Motor Oil (Hellas) Refineries S.A.

Quarterly Report • Sep 30, 2015

Prefecture of Attica Registration Nr 1482/06/Β/86/26 Headquarters: Irodou Attikou 12Α – 151 24 Maroussi Attica

INTERIM CONDENSED FINANCIAL STATEMENTS IN ACCORDANCE WITH THE INTERNATIONAL FINANCIAL REPORTING STANDARDS THAT HAVE BEEN ADOPTED BY THE EUROPEAN UNION FOR THE PERIOD 1 JANUARY – 30 SEPTEMBER 2007 FOR THE GROUP AND THE COMPANY «MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.» Headquarters: Irodou Attikou 12^Α , 151 24 Maroussi, Attica

TABLE OF CONTENTS

Page

¾	Condensed Income Statement for the period ended 30 September 2007	3
¾	Condensed Balance Sheet as at 30th September 2007	4
¾	Condensed Statement of Changes in Equity for the period ended
	30 September 2007	5
¾	Condensed Cash Flow Statement for the period ended 30 September 2007	6
¾	Νotes to the Condensed Financial Statements for the period ended
	30 September 2007	7-18

THE CHAIRMAN OF THE BOARD OF DIRECTORS AND MANAGING DIRECTOR	THE DEPUTY MANAGING DIRECTOR AND CHIEF FINANCIAL OFFICER	THE CHIEF ACCOUNTANT

VARDIS J. VARDINOYANNIS PETROS T. TZANNETAKIS THEODOROS N. PORFIRIS

Condensed Income Statement for the period ended 30 September 2007

Period 1.1 - 30.9.2007		GROUP			COMPANY
In 000´s Euros (except for "earnings per share")	Note	1.1.2007- 30.9.2007	1.1.2006- 30.9.2006	1.1.2007- 30.9.2007	1.1.2006- 30.9.2006
Continuing Operations
Revenue	4	2,742,901	3,069,248	2,498,301	2,815,341
Cost of Sales	5	(2,536,297)	(2,834,696)	(2,324,323)	(2,613,745)
Gross profit		206,604	234,552	173,978	201,596
Distribution expenses		(36,029)	(33,437)	(10,670)	(8,842)
Administrative expenses		(22,296)	(19,775)	(15,802)	(13,821)
Other operating income/(expenses)		41,991	31,284	38,392	28,163
Profit from operations		190,270	212,624	185,898	207,096
Investment income		1,525	4,086	4,530	6,299
Share of profits/(loss) in associates		587	(215)	0	0
Finance costs		(30,818)	(25,688)	(27,226)	(23,206)
Profit before taxes		161,564	190,807	163,202	190,189
Income taxes Profit after taxes attributable to	6	(42,363)	(53,630)	(39,992)	(52,251)
shareholders of the parent company		119,201	137,177	123,210	137,938
Earnings per share basic and diluted (in Euros)	7	1.08	1.24	1.11	1.25

Period 1.7 - 30.9.2007			GROUP		COMPANY
In 000´s Euros (except for "earnings per share")	Note	1.7.2007- 30.9.2007	1.7.2006- 30.9.2006	1.7.2007- 30.9.2007	1.7.2006- 30.9.2006
Continuing Operations
Revenue		1,016,911	1,080,906	935,007	993,556
Cost of Sales		(960,536)	(1,001,942)	(889,371)	(925,034)
Gross profit		56,375	78,964	45,636	68,522
Distribution expenses		(11,650)	(10,362)	(3,681)	(2,487)
Administrative expenses		(8,036)	(6,320)	(5,820)	(4,649)
Other operating income/(expenses)		21,062	5,497	19,673	4,098
Profit from operations		57,751	67,779	55,808	65,484
Investment income		2	3,013	400	1,700
Share of profits/(loss) in associates		1,002	0	0	0
Finance costs		(11,158)	(10,151)	(9,832)	(9,224)
Profit before taxes		47,597	60,641	46,376	57,960
Income taxes Profit after taxes attributable to		(13,865)	(17,398)	(11,594)	(16,620)
shareholders of the parent company		33,732	43,243	34,782	41,340
Earnings per share basic and diluted (in Euros)	7	0.30	0.39	0.31	0.37

The notes on pages 7-18 are an integral part of these interim condensed Financial Statements.

