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Ελληνικά

Month: November 2008

Payment of the interim dividend for the year 2008

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It is announced that the Board of Directors of the Company in its meeting of November 11th, 2008 decided the distribution of an interim dividend of 0.20 Euro per share as advance payment for the year 2008 dividend. The above interim dividend amount is subject to a 10% tax (that is 0.02 Euro per share) imposed on dividends pursuant to article 18 of the recent Law 3697/2008 (Government Gazette A 194/25.9.2008). Shareholders entitled to the interim dividend are the owners of the shares of the Company at the closing of the trading day of the Athens Exchange of December 3rd, 2008 according to the clearing of the Hellenic Exchanges S.A (previously Central Securities Depository – CSD – S.A.). The shares of the Company will be trading ex-interim dividend as of December 4th, 2008. 

The payment of the interim dividend for the year 2008 to the shareholders will be effected according to one of the following options through the payee bank BANK OF PIRAEUS S.A on December 12th, 2008: 

1.Through the Dematerialized Securities System (S.A.T) Operators (banks, brokerage – securities firms) according to the payment procedure defined in article 329 of the Athens Exchange Regulation and in article 39 of the CSD Regulation

2.Shareholders who have revoked the dividend collection authorization to their S.A.T Operators will be attended to at any branch of BANK OF PIRAEUS S.A

3.Shareholders not credited by their S.A.T Operators, for whatever reason, will be attended to at any branch of BANK OF PIRAEUS S.A after December 18th, 2008. 

For the cases 2 and 3 described above, shareholders can collect the interim dividend in person or through their legally authorized representative until June 30th, 2009 by presenting to the payee bank a copy of their S.A.T details and their Identification Card. 

After June 30th, 2009 the collection of the interim dividend will be possible only from the Headquarters of the Company, Shareholders´ Department (12A Irodou Attikou str., 151 24 Maroussi tel. 210 8094 042).  

Interim dividend collection certificates (for tax purposes) for the cases 2 and 3 will be issued by BANK OF PIRAEUS S.A while shareholders falling into case 1 will be attended to by the Shareholders´ Department of the Company (tel. 210 8094 042). 

Dividends which will not be collected within 5 years are written off in favour of the Hellenic State.

 

MAROUSSI, 14 NOVEMBER 2008

THE BOARD OF DIRECTORS

 

Presentation of “Motor Oil (Hellas) S.A.” at the Association of Greek Institutional Investors

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In the context of the regular undertakings of the Association of Greek Institutional Investors, MOTOR OIL (HELLAS) S.A. proceeded with a presentation regarding its activities and key financial results for the period 1.1.2008 – 30.9.2008 as well as its corporate objectives and development strategy. 

Year 2008 seems to be one more important year for MOTOR OIL with the New Project progressing satisfactorily, new strategic Alliances materializing in the field of electricity production and financial results developing in a satisfactory way. 

The construction of the new Crude Distillation Unit (CDU) with a capacity of approximately 60,000 barrels per day is progressing as planned. Following an international tender, the new CDU project was awarded to “TECHNIP Italy” in January 2008. The Company capital expenditure for the current year is anticipated to reach Euro 80 million the greater part of which will be allocated to the new unit. 

As it is already known the total capital expenditure for the construction of the new CDU will be approximately Euro 180 million while it is expected to start its operation in the first half of 2010. Following the installation of the new CDU the total capacity of the Refinery will exceed 170,000 bbl/d or 9 million metric tons per annum. 

Additional benefits are expected from the substitution of imported Straight Run Fuel Oil by own produced SRFO, the optimization of crude supply, and the ability to process new types of crude.  

The repurchase of the stake of IBERDROLA in the share capital of KORINTHOS POWER S.A., which owns a power generation license, was concluded in October 2008. 

Following the above development, in November 2008 the Company entered into a Joint Venture Agreement to cooperate with MYTILINEOS HOLDINGS S.A for the construction, operation and utilization of a combined cycle power production plant fuelled with natural gas. The plant will be located within the facilities of MOTOR OIL at Agii Theodori of Korinthos. 

The agreement provides that the percentage stake of MOTOR OIL in the share capital of KORINTHOS POWER will be 35% while the respective stake of MYTILINEOS HOLDINGS S.A will be 65% and it is expected to form part of the overall energy portfolio of ENDESA HELLAS S.A. 

During the nine month period of 2008 MOTOR OIL continued selling its products in the 3 main markets it is active in: Domestic – Export – Bunkering through a strong sales network and long-term relationships with its clients.

The turnover of the parent company for the nine month period of 2008 amounted to Euro 4,018 million compared to Euro 2,498 million for the respective period of 2007. 

The volume of sales for the nine months of 2008 totalled 6.76 million metric tons compared to 5.91 million metric tons for the nine months of 2007. 

The Gross Profits of the parent company for the nine months of 2008 amounted to Euro 351.7 million compared to Euro 282.7 million for the nine months of 2007. 

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) for the nine month period of 2008 reached Euro 233.4 million compared to Euro 219.7 million for the nine month period of 2007. 

Earnings before Tax (EBT) amounted to Euro 175.3 million for the nine months of 2008 compared to Euro 163.2 million for the nine months of 2007. 

Earnings after Tax (EAT) amounted to Euro 131.5 million compared to Euro 123.2 million while Earnings per Share (EPS) amounted to Euro 1.19 compared to Euro 1.11. 

The Company consistent in its dividend maximization policy towards its shareholders will proceed for yet another year to the distribution of an interim dividend of an amount of € 0.20 per share (DPS) which, at current share price levels, corresponds to a yield of 2.4 %. The payment of the interim dividend will be effected within December 2008. 

November 12th, 2008

 

Interim dividend for the year 2008 – Financial Calendar

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The Board of Directors of the Company in its meeting dated November 11th, 2008 decided the distribution of the amount of Euro 0.20 per share as an interim dividend for the year 2008. The above amount is subject to a 10% tax imposed on dividends pursuant to article 18 of the recent Law 3697/2008 (Government Gazette A’ 194/25.9.2008). 

The interim dividend will be paid at least twenty (20) days after the fulfillment of the publications and formalities provided for by Law 2190/1920 as this Law has been amended and it is in force.  The ex – interim dividend date as well as the interim dividend payment commencement date will be determined with a subsequent decision of the Board of Directors. 

In  any case the ex-interim dividend 2008 and the first day of payment will take place prior to December 19th, 2008 which signifies the expiration date for the Futures Contracts on the Company´ s stock and on the FTSE/ATHEX 20 index in which it is included.

 

MAROUSSI, 11 NOVEMBER 2008

THE BOARD OF DIRECTORS

 

Announcement of other important matters

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The companies MYTILINEOS HOLDINGS S.A. and MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. agreed to cooperate through the company KORINTHOS POWER S.A. for the construction, operation and utilization of a combined cycle power production plant fuelled with natural gas. The plant will be located within the facilities of MOTOR OIL at Agii Theodori of Korinthos. 

The two companies entered into a Joint Venture Agreement which provides that the percentage stake of MOTOR OIL (HELLAS) S.A. in KORINTHOS POWER will be 35% while the respective stake of MYTILINEOS HOLDINGS S.A will be 65% and it is expected to form part of the overall energy portfolio of ENDESA HELLAS S.A. 

The above are subject to the approvals by the relevant competent authorities (Ministry of Development, Regulatory Authority for Energy, Hellenic Competition Commission). 

 

Maroussi, 3 November 2008

The Board of Directors