1. Calculate the Ratio Analysis

a. Profitability

b. Liquidity

c. Efficiency

d. Position

Qatar Fuel Company (WOQOD) Q.P.S.C. Condensed consolidated interim financial statements As at and for the six month period ended 30 June 2019 Contents Page(s) Independent auditor's report on review of condensed consolidated interim financial statements Condensed consolidated interim financial statements Condensed consolidated statement of financial position Condensed consolidated statement of profit or loss Condensed consolidated statement of profit or loss and other comprehensive income Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows Notes to the condensed consolidated interim financial statements Independent auditor's report on review of condensed consolidated interim financial statements to the Board of Directors of Qatar Fuel Company (WOQOD) Q.P.S.C. Introduction We have reviewed the accompanying condensed consolidated statement of financial position of Qatar Fuel Company (WOQOD) Q.P.S.C. (the "Group") as at 30 June 2019, the condensed consolidated statements of profit or loss, condensed consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for the six-month period then ended, and notes to the condensed consolidated interim financial statements. The Board of Directors is responsible for the preparation and presentation of these condensed consolidated interim financial statements in accordance with IAS 34, "Interim Financial Reporting". Our responsibility is to express a conclusion on these condensed consolidated interim financial statements based on our review. Scope of Review We conducted our review in accordance with the International Standard on Review Engagements 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial statements as at and for the six months ended 30 June 2019 are not prepared, in all material respects, in accordance with IAS 34 Interim Financial Reporting, cele KPMG 20.30 Daar 17 July 2019 Doha State of Qatar Yacoub Hobeika KPMG Qatar Auditors' Registration Number 289 Licensed by QFMA : External Auditor's License No. 120153 KPMG. Otar Beach with the Miniy of Economy and Commerce S oftwa member of the KPMG worden dat w e ed with KPMG Cooperative KPMG Swiss QATAR FUEL COMPANY (WOQOD) Q.P.S.C. Condensed consolidated statement of financial position As at 30 June 2019 (All amounts are expressed in thousands of Qatari Riyals unless otherwise stated) 30 June 2019 (Reviewed) 31 December 2018 (Audited) ASSETS Non-current assets Property, plant and equipment Investment properties Investment securities Goodwill Total non-current assets 2,896,593 889,505 1,517.919 132,935 5,436,952 2,661,163 906,226 1,485,015 132,935 5.185,339 Current assets Inventories Trade receivables Prepayments and other receivables Cash and bank balances Total current assets TOTAL ASSETS 362,349 2,044,745 178,228 4,011,146 6,596,468 12.033.420 422,450 2.951,400 220,404 4,995,186 8 589.440 13.774.779 EQUITY AND LIABILITIES EQUITY Share capital Legal reserve Fair value reserve Revaluation surplus Retained earnings Equity attributable to equity holders of the parent Non-controlling interests TOTAL EQUITY 994,256 498,915 35,809 531,793 5,750,071 7,810,844 184,091 7,994,935 994,256 497,791 (7.485) 531,793 6,014,885 8,031,240 247,383 8,278,623 LIABILITIES Non-current liabilities Trade and other payables Finance lease liability Employees' end of service benefits Total non-current liabilities 232,776 100,849 97,686 431,311 232,776 25,441 911544 349,761 Current liabilities Finance lease liability 18,225 6,325 Trade and other payables 3.588.949 5.140,070 Total current liabilities 3,607,174 5,146,395 TOTAL LIABILITIES 4,038,485 5,496,156 TOTAL EQUITY AND LIABILITIES 12,033,420 13,774,779 These condenced consolidated interim financial statements were approved by the Board of Directors and signed on its behalf by the following on 17 July 2019: QATAR FUEL COMPANY (WOQOD) Q.P.S.C. Condensed consolidated statement of profit or loss For the six month period ended 30 June 2019 All more expressed in thousands of R o chestad) Note Revenues Cost of sales Gross profit For the six months period ended 30 June 2019 2018 (Reviewed) (Reviewed) 10061654 10.817, 151 (10.185.468) (10,250,256) $78,186 566,895 Other income General and administrative expenses Net profit for the period 199,312 (209641) $67857 192.408 (221,607) 537996 Attributable to: Owners of the Company Non-controlling interest Net profit for the period 548,275 19.582 567,857 503.217 34479 $37.646 Basic camings per share (expressed in QR per share) QATAR FUEL COMPANY (WOQOD) Q.P.S.C. Condensed consolidated statement of profit or loss and other comprehensive income For the six month period ended 30 June 2019 (All amounts are expressed in thousands of Qatari Riyals unless otherwise stated) 2018 For the six months period ended 30 June 2019 (Reviewed) (Reviewed) 567857 537.696 Net profit for the period Other comprehensive income liems that are or may be reclassified subsequently to profit or loss Nct change in fair value of investment securities (7.897) lems that will not be reclassified subsequently to profit or loss Net change in fair value of investment securities Other comprehensive income/loss) for the period Total comprehensive income for the period 21,199 21,199 59.046 476 (7.421) 530,275 Attributable to: Owners of the company Non-controlling interest 568.196 20.560 S9056 195.341 34.934 530.275 QATAR FUEL COMPANY (WOQOD) O.P.S.C. Condensed consolidated statement of changes in equity For the month period ended 30 June 2019 ullam ren ants of the web Legal Falle Herve Capital evaluation Surplus Retained Earnings 91791 (45) $31.793 6,014 34 27.622 the periode Balance at Juary 2019 Tal compres Net Sothed Other compre Topr 1294 (1 ) h end u r the period 2021 5629 5513 (795,105) (795.405) (795 005) Cash dividend paid for 2018 Dividends paid to c rolling Balance June 3019 (Reviewed 38.915 ST-0.0717810.844 N ew 2018 73613 A FRS - 0 TI 707100 ES) SO1 (1290) 01217 2876) 5098 22421) 18874 Net profile for the period Other comprehensive for the period Total comprehensive income for the period Sale of fractional shares Cudowie 2017 (9 131.955 30 June 2013 207,70 (1942) (101 5401 735814 004 The roles en pages 70 15 for an integral part of these condensed consolidated interim financial statements QATAR