Motor Oil (Hellas) Refineries S.A.

Quarterly Report • Mar 11, 2016

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

ANNUAL FINANCIAL REPORT FOR THE PERIOD 1 JANUARY – 31 DECEMBER 2015

(According to the Law 3556/2007)

TABLE OF CONTENTS

• DECLARATION OF THE BoD REPRESENTATIVES
• DIRECTORS' REPORT
• CORPORATE GOVERNANCE STATEMENT (Law 3873/2010)
• ANNUAL FINANCIAL STATEMENTS
• INDEPENDENT AUDITOR'S REPORT
• PUBLISHED FIGURES & INFORMATION

DECLARATION OF THE REPRESENTATIVES OF THE BOARD OF DIRECTORS OF "MOTOR OIL (HELLAS) CORINTH REFINERIES S.A."

Pursuant to the provisions of article 4 paragraph 2 item c of Law 3556/2007 we hereby declare that to the best of our knowledge:

• A. The single and consolidated financial statements of "MOTOR OIL (HELLAS) S.A." (the Company) for the year ended December 31, 2015, which have been prepared in accordance with the applicable accounting standards, truly present the assets, the liabilities, the shareholders' equity and the statement of comprehensive income of the Company and the companies included in the consolidated financial statements taken as a total, and
• B. The Board of Directors' annual report truly presents the course, the performance and the position of the Company and the companies included in the consolidated financial statements taken as a total, including the description of the most important risks and uncertainties they are facing.

Maroussi, March 10th, 2016

Chairman of the BoD and Managing Director	Vice Chairman Deputy Managing Director and Chief Financial Officer
VARDIS J. VARDINOYANNIS	IOANNIS V. VARDINOYANNIS	PETROS T. TZANNETAKIS
I.D. No K 011385/1982	I.D. No AH 567603/2009	I.D. No R 591984/1994

REPORT OF THE BOARD OF DIRECTORS (ACCORDING TO ARTICLE 4 OF THE LAW 3556/2007) ON THE FINANCIAL STATEMENTS OF "MOTOR OIL (HELLAS) CORINTH REFINERIES S.A." AND THE CONSOLIDATED FINANCIAL STATEMENTS OF THE GROUP FOR THE YEAR ENDED 31 DECEMBER 2015 (PERIOD 01.01.2015 – 31.12.2015)

Ι. REVIEW OF OPERATIONS

The Group financial figures for 2015 compared to 2014 are presented hereunder:

			Variation
Amounts in thousand Euros	2015	2014	Amount	%
Turnover (Sales)	7,060,215	9,050,151	(1,989,936)	(21.99%)
Less: Cost of Sales (before depreciation)	6,346,495	8,779,431	(2,432,936)	(27.71%)
Gross Profit (before depreciation)	713,720	270,720	443,000	163.64%
Less: Selling Expenses (before depreciation)	189,634	168,902	20,732	12.27%
Less: Administrative Expenses (before depreciation)	53,970	45,806	8,164	17.82%
Plus / (Less): Other Operating Income/(Expenses)	21,938	(4,528)	26,466	584.50%
Earnings before Interest, Tax, Depreciation & Amortization (EBITDA)	492,054*	51,484*	440,570	855.74%
Plus: Investment Income / share of profits in associates	(1,200)	12,847	(14,047)	(109.34%)
Less : Financial Expenses	87,714	74,623	13,091	17.54%
Earnings (losses) before Depreciation and Tax	403,140	(10,292)	413,432	4,017.02%
Less: Depreciation	100,292	97,762	2,530	2.59%
Earnings (losses) before Tax	302,848	(108,054)	410,902	380.27%
Less: Income Tax	97,871	(24,874)	122,745	493.47%
Earnings (losses) after Tax	204,977	(83,180)	288,157	346.43%
Less: Non-controlling interests	163	122	41	33.61%
Earnings (losses) after Tax and after non-controlling interests	204,814	(83,302)	288,116	345.87%

(*) Includes government grants amortization of Euro 1,156 thousand for the year 2015 and Euro 1,236 thousand for the year 2014.

The respective Company financial figures for 2015 compared to 2014 are presented hereunder:

			Variation
Amounts in thousand Euros	2015	2014	Amount	%
Turnover (Sales)	5,276,468	7,436,908	(2,160,440)	(29.05%)
Less: Cost of Sales (before depreciation)	4,791,875	7,357,331	(2,565,456)	(34.87%)
Gross Profit (before depreciation)	484,593	79,577	405,016	508.96%
Less: Selling Expenses (before depreciation)	41,693	35,504	6,189	17.43%
Less: Administrative Expenses (before depreciation)	27,678	23,751	3,928	16.54%
Plus / (Less): Other Operating Income/(Expenses)	15,573	(7,311)	22,884	313.01%
Earnings before Interest, Tax, Depreciation & Amortization (EBITDA)	430,795*	13,011*	417,784	3,211.01%
Plus: Investment Income	2,151	2,460	(309)	(12.56%)
Less : Financial Expenses	64,548	52,048	12,500	24.02%
Earnings (losses) before Depreciation and Tax	368,398	(36,577)	404,975	1,107.18%
Less: Depreciation	76,600	75,396	1,204	1.60%
Earnings (losses) before Tax	291,798	(111,973)	403,771	360.60%
Less: Income Tax	90,694	(24,987)	115,681	462.96%
Earnings (losses) after Tax	201,104	(86,986)	288,090	331.19%

(*) Includes government grants amortization of Euro 1,070 thousand for the year 2015 and Euro 1,070 thousand for the year 2014.

On the financial figures presented above we hereby note the following:

1. Turnover (Sales)

In principle, the turnover increase or decrease of oil refining and trading companies is mainly a combination of the following factors:

• a) Volume of Sales
• b) Crude Oil and Petroleum Product Prices, and
• c) Euro / US Dollar parity.