Condensed Balance Sheet as at 30th September 2007

In 000´s Euros		GROUP		COMPANY
	Note	30.9.2007	31.12.2006	30.9.2007	31.12.2006
ASSETS
Non-current assets
Goodwill		16,200	16,200	0	0
Other intangible assets		4,582	4,129	1,299	559
Property, Plant and Equipment	9	728,363	729,751	685,763	691,481
Investments in subsidiaries and associates	10	4,007	3,646	38,678	38,528
Available for sale investments	11	927	927	927	927
Other non-current assets		15,056	11,158	3,536	1,280
Total		769,135	765,811	730,203	732,775
Current assets
Inventories		379,414	187,522	375,046	182,122
Trade and other receivables		327,530	326,720	254,138	252,727
Cash and cash equivalents		9,776	8,785	6,231	6,533
Total		716,720	523,027	635,415	441,382
Total Assets		1,485,855	1,288,838	1,365,618	1,174,157
LIABILITIES
Non-current liabilities
Bank loans	12	294,260	317,048	264,260	287,048
Provision for retirement benefit obligation		42,764	50,038	38,927	46,488
Deferred tax liabilities		26,106	20,248	25,546	19,751
Other non-current liabilities		1,303	1,260	2	2
Deferred income		4,653	5,057	4,653	5,057
Total		369,086	393,651	333,388	358,346
Current liabilities
Trade and other payables		256,449	123,388	233,741	102,591
Provision for retirement benefit obligation		6,685	2,160	6,685	2,117
Income Taxes		7,373	6,404	5,175	6,139
Bank loans	12	490,557	421,543	423,946	360,303
Deferred income		466	411	466	411
Total		761,530	553,906	670,013	471,561
Total Liabilities		1,130,616	947,557	1,003,401	829,907
EQUITY
Share capital	13	33,235	33,235	33,235	33,235
Share premium		49,528	49,528	49,528	49,528
Reserves	14	79,521	79,521	77,136	77,136
Retained earnings	15	192,955	178,997	202,318	184,351
Total Equity		355,239	341,281	362,217	344,250
Total Equity and Liabilities		1,485,855	1,288,838	1,365,618	1,174,157

The notes on pages 7-18 are an integral part of these interim condensed Financial Statements.

Condensed Statement of Changes in Equity for the period ended 30 September 2007

GROUP In 000´s Euros	Share capital	Share premium	Reserves	Retained earnings	Total
Balance as at 1 January 2006	33,235	49,528	76,393	176,395	335,551
Profit for the period	-	-	-	137,177	137,177
Dividends	-	-	-	(99,704)	(99,704)
Balance as at 30 September 2006	33,235	49,528	76,393	213,868	373,024
Balance as at 1 January 2007 Profit for the period	33,235 -	49,528 -	79,521 -	178,997 119,201	341,281 119,201
Dividends	-	-	-	(105,243)	(105,243)
Balance as at 30 September 2007	33,235	49,528	79,521	192,955	355,239

COMPANY In 000´s Euros	Share capital	Share premium	Reserves	Retained earnings	Total
Balance as at 1 January 2006	33,235	49,528	75,374	180,500	338,637
Profit for the period	-	-	-	137,938	137,938
Dividends	-	-	-	(99,704)	(99,704)
Balance as at 30 September 2006	33,235	49,528	75,374	218,734	376,871
Balance as at 1 January 2007	33,235	49,528	77,136	184,351	344,250
Profit for the period	-	-	-	123,210	123,210
Dividends	-	-	-	(105,243)	(105,243)
Balance as at 30 September 2007	33,235	49,528	77,136	202,318	362,217

The notes set out on pages 7-18 are an integral part of these interim condensed Financial Statements.

