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Half-year Report

2nd Aug 2018 07:00

RNS Number : 5592W

Vivo Energy PLC

02 August 2018

Vivo Energy plc Interim 2018 Results

Good momentum and efficient execution in H1 2018

London, United Kingdom, 02 August 2018: Vivo Energy plc today announces its interim condensed consolidated financial results for the half-year ended 30 June 2018.

Financial Highlights

· Volumes up 4% year-on-year, driven by growth in all business segments

· Gross Cash Profit up 7% year-on-year to $344m

· Non-fuel retail Gross Cash Profit up 22% year-on-year

· Adjusted EBITDA up 8% year-on-year to $204m

· Net Income decreased slightly by 1% year-on-year to $71m

· Adjusted Net Income up 11% year-on-year to $95m

· Adjusted diluted EPS of $0.07 and diluted headline EPS of $0.05 for the first half-year 2018

· Strong balance sheet with net debt/adjusted EBITDA ratio of 1.01x at 30 June 2018

· New $300m multi-currency revolving credit facility remained fully undrawn at the end of the period. Facility can be increased by an additional $100m contingent upon events after the listing

· Approved interim dividend of circa $0.01 per share, amounting to approximately $8m.

For further information refer to the dividend declaration announcement

KEY PERFORMANCE INDICATORS

US $ millions, unless otherwise indicated	Six-month period ended 30 June 2018	Six-month period ended 30 June 2017	Change
Volumes (million litres)	4,628	4,462	+4%
Gross Profit	312	295	+6%
Gross Cash Profit	344	323	+7%
Adjusted EBITDA	204	189	+8%
Net Income	71	72	-1%
Adjusted Net Income	95	86	+11%

Strategic and Operational Highlights

· Outstanding HSSE performance, with Total Recordable Case Frequency of zero

· IPO completed May 2018, admitted to trading on the London Stock Exchange with a secondary listing on the Johannesburg Stock Exchange

· Progressing towards completion of the Engen International Holdings Limited transaction

· On track to open the targeted number of service stations and non-fuel retail outlets for the year

· Joint venture formed to become KFC's licensee in the Ivory Coast. First KFC restaurant in the country opened at a Shell service station

· Secured several additional aviation contracts with international and regional carriers

Christian Chammas, CEO of Vivo Energy plc, commented: "Following our successful IPO on the London and Johannesburg Stock Exchanges in May, we are pleased to have delivered a strong set of results for the first half of the year, during which we continued to meet our growth objectives.

"We have received further regulatory and anti-trust approvals in relation to the Engen International Holdings Limited transaction. We continue to work on the final outstanding items whilst discussing the timing of completion with Engen.

"Given Vivo Energy's differentiated business model, track record, exposure to Africa and the growth opportunity it represents, the Directors remain confident in the resilience of the business and its ability to deliver its growth objectives in the second half of the year."

FY 2018 Outlook

Overall performance for the first half of the year remained in line with the Group's objectives for the fiscal year. We continue to expect annual volume growth to be within our target mid-single digit percentage range, with an overall broadly stable gross cash unit margin.

Following consumer activism in Morocco across several sectors during Q2 2018, the Moroccan government initiated dialogue with the Moroccan Petroleum Group (GPM), the industry representative body, to discuss price regulation. Whilst discussions have taken place, at this stage no plans regarding price regulation have been confirmed.

Vivo Energy expects to provide further updates on its medium-term objectives, reflecting the impact of the Engen International Holdings Limited transaction, in due course.

Ends

Results Presentation

Vivo Energy plc will host a presentation for analysts and institutional investors today, 02 August 2018 at 09.00 BST, which can be accessed at: https://www.investis-live.com/vivo-energy/5b3e265305eeee1000a8511d/fhud

Conference call details:

Please dial into the call at least 15 minutes prior to the conference start time.

Participant dial-in numbers

Dial in: +44 20 3936 2999

Participant Access Code: 07 36 45

Replay information

Dial in: + 44 20 3936 3001

Replay code: 21 71 27

The replay of the webcast will be available after the event at: https://investors.vivoenergy.com

Enquiries:

Media

Tulchan Communications LLP

Martin Robinson, Toby Bates

+44 20 7353 4200

[email protected]

Vivo Energy plc

Rob Foyle

+44 1234 904 037

[email protected]

Investors

[email protected]

Notes to editors:*

Vivo Energy operates and markets its products in countries across North, West, East and Southern Africa. The Group has a network of over 1,800 service stations in 15 countries and exports lubricants to a number of other African countries. Its retail offering includes fuels, lubricants, card services, shops and other non-fuel services (e.g. oil change and car wash). It provides fuels, lubricants and liquefied petroleum gas (LPG) to business customers across a range of sectors including marine, mining, construction, power, transport and manufacturing. Jet fuel is sold to customers under the Vitol Aviation brand.

The Company employs around 2,360 people and has access to approximately 943,000 cubic metres of fuel storage capacity. The Group's joint venture, Shell and Vivo Lubricants B.V., sources, blends, packages and supplies Shell-branded lubricants and has blending capacity per annum of around 158,000 metric tonnes at plants in six countries (Ghana, Guinea, Ivory Coast, Kenya, Morocco and Tunisia).

This announcement is available on the Company's website at: http://investors.vivoenergy.com

This announcement does not constitute an offer to sell or issue, or the solicitation of an offer to buy or acquire securities of Vivo Energy plc, or any of its affiliates in any jurisdiction, or an inducement to enter into investment activity.

References in this announcement to "Vivo Energy" or the "Group" mean Vivo Energy plc ("the Company") and Vivo Energy Holding B.V. ("VEH", the holding company of the Vivo Energy Group until admission), together with its consolidated subsidiaries and subsidiary undertakings. Refer to the Non-GAAP financial measures definitions of Adjusted EBITDA and Adjusted Net Income and reconciliations to the most comparable IFRS measures in the interim condensed consolidated financial statements for the six-month period ended 30 June 2018 (note 4). The Group defines Gross Cash Profit as gross profit adjusted to exclude depreciation and amortisation expense.

* Data correct as at 30 June 2018.

Forward-looking statements

This announcement includes forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company's control and all of which are based on the Directors' current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as: "believe", "expects", "may", "will", "could", "should", "shall", "risk", "intends", "estimates", "aims", "plans", "predicts", "continues", "assumes", "positioned", "anticipates" or "targets" or the negative thereof, other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this report and include statements regarding the intentions, beliefs or current expectations of the Directors or the Group concerning, among other things, the future results of operations, financial condition, prospects, growth, strategies of the Group and the industry in which it operates.

No assurance can be given that such future results will be achieved; actual events or results may differ materially as a result of risks and uncertainties facing the Group. Such risks and uncertainties could cause actual results to vary materially from the future results indicated, expressed, or implied in such forward-looking statements.

Such forward-looking statements contained in this report speak only as of the date of this report. The Company and the Directors expressly disclaim any obligation or undertaking to update these forward-looking statements contained in the document to reflect any change in their expectations or any change in events, conditions, or circumstances on which such statements are based, unless required to do so by applicable law.

UNAUDITED INTERIM REPORT

For the six-month period ended 30 June 2018

Table of contents

Management's discussion and analysis

Forward-looking statements

Overview

Consolidated results of operations

Analysis of consolidated results of operations

Overview of operations by segment

Retail

Commercial

Lubricants

Consolidated financial position

Liquidity and capital resources

Non-GAAP financial measures

Reconciliation of Non-GAAP measures

Accounting and reporting developments

Control and procedures

Risks and uncertainties

Shareholder information

Interim condensed consolidated financial statements

Terms and abbreviations

Term	Description	Term	Description
B2C	Business to consumer	GAAP HI HSSE IFRS IPO KFC LIBOR LPG MD&A PP&E SVL	Generally Accepted Accounting Principles Six-month period 1 January to 30 June Health, safety, security and environment International Financial Reporting Standards Initial public offering Kentucky Fried Chicken London Interbank Offered Rate Liquefied petroleum gas Management's discussion and analysis Property, plant and equipment Shell and Vivo Lubricants B.V.
DPO	Days payable outstanding
DSO	Days sales outstanding
EBIT	Earnings before finance expense, finance income and income taxes
EBITDA	Earnings before finance expense, finance income, income taxes, depreciation and amortisation
EBT EIHL EPS ETR	Earnings before income taxes Engen International Holdings (Mauritius) Limited Earnings per share Effective tax rate

To view the PDF of the Interim report for the six-month period ended 30 June 2018, please click on the following link: http://investors.vivoenergy.com/~/media/Files/V/Vivo-Energy-IR/reports-and-presentations/interim-results-2018-announcement.pdf.

MANAGEMENT'S DISCUSSION AND ANALYSIS

This MD&A of financial condition and results of operations is intended to convey management's perspective of Vivo Energy plc's ("Vivo Energy" or the "Company") operational performance and financial condition during the periods under review, as measured under IFRS and other relevant measures. This MD&A is intended to assist readers in understanding and interpreting the Company's interim condensed consolidated financial statements and should therefore be read in conjunction with the interim condensed consolidated financial statements (included from page 17 onwards). The results of operations and cash flows for the six-month period are not necessarily indicative of the results of operations and cash flows for the full fiscal year.

