Motor Oil (Hellas) Refineries S.A.

Quarterly Report • Sep 24, 2015

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

INTERIM FINANCIAL REPORTING

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 2008 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
Condensed Income Statement for the period ended 30 September 2008	3
Condensed Balance Sheet as at 30th September 2008 Condensed Statement of Changes in Equity for the period ended 30 September 2008	4 5
Condensed Cash Flow Statement for the period ended 30 September 2008	6
Notes to the Condensed Financial Statements for the period ended 30 September 2008	7
1. General Information	7
2. Basis of Preparation, Presentation and Significant Accounting Policies	7
3. Business and Geographical Segments	7
4. Revenue	9
5. Valuation of Inventories / Cost of Sales	9
6. Income Tax Expenses	10
7. Earnings per Share	10
8. Dividends	11
9. Property, Plant and Equipment	11
10. Investments in Subsidiaries and Associates	13
11. Available for Sale Investments	14
12. Bank Loans	15
13. Share Capital	16
14. Reserves	16
15. Retained Earnings	16
16. Contingent Liabilities / Commitments	17
17. Events after the Balance Sheet Date	17
18. Related Party Transactions	18

The interim condensed financial statements of the Group and the Company, set out on pages 3 to 18, were approved at the Board of Directors' Meeting dated Friday November 7, 2008.

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 2008

Period 1.1 - 30.09.2008		GROUP		COMPANY
		1.1.2008-	1.1.2007-	1.1.2008-	1.1.2007-
In 000´s Euros (except for "earnings per share") Continuing Operations	Note	30.09.2008	30.09.2007	30.09.2008	30.09.2007
Revenue	4	4,339,206	2,742,901	4,018,328	2,498,301
Cost of Sales	5	(4,072,789)	(2,536,297)	(3,790,434)	(2,324,323)
Gross profit		266,417	206,604	227,894	173,978
Distribution expenses		(41,190)	(36,029)	(11,745)	(10,670)
Administrative expenses		(23,816)	(22,296)	(16,854)	(15,802)
Other operating income/expenses		3,008	41,991	(1,082)	38,392
Profit from operations		204,419	190,270	198,213	185,898
Investment income		1,907	1,525	1,527	4,530
Share of profits/(loss) in associates		568	587	0	0
Finance costs		(29,558)	(30,818)	(24,465)	(27,226)
Profit before taxes		177,336	161,564	175,275	163,202
Income taxes Profit after taxes attributable to the	6	(44,182)	(42,363)	(43,822)	(39,992)
shareholders of the parent company		133,154	119,201	131,453	123,210
Earnings per share basic and diluted (in Euros)	7	1.20	1.08	1.19	1.11
Period 1.7 - 30.09.2008			GROUP		COMPANY
		1.7.2008-	1.7.2007-	1.7.2008-	1.7.2007-
In 000´s Euros (except for "earnings per share")	Note	30.09.2008	30.09.2007	30.09.2008	30.09.2007
Continuing Operations
Revenue	4	1,579,673	1,016,911	1,476,601	935,007
Cost of Sales	5	(1,486,789)	(960,536)	(1,396,213)	(889,371)
Gross profit		92,884	56,375	80,388	45,636
Distribution expenses		(12,589)	(11,650)	(3,381)	(3,681)
Administrative expenses		(8,091)	(8,036)	(5,847)	(5,820)
Other operating income/expenses		(30,997)	21,062	(32,522)	19,673
Profit from operations		41,207	57,751	38,638	55,808
Investment income		566	2	447	400
Share of profits/(loss) in associates		381	1,002	0	0
Finance costs		(10,521)	(11,158)	(8,757)	(9,832)
Profit before taxes		31,633	47,597	30,328	46,376
Income taxes Profit after taxes attributable to the	6	(7,812)	(13,865)	(7,582)	(11,594)
shareholders of the parent company		23,821	33,732	22,746	34,782
Earnings per share basic and diluted (in Euros)	7	0.21	0.30	0.21	0.31

