In the context of the annual briefing to analysts, the Company proceeded with a presentation at the Association of Greek Institutional Investors presenting its activities and key financial results as well as its corporate objectives and development strategy.
Year 2007 proved to be an important one as regards business decisions concerning the Refinery Expansion Program and exceptionally positive as regards the financial results of MOTOR OIL.
As already known, following the installation of the "Hydrocracker" (the unit has completed 2 years of full operation), MOTOR OIL has established itself as one of the most modern refineries in Europe endowed with a high complexity index, capable to produce transportation fuels of 2008 and 2009 European Union's specifications (sulfur content of 10 ppm).
In May 2007 the Board of Directors of the Company decided to proceed with the construction of a new Crude Distillation Unit (CDU) with a capacity of approximately 60,000 barrels per day following the installation of which the total capacity of the Refinery will exceed 170,000 bbl/d or 9 million metric tons per annum.
Additional benefits are expected from the substitution of imported Straight Run Fuel Oil by own produced SRFO, the optimization of crude supply, and the ability to process new types of crude.
Following an international tender, the project for the construction of the new CDU was awarded to "TECHNIP Italy". The capital expenditure will be approximately Euro 180 million while the new unit is expected to start operation at the beginning of 2010.
During 2007 the international refinery margins advanced at historically high levels reflecting the increasing demand for petroleum products worldwide.
MOTOR OIL continued selling its products in its 3 main markets: Domestic, Export, Bunkering through a strong sales network and long-term relationships with its clients.
The Company consistent in its policy towards the shareholders for the maximization of the dividend yield will propose the distribution of a dividend amount of 1.20 euros per share (DPS) for the financial year 2007 which, at current share price levels, corresponds to a yield of 9 %.
The turnover of the parent company for 2007 amounted to Euro 3,719 million compared to Euro 3,630 million for 2006.
The volume of sales totalled 8.31 million metric tons compared to 8.38 million metric tons in 2006.
The Gross Profits of the parent company amounted to Euro 374 million compared to Euro 341.4 million in 2006.
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) for 2007 reached Euro 286.3 million compared to Euro 258.6 million in 2006.
Earnings before Tax (EBT) amounted to Euro 208.4 million compared to Euro 189.6 million in 2006.
Earnings after Tax (EAT) amounted to Euro 154.7 million compared to Euro 127.5 million while Earnings per Share (EPS) amounted to Euro 1.40 compared to Euro 1.15.