Motor Oil (Hellas) Refineries S.A.

Interim / Quarterly Report • Oct 5, 2015

PREF. REG. No. 1482/06/B/86/26

HEADQUARTERS: 12A IRODOU ATTIKOU STR.,151 24 MAROUSSI

FIGURES AND INFORMATION FOR THE PERIOD OF 1 JANUARY 2006 UNTIL 30 JUNE 2006

The financial information bellow provides general information about the financial position and the results of "MOTOR OIL (HELLAS) CORINTH REFINERIES S.A." and its Group. We suggest to any reader, before making any investment choice or transaction with the Company, to visit the Company's web site www.moh.gr, where the interim financial statements, prepared in accordance with International Financial Reporting Standards together with the audit report of the external auditor, whenever is required, are presented.

Date of approval of the Financial Statements:		23 August 2006
Name of the auditor:		George D. Cambanis
Auditors company: Auditors report :	Deloitte.	Unqualified opinion with emphasis of matter
BALANCE SHEET					STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
	GROUP Amounts in thd euro			COMPANY		GROUP		COMPANY
				Amounts in thd euro			Amounts in thd euro	Amounts in thd euro
	30.06.2006	31.12.2005	30.06.2006	31.12.2005				01.01.-30.06.2006 01.01.-30.06.2005 01.01.-30.06.2006 01.01.-30.06.2005
ASSETS					Equity opening balance
Non-current assets	764.391	770.260	736.680	739.440	(01.01.2006 and 01.01.2005 respectively)	335.551	297.958	338.637	301.992
Inventories	355.238	314.344	349.791	308.225	Profit after taxes	93.934	51.721	96.598	52.982
Trade receivables	264.445	252.254	201.450	219.834		429.485	349.679	435.235	354.974
Other assets	54.498	61.443	50.767	35.662	Dividends paid	(99.704)	(72.009)	(99.704)	(72.009)
TOTAL ASSETS	1.438.572	1.398.301	1.338.688	1.303.161	(Purchases) / Sales of Own Shares	0	113	0	113
					Equity closing balance
LIABILITIES Long-term liabilities	406.992	426.184	371.758	391.117	(30.06.2006 and 30.06.2005 respectively)	329.781	277.783	335.531	283.078
Short-term bank liabilities	465.272	317.935	414.599	276.143	CASH FLOW STATEMENT
Other short-term liabilities	236.527	318.631	216.800	297.264	Indirect Method	GROUP		COMPANY
Total Liabilities (a)	1.108.791	1.062.750	1.003.157	964.524			Amounts in thd euro	Amounts in thd euro
Share capital	33.235	33.235	33.235	33.235				01.01.-30.06.2006 01.01.-30.06.2005 01.01.-30.06.2006 01.01.-30.06.2005
Other shareholders' Equity	296.546	302.316	302.296	305.402	Operating activities
Shareholders' Equity	329.781	335.551	335.531	338.637	Profit before taxes	130.166	76.602	132.229	76.703
Minority Interests	0	0	0	0	Plus / (Less) adjustments for:
Total Equity (b)	329.781	335.551	335.531	338.637	Depreciation & amortisation	23.411	10.119	21.442	9.024
TOTAL LIABILITIES &					Provisions	(1.004)	3.509	(1.255)	3.248
SHAREHOLDERS' EQUITY (a)+(b)	1.438.572	1.398.301	1.338.688	1.303.161	Exchange differences	(9.738)	10.629	(9.735)	10.628
					Investment income (expenses)	298	(666)	47	405
INCOME STATEMENT 1/1-30/6/2006		GROUP		COMPANY	Interest and related expenses	15.537	4.809	13.982	3.836
		Amounts in thd euro	Amounts in thd euro		Changes in Working Capital:
		01.01.-30.06.2006 01.01.-30.06.2005		01.01.-30.06.2006 01.01.-30.06.2005	(Increase) in inventories	(40.894)	(17.955)	(41.566)	(19.515)
Turnover	1.988.342	1.298.444	1.821.785	1.149.229	Decrease / (Increase) in receivables	1.767	(48.049)	6.277	(49.605)
Gross Profit	155.588	126.941	133.074	104.660	(Decrease) / Increase in payables (excluding banks)	(25.242)	29.969	(30.824)	28.736
Profit before taxes, interest and depreciation	168.256	90.493	163.054	85.105	Less:
Profit before taxes and interest	144.845	80.374	141.612	76.081	Interest and related expenses paid Taxes paid	(14.642) (83.558)	(3.945) (60.641)	(13.225) (83.142)	(3.101) (58.666)
Profit before taxes	130.166	76.602	132.229	76.703	Net cash (used in) / from operating activities (a)	(3.899)	4.381	(5.770)	1.693
Less: taxes	36.232	24.881	35.631	23.721	Investing activities
