Motor Oil (Hellas) S.A. annual briefing to analysts
In the context of the annual briefing to analysts, “MOTOR OIL” presented its activities and key financial figures for fiscal 2011 to the Association of Greek Institutional Investors. Fiscal 2011 was the first year during which the financial results of “MOTOR OIL” included the benefits of the investments completed over the three year cycle 2008-2010.
The new Crude Distillation Unit of a processing capacity of 60,000 barrels per day operated for the whole 2011 (the unit was put in operation in May 2010). Following the installation of the new CDU (construction cost Euro 200 million) the Refinery processing capacity increased by 50% thus becoming the largest in Greece with total production capacity 9.4 million metric tons per annum.
Moreover, in 2011 the Group strengthened its market share in the domestic market distributing its products through the coherent networks of its two wholly owned marketing arms (AVIN OIL and CORAL – ex “SHELL”). The transaction for the acquisition of 100% of the shares of “Coral S.A.” (previously SHELL HELLAS S.A.”) and “Coral Gas A.E.B.E.Y” (previously “SHELL GAS A.E.B.E. YGRAERION”) was completed in June 2010 while the SHELL branded retail network is the most efficient in the domestic market.
Since the inception of the Company shares on the Athens Exchange in 2001, the total capital expenditure of “MOTOR OIL” reached Euro 1 billion (this amount does not include capital spent on AVIN OIL, CORAL, and OFC AVIATION FUEL SERVICES S.A. acquisitions). The implementation of the Refinery Expansion Program (investment cycle 2003-2005: Hydrocracker installation, investment cycle 2008-2010: new CDU construction) of the Company involved large scale investment projects which have been completed and are currently at an optimization phase.
Presently, and based on the decisions of the Extraordinary General Assembly of Company shareholders dated March 29th, 2012, the Group pursues further vertical integration with additional synergies in the retail sector through the acquisition of a 26.71% stake in the listed company “CYCLON HELLAS” which has a retail network of approximately 220 units. The price to be paid for the acquisition of this stake will be Euro 3.56 million.
In 2011 the sales volume of “MOTOR OIL” exceeded for the first time the MT 10 million marc while the Company kept selling its products in its 3 main markets: Domestic – Export – Bunkering through a strong sales network and long-term relationships with its clients.
The volume of product sales of “MOTOR OIL” totalled MT 10.76 million compared to MT 9.74 million in 2010 (an increase of 10.47%).
The turnover of the parent company for 2011 was equal to Euro 7,146 million compared to Euro 4,879 million for 2010 (an increase of 46.46%).
The parent company Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) for 2011 reached Euro 299 million compared to Euro 215 million in 2010 (an increase of 39.07%) .
The parent company Earnings before Tax (EBT) amounted to Euro 177.1 million in 2011 compared to Euro 126.6 million in 2010 (an increase of 39.89%) while the Earnings after Tax (EAT) amounted to Euro 140.9 million compared to Euro 82.3 million (an increase of 71.20%).
The proposed Dividend Per Share (DPS) for the fiscal year 2011 amounts to Euro 0.40 and corresponds to a dividend yield of 6.76% based on the closing price of the Company share on 31.12.2011.
Maroussi, March 30th, 2012
The Board of Directors