The industrial activity (refining) concerns sales of products produced in the refinery of the parent company while the trading activity concerns sales generated as a result of imports of finished products from the international market and their subsequent resale to customers in the domestic market and abroad. The Group has the flexibility to take full advantage of the favorable market conditions in the oil sector, whenever these arise, and it is in a position to respond to any exceptional or unpredictable conditions meeting the demand in the domestic and the international market with imports.

The breakdown of Group turnover by geographical market (Domestic – Foreign) and type of activity (Refining – Trading) as well as sales category in Metric Tons–Euros is presented hereunder:

		Metric Tons			Amounts in thousand Euros
Geographical market and Type of Activity	2015	2014	Variation %	2015	2014	Variation %
Foreign
Refining/Fuels	8,239,826	7,865,184	4.76%	3,125,445	4,400,564	(28.98%)
Refining/Lubricants	250,013	213,661	17.01%	145,197	152,041	(4.50%)
Trading/Fuels etc.	433,887	564,887	(23.19%)	229,071	353,682	(35.23%)
Total Foreign Sales	8,923,726	8,643,732	3.24%	3,499,713	4,906,287	(28.67%)
Domestic
Refining/Fuels	2,251,920	2,464,498	(8.63%)	1,132,137	1,616,555	(29.97%)
Refining/Lubricants	61,015	41,176	48.18%	49,958	35,872	39.27%
Trading/Fuels etc.	1,330,750	922,548	44.25%	1,929,624	1,865,748	3.42%
Total Domestic Sales	3,643,685	3,428,222	6.28%	3,111,719	3,518,175	(11.55%)
Bunkering
Refining/Fuels	871,627	901,285	(3.29%)	340,425	474,906	(28.32%)
Refining/Lubricants	9,353	3,518	165.86%	12,227	4,278	185.81%
Trading/Fuels etc.	167,284	184,941	(9.55%)	86,149	136,764	(37.01%)
Total Bunkering Sales	1,048,264	1,089,744	(3.81%)	438,801	615,948	(28.76%)
Rendering of Services				9,982	9,741	2.47%
Total Sales	13,615,675	13,161,698	3.45%	7,060,215	9,050,151	(21.99%)

In 2015 Group turnover decreased in value by Euro 1,990 million or 21.99% compared to the previous year. The decrease of Group turnover is accounted for by the fall of the average prices of petroleum products (denominated in US Dollars) by 45.06% while it was partly offset by the increase of sales volume by 3.45% (from MT 13,161,698 in 2014 to ΜΤ 13,615,675 in 2015) and the appreciation of the US Dollar against the Euro (average parity) by 16.48%.

Both in fiscal 2015 and 2014 the Group had revenues for services (storage fees) rendered by "OFC AVIATION FUEL SERVICES S.A.".

The breakdown of the consolidated sales volume confirms the solid exporting profile of the Group given that export and bunkering sales combined accounted for 73.24% of the aggregate sales volume of the year 2015 compared to 73.95% in 2014, as well as the high contribution of refining activities (85.81% of the aggregate sales volume of the year 2015 compared to 87.29% in 2014).

The respective breakdown of Company turnover is presented hereunder:

	Metric Tons			Amounts in thousand Euros
Geographical market and Type of Activity	2015	2014	Variation %	2015	2014	Variation %
Foreign
Refining/Fuels	8,239,826	7,865,184	4.76%	3,125,445	4,400,564	(28.98%)
Refining/Lubricants	246,822	213,661	15.52%	140,953	152,041	(7.29%)
Trading/Fuels etc.	276,193	379,170	(27.16%)	146,910	263,137	(44.17%)
Total Foreign Sales	8,762,841	8,458,015	3.60%	3,413,308	4,815,742	(29.12%)
Domestic
Refining/Fuels	2,251,920	2,464,498	(8.63%)	1,132,137	1,616,555	(29.97%)
Refining/Lubricants	32,938	41,176	(20.01%)	24,731	35,872	(31.06%)
Trading/Fuels etc.	790,310	644,763	22.57%	294,784	376,580	(21.72%)
Total Domestic Sales	3,075,168	3,150,437	(2.39%)	1,451,652	2,029,007	(28.46%)
Bunkering
Refining/Fuels	871,627	901,285	(3.29%)	340,425	474,906	(28.32%)
Refining/Lubricants	3,644	3,519	3.55%	4,507	4,278	5.35%
Trading/Fuels etc.	139,187	158,655	(12.27%)	66,576	112,975	(41.07%)
Total Bunkering Sales	1,014,458	1,063,459	(4.61%)	411,508	592,159	(30.51%)
Total Sales	12,852,467	12,671,911	1.42%	5,276,468	7,436,908	(29.05%)

In 2015 Company turnover amounted to Euro 5,276.5 million from Euro 7,436.9 million in 2014 which represents a decrease of 29.05%. This development of Company turnover is attributed to the impact of the same parameters which influenced the development of turnover at Group level and which have already been mentioned.

The breakdown of the Company sales volume confirms the solid exporting profile of the Refinery given that export and bunkering sales combined accounted for 76.07 % of the aggregate sales volume of the year 2015 compared to 75.14% in 2014, as well as the high contribution of refining activities (90.62% of the aggregate sales volume of the year 2015 compared to 90.67% in 2014).

The international average prices of petroleum products (in US Dollars per Metric Ton) and the international average prices of the various types of crude (in US Dollars per barrel) during the period 2014 – 2015 are presented hereunder:

2015	2014
438	809
566	905
503	885
498	850
482	830
268	564
247	526
2015	2014
52.05	98.96
50.83	97.53
51.91	98.37
50.67	97.91

The development of the sales of the Company per product as well as the Refinery production per product (both in thousand Metric Tons) during the period 2014 – 2015 has as follows:

Sales per Product	Thousand ΜΤ 2015	Thousand ΜΤ 2014
Asphalt	588	326
Fuel Oil	3,493	3,879
Diesel (Automotive – Heating)	4,259	4,191
Jet Fuel	1,449	1,339
Gasoline	2,218	2,006
LPG	188	197
Lubricants	288	259
Other	369	475
Total	12,852	12,672

Refinery Production per Product	Thousand ΜT	Thousand ΜΤ
	2015	2014
Lubricants	244	230
LPG	172	203
Gasoline	1,717	1,607
Jet Fuel	1,207	1,152
Diesel (Automotive – Heating)	4,217	3,856
Naphtha	319	358
Semi-finished products	59	59
Special Products	706	442
Fuel Oil	3,131	3,654
TOTAL	11,772	11,561

A breakdown of the aggregate volume of crude oil and other raw materials processed by the Company during 2015 compared to the respective volume processed during 2014 is presented next:

Refinery Processed Volume	MT 2015	MT 2014
Crude	9,133,771	9,304,234
Fuel Oil raw material	1,495,497	1,721,791
Gas Oil	1,637,260	970,336
Others	129,305	158,709
Total	12,395,833	12,155,070

It is apparent that the difference between the refinery processed volume and the refinery production volume concerns fuel consumption and loss.