The Company was incorporated as a private limited company in the United Kingdom on 12 March 2018 and re-registered as a public limited company on 9 April 2018. Vivo Energy plc was incorporated in conjunction with the pre-IPO reorganisation of the Group. On 10 May 2018, the Company listed on the London Stock Exchange Main Market for listed securities and the Main Board of the securities exchange operated by the Johannesburg Stock Exchange by way of secondary inward listing. References in this MD&A to "Vivo Energy" or the "Group" or "we" or "our" mean the Company and Vivo Energy Holding B.V. ("VEH", the holding company of the Vivo Energy Group until admission), together with its consolidated subsidiaries and subsidiary undertakings. Therefore, the MD&A for the six-month period ended 30 June 2018 is presented for the Group with continuity, including the impact of the IPO reorganisation.

All amounts in this report are expressed in thousands of US dollars, unless otherwise indicated.

Further insight into the Company, as well as financial and operations reports, can be found on the investor relations section of the Company's website at: http://investors.vivoenergy.com/.

IFRS and Non-GAAP measures

This MD&A contains both IFRS and Non-GAAP measures. Non-GAAP measures are defined and reconciled to the most comparable IFRS measures.

FORWARD-LOOKING STATEMENTS

This report includes forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Group's control and all of which are based on the Directors' current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as: "believe", "expects", "may", "will", "could", "should", "shall", "risk", "intends", "estimates", "aims", "plans", "predicts", "continues", "assumes", "positioned", "anticipates" or "targets" or the negative thereof, other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this report and include statements regarding the intentions, beliefs or current expectations of the Directors or the Group concerning, among other things, the future results of operations, financial condition, prospects, growth, strategies of the Group and the industry in which it operates.

OVERVIEW

Volumes

(litres)

Gross

Profit

Gross Cash

Profit

Adjusted

EBITDA

Adjusted Net

Income

4,628 million

$312 million

$344 million

$204 million

$95 million

KEY PERFORMANCE INDICATORS

	Six-month period ended
US $'000, unless otherwise indicated	30 June 2018	30 June 2017	Change
Volumes (million litres)	4,628	4,462	+4%
Gross profit	312,062	294,935	+6%
Gross cash unit margin ($/'000 litres)	74	72	+3%
Gross cash profit	344,435	323,108	+7%
Adjusted EBITDA	203,550	188,707	+8%
Net income	71,258	72,054	-1%
Adjusted net income	95,037	85,579	+11%
Diluted EPS (US $)[1]	0.05	29.022	N.A.
Adjusted diluted EPS (US $)1	0.07	34.93[2]	N.A.

KEY HIGHLIGHTS AND EVENTS

Strategic and operational highlights
In the first six months of 2018, Vivo Energy achieved an outstanding HSSE performance, with industry-led HSSE targets being exceeded for all key performance indicators and with a Total Recordable Case Frequency of zero. In May 2018, Vivo Energy successfully completed an initial public offering, and was admitted to trading on the Main Market of the London Stock Exchange, with a secondary listing on the Main Board of the securities exchange operated by the Johannesburg Stock Exchange. Integration planning in relation to the acquisition of EIHL[3] is making good progress. We have received further regulatory and anti-trust approvals. We continue to work on the final outstanding items whilst discussing the timing of completion with Engen. Total volumes increased by 4% year-on-year to 4,628 million litres, driven by further growth in all business segments.	Continued Retail fuel growth was driven by existing portfolio optimisations and service station network developments. We are on track to open the targeted number of service stations and non-fuel retail outlets for the year. In Non-fuel retail, a joint venture was formed (Baobab Energy Côte d'Ivoire) to become KFC's licensee in the Ivory Coast. Following this, the first KFC restaurant opened at a Shell service station in the Ivory Coast. In Commercial, Vivo Energy successfully secured several additional aviation contracts with international and regional carriers. The Lubricants segment delivered a solid performance in terms of volume and adjusted EBITDA growth, despite an increase in base oil prices compared to H1 2017.
Financial performance
Gross cash profit was up 7% year-on-year, amounting to $344 million, primarily due to volume growth, higher unit margins and favourable foreign currency movements. Adjusted EBITDA increased by 8% year-on-year to $204 million, as a result of the volume growth, strong margins and the contribution to the share of profit from our lubricants joint venture, the SVL group. Net income of $71 million was slightly below last year (-1%) as a result of the special items, mainly in relation to the IPO.	Adjusted net income, before the impact of special items mainly associated with IPO-related costs, increased by 11% to $95 million year-on-year. Adjusted diluted EPS was $0.07 per share for the first half-year of 2018. Subsequent to the end of the period, the Board approved an interim dividend of circa $0.01 per share, amounting to approximately $8 million. Vivo Energy maintained a strong balance sheet with a leverage ratio[4] of 1.01x at 30 June 2018 (31 December 2017: 0.97x) and a net debt of $395 million at 30 June 2018 (31 December 2017: $366 million).

OUTLOOK

Vivo Energy expects to provide further updates on its medium-term objectives, reflecting the impact of the EIHL transaction, in due course.

CONSOLIDATED RESULTS OF OPERATIONS

SUMMARY INCOME STATEMENT

	Six-month period ended
US $'000	30 June 2018	30 June 2017	Change
Revenues	3,672,742	3,226,737	+14%
Cost of sales	(3,360,680)	(2,931,802)	+15%
Gross profit	312,062	294,935	+6%
Selling and marketing cost	(90,468)	(89,922)	+1%
General and administrative cost	(102,627)	(80,490)	+28%
Share of profit of joint ventures and associates	12,144	6,741	+80%
Other income (expense)	1,012	479	+111%
EBIT	132,123	131,743	+0%
Finance expense - net	(18,292)	(14,753)	+24%
EBT	113,831	116,990	-3%
Income taxes	(42,573)	(44,936)	-5%
Net income	71,258	72,054	-1%

NON-GAAP MEASURES

	Six-month period ended
US $'000, unless otherwise indicated	30 June 2018	30 June 2017	Change
Volumes (million litres)	4,628	4,462	+4%
Gross cash profit	344,435	323,108	+7%
EBITDA	176,312	171,477	+3%
Adjusted EBITDA	203,550	188,707	+8%
ETR (%)	37.4%	38.4%	N.A.
Adjusted net income	95,037	85,579	+11%
Adjusted diluted EPS (US $)[5]	0.07	34.93[6]	N.A.

ANALYSIS OF CONSOLIDATED RESULTS OF OPERATIONS

Volumes
Volumes increased by 4% to 4,628 million litres, resulting from further growth across all business segments. Retail fuel, our largest segment, accounted for 57% of total volumes and increased by 5% year-on-year. This strong business performance in Retail was driven by new service station volumes and continued growth in the	existing portfolio. Commercial volumes accounted for 42% of total volumes, an increase of 2% year-on-year, due to exceptional performance in our sub-segments: Aviation, Marine and LPG. Lubricants volumes accounted for 1% of total volumes and increased by 3% year-on-year.
Gross cash profit
Gross cash profit increased by $21 million, or 7% to $344 million for the first half-year compared to $323 million in H1 2017. Gross cash profit was driven by an increase in volumes, higher margins	and favourable foreign currency movements, as well as efficient supply and distribution. Gross cash unit margin increased by 3% to $74 per thousand litres.
Adjusted EBITDA
Adjusted EBITDA increased by $15 million or 8% year-on-year to $204 million, driven by higher volumes and margins as well as cost control. Contributing to the higher Adjusted EBITDA was the share of profit from our joint venture investments. Share of profit in joint ventures amounted to $12 million, of which $6 million relates to the share of profit from the SVL group, our lubricants joint venture, of which we acquired a 50% shareholding in December 2017.	Selling and marketing costs were 1% higher, amounting to $90 million, mainly due to inflation and foreign currency movements. General and administrative cost, including special items, amounted to $103 million compared to $80 million in H1 2017. The increase was primarily due to higher non-recurring special items,[7] inflation and foreign currency movements as well as higher employee benefit expenses in H1 2018.
Net finance expense
Net finance expense increased by $3 million or 24% to $18 million from $15 million in the first half of 2017. This net finance expense variation was mainly driven by higher long-term borrowings relative to the same period in 2017, as well as a foreign exchange loss due to currency movements. In June 2017, the Company entered into a term loan facility. An incremental facility was drawn down in December 2017 to fund the acquisition of the participation in the SVL	group. The term loan facility carries interest of Libor plus a margin of 2.5% per annum. The incremental facility has interest of Libor plus a margin of 2.5% for the amortised portion and Libor plus a margin of 3% for the bullet portion. The Group manages exposure to cash flow interest rate risk on long-term borrowings using interest rate swaps, resulting in a fixed interest rate of funding of approximately 4%.
Income taxes
For the six-month period ended 30 June 2018, ETR decreased to 37.4% from 38.4% compared to the comparative period of 2017. The decrease	is mainly attributable to less withholding tax and higher non-taxable income.

