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PETROL, d.d., Ljubljana

Supervisory Board Approved Petrol Group's and Petrol d.d., Ljubljana's Annual Report 2014

The information of this announcement will be available on Petrol d.d., Ljubljana web site, www.petrol.si, at least 5 years from the date of the announcement.

Ljubljana, 12th March 2015 - At its 18th meeting held on 12th March 2015, the Supervisory Board of Petrol d.d., Ljubljana discussed and approved the audited Petrol Group’s and Petrol d.d., Ljubljana’s Annual Report for 2014. The Petrol Group’s performance was estimated as successful.

In 2014, the Petrol Group’s business was again considerably impacted by oil price trends and US dollar exchange rate. The global oil market is one of the most volatile markets; changes in crude oil and oil product prices may heavily impact on the size of turnover. Other significant factors affecting the business of the Petrol Group are market conditions among which the most important are: domestic demand and economic growth, US dollar exchange rate and government measures regulating energy prices and the energy market. Slovenia and Croatia, the largest sales markets for Petrol’s products and services, have been facing adverse economic conditions for several years. In Slovenia, oil product prices remain state regulated. Model-based margin for motor gasoline, diesel fuel and extra light heating oil is set at fixed amounts and far below the EU average. The beginning of 2014 marked the end of government regulation of oil product prices in Croatia, which are now set by market supply and demand. In the beginning of 2014, the prices of oil products in Slovenia were mostly higher compared to the neighbouring countries, particularly due to high excise duties, which had a negative effect on sales at border and motorway service stations. In addition to this, domestic market conditions have worsened for Petrol as a result of amendments in the excise duty legislation abolishing the refund of excise duty on biofuels added to fossil fuels. In spite of demanding economic conditions, the Petrol Group achieved good sales results in the SE European markets where it has established itself as an important business partner.

The good results achieved by the Petrol Group in 2014 reflect the company’s ability to react efficiently to any arising business challenges.

In 2014, the Petrol Group generated net sales revenues of EUR 4.0 billion, which represents an increase of 2% on 2013. Gross profit amounted to EUR 339.5 million, up 1% from the previous year. Operating profit totalled EUR 95.9 million in 2014, up 2% from 2013. Net profit was EUR 60.7 million, up 15% from 2013.

In 2014, Petrol d.d., Ljubljana generated net sales revenues of EUR 3.3 billion, which represents an increase of 1% on 2013. Gross profit amounted to EUR 249.0 million, remaining at the previous year’s level. Operating profit totalled EUR 74.8 million, down 4% from 2013. Net profit was EUR 41.1 million, up 36% from 2013.

In 2014, the Petrol Group sold 2.8 million tonnes of oil products, 1% more than in 2013. Revenues from sales of merchandise amounted to EUR 476.1 million, remaining at the previous year’s level. At the end of 2014, the Petrol Group operated 479 service stations, of which 315 in Slovenia, 101 in Croatia, 38 in Bosnia and Herzegovina, 8 in Serbia, 9 in Montenegro and 8 in Kosovo. In 2014, the Petrol Group sold 112.6 million m3 of natural gas, 68.3 thousand tonnes of liquefied petroleum gas, 8.7 TWh of electricity and 82.4 thousand MWh of heat.

Tomaž Kuntarič
President of the Supervisory Board

Tomaž Berločnik
President of the Management Board
Date: 13.03.2015