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

Condensed Balance Sheet as at 30th September 2008

In 000´s Euros		GROUP		COMPANY
	Note	30.09.2008	31.12.2007	30.09.2008	31.12.2007
ASSETS
Non-current assets
Goodwill		16,200	16,200	0	0
Other intangible assets		3,917	4,435	996	1,229
Property, Plant and Equipment	9	752,949	731,123	708,689	687,174
Investments in subsidiaries and associates	10	4,154	3,586	38,678	38,678
Available for sale investments	11	927	927	927	927
Other non-current assets		15,556	14,923	2,252	2,823
Total		793,703	771,194	751,542	730,831
Current assets
Inventories		382,038	346,213	377,146	339,916
Trade and other receivables		421,531	395,721	337,341	315,161
Cash and cash equivalents		12,152	13,743	8,287	10,634
Total		815,721	755,677	722,774	665,711
Total Assets		1,609,424	1,526,871	1,474,316	1,396,542
LIABILITIES
Non-current liabilities
Bank loans	12	288,898	276,120	239,068	246,120
Provision for retirement benefit obligation		42,164	41,177	38,132	37,186
Deferred tax liabilities		30,141	28,830	29,618	28,287
Other non-current liabilities		1,318	1,315	0	0
Deferred income		4,358	4,768	4,358	4,768
Total		366,879	352,210	311,176	316,361
Current liabilities
Trade and other payables		285,893	344,677	262,043	317,914
Provision for retirement benefit obligation		4,659	4,618	4,640	4,581
Income Taxes		30,344	15,529	30,340	15,529
Bank loans	12	535,037	445,631	473,411	370,156
Deferred income		503	468	503	468
Total		856,436	810,923	770,937	708,648
Total Liabilities		1,223,315	1,163,133	1,082,113	1,025,009
EQUITY
Share capital	13	33,235	33,235	33,235	33,235
Share premium		49,528	49,528	49,528	49,528
Reserves	14	77,559	77,559	75,166	75,166
Retained earnings	15	225,787	203,416	234,274	213,604
Total Equity		386,109	363,738	392,203	371,533
Total Equity and Liabilities		1,609,424	1,526,871	1,474,316	1,396,542

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 2008

GROUP In 000´s Euros	Share capital	Share premium	Reserves	Retained earnings	Total
Balance as at 1 January 2007	33,235	49,528	79,521	178,997	341,281
Profit for the period	-	-	-	119,201	119,201
Dividends	-	-	-	(105,243)	(105,243)
Balance as at 30 September 2007	33,235	49,528	79,521	192,955	355,239
Balance as at 1 January 2008 Profit for the period	33,235 -	49,528 -	77,559 -	203,416 133,154	363,738 133,154
Dividends	-	-	-	(110,783)	(110,783)
Balance as at 30 September 2008	33,235	49,528	77,559	225,787	386,109

COMPANY In 000´s Euros	Share capital	Share premium	Reserves	Retained earnings	Total
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
Balance as at 1 January 2008	33,235	49,528	75,166	213,604	371,533
Profit for the period	-	-	-	131,453	131,453
Dividends	-	-	-	(110,783)	(110,783)
Balance as at 30 September 2008	33,235	49,528	75,166	234,274	392,203

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 2008

In 000´s Euros		GROUP	COMPANY
	1/1 – 30/09/2008	1/1 – 30/09/2007	1/1 – 30/09/2008	1/1 – 30/09/2007
Operating activities:
Profit before taxes	177,336	161,564	175,275	163,202
Adjustments for:
Depreciation & amortization	39,073	37,170	35,595	33,831
Provisions	2,091	2,281	1,610	2,005
Exchange differences	15,682	(21,253)	15,752	(22,990)
Investment income	(1,384)	(1,467)	(730)	(4,154)
Finance costs	29,558	30,818	24,465	27,226
Movements in working capital:
Decrease/(increase) in inventories	(35,825)	(191,892)	(37,231)	(192,924)
Decrease/(increase) in receivables	(29,683)	(8,481)	(23,850)	(5,731)
(Decrease)/increase in payables excluding banks	(63,979)	128,697	(61,271)	126,706
Less:
Finance costs paid	(28,704)	(28,800)	(24,017)	(25,693)
Taxes paid	(28,057)	(35,991)	(27,681)	(35,158)
Net cash (used in) / from operating activities (a)	76,108	72,646	77,917	66,320
Investing activities: (Increase)/decrease of interest in subsidiaries &
associates	0	(250)	0	(150)
Purchase of tangible and intangible assets Proceeds on disposal of tangible and intangible assets	(61,217) 190	(36,722) 104	(57,542) 0	(29,230) 0
Interest received	892	914	824	864
Dividends received	196	477	196	1,822
Net cash (used in) /from investing activities (b)	(59,939)	(35,477)	(56,522)	(26,694)
Financing activities:
New bank loans raised	1,213,544	453,705	1,011,811	373,555
Repayments of borrowings	(1,120,381)	(384,639)	(924,630)	(308,239)
Repayments of finance leases	(140)	-	(140)	-
Dividends paid	(110,783)	(105,244)	(110,783)	(105,244)
Net cash (used in) / from financing activities (c) Net Increase / (Decrease) in cash and cash	(17,760)	(36,178)	(23,742)	(39,928)
equivalents (a)+(b)+( c) Cash and cash equivalents at the beginning of	(1,591)	991	(2,347)	(302)
the period Cash and cash equivalents at the end of the	13,743	8,785	10,634	6,533
period	12,152	9,776	8,287	6,231