OVERVIEW OF OPERATIONS BY SEGMENT

	Six-month period ended
US $'000, unless otherwise indicated	30 June 2018	30 June 2017	Change
Volumes (million litres)
Retail	2,635	2,514	+5%
Commercial	1,926	1,883	+2%
Lubricants	67	65	+3%
Total	4,628	4,462	+4%
Gross profit
Retail (including Non-fuel retail)	196,538	184,647	+6%
Commercial	80,910	73,447	+10%
Lubricants	34,614	36,841	-6%
Total	312,062	294,935	+6%
Gross cash unit margin ($ /'000 litres)
Retail fuel (excluding Non-fuel retail)	78	77	+2%
Commercial	47	44	+8%
Lubricants	536	583	-8%
Total	74	72	+3%
Gross cash profit
Retail (including Non-fuel retail)	217,064	202,510	+7%
Commercial	91,454	82,623	+11%
Lubricants	35,917	37,975	-5%
Total	344,435	323,108	+7%
Adjusted EBITDA
Retail	120,771	110,937	+9%
Commercial	57,361	54,591	+5%
Lubricants	25,418	23,179	+10%
Total	203,550	188,707	+8%

RETAIL

Volumes

(litres)

Gross

Profit

Gross Cash Unit

Margin

(excl. Non-fuel retail)

Gross Cash

Profit

Adjusted

EBITDA

2,635 million

$197 million

$78 /'000 litres

$217 million

$121 million

KEY PERFORMANCE INDICATORS

	Six-month period ended
US $'000, unless otherwise indicated	30 June 2018	30 June 2017	Change
Volumes (million litres)	2,635	2,514	+5%
Gross profit (including Non-fuel retail)	196,538	184,647	+6%
Retail fuel gross cash unit margin ($ /'000 litres)	78	77	+2%
Retail fuel gross cash profit	205,638	193,136	+6%
Non-fuel retail gross cash profit	11,426	9,374	+22%
Adjusted EBITDA	120,771	110,937	+9%

ANALYSIS OF RESULTS

The Retail segment continued to drive the strong performance of our business and represented 59% of the Group's adjusted EBITDA. Volumes grew by 5%, gross cash profit increased by 7% and adjusted EBITDA was higher by 9% year-on-year.
Retail fuel
Retail fuel is at the heart of our growth story and achieved a 5% increase in volumes. Higher volumes were fuelled by service station network development, which strongly contributed to the overall portfolio growth. Continued maximum extraction of value from existing service stations resulted in the optimisation of the existing portfolio, in line with our objectives.	The strong performance of our existing portfolio was further supported by marketing and operational excellence initiatives. Gross cash unit margin (excluding Non-fuel retail) increased by 2% to $78 per thousand litres. Related gross cash profit increased by 6% to $206 million, driven by higher volumes, strong margins and favourable currency movements.
Non-fuel retail
Non-fuel retail gross cash profit increased to $11 million, or 22% year-on-year, driven by new outlet openings and greater value extraction from existing outlets. Quick service restaurants are key to growth in this segment and we continue to roll out our strategy of bringing more food brands to our service stations. During the period, international food brand, KFC, opened its first restaurant at a	Shell-branded service station in the Ivory Coast, which was well received by our customers. Convenience retail is an important growth focus area where we deploy category management plans to respond effectively to consumer needs. In Non-fuel retail, our focus is delivering the most convenient experience by turning our service stations into hubs for consumers and commerce.

COMMERCIAL

Volumes

(litres)

Gross

Profit

Gross Cash Unit

Margin

Gross Cash

Profit

Adjusted

EBITDA

1,926 million

$81 million

$47 /'000 litres

$91 million

$57 million

KEY PERFORMANCE INDICATORS

	Six-month period ended
US $'000, unless otherwise indicated	30 June 2018	30 June 2017	Change
Volumes (million litres)	1,926	1,883	+2%
Gross profit	80,910	73,447	+10%
Gross cash unit margin ($ /'000 litres)	47	44	+8%
Gross cash profit	91,454	82,623	+11%
Adjusted EBITDA	57,361	54,591	+5%

ANALYSIS OF RESULTS

Aviation, Marine and LPG contributed strongly to higher volumes partly offset by slightly lower Commercial fuel performance. Gross cash unit margin was higher at $47 per thousand litres compared to $44 per thousand litres in H1 2017 and gross cash profit increased by 11%.
Core commercial
Core commercial comprises LPG and bulk fuel sales to customers in industries such as transportation, mining, construction, power and consumers for packed LPG. Core commercial accounted for 74% (H1 2017: 77%) of total Commercial volumes and 83% (H1 2017: 88%) of total Commercial gross cash profit. Gross cash profit was 5% higher, despite a decrease in volumes (1% year-on-year). Commercial volumes were negatively impacted by lower fuel demand, as some key power sector customers increasingly relied on hydro power in	the rainy season, and certain government construction projects were delayed. LPG volumes increased year-on-year, driven by the development of the distributers' networks and the expansion of point of sale coverage. Gross cash unit margin increased by 6% to $53 per thousand litres, driven by the development of customer value propositions and strategically targeting profitable growth in high margin sectors. Cost management, as well as efficient supply and distribution, especially in LPG, further contributed to higher margins and increased gross cash profit.
Aviation and Marine
Aviation and Marine accounted for 26% (H1 2017: 23%) of total Commercial volumes and 17% (H1 2017: 12%) of total Commercial gross cash profit. Aviation and Marine volumes grew by 14% year-on-year. Gross cash unit margin increased by 33% year-on-year to $31 per thousand litres. Aviation was positively impacted by the tourism sector. Vivo Energy successfully secured several	additional aviation contracts with international and regional carriers. Spot sales and increasing crude oil prices resulted in higher Aviation unit margins. Marine volumes increased due to an increase in large-scale tankers bunkering in one of our countries. In other countries, ongoing efforts to secure opportunistic spot sales at favourable pricing had a positive impact on both margins and volumes.

LUBRICANTS

Volumes

(litres)

Gross

Profit

Gross Cash Unit

Margin

Gross Cash

Profit

Adjusted

EBITDA

67 million

$35 million

$536 /'000 litres

$36 million

$25 million

KEY PERFORMANCE INDICATORS

	Six-month period ended
US $'000, unless otherwise indicated	30 June 2018	30 June 2017	Change
Volumes (million litres)	67	65	+3%
Revenue	183,665	167,595	+10%
Gross profit	34,614	36,841	-6%
Gross cash unit margin ($ /'000 litres)	536	583	-8%
Gross cash profit	35,917	37,975	-5%
Adjusted EBITDA	25,418	23,179	+10%

ANALYSIS OF RESULTS

Adjusted EBITDA for the Lubricants segment increased by 10% to $25 million, mainly attributable to our SVL joint venture that ensures a partnership across the value chain. Lubricants accounted for 13% of the Group's adjusted EBITDA.
Retail lubricants
Retail lubricants comprise sales to Retail customers and B2C sales. Retail lubricants accounted for 60% (H1 2017: 59%) of total Lubricants volumes and 62% (H1 2017: 61%) of total Lubricants gross cash profit. Volumes grew 4% year-on-year driven by successful marketing campaigns and tactical initiatives such as lube bays and oil specialist offerings at service stations. In the first half of 2018, full growth potential was slightly limited due	to lower than expected efficiencies of some of our distributers. Unit margin decreased to $547 from $598 per thousand litres, as a result of an increase in base oil prices, offset by favourable foreign exchange movements. In response to the increase in base oil prices, active price management in line with the pricing strategy was initiated and marketing activities were focused on selling an optimised sales mix of premium products that ensure higher margins.
Commercial lubricants
Commercial lubricants comprise sales to commercial customers and export sales to more than 10 African countries. Commercial lubricants accounted for 40% (H1 2017: 41%) of total Lubricants volumes and 38% (H1 2017: 39%) of total Lubricants gross cash profit. Volumes grew 1% despite postponement of some construction projects. Activity in the Commercial	lubricants segment is expected to increase during the second part of the year. Unit margins are at $518 in 2018 from $560 per thousand litres compared to the prior period, attributable to the increase in the base oil prices, partially offset by favourable foreign exchange movements.

CONSOLIDATED FINANCIAL POSITION

Total assets
Total assets, including foreign currency movements, increased by $132 million and can largely be explained by: · $85 million increase in other assets, mainly driven by other government benefits receivable, principally as a result of the timing of payments; · $97 million increase in inventories due to higher crude oil prices as well as the timing of purchases and shipments. Average monthly inventory days for the period was 22 days; · $57 million increase in trade receivables driven by increased sales volumes and higher crude oil prices. Average monthly DSO[8] for the period was 16 days. Partially offset by: · $107 million decrease in cash and cash equivalents, mainly due to repayments of borrowings, investments in PP&E and intangible assets as well as current income taxes paid.
Equity and liabilities
Total equity and liabilities, including foreign currency movements, increased by $132 million and can largely be explained by: · $194 million increase in trade payables, mostly due to an increase in crude oil prices and the timing of purchases and shipments. Average monthly DPO1 for the period was 56 days. Partially offset by: · $42 million repayment of long-term debt; · $23 million decrease in other liabilities, relating to payments of employees' annual and long-term incentives as well as the settlement of the current portion of the Management Equity Plan.

