Puma Energy

Condensed key figures

Company profile
Puma Energy Holdings Pte Ltd is incorporated in Singapore as a private company limited by shares. The
registered office of the Company is One Marina Boulevard #28-00, 1 Marina Boulevard, Singapore 018989.
Puma Energy is a global oil energy company that focuses on fast-growing markets with high demand for oil
products.
The principal business activities of Puma Energy Holdings Pte Ltd and its subsidiaries (the “Company” or “Puma
Energy”) are the ownership and operation of storage and retail facilities for, and the sale and distribution of
petroleum products.
Puma Energy supplies quality fuel and invests in transformative infrastructure. Through its global supply system,
the Company has expertise in integrating midstream and downstream operations in order to deliver high quality
fuels around the world safely, swiftly, reliably and at competitive price.
The Company’s shareholders are Trafigura Group Pte Ltd (49.82%), Sonangol Holdings Lda (27.92%), Cochan
Holdings LLC (15.45%) and other investors (6.81%).

Investor relations

Puma Energy will discuss its results during an investor conference call on Thursday 17 November 2016 at 14:00
(UK). An accompanying slide presentation will be available on the “Investors” section of PumaEnergy.com
(http://www.pumaenergy.com/en/investor-relations).
The conference call can be accessed by dialling one of the access numbers below:

UK & International Number: +44 (0) 20 3003 2666

US Number: +1 866 966 5335
Swiss Number: +41 (0) 22 592 7915
For further information, please contact our investor relations team on:
http://www.pumaenergy.com/en/investor-relations

Patrick Meyer, Global Head of Corporate Affairs on +41 (0)22 595 33 37

Dirk-Jan Vanderbroeck, Global Head of Corporate Finance and Treasury on +41 (0)22 592 45 92
Puma Energy
Condensed key figures

Nine months ended Quarter ended Year ended

30 September, 30 September, 31 December,
in US$'000 2016 2015 2016 2015 2015
Condensed statement of income unaudited unaudited unaudited unaudited audited
Gross profit 1,192,166 1,122,661 376,240 400,168 1,495,755
EBITDA 556,153 504,418 165,192 177,225 675,986
Operating profit 278,554 261,309 75,788 85,356 342,045
Profit before tax 93,947 153,484 14,685 34,974 167,089
Profit for the period 66,222 122,085 12,614 29,011 176,851
Net profit attributable to the 62,854 117,135 10,866 30,064 174,715
owners of the parent

Summarised cash flow

Cash flow from operating activities 686,283 605,725 199,644 155,090 734,900
Cash flow from investing activities (546,315) (874,121) (87,897) (394,369) (1,138,286)
Cash flow from financing activities 110,181 158,024 124,942 150,916 204,360
Total cash flows 250,149 (110,372) 236,689 (88,363) (199,026)
Effects of exchange rate (57,315) 59,170 (43,855) 65,167 3,407
differences
Net increase/(decrease) in cash 192,834 (51,202) 192,834 (23,196) (195,619)
and cash equivalents

Key ratios
Sales volume ('000 m3) 16,543 13,921 5,725 5,004 18,862
Throughput volume ('000 m3) 15,291 13,691 5,143 4,555 18,372
Downstream unit margin (US$/m 3) 65 71 60 70 74

As at 30 September, 31 December,
2016 2015 2015
Balance sheet unaudited unaudited audited
Trade receivables 600,444 586,330 543,769
Inventories 712,113 633,678 614,974
Cash and cash equivalents 474,043 425,626 281,209
Equity 1,900,267 1,535,361 2,071,655
Total assets 7,090,020 6,714,985 6,915,938
Puma Energy
Consolidated statement of income

