Image

2008 and earlier

21/11/2003

Press Release 9-months 2003 Financial Results

The satisfactory development of “MOTOR OIL (HELLAS)” figures during the 9 months of 2003 resulted in the Company sustaining its steady course of high profitability.

Earnings Before Taxes amounted to € 79.2 million for 2003 compared to € 74.9 million for the respective nine-month period of 2002. Earnings Before Depreciation, Interest and Taxes (EBITDA) for the period amounted to € 100.8 million compared to € 97.5 million for the respective nine- month period of 2002.
Turnover for the first nine-months of 2003 amounted to € 1,150.9 million compared to € 1,002.6 million for the respective period of 2002.
Sales volume amounted to 4,928 thousand Metric Tonnes increased by 11% compared to the respective figure of 2002.  
The Company’s inventories remained at low levels.
A major point of differentiation of Company figures for the nine-month period  as well as for the entire year is the increase in depreciation charges by an amount of approximately € 5 million due to the completion of significant investment projects at the Refinery. The investment program is carried on normally with planned capital expenditure amounting to € 70 million for 2003 and to approximately € 400 million for the period 2003 – 2005.
The company showing consistency to its shareholders decided to distribute from the 9-months profits an interim Dividend of 0,20 Euro per share.



MOTOR OIL SUMMARY RESULTS (in 000 Euro)

 

9-MONTHS 2003

9-MONTHS 2002

TURNOVER

1,150,930

1,002,667

EBITDA

100,768

97,450

 

 

 

DEPRECIATION

22,850

18,067

EARNINGS BEFORE TAX

79,186

74,887

 

 

textsizePrintSend to Friend