation.
3.6. Retirement benefits obligations
The Government of the Republic of Bulgaria is to provide pensions according to
defined retirement benefits schemes. Costs related to payment of contributions
under these schemes are recognized by the Group in the income statement in the
period they occur.
In accordance with the Labour Code, the Group has an obligation to pay
retirement benefits to its employees, based on length of service, age and labour
category. According to IAS 19 Employee benefits and its provisions, the Group
recognizes the present amount of the benefits as a liability. All actuarial
gains and losses and past service cost is recognized immediately in profit or
loss.
3.7. Income tax
Income tax expense comprises current income tax and deferred tax.
The tax currently payable is based on the combined taxable profit (tax loss) for
the year of the Parent company and its subsidiaries, as reported in their
separate corporate tax returns, by applying the effective tax rate according to
the tax legislation as of the date of the financial statements. Deferred tax is
the income tax expected to be payable (recoverable) in future periods on taxable
(deductible) temporary differences. Temporary difference is the difference
between the carrying amount of an asset or liability in the statement of
financial position and its tax base. Deferred income taxes are calculated using
the balance sheet liability method. Deferred tax liabilities are recognized for
all taxable temporary differences, whereas deferred tax assets are recognized
for deductible temporary differences, only to the extent that it is probable
that taxable profit will be available against which the deductible temporary
difference can be utilized.
3.7. Income tax (continued)
Deferred tax assets (liabilities) are calculated at the tax rates that are
expected to apply in the period when the liability is settled or the asset
realized, based on the tax rates that have been enacted or substantively enacted
by the end of the reporting period. Deferred tax is charged or credited in
profit or loss, except when it relates to items charged or credited directly to
equity, in which case the deferred tax is also charged or credited in equity.
Although income tax in Bulgaria is not calculated on a consolidation basis, the
Group has adopted the policy of accruing deferred tax assets (liabilities) on
all temporary differences, arising from the elimination of unrealized
intra-group income from sale of non-current assets, which are treated as timing
differences. These temporary differences are reversed by the subsequent
adjustments to depreciation expenses by the acquiring company or upon disposal
of the respective assets by the Group, when the profit on sale is realized for
the Group.
The carrying amount of deferred tax assets is reviewed at the end of each
reporting period and reduced to the extent that it is no longer probable that
sufficient taxable profit will be available to allow the benefit of all or a
part of the deferred tax asset to be utilized.
Deferred tax assets and liabilities are reported net when they are subject to an
unified tax regime. In accordance with the tax legislation enforceable for 2009
and 2008, the tax rate applied for the calculation of the Group's current tax
liabilities is 10%. Deferred tax assets and liabilities as of September 30,
2009, June 30, 2009 and December 31, 2008 are calculated by using the tax rate
at 10%, applicable for 2009.
3.8.Revenue and expenses recognition
Revenues and expenses are accounted for on an accrual basis, regardless of cash
receipts and payments. They are reported in compliance with the matching
concept.
Revenue is recognized at the fair value of the consideration received or
expected to be received, less any discounts allowed and includes the economic
benefits received by or due to the Group. The amounts gathered on behalf of
third parties as tax on sales, such as the value added tax, are excluded from
the income. Revenue generated from sale of fuel is reported in its gross amount
with the due excise, which is regarded as inseparable part of the product's
price
Revenue from sales of goods is recognized when:
* The significant risks and rewards of ownership of the goods are transferred to
the buyer;
* The Group retains neither continuing managerial involvement to the degree
usually associated with ownership nor effective control over the goods sold;
* It is probable that economic benefits associated with the transaction will flow
to the Group;
* Income and expenses, directly arising from the transaction can be measured
reliably.
When the outcome of a transaction involving rendering of services can be
estimated reliably, revenue recognition is based on the stage of completion of
the transaction at the end of the reporting period. If the outcome cannot be
estimated reliably, revenue is recognized only to the of the expenses recognized
that are recoverable.
Gains or losses on sales of property, plant and equipment and intangible assets
are stated as other income or other expense.
Interest income (expense) is accrued by using the effective interest method.
3.9. Leases
3.9.1 Finance lease
A finance lease is a lease that transfers substantially all the risks and
rewards incidental to ownership of an asset.
Assets acquired under finance lease are recognized at the lower of the fair
value of the leased asset and the present value of the minimum lease payments,
determined at the inception of the lease. The corresponding liability to the
lessor is included in the Group's statement of financial position as finance
lease obligations.
Lease payments are apportioned between interest charges and principal payments,
so as to achieve a constant rate of interest on the remaining balance of the
liability.
A finance lease gives rise to depreciation expense for depreciable assets, as
well as finance expense for each reporting period. The depreciation policy for
depreciable leased assets is consistent with that for depreciable assets that
are owned.
3.9.2 Operating lease
Costs incurred for assets leased under operating leases are recognized in profit
or loss on a straight line basis over the lease term.
Lease income from operating leases is recognized as income on a straight line
basis over the lease term. Initial direct costs incurred in negotiating an
operating lease are added to the carrying amount of the leased asset and are
recognized as an expense on a straight line basis over the lease term.
3.10. Segment reporting
For the purpose of segment reporting, an operating segment is a component of the
Group:
* that engages in business activities from which it may earn revenues and incur
expenses
* whose operating results are regularly reviewed by the Group's chief operating
decision maker to make decisions about resources to be allocated to the segment
and assess its performance, and
* for which discrete financial information is available
The results, assets and liabilities of the segment comprise such elements, which
can be directly attributed to the segment, as well as elements, which can be
allocated to the segment on a reasonable basis.
Capital expenditures of the segment represent investments, made in the period of
acquisition of the segment assets, which are expected to be used by the segment
for more than one reporting period.
4. Critical accounting estimates and key sources of estimation uncertainty
In the application of the adopted accounting policy, management makes certain
estimates (other than the disclosed in note 2.8), which have significant effect
on these consolidated financial statements. Such estimates, by definition, may
differ from actual results. Due to their nature, they are subject to constant
review and update, and comprise the historical experience and other factors,
including expectation of future events, which the management believes are
reasonable under the present circumstances.
A critical accounting estimate, which includes significant risk of considerable
adjustments to the carrying amount of assets and liabilities in subsequent
reporting periods, is the test for impairment of goodwill, arising from a
business combination.
As disclosed in notes 2.6 and 3.2., goodwill is not subject to amortisation, but
is reviewed for impairment at each year end, as well as at any time when any
indications for impairment exist. According to IAS 36 Impairment of assets, the
most recent detailed calculation made in preceding period of the recoverable
amount of a cash-generated unit to which the goodwill has been allocated may be
used in impairment test of that unit in the current period provided that the
assets and liabilities, making the cash generating unit, have not changed
significantly since the most recent calculation; no events or circumstances with
possible negative effect have arisen in the current period; and upon current
calculation of the recoverable amount there is minimum probability that it might
be lower than the current carrying amount of the cash generating .unit.
As of September 30, 2009 management has not identified any indications of
impairment.
The impairment test of the goodwill from the acquisition of Naftex Petrol EOOD
(see also notes 2.6 and 17) has been performed as of December 31, 2008 by using
the methodology of the discounted net cash flows. This methodology is based on
current forecasts of net cash flows, prepared by management of the subsidiary
for a three-year period after December 31, 2008. The net cash flows for the
periods after the last forecast period, are calculated at a 3% increase towards
the latter, by applying the "eternal rent" method with constantly increasing
rate and discounting of the resulting terminal value by observing the above
stated methodology. The applied discount rate of 9 % is equal to the weighted
average cost of the subsidiary's equity. As of December 31, 2008, according to
the calculation performed under the above methodology, the estimated value of
the investment in the subsidiary exceeds the sum of carrying amount of the
investment before its elimination and the carrying amount of goodwill and
therefore goodwill has not been impaired.
5. Changes in IFRS
5.1. Standards and interpretations approved by the Commission as of the date
of the financial statements
The following IFRS, amendments to IFRS and interpretations are adopted by IASB
and IFRIC as of the date of issue of these financial statements, but are
effective for annual periods beginning on or after October 1, 2009, as stated
below:
+--------------------------------------+-------------------------------------+
| IFRS or IFRIC, effective date | Title of IFRS or IFRIC |
+--------------------------------------+-------------------------------------+
| Amendments in IFRS 1 relating to oil | First-time Adoption of |
| and gas assets and determining | International Financial Reporting |
| whether an arrangement contains a | Standards |
| lease, effective for annual periods | |
| beginning on or after January 1, | |
| 2010 | |
+--------------------------------------+-------------------------------------+
| Amendments in IFRS 2 relating to | Share-based Payment |
| group cash-settled share-based | |
| payment transactions, effective for | |
| annual periods beginning on or after | |
| January 1, 2010 | |
+--------------------------------------+-------------------------------------+
| Amendments in IFRS 5 resulting from | Non-current Assets Held for Sale |
| April 2009 Annual Improvements to | and Discontinued Operations |
| IFRSs, effective for annual periods | |
| beginning on or after January 1, | |
| 2010 | |
+--------------------------------------+-------------------------------------+
| Amendments in IFRS 8 resulting from | Operating Segments |
| April 2009 Annual Improvements to | |
| IFRSs, effective for annual periods | |
| beginning on or after January 1, | |
| 2010 | |
+--------------------------------------+-------------------------------------+
| IFRS 9, effective for annual periods | Financial instruments |
| beginning on or after January 1, | |
| 2013 | |
+--------------------------------------+-------------------------------------+
| Amendments in IAS 1 resulting from | Presentation of Financial |
| April 2009 Annual Improvements to | Statements |
| IFRSs, effective for annual periods | |
| beginning on or after 1 January 2010 | |
+--------------------------------------+-------------------------------------+
| Amendments in IAS 7 resulting from | Statement of Cash Flows |
| April 2009 Annual Improvements to | |
| IFRSs, effective for annual periods | |
| beginning on or after January 1, | |
| 2010 | |
+--------------------------------------+-------------------------------------+
| Amendments in IAS 17 resulting from | Leases |
| April 2009 Annual Improvements to | |
| IFRSs, effective for annual periods | |
| beginning on or after January 1, | |
| 2010, | |
+--------------------------------------+-------------------------------------+
| Amendments in IAS 32 relating to | Financial Instruments: Presentation |
| classification of rights issues, | |
| effective for annual periods | |
| beginning on or after February 1, | |
| 2010 | |
+--------------------------------------+-------------------------------------+
| Amendments in IAS 36 resulting from | Impairment of Assets |
| April 2009 Annual Improvements to | |
| IFRSs, effective for annual periods | |
| beginning on or after January 1, | |
| 2010 | |
+--------------------------------------+-------------------------------------+
| Amendments in IAS 39 resulting from | Financial Instruments: Recognition |
| April 2009 Annual Improvements to | and Measurement |
| IFRSs, effective for annual periods | |
| beginning on or after January 1, | |
| 2010 | |
+--------------------------------------+-------------------------------------+
5.2. Standards and interpretations, which are not approved by the Commission
as of the date of the financial statements
+--------------------------------------+--------------------------------------+
| IFRS or IFRIC, effective date | Title of IFRS or IFRIC |
+--------------------------------------+--------------------------------------+
| IFRS 1 (Revised), effective for | First Time Adoption of IFRS |
| annual periods beginning on or after | |
| July 1, 2009 | |
+--------------------------------------+--------------------------------------+
| IFRIC 17, effective for annual | Distributions of Non-Cash Assets to |
| periods beginning on or after July | Owners |
| 1, 2009 | |
+--------------------------------------+--------------------------------------+
| IFRIC 18, effective for annual | Transfers of Assets from Customers |
| periods beginning on or after July | |
| 1, 2009 | |
+--------------------------------------+--------------------------------------+
| Amendments in IFRS 7 Improving | Financial Instruments: Disclosures |
| disclosures about financial | |
| instruments, effective for annual | |
| periods beginning on or after | |
| January 1, 2009 | |
+--------------------------------------+--------------------------------------+
| Amendments in IFRIC 9 and IAS 39 | Reassessment of Embedded Derivatives |
| Embedded derivatives, effective June | |
| 30, 2009 | |
+--------------------------------------+--------------------------------------+
| April 2009 Annual Improvements to | |
| IFRSs | |
+--------------------------------------+--------------------------------------+
| Amendments in IFRS 2 relating to | Share-based Payment |
| group cash-settled share-based | |
| payment transactions, effective for | |
| annual periods beginning on or after | |
| January 1, 2010 | |
+--------------------------------------+--------------------------------------+
| Amendments in IFRS 1 relating to | First-time Adoption of International |
| additional exemptions for first-time | Financial Reporting Standards |
| adopter, effective for annual | |
| periods beginning on or after | |
| January 1, 2010 | |
+--------------------------------------+--------------------------------------+
| Amendments in IAS 32 relating to | Financial Instruments: Presentation |
| classification of rights issues, | |
| effective for annual periods | |
| beginning on or after January 1, | |
| 2010 | |
+--------------------------------------+--------------------------------------+
| IFRS 9, effective for annual periods | Financial instruments |
| beginning on or after January 1, | |
| 2013 | |
+--------------------------------------+--------------------------------------+
Management of the Group anticipates that the adoption of those standards and
interpretations will have no material impact on the financial statements of the
Group in the period of initial application.
