15 Mar 2013
minutes read

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 2012 to the Association of Greek Institutional Investors.

In fiscal 2012 the strategy of the Company focused mainly on achieving a high rate of utilization for its Refinery, selling the increased production of its products in the most effective way and, generating strong cash flows.

During fiscal 2012 the Refinery operated at the increased processing capacity rate of 185,000 bbl/day and this was coupled with Refinery Operating Cost containment as a result of the cost cutting program already implemented by the Company.

Furthermore, in 2012 on the back of its exporting orientation, MOTOR OIL achieved for a second year running total volume of sales exceeding significantly the annual production capacity of its Refinery despite the ongoing drop in the domestic market consumption. The export sales volume in 2012 reached 72.46% of total Company sales compared to 67.83% in 2011.

Finally, the creation of strong cash flows for the Company during fiscal 2012 allowed the uninterrupted financing of its increased turnover and operations as well as the significant reduction of bank debt. The net bank debt of MOTOR OIL was Euro 692 million on 31.12.2012 from Euro 863 million on 31.12.2011.

PARENT COMPANY FINANCIAL FIGURES FOR FISCAL 2012

The volume of product sales of MOTOR OIL totalled MT 11.65 million compared to MT 10.76 million in 2011 (an increase of 8.35%).

The turnover of the parent company for 2012 amounted to Euro 8,240 million compared to Euro 7,146 million for 2011.

The parent company Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) for 2012 reached Euro 246.2 million compared to Euro 299.2 million in 2011.

The parent company Earnings before Tax (EBT) amounted to Euro 114.1 million in 2012 compared to Euro 177.1 million in 2011 while the Earnings after Tax (EAT) amounted to Euro 90.7 million compared to Euro 140.9 million.

The proposed Dividend Per Share (DPS) for the fiscal year 2012 amounts to Euro 0.30 and corresponds to a dividend yield of 5.18% based on the weighted average price of the Company share during 2012.

 

Maroussi, March 15th, 2013

The Board of Directors