Puma Energy

Q1 ’16 results report

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 Beheer BV (48.39%), Sonangol Holdings Lda (30.00%), Cochan Holdings LLC
(15.00%) and other investors (6.61%).

Investor relations

Puma Energy will discuss its results during an investor conference call on Wednesday 4 May 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).
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
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
Q1 ’16 results report

Important Notices
These materials may contain forward-looking statements regarding future events or the future financial performance of the
Company. One can identify forward-looking statements by terms such as “expect”, “believe”, “estimate”, “anticipate”,
“intend”, “will”, “could”, “may”, or “might”, the negative of such terms or other similar expressions. These forward-looking
statements include matters that are not historical facts and statements regarding the Company’s intentions, beliefs or current
expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects,
growth, strategies and the industry in which the Company operates. By their nature, forward-looking statements involve risks
and uncertainties, because they relate to events and depend on circumstances that may or may not occur in the future. The
Company cautions you that forward-looking statements are not guarantees of future performance and that the Company’s
actual results of operations, financial condition, liquidity, prospects, growth, strategies and the development of the industry
in which the Company operates may differ materially from those described in or suggested by the forward-looking
statements contained in these materials. In addition, even if the Company’s results of operations, financial condition,
liquidity, prospects, growth, strategies and the development of the industry in which the Company operates are consistent
with the forward-looking statements contained in these materials, those results or developments may not be indicative of
results or developments in future periods. The Company does not intend to update these statements to reflect events and
circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events and expressly disclaims any
obligation or undertaking to do so. Many factors could cause the actual results to differ materially from those contained in
forward-looking statements of the Company, including, among others, general economic conditions, the competitive
environment, risks associated with operating in the states where the Company operates, as well as many other risks
specifically related to the Company and its operations. No reliance may be placed for any purposes whatsoever on the
information contained in this presentation or on its completeness, accuracy or fairness. Accordingly, no representation or
warranty, express or implied, is made or given by or on behalf of the Company or any of its shareholders, directors, officers
or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in
these materials. None of the Company nor any of its shareholders, directors, officers or any other person accepts any liability
whatsoever for any loss howsoever arising from any use of the contents of this presentation or otherwise arising in
connection therewith.
These materials contain the term EBITDA, which is a supplemental measure of performance that is not required by, or
presented in accordance with, requirements relating to the preparation of annual accounts according to the International
Financial Reporting Standards (IFRS). EBITDA has limitations as an analytical tool, is not a measurement of financial
performance under IFRS and should not be considered as (i) an alternative to operating or net income or cash flows from
operating activity, in each case determined in accordance with IFRS, (ii) an indicator of cash flow or (iii) a measure of
liquidity. Moreover, other companies in the Company’s industry and in other industries may calculate EBITDA differently
from the way that Puma Energy does, limiting their usefulness as comparative measures.

Rounding
Certain numerical figures set out in these materials, including financial data presented in millions or thousands and
percentages, have been subject to rounding adjustments and, as a result, the totals of the data in these materials may vary
slightly from the actual arithmetic totals of such information.
Puma Energy
Q1 ’16 results report

Key points
Puma Energy delivered a very strong quarter, characterized by record levels of sales volumes, gross margins and EBITDA.
Sales volumes for the quarter increased by 22% year-on-year, reaching 5.2million m3, thanks to organic growth in the
Americas, Africa and the bitumen business and the integration of the recently acquired businesses in the UK and South
Africa.
At the same time, gross profit increased by 23%, driven by higher sales volumes and increased gross profit from midstream
activities. EBITDA increased by 37% year-on-year, thanks to higher gross margins and limited one-off impacts on operating
expenses.
As a result of this good operating performance and efficient working capital management, the Group generated cash flows
from operations of US$203million. Working capital levels were maintained, despite significant growth in volumes.
During the first quarter of 2016, the Group opened two new airports in Angola, and increased its storage capacities by 83k
m3, mainly in Indonesia and Papua New Guinea. Going forward, the Group continues to invest in infrastructure projects in
its key markets and to seize acquisition opportunities, whilst keeping a disciplined financing policy.