6. Revenue
+-------------------------------+-------------------------------------------+-------------------------------------------+-----------------------------------------+-----------+
| | Nine | Nine | Three | Three |
| | months | months | months | months |
| | ended | ended | ended | ended |
| | September | September | September | September |
| | 30, | 30, | 30, | 30, |
| | 2009 | 2008 | 2009 | 2008 |
| | BGN'000 | BGN'000 | BGN'000 | BGN'000 |
+-------------------------------+-------------------------------------------+-------------------------------------------+-----------------------------------------+-----------+
| | | | | |
+-------------------------------+-------------------------------------------+-------------------------------------------+-----------------------------------------+-----------+
| Sales of goods | 753,258 | 1,115,130 | 289,045 | 392,762 |
+-------------------------------+-------------------------------------------+-------------------------------------------+-----------------------------------------+-----------+
| Sales of services | 8,445 | 9,315 | 3,162 | 2,185 |
+-------------------------------+-------------------------------------------+-------------------------------------------+-----------------------------------------+-----------+
| Rental income | | | | 1,159 |
| | 1,431 | 2,224 | 471 | |
+-------------------------------+-------------------------------------------+-------------------------------------------+-----------------------------------------+-----------+
| | | | | |
+-------------------------------+-------------------------------------------+-------------------------------------------+-----------------------------------------+-----------+
| Total | 763,134 | 1,126,669 | 292,678 | 396,106 |
+-------------------------------+-------------------------------------------+-------------------------------------------+-----------------------------------------+-----------+
7. Other income
+-----------------------------------------------+-------------------------------------------+-----------------------------------------+-----------------------------------------+-----------+
| | Nine | Nine | Three | Three |
| | months | months | months | months |
| | ended | ended | ended | ended |
| | September | September | September | September |
| | 30, | 30, | 30, | 30, |
| | 2009 | 2008 | 2009 | 2008 |
| | BGN'000 | BGN'000 | BGN'000 | BGN'000 |
+-----------------------------------------------+-------------------------------------------+-----------------------------------------+-----------------------------------------+-----------+
| | | | | |
+-----------------------------------------------+-------------------------------------------+-----------------------------------------+-----------------------------------------+-----------+
| Gain / (loss) on sales of | 5,467 | 391,502 | (285) | 40,429 |
| non-current assets, | | | | |
| including: | | | | |
+-----------------------------------------------+-------------------------------------------+-----------------------------------------+-----------------------------------------+-----------+
| Income from sales of | 7,253 | 453,852 | 205 | 45,987 |
| non-current assets | | | | |
+-----------------------------------------------+-------------------------------------------+-----------------------------------------+-----------------------------------------+-----------+
| Carrying amount of | (1,786) | (51,583) | (490) | (4,964) |
| non-current assets | | | | |
| written-off | | | | |
+-----------------------------------------------+-------------------------------------------+-----------------------------------------+-----------------------------------------+-----------+
| Expenses related to | - | (10,767) | - | (594) |
| sales of non-current | | | | |
| assets | | | | |
+-----------------------------------------------+-------------------------------------------+-----------------------------------------+-----------------------------------------+-----------+
| Surplus | 571 | 386 | 295 | 168 |
| of | | | | |
| assets | | | | |
+-----------------------------------------------+-------------------------------------------+-----------------------------------------+-----------------------------------------+-----------+
| Income | 540 | 177 | 254 | 20 |
| from | | | | |
| penalties | | | | |
+-----------------------------------------------+-------------------------------------------+-----------------------------------------+-----------------------------------------+-----------+
| Gain on liquidation of | 158 | 30 | 153 | - |
| non-current assets, | | | | |
| including: | | | | |
+-----------------------------------------------+-------------------------------------------+-----------------------------------------+-----------------------------------------+-----------+
| Income from | 161 | 32 | 153 | - |
| liquidation of | | | | |
| non-current assets | | | | |
+-----------------------------------------------+-------------------------------------------+-----------------------------------------+-----------------------------------------+-----------+
| Carrying amount of | (3) | (2) | - | - |
| non-current assets | | | | |
| written-off | | | | |
+-----------------------------------------------+-------------------------------------------+-----------------------------------------+-----------------------------------------+-----------+
| Insurance claims | 83 | 545 | 69 | 156 |
+-----------------------------------------------+-------------------------------------------+-----------------------------------------+-----------------------------------------+-----------+
| Other | 1,156 | | | 658 |
| | | 996 | 296 | |
+-----------------------------------------------+-------------------------------------------+-----------------------------------------+-----------------------------------------+-----------+
| | | | | |
+-----------------------------------------------+-------------------------------------------+-----------------------------------------+-----------------------------------------+-----------+
| Total | 7,975 | 393,636 | 782 | 41,431 |
+-----------------------------------------------+-------------------------------------------+-----------------------------------------+-----------------------------------------+-----------+
In March 2008 a preliminary sale agreement is signed between the Group and a
third party for the sale of 75 petrol stations and a storage facility. The sale
of the storage facility is performed in April 2008 at the price of BGN 158,227
thousand. In 2008 the Group has sold the available equipment for all 75 petrol
stations to the third party as per the agreement signed and transferred the
ownership rights of the properties belonging to 70 of these petrol stations. In
the nine months period ended September 30, 2009 the Group transferred the
ownership rights of the properties of the remaining 5 petrol stations and as a
result the Group has recorded income from sale of non-current assets amounting
to BGN 6,307 thousand in these consolidated financial statements.
In June 2008 the Management of the Group makes a decision to sell 105 of the
less profitable petrol stations. 25 of these petrol stations are sold till
December 31, 2008. For the nine months period ended September 30, 2009, another
16 of these petrol stations are sold and as a result income from the sale of
non-current assets amounting to BGN 725 thousand is included as other income in
the consolidated financial statements of the Group. All the remaining unsold
petrol stations as of September 30, 2009 are presented as non-current assets
held for sale in the current consolidated financial statements (see note 23).
8. Materials
+-------------------------------+-------------------------------------------+-------------------------------------------+-----------------------------------------+-----------+
| | Nine | Nine | Three | Three |
| | months | months | months | months |
| | ended | ended | ended | ended |
| | September | September | September | September |
| | 30, | 30, | 30, | 30, |
| | 2009 | 2008 | 2009 | 2008 |
| | BGN'000 | BGN'000 | BGN'000 | BGN'000 |
+-------------------------------+-------------------------------------------+-------------------------------------------+-----------------------------------------+-----------+
| | | | | |
+-------------------------------+-------------------------------------------+-------------------------------------------+-----------------------------------------+-----------+
| Fuel | 1,906 | 2,505 | 680 | 926 |
+-------------------------------+-------------------------------------------+-------------------------------------------+-----------------------------------------+-----------+
| Electricity | 1,906 | 2,060 | 519 | 432 |
+-------------------------------+-------------------------------------------+-------------------------------------------+-----------------------------------------+-----------+
| Spare parts | 528 | 1,020 | 70 | 455 |
+-------------------------------+-------------------------------------------+-------------------------------------------+-----------------------------------------+-----------+
| Office consumables | 524 | 603 | 149 | 154 |
+-------------------------------+-------------------------------------------+-------------------------------------------+-----------------------------------------+-----------+
| Advertising materials | 127 | 574 | 69 | 390 |
+-------------------------------+-------------------------------------------+-------------------------------------------+-----------------------------------------+-----------+
| Water supply | 92 | 144 | 38 | 58 |
+-------------------------------+-------------------------------------------+-------------------------------------------+-----------------------------------------+-----------+
| Working clothes | 85 | 209 | 28 | 126 |
+-------------------------------+-------------------------------------------+-------------------------------------------+-----------------------------------------+-----------+
| Heating | 60 | 120 | 3 | 29 |
+-------------------------------+-------------------------------------------+-------------------------------------------+-----------------------------------------+-----------+
| Low-cost assets | - | 1,631 | - | 551 |
+-------------------------------+-------------------------------------------+-------------------------------------------+-----------------------------------------+-----------+
| Others | | | | 75 |
| | 222 | 196 | 94 | |
+-------------------------------+-------------------------------------------+-------------------------------------------+-----------------------------------------+-----------+
| | | | | |
+-------------------------------+-------------------------------------------+-------------------------------------------+-----------------------------------------+-----------+
| Total | 5,450 | 9,062 | 1,650 | 3,196 |
+-------------------------------+-------------------------------------------+-------------------------------------------+-----------------------------------------+-----------+
9. Hired services
+-------------------------------+------------+------------+-----------+-----------+
| | Nine | Nine | Three | Three |
| | months | months | months | months |
| | ended | ended | ended | ended |
| | September | September | September | September |
| | 30, | 30, | 30, | 30, |
| | 2009 | 2008 | 2009 | 2008 |
| | BGN'000 | BGN'000 | BGN'000 | BGN'000 |
+-------------------------------+------------+------------+-----------+-----------+
| | | | | |
+-------------------------------+------------+------------+-----------+-----------+
| Commissions | 7,431 | 9,722 | 2,457 | 3,478 |
+-------------------------------+------------+------------+-----------+-----------+
| Transportation | 3,753 | 4,192 | 1,995 | 1,582 |
+-------------------------------+------------+------------+-----------+-----------+
| Rents | 3,370 | 2,451 | 1,112 | 1,108 |
+-------------------------------+------------+------------+-----------+-----------+
| Consulting and training | 3,259 | 3,305 | 1,016 | 1,179 |
+-------------------------------+------------+------------+-----------+-----------+
| Maintenance and repairs | 2,469 | 2,823 | 931 | 1,115 |
+-------------------------------+------------+------------+-----------+-----------+
| Security | 1,741 | 1,887 | 569 | 605 |
+-------------------------------+------------+------------+-----------+-----------+
| Advertisement | 1,295 | 2,697 | 179 | 1,039 |
+-------------------------------+------------+------------+-----------+-----------+
| Communications | 1,258 | 1,008 | 424 | 289 |
+-------------------------------+------------+------------+-----------+-----------+
| Insurances | 1,029 | 1,807 | 560 | 559 |
+-------------------------------+------------+------------+-----------+-----------+
| Cash collection | 802 | 921 | 256 | 305 |
+-------------------------------+------------+------------+-----------+-----------+
| State and municipal charges | 575 | 744 | 198 | 250 |
+-------------------------------+------------+------------+-----------+-----------+
| Others | 1,063 | 1,738 | 341 | 588 |
+-------------------------------+------------+------------+-----------+-----------+
| | | | | |
+-------------------------------+------------+------------+-----------+-----------+
| Total | 28,045 | 33,295 | 10,038 | 12,097 |
+-------------------------------+------------+------------+-----------+-----------+
10. Employee benefits expenses
+----------------------------------------------+------------+------------+-----------+-----------+
| | Nine | Nine | Three | Three |
| | months | months | months | months |
| | ended | ended | ended | ended |
| | September | September | September | September |
| | 30, | 30, | 30, | 30, |
| | 2009 | 2008 | 2009 | 2008 |
| | BGN'000 | BGN'000 | BGN'000 | BGN'000 |
+----------------------------------------------+------------+------------+-----------+-----------+
| | | | | |
+----------------------------------------------+------------+------------+-----------+-----------+
| Wages | 13,822 | 15,162 | 4,504 | 4,593 |
| and | | | | |
| salaries | | | | |
+----------------------------------------------+------------+------------+-----------+-----------+
| Social security contributions | 2,903 | 4,000 | 982 | 1,230 |
| and benefits | | | | |
+----------------------------------------------+------------+------------+-----------+-----------+
| | | | | |
+----------------------------------------------+------------+------------+-----------+-----------+
| Total | 16,725 | 19,162 | 5,486 | 5,823 |
+----------------------------------------------+------------+------------+-----------+-----------+
11. Depreciation and amortization expenses
+-------------------------------+------------+------------+-----------+-----------+
| | Nine | Nine | Three | Three |
| | months | months | months | months |
| | ended | ended | ended | ended |
