Motor Oil (Hellas) Refineries S.A.

Quarterly Report • Sep 23, 2015

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

INTERIM FINANCIAL INFORMATION

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 2009 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 Statement of Comprehensive Income for the period ended 30 September 2009	3
Condensed Statement of Financial Position as at 30 September 2009	5
Condensed Statement of Changes in Equity for the period ended 30 September 2009	6
Condensed Statement of Cash Flows for the period ended 30 September 2009 Notes to the Condensed Financial Statements for the period ended 30 September 2009	7
	8
1. General Information	8
2. Basis of Preparation, Presentation and Significant Accounting Policies	8
3. Operating Segments	9
4. Revenue	11
5. Changes in Inventories / Cost of Sales	11
6. Income Tax Expense	12
7. Earnings per Share	12
8. Dividends	13
9. Goodwill	13
10. Other Intangible Assets	13
11. Property, Plant and Equipment	14
12. Investments in Subsidiaries and Associates	15
13. Available-for-Sale Investments	16
14. Bank Loans	17
15. Share Capital	18
16. Reserves	18
17. Retained Earnings	18
18. Deemed Disposal of Interest in Former Subsidiary	19
19. Establishment / Acquisition of Subsidiaries	19
20. Contingent Liabilities / Commitments	21
21. Events after the Balance Sheet Date	21
22. Related Party Transactions	22

Establishment

The financial statements of the Group and the Company, set out on pages 3 to 22, were approved at the Board of Directors' Meeting dated Tuesday November 10, 2009.

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 Statement of Comprehensive Income for the period ended 30 September 2009

Period 1.1 – 30.09.2009			GROUP		COMPANY
		1.1.2009-	1.1.2008-	1.1.2009-	1.1.2008-
In 000´s Euros (except for "earnings per share")	Note	30.09.2009	30.09.2008	30.09.2009	30.09.2008
Operating results
Revenue	4	2,828,710	4,339,206	2,508,930	4,018,328
Cost of Sales	5	(2,637,314)	(4,072,789)	(2,358,862)	(3,790,434)
Gross profit		191,396	266,417	150,068	227,894
Distribution expenses		(43,915)	(41,190)	(13,987)	(11,745)
Administrative expenses		(28,574)	(23,816)	(20,093)	(16,854)
Other operating income/(expenses)		37,551	3,008	33,804	(1,082)
Profit from operations		156,458	204,419	149,792	198,213
Investment income		921	1,907	478	1,527
Share of profit/(loss) of associates Gain recognized on deemed disposal of interest in		2,187	568	0	0
former subsidiary	18	16,846	0	0	0
Finance costs		(14,266)	(29,558)	(11,047)	(24,465)
Profit before tax		162,146	177,336	139,223	175,275
Income tax expense	6	(36,639)	(44,182)	(35,041)	(43,822)
Profit after tax		125,507	133,154	104,182	131,453
Other comprehensive income		0	0	0	0
Total comprehensive income		125,507	133,154	104,182	131,453
Attributable to Company Shareholders		125,382	133,154	104,182	131,453
Non-controlling interests		125	0	0	0
Earnings per share basic and diluted (in Euros)	7	1.13	1.20	0.94	1.19

The notes on pages 8-22 are an integral part of these interim condensed Financial Statements.

Condensed Statement of Comprehensive Income for the period ended 30 September 2009 (continued)

Period 1.7 – 30.09.2009		GROUP	COMPANY
	1.7.2009-	1.7.2008-	1.7.2009-	1.7.2008-
In 000´s Euros (except for "earnings per share")	30.09.2009	30.09.2008	30.09.2009	30.09.2008
Operating results
Revenue	1,012,176	1,579,673	919,386	1,476,601
Cost of Sales	(972,274)	(1,486,789)	(893,744)	(1,396,213)
Gross profit	39,902	92,884	25,642	80,388
Distribution expenses	(14,203)	(12,589)	(4,561)	(3,381)
Administrative expenses	(10,789)	(8,091)	(8,070)	(5,847)
Other operating income/(expenses)	15,900	(30,997)	14,259	(32,522)
Profit from operations	30,810	41,207	27,270	38,638
Investment income	232	566	68	447
Share of profit/(loss) of associates Gain recognized on deemed disposal of interest in	147	381	0	0
former subsidiary	0	0	0	0
Finance costs	(4,270)	(10,521)	(3,374)	(8,757)
Profit before tax	26,919	31,633	23,964	30,328
Income tax expense	(6,613)	(7,812)	(5,936)	(7,582)
Profit after tax	20,306	23,821	18,028	22,746
Other comprehensive income	0	0	0	0
Total comprehensive income	20,306	23,821	18,028	22,746
Attributable to Company Shareholders	20,211	23,821	18,028	22,746
Non-controlling interests	95	0	0	0
Earnings per share basic and diluted (in Euros)	0.18	0.21	0.16	0.21

The notes on pages 8-22 are an integral part of these interim condensed Financial Statements.