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 Limited" and "Petroshares Limited", 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 2008 the number of employees, for the Group and the Company, was 1,481 and 1,265 persons respectively. (30/09/2007: Group: 1,477 persons, Company: 1,263 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 2007 annual financial statements.

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

The accounting policies adopted in these condensed interim financial statements are consistent with those followed in the preparation of the annual financial statements for the year ended 31 December 2007.

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 headquarters 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 ´s Eu 0 0 0 ro s	0 1. 0 1- 3 0. 0 9. 2 0 0 8				0 1. 0 1- 3 0. 0 9. 2 0 0 7
Op Bu ine t io 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 t io ns	To ta l	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 t io ns	To ta l
Ex te l s les rna a	3, 5 6 7, 4 2 8	7 7 1, 7 7 8	0	4, 3 3 9, 2 0 6	2, 1 9 0, 5 2 6	5 5 2, 3 7 5	0	2, 7 4 2, 9 0 1
In les te t s r-s eg me n a	4 5 0, 9 0 0	1, 6 0 8	( 4 5 2, 5 0 8 )	0	3 0 7, 7 7 5	1 3	( 3 0 7, 7 8 8 )	0
To l r ta ev en ue	4, 0 1 8, 3 2 8	7 7 3, 3 8 6	( 4 5 2, 5 0 8 )	4, 3 3 9, 2 0 6	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
Co f Sa les t o s	( 3, 9 0, 4 3 4 ) 7	( 3 2 0 ) 7 5, 5	4 3, 1 6 5 5	( 4, 0 2, 8 9 ) 7 7	( 2, 3 2 4, 3 2 3 )	( 2 0, 8 1 ) 5 5	3 0 8, 6 0 7	( 2, 3 6, 2 9 ) 5 7
Gr f i t os s p ro	2 2 8 9 4 7,	3 8 6 6 7,	6 5 7	2 6 6, 4 1 7	1 3, 9 8 7 7	3 1, 8 0 7	8 1 9	2 0 6, 6 0 4
D is tr i bu t ion ts co s	( 1 1, ) 7 4 5	( 2 9, 6 0 ) 5	1 1 5	( 1, 1 9 0 ) 4	( 1 0, 6 0 ) 7	( 2 ) 5, 4 5 5	9 6	( 3 6, 0 2 9 )
A dm in is tra t ive ex p en se s	( ) 1 6, 8 5 4	( ) 7, 0 1 9	5 7	( ) 2 3, 8 1 6	( ) 1 5, 8 0 2	( ) 6, 5 2 9	3 5	( ) 2 2, 2 9 6
O /ex t he t ing inc r o p er a om e p en se	( ) 1, 0 8 2	5, 2 5 2	( ) 1, 1 6 2	3, 0 0 8	3 8, 3 9 2	4, 4 8 7	( ) 8 8 8	4 1, 9 9 1
Se t r l t fro t io g me n es u m op er a ns	1 9 8, 2 1 3	6, 5 3 9	( 3 3 3 )	2 0 4, 4 1 9	1 8 5, 8 9 8	4, 3 1 0	6 2	1 9 0, 2 7 0
Inv tm t r es en ev en ue s	1, 5 2 7	3 8 0	0	1, 9 0 7	4, 5 3 0	4 7 2	( 3, 4 7 7 )	1, 5 2 5
S ha f p f i ts / ( los ) in ia tes re o ro s as so c	0	0	5 6 8	5 6 8	0	0	5 8 7	5 8 7
F ina t nc e c os	( 2 4, 4 6 5 )	( 5, 0 9 3 )	0	( 2 9, 5 5 8 )	( 2 7, 2 2 6 )	( 3, 5 9 2 )	-	( 3 0, 8 1 8 )
Pr f i be fo t ta o re xe s	1 2 7 5, 7 5	1, 8 2 6	2 3 5	1 3 3 6 7 7,	1 6 3, 2 0 2	1, 1 9 0	( 2, 8 2 8 )	1 6 1, 6 4 5