As at March 31, As at December 31, As at March 31,

Key Performance Indicators
2016 2015 2015
Number of countries 47 47 45

Number of service stations 2,376 2,362 2,051

Number of terminals 98 98 85

Storage capacity (million m )3 7.8 7.7 7.1

Number of airports 51 49 45

Headcount 7,635 7,713 7,315

Profitability
For the first quarter of 2016, net sales amounted to US$2,827million, a 4% decrease compared to the US$2,959million of
sales in the first quarter of 2015, as the 22% increase in sales volumes from 4.3million m3 to 5.2million m3, was partially off-
set by the general decline in oil prices over the year (37% decrease year-on-year).
Quarterly gross profit increased by 23%, thanks to increased sales volumes, relatively stable downstream unit margins and
higher gross profit from the midstream segment. Higher sales volumes result from the integration of our recent acquisitions
over the last 12 months in the UK and South Africa, as well as organic growth in the Americas, Africa and the bitumen
business.
Downstream unit margins decreased from 76US$/m3 in Q1 2015 to 74US$/m3 in Q1 2016, whilst oil prices decreased by
37%. Downstream margins are still impacted by three factors. First, and mostly, there is a shift in the geographic sales mix
from higher unit margin countries towards the Americas and the UK, which contribute lower-than-average unit margins.
Second, the economic situation of the mining and oil upstream sectors results in price pressure and lower margins on certain
of the large contracts, when renegotiating these contracts. And third, there are still some time-lag effects in some of the
regulated markets, before the pricing of products is adjusted to reflect the strength of the US$ compared to the local
currencies. Despite these factors, unit margins for the quarter remained relatively stable compared to last year’s Q1 and have
increased compared to Q4 2015.
Gross profit from midstream activities increased by 19%, thanks to higher throughput volumes and stable unit margins.
EBITDA increased by 41% for the downstream segment and 21% for the midstream segment, as gross profit increased and
operating expenses have been contained.
From a regional point of view, sales volumes and gross profit increased across all regions, driven by acquisitions in the UK
and South Africa, as well as organic growth in the Americas, Africa and the bitumen business. EBITDA increased across
most regions, while the performance in Europe was impacted by higher operating expenses in the UK.
Operating profit increased from US$78million in Q1 2015 to US$117million in Q1 2016, as the above-mentioned increase in
EBITDA, was only partially off-set by higher depreciation and amortization charges from a larger perimeter.
Assets
During Q1 2016, Puma Energy incurred organic capex of US$186million on ongoing construction projects, including
Luanda Bay, in Angola, Yangoon in Myanmar, Dinh Vu in Vietnam, Tema in Ghana, extension of storage capacity in Papua
New Guinea and several smaller projects across the Americas, Asia Pacific and Africa. Capex spending for Q1 2016 also
includes US$52million for repaying the vendor loans for the bitumen ships acquired in 2014.
Puma Energy
Q1 ’16 results report

In addition, Puma Energy opened two new airports in Angola and closed the acquisition of a 60% stake in Wabeco’s
bitumen business in Nigeria for US$25million. The acquisition spending for the first quarter of the year furthermore includes
US$ 92million repayment of the vendor loan for the bitumen business acquired in 2014.
Total current assets decreased from US$1,989million as at 31 December 2015 to US$1,962million as at 31 March 2016,
driven mainly by a US$51million reduction in financial derivatives, which was partially off-set by slightly higher cash and
inventory levels.
DSO for the quarter amounted to 13 days, whilst DIO were at 24 days. This again reflects our strict credit discipline and
focus on efficient inventory management.

Equity and liabilities

Puma Energy’s total equity (shareholders’ equity and minority interests) amounted to US$2,058million at 31 March 2016,
compared to US$2,072million at 31 December 2015. This movement was the net impact of foreign currency translation
effects and the good results of Puma Energy over the last 3 months. No dividend has been paid or declared on the 2015
results. At 31 March 2016, the equity increase was completed for US$350million.
Net debt at 31 March 2016 amounted to US$2,252million at 31 March 2016. As a consequence, leverage was at 3.1 times
EBITDA, which is slightly above our stated capital structure policy. Leverage for the quarter was impacted by the repayment
of the subordinated vendor loans for the bitumen business and ships.
At quarter-end, unsecured HoldCo debt represented 77% of Group’s debt, whilst secured OpCo debt accounted for 13%.
This reflects the Group’s strategy to increasingly shift its financing towards unsecured HoldCo debt, ranking pari passu with
the Senior Notes. In January 2016, the Group made another US$ 100m Private Placement, maturing in 2023. 42% of the
Group’s debt is maturing in 2021 and beyond.
In May 2016, Puma Energy refinanced and increased its revolving credit facility from US$1.25billion to US$1.55billion.