Condensed Statement of Financial Position as at 30 September 2009

In 000´s Euros			GROUP		COMPANY
	Note	30.09.2009	31.12.2008	30.09.2009	31.12.2008
ASSETS
Non-current assets
Goodwill	9	16,200	20,082	0	0
Other intangible assets	10	24,238	3,713	663	916
Property, Plant and Equipment	11	864,824	759,137	817,453	713,043
Investments in subsidiaries and associates	12	21,868	4,971	46,213	42,722
Available-for-sale investments	13	927	927	927	927
Other non-current assets		15,884	16,530	952	1,539
Total		943,941	805,360	866,208	759,147
Current assets
Inventories		320,009	235,529	317,071	233,705
Trade and other receivables		259,261	300,179	183,884	205,599
Cash and cash equivalents		43,162	9,208	28,281	7,982
Total		622,432	544,916	529,236	447,286
Total Assets		1,566,373	1,350,276	1,395,444	1,206,433
LIABILITIES
Non-current liabilities
Borrowings	14	266,951	276,871	205,639	227,031
Provision for retirement benefit obligation		34,516	34,408	32,326	32,691
Deferred tax liabilities		36,082	32,006	35,139	31,234
Other non-current liabilities		1,280	1,289	0	0
Deferred income		5,884	6,383	5,884	6,383
Total		344,713	350,957	278,988	297,339
Current liabilities
Trade and other payables		394,769	291,043	373,981	257,744
Provision for retirement benefit obligation		3,563	4,099	3,563	4,099
Income Taxes		20,902	0	18,193	0
Borrowings	14	409,857	393,919	345,816	332,219
Deferred income		674	672	674	672
Total		829,765	689,733	742,227	594,734
Total Liabilities		1,174,478	1,040,690	1,021,215	892,073
EQUITY
Share capital	15	33,235	33,235	33,235	33,235
Share premium		49,528	49,528	49,528	49,528
Reserves	16	77,560	77,560	75,166	75,166
Retained earnings	17	230,332	149,263	216,300	156,431
Equity attributable to Company Shareholders		390,655	309,586	374,229	314,360
Non-controlling interests		1,240	0	0	0
Total Equity		391,895	309,586	374,229	314,360
Total Equity and Liabilities		1,566,373	1,350,276	1,395,444	1,206,433

The notes on pages 8-22 are an integral part of these interim condensed Financial Statements.

Condensed Statement of Changes in Equity for the period ended 30 September 2009

GROUP		Attributable to Company Shareholders
In 000´s Euros	Share capital	Share premium	Reserves	Retained earnings	Total	Non controlling Interests	Total
Balance as at 1 January 2008	33,235	49,528	77,559	203,416	363,738	0	363,738
Comprehensive income after tax	0	0	0	133,154	133,154	0	133,154
Dividends paid	0	0	0	(110,783)	(110,783)	0	(110,783)
Balance as at 30 September 2008	33,235	49,528	77,559	225,787	386,109	0	386,109
Balance as at 1 January 2009	33,235	49,528	77,560	149,263	309,586	0	309,586
Non-controlling interests arising on the acquisition of subsidiary	0	0	0	0	0	1,115	1,115
Comprehensive income after tax	0	0	0	125,382	125,382	125	125,507
Dividends paid	0	0	0	(44,313)	(44,313)	0	(44,313)
Balance as at 30 September 2009	33,235	49,528	77,560	230,332	390,655	1,240	391,895

COMPANY	Share			Retained
In 000´s Euros	capital	Share premium	Reserves	earnings	Total
Balance as at 1 January 2008	33,235	49,528	75,166	213,604	371,533
Comprehensive income after tax	0	0	0	131,453	131,453
Dividends paid	0	0	0	(110,783)	(110,783)
Balance as at 30 September 2008	33,235	49,528	75,166	234,274	392,203
Balance as at 1 January 2009	33,235	49,528	75,166	156,431	314,360
Comprehensive income after tax	0	0	0	104,182	104,182
Dividends paid	0	0	0	(44,313)	(44,313)
Balance as at 30 September 2009	33,235	49,528	75,166	216,300	374,229

The notes set out on pages 8-22 are an integral part of these interim condensed Financial Statements.