Nine months ended Quarter ended Year ended

30 September, 30 September, 31 December,
in US$'000 2016 2015 2016 2015 2015
unaudited unaudited unaudited unaudited audited
Net sales 9,272,320 9,233,123 3,240,077 3,301,806 12,686,410
Cost of sales (8,080,154) (8,110,462) (2,863,837) (2,901,638) (11,190,655)
Gross profit 1,192,166 1,122,661 376,240 400,168 1,495,755
Selling and operating costs (777,774) (776,938) (260,007) (307,838) (1,016,604)
General and administrative expenses (117,282) (120,719) (38,943) (43,225) (167,939)
Other operating income/(expenses) (23,262) 32,931 (2,976) 35,110 27,701
Share of net profits/(losses) in associates 4,706 3,374 1,474 1,141 3,132
Operating profit 278,554 261,309 75,788 85,356 342,045
Finance income 7,187 8,055 4,870 (1,188) 10,431
Finance costs (173,574) (167,456) (61,695) (64,549) (211,164)
Net foreign exchange gains/(losses) (18,220) 51,576 (4,278) 15,355 25,777
Profit before tax 93,947 153,484 14,685 34,974 167,089
Income tax credit/(expense) (27,725) (31,399) (2,071) (5,963) 9,762
Profit for the year 66,222 122,085 12,614 29,011 176,851

Attributable to:
Owners of the parent 62,854 117,135 10,866 30,064 174,715
Non-controlling interests 3,368 4,950 1,748 (1,053) 2,136
Puma Energy
Segment reporting

Three months ended September 30, 2016 - unaudited

in US$'000 Downstream Midstream Total

Sales volumes (k m 3) 5,370 355 5,725
Throughput volumes (k m 3) - 5,143 5,143
Net sales 3,082,573 157,504 3,240,077
Gross profit 320,428 55,812 376,240
Selling and operating costs (225,796) (34,211) (260,007)
General and administrative expenses (35,653) (3,290) (38,943)
Other operating income/(expense), net 6,339 (9,315) (2,976)
Share of net profit/(loss) in associates 819 655 1,474
Operating profit 66,137 9,651 75,788

in US$'000 Americas Asia Pacific Africa Europe Total

Sales volumes (k m 3) 2,392 1,187 1,646 500 5,725
Throughput volumes (k m 3) 115 1,387 2,091 1,550 5,143
Net sales 1,102,324 706,202 1,066,849 364,702 3,240,077
Gross profit 115,733 91,273 147,768 21,466 376,240
Selling and operating costs (68,776) (83,174) (88,017) (20,040) (260,007)
General and administrative expenses (10,581) (10,213) (15,528) (2,621) (38,943)
Other operating income/(expense), net 4,578 8,567 (16,678) 557 (2,976)
Share of net profit/(loss) in associates 294 1,505 (325) - 1,474
Operating profit 41,248 7,958 27,220 (638) 75,788

Three months ended September 30, 2015 - unaudited

in US$'000 Downstream Midstream Total

Sales volumes (k m 3) 4,975 29 5,004
Throughput volumes (k m 3) - 4,555 4,555
Net sales 3,245,344 56,462 3,301,806
Gross profit 347,574 52,594 400,168
Selling and operating costs (234,470) (73,368) (307,838)
General and administrative expenses (40,842) (2,383) (43,225)
Other operating income/(expense), net 31,807 3,303 35,110
Share of net profit/(loss) in associates 481 660 1,141
Operating profit 104,550 (19,194) 85,356

in US$'000 Americas Asia Pacific Africa Europe Total

Sales volumes (k m 3) 2,092 846 1,723 343 5,004
Throughput volumes (k m 3) 102 1,001 2,064 1,388 4,555
Net sales 1,121,026 665,222 1,191,581 323,977 3,301,806
Gross profit 106,546 103,152 167,673 22,797 400,168
Selling and operating costs (69,143) (91,676) (87,620) (59,399) (307,838)
General and administrative expenses (10,821) (11,170) (21,134) (100) (43,225)
Other operating income/(expense), net (359) 400 (259) 35,328 35,110
Share of net profit/(loss) in associates 450 691 - - 1,141
Operating profit 26,673 1,397 58,660 (1,374) 85,356
Puma Energy
Segment reporting