LIQUIDITY AND CAPITAL RESOURCES

FREE CASH FLOW

	Six-month period ended
US $'000	30 June 2018	30 June 2017
Net income	71,258	72,054
Adjustment for non-cash items & other	82,718	83,741
Cash flow from operations before changes in net working capital and income tax	153,976	155,795
Net change in operating assets and liabilities and other adjustments	(35,877)	14,154
Cash flow from operating activities before income tax	118,099	169,949
Net additions of PP&E and intangible assets	(59,019)	(38,106)
Free cash flow before income tax	59,080	131,843
Current income tax paid	(62,438)	(72,090)
Free cash flow after tax	(3,358)	59,753

Free cash outflow after income tax of $3 million in the first half of 2018 was negatively impacted by special items[9] and is explained by our significant investments in PP&E and intangible assets of $59 million compared to $38 million in the first half-year of 2017. We have continued to significantly invest into our retail service station network, which will positively contribute to our future growth. Further progress was made on our IT-related projects, such as the SAP implementation, resulting in a cash outflow of approximately $12 million. Furthermore, we paid income tax in the amount of $62 million in the first half of 2018. Cash outflows for our investments in fixed assets and income tax paid were offset by a cash inflow from operating activities before income tax of $118 million due to our strong business performance in H1 2018. The "Net change in operating assets and liabilities and other adjustments" amounts to a cash outflow of $36 million, principally as a result of an increase in other assets, which was partly compensated by a positive net change in our working capital such as inventories, trade receivables and trade payables. The increase in other assets mainly relates to the timing of payments of other government benefits receivable for local subsidies. After the end of the reporting period, the Company received cash of $40 million in the month of July 2018 for the other government benefits receivable.

NET DEBT AND AVAILABLE LIQUIDITY

US $'000	30 June 2018	31 December 2017
Long-term debt	433,943	479,889
Lease liabilities	121,678	133,757
Total debt excluding short-term bank borrowings	555,621	613,646
Short-term bank borrowings[10]	154,927	175,302
Less cash and cash equivalents	(315,919)	(422,494)
Net debt	394,629	366,454

US $'000	30 June 2018	31 December 2017
Cash and cash equivalents	315,919	422,494
Available undrawn credit facilities	1,339,162	761,490
Available short-term capital resources	1,655,081	1,183,984

Net debt at 30 June 2018 increased slightly to $395 million from $366 million at 31 December 2017. The increase was primarily due to a decrease in cash and cash equivalents, partially offset by a decrease in long-term debt as a result of scheduled repayments and a decrease in lease liabilities.

The leverage ratio[11] increased to 1.01x at 30 June 2018 from 0.97x at 31 December 2017. In May 2018, the Company established a new multi-currency revolving credit facility of $300 million.[12] This credit facility remains fully undrawn and resulted in available short-term capital resources of $1,655 million compared to $1,184 million at 31 December 2017.

NON-GAAP FINANCIAL MEASURES

We believe that providing certain Non-GAAP financial measures in addition to IFRS measures provides users of our interim condensed consolidated financial statements with enhanced understanding of results and related trends, and increases the transparency and clarity of the core results of our business.

Non-GAAP financial measures are derived from the interim condensed consolidated financial statements but do not have standardised meanings prescribed by IFRS. The exclusion of certain items from Non-GAAP performance measures does not imply that these items are necessarily non-recurring. From time to time, we may exclude additional items if we believe doing so would result in a more transparent and comparable disclosure.

This Interim report is based on reported numbers in accordance with IFRS and the following Non-GAAP financial measures:

Term	Description	Term	Description
Gross cash profit	Gross profit before depreciation and amortisation recognised in cost of sales.	Gross cash unit margin	Gross cash profit per unit (1000 litres).
EBIT	Earnings before finance expense, finance income and income taxes.	EBITDA	Earnings before finance expense, finance income, income tax, depreciation and amortisation.
Adjusted EBITDA	EBITDA adjusted for the impact of special items.	EBT	Earnings before income taxes.
Adjusted net income	Net income adjusted for the impact of special items.	Adjusted diluted EPS	Diluted EPS adjusted for the impact of special items.
Special items	Income or charges that are not considered to represent the underlying operational performance and, based on their significance in size or nature, are presented separately to provide further understanding of the financial performance of the Group.	Free cash flow	Cash flow from operating activities less net additions to PP&E and intangible assets.
Net debt	Total borrowings and lease liabilities less cash and cash equivalents.	Leverage ratio	Net debt divided by adjusted EBITDA.

RECONCILIATION OF NON-GAAP MEASURES

	Six-month period ended
US $'000	30 June 2018	30 June 2017
Gross profit	312,062	294,935
Add back: Amortisation and depreciation in cost of sales	32,373	28,173
Gross cash profit	344,435	323,108

	Six-month period ended
US $'000	30 June 2018	30 June 2017
EBIT	132,123	131,743
Depreciation and amortisation	44,189	39,734
EBITDA	176,312	171,477
Special items:
Management Equity Plan	2,332	14,318
Restructuring	1,013	2,912
IPO and Engen acquisition related expenses[13]	23,893	-
Adjusted EBITDA	203,550	188,707

	Six-month period ended
US $'000	30 June 2018	30 June 2017
Net income	71,258	72,054
Adjustments to EBIT related to special items:
Management Equity Plan	2,332	14,318
Restructuring	1,013	2,912
IPO and Engen acquisition related expenses1	23,893	-
Tax on special items	(3,459)	(3,705)
Adjusted net income	95,037	85,579

	Six-month period ended
US $	30 June 2018	30 June 2017
Diluted EPS[14]	0.05	29.02
Impact of special items	0.02	5.91
Adjusted diluted EPS2	0.07	34.93[15]

ACCOUNTING AND REPORTING DEVELOPMENTS

In 2017, the Group elected to early-adopt IFRS 9 "Financial Instruments", IFRS 15 "Revenue from Contracts with Customers", and IFRS 16 "Leases". The early adoption of IFRS 9 and IFRS 15 had an insignificant impact on the Group's financial position. The IFRS 16 early adoption had a material impact on the Consolidated Statement of Financial Position, an immaterial impact on the Consolidated Statement of Comprehensive Income and no impact on the Consolidated Statement of Cash Flow. The full retrospective adoption of the standard led to the restatement of comparative figures. Refer to our annual financial statements as of 31 December 2017. There are no other standards, amendments and interpretations which are effective for the financial year beginning on 1 January 2018 that have a material impact on the interim condensed consolidated financial statements of the Group.

CONTROL AND PROCEDURES

Our approach to internal controls includes a number of general and specific processes and policies that have been developed based on detailed risk assessment at Group and local level. The key controls are linked to the main business processes such as the revenue and receivables cycle, procure-to-pay cycle, inventory, capital expenditure management as well as information technology systems. The objectives of these controls are to ensure structured investment decision making, quality and timely reporting, cost optimisation as well as intended innovative ways of creating and protecting value.

The internal control framework includes daily, monthly, quarterly, half-yearly and annual monitoring mechanisms to ensure the control environment continues to be designed and operates effectively. The internal control function works closely with the internal audit team in carrying out their monitoring role, which is linked to performance appraisals. There were no significant changes to the internal controls framework in the reporting period.

RISKS AND UNCERTAINTIES

In December 2015, the Government of Morocco deregulated fuel prices. Following consumer activism in Morocco across several sectors during Q2 2018, the government initiated discussions with the Moroccan Petroleum Group (GPM), the industry representative body, to discuss price regulation. Whilst discussions have taken place, at this stage no plans regarding price regulation have been confirmed. During the first half of 2018 Retail fuels in Morocco contributed 22% to Group's adjusted EBITDA compared to 29% for the full-year 2017. Our 2019 guidance at IPO already reflected a $3/'000 litres decrease in overall Retail gross cash unit margin, representing an estimated impact of approximately $15 million on adjusted EBITDA, based on 2019 targeted Retail volumes.

Completion of the EIHL transaction is subject to satisfaction (or waiver, where applicable) of certain conditions, including regulatory anti-trust approvals and non-objection. In the Democratic Republic of Congo, a Government Ministry on 2 May 2018 filed a motion in the DRC courts asserting a right of pre-emption in respect of EIHL's shareholding in Engen DRC S.A. (in which the Government holds a 40% stake) which, if maintained, would have the effect of preventing the transfer of Engen DRC S.A. to the Group. Engen DRC S.A. constitutes a material part of the EIHL Group. On the advice of counsel, the Directors believe that this claim has no legal basis. The Company continues to work with the EIHL Group to resolve this issue prior to the completion of the EIHL transaction. If the Company is unable to resolve the matter to its satisfaction it may, amongst other things, look to exercise its rights and remedies under the Share Sale and Purchase Agreement, which, depending on the circumstances, could include exercising its right to terminate the Share Sale and Purchase Agreement.

Apart from the above, the principal risks and uncertainties faced by the Company are expected to remain largely consistent with those described in the Vivo Energy plc Prospectus published on 4 May 2018.