2. Cost of Sales (before Depreciation) – Gross Profit

In 2015 the Gross Profit (before depreciation) at Group level amounted to Euro 713,720 thousand compared to Euro 270,720 thousand in the previous year demonstrating an increase of 163.64%.

This development is attributed to the fact that the Cost of Sales (before depreciation) at consolidated level decreased at a significantly higher rate compared to the respective rate of consolidated Turnover (27.71% compared to 21.99%).

The breakdown of the Cost of Sales at consolidated level per type of activity (refining–trading– services) is presented hereunder:

Amounts in thousand Euros	2015	2014
Refining	4,123,263	6,387,953
Trading	2,219,064	2,387,802
Services	4,168	3,676
Total Cost of Sales (before depreciation)	6,346,495	8,779,431

In 2015 the Gross Profit (before depreciation) at Company level amounted to Euro 484,593 thousand compared to Euro 79,577 thousand in the previous year representing an increase of 508.96%.

This development is attributed to the fact that the Company Cost of Sales (before depreciation) decreased at a significantly higher rate compared to the respective rate of Company Turnover (34.87% compared to 29.05%).

It is emphasized that in 2015 the Gross Profit of the Company increased notably on the back of the strong refining margins (the table presents the development of Company Profit Margin in USD per Metric Ton for the fiscal years 2015 and 2014) and the appreciation of the USD against the Euro (Euro/USD average parity 2015: 1.11 – 2014: 1.33) despite the negative impact of inventory valuation (particularly during the second half of the year when the price of Brent declined from USD 61.05/bbl on 30.06.2015 to USD 35.74/bbl on 31.12.2015).

Gross Profit Margin (US Dollars / Metric Τon)	2015	2014
Company Blended Profit Margin	52.7	20.6

3. Operating Expenses (before depreciation) (Administrative and Selling)

The operating expenses (administrative and selling) at Group level increased by Euro 28,896 thousand or 13.46% and at Company level by Euro 10,117 thousand or 17.07%. The greater part (72%) of the operating expenses increase at Group level is accounted for by the inflated selling expenses a fact

attributed to the consolidation of the activities of CYCLON HELLAS the shares of which were acquired by MOTOR OIL through a mandatory tender offer completed in November 2014.

4. Other Operating Income (Expenses)

Other Operating Income (Expenses) is distinguished in two classes:

• Foreign exchange gain or loss corresponding to the net difference during each fiscal year between receivables and payables at Group and Company level denominated in foreign currency
• Other operating revenue relating mainly to storage rentals from third parties as well as income from the usage of the Truck Loading Terminal of the Refinery. The Company has invested and continues to invest significant funds in the construction of storage tanks (please see section "Capital Expenditure").

In fiscal 2015 the Group recorded foreign exchange loss Euro 19,497 thousand compared to loss Euro 48,889 thousand in 2014.

Likewise the Company recorded foreign exchange loss Euro 19,561 thousand in 2015 compared to loss Euro 48,789 thousand in 2014.

The above development is attributed to the Euro – US Dollar parity on 31.12.2015 (1.0887), 31.12.2014 (1.2141) and 31.12.2013 (1.3791). A comparison of the parities mentioned denotes that the USD appreciated against the Euro in 2015 and 2014 by 10.33% and 11.96% respectively.

It is noted that at operational level, the Company has chosen to deal with the issue of the movement of the Euro – US Dollar parity by funding its receivables with similar foreign currency exposure liabilities (reference is made in the section "foreign currency risk").

As regards other operating revenue, apart from foreign exchange differences that is, at Group level it amounted to Euro 41,435 thousand in 2015 compared to Euro 44,361 thousand in 2014 while at Company level it amounted to Euro 35,134 thousand in 2015 compared to Euro 41,478 thousand in 2014.

5. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Subsequent to the above developments at Gross Margin level and Operating Income & Expenses level, the EBITDA of the Group came in at Euro 492,054 thousand in 2015 from Euro 51,484 thousand in 2014 (an increase of 855.74%) while the EBITDA of the Company came in at Euro 430,794 thousand in 2015 from Euro 13,011 thousand in 2014 (an increase of 3,211.00%).

6. Income from Investments – Financial Expenses

The financial cost at Group level amounted to Euro 88,914 thousand in 2015 compared to Euro 61,776 thousand in 2014 increased by Euro 27,138 thousand or 43.93%. A breakdown of this variation is presented in the table below:

				Variation
Amounts in thousand Euros	2015	2014	Amount	%
Share of profits/(losses) from Associates	2,841	(10,167)	13,009	(127.94%)
Income from Participations and Investments	(135)	(18)	(117)	650.00%
Interest Income	(1,506)	(2,662)	1,157	(43.43%)
Interest Expenses & bank charges	87,714	74,623	13,089	17.54%
Total Financial Cost – (income)/expenses	88,914	61,776	27,138	43.93%

With reference to "Share of profits/(losses) from Associates" for the fiscal year 2015, the amount of Euro 2,841 thousand relates to the Group's share on the combined financial results of the companies "M and M NATURAL GAS A.E.", "KORINTHOS POWER S.A.", "SHELL & MOH AVIATION FUELS S.A." and "RHODES – ALEXANDROUPOLIS PETROLEUM INSTALLATION S.A." which are consolidated under the Equity method.