Condensed Statement of Cash Flows for the period ended 30 September 2009

In 000´s Euros		GROUP	COMPANY
	1/1 – 30/09/2009	1/1 – 30/09/2008	1/1 – 30/09/2009	1/1 – 30/09/2008
Operating activities:
Profit before tax	162,146	177,336	139,223	175,275
Adjustments for:
Depreciation & amortization of non current assets	42,278	39,073	37,866	35,595
Provisions	(276)	2,091	(633)	1,610
Exchange differences	(6,829)	15,682	(6,852)	15,752
Investment income/(expenses)	(19,846)	(1,384)	(793)	(730)
Finance costs	14,266	29,558	11,047	24,465
Movements in working capital:
Decrease/(increase) in inventories	(83,743)	(35,825)	(83,365)	(37,231)
Decrease/(increase) in receivables (Decrease)/increase in payables (excluding	34,458	(29,683)	15,089	(23,850)
borrowings)	106,224	(63,979)	118,944	(61,271)
Less:
Finance costs paid	(14,584)	(28,704)	(11,009)	(24,017)
Taxes paid	(6,367)	(28,057)	(5,714)	(27,681)
Net cash (used in) / from operating activities (a)	227,727	76,108	213,803	77,917
Investing activities:
Acquisition of subsidiaries,affiliates,joint-ventures and other investments	105	0	(3,491)	0
Purchase of tangible and intangible assets	(146,762)	(61,217)	(142,040)	(57,542)
Proceeds on disposal of tangible and intangible
assets	73	190	1	0
Interest received	175	892	147	824
Dividends received	156	196	156	196
Net cash (used in) / from investing activities (b)	(146,253)	(59,939)	(145,227)	(56,522)
Financing activities:
Proceeds from loans	757,944	1,213,544	650,717	1,011,811
Repayments of bank loans	(760,999)	(1,120,381)	(654,529)	(924,630)
Repayments of finance leases	(152)	(140)	(152)	(140)
Dividends paid	(44,313)	(110,783)	(44,313)	(110,783)
Net cash (used in) / from financing activities (c) Net Increase / (Decrease) in cash and cash	(47,520)	(17,760)	(48,277)	(23,742)
equivalents (a)+(b)+( c) Cash and cash equivalents at beginning of	33,954	(1,591)	20,299	(2,347)
period	9,208	13,743	7,982	10,634
Cash and cash equivalents at end of period	43,162	12,152	28,281	8,287

The notes set out on pages 8-22 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 Company Law 2190/1920, with headquarters in Maroussi of Attica, 12^Α Irodou Attikou street, 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 30 September 2009 the number of employees, for the Group and the Company, was 1,525 and 1,279 persons respectively (30/09/2008: Group: 1,481 persons, Company: 1,265 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 combination with the 2008 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 2008 except for the following:

IFRS 8 "Operating Segments" (effective for annual periods beginning on or after 1 January 2009). IFRS 8 is a disclosure Standard that requires the redesignation of the Group's reportable segments (see notes 3 & 4), but has had no impact on the reported results or financial position of the Group.

IAS 1 (revised 2007) "Presentation of Financial Statements" (effective for annual periods beginning on or after 1 January 2009). The revised Standard has introduced a number of terminology changes (including revised titles for the condensed financial statements) and has resulted in a number of changes in presentation and disclosure. The revised Standard has had no material impact on the reported results or financial position of the Group.

IFRIC 12, Service Concession Arrangements (effective for financial years beginning on or after 1 January 2008). IFRIC 12 provides for an approach to account for contractual arrangements arising from entities providing public services. According to this IFRIC the entities should not account for a fixed asset but rather for a financial asset and/or an intangible asset. IFRIC 12 has been endorsed by the EU on 25 March 2009 and is relevant to the Group's operations in the newly acquired subsidiary "OLYMPIC FUEL COMPANY S.A.".

IFRS 3 (revised 2008) "Business Combinations" (effective for business combinations for which the acquisition date is on or after the beginning of the first annual period beginning on or after 1 July 2009). The revised IFRS 3 introduces a series of changes in the accounting treatment of business combinations that will affect the amount of recognized goodwill, the results of the current period where the acquisition took place and future results. These changes include expenses related to the acquisition and the recognition of future changes in the fair value of the contingent price. The Group is in the process of assessing the impact of this new standard and will apply it when necessary.

IAS 27 (revised 2008) "Consolidated and Separate Financial Statements" (effective for annual periods beginning on or after 1 July 2009). The revised IAS 27 requires transactions that lead to changes in investing shares in subsidiaries to be accounted for in the net equity section and amends the accounting treatment in the case of losses in a subsidiary as well as on the loss of control in a subsidiary. These changes may affect future acquisitions and transactions with non-controlling interests' holders. The Group is in the process of assessing the impact of this new standard and will apply it when necessary.

IAS 28 (2008) "Investments in Associates" (effective for annual periods beginning on or after 1 July 2009). The principle adopted in IAS 27 (2008) that a change in accounting basis is recognized as a disposal and re-acquisition at fair value is extended by consequential amendments to IAS 28 such that, on the loss of significant influence, the investor measures at fair value any investment retained in the former associate. The Group is in the process of assessing the impact of this new standard and does not expect to have a material impact to the financial statements to be reported.