SHAREHOLDER INFORMATION

Authorised, issued and outstanding shares as at 30 June 2018 were as follows:

Authorised

Issued and

outstanding

Ordinary shares

1,201,798,866

Effective 13 June 2018, the Company completed a court-approved reduction of capital. The purpose of the reduction of capital was to provide distributable reserves which will allow the Company to make future dividend payments. Following the reduction of capital, the number of issued shares and the rights attached to those shares remained unchanged. The nominal value of the ordinary shares in the capital of the Company was reduced by $1.00 from $1.50 to $0.50.

Subsequent to the end of the period, the Board approved an interim dividend of circa $0.01 per share, amounting to approximately $8 million. The dividend is expected to be paid on 17 September 2018 to shareholders of record at close of business on 17 August 2018. The dividend will be paid out of distributable reserves as at 30 June 2018.

UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the three- and six-month periods ended 30 June 2018

Table of contents

Consolidated Statement of Comprehensive Income

Consolidated Statement of Financial Position.

Consolidated Statement of Changes in Equity.

Consolidated Statement of Cash Flows

Notes to the interim condensed consolidated financial statements

1. Basis of preparation

2. Significant changes in the current and future reporting period

3. Financial instruments by category

4. Segment reporting

5. Other income and expense

6. Finance income and expense

7. Income taxes

8. Earnings per share

9. Other assets

10. Inventories

11. Borrowings

12. Other liabilities

13. Net change in operating assets and liabilities and other adjustments

14. Commitments and contingencies

15. Management Equity Plan

16. Events after balance sheet period

Responsibility statement

Independent review report

Terms and abbreviations

Term	Description	Term	Description
DTR B2B B2C EBIT	Disclosure Guidance and Transparency Rules Business to business Business to consumer Earnings before finance expense, finance income and income taxes	FVTPL GAAP HSSE IAS IASB IFRIC IFRS JSE LTIP NCI OCI P&L PP&E	Fair value through profit and loss Generally Accepted Accounting Principles Health, safety, security and environment International Accounting Standards International Accounting Standards Board IFRS Interpretation Committee International Financial Reporting Standards Johannesburg Stock Exchange Long-term incentive plan Non-controlling interest Other comprehensive income Profit and loss Property, plant and equipment
EBITDA	Earnings before finance expense, finance income, income taxes, depreciation and amortisation
EBT	Earnings before income taxes
EPS	Earnings per share
ETR	Effective tax rate
FVTOCI	Fair value through other comprehensive income

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

		Three-month period ended		Six-month period ended
US $'000	Notes	30 June 2018	30 June 2017	30 June 2018	30 June 2017
Revenues	4	1,894,950	1,619,176	3,672,742	3,226,737
Cost of sales		(1,736,689)	(1,469,741)	(3,360,680)	(2,931,802)
Gross profit	4	158,261	149,435	312,062	294,935
Selling and marketing cost		(46,061)	(48,764)	(90,468)	(89,922)
General and administrative cost		(62,135)	(48,736)	(102,627)	(80,490)
Share of profit of joint ventures and associates		6,732	4,045	12,144	6,741
Other income (expense)	5	1,153	180	1,012	479
EBIT	4	57,950	56,160	132,123	131,743
Finance income		1,535	1,403	3,140	2,476
Finance expense		(13,365)	(8,746)	(21,432)	(17,229)
Finance expense - net	6	(11,830)	(7,343)	(18,292)	(14,753)
EBT		46,120	48,817	113,831	116,990
Income taxes	7	(18,021)	(18,751)	(42,573)	(44,936)
Net income	4	28,099	30,066	71,258	72,054

Net income attributable to:
Equity holders of Vivo Energy plc [16]		25,198	27,449	64,981	66,387
NCI		2,901	2,617	6,277	5,667
		28,099	30,066	71,258	72,054
OCI
Items that may be reclassified to profit or loss
Currency translation differences		(40,332)	14,036	(17,383)	20,537
Net investment hedge gain		9,907	-	4,918	-
Items that are never reclassified to profit or loss
Re-measurement of retirement benefits		40	79	73	759
Income tax relating to retirement benefits		(2)	(79)	(2)	(290)
OCI, net of tax		(30,387)	14,036	(12,394)	21,006
Total comprehensive income		(2,288)	44,102	58,864	93,060

Total comprehensive income attributable to:
Equity holders of Vivo Energy plc 1		(1,199)	39,583	53,785	84,710
NCI		(1,089)	4,519	5,079	8,350
		(2,288)	44,102	58,864	93,060
EPS (US $) [17]	8
Basic		0.02	12.20	0.05	29.51
Diluted		0.02	12.00	0.05	29.02

NON-GAAP FINANCIAL MEASURES [18]
		Three-month period ended		Six-month period ended
US $'000, unless otherwise indicated		30 June 2018	30 June 2017	30 June 2018	30 June 2017
Adjusted EBIT		80,101	73,390	159,361	148,973
EBITDA		79,859	75,756	176,312	171,477
Adjusted EBITDA		102,010	92,986	203,550	188,707
Adjusted net income		46,942	43,591	95,037	85,579
Adjusted diluted EPS 2 (US $)		0.04	17.91	0.07	34.93

The notes are an integral part of these interim condensed consolidated financial statements.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

US $'000	Notes	30 June 2018	31 December 2017
Assets
Non-current assets
Property, plant and equipment		579,918	585,171
Right-of-use assets		136,333	148,413
Intangible assets		124,014	119,993
Investments in joint ventures and associates		222,173	218,801
Deferred income taxes		41,545	42,627
Available for sale investments		6,313	6,314
Other assets	9	87,683	82,171
		1,197,979	1,203,490
Current assets
Inventories	10	449,802	353,129
Trade receivables		469,509	412,181
Other assets	9	308,746	229,068
Income tax receivables		13,675	8,452
Other financial assets		5,662	-
Cash and cash equivalents		315,919	422,494
		1,563,313	1,425,324
Total assets		2,761,292	2,628,814

Equity and liabilities
Total equity
Attributable to equity holders of Vivo Energy plc [19]		461,301	401,546
Attributable to NCI		50,436	46,075
		511,737	447,621
Liabilities
Non-current liabilities
Lease liability		100,764	121,261
Borrowings	11	351,402	396,244
Provisions		88,020	91,982
Deferred income taxes		52,816	51,388
Other liabilities	12	176,938	168,245
		769,940	829,120
Current liabilities
Lease liability		20,914	12,496
Trade payables		1,062,122	868,521
Borrowings	11	237,468	258,947
Provisions		18,576	20,866
Other financial liabilities		-	664
Other liabilities	12	120,432	152,409
Income tax payables		20,103	38,170
		1,479,615	1,352,073
Total liabilities		2,249,555	2,181,193
Total equity and liabilities		2,761,292	2,628,814

The notes are an integral part of these interim condensed consolidated financial statements.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

US $'000		For the six-month period ended 30 June 2018
		Attributable to equity holders of Vivo Energy plc [20]
				Other reserves
	Share Capital	Share Premium	Retained Earnings	Reserves	Retirement Benefits	Currency Translation Difference	Fair Value Reserves	Equity settled incentive schemes [21]	NCI Reserves	Total	NCI	Total Equity
Balance at 1 January 2018	30	244,753	309,218	-	(2,294)	(160,226)	2,446	1,904	5,715	401,546	46,075	447,621
Net income	-	-	64,981	-	-	-	-	-	-	64,981	6,277	71,258
OCI	-	-	-	-	71	(11,267)	-	-	-	(11,196)	(1,198)	(12,394)
Total comprehensive income	-	-	64,981	-	71	(11,267)	-	-	-	53,785	5,079	58,864
IPO-related reorganisation impact [22]	600,869	(241,618)	(364,511)	(135,272)	2,248	152,382	(2,446)	(1,904)	(5,715)	4,033	-	4,033
Share-based expense	-	-	-	-	-	-	-	1,937	-	1,937	-	1,937
Dividends paid	-	-	-	-	-	-	-	-	-	-	(718)	(718)
Balance at 30 June 2018	600,899	3,135	9,688	(135,272)	25	(19,111)	-	1,937	-	461,301	50,436	511,737

US $'000		For the six-month period ended 30 June 2017
		Attributable to equity holders of Vivo Energy Holding B.V.
				Other reserves
	Share Capital	Share Premium	Retained Earnings	Reserves	Retirement Benefits	Currency Translation Difference	Fair Value Reserves	Equity settled incentive schemes 2	NCI Reserves	Total	NCI	Total Equity
Balance at 1 January 2017	30	244,753	473,501	-	(4,233)	(175,396)	2,281	1,814	5,715	548,465	39,993	588,458
Net income	-	-	66,387	-	-	-	-	-	-	66,387	5,667	72,054
OCI	-	-	-	-	469	17,854	-	-	-	18,323	2,683	21,006
Total comprehensive income	-	-	66,387	-	469	17,854	-	-	-	84,710	8,350	93,060
Share-based expense	-	-	-	-	-	-	-	45	-	45	-	45
Dividends paid	-	-	(284,000)	-	-	-	-	-	-	(284,000)	(3,100)	(287,100)
Balance at 30 June 2017	30	244,753	255,888	-	(3,764)	(157,542)	2,281	1,859	5,715	349,220	45,243	394,463

The notes are an integral part of these interim condensed consolidated financial statements.