FUEL COMPANY (WOQOD) Q.P.S.C. Condensed consolidated statement of cash flows For the six month period ended 30 June 2019 (All m o re expressed in sands of Qatari Riyal weatherwise sale For the six months period ended 30 June 2019 2018 (Reviewed) (Reviewed) 567,857 537,696 9421 CASH FLOWS FROM OPERATING ACTIVITIES Net profit for the period Adjustments for Depreciation on property, plant and equipment Depreciation on investment properties Provision for dictors and inventories Provision for employees' end of service benefits Gain on sale of property, plant and equipment Dividend income Interest income 109.587 16721 71003 2544 (5.907) (85.478) (328) 618 539 (262) (82.612) (67,329) $74.000 (44,144) Changes in - inventories - trade receivable and prepayments trade and other payables Cash generated from/used) in operating activities Employees' end of service benefits paid Interest received Net cash generated from/used) in operating activities 41552 902.07 (1.458 480) 103.705 (22.402) 81 828 165131 (7085) (62873) (241.812) (16,616) 67.129 (191,099) 7.090 (351.959) 85.478 704 (214,147) 82.612 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment Addition to property, plant and equipment Dividends received Proceeds from sale of fraction shares Purchase of investment securities Proceeds from sale of investment securities Net movement in fixed deposit account Net cash used in investing activities (673.572) 661.865 1416 245,599) (469,632) 611320 (725.586) (692.303) CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid Dividends paid to non-controlling interest Net cash used in financing activities (795,405) (3851) (879,256) (795.405) (131,955) (927,360) Net decrease in cash and cash equivalents Cash and cash equivalents at January Cash and cash equivalents at 30 June 1969,724) 3.164 394 2,194,670 (1.810,762) 7.172478 1.361.716 The notes on page 7 to 15 form an integral part of these condensed consolidated interim financial statements QATAR FUEL COMPANY (WOQOD) Q.P.S.C. Notes to the condensed consolidated interim financial statements For the six month period ended 30 June 2019 1 REPORTING ENTITY Qutar Fuel Company (WOQOD) Q.PS.C (the Company of the Parent") is a Qutari Public Shareholding Company formed in accordance with the miri Decree No 5 of 2002 on 10 February 2002 under the commercial registration No. 24872 The principal activities of the Parent along with its subsidiaries the Group are the sale,marketing and distribution of oil, gas and refined petroleum products, vehicle inspection wives, marine bunkerine bitumen, transportation of land gas and real estate services Wood Inimational subsidiary of the Chupe tablished to undertake foreign investments for the parent company. I love the Coup mainly operates in the State of Qatar These condensed consolidated interim financial statements include the financial information of the controlled subsidiaries lined low Group Effective Shareholding Country Out 2019 2018 10096 100% 1000 100% Qatar Quar KSA Qatar 100% 10096 100 Name of subsidiaries Qatar Fuel Jet Company WLL WOOOD Vehicle Inspection Company ("FAHES") WLL WOOOD Marine Services Company WLL WOOOD International Company WLL WOQOD Kingdom Company WLL Ard Al Khaleej Real Estate WLL Polaris Marine Services LLC Sid Al Ghariya Shipping Ca Sidra Al Wahah Shipping Co. Ocean Marine Services Limited Sidra Ras Lallan Shipping Co Sidra Al Wake Shipping Co. Sidra Al Ramil Shipping Co Sidre Messalied Shipping Co. Horin Marine Services Limited 100% 100% 100 Republic of Liberia Republic of Liberia Republic of Liberia Republic of Liberia Republic of Liberia Republic of Liberia Republic of Liberia Republic of Liberia 100% 100% 100% 100 100% 100% 1009 100% 100% 100% The condensed consolidated interim financial statements of the Group for the six month period ended 30 June 2019 were authorised for issue in cordance with a resolution of the Board of Director on 17 July 2019 BASIS OF ACCOUNTING These condensed consolidated Interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and should be rend in conjunction with the Group's las u al consolidated financial statements as at and for the yewended 31 December 2018 l a consolidated financial statements. They do not include all of the information required for a complete set of IFRS financial statement. However, selected explanatory soles are included to explain events and transactions that significant to an understanding of the changes in the Group's financial position and performance since the financial statements. In addition, the results for the month period ended 30 June 2019 necessarily indicative of the results that may be expected the financial year ending 31 December 2019. The condensed consolidated interim financial statements are prepared in Qatar Riyals, which is the Group's presentation functional currency. Al financial information is rounded to the nearest thousands of Qutari Riyals except where specifically stated This is the first set of the Group's financial statements where IFRS 16 has been applied. Changes to significant accounting policies are described in Note 4 QATAR FUEL COMPANY (WOQOD) Q.PS.C. Notes to the condensed consolidated interim financial statements For the six month period ended 30 June 2019 3 USE OF JUDGMENTS AND ESTIMATES In preparing these condenado aflet the application of o de interim financiamen policies and the mounts of t d destimates that e sincome and expenses. y The significant judgements made by m estimation uncertainty were the same as the judgment related in i ' ting policies and key sources of r financial statements, except for the significant which we described in Nee Measurement of fair values The Group has an established control framework with respect to the r est of the values, hindi party Information such as broker quos or pri e is then the valuation a s the evidence obtained from the third parties t o the concl u sionmeet the requirements of RS, including the level in the fair valu hierarchy in which the value the deed. Significa tions are reported to the group is committee When measuring the fair value of n o he p u t habe das as far as possible. Fair values are categorised in afferent levels is a fr e e ly on the two in the valuation techniques as follows Level 1: quod prices ( u sed in active market for identical tor ties Level 