3. Operating Segments

The Group has adopted IFRS 8 "Operating Segments" effective as of 1 January 2009. IFRS 8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision makers in order to allocate resources to the segment and to assess its performance. The adoption of IFRS 8 has had no material impact on the reported segments already disclosed since the Group's basic activities are oil refining and oil product trading as well as the sale of related services due to the newly acquired subsidiary "OLYMPIC FUEL COMPANY S.A.".

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 three distinct activity categories: Refinery's Activities, Sales to Gas Stations and Services.

Segment information is presented in the following table:

3. Operating Segments (continued)

Income Statement

0´s In 00 Eu ros	0 1. 0 1 – 3 0. 0 9. 2 0 0 9				0 1. 0 1 – 3 0. 0 9. 2 0 0 8
Bu sin s O ion rat es pe s	Re fin 's ery Ac tiv itie s	Sa les G to as Sta tio ns	Se rvi ce s	Eli mi tio / na ns Ad jus tm ts en	To tal	Re fin 's ery Ac tiv itie s	Sa les G to as Sta tio ns	Eli mi tio na ns	To tal
Sa les to th ird rtie pa s	2, 21 1, 23 0	61 2, 45 7	5, 02 3	0	2, 82 8, 71 0	3, 56 7, 42 8	77 1, 77 8	0	4, 33 9, 20 6
Inte ale nt s r-s eg me s	29 7, 70 0	4, 98 0	0	( 30 2, 68 0)	0	45 0, 90 0	1, 60 8	( 45 2, 50 8)	0
To tal re ve nu e	2, 50 8, 93 0	61 43 7, 7	02 3 5,	( 30 2, 68 0)	2, 82 8, 71 0	4, 01 8, 32 8	3, 38 6 77	( 45 2, 50 8)	4, 33 9, 20 6
Co f S ale st o s	( 2, 35 8, 86 2)	( 58 0, 054 )	( 2, 54 7)	304 149 ,	( 2, 63 31 4) 7,	( 3, 79 0, 43 4)	( 73 52 0) 5,	45 3, 165	( 4, 07 2, 78 9)
Gr rof it os s p	150 06 8 ,	37 38 3 ,	2, 47 6	1, 46 9	19 1, 39 6	22 89 4 7,	37 86 6 ,	65 7	26 6, 41 7
Dis trib utio n e xp en ses	( 7) 13 98 ,	( ) 30 187 ,	( 2)	26 1	( 5) 43 91 ,	( 5) 11 74 ,	( 0) 29 56 ,	115	( ) 41 190 ,
Ad min istr ativ e e xp en ses	( 20 09 3) ,	( 8, 24 5)	( 33 6)	100	( 28 574 ) ,	( 16 85 4) ,	( 7, 01 9)	57	( 23 81 6) ,
Oth ting in e/( s) er op era com ex pe nse	33 80 4 ,	5, 39 2	23	( 1, 66 8)	37 55 1 ,	( 1, 08 2)	5, 25 2	( 1, 162 )	3, 00 8
Se t re lt f tio gm en su rom op era ns	149 79 2 ,	4, 34 3	2, 16 1	162	156 45 8 ,	198 21 3 ,	6, 53 9	( 33 3)	20 4, 41 9
Inv est nt inc me om e	47 8	42 5	18	0	92 1	1, 52 7	38 0	0	1, 90 7
Sh of ofit /( los s) of iate are pr ass oc s Ga in r ize d o n d d d isp l of eco gn ee me osa	0	0	0	2, 187	2, 187	0	0	56 8	56 8
int in f bsi dia st ere orm er su ry	0	0	0	16 84 6 ,	16 84 6 ,	0	0	0	0
Fin ts an ce cos	( 11 04 7) ,	( 3, 09 1)	( 128 )	0	( 14 26 6) ,	( 24 46 5) ,	( 5, 09 3)	0	( 29 55 8) ,
Pro fit be for e t ax	139 22 3 ,	1, 67 7	2, 05 1	19 195 ,	162 146 ,	175 27 5 ,	1, 82 6	23 5	177 33 6 ,
Ot he r in for tio ma n :
of ( ) Ac isit ion bs idi Int ibl ets qu su ary an g e a ss	0	0	21 82 5 ,	0	21 82 5 ,	0	0	0	0
Ca ita l ad dit ion p s	142 04 0 ,	4, 71 3	9	0	146 76 2 ,	57 54 2 ,	3, 67 5	0	61 21 7 ,
De cia tio n/a rtiz ati fo r th eri od pre mo on e p	37 86 6 ,	3, 68 4	72 7	1	42 27 8 ,	35 59 5 ,	3, 47 7	1	39 07 3 ,
Fin cia l P itio an os n
As ts se
Se t a ets (e lud ing in stm ts) gm en ss xc ve en Inv tm ts in: es en	1, 34 8, 304	169 31 5 ,	30 98 2 ,	( 5, 02 3)	1, 54 3, 57 8	1, 43 4, 71 1	182 68 6 ,	( 13 054 ) ,	1, 60 4, 34 3
Su bs idi ari & a iat es ss oc es	46 21 3 ,	6, 34 2	0	( 30 68 7) ,	21 86 8 ,	38 67 8 ,	2, 99 3	( 37 51 7) ,	4, 154
Av ail ab le- for -Sa le Inv tm ts es en	92 7	0	0	0	92 7	92 7	0	0	92 7
To tal ts as se	1, 39 5, 44 4	175 65 7 ,	30 98 2 ,	( 35 71 0) ,	1, 56 6, 37 3	1, 47 4, 31 6	185 67 9 ,	( 50 57 1) ,	1, 60 9, 42 4
To tal lia bil itie s	1, 02 1, 21 5	159 115 ,	15 36 4 ,	( 21 21 6) ,	1, 174 47 8 ,	1, 08 2, 113	170 52 2 ,	( 29 32 0) ,	1, 22 3, 31 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 - services):

