The "white products", which all are high specifications high value added products, comprised 76% of the refinery production during the previous year. 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 return on equity for 2004 reached for yet another year very high levels and was equal to 87.6%.
The company consistent in its policy towards its shareholders for the maximization of the dividend yield will propose the distribution of a dividend amount of 0.85 Euro per share for 2004, which gives a dividend yield of about 8%.

RESULTS ANALYSIS
The turnover for 2004 amounted to 1,937 mil Euro compared to 1,560 mil Euro in 2003. The sales in volume increased amounting to 7.3 mil metric tons compared to approximately 6.8 mil metric tons in 2003 denoting an increase of approximately 8%.
The Gross Profit amounted to 272.2 mil Euro in 2004 compared to 208.2 mil Euro in 2003.
The profitability of the company in terms of refinery margin improved in 2004 compared to the previous year.
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) for 2004 reached 174.9 mil Euro compared to 111.8 mil Euro in 2003.
Earnings before taxes reached 155.4 mil Euro compared to 95.1 mil Euro in 2003. Capital expenditure, in 2004, increased to approximately 250 mil Euro as a result of the progress of the major investment program carried out by the company during the period 2003-2005.

MOTOR OIL 2004 FINANCIAL RESULTS (IN MIL. EURO)
2004 2003
TURNOVER 1,937.1 1,560.1
GROSS PROFI 272.2 208.2
EARNINGS BEFORE INTEREST, TAXES,
DEPRECIATION & AMORTISATION (EBITDA) 174.9 111.8
DEPRECIATION 25.1 23.8
EARNINGS BEFORE TAXES 155.4 95.1

AVINOIL 2004 FINANCIAL RESULTS (IN MIL. EURO)
2004 2003
TURNOVER 578.1 542.4
EARNINGS BEFORE INTEREST, TAXES,
DEPRECIATION & AMORTISATION (EBITDA) 11.1 13.2
DEPRECIATION 3.2 2.7
EARNINGS BEFORE TAXES 7.0 10.1