In the context of the annual briefing to analysts, "MOTOR OIL" presented its activities and key financial figures for fiscal 2013 to the Association of Greek Institutional Investors.

In fiscal 2013 MOTOR OIL was faced for yet another year with a series of challenges concerning the completion of the major turnaround program of its Refinery while having to perform its activities under the toughest refinery margin environment of the last years.

Considering the above, the strategy of the Company for fiscal 2013 focused mainly on achieving a high rate of utilization for its Refinery, selling the increased output of its products in the most effective way in the 3 main markets in which it traditionally operates (Domestic, Exports, Bunkering), and generating strong cash flows.

During fiscal 2013 the Refinery product output reached 10.4 million Metric Tons compared to 10.2 million Metric Tons in 2012. Taking advantage of its exporting orientation, MOTOR OIL achieved for a fifth year running total volume of sales exceeding significantly the annual production capacity of its Refinery despite the ongoing falloff in domestic market consumption. The export sales volume in 2013 reached 66.23% of total Company sales volume compared to 63.48% in 2012.

The creation of strong cash flows for the Company during fiscal 2013 allowed the significant reduction of bank debt. The net bank debt of MOTOR OIL was Euro 645 million on 31.12.2013 from 692 million on 31.12.2012 and Euro 863 million on 31.12.2011.
 

PARENT COMPANY FINANCIAL FIGURES FOR FISCAL 2013

The volume of product sales of MOTOR OIL totalled MT 11.98 million compared to MT 11.65 million in 2012.

The turnover of the parent company for 2013 amounted to Euro 7,844 million compared to Euro 8,240 million for 2012 because of the drop of the average prices of petroleum products during the year.

The parent company Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) reached Euro 151.1 million for 2013 compared to Euro 246.5 million in 2012 because of the exceptionally low refining margins combined with the limited contribution of the Refinery conversion units (Hydrocracker, FCC) due to the programmed maintenance works, the devaluation of the US Dollar, and the negative impact from inventory evaluation.

The parent company Earnings before Tax (EBT) amounted to Euro 23.2 million in 2013 compared to Euro 114.4 million in 2012 while the Earnings after Tax (EAT) amounted to Euro 5.58 million compared to Euro 90.9 million due to the deferred tax because of the corporate tax rate increase to 26% from 20%.

The Company consistent in its policy towards the shareholders for the maximization of the dividend yield will proceed with a dividend distribution for a thirteenth year running. The proposed Dividend Per Share (DPS) for the fiscal year 2013 amounts to Euro 0.20 (according to the Law 4110/2013 tax withholding on dividends is 10%) and corresponds to a dividend yield of 2.43% based on the closing price of the Company share on 31.12.2013.
 

Maroussi, March 27^th, 2014
The Board of Directors