| | September | September | September | September |
| | 30, | 30, | 30, | 30, |
| | 2009 | 2008 | 2009 | 2008 |
| | BGN'000 | BGN'000 | BGN'000 | BGN'000 |
+-------------------------------+------------+------------+-----------+-----------+
| | | | | |
+-------------------------------+------------+------------+-----------+-----------+
| Depreciation of property, | 13,359 | 11,928 | 4,277 | 3,741 |
| plant and equipment | | | | |
+-------------------------------+------------+------------+-----------+-----------+
| Amortization of | 75 | 228 | 26 | 89 |
| intangible assets | | | | |
+-------------------------------+------------+------------+-----------+-----------+
| | | | | |
+-------------------------------+------------+------------+-----------+-----------+
| Total | 13,434 | 12,156 | 4,303 | 3,830 |
+-------------------------------+------------+------------+-----------+-----------+
12. Other expenses
+-------------------------------+-----------+-----------+-----------+-----------+
| | Nine | Nine | Three | Three |
| | months | months | months | months |
| | ended | ended | ended | ended |
| | September | September | September | September |
| | 30, | 30, | 30, | 30, |
| | 2009 | 2008 | 2009 | 2008 |
| | BGN'000 | BGN'000 | BGN'000 | BGN'000 |
+-------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+-------------------------------+-----------+-----------+-----------+-----------+
| Taxes and charges | 2,205 | 1,521 | 795 | 276 |
+-------------------------------+-----------+-----------+-----------+-----------+
| Shortages of assets | 1,564 | 1,467 | 808 | 541 |
+-------------------------------+-----------+-----------+-----------+-----------+
| Penalties and | 1,189 | 1,003 | 129 | 14 |
| indemnities | | | | |
+-------------------------------+-----------+-----------+-----------+-----------+
| Scrapped non-current | 766 | 297 | 423 | 27 |
| assets | | | | |
+-------------------------------+-----------+-----------+-----------+-----------+
| Business trips | 379 | 436 | 100 | 156 |
+-------------------------------+-----------+-----------+-----------+-----------+
| Entertainment expenses and | 266 | 1,978 | 39 | 77 |
| sponsorship | | | | |
+-------------------------------+-----------+-----------+-----------+-----------+
| Insurance claims | 25 | 277 | 20 | 32 |
+-------------------------------+-----------+-----------+-----------+-----------+
| Others | 220 | 803 | 112 | 584 |
+-------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+-------------------------------+-----------+-----------+-----------+-----------+
| Total | 6,614 | 7,782 | 2,426 | 1,707 |
+-------------------------------+-----------+-----------+-----------+-----------+
13. Finance income and cost
+-------------------------------+-----------+-----------+-----------+-----------+
| | Nine | Nine | Three | Three |
| | months | months | months | months |
| | ended | ended | ended | ended |
| | September | September | September | September |
| | 30, | 30, | 30, | 30, |
| | 2009 | 2008 | 2009 | 2008 |
| | BGN'000 | BGN'000 | BGN'000 | BGN'000 |
+-------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+-------------------------------+-----------+-----------+-----------+-----------+
| Finance income | | | | |
+-------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+-------------------------------+-----------+-----------+-----------+-----------+
| Interest income on loans | 1,922 | 4,278 | 555 | 1,642 |
| granted | | | | |
+-------------------------------+-----------+-----------+-----------+-----------+
| Interest income on trade | 615 | 1,134 | 309 | 566 |
| receivables | | | | |
+-------------------------------+-----------+-----------+-----------+-----------+
| Other interest income | 219 | 1,030 | 108 | 248 |
+-------------------------------+-----------+-----------+-----------+-----------+
| Foreign exchange rate gains | 279 | 2,419 | 309 | 5,786 |
+-------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+-------------------------------+-----------+-----------+-----------+-----------+
| Total | 3,035 | 8,861 | 1,281 | 8,242 |
+-------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+-------------------------------+-----------+-----------+-----------+-----------+
| Finance cost | | | | |
+-------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+-------------------------------+-----------+-----------+-----------+-----------+
| Interest expense on debenture | (12,921) | (15,133) | (4,370) | (5,161) |
| loans | | | | |
+-------------------------------+-----------+-----------+-----------+-----------+
| Interest expense on bank | (478) | (1,288) | (167) | (127) |
| loans | | | | |
+-------------------------------+-----------+-----------+-----------+-----------+
| Interest expense on finance | (276) | (264) | (68) | (75) |
| lease | | | | |
+-------------------------------+-----------+-----------+-----------+-----------+
| Interest expense on trade | - | (327) | - | - |
| loans | | | | |
+-------------------------------+-----------+-----------+-----------+-----------+
| Other interest expense | (26) | - | (10) | - |
+-------------------------------+-----------+-----------+-----------+-----------+
| Losses on dealings with | (1,196) | (73,441) | (50) | (1,933) |
| derivatives, including: | | | | |
+-------------------------------+-----------+-----------+-----------+-----------+
| Gain (loss) from | (1,196) | (79,792) | 280 | (7,427) |
| dealings | | | | |
+-------------------------------+-----------+-----------+-----------+-----------+
| Remeasurement at | - | 6,351 | (330) | 5,494 |
| fair value | | | | |
+-------------------------------+-----------+-----------+-----------+-----------+
| Bank fees, commissions and | (1,366) | | (674) | (436) |
| other costs | | (1,325) | | |
+-------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+-------------------------------+-----------+-----------+-----------+-----------+
| Total | (16,263) | (91,778) | (5,339) | (7,732) |
+-------------------------------+-----------+-----------+-----------+-----------+
14.Taxation
Income tax benefit (expense) in the statement of comprehensive income includes
the amount of current and deferred income taxes in accordance with the
requirements of IAS 12 Income Taxes.
+-------------------------------+----------------+-------------------+--------------+-----------+
| | Nine | Nine | Three | Three |
| | months | months | months | months |
| | ended | ended | ended | ended |
| | September | September | September | September |
| | 30, | 30, | 30, | 30, |
| | 2009 | 2008 | 2009 | 2008 |
| | BGN'000 | BGN'000 | BGN'000 | BGN'000 |
+-------------------------------+----------------+-------------------+--------------+-----------+
| | | | | |
+-------------------------------+----------------+-------------------+--------------+-----------+
| Current tax expense | (1,222) | (27,363) | (155) | (3,529) |
+-------------------------------+----------------+-------------------+--------------+-----------+
| Adjustments recognized in the | (425) | - | (425) | - |
| current year in relation to | | | | |
| current tax of prior years | | | | |
+-------------------------------+----------------+-------------------+--------------+-----------+
| Change in deferred taxes, | 1,689 | (14,423) | 519 | - |
| including: | | | | |
+-------------------------------+----------------+-------------------+--------------+-----------+
| Temporary | (477) | (9,185) | (69) | - |
| differences reversed | | | | |
| during the period | | | | |
+-------------------------------+----------------+-------------------+--------------+-----------+
| Temporary | 2,283 | (5,238) | 705 | - |
| differences | | | | |
| originated during | | | | |
| the period | | | | |
+-------------------------------+----------------+-------------------+--------------+-----------+
| Other changes | (117) | - | (117) | - |
+-------------------------------+----------------+-------------------+--------------+-----------+
| | | | | |
+-------------------------------+----------------+-------------------+--------------+-----------+
| Total tax benefit/(expense) | 42 | (41,786) | (61) | (3,529) |
+-------------------------------+----------------+-------------------+--------------+-----------+
14.Taxation (continued)
The reconciliation of the tax expense to the accounting profit, and the
calculations of the effective tax rate as at September 30, 2009 and September
30, 2008 are as follows:
+------------------------------------------------+--------------+--------------+
| | Nine months | Nine months |
| | ended | ended |
| | September | September |
| | 30, | 30, |
| | 2009 | 2008 |
| | BGN'000 | BGN'000 |
+------------------------------------------------+--------------+--------------+
| | | |
+------------------------------------------------+--------------+--------------+
| Consolidated accounting profit (loss) | (5,170) | 322,922 |
+------------------------------------------------+--------------+--------------+
| Applicable tax rate | 10% | 10% |
+------------------------------------------------+--------------+--------------+
| Income tax at the applicable tax rate | (517) | 32,292 |
+------------------------------------------------+--------------+--------------+
| Combined tax effect on permanent differences | 27,099 | 158 |
+------------------------------------------------+--------------+--------------+
| Tax effect on tax assets/liabilities | 53 | - |
| originated and unrecognized in the current | | |
| reporting period | | |
+------------------------------------------------+--------------+--------------+
| Tax effect on tax assets/liabilities | 117 | - |
| adjustments recognized in the current | | |
| reporting period but originated in prior | | |
| reporting periods | | |
+------------------------------------------------+--------------+--------------+
| Tax effect on consolidation adjustments | (26,794) | 9,336 |
+------------------------------------------------+--------------+--------------+
| | | |
+------------------------------------------------+--------------+--------------+
| Total tax benefit (expense) | (42) | 41,786 |
+------------------------------------------------+--------------+--------------+
| | | |
+------------------------------------------------+--------------+--------------+
| Effective tax rate | - | 12.94% |
+------------------------------------------------+--------------+--------------+
14. Taxation (continued)
The deferred tax liability, presented net in the statement of financial
position, arises as a result of the income tax charges on deductible and taxable
temporary differences, the effect of which is as follows:
+---------------------------+------------+---------+------------+---------+------------+---------+
| | September 30, | June 30, | December 31, |
| | 2009 | 2009 | 2008 |
| | BGN'000 | BGN'000 | BGN'000 |
+---------------------------+----------------------+----------------------+----------------------+
| | Temporary | Tax | Temporary | Tax | Temporary | Tax |
| | difference | effect | difference | effect | difference | effect |
+---------------------------+------------+---------+------------+---------+------------+---------+
| | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Balance at the beginning | | | | | | |
| of the period | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Tax loss carried forward | 2,718 | 272 | 2,718 | 272 | 32,522 | 3,252 |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Impairment of assets | 6,793 | 680 | 6,793 | 680 | 8,650 | 865 |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Investment of associates | (16,869) | (1,687) | (16,869) | (1,687) | (16,869) | (1,687) |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Fixed assets | (22,603) | (2,260) | (22,603) | (2,260) | (26,289) | (2,628) |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Excess of interest | 815 | 81 | 815 | 81 | 10,973 | 1,098 |
| payments | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Subsequent measurement of | 206 | 20 | 206 | 20 | 2,708 | 271 |
| finance assets | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Liabilities related to | 2,459 | 247 | 2,459 | 247 | 2,591 | 259 |
| unused paid leave and | | | | | | |
| retirement benefits | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Others | 3,501 | 350 | 3,501 | 350 | 24 | 2 |
+---------------------------+------------+---------+------------+---------+------------+---------+
| | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Total | (22,980) | (2,297) | (22,980) | (2,297) | 14,310 | 1,432 |
+---------------------------+------------+---------+------------+---------+------------+---------+
| | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Originated during the | | | | | | |
| period | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Tax loss carried forward | 59 | 6 | 210 | 21 | 686 | 69 |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Impairment of assets | - | - | - | - | 2,864 | 287 |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Fixed assets | (309) | (32) | (167) | (17) | (798) | (80) |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Excess of interest | 22,499 | 2,250 | 14,989 | 1,499 | 768 | 76 |
| payments | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Subsequent measurement of | - | - | 330 | 33 | 3,942 | 393 |
| finance assets | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Liabilities related to | 580 | 59 | 416 | 42 | 1,181 | 119 |
| unused paid leave and | | | | | | |
| retirement benefits | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Others | - | - | 1 | - | 3,507 | 351 |
+---------------------------+------------+---------+------------+---------+------------+---------+
| | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Total | 22,829 | 2,283 | 15,779 | 1,578 | 12,150 | 1,215 |
+---------------------------+------------+---------+------------+---------+------------+---------+
| | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Reversed during the | | | | | | |
| period | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Tax loss carried forward | (809) | (81) | (1,764) | (177) | (30,490) | (3,049) |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Impairment of assets | (1,876) | (188) | (2,100) | (210) | (4,721) | (472) |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Fixed assets | 847 | 84 | 784 | 78 | 4,484 | 448 |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Excess of interest | - | - | - | - | (10,926) | (1,093) |
| payments | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Subsequent measurement of | (206) | (20) | (205) | (21) | (6,444) | (644) |
| finance assets | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Liabilities related to | (1,101) | (111) | (782) | (78) | (1,313) | (131) |
| unused paid leave and | | | | | | |
| retirement benefits | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Others | (1,607) | (161) | - | - | (30) | (3) |