For the fiscal year 2014, the amount of Euro 10,167 thousand includes an amount of Euro 3,826 thousand relating to the gains from the acquisition of the remaining stake of CYCLON HELLAS (MOTOR OIL had acquired a stake of 26.71% through the Athens Exchange market in April 2012) by the means of a mandatory tender offer submitted by the Company to the shareholders of CYCLON in June 2014 and completed in November 2014. The balance of Euro 6,341 thousand relates to the share of the Group on the combined earnings of the four companies already mentioned which are consolidated under the Equity method.

For the fiscal year 2015 the "Income from Participations and Investments" amount of Euro 135 thousand concerns the dividend collected from the fiscal year 2014 earnings of "ATHENS AIRPORT FUEL PIPELINE COMPANY S.A." while for the fiscal year 2014 the amount of Euro 18 thousand concerned the dividend collected from the fiscal year 2013 earnings of the same company.

In 2015 the financial cost at Company level amounted to Euro 62,397 thousand compared to Euro 49,588 thousand a year earlier increased by Euro 12,809 thousand or 25.83%. A breakdown of this variation is presented hereunder:

				Variation
Amounts in thousand Euros	2015	2014	Amount	%
Income from Investments	(807)	(850)	43	(5.06%)
Interest Income	(1,344)	(1,610)	266	(16.52%)
Interest Expenses & bank charges	64,548	52,048	12,500	24.02%
Total Financial Cost – (income)/expense	62,397	49,588	12,809	25.83%

For the fiscal year 2015 the "Income from Investments" amount of Euro 807 thousand concerns the dividend collected from the fiscal year 2014 earnings of the companies "OFC AVIATION FUEL SERVICES S.A." and "ATHENS AIRPORT FUEL PIPELINE COMPANY S.A.".

For the fiscal year 2014 the "Income from Investments" amount of Euro 850 thousand concerned the dividend collected from the fiscal year 2013 earnings of the companies "OFC AVIATION FUEL SERVICES S.A.", "ATHENS AIRPORT FUEL PIPELINE COMPANY S.A." and "CYCLON HELLAS S.A.".

The increase of Interest Expenses, both at consolidated and parent company level is attributed to the fact that both the Group and the Company fully utilized the available credit lines.

7. Depreciation

The breakdown of the depreciation charge on the various cost accounts at Group level is presented in the next table:

Amounts in thousand Euros	2015	2014
Cost of Sales	79,002	77,465
Administrative Expenses	1,234	933
Selling Expenses	20,056	19,364
TOTAL DEPRECIATION	100,292	97,762

The respective breakdown of the depreciation charge on the various cost accounts at Company level is presented hereunder:

Amounts in thousand Euros	2015	2014
Cost of Sales	76,214	75,126
Administrative Expenses	352	263
Selling Expenses	34	7
TOTAL DEPRECIATION	76,600	75,396

8. Earnings (Losses) before Tax

The Earnings before Tax of the Group amounted to Euro 302,848 thousand in 2015 compared to Losses before Tax of Euro 108,054 thousand in 2014 (an increase of 380.27%).

The Earnings before tax of the Company amounted to Euro 291,797 thousand in 2015 compared to Losses before Tax of Euro 111,973 in 2014 (an increase of 360.60%).

9. Income Tax

(In 000's Euros)	GROUP		COMPANY
	1/1–31/12/15	1/1–31/12/14	1/1–31/12/15	1/1–31/12/14
Corporate tax for the period	67,788	1,884	61,148	0
Tax audit differences from prior years	1,337	4,403	0	4,256
	69,125	6,287	61,148	4,256
Deferred Tax on Comprehensive
Income	28,746	(31,161)	29,545	(29,243)
Deferred Tax on Other
Comprehensive Income	1,563	(3,382)	1,288	(2,637)
Deferred tax (note 23)	30,309	(34,543)	30,833	(31,880)
Total	99,434	(28,256)	91,981	(27,624)

In accordance with the Law 4334 (Government Gazette A' 80/16.07.2015), which was passed by the Greek Parliament in July 2015, the corporate tax rate for the fiscal year 2015 became 29% compared to 26% for the fiscal 2014 (Law 4110 – Government Gazette A' 17/23.01.2013).

For the fiscal years 2011, 2012, 2013 & 2014, MOH group companies that were obliged to a tax compliance audit by the statutory auditors, have been audited by the appointed statutory auditors in accordance with L2190/1920, art. 82 of L 2238/1994 and art. 65A of L4174/13 who have issued the relevant Tax Compliance Certificates. In any case and according to Circ.1006/05.01.2016 these companies for which a Tax Compliance Certificate has been issued are not excluded from a further tax audit by the relevant tax authorities. Therefore the tax authorities may perform a tax audit as well. However the group's management believes that the outcome of such future audits, should these performed, will not have a material impact on the financial position of the Group or the Company.

Up to the date of approval of these financial statements, the group companies' tax audit by the statutory auditors for the fiscal year 2015 is in progress. However it is not expected that material liabilities will arise from this tax audit.

10. Earnings (Losses) after Tax

The Earnings after Tax of the Group amounted to Euro 204,977 thousand in 2015 compared to Losses after Tax Euro 83,180 thousand in 2014 (an increase of 346.43%).

The Earnings after Tax of the Company amounted to Euro 201,104 thousand in 2015 compared to Losses after tax Euro 86,986 thousand in 2014 (an increase of 331.19%).

ΙΙ. SHARE PRICE DATA – DIVIDEND – DIVIDEND YIELD

The closing price of the share of MOTOR OIL on December 31, 2015 was Euro 9.95 which is 53.08% higher compared to the closing price on December 31, 2014. At its highest, the price of the share reached Euro 11.60 (October 29, 2015) and at its lowest it stood at Euro 5.64 (January 9, 2015). The Volume Weighted Average Price (VWAP) of the share was Euro 8.69 which corresponds to a market capitalization of the Company of Euro 962.7 million. The market capitalization of the Company as of December 31, 2015 amounted to Euro 1,102.3 million.