Condensed Cash Flow Statement for the period ended 30 September 2007

In 000´s Euros		GROUP		COMPANY
	1/1 – 30/9/2007	1/1 – 30/9/2006	1/1 – 30/9/2007	1/1 – 30/9/2006
Operating activities:
Profit before taxes	161,564	190,807	163,202	190,189
Adjustments for:
Depreciation	37,170	35,850	33,831	32,796
Provisions	2,281	(109)	2,005	(496)
Exchange differences	(21,253)	(8,220)	(22,990)	(8,378)
Investment income	(1,467)	349	(4,154)	(7,045)
Finance costs	30,818	25,688	27,226	23,206
Movements in working capital:
Decrease/(increase) in inventories	(191,892)	(70,004)	(192,924)	(71,835)
Decrease/(increase) in receivables	(8,481)	(5,822)	(5,731)	10,511
(Decrease)/increase in payables excluding banks	128,697	(21,150)	126,706	(19,834)
Less:
Finance costs paid	(28,800)	(22,850)	(25,693)	(20,369)
Taxes paid	(35,991)	(85,516)	(35,158)	(84,406)
Net cash (used in) / from operating activities (a)	72,646	39,023	66,320	44,339
Investing activities:
(Increase)/decrease of interest in subsidiaries & associates	(250)	(110)	(150)	80
Purchase of tangible and intangible assets	(36,722)	(29,058)	(29,230)	(24,388)
Proceeds on disposal of tangible and intangible assets	104	147	0	0
Interest received	914	2,386	864	1,894
Dividends received	477	312	1,822	4,156
Net cash (used in) investing activities (b)	(35,477)	(26,323)	(26,694)	(18,258)
Financing activities:
New bank loans raised	453,705	475,928	373,555	363,608
Repayments of borrowings	(384,639)	(384,030)	(308,239)	(285,741)
Dividends paid	(105,244)	(99,704)	(105,244)	(99,704)
Net cash (used in) from financing activities (c)	(36,178)	(7,806)	(39,928)	(21,837)
Net Increase / (Decrease) in cash and cash equivalents (a)+(b)+(c)	991	4,894	(302)	4,244
Cash and cash equivalents at the beginning of the period	8,785	9,211	6,533	6,740
Cash and cash equivalents at the end of the period	9,776	14,105	6,231	10,984

The notes set out on pages 7-18 are an integral part of these interim condensed Financial Statements.

1. General Information

The parent company of the MOTOR OIL Group (the Group) is the entity under the trade name "Motor Oil (Hellas) Corinth Refineries S.A." (the Company), which is registered in Greece as a public company (Societe Anonyme) according to the provisions of CL 2190/1920, with headquarters in Maroussi of Attica, 12^Α Irodou Attikou street, Athens 151 24. The Group operates in the oil sector with its main activities being oil refining and oil products trading.

Major shareholders of the Company are "Petroventure Holdings Ltd" and "Petroshares Ltd", holding 51% and 10.5% of Company shares respectively.

These interim condensed financial statements are presented in Euro because that is the currency of the primary economic environment in which the Group operates.

As at September 30th 2007 the number of employees, for the Group and the Company, was 1,477 and 1,263 persons respectively. (30/9/2006: Group: 1,405 persons, Company: 1,191 persons)

2. Basis of Preparation, Presentation and Significant Accounting Policies

The interim condensed financial statements have been prepared in accordance with International Accounting Standard (IAS) 34, "Interim financial reporting" and should be read in conjunction with the 2006 annual financial statements.

The interim condensed financial statements have been prepared on the historical cost basis.

The accounting policies adopted in these interim condensed financial statements are consistent with those followed in the preparation of the annual financial statements for the year ended 31 December 2006 except that the following new accounting standards and interpretations have been implemented in 2007: IFRS 7 "Financial Instruments: Disclosures" and IFRIC 10, "Interim Financial Reporting and Impairment". None of these has had an impact on the current or prior periods.

3. Business and Geographical Segments

The Group's basic activities are oil refining and oil product trading.

All of the Group's activities take place in Greece, given that all Group Companies included in the consolidation, have their registered offices in Greece and no branches abroad.

All operational segments fall under one of two distinct activity categories: Refinery's Activities and Sales to Gas Stations.

