Petrol AD
UIC 831496285
LEI 4851003SBNLWFQX4XS80
CONSOLIDATED MANAGEMENT REPORT FOR 2021
ACCOMPANIED BY
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 AND INDEPENDENT AUDITOR'S REPORT
(This document is a translation of the original Bulgarian text, in case of divergence the Bulgarian original shall prevail)
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Petrol AD
UIC 831496285
LEI 4851003SBNLWFQX4XS80
Table of contents | |
Consolidated management report for 2021, Corporate governance declaration, Non-financial declaration | |
............................................................................................................................................................... | .3 |
Consolidated financial statements for the year ended December 31, 2021.......................................... | 79 |
Notes to the consolidated financial statements..................................................................................... | 87 |
Independent auditor's report on the consolidated financial statements |
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Petrol AD
UIC 831496285
LEI 4851003SBNLWFQX4XS80
CONSOLIDATED MANAGEMENT REPORT
FOR 2021
THIS MANAGEMENT REPORT IS PREPARED IN ACCORDANCE WITH THE REQUIREMENTS OF ART. 100N, PAR.7 OF THE PUBLIC OFFERING OF SECURITIES ACT, ART. 45 AND ART. 47 OF THE ACCOUNTANCY ACT, ART. 187E, AND ART. 247 OF THE COMMERCIAL ACT, ART. 32A, PAR. 1 AND PAR. 2 AND APPENDIX NO.2 TO THE ORDINANCE NO.2 OF NOVEMBER 09, 2021 ON THE PROSPECTUSES IN PUBLIC OFFERING AND ADMISSION OF SECURITIES FOR TRADING ON A REGULATED MARKET AND FOR DISCLOSURE OF INFORMATION
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Petrol AD
UIC 831496285
LEI 4851003SBNLWFQX4XS80
Selected performance indicators
Information pursuant to Art.39, item 2 of the Accountancy Act
Financial indicators | 2021 | 2020 | 2019 | 2018 | 2017 | ||
Net revenue | BGN million | 499.8 | 390.5 | 538.5 | 526.8 | 479.1 | |
EUR million | 255.5 | 199.7 | 275.3 | 269.3 | 245 | ||
Gross margin from sales of goods1 | BGN million | 53.5 | 51.0 | 56.9 | 49.3 | 47.7 | |
EUR million | 27.4 | 26.1 | 29.1 | 25.2 | 24.4 | ||
% | 10.9 | 13.4 | 10.8 | 9.5 | 10.1 | ||
EBITDA2 | BGN million | (16.5) | (0.8) | 4.1 | 5.4 | (7.3) | |
EUR million | (8.4) | (0.4) | 2.1 | 2.8 | (3.7) | ||
% | (3.3) | (0.2) | 0.7 | 1.0 | (1.5) | ||
EBIT3 | BGN million | (22.1) | (6.5) | 0.2 | 4.5 | (8.8) | |
EUR million | (11.3) | (3.3) | 0.1 | 2.3 | (4.5) | ||
% | (4.4) | (1.6) | 0.0 | 0.8 | (1.8) | ||
Net profit (loss) | BGN million | (25.4) | (8.9) | (5.0) | 55.9 | 1.4 | |
EUR million | (13.0) | (4.6) | (2.6) | 28.6 | 0.7 | ||
% | (5.0) | (2.3) | (0.9) | 10.4 | 0.3 | ||
Share price 4 | BGN | 0.41 | 0.41 | 0.715 | 0.985 | 0.44 | |
EUR | 0.21 | 0.21 | 0.37 | 0.50 | 0.22 | ||
Assets | BGN million | 127.0 | 149.7 | 139.6 | 130.2 | 100 | |
EUR million | 64.9 | 76.5 | 71.4 | 66.6 | 51.1 | ||
Debt5 | BGN million | 42.9 | 46.6 | 47.4 | 48.2 | 41.6 | |
EUR million | 21.9 | 23.8 | 24.2 | 24.6 | 21.3 | ||
Shareholders' equity | BGN million | 3.4 | 28.8 | 14.6 | 19.6 | (34.2) | |
EUR million | 1.7 | 14.7 | 7.5 | 10.0 | (17.5) | ||
Capital expenditure | BGN million | 0.9 | 0.7 | 2.5 | 1.1 | 2.8 | |
EUR million | 0.5 | 0.4 | 1.3 | 0.6 | 1.4 |
- Gross margin is estimated as difference between revenue from sales of goods and cost of goods sold, the percentage of gross margin is calculated as gross margin is divided to the revenue.
- EBITDA (earnings before interest, tax, depreciation and amortization).
- EBIT (earnings before interest and tax).
- Closing share price as of the end of respective year on Bulgarian Stock Exchange - Sofia.
- Includes interest-bearing loans and financial lease liabilities.
Consolidated Management Report for 2021 | 4 |
(This document is a translation of the original Bulgarian text, in case of divergence the Bulgarian original shall prevail)
Petrol AD
UIC 831496285
LEI 4851003SBNLWFQX4XS80
Selected performance indicators (continued)
Financial ratios | 2021 | 2020 | 2019 | 2018 | 2017 |
Return on average capital employed (ROACE)6 (%) | (34.96) | (8.99) | 0.25 | 12.82 | (262.6) |
Return on assets (ROA)7 (%) | (16.00) | (4.46) | 0.12 | 3.90 | (8.99) |
Debt/assets (%) | 33.74 | 31.09 | 33.96 | 37.05 | 41.64 |
Equity/Assets (%) | 2.64 | 19.24 | 10.44 | 15.03 | (34.17) |
Current liquidity (ratio)8 | 0.94 | 0.97 | 1.24 | 1.41 | 0.84 |
Goods turnover ratio (days)9 | 16 | 21 | 17 | 17 | 17 |
Accounts receivable collection period (days)10 | 15 | 21 | 18 | 17 | 20 |
Accounts payable payment period (days)11 | 48 | 60 | 40 | 35 | 30 |
Operating ratios | 2021 | 2020 | 2019 | 2018 | 2017 |
Sales of fuels (million liters) | 260.7 | 238.9 | 297.6 | 292.2 | 289.2 |
Sales of fuels (thousand tons) | 1.5 | 1.5 | 2.2 | 1.5 | 1.6 |
Number of fuel stations under "Petrol" brand (end of | |||||
period) | 301 | 320 | 320 | 322 | 328 |
Number of operated fuel storage facilities (end of period) | 1 | 1 | 1 | 2 | 2 |
Share of sales revenue - corporate sales on credit | 27% | 28% | 26% | 25% | 24% |
Number of employees (end of period) | 1,189 | 1.257 | 1,246 | 1,181 | 1,204 |
- ROACE (return on average capital employed) - is est imated as ratio between the EBIT and the average invested capital. The latter presents the difference between assets and current liabilities to non-related parties (that are not part of Petrol Group).
- ROA (return on assets) - presents the ratio between the EBIT and the average assets.
- Current liquidity - the ratio between current asset s and current liabilities
- Inventories turnover - presents the ratio between a verage stocks and the cost of goods sold, multiplied by 365 days.
- Accounts receivable collection period - presents the ratio between trade receivable from non-related parties and revenue from non- related parties, multiplied by 365 days.
- Accounts payable payment period- presents the rati o between trade payables to suppliers and the cost of goods sold, multiplied by 365 days.
Consolidated Management Report for 2021 | 5 |
(This document is a translation of the original Bulgarian text, in case of divergence the Bulgarian original shall prevail)
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Petrol AD published this content on 25 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 May 2022 16:10:59 UTC.