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Turkiye Petrol Rafin TPRD 3rd Quarter Results

  Turkiye Petrol Rafin (TPRD) - 3rd Quarter Results

RNS Number : 1265R
Turkiye Petrol Rafinerileri AS
14 November 2012




ANNOUNCEMENT

              TURKISH PETROLEUM REFINERIES CORPORATION (TUPRAS)

                            9 Months 2012 Results

                                      

From 106.5  dollars per  barrel at  the  start of  2012, due  to  geopolitical 
reasons in Africa and the Middle East, Brent crude prices reached 123  dollars 
per barrel by the end of the  first quarter. Falling to 94 dollars per  barrel 
on the  back  of  global  economic slowdown  in  the  second  quarter,  prices 
rebounded to 111 dollars per barrel due to economic interventions

The debt crisis and falling consumption in Europe led to refinery closures and
production cuts. In addition refinery fires  in the USA and Venezuela help  to 
increase product prices especially gasoline.

With petrol prices and exchange rates  more stable than the previous  quarter, 
capacity utilisation was increased  to 90.7 % for  the third quarter. For  the 
nine month period, capacity utilisation reached 82.3% an increase of 1.4% over
last year. Total domestic  sales including imported products  was up 5% at  19 
million tons

Increases in volume combined with higher exchange rates and oil prices led  to 
an 18.4% increase in sales revenues. Optimised capacity together with  savings 
from efficiency projects enabled net profits  to reach 983 million TL for  the 
period.

KTon - Million TL          2011 / 9 M 2012 / 9 M Dif.
Crude Oil Processed (KTon)     15.912     16.377   465
Total Sales Volume (KTon)      18.074     18.954   880
Sales Revenue (Million TL)   29.849,8   35.341,5 18,4%
Net Profit (Million TL)         924,2      983,0  6,4%



The Residuum Upgrade Project, scheduled for completion in 2014 and expected to
provide about a billion US dollars in current account reduction, continued  as 
planned. As of the end of October it  stands at 42% complete and in the  first 
nine months of the year a total of 1.5 billion TL was invested.

In order to  diversify sources  of finance and  manage liquidity  risk, a  5.5 
year, 700 million USD  bond was issued, taking  advantage of the low  interest 
rate environment to obtain a rate of 4.168%.

Tupras will  continue  to  generate sustainable  value  for  its  shareholders 
partners and  society  through  high  performance  based  on  competent  asset 
management,  operational  excellence,  reduced  cost  base  through   constant 
improvements in efficiency and by fully  utilising the potential of its  first 
class human resources





                                 Turkish Petroleum Refineries Corporation (TUPRAS)
                                         THE CONSOLIDATED INCOME STATEMENT
                                In accordance with Capital Market Board Regulations
                                                     Unaudited Income Statement       Unaudited Income Statement

                                                             (1000 TL)                        (1000 TL)
                                                  01.01.2012 - 01.01.2011-    %    01.01.2012 - 01.01.2011-    %
                                                  30.09.2012   30.09.2011   change 30.09.2012   30.09.2011   change
Sales                                               35.341.528   29.849.804     18   19.602.600   18.358.942      7
(net)
Cost of sales                                     (33.775.031) (27.878.305)     21 (18.733.724) (17.146.384)      9
(-)
Service income(net)                                     48.944       39.914     23       27.147       24.549     11
GROSS OPERATING PROFIT                               1.615.441    2.011.413    -20      896.024    1.237.107    -28
Marketing, selling & distribution expenses          (259.968)    (229.141)     13    (144.194)    (140.932)      2
(-)
General administrative expenses                      (356.871)    (296.354)     20    (197.943)    (182.271)      9
(-)
Research & development expenses                        (6.404)      (3.597)     78      (3.552)      (2.212)     61
(-)
Other operating income                 22.938       81.460   (72)       12.723       50.101   (75)
Other operating expenses (-)                   (63.906)     (27.791)    130     (35.446)     (17.093)    107
OPERATING PROFIT/                                      951.230    1.535.990   (38)      527.611      944.701    -44
(LOSS)
Income /(loss) from investments accounted by             9.578        3.306    190        5.313        2.033    161
equity method
Financial income       851.014      600.182     42      472.025      369.138     28
Financial expenses                                   (584.688)    (991.111)   (41)    (324.304)    (609.577)   (47)
(-)
PROFIT BEFORE TAXATION                               1.227.134    1.148.367      7      680.645      706.296     -4
Income Tax expense                                   (242.776)    (227.857)      7    (134.659)    (140.142)    (4)
 -Tax expense for the period                        (237.564)    (191.020)     24    (131.768)    (117.486)     12
 -Deferred tax expense                                (5.212)     (36.837)   (86)      (2.891)     (22.656)   (87)
PROFIT FOR THE PERIOD                                  984.358      920.510      7      545.986      566.154     -4
Other comprehensive income
Changes in foreign currency translation                (1.395)        3.657  (138)        (774)        2.249  (134)
differences
Other comprehensive income (after taxation)            (1.395)        3.657  (138)        (774)        2.249  (134)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD              982.963      924.167      6      545.212      568.403     -4
Distribution of Profit for the Period
 Minority interest                                      5.565        1.386    302        3.087          852    262
 Attributable to equity holders of the Company        978.793      919.124      6      542.899      565.302    (4)
Distribution of Total Comprehensive Income for
the Period
 Minority interest                                      5.565        1.386    302        3.087          852    262
 Attributable to equity holders of the Company        977.398      922.781      6      542.125      567.551    (4)
Earnings per share                                        3,91         3,67      7         2,17         2,26    (4)