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 – 30/09/08			1/1 – 30/09/07
SALES	DOMESTIC	EXPORT	TOTAL	DOMESTIC	EXPORT	TOTAL
Products	1,731,044	1,425,581	3,156,625	1,143,193	1,014,305	2,157,498
Merchandise	675,730	506,851	1,182,581	392,692	192,711	585,403
TOTAL	2,406,774	1,932,432	4,339,206	1,535,885	1,207,016	2,742,901
COMPANY
In 000´s Euros		1/1 – 30/09/08			1/1 – 30/09/07
SALES	DOMESTIC	EXPORT	TOTAL	DOMESTIC	EXPORT	TOTAL
Products	1,731,044	1,425,581	3,156,625	1,143,193	1,014,305	2,157,498
Merchandise	413,726	447,977	861,703	184,704	156,099	340,803
TOTAL	2,144,770	1,873,558	4,018,328	1,327,897	1,170,404	2,498,301

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. Valuation of 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 and prior year 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 – 30/09/2008: € 9,345 thousand and 1/1 – 30/09/2007: € 3,871 thousand.

The total cost of inventories recognized as an expense within the cost of sales during the current and prior year period for the Group was for 1/1 – 30/09/2008: € 4,028,224 thousand and for 1/1 – 30/09/2007: € 2,498,758 thousand (Company: 1/1 – 30/09/2008: € 3,745,869 thousand, 1/1 – 30/09/2007: € 2,286,784 thousand).

6. Income Tax Expenses

In 000´s Euros		GROUP	COMPANY
	1/1 – 30/09/08	1/1 – 30/09/07	1/1 – 30/09/08	1/1 – 30/09/07
Current corporate tax for the period Tax audit differences from prior	42,871	34,409	42,491	34,198
years	0	2,096	0	0
Deferred tax	1,311	5,858	1,331	5,794
Total	44,182	42,363	43,822	39,992

Corporate income tax is calculated at 25% on the estimated tax assessable profit for the period 1/1- 30/09/2008 and 1/1-30/09/2007 respectively.

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 – 30/09/08	1/1 – 30/09/07	1/1 – 30/09/08	1/1 – 30/09/07
Earnings	133,154	119,201	131,453	123,210
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 €	1.20	1.08	1.19	1.11
In 000´s Euros	GROUP			COMPANY
	1/7 – 30/09/08	1/7 – 30/09/07	1/7 – 30/09/08	1/7 – 30/09/07
Earnings	23,821	33,732	22,746	34,782
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 €	0.21	0.30	0.21	0.31

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 29, 2008, approved the distribution of total dividends for the fiscal year 2007 of € 132,939,576 (or € 1.20 per share). It is noted that for 2007 an interim dividend of € 22,156,596 (or € 0.20 per share) had been paid and accounted for in December 2007, while the remaining € 1.00 per share has been paid and accounted for in June 2008. 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.

9. Property, Plant and Equipment

The movement in the Group's fixed assets during the period 1/1 – 30/09/2008 is presented below:

GROUP	Land and buildings	Plant & machinery / Transportation means	Fixtures and equipment	Assets under construction	Equipment under finance lease at cost	Total
In 000´s Euros COST
As at 1 January 2008	146,040	815,464	19,484	36,744	1,024	1,018,756
Additions	159	4,329	1,194	55,301	0	60,983
Disposals	(82)	(795)	(147)	0	0	(1,024)
Transfers	1,415	6,262	414	(8,091)	0	0
As at 30 September 2008 ACCUMULATED DEPRECIATION	147,532	825,260	20,945	83,954	1,024	1,078,715
As at 1 January 2008	14,530	260,609	12,300	0	194	287,633
Charge for the period	2,179	34,821	1,168	0	154	38,322
Disposals	(3)	(143)	(43)	0	0	(189)
As at 30 September 2008 CARRYING AMOUNT	16,706	295,287	13,425	0	348	325,766
As at 31 December 2007	131,510	554,855	7,184	36,744	830	731,123
As at 30 September 2008	130,826	529,973	7,520	83,954	676	752,949

9. Property, Plant and Equipment (continued)

The movement in the Company's fixed assets during the period 1/1 – 30/09/2008 is presented below:

