With independent auditor’s report

Expense recognition
Expenses are recognized as incurred and are reported in the consolidated financial statements in the period
to which they relate on an accrual basis.
Refinery maintenance costs
The Group recognizes the costs of overhauls and preventive maintenance performed with respect to oil refining
assets as expenses when incurred.
Income taxes
Corporate income taxes have been provided for in the consolidated financial statements in accordance with
the applicable legislation enacted or substantively enacted by the reporting date. The income tax charge
comprises current tax and deferred tax and is recognized on the profit or loss unless it relates to transactions
that are recognized, in the same or a different period, in other comprehensive income or directly in equity.
Deferred income tax assets and liabilities are recognized in the accompanying consolidated financial
statements in the amount determined by the Group in accordance with IAS 12
Income Taxes
.
Deferred tax is provided using the liability method on temporary differences at the reporting date between the
tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.
A deferred tax liability is recognized for all taxable temporary differences, except to the extent that the deferred
tax liability arises from:

The initial recognition of goodwill;

The initial recognition of an asset or liability in a transaction which:

Is not a business combination; and

Affects neither accounting profit, nor taxable profit;

Investments in subsidiaries when the Group is able to control the timing of the reversal of the temporary
differences and it is probable that the temporary differences will not reverse in the foreseeable future.
A prior period tax loss planned to be used to reduce the current or future amount of income tax is recognized
as a deferred tax asset.

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