EBITDA Calculation:                            01.01.2012 - 01.01.2011-      %
                                                 30.09.2012  30.09.2011 change
OPERATING PROFIT/                                   951.230   1.535.990    -38
(LOSS)
Total Depreciation                                  200.779     182.824     10
EBITDA, (1000 TRY)                                1.152.009   1.718.814    -33
EBITDA, (1000 USD)                                  638.976   1.057.146    -40





                                         CONSOLIDATED BALANCE SHEET
                            In accordance with Capital Market Board Regulations
                                                    Unaudited Balance Sheet       Unaudited Balance Sheet

                                                           (1000 TL)                    ( 1000 USD)
                                                 30-Sep-2012 31-Dec-2011   %    30-Sep-12 31-Dec-2011   %
                                                                         change                       change
Current                                          11.185.446   9.064.638     23 6.267.410   4.798.898     31
assets
Cash and cash equivalents                          3.062.823   1.243.478    146 1.716.156     658.308    161
Trade receivables (net)     3.521.442   3.543.561    (1) 1.973.128   1.875.992      5
 Due from related parties                           640.214     374.028     71   358.724     198.014     81
 Other trade receivables    2.881.228   3.169.533    (9) 1.614.405   1.677.978    (4)
Financial investments                                 12.685      12.943    (2)     7.108       6.852      4
Other receivables (net)                               27.334      20.430     34    15.316      10.816     42
Inventories(net)                                   3.632.164   3.659.228    (1) 2.035.168   1.937.227      5
Other current assets         928.654     583.643     59   520.342     308.986     68
Derivative financial instruments                         344       1.355   (75)       193         717   (73)
Non-current assets     6.637.371   5.693.348     17 3.719.040   3.014.108     23
Trade receivables (net)         7.177       7.448    (4)     4.021       3.943      2
Financial investments                                 83.720      83.720     -    46.910      44.322      6
Investment accounted by equity method                 42.684      23.266     83    23.917      12.317     94
Goodwill(net)                                        189.073     189.073     -   105.941     100.097      6
Investment property (net)                              4.621       4.621     -     2.589       2.446      6
Property, plant and                                5.419.849   4.088.907     33 3.036.840   2.164.703     40
equipment(net)
Intangible                                            81.705     102.435   (20)    45.781      54.230   (16)
assets(net)
Other non-current assets     808.542   1.193.878   (32)   453.041     632.049   (28)
TOTAL                                             17.822.817  14.757.986     21 9.986.450   7.813.005     28
ASSETS
Current Liabilities             11.200.685   8.386.151     34 6.275.948   4.439.701     41
Short-term financial liabilities (net)             1.955.710     929.364    110 1.095.820     492.013    123
Current portion of long-term financial               169.620     206.901   (18)    95.041     109.535   (13)
liabilities(net)
Trade payables                                     6.552.757   5.548.220     18 3.671.629   2.937.276     25
(net)
 Due to related parties                              49.432      48.522      2    27.698      25.688      8
 Other trade payables                             6.503.325   5.499.698     18 3.643.932   2.911.588     25
Advances received                     1.888      10.984   (83)     1.058       5.815   (82)
Provisions                                            88.231      63.182     40    49.437      33.449     48
Current period profit tax provision                  152.938      85.116     80    85.694      45.061     90
Employee benefits                                      4.381       5.324   (18)     2.455       2.819   (13)
Other current liabilities                         2.274.899   1.536.946     48 1.274.667     813.673     57
Derivative financial instruments                         261         114    129       146          60    142
Non-current Liabilities                            2.218.309   1.966.177     13 1.242.959   1.040.911     19
Long-term financial liabilities(net)               1.854.201   1.211.553     53 1.038.943     641.407     62
Trade payables                                            -         560  (100)        -         296  (100)
(net)
Employee benefits                                    112.595     105.402      7    63.089      55.801     13
Deferred tax liabilities                             236.274     231.062      2   132.389     122.326      8
Other non-current                                     15.239     417.600   (96)     8.539     221.081   (96)
liabilities