+---------------------------+------------+---------+------------+---------+------------+---------+
| | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Total | (4,752) | (477) | (4,067) | (408) | (49,440) | (4,944) |
+---------------------------+------------+---------+------------+---------+------------+---------+
| | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Adjustments | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Tax loss carried forward | (1,172) | (117) | - | - | - | - |
+---------------------------+------------+---------+------------+---------+------------+---------+
| | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Total | (1,172) | (117) | - | - | - | - |
+---------------------------+------------+---------+------------+---------+------------+---------+
| | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Balance of the end of the | | | | | | |
| period | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Tax loss carried forward | 796 | 80 | 1,164 | 116 | 2,718 | 272 |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Impairment of assets | 4,917 | 492 | 4,693 | 470 | 6,793 | 680 |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Investment of associates | (16,869) | (1,687) | (16,869) | (1,687) | (16,869) | (1,687) |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Fixed assets | (22,065) | (2,208) | (21,986) | (2,199) | (22,603) | (2,260) |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Excess of interest | 23,314 | 2,331 | 15,804 | 1,580 | 815 | 81 |
| payments | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Subsequent remeasurement | - | - | 331 | 32 | 206 | 20 |
| of finance assets | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Liabilities related to | 1,938 | 195 | 2,093 | 211 | 2,459 | 247 |
| unused paid leave and | | | | | | |
| retirement benefits | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Others | 1,894 | 189 | 3,502 | 350 | 3,501 | 350 |
+---------------------------+------------+---------+------------+---------+------------+---------+
| | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
| Total | (6,075) | (608) | (11,268) | (1,127) | (22,980) | (2,297) |
+---------------------------+------------+---------+------------+---------+------------+---------+
| | | | | | | |
+---------------------------+------------+---------+------------+---------+------------+---------+
15. Property, plant and equipment
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| | Land | Buildings | Plant | Vehicles | Other | Assets | Intangible | Total |
| | BGN'000 | BGN'000 | and | BGN'000 | assets | under | assets | BGN'000 |
| | | | equipment | | BGN'000 | construction | BGN'000 | |
| | | | BGN'000 | | | BGN'000 | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| Cost | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| Balance at January | 44,505 | 63,829 | 172,252 | 20,935 | 19,789 | 16,525 | 2,978 | 340,813 |
| 1, 2008 | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| Additions | 1,954 | 1,086 | 3,739 | 5,110 | 211 | 26,497 | 160 | 38,757 |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| Disposals | (22) | (8,486) | (6,749) | (961) | (1,113) | (1,696) | (1,140) | (20,167) |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| Transfers | 423 | 7,410 | 22,590 | - | 1,290 | (31,713) | | - |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| Transfers to | (8,959) | (17,336) | (56,565) | - | (8,632) | - | (195) | (91,687) |
| current assets, | | | | | | | | |
| held for sale | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| Balance at | 37,901 | 46,503 | 135,267 | 25,084 | 11,545 | 9,613 | 1,803 | 267,716 |
| December 31, 2008 | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| Additions | 38 | 662 | 1,489 | 157 | 624 | 9,865 | 5 | 12,840 |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| Disposals | (109) | (236) | (1,156) | (157) | (200) | (138) | (7) | (2,003) |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| Transfers | - | 2,003 | 6,694 | - | 1,010 | (9,705) | (2) | - |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| Balance at | 37,830 | 48,932 | 142,294 | 25,084 | 12,979 | 9,635 | 1,799 | 278,553 |
| September 30, 2009 | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| Accumulated | | | | | | | | |
| depreciation | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| Balance at January | - | 31,395 | 71,092 | 11,441 | 14,744 | - | 1,763 | 130,435 |
| 1, 2008 | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| Charged for the | - | 1,358 | 11,416 | 5,177 | 1,955 | - | 719 | 20,625 |
| period | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| Disposals for the | - | (7,655) | (6,110) | (730) | (778) | - | (800) | (16,073) |
| period | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| Transfers to | - | (7,090) | (18,949) | - | (8,488) | - | (82) | (34,609) |
| non-current assets | | | | | | | | |
| held for sale | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| Balance at | - | 18,008 | 57,449 | 15,888 | 7,433 | - | 1,600 | 100,378 |
| December 31, 2008 | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| Charged for the | - | 1,051 | 9,229 | 2,089 | 990 | - | 75 | 13,434 |
| period | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| Disposals for the | - | (111) | (679) | (129) | (127) | - | (5) | (1,051) |
| period | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| Balance at | - | 18,948 | 65,999 | 17,848 | 8,296 | - | 1,670 | 112,761 |
| September 30, 2009 | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| Carrying amount at | 44,505 | 32,434 | 101,160 | 9,494 | 5,045 | 16,525 | 1,215 | 210,378 |
| | | | | | | | | |
| January 1, 2008 | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| Carrying amount at | 37,901 | 28,495 | 77,818 | 9,196 | 4,112 | 9,613 | 203 | 167,338 |
| December 31, 2008 | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
| Carrying amount at | 37,830 | 29,984 | 76,295 | 7,236 | 4,683 | 9,635 | 129 | 165,792 |
| | | | | | | | | |
| September 30, 2009 | | | | | | | | |
+--------------------+---------+-----------+-----------+----------+---------+--------------+------------+----------+
Non-current assets with carrying amount as of September 30, 2009 totaling BGN
5,614 thousand are mortgaged/pledged as collateral under bank and trade loans
granted to a company from the Group and related parties (see also note 36).
16. Investments in associates and other investments
+--------------+---------+-------------+---------+--------+----+-------------+----+----+-------------+---------+
| | | For the nine months | For the twelve | For the nine months |
| | | ended at | months ended at | ended at |
| | | 30 September 2009 | 31 December 2008 | 30 September 2008 |
+--------------+---------+--------------------------------+-----------------------+----------------------------+
| | | | | | | | | |
+--------------+---------+-------------+---------+-------------+-------------+---------+-------------+---------+
| Investments | % of | Value | Share | Share | Value | Share | Value | Share |
| in | capital | of | of | of | of | of | of | of |
| associates | | investments | profit | dividends | investments | profit | investments | profit |
| | | | | distributed | | (loss) | | (loss) |
+--------------+---------+-------------+---------+-------------+-------------+---------+-------------+---------+
| | | BGN'000 | BGN'000 | BGN'000 | BGN'000 | BGN'000 | BGN'000 | BGN'000 |
+--------------+---------+-------------+---------+-------------+-------------+---------+-------------+---------+
| | | | | | | | | |
+--------------+---------+-------------+---------+-------------+-------------+---------+-------------+---------+
| Eurocapital | 36.92% | 15,420 | 410 | (766) | 15,776 | 688 | 15,384 | 459 |
| Bulgaria AD | | | | | | | | |
+--------------+---------+-------------+---------+-------------+-------------+---------+-------------+---------+
| | | | | | | | | |
+--------------+---------+-------------+---------+-------------+-------------+---------+-------------+---------+
| Total | | 15,420 | 410 | (766) | 15,776 | 688 | 15,384 | 459 |
+--------------+---------+-------------+---------+-------------+-------------+---------+-------------+---------+
| | | | | | | | | |
+--------------+---------+-------------+---------+-------------+-------------+---------+-------------+---------+
| Other | | | | | | | | |
| investments | | | | | | | | |
+--------------+---------+-------------+---------+-------------+-------------+---------+-------------+---------+
| | | | | | | | | |
+--------------+---------+-------------+---------+-------------+-------------+---------+-------------+---------+
| Capital 3000 | 6.92 % | - | - | - | - | - | - | - |
| ?D, net of | | | | | | | | |
| impairment | | | | | | | | |
+--------------+---------+-------------+---------+-------------+-------------+---------+-------------+---------+
| | | | | | | | | |
+--------------+---------+-------------+---------+-------------+-------------+---------+-------------+---------+
| Total | | - | - | | - | - | - | - |
+--------------+---------+-------------+---------+--------+----+-------------+----+----+-------------+---------+
The assets, liabilities, income and profit of the associate as at September 30,
2009, June 30, 2009 and December 31, 2008 are as follows:
+-----------------------------------------+---------------------------+-------------------------------+---------------------------+---------------------------+---------------------------+
| | Assets | Liabilities | Net | Revenue | Profit |
| | BGN'000 | BGN'000 | assets | BGN'000 | BGN'000 |
| | | | BGN'000 | | |
+-----------------------------------------+---------------------------+-------------------------------+---------------------------+---------------------------+---------------------------+
| | | | | | |
+-----------------------------------------+---------------------------+-------------------------------+---------------------------+---------------------------+---------------------------+
| September | 93,521 | 31,006 | 62,515 | 5,514 | 1,110 |
| 30, 2009 | | | | | |
+-----------------------------------------+---------------------------+-------------------------------+---------------------------+---------------------------+---------------------------+
| | | | | | |
+-----------------------------------------+---------------------------+-------------------------------+---------------------------+---------------------------+---------------------------+
| June | 96,161 | 33,848 | 62,313 | 4,740 | 908 |
| 30, | | | | | |
| 2009 | | | | | |
+-----------------------------------------+---------------------------+-------------------------------+---------------------------+---------------------------+---------------------------+
| | | | | | |
+-----------------------------------------+---------------------------+-------------------------------+---------------------------+---------------------------+---------------------------+
| December | 94,899 | 31,419 | 63,480 | 4,632 | 2,305 |
| 31, 2008 | | | | | |
+-----------------------------------------+---------------------------+-------------------------------+---------------------------+---------------------------+---------------------------+
| | | | | | |
+-----------------------------------------+---------------------------+-------------------------------+---------------------------+---------------------------+---------------------------+
17.Goodwill
The goodwill presented in these consolidated financial statement has arisen from
the acquisition of the subsidiary Naftex Petrol EOOD. The acquisition was a
result of the restructuring policy of the companies within the group of the
Ultimate controlling party - Petrol Holding AD. According to the adopted
accounting policy, the acquisition has been measured by using the purchase
method. According to the requirements of IFRS 3 Business combinations as of
January 1, 2005 the accumulated amortisation of goodwill was eliminated with a
corresponding decrease in goodwill and as of the same date the Group
discontinued amortising it. As of September 30, 2009, June 30, 2009 and December
31, 2008 the total carrying amount of the goodwill is BGN 18,297 thousand.
18. Interest-bearing loans granted
+----------------------------------------+-----------------------------+---------------------------+------------+
| | September | June | December |
| | 30, | 30, | 31, |
| | 2009 | 2009 | 2008 |
| | BGN'000 | BGN'000 | BGN'000 |
+----------------------------------------+-----------------------------+---------------------------+------------+
| | | | |
+----------------------------------------+-----------------------------+---------------------------+------------+
| Non-current receivables | | | |
+----------------------------------------+-----------------------------+---------------------------+------------+
| | | | |
+----------------------------------------+-----------------------------+---------------------------+------------+
| Loans granted to related parties | 28,860 | 28,860 | 28,922 |
+----------------------------------------+-----------------------------+---------------------------+------------+
| | | | |
+----------------------------------------+-----------------------------+---------------------------+------------+
| Total | 28,860 | 28,860 | 28,922 |
+----------------------------------------+-----------------------------+---------------------------+------------+
| | | | |
+----------------------------------------+-----------------------------+---------------------------+------------+
| Current receivables | | | |
+----------------------------------------+-----------------------------+---------------------------+------------+
| | | | |
+----------------------------------------+-----------------------------+---------------------------+------------+
| Loans and deposits granted to related | 11,994 | - | 7,938 |
| parties | | | |
+----------------------------------------+-----------------------------+---------------------------+------------+
| Trade loans | 51 | 51 | 51 |
+----------------------------------------+-----------------------------+---------------------------+------------+
| | | | |
+----------------------------------------+-----------------------------+---------------------------+------------+
| Total | 12,045 | 51 | 7,989 |
+----------------------------------------+-----------------------------+---------------------------+------------+
| | | | |
+----------------------------------------+-----------------------------+---------------------------+------------+
| Total interest-bearing loans granted | 40,905 | 28,911 | 36,911 |
+----------------------------------------+-----------------------------+---------------------------+------------+
Receivables from related parties are disclosed in note 34.