COMPANY	Land and buildings	Plant & machinery / Transportation means	Fixtures and equipment	Assets under construction	Equipment under finance lease at cost	Total
In 000´s Euros
COST
As at 1 January 2008	128,122	764,688	16,381	36,691	1,024	946,906
Additions	61	1,095	1,001	55,302	0	57,459
Disposals	(5)	(607)	(130)	0	0	(742)
Transfers	1,414	6,261	417	(8,092)	0	0
As at 30 September 2008	129,592	771,437	17,669	83,901	1,024	1,003,623
ACCUMULATED DEPRECIATION
As at 1 January 2008	11,054	237,789	10,695	0	194	259,732
Charge for the period	1,775	32,341	1,009	0	154	35,279
Disposals	0	(40)	(37)	0	0	(77)
As at 30 September 2008 CARRYING AMOUNT	12,829	270,090	11,667	0	348	294,934
As at 31 December 2007	117,068	526,899	5,686	36,691	830	687,174
As at 30 September 2008	116,763	501,347	6,002	83,901	676	708,689

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

In addition, the Company's obligations under finance leases are secured by the lessors' title to the leased assets, which have a carrying amount of € 676 thousand (31/12/2007: € 830 thousand).

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 S.A.	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%	Commerce, Investments and Rendering of Services (dormant).
MAKRAION 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.
KORINTHOS 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	30/09/2008	31/12/2007	30/09/2008	31/12/2007
AVIN OIL S.A.	0	0	37,564	37,564
AVIN ALBANIA S.A.	510	510	0	0
OLYMPIC FUEL COMPANY S.A.	3,519	2,961	904	904
BRODERICO LTD	60	60	0	0
MAKRAION S.A. HELLENIC AVIATION FUEL COMPANY	0	0	0	0
S.A.(HAFCO S.A.)	0	8	0	0
KORINTHOS POWER S.A.	65	47	210	210
TOTAL	4,154	3,586	38,678	38,678

Of the companies listed above, "AVIN OIL S.A." and "MAKREON S.A." are fully consolidated, "HELLENIC AVIATION FUEL COMPANY S.A.", "OLYMPIC FUEL COMPANY S.A." and "KORINTHOS 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. On 20/06/2008 "MOTOR OIL (HELLAS) S.A." agreed with the company "IBERDROLA S.A." to repurchase the total stake of the latter in the share capital of the company "KORINTHOS POWER S.A." which owns an electricity generation license. The transaction was completed on 22 October 2008.

11. Available for Sale Investments

Name	Place of incorporation	Proportion of ownership interest	Cost Euro 000's	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	30/09/2008	31/12/2007	30/09/2008 31/12/2007
Bank loans	824,514	722,338	712,888	616,863
Finance leases	697	837	697	837
Less: Bond loan expenses*	(1,276)	(1,424)	(1,106)	(1,424)
Total loans	823,935	721,751	712,479	616,276
The borrowings are repayable as follows:
On demand or within one year	535,037	445,631	473,411	370,156
In the second year	31,410	60,200	31,410	30,200
From the third to fifth year inclusive	258,764	217,344	208,764	217,344
After five years	0	0	0	0
Less: Bond loan expenses*	(1,276)	(1,424)	(1,106)	(1,424)
Total loans	823,935	721,751	712,479	616,276
Less: Amount payable within 12 months (shown under current liabilities)	535,037	445,631	473,411	370,156
Amount payable after 12 months	288,898	276,120	239,068	246,120

*The bond loan expenses relating to the loan, acquired to finance the refinery's hydrocracker unit will be amortized over the number of years remaining to loan maturity.

Analysis of borrowings by currency on 30/09/2008 and 31/12/2007:

	GROUP		COMPANY
	30/09/2008	31/12/2007		30/09/2008 31/12/2007
In 000´s Euros
Loan's currency
EURO	463,823	356,012	352,197	250,537
U.S. DOLLARS	235,615	247,266	235,615	247,266
SWISS FRANC	125,773	119,897	125,773	119,897
Total	825,211	723,175	713,585	617,700

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

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, started on 31/8/2004 and ended on 2/6/2005. It is repayable in semiannual 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 30/09/2008 is € 160,000 thousand. This loan is secured with mortgages registered on fixed assets of the Group amounting to € 275,000 thousand.

12. Bank Loans (continued)

Another loan amounting \$ 150,000 thousand (or € 104,873 thousand as at 30/09/2008) concerns a longterm loan, granted on 22/12/2005 which will be repaid in total by 19/12/2010 with 2 year extension option.