GROUP
In 000´s Euros		1/1 – 30/09/09			1/1 – 30/09/08
SALES	DOMESTIC	EXPORT	TOTAL	DOMESTIC	EXPORT	TOTAL
Products	1,007,008	1,060,081	2,067,089	1,731,044	1,425,581	3,156,625
Merchandise	543,410	213,188	756,598	675,730	506,851	1,182,581
Services	5,023	0	5,023	0	0	0
TOTAL	1,555,441	1,273,269	2,828,710	2,406,774	1,932,432	4,339,206
COMPANY
In 000´s Euros		1/1 – 30/09/09			1/1 – 30/09/08
SALES	DOMESTIC	EXPORT	TOTAL	DOMESTIC	EXPORT	TOTAL
Products	1,007,008	1,060,081	2,067,089	1,731,044	1,425,581	3,156,625
Merchandise	231,150	210,691	441,841	413,726	447,977	861,703
TOTAL	1,238,158	1,270,772	2,508,930	2,144,770	1,873,558	4,018,328

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 and the last year comparative 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 – 30/09/2009: € 0 thousand and 1/1 – 30/09/2008: € 9,345 thousand.

The total cost of inventories recognized as an expense during the current and prior year period for the Group was for 1/1 – 30/09/2009: € 2,599,032 thousand and for 1/1 – 30/09/2008: € 4,028,224 thousand (Company: 1/1 – 30/09/2009: € 2,321,307 thousand, 1/1 – 30/09/2008: € 3,745,869 thousand).

6. Income Tax Expense

In 000´s Euros		GROUP		COMPANY
	1/1 – 30/09/09	1/1 – 30/09/08	1/1 – 30/09/09	1/1 – 30/09/08
Current corporate tax for the period	32,156	42,871	31,136	42,491
Tax audit differences from prior
years	605	0	0	0
Deferred tax	3,878	1,311	3,905	1,331
Total	36,639	44,182	35,041	43,822

Current corporate income tax is calculated at 25% on the tax assessable profit for the period 1/1- 30/09/2009 and 1/1-30/09/2008 respectively. Deferred taxation is calculated with the tax rates that are expected to be in force when the temporary differences will be reversed.

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
	1/1-30/09/09	1/1-30/09/08	1/1-30/09/09	1/1-30/09/08
Earnings	125,382	133,154	104,182	131,453
Weighted average number of ordinary shares for the purposes of basic earnings per share Earnings per share basic	110,782,980	110,782,980	110,782,980	110,782,980
and diluted in €	1.13	1.20	0.94	1.19
		GROUP		COMPANY
	1/7-30/09/09	1/7-30/09/08	1/7-30/09/09	1/7-30/09/08
Earnings	20,211	23,821	18,028	22,746
Weighted average number of

Earnings per share basic and diluted in €	0.18	0.21	0.16	0.21
ordinary shares for the purposes of basic 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. Company's management proposed to the Annual General Assembly Meeting that was held on May 28, 2009, the distribution of total gross dividends for the fiscal year 2008 of € 66,469,788 (or € 0.60 per share). It is noted that for 2008 a gross interim dividend of € 22,156,596 (or € 0.20 per share) had been paid and accounted for in December 2008, while the remaining € 0.40 per share has been paid and accounted for in June 2009.

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. Goodwill

Goodwill for the Group as at 30.09.2009 was € 16,200 thousand. Goodwill concerns the subsidiary "AVIN OIL S.A.". The Group performs on an annual basis impairment testing on Goodwill from which no need for impairment has arisen.

	31/12/2008	Amount written off on disposal of interest in former subsidiary	30/09/2009
Goodwill	20,082	(3,882)	16,200

10. Other Intangible Assets

The movement during the period 1/1 – 30/9/2009 is presented in the following table.