Compared to the Athens Exchange index (ASE) the share of the Company outperformed considering that the close of the ASE Composite Index on December 31, 2015 was 631.35 units which is 23.58% lower than its respective close on December 31, 2014.

An average of 128,671 Company shares were traded daily which represents 0.12% on the number of outstanding Company shares and 0.22% on the number of Company shares regarded as free float. The average daily turnover amounted to Euro 1,118,022.

During the year as a whole 28,693,739 Company shares were traded which represents 25.90% on the number of outstanding Company shares and 49.95% on the number of Company shares regarded as free float.

The management of the Company consistent with the dividend maximization policy of its shareholders will propose at the upcoming Annual Ordinary General Assembly of Company shareholders the distribution of an amount totaling Euro 72,008,937 (or Euro 0.65 per share) as a dividend for the fiscal year 2015. It is noted that in December 2015 an amount of Euro 16,617,447 (or Euro 0.15 per share) was paid and recognized as an interim dividend for the fiscal year 2015, while the dividend remainder of Euro 0.50 per share will be recognised in the year 2016.

The proposed total amount of dividend per share for the fiscal year 2015 corresponds to a dividend yield of 6.53% based on the closing price of the share of the Company on December 31, 2015 and to a dividend yield of 7.48% based on the Volume Weighted Average Price (VWAP) of the share of the Company.

It is noted that the dividend amounts are subject to a 10% tax imposed on dividends pursuant to article 6 of the Law 4110/2013 (Government Gazette Α' 17/23.01.2013).

ΙΙΙ. PROSPECTS

The profitability of the companies engaging in the sector of "oil refining and marketing of petroleum products" is by and large dependent on the volume of sales as well as on the refining margins and the Euro – US Dollar parity. The last two parameters are formed, to a great extent, at international level and hence it is practically impossible to make secure estimates as regards their future development.

With reference to the volume of sales the domestic demand figures per product category (in thousand Metric Tons) during the 2011-2015 period are presented hereunder:

Product Category	2011	2012	2013	2014	2015
Lubricants	96	84	112	94	89
Asphalt	115	99	126	159	154
LPG	345	386	425	438	473
Jet Kero / A1 (Aviation Fuels)	1,094	964	967	1,074	1,102
Gasoline	3,311	2,898	2,670	2,524	2,458
Fuel Oil	4,026	3,696	3,265	3,097	2,985
Gasoils / Diesels
Heating Gasoil	2,837	1,924	935	968	1,389
Automotive Diesel	2,192	2,352	2,519	2,635	2,729
Bunker Gasoil	917	537	540	563	630
TOTAL	14,933	12,940	11,559	11,552	12,009
% Variation over previous year	-7.1%	-13.3%	-10.7%	-0.1%	3.9%

From the above data it is concluded that the aggregate domestic demand after a diminishing rate retreat in 2013, stabilized in 2014 and increased (for the first time since 2006) reaching 12 million Metric Tons in 2015. The bulk of the increase of domestic demand is attributed to the increase of the consumption of Heating Gasoil. Over the five year period 2011 – 2015 the domestic demand cumulatively fell by 25.3%.

The increase of the consumption of the LPG is accounted for by the use of autogas as alternative fuel for vehicles because of the increase of the Special Consumption Tax applied on gasoline prices.

The decline of the consumption of the gasoline started in the year 2010 following the increase of the Special Consumption Tax (from Euro 410/MT to Euro 670/MT) and continues up until today because of the reduction of the disposable income combined with the increased number of diesel engine new car registrations.

Part of the decline of gasoline demand was offset in the years 2013 and 2014 by the recovery of Automotive Diesel consumption on the back of the reduction of the Special Consumption Tax which was effected in 2012 (from Euro 412/MT to Euro 330/MT) as well as the decision by the Greek Government to lift the prohibition of diesel engine cars in the two major cities of Greece, namely, Athens and Thessaloniki. In 2015 the increase of the consumption of the Automotive Diesel exceeded the decline of the consumption of the gasoline.

The Special Consumption Tax of Heating Gasoil was increased in 2011 (from Euro 21 to Euro 60/MT) and subsequently in 2012 (to Euro 330/MT) leading to a sizable decrease in the consumption of Heating Gasoil as households turned to alterative means for heating. In October 2014 the Special Consumption Tax of Heating Gasoil was reduced to Euro 230/MT a fact which contributed to a moderate increase of the consumption in the year 2014 (attributed to the increase of the consumption over the October – December 2014 period) and a sizeable increase in the year 2015 (the consumption data concern one complete winter season: January – April 2015 & October – December 2015).

The weakening demand for fuel oil is partly attributed to the recession of the domestic industrial sector and partly to natural gas penetration.

The domestic market share of MOTOR OIL (HELLAS) S.A. per product category as well as the aggregate product sales volume achieved by the Company during the last five years are presented next: MOTOR OIL (HELLAS) S.A. Domestic Market share

Product Category	2011	2012	2013	2014	2015
LUBRICANTS	34.8%	46.9%	36.8%	40.4%	36.8%
Lubricants Total	34.8%	46.9%	36.8%	40.4%	36.8%
FUELS
Asphalt	54.3%	13.2%	27.1%	34.1%	42.0%
LPG	29.2%	22.6%	23.4%	22.8%	33.1%
Jet Fuel	0.0%	8.1%	0.0%	0.0%	7.8%
Gasoline	36.8%	32.4%	37.7%	38.7%	36.8%
Fuel Oil	24.4%	61.1%	55.8%	63.3%	48.5%
Diesel (Automotive – Heating)	31.4%	31.8%	35.3%	32.8%	31.3%
Domestic Market Totals (Fuels)	32.0%	35.0%	37.5%	37.9%	35.1%
SHIPPING - AVIATION
Jet Fuel	21.3%	27.6%	31.3%	31.5%	32.4%
Fuel Oil	22.6%	23.2%	22.5%	26.6%	22.2%
Bunker Gasoil	29.9%	32.0%	30.5%	31.8%	28.9%
Shipping Aviation – Totals	23.2%	25.2%	25.7%	28.7%	26.2%
DOMESTIC MARKET TOTAL	29.5%	32.1%	33.9%	35.3%	32.6%
MOTOR OIL (HELLAS) S.A. Total Product Sales Volume (in thousand MT)
	2011	2012	2013	2014	2015
Domestic Sales Volume	4,495	4,256	4,046	4,214	4,089
% over previous year	4.3%	-5.3%	-4.9%	4.2%	-3.0%
Foreign Sales Volume	6,261	7,397	7,938	8,458	8,763
% over previous year	15.3%	18.1%	7.3%	6.6%	3.6%
Total Sales Volume	10,756	11,653	11,984	12,672	12,852
% over previous year	10.4%	8.3%	2.8%	5.7%	1.4%