19. Other long-term receivables
Other long-term receivables comprise paid by the Group guarantee deposit,
related to lease agreements for vehicles, at the amount of BGN 274 thousand with
term for repayment December 2014.
20. Inventories
+--------------------------------------+-----------------------------+---------------------------+----------------------------+
| | September | June | December |
| | 30, | 30, | 31, |
| | 2009 | 2009 | 2008 |
| | BGN'000 | BGN'000 | BGN'000 |
+--------------------------------------+-----------------------------+---------------------------+----------------------------+
| | | | |
+--------------------------------------+-----------------------------+---------------------------+----------------------------+
| Goods, including: | 44,480 | 46,918 | 42,402 |
+--------------------------------------+-----------------------------+---------------------------+----------------------------+
| Fuels | 36,311 | 40,203 | 35,339 |
+--------------------------------------+-----------------------------+---------------------------+----------------------------+
| Lubricants and other goods | 8,169 | 6,715 | 7,063 |
+--------------------------------------+-----------------------------+---------------------------+----------------------------+
| Materials | 2,956 | 2,918 | 3,510 |
+--------------------------------------+-----------------------------+---------------------------+----------------------------+
| | | | |
+--------------------------------------+-----------------------------+---------------------------+----------------------------+
| Total | 47,436 | 49,836 | 45,912 |
+--------------------------------------+-----------------------------+---------------------------+----------------------------+
21. Trade and other receivables, net
+-------------------------------------------------+-----------------------------+---------------------------+-------------+
| | September | June | December |
| | 30, | 30, | 31, |
| | 2009 | 2009 | 2008 |
| | BGN'000 | BGN'000 | BGN'000 |
+-------------------------------------------------+-----------------------------+---------------------------+-------------+
| | | | |
+-------------------------------------------------+-----------------------------+---------------------------+-------------+
| Trade receivables, net of impairment | 67,983 | 51,583 | 63,950 |
| losses | | | |
+-------------------------------------------------+-----------------------------+---------------------------+-------------+
| Initial | 70,081 | 53,681 | 66,046 |
| cost | | | |
+-------------------------------------------------+-----------------------------+---------------------------+-------------+
| Impairment | (2,098) | (2,098) | (2,096) |
| loss | | | |
+-------------------------------------------------+-----------------------------+---------------------------+-------------+
| Related | 4,004 | 3,999 | 3,276 |
| party | | | |
| receivables | | | |
+-------------------------------------------------+-----------------------------+---------------------------+-------------+
| Litigations | 2,810 | 2,802 | 1,350 |
| and writs, | | | |
| net of | | | |
| impairment | | | |
| losses | | | |
+-------------------------------------------------+-----------------------------+---------------------------+-------------+
| Initial | 2,826 | 2,818 | 1,366 |
| cost | | | |
+-------------------------------------------------+-----------------------------+---------------------------+-------------+
| Impairment | (16) | (16) | (16) |
| loss | | | |
+-------------------------------------------------+-----------------------------+---------------------------+-------------+
| Advances | 1,341 | 3,045 | 957 |
| to | | | |
| suppliers | | | |
+-------------------------------------------------+-----------------------------+---------------------------+-------------+
| VAT and | 840 | 1,669 | 2,485 |
| excise | | | |
| duties | | | |
| refundable | | | |
+-------------------------------------------------+-----------------------------+---------------------------+-------------+
| Other | 6,067 | 6,525 | 5,387 |
+-------------------------------------------------+-----------------------------+---------------------------+-------------+
| | | | |
+-------------------------------------------------+-----------------------------+---------------------------+-------------+
| Total | 83,045 | 69,623 | 77,405 |
+-------------------------------------------------+-----------------------------+---------------------------+-------------+
As of September 30, 2009 trade receivables amounting totally to BGN 29,383
thousand are pledged as collaterals to bank loans utilized by the Group (see
also note 36).
22. Cash and cash equivalents
+-------------------------------------+-----------------------------+---------------------------+-------------+
| | September | June | December |
| | 30, | 30, | 31, |
| | 2009 | 2009 | 2008 |
| | BGN'000 | BGN'000 | BGN'000 |
+-------------------------------------+-----------------------------+---------------------------+-------------+
| | | | |
+-------------------------------------+-----------------------------+---------------------------+-------------+
| Cash at banks | 12,929 | 11,887 | 5,163 |
+-------------------------------------+-----------------------------+---------------------------+-------------+
| Cash in transfer | 2,400 | 2,399 | 4,631 |
+-------------------------------------+-----------------------------+---------------------------+-------------+
| Cash on hand | 197 | 215 | 220 |
+-------------------------------------+-----------------------------+---------------------------+-------------+
| | | | |
+-------------------------------------+-----------------------------+---------------------------+-------------+
| Cash and cash equivalents | 15,526 | 14,501 | 10,014 |
| as of cash flow statement | | | |
+-------------------------------------+-----------------------------+---------------------------+-------------+
| | | | |
+-------------------------------------+-----------------------------+---------------------------+-------------+
| Restricted cash | 90 | 10,077 | 13,304 |
+-------------------------------------+-----------------------------+---------------------------+-------------+
| | | | |
+-------------------------------------+-----------------------------+---------------------------+-------------+
| Total | 15,616 | 24,578 | 23,318 |
+-------------------------------------+-----------------------------+---------------------------+-------------+
Restricted cash as of June 30, 2009 and December 31, 2008 include cash at the
amount of BGN 9,481 thousand and BGN 12,872 thousand, respectively, which serve
as collateral for an excise liability.
The cash in transfer comprises cash, collected from the fuel stations as of the
end of the reporting period, but deposited in the Group's bank accounts at the
beginning of the next reporting period.
23. Non-current assets, held for sale
The major classes of assets classified as held for sale are as follows:
+-------------------------+---------+-----------+-----------+---------+------------+----------+
| | Land | Buildings | Plant | Other | Intangible | Total |
| | BGN'000 | BGN'000 | and | BGN'000 | Assets | |
| | | | equipment | | BGN'000 | BGN'000 |
| | | | BGN'000 | | | |
+-------------------------+---------+-----------+-----------+---------+------------+----------+
| Balance at January 1, | - | - | - | - | - | - |
| 2008 | | | | | | |
+-------------------------+---------+-----------+-----------+---------+------------+----------+
| | | | | | | |
+-------------------------+---------+-----------+-----------+---------+------------+----------+
| Transfer from | 8,959 | 10,246 | 37,616 | 144 | 113 | 57,078 |
| non-current assets | | | | | | |
+-------------------------+---------+-----------+-----------+---------+------------+----------+
| Disposals | (7,242) | (9,395) | (36,377) | (144) | (113) | (53,271) |
+-------------------------+---------+-----------+-----------+---------+------------+----------+
| | | | | | | |
+-------------------------+---------+-----------+-----------+---------+------------+----------+
| Balance at December 31, | 1,717 | 851 | 1,239 | - | - | 3,807 |
| 2008 | | | | | | |
+-------------------------+---------+-----------+-----------+---------+------------+----------+
| | | | | | | |
+-------------------------+---------+-----------+-----------+---------+------------+----------+
| Disposals | (645) | (463) | (185) | - | - | (1,293) |
+-------------------------+---------+-----------+-----------+---------+------------+----------+
| | | | | | | |
+-------------------------+---------+-----------+-----------+---------+------------+----------+
| Balance at September | 1,072 | 388 | 1,054 | - | - | 2,514 |
| 30, 2009 | | | | | | |
+-------------------------+---------+-----------+-----------+---------+------------+----------+
In June 2008 management of the Group decided to sale 105 unprofitable petrol
stations. Until September 30, 2009 41 of them were sold. As of September 30,
2009 the remaining petrol stations at the carrying amount of BGN 2,514 thousand
are stated in these consolidated financial statements as non-current assets held
for sale (see also note 7).
24. Trade and other payables
+--------------------------------------+-----------------------------+---------------------------+-------------+
| | September | June | December |
| | 30, | 30, | 31, |
| | 2009 | 2009 | 2008 |
| | BGN'000 | BGN'000 | BGN'000 |
+--------------------------------------+-----------------------------+---------------------------+-------------+
| | | | |
+--------------------------------------+-----------------------------+---------------------------+-------------+
| Payables to suppliers | 70,424 | 66,626 | 51,514 |
+--------------------------------------+-----------------------------+---------------------------+-------------+
| VAT and excise duties payable | 42,880 | 35,154 | 44,401 |
+--------------------------------------+-----------------------------+---------------------------+-------------+
| Payables to personnel and social | 4,942 | 6,514 | 6,742 |
| security funds | | | |
+--------------------------------------+-----------------------------+---------------------------+-------------+
| Prepayments received | 2,639 | 8,494 | 1,125 |
+--------------------------------------+-----------------------------+---------------------------+-------------+
| Related party payables | 2,107 | 4,716 | 22,893 |
+--------------------------------------+-----------------------------+---------------------------+-------------+
| Deferred income | 36 | 25 | 2,032 |
+--------------------------------------+-----------------------------+---------------------------+-------------+
| Other | 3,688 | 3,556 | 7,476 |
+--------------------------------------+-----------------------------+---------------------------+-------------+
| | | | |
+--------------------------------------+-----------------------------+---------------------------+-------------+
| Total | 126,716 | 125,085 | 136,183 |
+--------------------------------------+-----------------------------+---------------------------+-------------+
Related party payables are disclosed in note 34.