2:inputs other hand prices included level s e for the story .cither directly as prices) o indirectly derived from prices - Level 3 inputs for the w ar ability that th e market data arvable inputs Ir the inputs used to m e the fire of walue Hierarchy, then the m omenti c as the lowest level input that is significant to the e ondi s the car t y in the d in different levels of the fair eve of the fair value Hierarchy t 4 CHANGES IN SIGNIFICANT ACCOUNTING POLICIES Except as described below the counting policies applied in the anal financial statements the financial statements are the same as those d The changes in conting policies a n and for the year ending 31 December 2009 wedish Cups dated financial statements The Coup has initially adapted IFRS 16 Lees from January 2019 but they do have a matrace standards are effective the 2019. A s ber of the c al statements Ass IFRS 16 introduced a single, on-balance sheet recognised right at t obligation to make a payment h for ing w pri t the Group, as a lesse, has e des representing its n ting policies d The Group has plied the life chand has or adoption of the standard. As we under FRS16 on adoption (adjusted for any re c ords open me d e m , prior to the date of at the most of the case lability a) Definition of a lease Previously, the Group determined t Der Whether or n o lahused on the new definitional right control the use of an identified h e t the Under 16 for a period of time in m was contained a lease under IRIC 4 whether a cortisor conta , the contractors a change for consideration On transition to IFRS 16, the Group elected t h e real transactions we leases applied IFRS 16 no identified as under IAS 1 F RIC&w has been applied only to the cho r and the s on of which sydentified as lenses Contracts that were Therefore, the definitionalender IFRS 16 y 2019 QATAR FUEL COMPANY (WOQOD) Q.P.S.C. Notes to the condensed consolidated interim financial statements For the six month period ended June 2019 4 CHANGES IN SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) a) Definition of a lease atinued) Al inception of a contract that contains al moment the allows the consideration the contract to each ease and component on the basis of th e undone prices, as of t es in which it is also the Group has elected to compete will Asal The Group lases including parties whicles and IT As also the G clasified as a grande s on of whether the branded W ally of the rides and rewards of w i sder IFRS 16, the Group is righ t and leilities for messes - these leases are balance sheet However, the Group has elected to give h IT equipment. The responses the le he has over the c i lities for some ted with these lasse of low value n s The carrying amount of show Property Spinn i ng policies The Group recognises a righ and easily at the lease commencement date. The right of ally measured atos, and we al cost less any accumulated depreciation and impairments and used for certain re-measurements of the leas t . When a righ t the definition of property is presented in investment property. The righ t in med os, and gently measured fie a c cordance with the Cop's conting policies i dating the ch Income homewing Generaliter increment i ng ded the the discount The a bility issuequently increased by the rest ost on the elity and decreased by me mais m e when there is a change in future p i sing from a change in an index or a change in the estimate of the unexpected to be able under residual value guarantee, or as appropriate changes in the ont of whether a purchase or extension option is reasonably certain to be remised or a termination options only cannot be ener The Group has applied renewal options. The gement in the form for stof whether the Group is which it is also that include h options at the certa c ww s the Group fedt and of the new the lease for an additional per springende IAS 17. These include and for typically for a period of 25 years. Som s the end of the c a ble period include QATAR FUEL COMPANY (WOQOD) O.P.S.C. Notes to the condensed consolidated interim financial statements For the six month period ended 30 June 2019 4 CHANGES IN SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) b) As a lesse leontinued The find Altruition for das of the coming mo med tider gesunder IAS 17 cases w t her 's incremental hamwing ere the value January 2019. Right of their carrying amount as IFRS 16 had been applied since the commencement de discounted using the less incremental h owing rate at the date of initial application ment cu to the lease liability, a sted by the amount of prepaid or red payments the Group applied this approach tollase a ying IFRS 16 tome previously classified as operating The Group the following practical expens when leases under IAS 17 Applied the emption not to recognise right o se assets andlities for leases with less than 12 months of lease em Excluded initial direct costs from caring the right of the date of initial application Used hindsight when determining the one if the contract coins options to e ndormie hele c) As a les The Group les out its investment property, including righ operatings t . The Group has classified these casas The accounting policies applicable to the Group as a lessor are not different from those wider IAS 17. However, when the roup is an intermediate lessor the bees are called with the right s arising from the headlase, not withi n the underlying c The Group is not to make Ilowever, the Group has pled IFRS 15 R to each and component ontr Con o IFRS 16 for leases in which it acts as a with us to allocate consideration in the centra d) Impacts on financial statements Os transition IFRS 16 the Group a n d w a s . The impact 1 January 2019 L Lise item impacted in the financial statements ow ) Rig e nted in property plant and equipment Le lait 10.140 When incremehewig the classified stigen y 2019. The w average rate applied d e mens 1 January 2019 Line item impacted in the financial statements ( c ) Operating lease commitment at 31 December 2018 as disclosed in the Group's aded financial statements Discounted using the rental bomwing 2019 Recognition for w h at? Lease be repeat January 2019 QATAR FUEL COMPANY (WOQOD) O.P.S.C. Notes to the condensed consolidated interim financial statements For the six month period ended 30 June 2019 Allamar apre