Segment information is presented in the following table:

3. Business and Geographical Segments (continued)

Income Statement

In 0 0 0 ´s Eu ro s	1. 1- 3 0. 9. 2 0 0 7			1. 1- 3 0. 9. 2 0 0 6
Bu ine Op io t s ss er a ns	f Re ine 's ry Ac t iv i t ies	Sa Ga les to s S ta t io ns	E l im ina io t ns	To l ta	f Re ine 's ry Ac t iv i t ies	Sa Ga les to s S ta t io ns	E l im ina io t ns	To l ta
Ex te l s les rna a	2, 1 9 0, 5 2 6	5 5 2, 3 7 5	0	2, 7 4 2, 9 0 1	2, 5 0 0, 4 4 3	5 6 8, 8 0 5	0	3, 0 6 9, 2 4 8
In te t s les r-s eg me n a	3 0 7, 7 7 5	1 3	( 3 0 7, 7 8 8 )	0	3 1 4, 8 9 8	1 2	( 3 1 4, 9 1 0 )	0
To l r ta ev en ue	2, 4 9 8, 3 0 1	5 5 2, 3 8 8	( 3 0 7, 7 8 8 )	2, 7 4 2, 9 0 1	2, 8 1 5, 3 4 1	5 6 8, 8 1 7	( 3 1 4, 9 1 0 )	3, 0 6 9, 2 4 8
Co f Sa les t o s	( 2, 3 2 4, 3 2 3 )	( 5 2 0, 5 8 1 )	3 0 8, 6 0 7	( 2, 5 3 6, 2 9 7 )	( 2, 6 1 3, 7 4 5 )	( 5 3 6, 0 8 9 )	3 1 5, 1 3 8	( 2, 8 3 4, 6 9 6 )
Gr f i t os s p ro	1 3, 9 8 7 7	3 1, 8 0 7	8 1 9	2 0 6, 6 0 4	2 0 1, 9 6 5	3 2, 2 8 7	2 2 8	2 3 4, 2 5 5
D is i bu ion tr t ts co s	( 1 0, 6 0 ) 7	( 2 4 ) 5, 5 5	9 6	( 3 6, 0 2 9 )	( 8, 8 4 2 )	( 2 4 3 3 ) 5,	8 3 8	( 3 3, 4 3 ) 7
A dm in is tra t ive ex p en se s	( 1 8 0 2 ) 5,	( 6, 2 9 ) 5	3 5	( 2 2, 2 9 6 )	( 1 3, 8 2 1 )	( 9 8 ) 5, 4	3 0	( 1 9, ) 7 7 5
O /ex t he t ing inc r o p er a om e p en se	3 8, 3 9 2	4, 4 8 7	( ) 8 8 8	4 1, 9 9 1	2 8, 1 6 3	3, 9 8 7	( ) 8 6 6	3 1, 2 8 4
Se t r l t fro t io g me n es u m op er a ns	1 8 5, 8 9 8	4, 3 1 0	6 2	1 9 0, 2 7 0	2 0 7, 0 9 6	5, 2 9 8	2 3 0	2 1 2, 6 2 4
Inv tm t r es en ev en ue s	4, 5 3 0	4 7 2	( 3, 4 7 7 )	1, 5 2 5	6, 2 9 9	1, 7 8 7	( 4, 0 0 0 )	4, 0 8 6
S ha f p f i ts / ( los ) in ia tes re o ro s as so c	0	0	5 8 7	5 8 7			( 2 1 5 )	( 2 1 5 )
F ina t nc e c os	( 2 7, 2 2 6 )	( 3, 5 9 2 )	-	( 3 0, 8 1 8 )	( 2 3, 2 0 6 )	( 2, 4 8 2 )	-	( 2 5, 6 8 8 )
Pr f i be fo t ta o re xe s	1 6 3, 2 0 2	1, 1 9 0	( 2, 8 2 8 )	1 6 1, 5 6 4	1 9 0, 1 8 9	4, 6 0 3	( 3, 9 8 5 )	1 9 0, 8 0 7

4. Revenue

The following table provides an analysis of the sales by geographical market (domestic – export) and by category of goods sold (products – merchandise):

GROUP
In 000´s Euros		1/1 – 30/9/07			1/1 – 30/9/06
SALES	DOMESTIC	EXPORT	TOTAL	DOMESTIC	EXPORT	TOTAL
Products	1,143,193	1,014,305	2,157,498	1,336,205	850,685	2,186,890
Merchandise	392,692	192,711	585,403	481,499	400,859	882,358
TOTAL	1,535,885	1,207,016	2,742,901	1,817,704	1,251,544	3,069,248
COMPANY
In 000´s Euros		1/1 – 30/9/07			1/1 – 30/9/06
SALES	DOMESTIC	EXPORT	TOTAL	DOMESTIC	EXPORT	TOTAL
Products	1,143,193	1,014,305	2,157,498	1,336,205	850,685	2,186,890
Merchandise	184,704	156,099	340,803	256,195	372,256	628,451
TOTAL	1,327,897	1,170,404	2,498,301	1,592,400	1,222,941	2,815,341

Based on historical information of the Company and the Group, the percentage of quarterly sales volume varies from 22% to 29% on annual sales volume and thus there is no material seasonality on the total sales volume.