The Group accrues liabilities for unused annual paid leave of employees in
compliance with IAS 19 Employee Benefits. The movement of these liabilities
during the reported periods is as follows:
+-----------------------------------------------+-----------------------------------+-----------------------------------+-----------------------------------+
| | September | June | December |
| | 30, | 30, | 31, |
| | 2009 | 2009 | 2008 |
| | BGN'000 | BGN'000 | BGN'000 |
+-----------------------------------------------+-----------------------------------+-----------------------------------+-----------------------------------+
| | | | |
+-----------------------------------------------+-----------------------------------+-----------------------------------+-----------------------------------+
| Balance | 1,798 | 1,798 | 2,133 |
| at the | | | |
| beginning | | | |
| of the | | | |
| period | | | |
+-----------------------------------------------+-----------------------------------+-----------------------------------+-----------------------------------+
| Accrued | 424 | 260 | 1,166 |
| during | | | |
| the | | | |
| period | | | |
+-----------------------------------------------+-----------------------------------+-----------------------------------+-----------------------------------+
| Utilized | (861) | (614) | (1,223) |
| during | | | |
| the | | | |
| period | | | |
+-----------------------------------------------+-----------------------------------+-----------------------------------+-----------------------------------+
| Other | | | (278) |
| changes | - | - | |
+-----------------------------------------------+-----------------------------------+-----------------------------------+-----------------------------------+
| | | | |
+-----------------------------------------------+-----------------------------------+-----------------------------------+-----------------------------------+
| Balance | 1,361 | 1,444 | |
| at the | | | 1,798 |
| end of | | | |
| the | | | |
| period, | | | |
| including: | | | |
+-----------------------------------------------+-----------------------------------+-----------------------------------+-----------------------------------+
| For | 1,098 | 1,164 | 1,471 |
| salaries | | | |
| on | | | |
| unused | | | |
| paid | | | |
| leave | | | |
+-----------------------------------------------+-----------------------------------+-----------------------------------+-----------------------------------+
| For social security | 263 | 280 | 327 |
| contributions on | | | |
| unused paid leaves | | | |
+-----------------------------------------------+-----------------------------------+-----------------------------------+-----------------------------------+
25. Interest-bearing loans
+-------------------------------------------------+--------------------------------------------+--------------------------------------------+------------+
| | September | June | December |
| | 30, | 30, | 31, |
| | 2009 | 2009 | 2008 |
| | BGN'000 | BGN'000 | BGN'000 |
+-------------------------------------------------+--------------------------------------------+--------------------------------------------+------------+
| | | | |
+-------------------------------------------------+--------------------------------------------+--------------------------------------------+------------+
| Current liabilities | | | |
+-------------------------------------------------+--------------------------------------------+--------------------------------------------+------------+
| | | | |
+-------------------------------------------------+--------------------------------------------+--------------------------------------------+------------+
| Debenture loans | 15,414 | 11,367 | 3,182 |
+-------------------------------------------------+--------------------------------------------+--------------------------------------------+------------+
| Bank loans | 10,508 | 533 | 1,408 |
+-------------------------------------------------+--------------------------------------------+--------------------------------------------+------------+
| Trade loans from related parties | 1,295 | 1,295 | 4,604 |
+-------------------------------------------------+--------------------------------------------+--------------------------------------------+------------+
| | | | |
+-------------------------------------------------+--------------------------------------------+--------------------------------------------+------------+
| Total | 27,217 | 13,195 | 9,194 |
+-------------------------------------------------+--------------------------------------------+--------------------------------------------+------------+
| | | | |
+-------------------------------------------------+--------------------------------------------+--------------------------------------------+------------+
| Non-current | | | |
| liabilities | | | |
+-------------------------------------------------+--------------------------------------------+--------------------------------------------+------------+
| | | | |
+-------------------------------------------------+--------------------------------------------+--------------------------------------------+------------+
| Debenture loans | 191,335 | 191,013 | 190,646 |
+-------------------------------------------------+--------------------------------------------+--------------------------------------------+------------+
| Bank loans | 3,956 | 4,089 | 4,356 |
+-------------------------------------------------+--------------------------------------------+--------------------------------------------+------------+
| | | | |
+-------------------------------------------------+--------------------------------------------+--------------------------------------------+------------+
| Total | 195,291 | 195,102 | 195,002 |
+-------------------------------------------------+--------------------------------------------+--------------------------------------------+------------+
| | | | |
+-------------------------------------------------+--------------------------------------------+--------------------------------------------+------------+
| Total liabilities under | 222,508 | 208,297 | 204,196 |
| interest-bearing loans | | | |
+-------------------------------------------------+--------------------------------------------+--------------------------------------------+------------+
Non-current liabilities under bank loans mature as follows:
+----------------------------------------+-----------------------------------+-----------------------------------+-----------------------------------+
| | September | June | December |
| | 30, | 30, | 31, |
| | 2009 | 2009 | 2008 |
| | BGN'000 | BGN'000 | BGN'000 |
+----------------------------------------+-----------------------------------+-----------------------------------+-----------------------------------+
| | | | |
+----------------------------------------+-----------------------------------+-----------------------------------+-----------------------------------+
| Between one and two years | 534 | 534 | 534 |
+----------------------------------------+-----------------------------------+-----------------------------------+-----------------------------------+
| Between three and five years | 1,600 | 1,600 | 1,600 |
+----------------------------------------+-----------------------------------+-----------------------------------+-----------------------------------+
| Over 5 years | 1,822 | 1,955 | 2,222 |
+----------------------------------------+-----------------------------------+-----------------------------------+-----------------------------------+
| | | | |
+----------------------------------------+-----------------------------------+-----------------------------------+-----------------------------------+
| Total | 3,956 | 4,089 | 4,356 |
+----------------------------------------+-----------------------------------+-----------------------------------+-----------------------------------+
In October 2006 the Parent company issued 2,000 registered, transferable notes
with fixed annual interest rate of 8.375% and issue price - 99.507% of the
principal amount determined at EUR 50,000 for each note. The maturity of the
bond is 5 years and the maturity date is in October 2011. The issue is secured
by Group's receivables under loans, granted to related parties and a corporate
guarantee, issued by a subsidiary. The transaction costs for the bond issue
amount to BGN 3,049 thousand. Interest is paid annually. The annual effective
interest rate is 9.249%. The purpose of the issue is financing of working
capital, financing of investment projects and restructuring of the Group's debt.
26. Finance lease liabilities
+------------------------+-----------+---------------------------+----------+-----------+---------------------------+----------+
| | Minimum lease payments | Present value of minimum |
| | | lease payments |
+------------------------+--------------------------------------------------+--------------------------------------------------+
| | | | | | | |
+------------------------+-----------+---------------------------+----------+-----------+---------------------------+----------+
| | September | June | December | September | June | December |
| | 30, | 30, | 31, 2008 | 30, | 30, | 31, 2008 |
| | 2009 | 2009 | BGN'000 | 2009 | 2009 | BGN'000 |
| | BGN'000 | BGN'000 | | BGN'000 | BGN'000 | |
+------------------------+-----------+---------------------------+----------+-----------+---------------------------+----------+
| Amounts payable under | | | | | | |
| finance leases | | | | | | |
+------------------------+-----------+---------------------------+----------+-----------+---------------------------+----------+
| | | | | | | |
+------------------------+-----------+---------------------------+----------+-----------+---------------------------+----------+
| Within one year | 1,992 | 2,073 | 2,396 | 1,773 | 1,817 | 1,989 |
+------------------------+-----------+---------------------------+----------+-----------+---------------------------+----------+
| From one to two years | 1,854 | 1,896 | 1,981 | 1,707 | 1,718 | 1,691 |
+------------------------+-----------+---------------------------+----------+-----------+---------------------------+----------+
| From two to five years | 3,044 | 3,496 | 4,595 | 2,880 | 3,284 | 4,193 |
+------------------------+-----------+---------------------------+----------+-----------+---------------------------+----------+
| | | | | | | |
+------------------------+-----------+---------------------------+----------+-----------+---------------------------+----------+
| Less: Interest payable | | | | | | |
+------------------------+-----------+---------------------------+----------+-----------+---------------------------+----------+
| Within one year | (219) | (256) | (407) | - | - | - |
+------------------------+-----------+---------------------------+----------+-----------+---------------------------+----------+
| From one to two years | (147) | (178) | (290) | - | - | - |
+------------------------+-----------+---------------------------+----------+-----------+---------------------------+----------+
| From two to five years | (164) | (212) | (402) | - | - | - |
+------------------------+-----------+---------------------------+----------+-----------+---------------------------+----------+
| | | | | | | |
+------------------------+-----------+---------------------------+----------+-----------+---------------------------+----------+
| Present value of | 6,360 | 6,819 | 7,873 | 6,360 | 6,819 | 7,873 |
| finance lease | | | | | | |
| obligations | | | | | | |
+------------------------+-----------+---------------------------+----------+-----------+---------------------------+----------+
| | | | | | | |
+------------------------+-----------+---------------------------+----------+-----------+---------------------------+----------+
| Less: Present value of | | | | (1,773) | (1,817) | (1,989) |
| finance lease | | | | | | |
| obligations with | | | | | | |
| maturity less than 1 | | | | | | |
| year | | | | | | |
+------------------------+-----------+---------------------------+----------+-----------+---------------------------+----------+
| | | | | | | |
+------------------------+-----------+---------------------------+----------+-----------+---------------------------+----------+
| Present value of | | | | 4,587 | 5,002 | 5,884 |
| finance lease | | | | | | |
| obligations with | | | | | | |
| maturity over 1 year | | | | | | |
+------------------------+-----------+---------------------------+----------+-----------+---------------------------+----------+
Assets acquired by the Group under finance leases comprise mainly of vehicles.
The lease term of the contracts is between 3 to 6 years.
Management believes that the fair value of the obligations under finance leases
does not differ significantly from their carrying amount.
Liabilities under finance lease agreements are secured by promissory notes
issued by the Group in favour of the lessors and expire at the termination date
of the respective agreements.
27. Derivatives
Derivative liabilities as of June 30, 2009 and December 31, 2008 include
revaluation at market prices of open positions of options contracts. Open
positions as of June 30, 2009 and December 31, 2008 comprise of 200 lots put
options crude oil and 150 lots put options Euro FX respectively.
28. Income tax payable
Income tax payable includes the amount of the corporate income tax for the
current and prior reporting periods, payable as of the end of the reporting
period.
+----------------------------------------+-----------------------------------+---------------------------------+-----------+
| | September | June 30, | December |
| | 30, | 2009 | 31, |
| | 2009 | BGN'000 | 2008 |
| | BGN'000 | | BGN'000 |
+----------------------------------------+-----------------------------------+---------------------------------+-----------+
| | | | |
+----------------------------------------+-----------------------------------+---------------------------------+-----------+
| Income tax receivable (payable) as of | (1,193) | (1,193) | 7,196 |
| January 1, net | | | |
+----------------------------------------+-----------------------------------+---------------------------------+-----------+
| | | | |
+----------------------------------------+-----------------------------------+---------------------------------+-----------+
| Accrued corporate income tax | (1,222) | (1,067) | (21,598) |
+----------------------------------------+-----------------------------------+---------------------------------+-----------+
| Corporate income tax paid | 7,424 | 7,393 | 13,209 |
+----------------------------------------+-----------------------------------+---------------------------------+-----------+
| Disposed in a business combination | (5,426) | (5,001) | - |
+----------------------------------------+-----------------------------------+---------------------------------+-----------+
| | | | |
+----------------------------------------+-----------------------------------+---------------------------------+-----------+
| Income tax receivable (payable) at the | | | (1,193) |
| end of the period, net | (417) | 132 | |
+----------------------------------------+-----------------------------------+---------------------------------+-----------+
29.Retirement benefits obligations
The Group accrues liabilities for retirement benefits at the amount of BGN 371
thousand. This amount was based on an actuary valuation taking into
consideration assumptions for mortality, disability, employment turnover,
salaries' growth, etc. The present value of the liability was calculated by
applying a discount factor of 4%.
30. Share capital
The share capital is presented at par value, according to the court decision for
registration. The fully paid-in share capital, at the amount of BGN 109,250
thousand, is distributed into 109,249,612 registered shares with a par value of
BGN 1 each.
Shareholders of the Parent company as of September 30, 2009, June 30, 2009 and
December 31, 2008 are as follows:
+----------------------------------+------------------------------------+------------------------------------+--------------+
| Shareholder | September | June | December 31, |
| | 30, | 30, | 2008 |
| | 2009 | 2009 | % of share |
| | % of | % of | capital |
| | share | share | |
| | capital | capital | |
+----------------------------------+------------------------------------+------------------------------------+--------------+
| | | | |
+----------------------------------+------------------------------------+------------------------------------+--------------+
| Petrol Holding AD | 55.45 | 55.45 | 55.45 |
+----------------------------------+------------------------------------+------------------------------------+--------------+
| Naftex Petrol EOOD | 41.82 | 41.81 | 41.90 |
+----------------------------------+------------------------------------+------------------------------------+--------------+
| Ministry of Economy and Energy | 0.72 | 0.72 | 0.84 |
+----------------------------------+------------------------------------+------------------------------------+--------------+
| Other minority shareholders | 2.01 | 2.02 | 1.81 |
+----------------------------------+------------------------------------+------------------------------------+--------------+
| | | | |
+----------------------------------+------------------------------------+------------------------------------+--------------+
| Total | 100.00 | 100.00 | 100.00 |
+----------------------------------+------------------------------------+------------------------------------+--------------+
During 2008 and the first nine months of 2009 the Group, through one of its
subsidiary, performed transactions on the Bulgarian Stock Exchange for
acquisitions and sale of own shares. As a result of these transactions in 2008
and in the nine months ended September 30, 2009, realized net loss of BGN
253,045 thousand and net profit of BGN 586 thousand, respectively, are recorded
in accordance with IAS 32 Financial Instruments: Disclosure and Presentation
directly in equity against retained earnings.
31. Revaluation reserve
The reserve of revaluation of non-current assets, net of accrued deferred tax,
as of September 30, 2009, June 30, 2009 and December 31, 2008 at the amount of
BGN 20,648 thousand, BGN 20,945 thousand and 21,780 thousand, respectively, has
been allocated as a result of revaluations of property, plant and equipment and
intangible assets, carried out in the period 1997 - 2001, as well as of
revaluation as of December 31, 2002 in compliance with the changes of the
applicable Bulgarian accounting legislation (see also note 3.1).
The revaluation reserve is transferred to retained earnings on the disposal of
the respective asset.
32. Earnings (loss) per share
Earnings (loss) per share are calculated by dividing the net distributable
profit (loss) by the weighted average number of ordinary shares held during the
reporting period. There are no dilutive instruments in issue.