CONSOLIDATED STATEMENT OF CASH FLOWS

		Six-month period ended
US $'000	Notes	30 June 2018	30 June 2017
Operating activities
Net income		71,258	72,054
Adjustment for:
Income taxes		42,573	44,936
Amortisation, depreciation and impairment		44,189	39,734
Net gain on disposal of PP&E and intangible assets	5	(829)	(888)
Share of profit of joint ventures and associates		(12,144)	(6,741)
Dividends received from joint ventures and associates		8,929	6,700
Current income tax paid		(62,438)	(72,090)
Net change in operating assets and liabilities and other adjustments	13	(35,877)	14,154
Cash flows from operating activities		55,661	97,859
Investing activities
Acquisition of businesses		(547)	-
Purchases of PP&E and intangible assets		(60,803)	(39,396)
Proceeds from disposals of PP&E and intangible assets		1,784	1,290
Cash flows from investing activities		(59,566)	(38,106)
Financing activities
Proceeds from issuance of shares		525	-
Net (repayments)/proceeds (of)/from bank and other borrowings		(65,864)	223,118
Repayment of lease liability		(12,080)	(9,273)
Dividends paid		(718)	(287,100)
Interest paid		(21,924)	(12,121)
Interest received		3,140	2,475
Cash flows from financing activities		(96,921)	(82,901)
Effect of exchange rate changes on cash and cash equivalents		(5,749)	11,962
Net decrease in cash and cash equivalents		(106,575)	(11,186)
Cash and cash equivalents at beginning of period		422,494	368,653
Cash and cash equivalents at end of period		315,919	357,467

The notes are an integral part of these interim condensed consolidated financial statements.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of preparation

Vivo Energy plc ("Vivo Energy" or the "Company") was incorporated as a private limited company in the United Kingdom on 12 March 2018 and re-registered as a public limited company on 9 April 2018. Vivo Energy plc was incorporated in conjunction with the pre-IPO reorganisation of the Group. On 10 May 2018 the Company listed on the London Stock Exchange Main Market for listed securities and the Main Board of the securities exchange operated by the Johannesburg Stock Exchange by way of secondary inward listing.

References in these interim condensed consolidated financial statements to "Vivo Energy" or the "Group" mean the Company and Vivo Energy Holding B.V. ("VEH", the holding company of the Vivo Energy Group until admission), together with its consolidated subsidiaries and subsidiary undertakings. Therefore, the interim condensed consolidated financial statements for the three- and six-month periods ended 30 June 2018 are presented for the Group with continuity, including the impact of the IPO reorganisation.

The Company's interim condensed consolidated financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting Standards" as adopted by the European Union. The interim condensed consolidated financial statements have been prepared under the historical cost convention unless otherwise indicated.

These interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2017, which have been prepared in accordance with IFRS as adopted by the European Union.

2. Significant changes in the current and future reporting period

A number of new standards and amendments to standards and interpretations are effective for annual periods beginning after 1 January 2018.

IFRS 2 "Amendments to Classification and Measurement of Share-based Payment Transactions" clarifies the following:

· In estimating the fair value of cash-settled share-based payments, the accounting for the effects of vesting and non-vesting conditions should follow the same approach as for equity-settled share-based payments;

· Where tax law or regulation require an entity to withhold a specified number of equity instruments equal to the monetary value of the employees' tax obligation, which is then remitted to the tax authority, such an arrangement should be classified as equity-settled in its entirety, provided it would have been classified as equity-settled in absence of the net settlement feature;

· A modification of share-based payment that changes the transaction from cash-settled to equity-settled should be accounted for as (1) a derecognition of the original liability; (2) recognition of an equity-settled share-based payment at the modification date; and (3) any differences between the carrying amount of the liability at the modification date and the amount recognised in equity should be recognised in profit or loss.

The Group already applies these amendments.

IFRS 10 "Consolidated Financial Statements" and IAS 28 "Amendments to Sale or Contribution of Assets between an Investor and its Associate or Joint Venture" deals with situations where there is a sale or contribution of assets between an investor and its associate or joint venture and the treatment of gains or losses from such transactions. The IASB has not confirmed the effective date of this amendment; however, early application is permitted. The Group does not anticipate that the application of these amendments will have an impact on the Group's financial statements in future periods should such transactions arise.

IFRIC 22 "Foreign Currency Transactions and Advance Consideration" addresses how to determine the "date of transaction" for the purpose of determining the exchange rate to use on initial recognition of an asset, expense or income, when consideration for that item has been paid or received in advance in a foreign currency which resulted in the recognition of a non-monetary asset or non-monetary liability.

The Group already accounts for transactions involving the payment or receipt of advance consideration in a foreign currency that is consistent with IFRIC 22 amendments.

IFRIC 23 "Uncertainty over Income Tax Treatments" provides additional guidance on the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under IAS 12. The Group has to determine the impact, if any, on the interim condensed consolidated financial statements.

The Group does not anticipate that the application of these amendments will have an impact on the Group's interim condensed consolidated financial statements.

There are no IFRS or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the Group.

3. Financial instruments by category

The table below sets out the Group's classification of each class of financial assets and financial liabilities and their fair values for the current and the comparative period:

US $'000				30 June 2018
	Financial assets at amortised cost	Financial assets at FVTPL	Financial assets at FVTOCI	Total carrying value	Fair value
Financial assets
Trade receivables	469,509	-	-	469,509	469,509
Cash and cash equivalents	315,919	-	-	315,919	315,919
Available for sale investments	-	-	6,313	6,313	6,313
Other assets[23]	92,419	-	-	92,419	92,419
Total	877,847	-	6,313	884,160	884,160

US $'000		30 June 2018
	Financial liabilities at amortised cost	Total carrying value	Fair value
Financial liabilities
Trade payables	1,062,122	1,062,122	1,062,122
Borrowings	588,870	588,870	588,870
Other liabilities[24]	232,580	232,580	232,580
Lease liabilities	121,678	121,678	121,678
Total	2,005,250	2,005,250	2,005,250

US $'000				31 December 2017
	Financial assets at amortised cost	Financial assets at FVTPL	Financial assets at FVTOCI	Total carrying value	Fair value
Financial assets
Trade receivables	412,181	-	-	412,181	412,181
Cash and cash equivalents	422,494	-	-	422,494	422,494
Available for sale investments	-	-	6,314	6,314	6,314
Other assets[25]	87,473	-	-	87,473	87,473
Total	922,148	-	6,314	928,462	928,462

US $'000		31 December 2017
	Financial liabilities at amortised cost	Total carrying value	Fair value
Financial liabilities
Trade payables	868,521	868,521	868,521
Borrowings	655,191	655,191	655,191
Other liabilities1	261,179	261,179	261,179
Lease liabilities	133,757	133,757	133,757
Other financial liabilities	664	664	664
Total	1,919,312	1,919,312	1,919,312

The Group has classified equity investments as financial instruments at FVTOCI (without recycling). These investments are measured using inputs for the asset or liability that are in the absence of observable market data, based on net asset value of the related investments (level 3 in the IFRS 13 fair value measurement hierarchy). Since the value is based on the net asset value of the related investments, no sensitivity analysis is presented.

4. Segment reporting

The Group operates under three reportable segments: Retail, Commercial and Lubricants.

Retail segment - Retail fuel is aggregated with Non-fuel revenue. Both the operating segments derive revenue from retail customers who visit our retail sites. Retail fuel and Non-fuel revenues are aggregated as the segments are managed as one unit and have similar customers. The economic indicators that have been addressed in determining that the aggregated segments have similar economic characteristics are that they have similar expected future financial performance and similar operating and competitive risks.

Commercial segment - Commercial fuel, LPG, Aviation and Marine are aggregated in the Commercial segment as the operating segments derive revenues from commercial customers. The segments have similar economic characteristics. The economic indicators that have been addressed are the long-term growth and average long-term gross margin percentage.

Lubricants segment - Retail, B2C, B2B and Export Lubricants are the remaining operating segments. Since these operating segments meet the majority of aggregation criteria, they are aggregated in the Lubricants segment.

The segmented information is prepared using the same accounting policies as those described in the annual consolidated financial statements for the fiscal year ended 31 December 2017.

The following table presents revenues and profit information regarding the Group's operating segments:

US $'000	Six-month period ended 30 June 2018
	Retail	Commercial	Lubricants	Consolidated
Revenues from external customers	2,389,615	1,099,462	183,665	3,672,742
Gross profit	196,538	80,910	34,614	312,062
Add back: Depreciation and amortisation	20,526	10,544	1,303	32,373
Gross cash profit	217,064	91,454	35,917	344,435
Adjusted EBITDA	120,771	57,361	25,418	203,550

US $'000	Six-month period ended 30 June 2017
	Retail	Commercial	Lubricants	Consolidated
Revenues from external customers	2,071,564	987,578	167,595	3,226,737
Gross profit	184,647	73,447	36,841	294,935
Add back: Depreciation and amortisation	17,863	9,176	1,134	28,173
Gross cash profit	202,510	82,623	37,975	323,108
Adjusted EBITDA	110,937	54,591	23,179	188,707

	Six-month period ended
US $'000	30 June 2018	30 June 2017
Share of profit of joint ventures and associates included in segment EBITDA
Lubricants	5,706	-
Retail	2,721	3,961
Commercial	3,717	2,780
Total	12,144	6,741

The amount of revenues from external customers by location of the customers is shown in the table below.