5. Changes in Inventories / Cost of Sales

It is noted that inventories are valued at each period end at the lowest of cost and their net realizable value. For the current period certain inventories were valued at their net realizable value resulting in the charge to the income statement of the current period (cost of sales) for the Group and the Company, 1/1 – 30/9/2007: € 3,871 thousand (1/1 – 30/9/2006: € 0 thousand).

The total cost of inventories recognized as an expense, in the Cost of Sales, during the current and prior period for the Group was for 1/1 – 30/9/2007: € 2,498,758 thousand and for 1/1 – 30/9/2006: € 2,802,146 thousand (Company: 1/1 – 30/9/2007: € 2,286,784 thousand, 1/1 – 30/9/2006: € 2,581,195 thousand).

6. Income Tax Expenses

In 000´s Euros		GROUP	COMPANY
	1/1 – 30/9/07	1/1 – 30/9/06	1/1 – 30/9/07	1/1 – 30/9/06
Current corporation tax for the period Tax audit differences from prior	34,409	49,129	34,198	47,680
years	2,096	0	0	0
Less: Income tax discount	0	(1,266)	0	(1,266)
	36,505	47,863	34,198	46,414
Deferred tax	5,858	5,767	5,794	5,837
Total	42,363	53,630	39,992	52,251

Domestic income tax is calculated at 25% on the tax assessable profit for the period 1/1-30/9/2007 (1/1- 30/9/2006: 29%).

According to the tax audit outcome for the years 2003 to 2005, the additional taxes assessed to the wholly owned subsidiary "Avin Oil" amount to Euro 2,096 thousand (of which an amount of Euro 1,502 thousand concerns tax relating to accounting differences and an amount of Euro 594 thousand concerns surcharges) and was charged against the earnings of the period 1/1-30/9/2007.

7. Earnings per Share

The calculation of the basic earnings per share attributable to the ordinary equity holders is based on the following data:

In 000's Euros		GROUP	COMPANY
	1/1-30/9/07	1/1-30/9/06	1/1-30/9/07	1/1-30/9/06
Earnings	119,201	137,177	123,210	137,938
Weighted average number of ordinary shares for the purposes
of basic earnings per share	110,782,980	110,782,980	110,782,980	110,782,980
Earnings per share, basic and diluted in €	1.08	1.24	1.11	1.25
In 000's Euros		GROUP		COMPANY
	1/7-30/9/07	1/7-30/9/06	1/7-30/9/07	1/7-30/9/06
Earnings	33,732	43,243	34,782	41,340
Weighted average number of
ordinary shares for the purposes of basic earnings per share Earnings per share,	110,782,980	110,782,980	110,782,980	110,782,980

8. Dividends

Dividends to shareholders are proposed by management at each year end and are subject to approval by the Annual General Assembly Meeting. The Annual General Assembly Meeting which was held on May 30, 2007, approved the distribution of total dividends for the fiscal year 2006 of € 127,400,427 (or € 1.15 per share). It is noted that for 2006 an interim dividend of € 22,156,596 (or € 0.20 per share) has been paid and accounted for in December 2006, while the remaining € 0.95 per share has been paid and accounted for in June 2007. Dividends relating to the previous fiscal year amounted to € 1.10 per share, of which an interim dividend of € 0.20 per share was paid and accounted for in December 2005, and € 0.90 has been paid and accounted for in June 2006.

It is noted that in accordance with Greek Tax legislation, the taxable income is taxed at source (Parent Company) fulfilling all tax obligations on dividends. Thus the dividends payable to the shareholders (physical and legal persons) are paid net of any tax.