EQUITY                        4.403.823  4.405.658  (0) 2.467.542 2.332.393     6
Equity attributable to equity holders of the parent
Share                                                   250.419    250.419   -   140.314   132.574     6
capital
Adjustment to share capital  1.344.243  1.344.243   -   753.204   711.654     6
Share premium                                               172        172   -        96        91     6
Financial assets fair value reserve                      40.311     40.311   -    22.587    21.341     6
Restricted reserves                    223.321    198.605   12   125.131   105.143    19
Currency translation differences                          5.163      6.558 (21)     2.893  (78.667) (104)
Retained earnings                     1.520.169  1.287.945   18   851.778   681.849    25
Net Income for the period                               978.793  1.241.738 (21)   548.436   739.526  (26)
Total equity attributable to equity holders of the    4.362.591  4.369.991  (0) 2.444.439 2.313.511     6
parent
Non-controlling interest                                 41.232     35.667   16    23.103    18.882    22
TOTAL EQUITY AND                                     17.822.817 14.757.986   21 9.986.450 7.813.005    28
LIABILITIES





                  THE CONSOLIDATED STATEMENTS OF CASH FLOWS
             In accordance with Capital Market Board Regulations
                                             Unaudited Cash Flow (1000 TL)
                                            30-Sep-12    30-Sep-11    % change
Profit before taxation and non-controlling  1.227.134    1.148.367    7
interests
Depreciation and amortisation expense       200.779      182.824      10
Increase in provision for employment        19.959       16.372       22
termination benefits
(Profit)/loss on sales of property, plant   (4.724)      (5.700)      (17)
and equipment
Income of investments accounted by equity   (9.578)      (3.306)      190
method
Provision for impairment on inventory       -           (496)        (100)
Provision/ (Reversal) for tax penalty       -           (6.320)      (100)
Pending claims and lawsuits provision       1.934        (2.894)      (167)
expense
Provision for EMRA participation share     10.477       10.454       0
Seniority incentive bonus provision         5.575        4.040        38
Provision for unused vacation rights        5.907        5.541        7
Outsourced benefits and other provisions    17.824       13.359       33
Provision for doubtful receivables,         2.459        1.284        92
Interest income (net)                       (19.461)     (80.292)     (76)
Unearned credit finance expense/(income)    (11.687)     8.039        (245)
(net)
Foreign exchange losses/(gains) on          (184.589)    167.166      (210)
borrowings, (net)
Foreign currency translation differences    (1.395)      3.657        (138)
Net cash provided from oper. act. before    1.260.614    1.462.095    (14)
changes in oper. assets & liabilities
Net Changes in the operating assets and
liabilities:
(Increase)/decrease in trade receivables    29.687       (2.833.067)  (101)
(Increase)/decrease in other assets and     33.421       (437.918)    (108)
receivables
Decrease in inventories                    27.064       (1.489.230)  (102)
Increase in trade payables                  1.003.809    1.549.162    (35)
Increase in other current liabilities and   265.033      674.636      (61)
advances received increase/(decrease)
Collected doubtful receivables              2.099        1.646        28
Taxes paid                                  (169.742)    (155.762)    9
Employment termination benefits paid        (13.441)     (14.472)     (7)
Claims and lawsuits expenses paid          (728)        (6.052)      (88)
Unused vacation liabilities paid           (2.132)      (2.196)      (3)
Seniority incentive bonus paid              (5.843)      (3.914)      49
EMRA participation share paid               (7.937)      (6.384)      24
Provision for tax penalty paid              -           (174.915)    (100)
Other provisions paid                       (296)        -
Net cash provided by operating activities  2.421.608    (1.436.371)  (269)
Investing activities:
Purchase of property, plant and equipment   (1.511.585)  (236.666)    539
Proceeds from tangible and intangible       9.784        16.152       (39)
assets
Purchase of intangible assets               (4.466)      (3.284)      36
Transfers from property, plant and         -           619          (100)
equipment
Change in short term financial investments 258          -
Contribution to financial capital increases -           (100)        (100)
Capital payment of investment accounted by  (9.840)      (4.000)      146
equity metod
Interest received                           108.200      195.009      (45)
Net cash provided by/(used in) investing    (1.407.649)  (32.270)     4.262
activities
Financing activities:
Change in the derivative financial          1.158        (1.056)      (210)
instruments
(Paid)/received of bank borrowings, (net)   1.801.560    (1.533.857)  (217)
Dividend paid                               (984.798)    (745.849)    32
Interest paid                               (75.824)     (104.624)    (28)
Net cash provided by/ (used in) financing   742.096      (2.385.386)  (131)
activities
Net increase in cash and cash equivalents   1.756.055    (3.854.027)  (146)
Cash and cash equivalents at the beginning  844.078      5.613.065    (85)
of the period
Cash and cash equivalents at the end of the 2.600.133    1.759.038    48
period



For any further information released today or the financials, please contact
us or visit www.tupras.com.tr



Tuncay ONBILGIN



Investor Relations &

Strategic Planning Management

E-mail : tuncay.onbilgin@tupras.com.tr

Direct Line : +90 262 316 3269



                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


QRTEADFLFSFAFFF -0- Nov/14/2012 13:54 GMT
 
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