in h ofsar R ocher 4 CHANGES IN SIGNIFICANT ACCOUNTING POLICIES CONTINUED) d) Impacts on financial statements continued) els for the period As a result of initially applying IFRS 16, in relation to the w h ole previously classified as operating cases, the Group recognised QAR 65,344 thousand of right of OAR 63.586 head of le e s as 30 June D Also in relation to those lases under FRS 16, the Group has is depreciation and interest costs, instead of operating lease expense During the six months and 2019. the Group is QAR 9.419 thousand of depreciation charges and QAR 1617 thousand of i t s from the 5 OPERATING SEGMENTS The Group is mainly engaged in a nd distribution of refined petroleum pro technical inspection of vehicles and marine transportation. More than 95% of the Group's gone through a single segment le sale and distribution of refined petroleum products. The Company's graphical entis Sate of Qatar 6 PROPERTY, PLANT AND EQUIPMENT 31 December 30 June 2019 (Reviewed (Audited) 4,189 166 351.959 Con Alt January Additions Revaluation Disposals/ransfers At the end of period/year 1049939 61522 $31,793 (7598) 4,189,356 (60577) Accumulated depreciation At January Depreciation charge for the period / year Dispessis/Transfers At the end of period/year 1.528.203 100 5 (51635) 1.584,195 134502 190.417 (4,716) Net carrying amount 26.05 2.661,183 The Group has received Government and in the form of conta c ts (67 plots of land located in State of Quter) for the purpose of constructing and operating petrol For seven plots of land accounted fair value of OR the title deeds have been transferred to the Group and accounted for using the relation model. A right has been ed by the Ministry of Municipality and Urban Planning for sixty plots of land The Group has 8 (2018) vessels that operate mainly leplying bunkers, marine fund bitumen All the vessels are owned by Wood Marine Services Com WLL-W idiary of the Parent INVESTMENT SECURITIES Investment securities represents the investments in shares of listed i n the Enchong. At the reporting date. the details of the closing balances were as follows: 31 December 2018 (Audited) (Reviewed Investments 1,517919 1,485,01$ QATAR FUEL COMPANY (WOQOD) QPS.C. Notes to the condensed con tent financiam For the month period ended 30 June 2019 ent + INVESTMENT SECURITIES CONTINUED) Fairy The following for dengan segera membuat itory and Level Techniques which s he can let the rear vasar o s As 30 June 2019 d 31 December 2017, the Google e i gimes of financial instruments m ed Financial 30 June 2012 Let ted) PVOCI 31 December Level Level 2 L Incurs FOCI During the periodyear ended June 2019 fair val s ts and transfer December 2011 of nors between level and level 2 m e & GOODWILL 31 December Red 57.700 Relating to star Jet Fuel Company WLL O-let) Relating to Wow Vehicles in eis Com WLL Fhes) As on December 2018, the Group conducted animal e d he owny indication of immen on goodwill. The evaluation was mainly h o l d of the wat er and the moment in which the widescente Bed this is the Group conced 2009 which may mento ring the The m oment will review any changes that may Goodwill CASH AND BANK BALANCES une GTS 11519 219670 18160 Fed h aving more than one QATAR FUEL COMPANY (WOQOD) QPS.C. Notes to the condensed c a ted interim financial statements For the simonth period ended 30 June 2019 1 STARE CAPITAL 2019 ria Authod 1.000.000.000 dinary shares of OR Tech 2018 100,000,000 shares of OR 10 each) Share ORI each 2018 99,425.576 shares of OR 10 each 256 During the period, the Company has split the existing shares of OR 10 cach to ORI each Referente 14 11 DIVIDENDS The holders of the company proved the Annual General Assembly meeting held on 25 March 2019 a cash dividend of OR & per here to shareholders with a total outing to OR 95A million for the year ended 31 December 2018 2018: the shareholders approved a cash dividend of OR share with a mounting to OR 795.4 million for the year ended 31 December 2017 12 RELATED PARTY DISCLOSURE The Group enter inte transactions with companies and entities that all within the definition of related party co d is omation Accounting Standard No. 24. Related Party D r es Reid parties comprise companies under ownership and common management and control key management procenties in which the shurchilders have controlling interest affiliates and other related parties. The Group enters interactions with Quar Petroleum (OP), Government Department, and other entities which an under significant influence or control of OP. All such transactions are carried out in mal course of business .) Trust made with related parties Significant transactions with related ties included in the interim condensed consolidated statement of income follow 30 June 30. Review 32 Qutar Petroleum / Purchase Out Proleum / Sales i Compensato per months perdenden Review Review 11.584 3 REVENUE Semprended June Review (Revice 10161.451 9 150 QATAR FUEL COMPANY (WOQOD) O.P.S.C. Notes to the condensed consolidated interim financial statements For the month period ended 30 June 2019 Allamare l y we are 14 BASIC KARNING PER SHARE Basi carings are is calculated by dividing the profit for the p a the w ww sumber of ordinary e nding was during the periode th own of the Group by See months prided June 2018 SOLIT 90356 Profit for the period with the owners of the Company Welged w h ere he standing during the period Basic coming persone in OR) As per the Marks Authority, the d ryer 10 w i th a pr ofOR I each is change for share with This f ich erous standing the from 45516255 we d u mber of war d ing has been respectively adjusted 25 March 2019 OR 10 cach IS COMMITMENTS AND CONTINGENCIES Commitment Operating an e minet Group as a lessee The Group has entered into son certain plots of land and some residential properties. These l es have a verge life of tween the five years with renewal options in the contacts There are now t o placed on the Group by caring into the minimum rentals payable under o n e wings 30 June 2019 r. as follows 31 December ( R June 2019 ed) 11 11 Within one year Are you Mathay the five years CA 25,151 17 171 95,789 Opre -Grups The Group and shop s The schemothy Alice 31 Dec 2015 Add 2019 Red 104 05.01 After one year but more than five years 204145 IS Capital commitment 30 June 31 December 2018 (Audited) 216092 (Hoved 01635 Capital comments Qatar Fuel Company (WOQOD) Q.P.S.C. Condensed consolidated interim financial statements As at and for the six month period ended 30 June 2019 Contents Page(s) Independent auditor's report on review of condensed consolidated interim financial statements Condensed consolidated interim financial statements Condensed consolidated statement of financial position Condensed consolidated statement of profit or loss Condensed consolidated statement of profit or loss and other comprehensive income Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows Notes to the condensed consolidated interim financial statements Independent auditor's report on review of condensed consolidated interim financial statements to the Board of Directors of Qatar Fuel Company (WOQOD) Q.P.S.C. Introduction We have reviewed the accompanying condensed consolidated statement of financial position of Qatar Fuel Company (WOQOD) Q.P.S.C. (the "Group") as at 30 June 2019, the condensed consolidated statements of profit or loss, condensed consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for the six-month period then ended, and notes to the condensed consolidated interim financial statements. The Board of Directors is responsible for the preparation and presentation of these condensed consolidated interim financial statements in accordance with IAS 34, "Interim Financial Reporting". Our responsibility is to express a conclusion on these condensed consolidated interim financial statements based on our review. Scope of Review We conducted our review in accordance with the International Standard on Review Engagements 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial statements as at and for the six months ended 30 June 2019 are not prepared, in all material respects, in accordance with IAS 34 Interim Financial Reporting, cele KPMG 20.30 Daar 17 July 2019 Doha State of Qatar Yacoub Hobeika KPMG Qatar Auditors' Registration Number 289 Licensed by QFMA : External Auditor's License No. 120153 KPMG. Otar Beach with the Miniy of Economy and Commerce S oftwa member of the KPMG worden dat w e ed with KPMG Cooperative KPMG Swiss QATAR FUEL COMPANY (WOQOD) Q.P.S.C. Condensed consolidated statement of financial position As at 30 June 2019 (All amounts are expressed in thousands of Qatari Riyals unless otherwise stated) 30 June 2019 (Reviewed) 31 December 2018 (Audited) ASSETS Non-current assets Property, plant and equipment Investment properties Investment securities Goodwill Total non-current assets 2,896,593 889,505 1,517.919 132,935 5,436,952 2,661,163 906,226 1,485,015 132,935 5.185,339 Current assets Inventories Trade receivables Prepayments and other receivables Cash and bank balances Total current assets TOTAL ASSETS 362,349 2,044,745 178,228 4,011,146 6,596,468 12.033.420 422,450 2.951,400 220,404 4,995,186 8 589.440 13.774.779 EQUITY AND LIABILITIES EQUITY Share capital Legal reserve Fair value reserve Revaluation surplus Retained earnings Equity attributable to equity holders of the parent Non-controlling interests TOTAL EQUITY 994,256 498,915 35,809 531,793 5,750,071 7,810,844 184,091 7,994,935 994,256 497,791 (7.485) 531,793 6,014,885 8,031,240 247,383 8,278,623 LIABILITIES Non-current liabilities Trade and other payables Finance lease liability Employees' end of service benefits Total non-current liabilities 232,776 100,849 97,686 431,311 232,776 25,441 911544 349,761 Current liabilities Finance lease liability 18,225 6,325 Trade and other payables 3.588.949 5.140,070 Total current liabilities 3,607,174 5,146,395 TOTAL LIABILITIES 4,038,485 5,496,156 TOTAL EQUITY AND LIABILITIES 12,033,420 13,774,779 These condenced consolidated interim financial statements were approved by the Board of Directors and signed on its behalf by the following on 17 July 2019: QATAR FUEL COMPANY (WOQOD) Q.P.S.C. Condensed consolidated statement of profit or loss For the six month period ended 30 June 2019 All more expressed in thousands of R o chestad) Note Revenues Cost of sales Gross profit For the six months period ended 30 June 2019 2018 (Reviewed) (Reviewed) 10061654 10.817, 151 (10.185.468) (10,250,256) $78,186 566,895 Other income General and administrative expenses Net profit for the period 199,312 (209641) $67857 192.408 (221,607) 537996 Attributable to: Owners of the Company Non-controlling interest Net profit for the period 548,275 19.582 567,857 503.217 34479 $37.646 Basic camings per share (expressed in QR per share) QATAR FUEL COMPANY (WOQOD) Q.P.S.C. Condensed consolidated statement of profit or loss and other comprehensive income For the six month period ended 30 June 2019 (All amounts are expressed in thousands of Qatari Riyals unless otherwise stated) 2018 For the six months period ended 30 June 2019 (Reviewed) (Reviewed) 567857 537.696 Net profit for the period Other comprehensive income liems that are or may be reclassified subsequently to profit or loss Nct change in fair value of investment securities (7.897) lems that will not be reclassified subsequently to profit or loss Net change in fair value of investment securities Other comprehensive income/loss) for the period Total comprehensive income for the period 21,199 21,199 59.046 476 (7.421) 530,275 Attributable to: Owners of the company Non-controlling interest 568.196 20.560 S9056 195.341 34.934 530.275 QATAR FUEL COMPANY (WOQOD) O.P.S.C. Condensed consolidated statement of changes in equity For the month period ended 30 June 2019 ullam ren ants of the web Legal Falle Herve Capital evaluation Surplus Retained Earnings 91791 (45) $31.793 6,014 34 27.622 the periode Balance at Juary 2019 Tal compres Net Sothed Other compre Topr 1294 (1 ) h end u r the period 2021 5629 5513 (795,105) (795.405) (795 005) Cash dividend paid for 2018 Dividends paid to c rolling Balance June 3019 (Reviewed 38.915 ST-0.0717810.844 N ew 2018 73613 A FRS - 0 TI 707100 ES) SO1 (1290) 01217 2876) 5098 22421) 18874 Net profile for the period Other comprehensive for the period Total comprehensive income for the period Sale of fractional shares Cudowie 2017 (9 131.955 30 June 2013 207,70 (1942) (101 5401 735814 004 The roles en pages 70 15 for an integral part of these condensed consolidated interim financial statements QATAR FUEL COMPANY (WOQOD) Q.P.S.C. Condensed