Motor Oil (Hellas) Refineries S.A.

Quarterly Report • Sep 22, 2015

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

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

FIGURES AND FINANCIAL INFORMATION FOR THE PERIOD FROM 1 JANUARY 2011 TO 31 MARCH 2011

According to Decision No 4/507/28.04.2009 by the BoD of the Hellenic Capital Market Commission

The following figures and financial information, deriving from the financial statements, aim to provide a general information for the financial position and results of "MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.". Therefore, we suggest to any reader, before making any investment decision or transaction concerning the Company, to visit its Corporate web site, where the financial statements and the auditor's review report, whenever this is required, are presented.

Company's website: www.moh.gr Approval date of the financial statements by the Board of Directors: May 23, 2011

STATEMENT OF FINANCIAL POSITION					STATEMENT OF CASH FLOWS
	GROUP			COMPANY	Indirect Method	GROUP		COMPANY
	Amounts in thd Euro		Amounts in thd Euro			Amounts in thd Euro		Amounts in thd Euro
	31.03.2011	31.12.2010	31.03.2011	31.12.2010				01.01-31.03.2011 01.01-31.03.2010 01.01-31.03.2011 01.01-31.03.2010
ASSETS					Operating activities
Property, plant and equipment	1,117,737	1,118,306	885,349	884,571	Profit / (loss) before tax	79,370	16,176	74,777	15,612
Ιntangible assets	58,016	58,727	230	302	Plus / Less adjustments for:
Other non-current assets	96,051	80,085	147,026	147,025	Depreciation	25,181	14,593	20,228	12,928
Inventories	589,421	601,596	513,587	535,337	Provisions	1,827	919	1,610	772
Trade receivables	397,087	385,108	275,977	255,691	Exchange differences	(25,703)	14,866	(22,336)	14,888
Other current assets	108,872	150,262	48,246	60,459	Investment income (expenses)	(233)	(135)	(259)	(180)
TOTAL ASSETS	2,367,184	2,394,084	1,870,415	1,883,385	Interest and related expenses	14,487	5,090	10,366	4,243
					Movements in working capital:
EQUITY AND LIABILITIES					Decrease / (increase) in inventories	12,175	(95,438)	21,750	(94,377)
Share capital	132,940	132,940	132,940	132,940	Decrease / (increase) in receivables	(16,024)	10,904	(26,006)	14,819
Other shareholders' equity	355,497	293,155	285,131	226,309	(Decrease) / increase in payables (excluding loans)	(223,866)	(52,908)	(154,271)	(44,155)
Total shareholders' equity (a)	488,437	426,095	418,071	359,249	Less:
Non-controlling interests (b)	1,156	1,139	0	0	Interest and related expenses paid	(12,941)	(4,027)	(9,294)	(3,216)
					Taxes paid	(13,290)	(9,095)	(12,656)	(8,716)
Total equity (c) = (a) + (b)	489,593	427,234	418,071	359,249	Net cash (used in) / from operating activities (a)	(159,017)	(99,055)	(96,091)	(87,382)
Long term borrowings	396,289	294,808	215,901	114,037	Investing activities
Other non-current liabilities	111,611	102,455	79,724	71,322	Purchase of tangible and intangible assets	(24,339)	(35,056)	(20,963)	(33,857)
Short term borrowings	647,776	610,355	493,879	507,963
Other current liabilities	721,915	959,232	662,840	830,814	Proceeds from the sale of tangible and other intangible assets	116	1	0	0
Total liabilities (d)	1,877,591	1,966,850	1,452,344	1,524,136	Interest received	646	23	105	13
TOTAL EQUITY & LIABILITIES (c) + (d)	2,367,184	2,394,084	1,870,415	1,883,385	Net cash (used in) / from investing activities (b)	(23,577)	(35,032)	(20,858)	(33,844)
					Financing activities
STATEMENT OF COMPREHENSIVE INCOME		GROUP	COMPANY		Proceeds from loans	628,546	427,131	478,940	331,144
		Amounts in thd Euro	Amounts in thd Euro		Repayments of loans	(473,211)	(293,754)	(377,993)	(215,122)
	01.01-31.03.2011	01.01-31.03.2010	01.01-31.03.2011	01.01-31.03.2010	Repayments of finance leases	(55)	(53)	(55)	(53)
Turnover	1,824,823	1,109,956	1,410,996	962,526	Net cash (used in) / from financing activities (c)	155,280	133,324	100,892	115,969
Gross profit / (loss)	117,596	62,288	69,849	47,607	Net Increase / (decrease) in cash and cash equivalents (a)+(b)+( c)	(27,314)	(763)	(16,057)	(5,257)
Profit / (loss) before tax and interest	93,227	21,204	85,038	19,824	Cash and cash equivalents at beginning of the period	55,125	26,046	25,136	15,021
Profit / (loss) before tax	79,370	16,176	74,777	15,612	Cash and cash equivalents at period end	27,811	25,283	9,079	9,764
Profit / (loss) after tax (A)	62,359	12,534	58,822	12,134
-Shareholders	62,342	12,513	58,822	12,134
-Non-controlling interests	17	21	0	0	STATEMENT OF CHANGES IN EQUITY
							GROUP		COMPANY
Other comprehensive income after tax (B)	0	0	0	0			Amounts in thd Euro		Amounts in thd Euro
Total comprehensive income after tax (Α)+(Β)	62,359	12,534	58,822	12,134		31.03.2011	31.03.2010	31.03.2011	31.03.2010
					Equity opening balance
-Shareholders	62,342	12,513	58,822	12,134	(01.01.2011 and 01.01.2010 respectively)	427,234	352,176	359,249	332,792
					Total comprehensive income after tax	62,359	12,534	58,822	12,134
-Non-controlling interests	17	21	0	0	Equity closing balance
					(31.03.2011 and 31.03.2010 respectively)	489,593	364,710	418,071	344,926
Earnings per share - basic (in Euro)	0.5629	0.1131	0.5310	0.1095
Profit / (loss) before tax, interest and depreciation	118,227	35,630	105,086	32,584