Cash flow and liquidity

Operating cash flows for the quarter amounted to US$203million, reflecting strong EBITDA and efficient working capital
management.
Investing cash flows of US$(312) million in Q1 ‘16 reflect organic capex, the acquisition of a 60% stake in Wabeco’s
bitumen business in Nigeria, and the repayment of the vendor loans for the bitumen business and ships, acquired during
2014.
Financing cash flows of US$132million for the quarter reflect the US$100million Private Placement, drawn-downs on
available financing lines, as well interest payments on existing loans.
Closing remarks
Puma Energy started the year with a strong Q1, reflecting continuous growth in sales volumes and record levels of gross
margin and EBITDA. Gross margins were recovering in some markets, and positively impacted by a catch-up effect on prior
period profits. Whilst we are seeing some recovery on unit margins, these may be still impacted by a shift in the
geographical and segment mix, cost pressure on certain B2B contracts and further currency devaluations against the USD,
combined with a time-lag before regulated margin revisions take place.
The Group will continue to invest in its key markets and will seize selected opportunities, depending however on market
conditions. This will be achieved by keeping a disciplined financing policy.
Puma Energy
Q1 ’16 results report

Quarter ended Year ended

31 March, 31 December,
in US$'000 2016 2015 2015
Condensed statement of income audited audited audited
Gross profit 427,967 347,251 1,495,755
EBITDA* 209,482 152,378 675,986
Operating profit* 117,210 78,276 342,045
Profit before tax 50,488 42,254 167,089
Profit for the period 40,273 34,164 176,851
Net profit attributable to the owners of the 38,514 31,516 174,715
parent

Summarised cash flow

Cash flow from operating activities 203,496 148,993 734,900
Cash flow from investing activities** (311,827) (248,924) (1,138,286)
Cash flow from financing activities 131,501 (86,783) 204,360
Total cash flows 23,171 (186,714) (199,026)
Effects of exchange rate differences 4,548 (4,246) 3,407
Net increase/(decrease) in cash and cash 27,719 (190,960) (195,619)
equivalents

Key ratios
Sales volume ('000 m3) 5,230 4,270 18,944
Throughput volume ('000 m3) 5,663 4,607 18,372
Downstream unit margin (US$/m 3) 74 76 74

As at
As at 31 March, 31 December,
2016 2015 2015
Balance sheet unaudited unaudited unaudited
Trade receivables 534,253 651,293 543,769
Inventory 628,939 570,063 614,974
Cash and cash equivalents 308,928 285,868 281,209
Equity 2,057,543 1,752,765 2,071,655
Total assets 6,961,282 6,350,502 6,915,938

* The Group’s share of net profits/(losses) in associates has been reclassified from below the operating profit line
to above the operating profit line, to reflect the operating nature of these activities.
** Q1 '16 investing cash flow s include US$144million for repaying the vendor loans of the bitumen business and
ships acquired in 2014
Puma Energy
Consolidated statement of income

Quarter ended Year ended

31 March, 31 December,
in US$'000 2016 2015 2015
audited audited audited
Net sales 2,826,650 2,958,546 12,686,410
Cost of sales (2,398,683) (2,611,295) (11,190,655)
Gross profit 427,967 347,251 1,495,755
Selling and operating costs (273,731) (237,698) (1,016,604)
General and administrative expenses (28,257) (31,999) (167,939)
Other operating income 321 316 39,962
Other operating expenses (10,809) (909) (12,261)
Share of net profit/(loss) in associates 1,719 1,315 3,132
Operating profit* 117,210 78,276 342,045
Finance income 676 7,772 10,431
Finance costs (59,925) (51,009) (211,164)
Net foreign exchange gains/(losses) (7,473) 7,215 25,777
Profit before tax 50,488 42,254 167,089
Income tax credit/(expense) (10,215) (8,090) 9,762
Profit for the year 40,273 34,164 176,851

Attributable to:
Owners of the parent 38,514 31,516 174,715
Non-controlling interests 1,759 2,648 2,136

* The Group’s share of net profits/(losses) in associates has been reclassified from below the operating
profit line to above the operating profit line, to reflect the operating nature of these activities.
Puma Energy
Segment reporting