Profit after taxes	93.934	51.721	96.598	52.982	Acquisition and increase of interest in subsidiaries & associates	(250)	(279)	0	(141)
Attributable to:					Purchase of tangible and intangible assets	(21.630)	(84.049)	(18.252)	(80.388)
Shareholders	93.934	51.721	96.598	52.982	Proceeds from the sale of tangible and other intangible assets	146	263	0	3
Minority Interest	0	0	0	0	Interest received	727	670	443	306
Net Profit per share - basic (in Euro)	0,85	0,47	0,87	0,48	Net cash used in investing activities (b)	(21.007)	(83.395)	(17.809)	(80.220)
INCOME STATEMENT 1/4-30/6/2006		GROUP		COMPANY	Financing activities
		Amounts in thd euro	Amounts in thd euro		Proceeds from loans	341.753	1.073.153	302.284	977.568
	01.04.-30.06.2006	01.04.-30.06.2005	01.04.-30.06.2006	01.04.-30.06.2005	Payments on loans	(212.096)	(956.373)	(173.869)	(860.694)
Turnover	1.039.813	650.125	957.092	577.791	Dividends paid	(99.704)	(70.999)	(99.704)	(70.999)
Gross Profit	78.818	59.102	68.187	48.673	Net cash from financing activities (c)	29.953	45.781	28.711	45.875
Profit before taxes, interest and depreciation	89.574	41.814	86.713	38.937	Net Increase / (Decrease) in cash and cash equivalents (a)+(b)+( c)	5.047	(33.233)	5.132	(32.652)
Profit before taxes and interest	77.816	35.802	75.958	33.575	Cash and cash equivalents at beginning of the period	9.211	43.599	6.740	41.426
Profit before taxes	69.932	33.940	72.862	35.758	Cash and cash equivalents at period end	14.258	10.366	11.872	8.774
Less: taxes	18.962	11.300	18.634	10.716
Profit after taxes	50.970	22.640	54.228	25.042
Attributable to: Shareholders	50.970	22.640	54.228	25.042
Minority Interest	0	0	0	0
Net Profit per share - basic (in Euro)	0,46	0,21	0,49	0,23
				FURTHER INFORMATION
1. The following companies are included in the consolidation:		Company Name			Headquarters % of share	Consolidation method
		AVIN OIL S.A.	MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. Greece, Maroussi of Attica		Parent company Greece, Maroussi of Attica 100,00%	Full Full
		OLYMPIC FUEL COMPANY S.A.			Greece, Spata of Attica 28,00%	Equity method
			HELLENIC AVIATION FUEL COMPANY S.A.		Greece, Maroussi of Attica 50,00%	Equity method
2.					"MOTOR OIL (HELLAS) CORINTH REFINERIES S.A." has not been subject to a tax audit for the fiscal years from 2000 up to 2005. It is noted that tax audit is in progress for the years from 2000 up to 2004 inclusive.			"AVIN OIL S.A." has not been subject to a tax audit for
the years from 2003 up to 2005. In addition the associate Companies have not been subject to a tax audit since their establishment.
					3. Encubrances on Company's and Group's fixed assets: a) Pre-notices of mortages in thd euro 47.098, b) Pre-notices of mortages in thd US \$ 25.000, c) Mortgages in thd euro 275.007.
					4. There are legal claims by third parties against the Group amounting to approximately euro 53 million and against the Company approximately euro 52 million for which there has been no provision made, since there are legal claims of the Group and the Company against
third parties amounting to approximately euro 76 million and euro 62 million respectively.
5. The Group's personnel as at June 30, 2006 is 1.419 persons (30.6.2005: 1.379 persons) and the Company's personnel is 1.211 persons (30.6.2005: 1.166 persons).
6. Transactions and receivables & payables of the Parent Company and the Group with related parties according to IAS 24:
		Sales thd euro	Purchases thd euro	Receivables thd euro	Liabilities thd euro
"AVIN OIL S.A." Subsidiary		228.885	9	28.567	2
Other related parties		53.596	906.930	9.985	82.753
Total		282.481	906.939	38.552	82.755
					Maroussi, August 23, 2006
CHAIRMAN AND MANAGING DIRECTOR OF THE BOARD OF DIRECTORS					DEPUTY MANAGING DIRECTOR AND CHIEF FINANCIAL OFFICER	CHIEF ACCOUNTANT

PETROS T. TZANNETAKIS I.D. No R 591984/94

THEODOROS N. PORFIRIS I.D. No R 557979/94 E.C.G. Licence No. 0018076 A' Class

VARDIS I. VARDINOYIANNIS I.D. No K 011385/82