In 000´s Euros		GROUP		COMPANY
	Software	Rights	Total	Software
COST
As at 1 January 2009	12,671	3,690	16,361	10,406
Acquisition of subsidiary	0	21,825	21,825	0
Additions	155	9	164	47
As at 30 September 2009 ACCUMULATED AMORTIZATION	12,826	25,524	38,350	10,453
As at 1 January 2009	11,105	1,543	12,648	9,490
Amortization expense	736	728	1,464	300
As at 30 September 2009	11,841	2,271	14,112	9,790
CARRYING AMOUNT
As at 31 December 2008	1,566	2,147	3,713	916
As at 30 September 2009	985	23,253	24,238	663

11. Property, Plant and Equipment

The movement in the Group's fixed assets during the period 1/1 – 30/09/2009 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 2009	151,951	857,201	21,902	65,614	1,024	1,097,692
Additions	1,228	4,180	957	140,233	0	146,598
Disposals	(17)	(155)	(38)	0	0	(210)
Transfers	721	9,420	21	(10,162)	0	0
As at 30 September 2009	153,883	870,646	22,842	195,685	1,024	1,244,080
ACCUMULATED DEPRECIATION
As at 1 January 2009	17,453	306,878	13,825	0	399	338,555
Depreciation expense	2,299	37,153	1,208	0	154	40,814
Disposals	(2)	(82)	(29)	0	0	(113)
As at 30 September 2009 CARRYING AMOUNT	19,750	343,949	15,004	0	553	379,256
As at 31 December 2008	134,498	550,323	8,077	65,614	625	759,137
As at 30 September 2009	134,133	526,697	7,838	195,685	471	864,824

The movement in the Company's fixed assets during the period 1/1 – 30/09/2009 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 2009	133,875	801,094	18,606	65,528	1,024	1,020,127
Additions	392	1,100	697	139,804	0	141,993
Disposals	(17)	(13)	(8)	0	0	(38)
Transfers	721	9,420	21	(10,162)	0	0
As at 30 September 2009	134,971	811,601	19,316	195,170	1,024	1,162,082
ACCUMULATED DEPRECIATION
As at 1 January 2009	13,441	281,228	12,016	0	399	307,084
Depreciation expense	1,890	34,469	1,053	0	154	37,566
Disposals	(2)	(13)	(6)	0	0	(21)
As at 30 September 2009	15,329	315,684	13,063	0	553	344,629
CARRYING AMOUNT
As at 31 December 2008	120,434	519,866	6,590	65,528	625	713,043
As at 30 September 2009	119,642	495,917	6,253	195,170	471	817,453

11. Property, Plant and Equipment (continued)

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	Mortgages
	000´s €
N.B.G.	6
CITIBANK INTERNATIONAL PLC	275,000
TOTAL	275,006

In addition, the Company's obligations under finance leases are secured by the lessor's title to the leased assets, which have a carrying amount of € 471 thousand (31/12/2008: € 625 thousand).

12. 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 (direct / indirect)	Principal activities
AVIN OIL S.A.	Greece, Maroussi of Attika	100%	Petroleum Products
AVIN ALBANIA S.A.	Tirana, Albania	100%	Petroleum Products (dormant)
BRODERICO LTD	Cyprus, Nicosia	100%	Commerce, Investments and Rendering of Services (dormant)
MAKREON S.A.	Greece, Maroussi of Attika	100%	Trading, Transportation, Storage & Agency of Petroleum Products
OLYMPIC FUEL COMPANY S.A.	Greece, Spata of Attika	92.06%	Aviation Fueling Systems
ELECTROPARAGOGI SOUSSAKI S.A.	Greece, Maroussi of Attika	70%	Energy (dormant)
NUR-MOH HELIOTHERMAL S.A.	Greece, Maroussi of Attika	50%	Energy (dormant)
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	35%	Energy

12. Investments in Subsidiaries and Associates (continued)

Investments in subsidiaries and associates are as follows:

Name		GROUP	COMPANY
In 000´s Euros	30/09/2009	31/12/2008	30/09/2009	31/12/2008
AVIN OIL S.A.	0	0	37,564	37,564
AVIN ALBANIA S.A.	110	510	0	0
OLYMPIC FUEL COMPANY S.A.	0	3,872	4,195	904
BRODERICO LTD	60	60	0	0
MAKREON S.A.	0	0	0	0
HELLENIC AVIATION FUEL COMPANY S.A.(HAFCO S.A.)	534	452	0	0
ELECTROPARAGOGI SOUSSAKI S.A.	77	77	44	44
NUR-MOH HELIOTHERMAL S.A.	200	0	200	0
KORINTHOS POWER S.A.	20,887	0	4,210	4,210
TOTAL	21,868	4,971	46,213	42,722

Of the companies listed above, "AVIN OIL S.A.", "MAKREON S.A." and "OLYMPIC FUEL COMPANY S.A." are fully consolidated, "HELLENIC AVIATION 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", "AVIN ALBANIA S.A.", "ELECTROPARAGOGI SOUSSAKI S.A." and "NUR-MOH HELIOTHERMAL S.A." are not consolidated but are stated at cost due to their insignificance and because they are dormant. "AVIN ALBANIA S.A." is in liquidation process from which a loss of approximately € 400 thousand is expected. The cost of investment has been thus impaired by this amount.