9. Property, Plant and Equipment

The movement in the Group's fixed assets during the period 1/1 – 30/9/2007 is presented below:

GROUP	Land and buildings	Plant & machinery / Transportation means	Fixtures and equipment	Assets under construction	Total
In 000´s Euros
COST
As at 1 January 2007	134,536	764,226	17,882	51,723	968,367
Additions	3,533	4,301	682	27,851	36,367
Disposals	(4)	(707)	(15)	0	(726)
Transfers	5,799	39,169	316	(46,097)	(813)
As at 30 September 2007 ACCUMULATED DEPRECIATION	143,864	806,989	18,865	33,477	1,003,195
As at 1 January 2007	11,700	216,122	10,794	0	238,616
Charge for the period	2,125	33,247	1,128	0	36,500
Disposals	0	(272)	(12)	0	(284)
As at 30 September 2007 CARRYING AMOUNT	13,825	249,097	11,910	0	274,832
As at 31 December 2006	122,836	548,104	7,088	51,723	729,751
As at 30 September 2007	130,039	557,892	6,955	33,477	728,363

9. Property, Plant and Equipment (continued)

The movement in the Company's fixed assets during the period 1/1 – 30/9/2007 is presented below:

COMPANY	Land and buildings	Plant & machinery / Transportation means	Fixtures and equipment	Assets under construction	Total
In 000´s Euros
COST
As at 1 January 2007	121,100	719,274	15,116	50,272	905,762
Additions	339	1,120	507	27,058	29,024
Disposals	0	(333)	(2)	0	(335)
Transfers	5,799	37,719	316	(44,647)	(813)
As at 30 September 2007	127,238	757,780	15,937	32,683	933,638
ACCUMULATED
DEPRECIATION
As at 1 January 2007	8,780	196,111	9,390	0	214,281
Charge for the period	1,699	30,924	973	0	33,596
Disposals	0	0	(2)	0	(2)
As at 30 September 2007	10,479	227,035	10,361	0	247,875
CARRYING AMOUNT
As at 31 December 2006	112,320	523,163	5,726	50,272	691,481
As at 30 September 2007	116,759	530,745	5,576	32,683	685,763

The Company and, consequently, the Group has mortgaged land and buildings as security for bank loans granted to the Group, an analysis of which is presented below:

BANK	Pre-notices of Mortgages	Mortgages
	000´s €	000´s \$	000´s €
N.B.G	47,098	25,000	6
CITIBANK INTERNATIONAL PLC	0	0	275,000
TOTAL	47,098	25,000	275,006

10. Investments in Subsidiaries and Associates

Details of the Group's subsidiaries and related parties holdings are as follows:

Name	Place of incorporation and operation	Proportion of ownership interest	Principal activity
AVIN OIL	Greece, Maroussi of Attika	100%	Petroleum Products.
AVIN ALBANIA S.A.	Tirana, Albania	100%	Petroleum Products (dormant).
OLYMPIC FUEL COMPANY S.A.	Greece, Spata of Attika	28%	Aviation Fueling Systems.
BRODERICO LTD	Cyprus, Nicosia	100%	Trading, Investments and Rendering of Services (dormant).
MAKREON S.A.	Greece, Maroussi of Attika	100%	Trading, Transportation, Storage & Representation of Petroleum Products.
HELLENIC AVIATION FUEL COMPANY S.A. (HAFCO S.A)	Greece, Maroussi of Attika	50%	Aviation Fueling Systems.
CORINTH POWER S.A.	Greece, Maroussi of Attika	30%	Energy.

10. Investments in Subsidiaries and Associates (continued)

Investments in subsidiaries and associates are as follows:

Name	GROUP			COMPANY
In 000´s Euros	30/9/2007	31/12/2006	30/9/2007	31/12/2006
AVIN OIL	0	0	37,564	37,564
AVIN ALBANIA S.A.	510	510	0	0
OLYMPIC FUEL COMPANY S.A.	3,165	2,949	904	904
BRODERICO LTD	60	60	0	0
MAKREON S.A. HELLENIC AVIATION FUEL COMPANY	0	0	0	0
S.A.(HAFCO S.A)	173	67	0	0
CORINTH POWER S.A.	99	60	210	60
TOTAL	4,007	3,646	38,678	38,528

Of the companies listed above, "AVIN OIL" and "MAKREON S.A." are fully consolidated, "OLYMPIC FUEL COMPANY S.A.", "HELLENIC AVIATION FUEL COMPANY S.A." and "CORINTH POWER S.A.", are consolidated using the equity method because the Group does not exercise control on them, while "BRODERICO LTD", and "AVIN ALBANIA S.A." are not consolidated but are stated at cost due to their insignificance and because they are dormant.