consolidated statement of cash flows For the six month period ended 30 June 2019 (All m o re expressed in sands of Qatari Riyal weatherwise sale For the six months period ended 30 June 2019 2018 (Reviewed) (Reviewed) 567,857 537,696 9421 CASH FLOWS FROM OPERATING ACTIVITIES Net profit for the period Adjustments for Depreciation on property, plant and equipment Depreciation on investment properties Provision for dictors and inventories Provision for employees' end of service benefits Gain on sale of property, plant and equipment Dividend income Interest income 109.587 16721 71003 2544 (5.907) (85.478) (328) 618 539 (262) (82.612) (67,329) $74.000 (44,144) Changes in - inventories - trade receivable and prepayments trade and other payables Cash generated from/used) in operating activities Employees' end of service benefits paid Interest received Net cash generated from/used) in operating activities 41552 902.07 (1.458 480) 103.705 (22.402) 81 828 165131 (7085) (62873) (241.812) (16,616) 67.129 (191,099) 7.090 (351.959) 85.478 704 (214,147) 82.612 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment Addition to property, plant and equipment Dividends received Proceeds from sale of fraction shares Purchase of investment securities Proceeds from sale of investment securities Net movement in fixed deposit account Net cash used in investing activities (673.572) 661.865 1416 245,599) (469,632) 611320 (725.586) (692.303) CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid Dividends paid to non-controlling interest Net cash used in financing activities (795,405) (3851) (879,256) (795.405) (131,955) (927,360) Net decrease in cash and cash equivalents Cash and cash equivalents at January Cash and cash equivalents at 30 June 1969,724) 3.164 394 2,194,670 (1.810,762) 7.172478 1.361.716 The notes on page 7 to 15 form an integral part of these condensed consolidated interim financial statements QATAR FUEL COMPANY (WOQOD) Q.P.S.C. Notes to the condensed consolidated interim financial statements For the six month period ended 30 June 2019 1 REPORTING ENTITY Qutar Fuel Company (WOQOD) Q.PS.C (the Company of the Parent") is a Qutari Public Shareholding Company formed in accordance with the miri Decree No 5 of 2002 on 10 February 2002 under the commercial registration No. 24872 The principal activities of the Parent along with its subsidiaries the Group are the sale,marketing and distribution of oil, gas and refined petroleum products, vehicle inspection wives, marine bunkerine bitumen, transportation of land gas and real estate services Wood Inimational subsidiary of the Chupe tablished to undertake foreign investments for the parent company. I love the Coup mainly operates in the State of Qatar These condensed consolidated interim financial statements include the financial information of the controlled subsidiaries lined low Group Effective Shareholding Country Out 2019 2018 10096 100% 1000 100% Qatar Quar KSA Qatar 100% 10096 100 Name of subsidiaries Qatar Fuel Jet Company WLL WOOOD Vehicle Inspection Company ("FAHES") WLL WOOOD Marine Services Company WLL WOOOD International Company WLL WOQOD Kingdom Company WLL Ard Al Khaleej Real Estate WLL Polaris Marine Services LLC Sid Al Ghariya Shipping Ca Sidra Al Wahah Shipping Co. Ocean Marine Services Limited Sidra Ras Lallan Shipping Co Sidra Al Wake Shipping Co. Sidra Al Ramil Shipping Co Sidre Messalied Shipping Co. Horin Marine Services Limited 100% 100% 100 Republic of Liberia Republic of Liberia Republic of Liberia Republic of Liberia Republic of Liberia Republic of Liberia Republic of Liberia Republic of Liberia 100% 100% 100% 100 100% 100% 1009 100% 100% 100% The condensed consolidated interim financial statements of the Group for the six month period ended 30 June 2019 were authorised for issue in cordance with a resolution of the Board of Director on 17 July 2019 BASIS OF ACCOUNTING These condensed consolidated Interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and should be rend in conjunction with the Group's las u al consolidated financial statements as at and for the yewended 31 December 2018 l a consolidated financial statements. They do not include all of the information required for a complete set of IFRS financial statement. However, selected explanatory soles are included to explain events and transactions that significant to an understanding of the changes in the Group's financial position and performance since the financial statements. In addition, the results for the month period ended 30 June 2019 necessarily indicative of the results that may be expected the financial year ending 31 December 2019. The condensed consolidated interim financial statements are prepared in Qatar Riyals, which is the Group's presentation functional currency. Al financial information is rounded to the nearest thousands of Qutari Riyals except where specifically stated This is the first set of the Group's financial statements where IFRS 16 has been applied. Changes to significant accounting policies are described in Note 4 QATAR FUEL COMPANY (WOQOD) Q.PS.C. Notes to the condensed consolidated interim financial statements For the six month period ended 30 June 2019 3 USE OF JUDGMENTS AND ESTIMATES In preparing these condenado aflet the application of o de interim financiamen policies and the mounts of t d destimates that e sincome and expenses. y The significant judgements made by m estimation uncertainty were the same as the judgment related in i ' ting policies and key sources of r financial statements, except for the significant which we described in Nee Measurement of fair values The Group has an established control framework with respect to the r est of the values, hindi party Information such as broker quos or pri e is then the valuation a s the evidence obtained from the third parties t o the concl u sionmeet the requirements of RS, including the level in the fair valu hierarchy in which the value the deed. Significa tions are reported to the group is committee When measuring the fair value of n o he p u t habe das as far as possible. Fair values are categorised in afferent levels is a fr e e ly on the two in the valuation techniques as follows Level 1: quod prices ( u sed in active market for identical tor ties Level 2:inputs other hand prices included level s e