MOTOR OIL through the utilization of its Refinery configuration and being the only Lubricants producer in Greece, achieved a 13.4% profitability increase as well as an increase of about 14% in yearly sales for the fiscal year 2003.

The 'white products comprised 75% of refinery production during the previous year and can be described as high specifications and high value added products. The products of "MOTOR OIL" are distributed in 3 main markets: Domestic, Export, Bunkering through a strong sales network and long-term relationships with its clients, the 10 largest of which cover about 75% of its total sales.

The return on equity for 2003 reached for yet another year very high levels and was equal to 57.3%.

The company consistent in its policy towards its shareholders for the maximization of the dividend yield will propose the distribution of a dividend amount similar to that of year 2002, specifically 0.50 Euro per share, which gives a dividend yield of about 7%.

RESULTS ANALYSIS

The turnover for 2003 amounted to 1.560 mil Euro compared to 1.362 mil Euro in 2002 demonstrating a 14.5% increase. The sales in volume were also significantly increased amounting to approximately 6.8 mil metric tons compared to 6.0 mil metric tons in 2002 denoting an increase of approximately 13%. The Gross Profits amounted to 208.2 mil Euro in 2003 compared to 195.9 mil Euro in 2002.

The profitability of the company in terms of refinery margin improved in 2003 compared to the previous year.

Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) for 2003 reached 111.8 mil Euro compared to 108 mil Euro in 2002. Earnings before taxes reached 95.1 mil Euro compared to 83.8 mil Euro in 2002 indicating a 13.4% increase.

Investments in 2003 increased to approximately 86 mil Euro as a result of the progress of the major investment program carried out by the company during the period 2003 - 2005.

Earnings before taxes of the subsidiary 'AVINOIL' proved also satisfactory for the previous year showing an increase in the region of 20% reaching 10 mil Euro in 2003 compared to 8.4 mil Euro in 2002.