Three months ended March 31, 2016 - unaudited

in US$'000 Downstream Midstream Total

Sales volumes (k m 3) 4,995 235 5,230
Throughput volumes (k m 3) - 5,663 5,663
Net sales 2,717,971 108,679 2,826,650
Gross profit 370,118 57,849 427,967
Selling and operating costs (234,762) (38,969) (273,731)
General and administrative expenses (26,311) (1,946) (28,257)
Other operating income/(expense), net (11,631) 1,143 (10,488)
Share of net profit/(loss) in associates 1,021 697 1,719
Operating profit* 98,435 18,774 117,210

in US$'000 Americas Asia Pacific Africa Europe Total

Sales volumes (k m 3) 2,202 1,039 1,557 432 5,230
Throughput volumes (k m 3) 110 1,280 2,467 1,806 5,663
Net sales 856,555 566,175 985,303 418,617 2,826,650
Gross profit 112,307 91,227 201,962 22,471 427,967
Selling and operating costs (71,926) (82,819) (95,117) (23,869) (273,731)
General and administrative expenses (8,615) (4,867) (13,491) (1,284) (28,257)
Other operating income/(expense), net (4,302) 734 (7,963) 1,043 (10,488)
Share of net profit/(loss) in associates 316 1,870 (467) - 1,719
Operating profit* 27,781 6,144 84,924 (1,639) 117,210

Three months ended March 31, 2015 - unaudited

in US$'000 Downstream Midstream Total

Sales volumes (k m 3) 3,937 333 4,270
Throughput volumes (k m 3) - 4,607 4,607
Net sales 2,736,756 221,790 2,958,546
Gross profit 297,613 49,638 347,251
Selling and operating costs (197,296) (40,402) (237,698)
General and administrative expenses (31,677) (322) (31,999)
Other operating income/(expense), net 481 (1,074) (593)
Share of net profit/(loss) in associates 532 783 1,315
Operating profit* 69,653 8,623 78,276

in US$'000 Americas Asia Pacific Africa Europe Total

Sales volumes (k m 3) 1,884 999 1,383 4 4,270
Throughput volumes (k m 3) 105 740 2,046 1,716 4,607
Net sales 1,092,085 778,364 1,057,937 30,160 2,958,546
Gross profit 106,134 84,419 136,056 20,642 347,251
Selling and operating costs (66,819) (72,279) (86,232) (12,368) (237,698)
General and administrative expenses (7,714) (14,163) (9,951) (171) (31,999)
Other operating income/(expense), net (518) (785) 714 (4) (593)
Share of net profit/(loss) in associates 520 795 - - 1,315
Operating profit* 31,603 (2,013) 40,587 8,099 78,276

* The Group’s share of net profits/(losses) in associates has been reclassified from below the operating profit line to above the operating profit
line, to reflect the operating nature of these activities.
Puma Energy
Consolidated balance sheet

in US$'000 Mar16A Dec15A Mar15A

Assets audited unaudited audited
Property and equipment 3,312,514 3,282,707 2,883,398
Intangible assets and goodwill 1,330,871 1,304,960 1,236,256
Investments in associates 73,991 71,170 28,899
Other financial assets 36,777 36,733 35,741
Deferred tax assets 74,520 73,187 22,590
Other assets 170,407 158,131 153,749
Total non-current assets 4,999,080 4,926,888 4,360,633
Inventories 628,939 614,974 570,063
Other assets 456,873 459,602 395,748
Income tax receivable 14,642 20,090 36,305
Trade receivables 534,253 543,769 651,293
Other financial assets 18,558 69,397 50,353
Cash and cash equivalents 308,928 281,209 285,868
Asset classified as held for sale 9 9 239
Total current assets 1,962,202 1,989,050 1,989,869
Total assets 6,961,282 6,915,938 6,350,502

Equity and liabilities

Share capital 2,204,166 2,204,166 1,704,166
Retained earnings 573,747 535,233 386,516
Foreign currency translation reserve (807,245) (741,616) (429,160)
Other components of equity (2,268) (123) (1,232)
Equity attributable to owners of the parent 1,968,400 1,997,660 1,660,290
Non-controlling interests 89,143 73,995 92,475
Total equity 2,057,543 2,071,655 1,752,765
Interest-bearing loans and borrowings 2,630,793 2,366,885 2,216,164
Retirement benefit obligation 6,908 6,251 7,377
Other financial liabilities 41,477 46,703 11,868
Deferred tax liabilities 60,847 62,760 77,150
Provisions 65,237 66,365 30,339
Total non-current liabilities 2,805,262 2,548,964 2,342,898
Trade and other payables 1,517,810 1,590,961 1,533,842
Interest-bearing loans and borrowings 500,520 491,348 505,435
Other financial liabilities 20,261 154,352 146,031
Income tax payable 42,767 42,478 49,446
Provisions 17,119 16,180 20,085
Total current liabilities 2,098,477 2,295,319 2,254,839
Total liabilities 4,903,739 4,844,283 4,597,737
Total equity and liabilities 6,961,282 6,915,938 6,350,502
Puma Energy
Consolidated statement of cash flows