for the story .cither directly as prices) o indirectly derived from prices - Level 3 inputs for the w ar ability that th e market data arvable inputs Ir the inputs used to m e the fire of walue Hierarchy, then the m omenti c as the lowest level input that is significant to the e ondi s the car t y in the d in different levels of the fair eve of the fair value Hierarchy t 4 CHANGES IN SIGNIFICANT ACCOUNTING POLICIES Except as described below the counting policies applied in the anal financial statements the financial statements are the same as those d The changes in conting policies a n and for the year ending 31 December 2009 wedish Cups dated financial statements The Coup has initially adapted IFRS 16 Lees from January 2019 but they do have a matrace standards are effective the 2019. A s ber of the c al statements Ass IFRS 16 introduced a single, on-balance sheet recognised right at t obligation to make a payment h for ing w pri t the Group, as a lesse, has e des representing its n ting policies d The Group has plied the life chand has or adoption of the standard. As we under FRS16 on adoption (adjusted for any re c ords open me d e m , prior to the date of at the most of the case lability a) Definition of a lease Previously, the Group determined t Der Whether or n o lahused on the new definitional right control the use of an identified h e t the Under 16 for a period of time in m was contained a lease under IRIC 4 whether a cortisor conta , the contractors a change for consideration On transition to IFRS 16, the Group elected t h e real transactions we leases applied IFRS 16 no identified as under IAS 1 F RIC&w has been applied only to the cho r and the s on of which sydentified as lenses Contracts that were Therefore, the definitionalender IFRS 16 y 2019 QATAR FUEL COMPANY (WOQOD) Q.P.S.C. Notes to the condensed consolidated interim financial statements For the six month period ended June 2019 4 CHANGES IN SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) a) Definition of a lease atinued) Al inception of a contract that contains al moment the allows the consideration the contract to each ease and component on the basis of th e undone prices, as of t es in which it is also the Group has elected to compete will Asal The Group lases including parties whicles and IT As also the G clasified as a grande s on of whether the branded W ally of the rides and rewards of w i sder IFRS 16, the Group is righ t and leilities for messes - these leases are balance sheet However, the Group has elected to give h IT equipment. The responses the le he has over the c i lities for some ted with these lasse of low value n s The carrying amount of show Property Spinn i ng policies The Group recognises a righ and easily at the lease commencement date. The right of ally measured atos, and we al cost less any accumulated depreciation and impairments and used for certain re-measurements of the leas t . When a righ t the definition of property is presented in investment property. The righ t in med os, and gently measured fie a c cordance with the Cop's conting policies i dating the ch Income homewing Generaliter increment i ng ded the the discount The a bility issuequently increased by the rest ost on the elity and decreased by me mais m e when there is a change in future p i sing from a change in an index or a change in the estimate of the unexpected to be able under residual value guarantee, or as appropriate changes in the ont of whether a purchase or extension option is reasonably certain to be remised or a termination options only cannot be ener The Group has applied renewal options. The gement in the form for stof whether the Group is which it is also that include h options at the certa c ww s the Group fedt and of the new the lease for an additional per springende IAS 17. These include and for typically for a period of 25 years. Som s the end of the c a ble period include QATAR FUEL COMPANY (WOQOD) O.P.S.C. Notes to the condensed consolidated interim financial statements For the six month period ended 30 June 2019 4 CHANGES IN SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) b) As a lesse leontinued The find Altruition for das of the coming mo med tider gesunder IAS 17 cases w t her 's incremental hamwing ere the value January 2019. Right of their carrying amount as IFRS 16 had been applied since the commencement de discounted using the less incremental h owing rate at the date of initial application ment cu to the lease liability, a sted by the amount of prepaid or red payments the Group applied this approach tollase a ying IFRS 16 tome previously classified as operating The Group the following practical expens when leases under IAS 17 Applied the emption not to recognise right o se assets andlities for leases with less than 12 months of lease em Excluded initial direct costs from caring the right of the date of initial application Used hindsight when determining the one if the contract coins options to e ndormie hele c) As a les The Group les out its investment property, including righ operatings t . The Group has classified these casas The accounting policies applicable to the Group as a lessor are not different from those wider IAS 17. However, when the roup is an intermediate lessor the bees are called with the right s arising from the headlase, not withi n the underlying c The Group is not to make Ilowever, the Group has pled IFRS 15 R to each and component ontr Con o IFRS 16 for leases in which it acts as a with us to allocate consideration in the centra d) Impacts on financial statements Os transition IFRS 16 the Group a n d w a s . The impact 1 January 2019 L Lise item impacted in the financial statements ow ) Rig e nted in property plant and equipment Le lait 10.140 When incremehewig the classified stigen y 2019. The w average rate applied d e mens 1 January 2019 Line item impacted in the financial statements ( c ) Operating lease commitment at 31 December 2018 as disclosed in the Group's aded financial statements Discounted using the rental bomwing 2019 Recognition for w h at? Lease be repeat January 2019 QATAR FUEL COMPANY (WOQOD) O.P.S.C. Notes to the condensed consolidated interim financial statements For the six month period ended 30 June 2019 Allamar apre in h ofsar R ocher 4 CHANGES IN SIGNIFICANT