On 11/4/2008 Motor Oil has been granted a loan of € 6,000 thousand. It is repayable in annual instalments commencing on 13/4/2009 and the last instalment is due on 11/4/2013.

Total short-term loans (incl. short-term part of long-term loans) with duration up to one year amount to € 473,411 thousand. There are outstanding mortgages and pledges against these loans as mentioned above in note number 9.

ii) Avin Oil S.A. has been granted a loan of € 50,000 thousand granted on 23/4/2008 which is fully repayable on 23/4/2012 with 1 year extension option. The Company's other loans are all short-term, totalling to € 61,626 thousand with duration up to one year.

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

13. Share Capital

Share capital as at 30/09/2008 was € 33,235 thousand (30/09/2007: € 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 30/09/2008 are € 77,559 thousand and € 75,166 respectively and there were no movements on them since 31/12/2007.

15. Retained Earnings

	GROUP	COMPANY
In 000´s Euros
Balance as at 31 December 2007	203,416	213,604
Profit for the period	133,154	131,453
Dividends	(110,783)	(110,783)
Balance as at 30 September 2008	225,787	234,274

16. Contingent Liabilities / Commitments

There are legal claims by third parties against the Group amounting to approximately € 15.3 million (concerning the Company). There are also legal claims of the Group against third parties amounting to approximately € 72.6 million (Company: approximately € 62.1 million). No provision has been made as all above cases concern legal claims where the final outcome cannot be currently estimated.

The Company has not been subject to a tax audit for the years 2005 up to 2007. AVIN OIL S.A. has not been audited by the tax authorities for the years 2006 and 2007. OLYMPIC FUEL COMPANY S.A. has not been subject to a tax audit for the year 2007. HAFCO S.A. and KORINTHOS POWER S.A. have not been audited by the Tax authorities since their establishment (2002 and 2005 respectively). No accrual is considered necessary for the subsequent unaudited tax years because the amount of additional taxes and penalties to be imposed can not be currently estimated.

The Company and, consequently, the Group in order to complete its investments and its construction commitments, has entered into relevant contracts with construction companies, the outstanding balance of which, as at 30/09/2008, amounts to approximately € 5.6 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 30/09/2008, amounted to € 57,497 thousand. The respective amount as at 31/12/2007 was € 50,083 thousand.

The total amount of letters of guarantee given as security for the Company's liabilities as at 30/09/2008, amounted to € 10,044 thousand. The respective amount as at 31/12/2007 was € 3,612 thousand.

17. Events after the Balance Sheet Date

On 22 October 2008 the Company completed the full reaquisition of the 100% of "KORINTHOS POWER S.A." which owns an electricity generation license. On 3 November 2008 the Company has entered into a Joint Venture Agreement with "MYTILINEOS S.A. – GROUP OF COMPANIES" for the participation of the latter in the share capital of "KORINTHOS POWER S.A."at a stake of 65%. The agreement for this participation is subject to the approval by the relevant regulators authorities. (Ministry of Development, Regulatory Authority for Energy and Competition Committee)

Νο other events have occurred that could have a material impact on the Group's and Company's financial structure or operations since 30/09/2008 up to the date of issue of these financial statements.

18. Related Party 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	INCOME	EXPENSES	RECEIVABLES	PAYABLES
Associates	115,014	5,493	14,074	207
COMPANY
In 000´s Euros	INCOME	EXPENSES	RECEIVABLES	PAYABLES
Subsidiaries	453,018	331	28,497	8

Associates 114,945 4,646 14,069 194 Total 567,963 4,977 42,566 202

GROUP

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

The amounts outstanding are unsecured and will be settled in cash. No guarantees have been given or received to or from related parties.

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 personnel for the Group for the period 1/1 – 30/09/2008 and 1/1 – 30/09/2007 amounted to € 1,681 thousand and € 1,380 thousand respectively. (Company: 1/1 – 30/09/2008: € 1,466 thousand, 1/1 – 30/09/2007: € 1,166 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 personnel for the Group for the period 1/1 – 30/09/2008 amounted to € 65 thousand and 1/1 – 30/09/2007 amounted to € 66 thousand respectively. (Company: 1/1 – 30/09/2008: € 55 thousand, 1/1 – 30/09/2007: € 56 thousand)

No indemnities have been paid to key management personnel for the Group and the Company for the current and the corresponding last year period.

Directors' Transactions

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