The decline of the market share of MOTOR OIL in the year 2015 compared to 2014 is accounted for by the lower sales of fuel oil to "PUBLIC POWER CORPORATION S.A." a fact which also explains the lower domestic sales volume generated by the Company.

Taking advantage of its exporting orientation, MOTOR OIL managed to counterbalance fully the small fall off of its domestic sales by generating combined product sales volume (domestic, exports) of 12,852 thousand Metric Tons in 2015 which constitutes a historic high for the Company and exceeds significantly the annual production capacity of its Refinery.

It is emphasized that on operational level, through its exports which historically constitute the majority of its sales, the Company is in a position to finance the purchases of crude at current price levels securing the continuous supply of the Refinery, with no effects from the capital controls imposed in Greece.

The development of the blended profit margin of the Company in US Dollars per Metric Ton for the fiscal years 2011, 2012, 2013, 2014 and 2015 is presented next.

Gross Profit Margin (US Dollars / Metric Τon)	2011	2012	2013	2014	2015
Company Blended Profit Margin	55.0	41.3	29.0	20.6	52.7

The primary objectives of the Company for the following years are to continue to deliver healthy profit margins at the top end of the sector on the back of the higher contribution of the industrial activity utilizing the production flexibility of its technologically advanced Refinery, and, to enhance its market share with the contribution of its quality retail station networks (AVIN, CORAL & CYCLON).

Lastly, as regards the development of Euro – US Dollar parity it is noted that the Company follows a physical hedging policy (reference is made in the section "foreign currency risk").

ΙV. CAPITAL EXPENDITURE

In 2015 the investment undertakings absorbed Euro 26 million while eventually the capital expenditure came in at Euro 20 million since in the second half of the year the Company received an amount of Euro 6 million approximately as compensation from insurance coverage against machinery failure of the cogeneration power plant which did not affect the Refinery operation.

For 2016 the Company's investment program will place emphasis on the following fields: Refinery Reliability through the programmed maintenance turnaround of its process units – Quality Production Optimization through the Jet & ADO production increase from the Hydrocracker and the debottlenecking of the old CDU – Refinery Infrastructure Improvement mostly through the construction of new storage tanks.

The capital expenditure amount for fiscal 2016 is estimated at Euro 55 million.

V. GROUP STRUCTURE – SUBSIDIARIES & AFFILIATED COMPANIES

Α. Subsidiaries (direct participation – full consolidation)

1. AVIN OIL Industrial, Commercial & Maritime Oil Company S.A.

AVIN OIL Industrial, Commercial & Maritime Oil Company S.A. was founded in Athens in 1977 and currently its headquarters in Maroussi (12A Irodou Attikou str., zip code 151 24). The main activity of the company is the sale of liquid fuels, lubricants and asphalt which have a wide array of applications (transportation, industrial and household use).

MOTOR OIL (HELLAS) S.A. is the only shareholder of the company following the purchase of 100% of the shares of AVIN OIL, in March 2002, in the context of a relevant condition set in the process of the listing of its shares on the Athens Stock Exchange.

The acquisition of AVIN OIL gave MOTOR OIL a strong arm in the retail sector of fuels and lubricants since the acquired company ranked fourth among its competitors in the Greek market with a market share of approximately 10%.

The retail network of AVIN OIL comprises of 450 gas stations as well as several representatives all over Greece while the company owns tank-trucks and employs specialized technical personnel.

The primary objective of AVIN OIL is to upgrade the quality of its gas station network and to strengthen its various endeavours. The participation of the company as a founding shareholder in "OFC AVIATION FUEL SERVICES S.A." falls within this objective of AVIN OIL.

AVIN OIL sells fuels in the Greek market mainly through its storage premises located at Agii Theodori in Corinth. The operations of the premises commenced in 1987 and constitute a modern truck loading terminal fully equipped with safety and environmental protection systems.

The share capital of AVIN OIL amounted to Euro 15,709,481 divided into 5,343,361 common registered shares of a nominal value Euro 2.94 each. In June 2015 the retail fuel business of CYCLON HELLAS (a network consisting of approximately 200 retail gas stations throughout Greece) along with the related assets were transferred to AVIN OIL by the means of a share capital increase and subsequent amendment of article 5 of the Memorandum and Articles of Association of the latter. As a result of these developments, the share capital of AVIN OIL today amounts to Euro 20,896,135 divided into 7,107,529 common registered shares of nominal value Euro 2.94 each.

The combined market share of AVIN OIL (after the integration of the gas stations under the CYCLON trademark) amounts to approximately 12% with the Company network currently comprising of approximately 650 gas stations.

The major supplier of AVIN OIL is MOTOR OIL (section "Related Party Transactions").

The personnel headcount of AVIN OIL was 197 employees as of 31.12.2015.

The company is audited by certified public accountants (Auditing firm DELOITTE).

AVIN OIL holds 100% of the shares of "MAKREON S.A." and "AVIN AKINITA S.A.".

MAKREON S.A.

