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2008 and earlier

28/05/2003

Press Release Q1 2003 Financial Results

An increase in all of “MOTOR OIL(HELLAS)” figures resulted in the Company sustaining a steady course of high profitability for the first quarter of 2003.

Earnings Before Taxes amounted to € 48.3 million for 2003 compared to € 26.3 million for the respective quarter of 2002.

Earnings Before Depreciation, Interest and Taxes (EBITDA) for the period amounted to € 54.6 million compared to € 37.4 million for the respective quarter of 2002.

Turnover for the quarter of 2003 amounted to € 497.4 million compared to € 339.5 million for the respective quarter of 2002.

Sales volume amounted to 1.824 thousand Metric Tonnes an increase of 13% from the relevant figure of 1.617 thousand Metric Tonnes for the respective quarter of 2002. This increase is mainly noted in Export sales while Domestic and Bunkering sales remained at previous year’s levels.  

The Company’s inventories remained at low levels.

AVINOIL’s results also showed a similar upward movement during the first quarter of 2003 with Earnings Before Taxes amounting to € 3.5 million compared with € 2.5 million for the respective quarter of 2002.

Turnover for the quarter of 2003 increased to € 166.7 million compared to € 140.5 million for the respective quarter of 2002.

 

MOTOR OIL SUMMARY RESULTS (IN 000 EURO)

 

3-MONTH 2003

3-MONTH 2002

TURNOVER

497.446

339.514

EBITDA

54.630

37.361

 

 

 

DEPRECIATION

7.114

5.938

EARNINGS BEFORE TAX

48.288

26.245

 


AVINOIL SUMMARY RESULTS (IN 000 EURO)

 

3-MONTH 2003

3-MONTH 2002

TURNOVER

166.748

140.478

EBITDA

4.261

3.692

 

 

 

DEPRECIATION

773

698

EARNINGS BEFORE TAX

3.513

2.536

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