13. Available-for-Sale Investments

it.

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

14. Bank Loans

		GROUP		COMPANY
In 000´s Euros	30/09/2009	31/12/2008	30/09/2009 31/12/2008
Bank loans	677,124	671,302	551,641	559,601
Finance leases	497	649	497	649
Less: Bond loan expenses*	(813)	(1,161)	(683)	(1,000)
Total loans	676,808	670,790	551,455	559,250
The borrowings are repayable as follows:
On demand or within one year	409,857	393,919	345,816	332,219
In the second year	32,807	189,182	31,420	139,181
From the third to fifth year inclusive	229,063	88,850	174,902	88,850
After five years	5,894	0	0	0
Less: Bond loan expenses*	(813)	(1,161)	(683)	(1,000)
Total loans	676,808	670,790	551,455	559,250
Less: Amount payable within 12 months
(shown under current liabilities)	409,857	393,919	345,816	332,219
Amount payable after 12 months	266,951	276,871	205,639	227,031

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

Analysis of borrowings by currency on 30/09/2009 and 31/12/2008:

	GROUP		COMPANY
	30/09/2009	31/12/2008	30/09/2009 31/12/2008
In 000´s Euros
Loan's currency
EURO	461,902	335,189	336,550	223,649
U.S. DOLLARS	143,278	196,314	143,278	196,314
SWISS FRANCS	71,628	139,287	71,627	139,287
Total	676,808	670,790	551,455	559,250

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

14. 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 two year extension option. The balance as at 30/09/2009 is € 130,000 thousand. This loan is secured with mortgages registered on fixed assets of the Group amounting to € 275,000 thousand.

Another loan amounting US\$ 150,000 thousand concerns a long-term loan, granted on 22/12/2005 which will be repaid in total by 19/12/2010 with two year extension option.

On 11/4/2008 Motor Oil was granted a loan of € 6,000 thousand. It is repayable in annual instalments commencing on 14/4/2009 and the last instalment is due on 11/4/2013. The balance as at 30/09/2009 is € 4,800 thousand.

Total short-term loans (including short-term part of long-term loans) with duration up to one year amount to € 345,816 thousand. There are outstanding mortgages against these loans as mentioned above in note number 11.

• ii) "Avin Oil S.A." has been granted a loan of € 50,000 thousand issued 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 € 62,653 thousand with duration up to one year.
• iii) "OLYMPIC FUEL COMPANY S.A." has been granted a loan of € 13,856 thousand. It is repayable in quarterly instalments and the balance (including short-term part of long-term loan) as at the end of the period 30/09/2009 is € 12,829 thousand.

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

15. Share Capital

Share capital as at 30/09/2009 was € 33,235 thousand (31/12/2008: € 33,235 thousand). There were no movements in the share capital of the Company in neither the current nor the prior interim reporting period.

16. Reserves

Reserves of the Group and the Company as at 30/09/2009 are € 77,560 thousand and € 75,166 thousand respectively and there was no movement since 31/12/2008.

17. Retained Earnings

	GROUP	COMPANY
In 000´s Euros
Balance as at 31 December 2008	149,263	156,431
Profit for the period	125,382	104,182
Dividends	(44,313)	(44,313)
Balance as at 30 September 2009	230,332	216,300

18. Deemed Disposal of Interest in Former Subsidiary

On 14 April 2009, "MYTILINEOS HOLDINGS S.A." through "ARGYRITIS LAND" (100% subsidiary of "MYTILINEOS HOLDINGS S.A.") acquired, through a cash share capital increase, a 65% shareholding percentage in "KORINTHOS POWER S.A." for an amount of € 59,428,583. The Company remains shareholder of "KORINTHOS POWER S.A." with a shareholding percentage of 35%.

In 000´s Euros

Fair value of investment retained (35%) 20,833 (Less: carrying amount of investment on the date of loss of significant influence) (3,987) Profit recognized 16,846

19. Establishment / Acquisition of Subsidiaries

1. On 8 May 2009, the transaction for the purchase of 64.06% of the share capital of "OLYMPIC FUEL COMPANY (OFC) S.A.", was concluded. Acquisition cost was € 6,581,431 and the participation of the Group in the share capital of OFC has become 92.06% (46.03% directly and 46.03% indirectly, through AVIN OIL S.A.).

