In the framework of the yearly presentations of the company to the Association of Greek Institutional Investors, the activities and the financial figures of the company as well as its goals and its development strategy were presented.

Through the utilization of its Refinery complexity and being the only Lubricants producer in Greece, MOTOR OIL has achieved sustaining high profitability for the fiscal year 2002, while presenting particular stability despite the current negative international environment.
The acquisition of AVINOIL was completed in early 2002, for the amount of 38 million Euro approximately, giving to the listed company a significant arm in the sector of retail trading of fuels and lubricants. During the same year, investments on fixed assets of 45 million Euro were completed.
Within 2002, MOTOR OIL renewed its quality certification with ISO 9001 : 2000, having also been certified with ISO 14001 for the protection of the environment, thus being the only Refinery in Greece and one of the very few in Europe with both these certifications.

The strategy set by the company can be given in 3 axis:
- Continuous Improvement of the Refinery Margin
- Optimization - Maximization of Sales
- Preservation of high safety standards and environmental protection standards

Within this framework the company is proceeding with a 3-year investment program, which is estimated to exceed the amount of 300 million Euro. These investments will enable the production of ?CLEAN FUEL? according to the standards set by the European Union for the year 2005, as well as increase the production of middle distillates (Diesel and Kerosene), areas in which Greece and Europe present a shortage. Additionally, these investments will offer to the Refinery larger flexibility in the maximization of production either in Diesel or Gasolines, depending on the demand. Finally the environmental performance of the refinery will improve since the gaseous pollutant emissions will be drastically reduced.
The Company's profitability at the refinery margin level was improved during 2002 compared to the previous year and was significantly higher than the profitability of other complex European Refineries, resulting gross profits for the year of 195.9 million Euro. Earnings before taxes of the parent company reached 83.8 million Euro and the profits of AVINOIL amounted to 8.4 million Euro.
Return on Equity for the year reached the high percentage of 53.7%.
The proposed dividend will reach 0.50 Euro per share, which is equal to a dividend yield of 7.8%.