Nine months ended September 30, 2016 - unaudited

in US$'000 Downstream Midstream Total

Sales volumes (k m 3) 15,700 843 16,543
Throughput volumes (k m 3) - 15,291 15,291
Net sales 8,880,982 391,338 9,272,320
Gross profit 1,023,430 168,736 1,192,166
Selling and operating costs (668,793) (108,981) (777,774)
General and administrative expenses (107,271) (10,011) (117,282)
Other operating income/(expense), net (13,661) (9,601) (23,262)
Share of net profit/(loss) in associates 3,123 1,583 4,706
Operating profit 236,828 41,726 278,554

in US$'000 Americas Asia Pacific Africa Europe Total

Sales volumes (k m 3) 6,917 3,373 4,826 1,427 16,543
Throughput volumes (k m 3) 340 3,715 6,725 4,511 15,291
Net sales 2,990,199 1,941,051 3,108,086 1,232,984 9,272,320
Gross profit 351,698 270,714 500,957 68,797 1,192,166
Selling and operating costs (206,252) (240,577) (267,756) (63,189) (777,774)
General and administrative expenses (31,560) (27,522) (50,782) (7,418) (117,282)
Other operating income/(expense), net 10 6,640 (30,286) 374 (23,262)
Share of net profit/(loss) in associates 519 5,184 (997) - 4,706
Operating profit 114,415 14,439 151,136 (1,436) 278,554

Nine months ended September 30, 2015 - unaudited

in US$'000 Downstream Midstream Total

Sales volumes (k m 3) 13,416 505 13,921
Throughput volumes (k m 3) - 13,691 13,691
Net sales 8,878,209 354,914 9,233,123
Gross profit 955,544 167,117 1,122,661
Selling and operating costs (625,425) (151,513) (776,938)
General and administrative expenses (114,317) (6,402) (120,719)
Other operating income/(expense), net 32,262 669 32,931
Share of net profit/(loss) in associates 1,107 2,267 3,374
Operating profit 249,171 12,138 261,309

in US$'000 Americas Asia Pacific Africa Europe Total

Sales volumes (k m 3) 6,048 2,772 4,749 352 13,921
Throughput volumes (k m 3) 308 2,544 6,189 4,650 13,691
Net sales 3,360,363 2,093,818 3,397,970 380,972 9,233,123
Gross profit 334,072 272,056 455,840 60,693 1,122,661
Selling and operating costs (199,650) (232,461) (259,271) (85,556) (776,938)
General and administrative expenses (29,518) (40,607) (50,153) (441) (120,719)
Other operating income/(expense), net (2,196) (580) 379 35,328 32,931
Share of net profit/(loss) in associates 1,260 2,114 - - 3,374
Operating profit 103,968 522 146,795 10,024 261,309
Puma Energy
Consolidated balance sheet

in US$'000 Sep16A Dec15A Sep15A

Assets unaudited audited unaudited
Property and equipment 3,276,940 3,282,707 3,163,080
Intangible assets and goodwill 1,357,344 1,304,960 1,277,852
Investments in associates 76,545 71,170 31,324
Other financial assets 35,004 36,733 32,821
Deferred tax assets 82,759 73,187 29,282
Other assets 190,523 158,131 111,017
Total non-current assets 5,019,115 4,926,888 4,645,376
Inventories 712,113 614,974 633,678
Other assets 247,900 459,602 361,373
Income tax receivable 20,817 20,090 19,928
Trade receivables 600,444 543,769 586,330
Other financial assets 15,588 69,397 42,472
Cash and cash equivalents 474,043 281,209 425,626
Asset classified as held for sale - 9 202
Total current assets 2,070,905 1,989,050 2,069,609
Total assets 7,090,020 6,915,938 6,714,985

Equity and liabilities

Share capital 2,054,166 2,204,166 1,704,166
Retained earnings 595,713 535,233 471,868
Foreign currency translation reserve (835,081) (741,616) (727,887)
Other components of equity (3,771) (123) (890)
Equity attributable to owners of the parent 1,811,027 1,997,660 1,447,257
Non-controlling interests 89,240 73,995 88,104
Total equity 1,900,267 2,071,655 1,535,361
Interest-bearing loans and borrowings 2,754,845 2,366,885 2,328,069
Retirement benefit obligation 8,223 6,251 7,390
Other financial liabilities 41,875 46,703 62,877
Deferred tax liabilities 58,612 62,760 74,857
Provisions 53,211 66,365 72,393
Total non-current liabilities 2,916,766 2,548,964 2,545,586
Trade and other payables 1,750,730 1,590,961 1,574,411
Interest-bearing loans and borrowings 439,211 491,348 827,984
Other financial liabilities 35,814 154,352 162,668
Income tax payable 31,155 42,478 49,608
Provisions 16,077 16,180 19,367
Total current liabilities 2,272,987 2,295,319 2,634,038
Total liabilities 5,189,753 4,844,283 5,179,624
Total equity and liabilities 7,090,020 6,915,938 6,714,985
Puma Energy
Consolidated statement of cash flows

