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Petrolina (Holdings) Public Ltd announced that its activities have been affected by the war in Ukraine, mainly with the significantly increased cost of financing the import of petroleum products resulting from the range in the fluctuation of international oil prices and the dollar-euro exchange rate.
As stated, the extent and duration of the impact will depend on military and international politico-economic developments and focuses on the following:
“Direct impact: & nbsp; The Company does not have any direct dependence on customers and/or economic entities coming from the parties involved, nor is its existing supply chain affected. However, the international cost of the products traded by the Company shows a substantial increase and with an additional upward trend, in addition to the already significantly increased levels observed before the start of the war. Inevitably, the cost of sales of the products sold by the Company in the domestic market follows a similar upward trend. In addition, any extension of current international developments may lead to a reduction in consumer demand.
As regards related companies operating in the aircraft refueling and aircraft fuel storage and management services, their operations are expected to be adversely affected by any flight cancellations and possible further shrinkage of aviation due to Russian sanctions. However, at this stage it is not possible to determine the extent of the impact.
Indirect Impact: & nbsp; The Company will be adversely affected by a possible contraction of the economy and increased inflation and/or from an increase in bad debts in case the possibility of repaying customer liabilities to the Company decreases, which may have a direct impact from the crisis. However, at this stage it is practically impossible to determine the extent of the impact of these factors, as the relevant risks and uncertainties will depend on the course of events related to the war. “