Company is able to utilize temporary differences as deductions from profit in its annual tax computation, in order to actually decrease its corporate income tax obligation. 3.2. Cash Collection from NPLs

) crack spread which has consistently decline since the end of 2018 thus the production was reduced to the optimal level. Furthermore, during the quarter the refinery identified an abnormal condition in

wherein individual shareholders shall not include as taxable income and not be entitled to a dividend tax credit in the computation of tax. Management Discussion & Analysis (MD&A) Q3/2017 Management

from profit in its annual tax computation, in order to actually decrease its corporate income tax obligation. For deferred tax benefits that are not recognized as assets in the statement of financial

June 30, 2017). After computation of the foregoing with the transaction size of the Company’s other acquisition transactions within the past 6 months, i.e. the investment in the long-term lease of an

computation 1 Information in red show the amendments as per the resolution of the Board of Directors’ meeting No. 12/2017, held on December 4, 2017. 2 Comprising of the estimated additional capital investment