11. Available for sale investments

Proportion of
Name	Place of incorporation	ownership interest	Cost Euro 000's 30/06/2007	Principal activity
ATHENS AIRPORT FUEL PIPELINE CO. S.A.	Athens	16%	927	Aviation Fueling Systems

"ATHENS AIRPORT FUEL PIPELINE CO. S.A." is stated at cost as significant influence is not exercised on it.

12. Bank Loans

	GROUP		COMPANY
In 000´s Euros	30/9/2007	31/12/2006	30/9/2007	31/12/2006
Bank loans	786,347	740,438	689,736	649,198
Less: Bond loan expenses*	(1,530)	(1,847)	(1,530)	(1,847)
Total loans	784,817	738,591	688,206	647,351
The borrowings are repayable as follows:
On demand or within one year	490,557	421,543	423,946	360,303
In the second year	60,000	60,000	30,000	30,000
From the third to fifth years inclusive	235,790	258,895	235,790	258,895
After five years	0	0	0	0
Less: Bond loan expenses*	(1,530)	(1,847)	(1,530)	(1,847)
Total loans	784,817	738,591	688,206	647,351
Less: Amount payable within 12 months
(shown under current liabilities)	490,557	421,543	423,946	360,303
Amount payable after 12 months	294,260	317,048	264,260	287,048

*The bond loan expenses relating to the loan, acquired mainly to finance the refinery's new hydrocracker unit are amortised over the number of the remaining years to loan maturity.

Analysis of borrowings by currency on 30/9/2007 and 31/12/2006:

	GROUP		COMPANY
	30/9/2007	31/12/2006	30/9/2007	31/12/2006
In 000´s Euros
Loan's currency
EURO	388,611	340,240	292,000	249,000
U.S. DOLLARS	278,228	264,617	278,228	264,617
SWISS FRANC	119,508	135,581	119,508	135,581
Total	786,347	740,438	689,736	649,198

The Group's management considers that the carrying amount of the Group's borrowings approximates their fair value.

12. Bank Loans (continued)

The Group has the following bank loans:

i) Motor Oil has been granted a loan initially amounting to € 250,000 thousand. This loan was drawn down in five instalments, starting on 31/8/2004 and ending on 2/6/2005. It is repayable in semi-annual instalments commencing on 31/12/2005 and the last instalment is due on 30/6/2011 with 2 year extension option. This balance at the end of the period 30/9/2007 is € 190,000 thousand. This loan is secured with mortgages registered on fixed assets of the Group amounting to € 275,000 thousand.

Another loan amounting \$ 150,000 thousand (or € 105,790 thousand as at 30/9/2007) concerns a longterm loan, granted on 22/12/2005 which will be repaid in total by 19/12/2010 with 2 year extension option.

Total short-term loans (incl. short-term part of long-term loans) with duration up to one year amount to € 423,946 thousand. There are outstanding mortgages and pledges against these loans as mentioned above in note number 9.

ii) Avin Oil has been granted a loan of € 30,000 thousand granted on 14/6/2004 which is fully repayable on 14/6/2008 with 1 year extension option. The company's other loans, totalling to € 66,611 thousand have duration up to one year.

The interest rate of the above loans is LIBOR/EURIBOR+SPREAD.

13. Share Capital

Share capital as at 30/9/2007 was € 33,235 thousand (30/9/2006 & 31/12/2006: € 33,235 thousand). There were no movements in the share capital of the Company in either the current or the prior interim reporting period.

14. Reserves

Reserves of the Group and the Company as at 30/9/2007 are € 79,521 thousand and € 77,136 respectively and there were no movements on them since 31/12/2006.