The company was founded in April 2007 with headquarters in Maroussi of Athens (12A Irodou Attikou str., zip code 151 24) and duration for 50 years. The objective of the company according to article 2 of its Codified Memorandum and Articles of Association is the establishment and operation of gas outlets in Greece, the marketing of fuels, the installation, maintenance and service of equipment of vehicles using auto gas as alternative fuel, the provision of catering services in gas outlets territory, the transportation of petroleum products and the engagement in business representation activities for domestic and international corporations which offer similar products, goods and services. Today the share capital of MAKREON S.A. amounts to Euro 4,620,000 divided into 462,000 common registered shares of a nominal value Euro 10 each.

AVIN AKINITA S.A.

The company was founded in July 2013 with headquarters in Maroussi of Athens (12A Irodou Attikou str., zip code 151 24) and duration for 50 years. The corporate objectives of the company, according to article 2 of its Codified Memorandum and Articles of Association, include the purchase, sale, exploitation, and development of real estate. The company has no activity yet. Today the share capital of AVIN AKINITA amounts to Euro 314,000 divided into 31,400 registered shares of nominal value Euro 10 each.

2. CORAL A.E. Oil and Chemicals Company

The company was founded in 1995 following the restructuring of the established in Greece branches in 1926 and 1974 of the English enterprises "Shell Company (Hellas) Limited" and "Shell Chemicals (Hellas) Limited". Today its registered address is at Maroussi (Irodou Attikou 12A street, zip code 151 24). The duration of the company has been defined until 2045. The main activities of CORAL A.E. involve the distribution and marketing of a wide range of oil products, including gasoline, fuel oil, diesel and lubricants through its retail network. Its activities also cover the commercial sector, the chemicals sector (exclusive representative/distributor in Greece of SHELL CHEMICALS from the refineries of which the products are transported with specialised vessels to the CORAL A.E. premises at Perama) as well as the marine sector.

Today the share capital of CORAL A.E. amounts to Euro 80,150,975.80 divided into 2,730,868 registered shares of nominal value Euro 29.35 each. The sole shareholder of the company is MOTOR OIL (HELLAS) S.A. which on June 30th, 2010 announced the finalization of the agreement for the acquisition of all Group SHELL downstream assets in Greece by obtaining, among others, all "SHELL HELLAS A.E." shares from "SHELL OVERSEAS HOLDINGS LTD". Following the completion of the deal the corporate name of "SHELL HELLAS A.E." was changed to "CORAL A.E." while the SHELL retail stations retain the brand and continue to sell the SHELL products in accordance with the Trademark Licensing Agreement signed by SHELL OVERSEAS HOLDINGS LTD and MOTOR OIL (HELLAS) S.A.

The retail network of CORAL A.E. totals approximately 700 stations operating in Greece under the SHELL trademark being the market leader in the automotive gasoline with a market share of 21.4%.

The vision of CORAL is to be the top marketing company of petroleum products in Greece and its strategy is to continually upgrade its services in order to meet the ever-changing needs of the market and its customers, and to differentiate itself from its competitors at all levels.

CORAL A.E. holds 100% of the share capital of the companies "ERMES A.E.M.E.E", "MYRTEA A.E.", "CORAL PRODUCTS AND TRADING A.E" and "CORAL INNOVATIONS S.A.".

ERMES A.E.M.E.E.

Registered address: 12A Irodou Attikou street, 151 24 Maroussi, duration until 2068, share capital: Euro 5,475,800 divided into 54,758 shares of nominal value Euro 100 each.

MYRTEA A.E.

Registered address: 12A Irodou Attikou street, 151 24 Maroussi, duration until 2045, share capital: Euro 1,175,000 divided into 23,500 shares of nominal value Euro 50 each.

Both companies mentioned above manage retail sites.

CORAL PRODUCTS AND TRADING A.E.

Registered address: 12A Irodou Attikou street, 151 24 Maroussi, duration until 2064, share capital: Euro 500,000 divided into 50,000 shares of nominal value Euro 10 each. The corporate objective of the company is petroleum products trading.

CORAL INNOVATIONS S.A.

Registered address: Municipality of New Ionia, Headquarters: 26-28 George Averof street, zip code: 142 32, Perissos, duration until 2065, share capital: Euro 300,000 divided into 30,000 shares of nominal value Euro 10 each.

The corporate objective of the company is commerce activities and provision of services.

Furthermore, CORAL A.E. holds 37.49% of the shares in the company "RAPI A.E." and 49% of the shares in the company "SHELL & MOH AVIATION FUELS A.E." (information on these companies is included in the next sections).

The major supplier of CORAL A.E. is MOTOR OIL (section "Related Party Transactions").

The personnel headcount of CORAL A.E. was 257 employees as of 31.12.2015.

The company and its subsidiaries are audited by certified public accountants (Auditing firm DELOITTE).

3. CORAL GAS Commercial and Industrial Gas Company

The Company was founded in 1975. Its present registered address is at the Prefecture of Asprorpyrgos of Attika while its headquarters are at Perissos (26-28 George Averof street, zip code: 142 32). The duration of the company has been defined until 2055. According to article 3 of its codified memorandum, the main objective of "CORAL GAS A.E.B.E.Y." is the marketing and distribution of natural gas as well as the manufacturing of LPG cylinders for the packaging and transportation of its goods.

The share capital of "CORAL GAS A.E.B.E.Y." amounts to Euro 8,464,931.15 divided into 2,889,055 registered shares of nominal value 2.93 each. The sole shareholder of the company is MOTOR OIL (HELLAS) S.A. which on June 30th, 2010 announced the finalisation of the agreement for the purchase from "SHELL GAS (LPG) HOLDINGS BV" of all "SHELL GAS A.E.B.E.YGRAERION" shares. Following the completion of the deal the corporate name of "SHELL GAS A.E.B.E.Y." was changed to "CORAL GAS A.E.B.E.Y"

Through its 3 depots in Athens, Thessalonica and Ioannina, "CORAL GAS A.E.B.E.Y" supplies more than 1,000,000 customers with reliable and safe Liquefied Petroleum Gas (LPG) products by the means of : a) LPG cylinders for domestic and professional use, b) bulk LPG in tanks for domestic, professional, and industrial customers, c) cartridges, and d) auto gas, an environmental friendly and economical alternative fuel for vehicles.