Quarter ended Year ended

31 March, 31 December,
2016 2015 2015
in US$'000 unaudited unaudited unaudited
Profit before tax 50,488 42,254 167,089
Non-cash adjustments:
Depreciation and impairment of PP&E 77,337 68,008 321,504
Amortisation and impairment of intangible assets 9,023 6,126 8,111
(In)tangible fixed assets written off 634 23 2,578
(Gain)/loss on disposal of(in)tangible assets (476) (68) (1,411)
(Gain)/loss on disposal of investments - - (8)
Net interest expense 49,401 46,390 188,460
Dividend income (116) (207) (2,005)
Share of net profit of associate (1,719) (1,315) (3,132)
Provisions 1,286 216 (10,906)
Unrealised (gains)/losses on derivatives 69,349 6,945 (9,604)
Working capital adjustments:
Decrease/(increase) in trade, other receivables and prepayments 50,014 (96,896) (14,701)
Decrease/(increase) in inventories (26,481) 43,597 (42,369)
(Decrease)/increase in trade, other payables and accrued expenses (68,229) 39,877 181,126
Interest received 560 3,152 8,426
Dividends received from associates* 212 252 1,260
Income tax paid (7,787) (9,361) (59,518)
Net cash flows from operating activities* 203,496 148,993 734,900
Net proceeds from sale of (in)tangible assets 733 343 8,152
Net proceeds from sale of investments - - 8
Purchase of intangible assets (8,410) (12,454) (53,874)
Purchase of PP&E** (186,939) (145,030) (820,781)
Deposits (paid)/refunded for acquisitions of new subsidiaries - (56,679) -
Acquisitions of subsidiaries, net of cash acquired*** (117,181) (35,311) (260,843)
Financial investments (146) - (12,953)
Dividends received* 116 207 2,005
Net cash flows used in investing activities* (311,827) (248,924) (1,138,286)
Loans (granted)/reimbursed (53,280) (18,688) (13,414)
Proceeds from borrowings (incl. non-recourse loans) 186,138 97,225 944,543
Proceeds from bond issuance 100,000 - -
Increase/(decrease) in short term borrowings (9,934) (71,020) (213,753)
Repayment of borrowings (24,790) (29,572) (668,988)
Interest paid (62,787) (62,344) (194,054)
Proceeds from equity increase - - 349,962
(Acquisition)/divestment of non-controlling interests (1,256) (2,384) 21,867
Dividends paid to shareholders - - (17,000)
Dividends paid to non-controlling interests (2,590) - (4,803)
Net cash flows from financing activities 131,501 (86,783) 204,360
Net increase in cash and cash equivalents 23,171 (186,714) (199,026)
Effects of exchange rate differences 4,548 (4,246) 3,407
Cash and cash equivalents at beginning of period 281,209 476,828 476,828
Cash and cash equivalents at end of period 308,928 285,868 281,209
*
Dividend income from associates has been reclassified from investing cash flow s to operating cash flow s, to reflect the operating
nature of these activities.
** Purchase of property and equipment includes US$52.0million from the bitumen business acquired in 2014.
*** Acquisitions of subsidiaries include US$92.2million from the bitumen business acquired in 2014.
Puma Energy
EBITDA reconciliation

Quarter ended Year ended

31 March, 31 December,
in US$'000 2016 2015 2015
Profit for the year 40,273 34,164 176,851
Income tax (credit)/expense 10,215 8,089 (9,761)
Net finance costs 59,249 43,238 200,733
Net foreign exchange (gains)/losses 7,473 (7,215) (25,777)
Depreciation 77,289 68,008 288,041
Amortisation 9,023 6,126 34,403
Impairment charge 48 - 42,692
Other (income)/expenses 5,912 (32) (31,196)
EBITDA* 209,482 152,378 675,986

* EBITDA has been restated to include the Group’s share of net profits/(losses) in associates, in order to
reflect the operating character of these activities.