15. Retained Earnings

	GROUP	COMPANY
In 000´s Euros
Balance as at 31 December 2006	178,997	184,351
Dividends	(105,243)	(105,243)
Profit for the period	119,201	123,210
Balance as at 30 September 2007	192,955	202,318

16. Acquisition / Establishment of Subsidiary

On April 11, 2007, the Group incorporated the subsidiary company "MAKREON S.A." with a share capital of € 60.000. The main activities of the newly established company are trading, transportation, strorage and representation of petroleum products.

17. Contingent Liabilities / Commitments

There are legal claims by third parties against the Group and the Company amounting to approximately € 15 million. There are also legal claims of the Group against third parties amounting to approximately € 75 million (Company: approximately € 63 million). No provision has been made as all of the above cases concern legal claims where the final outcome cannot be currently estimated. In addition, on February 5, 2007 the Greek Competition Committee, by its decision, imposed a fine upon the Company of €1,591 thousand, for its alleged participation in harmonised practices concerning the setting of the jet fuel selling prices. The Company considers the decision incorrect and unsubstantiated and has appealed to the relevant courts for the cancellation of this decision.

The Company has not been subject to a tax audit for the years 2005 and 2006. AVIN OIL has not been audited by the tax authorities for the year 2006. OLYMPIC FUEL COMPANY SA has not been subject to a tax audit for the years from 2001 up to 2006 while HAFCO SA and CORINTH POWER SA have not been audited by the Tax authorities since their establishment (2002 and 2005 respectively).

In prior periods, the Company applied the provisions of L3220/2004 and accounted for tax free reserves of € 5.6 million. The EU Commission has challenged this law as being a government subsidy not in accordance with EU policies and requires the Greek government to request the companies that applied it, to pay the corresponding taxes which cannot be currently estimated until the final outcome of this matter.

The Company and, consequently, the Group in order to complete its capital expenditures at the refinery, has entered into construction contracts with construction companies, the outstanding commitments of which, as at 30/9/2007, amount to approximately € 3 million.

The Group companies have entered into contracts to purchase and sell crude oil and fuels, at current prices in line with the international market effective prices at the time the transaction takes place.

The total amount of letters of guarantee given as security for Group companies' liabilities as at 30/9/2007, amounted to € 48,935 thousand. The respective amount as at 31/12/2006 was € 48,621 thousand.

The total amount of letters of guarantee given as security for the Company's liabilities as at 30/9/2007, amounted to € 1,464 thousand. The respective amount as at 31/12/2006 was € 1,347 thousand.

18. Events after the Balance Sheet Date

No events have occurred that could have a material impact on the Group's and Company's financial structure or operations since 30/9/2007 up to the date of the issue of these financial statements.

19. Related Parties Transactions

Transactions between the Company and its subsidiaries, have been eliminated on consolidation. Details of transactions between the Company and its subsidiaries and other related parties are set below:

In 000´s Euros	SALES	PURCHASES	RECEIVABLES	PAYABLES
GROUP	103,604	995,204	15,693	29,118
COMPANY	412,083	994,388	41,550	29,081

Sales of goods to related parties were made on an arm´s length basis.

The amounts outstanding will be settled in cash. No guarantees have been given or received.

No provision has been made for doubtful debts in respect of the amounts due from related parties.

Compensation of key management personnel

The remuneration of directors and other members of key management for the Group for the period 1/1 – 30/9/2007 and 1/1 – 30/9/2006 amounted to € 1,380 thousand and € 1,251 thousand respectively. (Company: 1/1 – 30/9/2007: € 1,166 thousand, 1/1 – 30/9/2006: € 1,251 thousand).

The remuneration of members of the Board of Directors are proposed and approved by the Annual General Assembly Meeting of the shareholders.

Other short term benefits granted to key management for the Group for the period 1/1 – 30/9/2007 amounted to € 66 thousand and 1/1 – 30/9/2006 amounted to € 71 thousand. (Company: 1/1 – 30/9/2007: € 56 thousand, 1/1 – 30/9/2006: € 71 thousand)

Leaving indemnities to key management for the Group for 1/1 – 30/9/2007 amounted to € 0 thousand while for 1/1 – 30/9/2006 was € 0. (Company: 1/1 – 30/9/2007: € 0 thousand, 1/1 – 30/9/2006: € 0 thousand).

Directors' Transactions

There are no other transactions, receivables and/or payables between Group companies and key management personnel.