+------------------------------------+-----------+-----------+-----------+-----------+
| | Nine | Nine | Three | Three |
| | months | months | months | months |
| | ended | ended | ended | ended |
| | September | September | September | September |
| | 30, 2009 | 30, | 30, | 30, |
| | BGN'000 | 2008 | 2009 | 2008 |
| | | BGN'000 | BGN'000 | BGN'000 |
+------------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+------------------------------------+-----------+-----------+-----------+-----------+
| Weighted average number of shares | 63,515 | 89,844 | 63,567 | 82,613 |
| ('000) | | | | |
+------------------------------------+-----------+-----------+-----------+-----------+
| Profit (loss) (BGN'000) | (5,128) | 281,174 | (875) | 36,842 |
+------------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+------------------------------------+-----------+-----------+-----------+-----------+
| Earnings (loss) per share (BGN) | (0.08) | 3.13 | (0.01) | 0.45 |
+------------------------------------+-----------+-----------+-----------+-----------+
The weighted average number of shares is calculated as follows:
+------------------------------------+-----------+-----------+-----------+-----------+
| | Nine | Nine | Three | Three |
| | months | months | months | months |
| | ended | ended | ended | ended |
| | September | September | September | September |
| | 30, 2009 | 30, | 30, | 30, |
| | | 2008 | 2009 | 2008 |
+------------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+------------------------------------+-----------+-----------+-----------+-----------+
| Balance at the beginning of the | 63,471 | 103,623 | 63,568 | 82,686 |
| period ('000) | | | | |
+------------------------------------+-----------+-----------+-----------+-----------+
| Effect of treasury shares held | 44 | (13,779) | (1) | (73) |
+------------------------------------+-----------+-----------+-----------+-----------+
| | | | | |
+------------------------------------+-----------+-----------+-----------+-----------+
| Weighted average number of shares | 63,515 | 89,844 | 63,567 | 82,613 |
| ('000) | | | | |
+------------------------------------+-----------+-----------+-----------+-----------+
33. Subsidiaries
The consolidated subsidiaries, over which the Parent company exercises control
as of September 30, 2009, June 30, 2009 and December 31, 2008, are as follows:
+----------------------+---------------------+-------------+-------------+-------------+
| Subsidiary | Main activities | Investments | Investments | Investments |
| | | as of | as of | as of |
| | | September | June 30, | December |
| | | 30, | 2009 | 31, |
| | | 2009 | | 2008 |
+----------------------+---------------------+-------------+-------------+-------------+
| | | | | |
+----------------------+---------------------+-------------+-------------+-------------+
| Petrol Trans Express | Transport services | 100.0% | 100.0 % | 100.0 % |
| EOOD | | | | |
+----------------------+---------------------+-------------+-------------+-------------+
| Petrol Technics EOOD | Service and | 100.0% | 100.0 % | 100.0 % |
| | maintenance of fuel | | | |
| | stations | | | |
+----------------------+---------------------+-------------+-------------+-------------+
| Naftex Petrol EOOD | Wholesale of fuel | 100.0% | 100.0 % | 100.0 % |
+----------------------+---------------------+-------------+-------------+-------------+
| Petrol Gas OOD | Wholesale of fuel | 90.0% | 90.0 % | 90.0 % |
+----------------------+---------------------+-------------+-------------+-------------+
| Petrol Properties | Trade with real | 100.0% | 100.0 % | 100.0 % |
| EOOD | estate and other | | | |
| | property | | | |
+----------------------+---------------------+-------------+-------------+-------------+
| Elit Petrol EAD | Real estate | 100.0% | 100.0 % | 100.0 % |
| | advisory and | | | |
| | intermediation | | | |
| | services | | | |
+----------------------+---------------------+-------------+-------------+-------------+
34. Related parties transactions
The Parent company exercises control and significant influence over the related
parties, disclosed in notes 33 and 16 respectively. The Ultimate parent company
is Petrol Holding AD.
In 2009 and 2008 the Group has performed transactions with the following related
parties:
+---------------------------------+-----------------------------------------+
| Related party | |
+---------------------------------+-----------------------------------------+
| | |
+---------------------------------+-----------------------------------------+
| Petrol Holding AD | ultimate parent company |
+---------------------------------+-----------------------------------------+
| BPI EAD | subsidiary of Petrol Holding AD |
+---------------------------------+-----------------------------------------+
| Petrol Trade EOOD | subsidiary of Petrol Holding AD |
+---------------------------------+-----------------------------------------+
| Vratzata EOOD | subsidiary of Petrol Holding AD |
+---------------------------------+-----------------------------------------+
| Trans Operator AD | subsidiary of Petrol Holding AD |
+---------------------------------+-----------------------------------------+
| New Co Zagora EOOD | subsidiary of Petrol Holding AD |
+---------------------------------+-----------------------------------------+
| Petrol Card Service EOOD | subsidiary of Petrol Holding AD |
+---------------------------------+-----------------------------------------+
| Petrol Engineering AD | subsidiary of Petrol Holding AD |
+---------------------------------+-----------------------------------------+
| Varna Business Services OOD | subsidiary of Petrol Holding AD |
+---------------------------------+-----------------------------------------+
| Izvor Bottling Company AD | subsidiary of Petrol Holding AD |
+---------------------------------+-----------------------------------------+
| Air Lazur - General Aviation | subsidiary of Petrol Holding AD |
| EOOD | |
+---------------------------------+-----------------------------------------+
| Interhotel Bulgaria Burgas EOOD | subsidiary of Petrol Holding AD |
+---------------------------------+-----------------------------------------+
| Naftex Security EAD | subsidiary of Petrol Holding AD |
+---------------------------------+-----------------------------------------+
| Ross Oil EOOD | subsidiary of Petrol Holding AD |
+---------------------------------+-----------------------------------------+
| Transhold Bulgaria Holding AD | subsidiary of Petrol Holding AD |
+---------------------------------+-----------------------------------------+
| Jurex Consult AD | subsidiary of Petrol Holding AD |
+---------------------------------+-----------------------------------------+
| Tema Sport OOD | subsidiary of Petrol Holding AD |
+---------------------------------+-----------------------------------------+
| PSFC Chernomoretz AD | subsidiary of Petrol Holding AD |
+---------------------------------+-----------------------------------------+
| Transat AD | subsidiary of Petrol Holding AD |
+---------------------------------+-----------------------------------------+
| Trans Telecom AD | associate of Petrol Holding AD |
+---------------------------------+-----------------------------------------+
| Transcard AD | subsidiary of Petrol Holding AD |
+---------------------------------+-----------------------------------------+
| Transcard Financial Services | subsidiary of Transcard AD |
| EAD | |
+---------------------------------+-----------------------------------------+
The transactions performed relate primarily to:
* purchase and sale of liquid fuels and other goods;
* purchase and sale of property, plant and equipment;
* holding fees and services;
* rents;
* supply of materials;
* maintenance and servicing;
* legal consultations;
* telecommunication services;
* other.
34. Related parties transactions (continued)
In the first nine months of 2009 and 2008 transactions with related parties are
as follows:
+----------------------+-------------+-------------+-------------+-------------+
| Related party | Nine months | Nine months | Three | Three |
| | ended | ended | months | months |
| | September | September | ended | ended |
| | 30, | 30, | September | September |
| | 2009 | 2008 | 30, | 30, |
| | BGN'000 | BGN'000 | 2009 | 2008 |
| | | | BGN'000 | BGN'000 |
| | | | | |
+----------------------+-------------+-------------+-------------+-------------+
| | Sale of | Sale of | Sale of | Sale of |
| | goods, | goods, | goods, | goods, |
| | non-current | non-current | non-current | non-current |
| | assets and | assets and | assets and | assets and |
| | services | services | services | services |
+----------------------+-------------+-------------+-------------+-------------+
| | | | | |
+----------------------+-------------+-------------+-------------+-------------+
| Ultimate parent | 203 | 240 | 60 | 66 |
| company | | | | |
+----------------------+-------------+-------------+-------------+-------------+
| Companies under | 1,879 | 2,946 | 547 | 1,306 |
| common control | | | | |
+----------------------+-------------+-------------+-------------+-------------+
| Associates | 8 | 10 | 2 | 1 |
+----------------------+-------------+-------------+-------------+-------------+
| | | | | |
+----------------------+-------------+-------------+-------------+-------------+
| Total | 2,090 | 3,196 | 609 | 1,373 |
+----------------------+-------------+-------------+-------------+-------------+
+----------------------+-------------+-------------+-------------+-------------+
| Related party | Nine months | Nine months | Three | Three |
| | ended | ended | months | months |
| | September | September | ended | ended |
| | 30, | 30, | September | September |
| | 2009 | 2008 | 30, | 30, |
| | BGN'000 | BGN'000 | 2009 | 2008 |
| | | | BGN'000 | BGN'000 |
+----------------------+-------------+-------------+-------------+-------------+
| | Purchase of | Purchase of | Purchase of | Purchase of |
| | goods, | goods, | goods, | goods, |
| | non-current | non-current | non-current | non-current |
| | assets and | assets and | assets and | assets and |
| | services | services | services | services |
+----------------------+-------------+-------------+-------------+-------------+
| | | | | |
+----------------------+-------------+-------------+-------------+-------------+
| Ultimate parent | 2,796 | 2,876 | 949 | 1,074 |
| company | | | | |
+----------------------+-------------+-------------+-------------+-------------+
| Companies under | 134,429 | 119,948 | 1,610 | 63,709 |
| common control | | | | |
+----------------------+-------------+-------------+-------------+-------------+
| Associates | 324 | 325 | 112 | 116 |
+----------------------+-------------+-------------+-------------+-------------+
| | | | | |
+----------------------+-------------+-------------+-------------+-------------+
| Total | 137,549 | 123,149 | 2,671 | 64,899 |
+----------------------+-------------+-------------+-------------+-------------+
+---------------------------+-------------+-------------+-------------+-------------+
| Related | Nine months | Nine months | Three | Three |
| party | ended | ended | months | months |
| | September | September | ended | ended |
| | 30, | 30, | September | September |
| | 2009 | 2008 | 30, | 30, |
| | BGN'000 | BGN'000 | 2009 | 2008 |
| | | | BGN'000 | BGN'000 |
| | | | | |
+---------------------------+-------------+-------------+-------------+-------------+
| | Finance | Finance | Finance | Finance |
| | income | income | income | income |
+---------------------------+-------------+-------------+-------------+-------------+
| | | | | |
+---------------------------+-------------+-------------+-------------+-------------+
| Ultimate parent | 2,049 | 3,155 | 683 | 1,059 |
| company | | | | |
+---------------------------+-------------+-------------+-------------+-------------+
| Companies under | 13 | 1,491 | 4 | 935 |
| common control | | | | |
+---------------------------+-------------+-------------+-------------+-------------+
| Associates | 766 | 459 | - | 242 |
+---------------------------+-------------+-------------+-------------+-------------+
| | | | | |
+---------------------------+-------------+-------------+-------------+-------------+
| Total | 2,828 | 5,105 | 687 | 2,236 |
+---------------------------+-------------+-------------+-------------+-------------+
+---------------------------+-------------+-------------+-------------+-------------+
| Related | Nine months | Nine months | Three | Three |
| party | ended | ended | months | months |
| | September | September | ended | ended |
| | 30, | 30, | September | September |
| | 2009 | 2008 | 30, | 30, |
| | BGN'000 | BGN'000 | 2009 | 2008 |
| | | | BGN'000 | BGN'000 |
| | | | | |
+---------------------------+-------------+-------------+-------------+-------------+
| | Finance | Finance | Finance | Finance |
| | costs | costs | costs | costs |
+---------------------------+-------------+-------------+-------------+-------------+
| | | | | |
+---------------------------+-------------+-------------+-------------+-------------+
| Ultimate parent | 16 | 376 | - | - |
| company | | | | |
+---------------------------+-------------+-------------+-------------+-------------+
| Companies under | 6 | - | 6 | - |
| common control | | | | |
+---------------------------+-------------+-------------+-------------+-------------+
| | | | | |
+---------------------------+-------------+-------------+-------------+-------------+
| Total | 22 | 376 | 6 | - |
+---------------------------+-------------+-------------+-------------+-------------+
34. Related parties transactions (continued)
The outstanding balances with related parties as of September 30, 2009, June 30,
2009 and December 31, 2008 are as follows:
+--------------------+-----------------------------+------------------------+------------+-----------------------------+------------------------+----------+
| Related party | September | June | December | September | June | December |
| | 30, 2009 | 30, | 31, | 30, | 30, | 31, |
| | | 2009 | 2008 | 2009 | 2009 | 2008 |
+--------------------+-----------------------------+------------------------+------------+-----------------------------+------------------------+----------+
| | BGN'000 | BGN'000 | BGN'000 | BGN'000 | BGN'000 | BGN'000 |
+--------------------+-----------------------------+------------------------+------------+-----------------------------+------------------------+----------+
| | Amounts | Amounts | Amounts | Amounts | Amounts | Amounts |
| | receivable | receivable | receivable | payable | payable | payable |
+--------------------+-----------------------------+------------------------+------------+-----------------------------+------------------------+----------+
| | | | | | | |
+--------------------+-----------------------------+------------------------+------------+-----------------------------+------------------------+----------+
| Ultimate parent | 42,006 | 29,766 | 37,801 | 1,221 | 1,050 | 6,336 |
| company, incl.: | | | | | | |
+--------------------+-----------------------------+------------------------+------------+-----------------------------+------------------------+----------+
| Interest-bearing | 28,860 | 28,860 | 28,922 | - | - | - |
| loans - | | | | | | |
| non current | | | | | | |
| portion | | | | | | |
+--------------------+-----------------------------+------------------------+------------+-----------------------------+------------------------+----------+
| Interest- | 11,994 | - | 7,888 | - | - | 4,604 |
| bearing loans | | | | | | |
| -current portion | | | | | | |
+--------------------+-----------------------------+------------------------+------------+-----------------------------+------------------------+----------+
| Companies under | 2,841 | 2,320 | 2,309 | 779 | 3,560 | 21,088 |
| common control, | | | | | | |
| incl.: | | | | | | |
+--------------------+-----------------------------+------------------------+------------+-----------------------------+------------------------+----------+
| Interest-bearing | - | - | 50 | - | | - |
| loans -current | | | | | | |
| portion | | | | | | |
+--------------------+-----------------------------+------------------------+------------+-----------------------------+------------------------+----------+
| Associates | 11 | 773 | 26 | 107 | 106 | 73 |
+--------------------+-----------------------------+------------------------+------------+-----------------------------+------------------------+----------+
| | | | | | | |
+--------------------+-----------------------------+------------------------+------------+-----------------------------+------------------------+----------+
| Total | 44,858 | 32,859 | 40,136 | 2,107 | 4,716 | 27,497 |
+--------------------+-----------------------------+------------------------+------------+-----------------------------+------------------------+----------+
35. Segment reporting
The Group has identified the following business segments, based on the
organizational structure and the activities effected.