	Six-month period ended
US $'000	30 June 2018	30 June 2017
Revenues from external customers by country
Morocco	755,249	630,423
Kenya	635,018	668,828
Ghana	293,742	261,609
Other	1,988,733	1,665,877
Total	3,672,742	3,226,737

US $'000	30 June 2018	31 December 2017
Non-current assets by country (excluding deferred tax)
Netherlands	195,727	182,459
Morocco	187,652	189,058
Kenya	122,198	125,184
Other	650,857	664,162
Total	1,156,434	1,160,863

Reconciliation of Non-GAAP measures

We believe that including certain Non-GAAP financial measures in addition to IFRS measures provides users of our interim condensed consolidated financial statements with enhanced understanding of results and related trends and increases the transparency and clarity of the core results of our business. Non-GAAP financial measures are derived from the interim condensed consolidated financial statements but do not have standardised meanings prescribed by IFRS. The exclusion of certain items from Non-GAAP performance measures does not imply that these items are necessarily non-recurring. From time to time, we may exclude additional items if we believe doing so would result in a more transparent and comparable disclosure.

Gross cash profit, the Group defines Gross cash profit as gross profit before depreciation and amortisation expense. Adjusted EBITDA, the Group defines EBITDA as earnings before tax, finance expense, finance income, depreciation and amortisation. Adjusted EBITDA is arrived at by making further adjustments to EBITDA for special items. Special items represent income or charges that are not considered to represent the underlying operational performance and, based on their significance in size or nature, are presented separately to provide further understanding of the financial performance of the Group. Headline earnings, the Group defines Headline earnings as earnings based on net income attributable to owners of the Group, before items of a capital nature, net of income tax.

		Six-month period ended
US $'000	30 June 2018		30 June 2017
EBIT	132,123		131,743
Depreciation and amortisation	44,189		39,734
EBITDA	176,312		171,477
Special items:
Management Equity Plan	2,332		14,318
Restructuring	1,013		2,912
IPO and Engen acquisition related expenses[26]	23,893		-
Adjusted EBITDA	203,550		188,707

	Six-month period ended
US $'000	30 June 2018	30 June 2017
Net income	71,258	72,054
Adjustments to EBIT related to special items:
Management Equity Plan	2,332	14,318
Restructuring	1,013	2,912
IPO and Engen acquisition related expenses1	23,893	-
Tax on special items	(3,459)	(3,705)
Adjusted net income	95,037	85,579

	Six-month period ended
US $	30 June 2018	30 June 2017
Diluted EPS (see note 8)	0.05	29.02
Impact of special items	0.02	5.91
Adjusted diluted EPS[27]	0.07	34.93

	Six-month period ended
US $'000, unless otherwise indicated	30 June 2018	30 June 2017
Headline Earnings Per Share
Net income attributable to owners	64,981	66,387
Re-measurements:
Net gain on disposal of PP&E and intangible assets	(829)	(888)
Income tax on re-measurements	241	271
Headline earnings	64,393	65,770
Weighted average number of ordinary shares[28]	1,201,798,866	2,250,000
Headline EPS (US $)2	0.05	29.23
Diluted number of shares3	1,204,209,416	2,287,433
Diluted headline EPS (US $)2	0.05	28.75
ETR	37.40%	38.41%

5. Other income and expense

	Six-month period ended
US $'000	30 June 2018	30 June 2017
Gain on disposals of property, plant and equipment and intangible assets	829	888
Loss on financial instruments	(322)	(2,094)
Other income	505	1,685
	1,012	479

6. Finance income and expense

	Six-month period ended
US $'000	30 June 2018	30 June 2017
Finance expense
Interest on bank and other borrowings and on lease liability	(11,117)	(10,424)
Interest on long-term debt including amortisation of set-up fees	(5,956)	(4,374)
Foreign exchange loss	(2,014)	(199)
Accretion expense net defined benefit liability	(1,053)	(1,048)
Other	(1,292)	(1,184)
	(21,432)	(17,229)
Finance income
Interest from cash and cash equivalents	3,140	2,476
	3,140	2,476
Finance expense - net	(18,292)	(14,753)

7. Income taxes

Income tax expense is recognised based on management's estimate of the annual effective income tax rate of 37.4% for the six-month period ended 30 June 2018 (38.4% for the six-month period ended 30 June 2017). The effective tax rate used for the six-month period ended 30 June 2018 is in line with management's estimated annual income tax rate for the year, as no significant items impacting the effective annual income tax rate have been identified.

8. Earnings per share

Basic and diluted EPS were computed as follows:

	Three-month period ended		Six-month period ended
US $'000, unless otherwise indicated	30 June 2018	30 June 2017	30 June 2018	30 June 2017
Basic Earnings Per Share
Net income	28,099	30,066	71,258	72,054
Attributable to owners	25,198	27,449	64,981	66,387
Weighted average number of ordinary shares[29]	1,201,798,866	2,250,000	1,201,798,866	2,250,000
Basic EPS (US $)[30]	0.02	12.20	0.05	29.51

	Three-month period ended		Six-month period ended
US $'000, unless otherwise indicated	30 June 2018	30 June 2017	30 June 2018	30 June 2017
Diluted Earnings Per Share
Earnings attributable to owners	25,198	27,449	64,981	66,387
Diluted number of shares1	1,204,209,416	2,287,433	1,204,209,416	2,287,433
Diluted EPS (US $)2	0.02	12.00	0.05	29.02

9. Other assets

US $'000	30 June 2018	31 December 2017
Other government benefits receivable[31]	140,502	71,748
Prepayments	133,265	118,507
VAT and duties receivable	30,243	33,511
Employee loans	8,613	8,137
Indemnification asset on legal and tax claims	7,726	9,868
Other[32]	76,080	69,468
	396,429	311,239
Of which current	308,746	229,068
Of which non-current	87,683	82,171
	396,429	311,239

10. Inventories

US $'000	30 June 2018	31 December 2017
Fuel	372,813	276,680
Lubricants	70,034	69,773
Other	6,955	6,676
	449,802	353,129

Cost of sales as disclosed on the face of the Consolidated Statement of Comprehensive Income include the total expense for inventory during the half-year period for $3,157m (full-year 2017: $5,869m). The carrying value of inventory represents the net realisable value.

Write-downs of inventories to the net realisable value amounted to $5m as per 30 June 2018 (2017: $5m). This was recognised as an expense during the period and included in cost of sales.

11. Borrowings

US $'000	Drawn on	Interest rate	Maturity	30 June 2018	31 December 2017
Societe Generale[33]	09/06/2017	Libor + 2.50%/3%	09/06/2022	433,943	479,889
Bank borrowings				154,927	175,302
				588,870	655,191
Of which current				237,468	258,947
Of which non-current				351,402	396,244
				588,870	655,191

Current borrowings consist of bank borrowings which carry interest rates between 1% and 22% per annum.

The carrying amounts of the Group's non-current and current borrowings approximate the fair value.

The Societe Generale term loan facility was entered into on 6 June 2017. The facility matures on 9 June 2022 and has semi-annual repayments. Interest is paid quarterly at a rate of Libor plus a margin of 2.50% per annum. Incremental facility was drawn down on 18 December 2017 and carries an interest of Libor +2.5% for the amortised portion and Libor +3% for the bullet portion.

Key covenants:

· The Company needs to supply to the lender within 150 calendar days after year-end its audited annual consolidated financial statements, unaudited annual non-consolidated financial statements and the unaudited annual group accounts of each operating unit. Within 90 days after each half of each financial year, the Company should provide its unaudited non-consolidated financial statements, unaudited consolidated financial statements and unaudited group accounts for each operating unit for the financial half-year.

· With each set of financial statements, a financial covenants compliance certificate has to be provided showing the debt cover and interest cover.

· The loan carries some customary negative pledges such as on asset sale, securities over assets, mergers and guarantees subject in each case to some exemptions and permitted baskets. It also has a Change of Control clause triggering repayment if a shareholder, other than permitted ones, takes control of the Company.

No covenants were breached in the last applicable period.