Assets and liabilities of the above acquired company, as at the acquisition date are as follows:

In 000´s Euros
Assets
Other intangible assets	21,825
Inventories	736
Other non-current assets	17
Trade and other receivables	492
Cash and cash equivalents	6,911
Total assets	29,981
Liabilities
Non-current liabilities	11,689
Current liabilities	4,246
Total Liabilities	15,935
Equity	14,046
Acquisition of 64.06% of net equity	8,998
Gain from bargain purchase of subsidiary	(2,416)
Cash paid	6,582
Cash flows for the acquisition:
Cash paid	6,582
Cash and cash equivalent acquired (64.06%)	(4,427)
Net cash outflow for the acquisition	2,155

The amount of € 2.4 million (gain on bargain purchase) is included in "share of profit/(loss) of associates" of the statement of comprehensive income of the period. The sales revenue of the acquired company during the after the acquisition period (8/5-30/9/2009) was € 5,023 thousand and the net profit included in the consolidation € 1,572 thousand. Had the company been acquired from the beginning of the current period the sales revenue to be included in the consolidation would have been € 7,718 thousand and the net profit to be included in the consolidation would have been € 1,790 thousand.

19. Establishment / Acquisition of Subsidiaries (continued)

2. In July 2009, the Company participated in the establishment of "NUR-MOH HELIOTHERMAL S.A." with a shareholding percentage of 50% at a cost of € 200 thousand. The above mentioned company's activities will be the exploitation and operation of heliothermal stations.

3. In September 2009, the Company has agreed with "SHELL OVERSEAS HOLDINGS LTD" to acquire the majority of its activities in Greece including:

• distribution and sales of fuels through its branded retail network,
• owned storage depots of 137,000 c.m. total capacity,
• lubricants blending operations,
• chemicals storage & distribution business,
• 49% of aviation activity.

The transfer of the aforementioned activities will be accomplished via the acquisition of 100% of "SHELL HELLAS S.A." shares a company which, following the completion of its restructuring currently taking place, will incorporate them. The total value of the transaction amounts to approximately Euro 219.1 million.

In addition, the Company agreed with "SHELL GAS (LPG) HOLDINGS BV" the acquisition of 100% of "SHELL GAS COMMERCIAL AND INDUSTRIAL S.A." shares, a company currently carrying the LPG business of SHELL Group in Greece. The value of the "SHELL GAS COMMERCIAL AND INDUSTRIAL S.A" acquisition amounts to approximately Euro 26.5 million.

The above mentioned agreements are subject to approval by the relevant authorities and the competition authorities.

20. Contingent Liabilities / Commitments

There are legal claims by third parties against the Group amounting to approximately € 14.8 million (concerning the Company). There are also legal claims of the Group against third parties amounting to approximately € 71.5 million (Company: approximately € 60.8 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 2008 for which a tax audit is currently in progress. "OLYMPIC FUEL COMPANY S.A." and "HAFCO S.A." have not been subject to a tax audit for the year 2007 and 2008. "KORINTHOS POWER S.A." and "MAKREON S.A." have not been audited by the tax authorities since their establishment (2005 and 2007 respectively). We do not expect material liabilities to arise from the tax unaudited fiscal years.

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 30/09/2009, amounts to approximately € 35 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 30/09/2009, amounted to € 82,387 thousand. The respective amount as at 31/12/2008 was € 75,643 thousand.

The total amount of letters of guarantee given as security for the Company's liabilities as at 30/09/2009, amounted to € 34,268 thousand. The respective amount as at 31/12/2008 was € 13,275 thousand.

21. Events after the Balance Sheet Date

Τhere are no events that have occurred that could have a material impact on the Group's and Company's financial structure or operations since 30/09/2009 up to the date of issue of these financial statements.

22. Related Party Transactions

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

GROUP

In 000´s Euros	INCOME	EXPENSES	RECEIVABLES	PAYABLES
Associates	71,902	863	13,174	0

COMPANY

In 000´s Euros	INCOME	EXPENSES	RECEIVABLES	PAYABLES
Subsidiaries	299,669	561	20,801	0
Associates	71,850	863	13,167	0
Total	371,519	1,424	33,968	0

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 for the Group for the period 1/1 – 30/09/2009 and 1/1 – 30/09/2008 amounted to € 1,783 thousand and € 1,681 thousand respectively. (Company: 1/1 – 30/09/2009: € 1,566 thousand, 1/1 – 30/09/2008: € 1,466 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 – 30/09/2009 amounted to € 367 thousand and 1/1 – 30/09/2008 amounted to € 65 thousand respectively. (Company: 1/1 – 30/09/2009: € 357 thousand, 1/1 – 30/09/2008: € 55 thousand)

There are no leaving indemnities to key management for the Group and the Company for the period 1/1 – 30/9/2009 as well as for the comparative last year period.

Directors' Transactions

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