* Wholesale of fuels- wholesale of oil products and storage services in own
storage facilities of the Group;
* Retail of fuels - retail trade of oil and other products in network of own fuel
stations of the Group;
* Other activities - Transportation of oils with own and hired vehicles,
maintenance and repairs of fuel stations and accompanied facilities for trade
and services and other activities.
+---------------------------+-----------+----------+------------+---------------+--------------+
| |
+---------------------------+
| September 30, 2009 | Wholesale | Retail | Other | Elimi-nations | Consolidated |
| | of fuels | of fuels | activities | | |
+---------------------------+-----------+----------+------------+---------------+--------------+
| | BGN'000 | BGN'000 | BGN'000 | BGN'000 | BGN'000 |
+---------------------------+-----------+----------+------------+---------------+--------------+
| | | | | | |
+---------------------------+-----------+----------+------------+---------------+--------------+
| External sales | 411,404 | 357,729 | 1,976 | - | 771,109 |
+---------------------------+-----------+----------+------------+---------------+--------------+
| Inter-segment sales | 300,134 | 1,879 | 13,198 | (315,211) | - |
+---------------------------+-----------+----------+------------+---------------+--------------+
| | | | | ( | |
+---------------------------+-----------+----------+------------+---------------+--------------+
| Total revenue | 711,538 | 359,608 | 15,174 | (315,211) | 771,109 |
+---------------------------+-----------+----------+------------+---------------+--------------+
| | | | | | |
+---------------------------+-----------+----------+------------+---------------+--------------+
| Result of the segment | 7,294 | (909) | 1,263 | - | 7,648 |
+---------------------------+-----------+----------+------------+---------------+--------------+
| | | | | | |
+---------------------------+-----------+----------+------------+---------------+--------------+
| Share of net profits of | - | - | 410 | - | 410 |
| associates | | | | | |
+---------------------------+-----------+----------+------------+---------------+--------------+
| Foreign exchange rate | - | - | - | - | 279 |
| gains, net | | | | | |
+---------------------------+-----------+----------+------------+---------------+--------------+
| Loss on dealings with | - | - | - | - | (1,196) |
| derivatives | | | | | |
+---------------------------+-----------+----------+------------+---------------+--------------+
| Interest expenses and | - | - | - | - | (12,311) |
| fees and other financial | | | | | |
| expenses, net | | | | | |
+---------------------------+-----------+----------+------------+---------------+--------------+
| Tax income | - | - | - | - | 42 |
+---------------------------+-----------+----------+------------+---------------+--------------+
| | | | | | |
+---------------------------+-----------+----------+------------+---------------+--------------+
| Net profit of the Group | - | - | - | - | (5,128) |
+---------------------------+-----------+----------+------------+---------------+--------------+
| | | | | | |
+---------------------------+-----------+----------+------------+---------------+--------------+
| Depreciation and | (2,569) | (8,788) | (2,077) | - | (13,434) |
| amortization | | | | | |
+---------------------------+-----------+----------+------------+---------------+--------------+
| | | | | | |
+---------------------------+-----------+----------+------------+---------------+--------------+
+---------------------------+-----------+----------+------------+---------------+--------------+
| |
+---------------------------+
| September 30, 2008 | Wholesale | Retail | Other | Elimi-nations | Consolidated |
| | of fuels | of fuels | activities | | |
+---------------------------+-----------+----------+------------+---------------+--------------+
| | BGN'000 | BGN'000 | BGN'000 | BGN'000 | BGN'000 |
+---------------------------+-----------+----------+------------+---------------+--------------+
| | | | | | |
+---------------------------+-----------+----------+------------+---------------+--------------+
| External sales | 717,522 | 796,822 | 5,961 | - | 1,520,305 |
+---------------------------+-----------+----------+------------+---------------+--------------+
| Inter-segment sales | 166,040 | 3,049 | 10,372 | (179,461) | - |
+---------------------------+-----------+----------+------------+---------------+--------------+
| | | | | | |
+---------------------------+-----------+----------+------------+---------------+--------------+
| Total revenue | 883,562 | 799,871 | 16,333 | (179,461) | 1,520,305 |
+---------------------------+-----------+----------+------------+---------------+--------------+
| | | | | | |
+---------------------------+-----------+----------+------------+---------------+--------------+
| Result of the segment | 171,647 | 232,023 | 1,710 | - | 405,380 |
+---------------------------+-----------+----------+------------+---------------+--------------+
| | | | | | |
+---------------------------+-----------+----------+------------+---------------+--------------+
| Share of net profits of | - | - | 459 | - | 459 |
| associates | | | | | |
+---------------------------+-----------+----------+------------+---------------+--------------+
| Foreign exchange rate | - | - | - | - | 2,419 |
| gains, net | | | | | |
+---------------------------+-----------+----------+------------+---------------+--------------+
| Loss on dealings with | - | - | - | - | (73,441) |
| derivatives | | | | | |
+---------------------------+-----------+----------+------------+---------------+--------------+
| Interest expenses and | - | - | - | - | (11,895) |
| fees and other financial | | | | | |
| expenses, net | | | | | |
+---------------------------+-----------+----------+------------+---------------+--------------+
| Tax expense | - | - | - | - | (41,786) |
+---------------------------+-----------+----------+------------+---------------+--------------+
| | | | | | |
+---------------------------+-----------+----------+------------+---------------+--------------+
| Net profit of the Group | - | - | - | - | 281,136 |
+---------------------------+-----------+----------+------------+---------------+--------------+
| | | | | | |
+---------------------------+-----------+----------+------------+---------------+--------------+
| Depreciation and | (1,288) | (8,721) | (2,147) | - | (12,156) |
| amortization | | | | | |
+---------------------------+-----------+----------+------------+---------------+--------------+
| | | | | | |
+---------------------------+-----------+----------+------------+---------------+--------------+
35. Segment reporting (continued)
+------------------------------------+-----------+----------+------------+--------------+
| |
+------------------------------------+
| | Wholesale | Retail | Other | Consolidated |
| | of fuels | of fuels | activities | |
+------------------------------------+-----------+----------+------------+--------------+
| | BGN'000 | BGN'000 | BGN'000 | BGN'000 |
+------------------------------------+-----------+----------+------------+--------------+
| | | | | |
+------------------------------------+-----------+----------+------------+--------------+
| September 30, 2009 | | | | |
+------------------------------------+-----------+----------+------------+--------------+
| | | | | |
+------------------------------------+-----------+----------+------------+--------------+
| Segment assets | 158,645 | 205,495 | 9,739 | 373,879 |
+------------------------------------+-----------+----------+------------+--------------+
| | | | | |
+------------------------------------+-----------+----------+------------+--------------+
| Investment in equity method | - | - | 15,420 | 15,420 |
| associates | | | | |
+------------------------------------+-----------+----------+------------+--------------+
| | | | | |
+------------------------------------+-----------+----------+------------+--------------+
| Segment liabilities | 114,492 | 233,558 | 8,322 | 356,372 |
+------------------------------------+-----------+----------+------------+--------------+
| | | | | |
+------------------------------------+-----------+----------+------------+--------------+
| Capital expenditure | 1,906 | 10,787 | 147 | 12,840 |
+------------------------------------+-----------+----------+------------+--------------+
| | | | | |
+------------------------------------+-----------+----------+------------+--------------+
| December 31, 2008 | | | | |
+------------------------------------+-----------+----------+------------+--------------+
| | | | | |
+------------------------------------+-----------+----------+------------+--------------+
| Segment assets | 142,261 | 216,285 | 14,716 | 373,262 |
+------------------------------------+-----------+----------+------------+--------------+
| | | | | |
+------------------------------------+-----------+----------+------------+--------------+
| Investment in equity method | - | - | 15,776 | 15,776 |
| associates | | | | |
+------------------------------------+-----------+----------+------------+--------------+
| | | | | |
+------------------------------------+-----------+----------+------------+--------------+
| Segment liabilities | 100,693 | 239,554 | 9,774 | 350,021 |
+------------------------------------+-----------+----------+------------+--------------+
| | | | | |
+------------------------------------+-----------+----------+------------+--------------+
| Capital expenditure | 10,324 | 23,185 | 5,248 | 38,757 |
+------------------------------------+-----------+----------+------------+--------------+
| | | | | |
+------------------------------------+-----------+----------+------------+--------------+
36. Contingent assets and liabilities
Contingent assets
As of September 30, 2009 bank guarantees at the amount of BGN 2,300 thousand and
promissory notes at the amount of BGN 12,060 thousand issued in favour of the
Group and mortgages at the amount of BGN 600 thousand serve as collaterals for
receivables from customers.
In 2007 the Group has recognized income from penalties amounting to BGN 8,196
thousand, calculated to a counterparty because of a quantitative non-execution
of a fuel supply contract. As of December 31, 2007 the income has been reversed,
because the management has assessed that the income recognition criteria in
accordance with IAS 18 Revenue have not been met. In view of this, as of
September 30, 2009 the Group has a contingent asset amounting to BGN 8,196
thousand, because the receivable from the counterparty was not recognized in the
consolidated financial statements, but the management believes that it has
reasonable and justifiable legal grounds to claim this receivable.
Contingent liabilities
As of September 30, 2009 the Group has contingent liabilities which include
issued bank guarantees for public tender contracts at the amount of BGN 529
thousand, issued bank guarantees on fuel supply at the amount of BGN 737
thousand, issued promissory notes on bank loans and finance lease at the amount
of BGN 119,593 thousand, guaranteed promissory notes to third parties for
liabilities of related parties at the amount of BGN 12,264 thousand and bank
guarantees issued in favour of the Customs Agency for using of deferred payment
of excise duties at the amount of BGN 8,709 thousand.
As of September 30, 2009 land and buildings with carrying amount of BGN 5,614
thousand are mortgaged as collateral under bank loans, granted to the Group and
the Ultimate parent company.
Available petrol products as of September 30, 2009 as well as receivables at the
amount of BGN 29,383 thousand serve as collateral on utilized by the Group bank
loans.
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRTWUGGWGUPBGBU
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