ACCOUNTING POLICIES CONTINUED) d) Impacts on financial statements continued) els for the period As a result of initially applying IFRS 16, in relation to the w h ole previously classified as operating cases, the Group recognised QAR 65,344 thousand of right of OAR 63.586 head of le e s as 30 June D Also in relation to those lases under FRS 16, the Group has is depreciation and interest costs, instead of operating lease expense During the six months and 2019. the Group is QAR 9.419 thousand of depreciation charges and QAR 1617 thousand of i t s from the 5 OPERATING SEGMENTS The Group is mainly engaged in a nd distribution of refined petroleum pro technical inspection of vehicles and marine transportation. More than 95% of the Group's gone through a single segment le sale and distribution of refined petroleum products. The Company's graphical entis Sate of Qatar 6 PROPERTY, PLANT AND EQUIPMENT 31 December 30 June 2019 (Reviewed (Audited) 4,189 166 351.959 Con Alt January Additions Revaluation Disposals/ransfers At the end of period/year 1049939 61522 $31,793 (7598) 4,189,356 (60577) Accumulated depreciation At January Depreciation charge for the period / year Dispessis/Transfers At the end of period/year 1.528.203 100 5 (51635) 1.584,195 134502 190.417 (4,716) Net carrying amount 26.05 2.661,183 The Group has received Government and in the form of conta c ts (67 plots of land located in State of Quter) for the purpose of constructing and operating petrol For seven plots of land accounted fair value of OR the title deeds have been transferred to the Group and accounted for using the relation model. A right has been ed by the Ministry of Municipality and Urban Planning for sixty plots of land The Group has 8 (2018) vessels that operate mainly leplying bunkers, marine fund bitumen All the vessels are owned by Wood Marine Services Com WLL-W idiary of the Parent INVESTMENT SECURITIES Investment securities represents the investments in shares of listed i n the Enchong. At the reporting date. the details of the closing balances were as follows: 31 December 2018 (Audited) (Reviewed Investments 1,517919 1,485,01$ QATAR FUEL COMPANY (WOQOD) QPS.C. Notes to the condensed con tent financiam For the month period ended 30 June 2019 ent + INVESTMENT SECURITIES CONTINUED) Fairy The following for dengan segera membuat itory and Level Techniques which s he can let the rear vasar o s As 30 June 2019 d 31 December 2017, the Google e i gimes of financial instruments m ed Financial 30 June 2012 Let ted) PVOCI 31 December Level Level 2 L Incurs FOCI During the periodyear ended June 2019 fair val s ts and transfer December 2011 of nors between level and level 2 m e & GOODWILL 31 December Red 57.700 Relating to star Jet Fuel Company WLL O-let) Relating to Wow Vehicles in eis Com WLL Fhes) As on December 2018, the Group conducted animal e d he owny indication of immen on goodwill. The evaluation was mainly h o l d of the wat er and the moment in which the widescente Bed this is the Group conced 2009 which may mento ring the The m oment will review any changes that may Goodwill CASH AND BANK BALANCES une GTS 11519 219670 18160 Fed h aving more than one QATAR FUEL COMPANY (WOQOD) QPS.C. Notes to the condensed c a ted interim financial statements For the simonth period ended 30 June 2019 1 STARE CAPITAL 2019 ria Authod 1.000.000.000 dinary shares of OR Tech 2018 100,000,000 shares of OR 10 each) Share ORI each 2018 99,425.576 shares of OR 10 each 256 During the period, the Company has split the existing shares of OR 10 cach to ORI each Referente 14 11 DIVIDENDS The holders of the company proved the Annual General Assembly meeting held on 25 March 2019 a cash dividend of OR & per here to shareholders with a total outing to OR 95A million for the year ended 31 December 2018 2018: the shareholders approved a cash dividend of OR share with a mounting to OR 795.4 million for the year ended 31 December 2017 12 RELATED PARTY DISCLOSURE The Group enter inte transactions with companies and entities that all within the definition of related party co d is omation Accounting Standard No. 24. Related Party D r es Reid parties comprise companies under ownership and common management and control key management procenties in which the shurchilders have controlling interest affiliates and other related parties. The Group enters interactions with Quar Petroleum (OP), Government Department, and other entities which an under significant influence or control of OP. All such transactions are carried out in mal course of business .) Trust made with related parties Significant transactions with related ties included in the interim condensed consolidated statement of income follow 30 June 30. Review 32 Qutar Petroleum / Purchase Out Proleum / Sales i Compensato per months perdenden Review Review 11.584 3 REVENUE Semprended June Review (Revice 10161.451 9 150 QATAR FUEL COMPANY (WOQOD) O.P.S.C. Notes to the condensed consolidated interim financial statements For the month period ended 30 June 2019 Allamare l y we are 14 BASIC KARNING PER SHARE Basi carings are is calculated by dividing the profit for the p a the w ww sumber of ordinary e nding was during the periode th own of the Group by See months prided June 2018 SOLIT 90356 Profit for the period with the owners of the Company Welged w h ere he standing during the period Basic coming persone in OR) As per the Marks Authority, the d ryer 10 w i th a pr ofOR I each is change for share with This f ich erous standing the from 45516255 we d u mber of war d ing has been respectively adjusted 25 March 2019 OR 10 cach IS COMMITMENTS AND CONTINGENCIES Commitment Operating an e minet Group as a lessee The Group has entered into son certain plots of land and some residential properties. These l es have a verge life of tween the five years with renewal options in the contacts There are now t o placed on the Group by caring into the minimum rentals payable under o n e wings 30 June 2019 r. as follows 31 December ( R June 2019 ed) 11 11 Within one year Are you Mathay the five years CA 25,151 17 171 95,789 Opre -Grups The Group and shop s The schemothy Alice 31 Dec 2015 Add 2019 Red 104 05.01 After one year but more than five years 204145 IS Capital commitment 30 June 31 December 2018 (Audited) 216092 (Hoved 01635 Capital comments