ADDITIONAL INFORMATION

1. Please refer to note 12 of the financial statements, for the companies included in the consolidation (including their place of incorporation, shareholding percentage and method of consolidation).

The companies "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/or because they are dormant (note 12 in the financial statements). The newly acquired/established companies "CORAL A.E.", "CORAL FINANCE HΕLLΑS A.E.", "HΕRΜES Α.Ε.Μ.Ε.Ε", "ΜΥRΤΕΑ A.E.", "CORAL M.E.P.E.", "CORAL GAS A.E.B.E.Y.", "SHELL & MOH A.E.", "R.A.P.I. S.A." and "Μ and Μ GAS Co S.A." are included in the current period consolidation while they were not included in the respective prior year's period consolidation.

2. There are legal claims by third parties against the Group amounting to approximately Euro 79.7 million (Company: approximately Euro 10.7). There are also legal claims of the Group against third parties amounting to approximately Euro 118.0 million (Company: approximately Euro 83.1 million). For all above mentioned cases, the final outcome cannot be currently estimated. In addition, we do not expect material liabilities to arise from the tax unaudited fiscal years. Total provisions accounted for the Group are as follows: a) provision for doubtful debts Euro 3,922 thousand (Company: Euro 0 thousand), and b) provision for staff leaving indemnities Euro 50,651 thousand (Company: Euro 40,164 thousand).

3. The unaudited, by the Tax Authorities, fiscal years of the Group and the Company are mentioned in note 19 of the financial statements.

4. As at March 31, 2011 the Group's personnel headcount amounts to 1,861 (31.03.2010: 1,537) and the Company's personnel headcount amounts to 1,241 (31.03.2010: 1,283).

5. On 31 March 2011 the Company signed an agreement for the issuance of a common bond loan of EUR 50 million. Also on 21 April 2011 the Company signed an agreement for the issuance of a common syndicated bond loan of EUR 150 million which was drawn on 3 May 2011. The purpose of both loans is the restructuring of part of the existing short term bank loans to long term.

6. Transactions and balances of the Group and the Company, with related parties according to IAS 24 in Euro thousand:

	GROUP	COMPANY
INCOME	50,705	447,038
EXPENSES	887	1,802
RECEIVABLES	22,004	104,553
PAYABLES	153	487
OTHER BENEFITS & REMUNERATION OF BoD MEMBERS AND TOP MANAGEMENT	887	545
RECEIVABLES FROM BoD MEMBERS AND TOP MANAGEMENT	0	0
PAYABLES TO BoD MEMBERS AND TOP MANAGEMENT	0	0

THE CHAIRMAN OF THE BoD AND MANAGING DIRECTOR
VARDIS J. VARDINOYANNIS
I.D. No K 011385/82

THE DEPUTY MANAGING DIRECTOR AND CHIEF FINANCIAL OFFICER PETROS T. TZANNETAKIS Maroussi, May 23, 2011

I.D. No R 591984/94

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