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2008 and earlier

28/08/2003

Press Release Η1 2003 Financial Results

The satisfactory development of  “MOTOR OIL (HELLAS)” figures during the first 6 months of 2003 resulted in the Company sustaining its steady course of high profitability.

Earnings Before Taxes amounted to € 53.4 million for 2003 compared to € 51.9 million for the respective six-month period of 2002.

Earnings Before Depreciation, Interest and Taxes (EBITDA) for the period amounted to € 65.7 million compared to € 66.5 million for the respective six month period of 2002.

Turnover for the first half of 2003 amounted to € 807.8 million compared to € 693 million for the first six months of 2002.

Sales volume amounted to 3.383 thousand Metric Tonnes an increase of 9% from the relevant figure of 2002. This increase is mainly noted in Export sales while Domestic and Bunkering sales remained at the same as last year levels. 

The Company’s inventories remained at low levels.

A major point of differentiation of Company figures for the first half as well as for the entire year is the increase in depreciation charges by an amount of € 3 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.



MOTOR OIL SUMMARY RESULTS (in 000 Euro)

 

6-MONTH 2003

6-MONTH 2002

TURNOVER

807,792

692,958

EBITDA

65,727

66,513

 

 

 

DEPRECIATION

14,896

11,875

EARNINGS BEFORE TAX

53,387

51,854

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