Earnings before taxes of “MOTOR OIL (HELLAS)” amounted to 32.3 billion GrD for the fiscal year 2001, versus the projections of 37.8 billion GrD, which were included in the IPO Offering Circular of the company of June 2001. Consolidated earnings for the corresponding period amounted to 34.7 billion GrD and include the earnings of “AVINOIL”, the acquisition of which has already been decided by “MOTOR OIL” and the procedure will be completed in March.
Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 43.6 billion GrD for the fiscal year 2001, versus the projections of 51.3 billion GrD.
The turnover for the year reached 514.1 billion GrD versus the projections of 507.5 billion GrD and the consolidated turnover amounted to 610.1 billion GrD.
Sales, by volume, which were increased by 2.6% versus the sales of 2000, amounted to 6,376 thousand metric tons and reached the forecasted levels.
The year 2001 was a period of decreasing international refinery margins compared to the high levels of 2000, but at the same time a year of significant fluctuations in these margins.
“MOTOR OIL” by utilizing the complexity of its Refinery achieved the optimization of its profit margin during each period of the fiscal year and in combination with its strong sales network and the quality of its products led the company to the preservation of its high profitability.
It should be noted that the product mix, by volume, for the year 2001 in white-to-black ratio = 76/24.
Being consistent to its shareholders in maximizing its dividend yield, the company will propose to the General Assembly of the shareholders a distribution of dividend which will yield more than 10% before tax or 6.5% after tax.
SUMMARY FINANCIAL RESULTS 2001 (in mil. GrD)
|
|
2001 |
2001 ESTIMATIONS |
|
TURNOVER |
514.126 |
507.531 |
|
EARNINGS BEFORE INTEREST, TAXES AND AMORTIZATION (EBITDA) |
43.593 |
51.315 |
|
|
|
|
|
DEPRECIATION |
7.914 |
9.078 |
|
EARNINGS BEFORE TAXES |
32.342 |
37.788 |