12. Other liabilities

US $'000	30 June 2018	31 December 2017
Oil fund liabilities	86,519	88,070
Deposits owed to customers	69,039	54,062
Employee liabilities	60,320	93,801
Other tax payable	59,529	50,587
Deferred income	5,261	8,888
Contingent liabilities	3,825	3,825
Other	12,877	21,421
	297,370	320,654
Of which current	120,432	152,409
Of which non-current	176,938	168,245
	297,370	320,654

13. Net change in operating assets and liabilities and other adjustments

	Six-month period ended
US $'000	30 June 2018	30 June 2017
Inventories	(105,305)	(15,080)
Trade receivables	(70,301)	(92,929)
Trade payables	215,123	141,003
Other assets	(80,463)	(42,163)
Other liabilities	(16,538)	8,495
Provisions	(3,897)	11,986
Other	25,504	2,842
	(35,877)	14,154

14. Commitments and contingencies

Lease commitments

The table below analyses the Group's lease liabilities into relevant maturity groups based on the remaining period at the reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

US $'000

30 June 2018

Less than 3 months

Between 3 months and 1 year

Between 1 and 2 years

Between 2 and 5 years

Over

5 years

Total

Lease liability

4,807

16,166

17,225

48,953

47,067

134,218

31 December 2017

Less than 3 months

Between 3 months and 1 year

Between 1 and 2 years

Between 2 and 5 years

Over

5 years

Total

Lease liability

4,846

14,540

17,217

49,906

55,712

142,221

Contingencies

Management has prepared a best estimate of its contingent liabilities that should be recognised in respect of legal claims in the course of ordinary business. Some of the claims will be compensated by an indemnity obtained from the former Shareholder (Shell). Should these cases be determined against the relevant Vivo Energy Entity, such entity will be indemnified by the former Shareholder. An indemnification asset of $8m (2017: $10m), equivalent to the fair value of the contingencies provided for by the Group in respect of the indemnified claims that have been recognised.

In many markets there is a high degree of complexity involved in the local tax regimes. In common with other business operating in this environment the Group is required to exercise judgement in the assessment of any potential exposures in these areas. Where appropriate, the Group will make provisions or disclose contingencies in accordance with the relevant accounting principles.

15. Management Equity Plan

In 2013, Vivo Energy Holding granted to certain senior managers and other senior employees phantom options which entitled option holders to a cash payment based on the value of Vivo Energy Holding shares upon exercise of their phantom options. Under the terms of the phantom options, all outstanding phantom options would become fully exercisable upon admission.

However, the option holders have agreed to amend the terms of their outstanding phantom options such that 30% of the outstanding phantom options became deemed to be exercised at admission and 70% will become exercisable on the first anniversary of admission for a period of 12 months. Under the amended terms, the option holders' entitlement to the cash payment is based on the market value of the shares at the time of exercise net of a nominal per share exercise price.

The Management Equity Plan related liability as at 30 June 2018 amounted to $34m (31 December 2017: $49m).

16. Events after balance sheet period

RESPONSIBILITY STATEMENT

The Directors confirm that these interim condensed consolidated financial statements have been prepared in accordance with the IAS 34, "Interim Financial Reporting", as adopted by the European Union and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

· An indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year;

· Material related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.

The Directors of Vivo Energy plc are listed on page 50 of the Vivo Energy plc Prospectus dated 4 May 2018; there are no changes in the period. A list of current directors is maintained on the Vivo Energy plc website: http://investors.vivoenergy.com/group-overview/board-of-directors.

By order of the Board

Christian Chammas

Chief Executive Officer

2 August 2018

Johan Depraetere

Chief Financial Officer

2 August 2018

INDEPENDENT REVIEW REPORT

Report on the interim condensed consolidated financial statements

Our conclusion

We have reviewed Vivo Energy plc's interim condensed consolidated financial statements (the "interim financial statements") in the Interim Report of Vivo Energy plc for the 6-month period and 3-month period ended 30 June 2018. Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

What we have reviewed

The interim financial statements comprise:

● the consolidated statement of financial position as at 30 June 2018;

● the consolidated statement of comprehensive income for the 6-month and 3-month periods then ended;

● the consolidated statement of cash flows for the period then ended;

● the consolidated statement of changes in equity for the period then ended; and

● the explanatory notes to the interim financial statements.

The interim financial statements included in the Interim Report have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

As disclosed in note 1 to the interim financial statements, the financial reporting framework that has been applied in the preparation of the full annual financial statements of the Group is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.

Responsibilities for the interim financial statements and the review

Our responsibilities and those of the directors

The Interim Report, including the interim financial statements, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the Interim Report in accordance with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

Our responsibility is to express a conclusion on the interim financial statements in the Interim Report based on our review. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

What a review of interim financial statements involves

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, 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 (UK) 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.

We have read the other information contained in the Interim Report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.

PricewaterhouseCoopers LLP

Chartered Accountants

London

2 August 2018

[1] Refer to basis of preparation (note 1) in the interim condensed consolidated financial statements.

[2] Weighted average number of ordinary shares and diluted number of shares for the six-month period ended 30 June 2018 relate to Vivo Energy plc and for the six-month period ended 30 June 2017 to Vivo Energy Holding B.V.

[3] In December 2017, the Group entered into an agreement to acquire the entire share capital of EIHL, an investment company that holds the retail and commercial fuel operations of Engen Holdings (Pty) Limited in 10 African countries.

[4] The Group's leverage ratio is calculated as net debt, including lease liabilities, divided by adjusted EBITDA. At 30 June 2018, the leverage ratio is calculated using the last 12 months' adjusted EBITDA.

[5] Refer to basis of preparation (note 1) in the interim condensed consolidated financial statements.

[6] Weighted average number of ordinary shares and diluted number of shares for the six-month period ended 30 June 2018 relate to Vivo Energy plc and for the six-month period ended 30 June 2017 to Vivo Energy Holding B.V.

[7] For special items, refer to "Reconciliation of Non-GAAP measures".

[8] DPO and DSO are based on monthly averages and on trade elements only.

[9] For special items, refer to "Reconciliation of Non-GAAP measures".

[10] Short-term bank borrowings exclude the current portion of long-term debt.

[11] The Group's leverage ratio is calculated as net debt, including lease liabilities, divided by adjusted EBITDA. At 30 June 2018, the leverage ratio is calculated using the last 12 months' adjusted EBITDA.

[12] The multi-currency revolving credit facility consists of a primary $300 million able to be drawn upon admission and an additional $100 million contingent upon events after the listing.

[13] In May 2018, the Company became listed on the London Stock Exchange Main Market for listed securities and the Main Board of the JSE Limited by way of secondary inward listing. All IPO-related expenses are considered to be special items. Furthermore, on 4 December 2017, the Company agreed to enter into a sale and purchase agreement with Engen Holdings (Pty) Limited ("Engen Holdings"), a 100% subsidiary of Engen Limited, in relation to the purchase of shares in Engen International Holdings (Mauritius) Limited ("Engen International Holdings Limited") for the exchange of a shareholding in Vivo Energy, with a cash element. This transaction is subject to regulatory approval. Related integration project expenses are treated as special items.

[14] Refer to basis of preparation (note 1) in the interim condensed consolidated financial statements.

[15] Weighted average number of ordinary shares and diluted number of shares for the six-month period ended 30 June 2018 relate to Vivo Energy plc and for the six-month period ended 30 June 2017 to Vivo Energy Holding B.V.

[16] Formerly Vivo Energy Holding B.V. refer to the basis of preparation (note 1).

[17] Refer to the basis of preparation (note 1).

[18] Refer to the Non-GAAP financial measures definitions and reconciliations to the most comparable IFRS measures (note 4).

[19] Formerly Vivo Energy Holding B.V. refer to the basis of preparation (note 1).

[20] Formerly Vivo Energy Holding B.V. refer to the basis of preparation (note 1).

[21] Equity settled incentive schemes include the Long-Term Incentive Plan ('LTIP') and the IPO Share Award Plan.

[22] Refer to the basis of preparation (note 1).

[23] Other assets (note 9) exclude the following elements that do not qualify as financial instruments: prepayments, VAT and duties receivable and other government benefits receivable.

[24] Other liabilities (note 12) exclude the following elements that do not qualify as financial instruments: other tax payable and deferred income.

[25] Other assets (note 9) exclude the following elements that do not qualify as financial instruments: prepayments, VAT and duties receivable and other government benefits receivable.

[26] In May 2018, the Company became listed on the London Stock Exchange Main Market for listed securities and the Main Board of the JSE Limited by way of secondary inward listing. All IPO-related expenses are considered to be special items. Furthermore, on 4 December 2017, the Company agreed to enter into a sale and purchase agreement with Engen Holdings (Pty) Limited ("Engen Holdings"), a 100% subsidiary of Engen Limited, in relation to the purchase of shares in Engen International Holdings (Mauritius) Limited ("Engen International Holdings Limited") for the exchange of a shareholding in Vivo Energy, with a cash element. This transaction is subject to regulatory approval. Related integration project expenses are treated as special items.

[27] Refer to the basis of preparation (note 1).

[28] Weighted average number of ordinary shares and diluted number of shares for the six-month period ended 30 June 2018 relate to Vivo Energy plc and for the six-month period ended 30 June 2017 to Vivo Energy Holding B.V.

[29] Weighted average number of ordinary shares and diluted number of shares for the six-month period ended 30 June 2018 relate to Vivo Energy plc and for the six-month period ended 30 June 2017 to Vivo Energy Holding B.V.

[30] Refer to the basis of preparation (note 1).

[31] The amount relates to other government benefits receivable mainly in Morocco, Botswana, Madagascar, Senegal and Guinea.

[32] The amount in "Other" mainly comprises items such as brand promotion fund receivables and coupons to customers' deposits.

[33] The amounts are net of financing costs. The loan amount is $438m (2017: $484m); financing costs are $4m (2017: $4m).

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

END

IR MMGGRZMFGRZZ

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