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 1.1.2009 – 30.6.2009 as well as its corporate objectives and development strategy.
Year 2009 seems to be a significant one for MOTOR OIL with regard to investments, acquisitions and financial results.
With reference to investments, the project for the construction of the new Crude Distillation Unit (CDU) of approximately 60,000 barrels per day processing capacity is progressing at an accelerated pace in order to be put in operation the soonest possible within 2010. As it is already known the total capital expenditure for the construction of the new CDU will be approximately Euro 180 million while the amount allocated to the project up until now is in the region of Euro 100 million.
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 (an increase of 25% compared to the current annual processing capacity of 7.2 metric tons). 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.
In September 2009 it was announced that MOTOR OIL agreed with “SHELL OVERSEAS HOLDINGS LTD” and “SHELL GAS (LPG) HOLDINGS BV” to acquire 100% of “SHELL HELLAS S.A.” and “SHELL GAS A.E.B.E YGRAERION” shares. The total value of the transaction will be Euro 245.6 million. The agreements are subject to the approval by the relevant authorities and the competent competition committees.
Following the acquisition of the SHELL branded network of approximately 700 retail service stations operating in our country, the group of MOTOR OIL enhances its presence in the domestic market significantly. The agreement provides that the retail service stations will remain under the SHELL trade mark.
With regard to the development of first half 2009 operations and financial results, 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 six month period of 2009 amounted to Euro 1,590 million.
The volume of sales for the six months of 2009 totalled 4.83 million metric tons compared to 4.53 million metric tons for the six months of 2008.
Consolidated Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) for the six month period of 2009 reached Euro 153.6 million compared to Euro 189.1 million for the six month period of 2008.
Consolidated Earnings before Tax (EBT) amounted to Euro 135.2 million for the six months of 2009 compared to Euro 145.7 million for the six months of 2008.
Consolidated Earnings after Tax (EAT) amounted to Euro 105.2 million compared to Euro 109.3 million.
October 9th, 2009