Nine months ended Quarter ended Year ended

30 September, 30 September, 31 December,
2016 2015 2016 2015 2015
in US$'000 unaudited unaudited unaudited unaudited audited
Profit before tax 93,947 153,484 14,685 34,974 167,089
Non-cash adjustments:
Depreciation and impairment of PP&E 232,107 246,676 74,963 110,115 321,504
Amortisation and impairment of intangible assets 29,215 31,623 10,644 17,728 43,632
Gain on business combination - (35,978) - (35,978) (35,521)
(In)tangible fixed assets written off 15,045 652 14,752 424 2,578
(Gain)/loss on disposal of assets and investments (401) (1,713) 182 (481) (1,419)
Net interest expense 160,050 142,909 57,587 53,714 188,460
Dividend income (2,482) (2,011) (316) (189) (2,005)
Share of net profit of associate (4,705) (3,374) (1,474) (1,141) (3,132)
Provisions (16) (7,154) (2,295) (5,797) (10,906)
Unrealised (gains)/losses on derivatives 89,844 33,992 (4,218) (9,878) (9,604)
Working capital adjustments:
Decrease/(increase) receivables 17,075 (59,723) (83,870) (18,313) (14,701)
Decrease/(increase) in inventories (115,144) (21,697) (63,218) 10,325 (42,369)
(Decrease)/increase payables 222,499 160,553 188,593 16,898 181,126
Interest received 4,705 6,044 3,496 (550) 8,426
Dividends received from associates 212 1,260 - - 1,260
Income tax paid (55,668) (39,818) (9,867) (16,761) (59,518)
Net cash flows from operating activities 686,283 605,725 199,644 155,090 734,900
Net proceeds from sale of assets and investments 48,725 4,823 46,628 1,175 8,160
Purchase of intangible assets (27,847) (24,994) (12,566) (6,290) (53,874)
Purchase of PP&E (434,621) (595,115) (106,967) (237,693) (820,781)
Acquisitions of subsidiaries, net of cash acquired (129,254) (258,002) (11,942) (151,257) (260,843)
Financial investments (5,800) (2,844) (5,406) (493) (12,953)
Dividends received 2,482 2,011 2,356 189 2,005
Net cash flows used in investing activities (546,315) (874,121) (87,897) (394,369) (1,138,286)
Loans (granted)/reimbursed (3,565) 465 58,304 (874) (13,414)
Proceeds from/(repayment of) borrowings 198,098 340,239 140,987 234,596 61,802
Proceeds from bond issuance 100,000 - - - -
Proceeds from equity increase/(reduction) (1,403) - - - 349,963
Interest paid (178,180) (160,778) (74,090) (65,498) (194,054)
(Acquisition)/divestment of non-controlling interests (500) (2,468) - (84) 21,866
Dividends paid (4,269) (19,434) (259) (17,224) (21,803)
Net cash flows from financing activities 110,181 158,024 124,942 150,916 204,360
Net increase in cash and cash equivalents 250,149 (110,372) 236,689 (88,363) (199,026)
Effects of exchange rate differences (57,315) 59,170 (43,855) 65,167 3,407
Cash and cash equivalents at beginning of period 281,209 476,828 281,209 448,822 476,828
Cash and cash equivalents at end of period 474,043 425,626 474,043 425,626 281,209
Puma Energy
EBITDA reconciliation

Nine months ended Quarter ended Year ended

30 September, 30 September, 31 December,
in US$'000 2016 2015 2016 2015 2015
Profit for the year 66,222 122,085 12,614 29,011 176,851
Income tax (credit)/expense 27,725 31,399 2,071 5,963 (9,762)
Net finance costs 166,387 159,401 56,824 65,738 200,734
Net foreign exchange (gains)/losses 18,220 (51,577) 4,278 (15,355) (25,777)
Depreciation 230,789 213,263 74,939 73,412 288,041
Amortisation 29,200 22,394 10,644 8,499 34,403
Impairment charge 1,332 42,643 24 45,932 42,692
Other (income)/expenses 16,278 (35,190) 3,798 (35,975) (31,196)
EBITDA 556,153 504,418 165,192 177,225 675,986