"CORAL GAS A.E.B.E.Y." invests, among others, in the growing market of auto gas (an alternative fuel for vehicles) as well as in the introduction of LPG cylinders with the special FLV valve (Flow Limiter Valve), an innovative product that increases the safety level in the Greek LPG market.

The personnel headcount of CORAL GAS A.E.B.E.Y was 103 employees as of 31.12.2015.

The company is audited by certified public accountants (Auditing firm DELOITTE).

4. L.P.C. S.A. PROCESSING & TRADING OF LUBRICANTS & PETROLEUM PRODUCTS

The company was founded in June 2015 following the granting of permission by the relevant Competent Authority (Piraeus Chamber of Commerce & Industry) for the establishment of an S.A. under the legal name "L.P.C. S.A. Processing and Trading of Lubricants and Petroleum Products" and trade name " L.P.C. S.A." by the means of contribution in kind of part of the assets of CYCLON HELLAS S.A. following the separation of activities of the latter. Specifically, the lubricants marketing & production business of CYCLON HELLAS along with the related assets were transferred to L.P.C. S.A. of which the Memorandum of Association bearing Protocol Number 5.483/04.06.2015 was approved. The registered address of the company is at Aspropyrgos of Attika (Megaridos 124 street, zip code: 193 00).

The share capital of L.P.C. S.A. amounts to Euro 7,345,820 divided into 14,691,640 common registered shares of nominal value Euro 0.50 each. The only shareholder of the company is MOTOR OIL (HELLAS) S.A. It is reminded that within 2014 MOTOR OIL acquired the total number of CYCLON HELLAS shares through a mandatory tender offer submitted to the shareholders of the latter.

The personnel headcount of L.P.C. S.A. was 208 employees as of 31.12.2015.

L.P.C. S.A. participates directly and indirectly in the share capital of the following companies / Joint Ventures:

ENDIALE S.A. (Corporate Objective: Alternative Waste Lubricant Oils Treatment)

Registered Address: Aspropyrgos of Attika, Greece – Share Capital: Euro 1,554,000 - Shares: 222,000 common registered of nominal value Euro 7 each. L.P.C. participation: 100%

ARCELIA HOLDINGS LTD (Holding Company)

Registered Address: Nicosia, Cyprus – Share Capital: Euro 44,460 - Shares: 44,460 common registered of nominal value Euro 1 each. L.P.C participation: 100%

CYTOP A.E. (Corporate Objective: Collection & Trading of Used Lubricating Oils).

Registered Address: Aspropyrgos of Attika, Greece – Share Capital: Euro 700,000 - Shares: 7,000 common registered of nominal value Euro 100 each. L.P.C. participation: 100%

ELTEPE Joint Venture

(Corporate Objective: Collection & Trading of Used Lubricating Oils). Shareholder structure: L.P.C. 90% - CYTOP A.E. 10%. The registered address of the Joint Venture is located within the premises of L.P.C. headquarters at Aspropyrgos of Attika (124 Megaridos street, zip code 193 00)

BULVARIA AUTOMOTIVE PRODUCTS LTD

(Corporate Objective: Marketing of Lubricants).

Registered Address: Sofia, Bulgaria – Share Capital: Euro 2,550 - Shares: 50 common registered of nominal value Euro 51 each. Shareholder Structure: ARCELIA 100%

CYROM PETROTRADING COMPANY (Corporate Objective: Marketing of Lubricants).

Registered Address: Ilfov – Glina, Romania – Share Capital: Euro 41,860 - Shares: 17,500 common registered of nominal value Euro 2.39 each. Shareholder Structure: BULVARIA 95% - ARCELIA 5%

CYCLON LUBRICANTS DOO BEOGRAD (Corporate Objective: Marketing of Lubricants).

Registered Address: Belgrade, Serbia – Share Capital: Euro 47,715. Shareholder Structure: BULVARIA 70% -ARCELIA 30%

KEPED S.A. (Corporate Objective: Management of Waste Lubricants Packaging). Registered Address: Aspropyrgos of Attika – Share Capital: Euro 60,000 - Shares: 2,000 common

registered of nominal value Euro 30 each. Major Shareholder: ENDIALE S.A. 90%.

AL DERAA AL AFRIQUE JV FOR ENVIRONMENTAL SERVICES

(Corporate Objective: Collection and Trading of Used Lubricating Oils). Registered Address: Tripoli, Libya – Share Capital: Euro 602,594.06 - Shares: 100,000 common registered of nominal value Euro 6.03 each. Major Shareholder: CYTOP 60%.

5. MOTOR OIL (CYPRUS) LIMITED

The company was founded in Nicosia of Cyprus in May 2013. Its major corporate objectives include participating in the share capital of other companies and engaging in commercial activities.

The share capital of the company today amounts Euro 200,000 divided into 200,000 common shares of nominal value Euro 1 each. The sole shareholder of MOTOR OIL (CYPRUS) LIMITED is MOTOR OIL (HELLAS) S.A.

6. MOTOR OIL MIDDLE EAST DMCC

The company was founded in Dubai of United Arab Emirates in July 2014. Its corporate objective is oil trading. The share capital of the company amounts to 200,000 Arab Emirates Dirhams (AED) divided into 200 common registered shares of nominal value 1,000 AED each. The only shareholder of the company is MOTOR OIL (CYPRUS) LIMITED.

7. MOTOR OIL TRADING S.A.

The company was founded in Maroussi of Attika (12A Irodou Attikou str., zip code: 151 24) Greece in January 2015. The share capital of the company amounts to Euro 24,000 divided into 24,000 common shares of nominal value Euro 1 each. The only shareholder of the company is MOTOR OIL (CYPRUS) LIMITED. The company engages in oil trading.

8. BUILDING FACILITY SERVICES Α.Ε.

The company was founded in Maroussi of Attika (12A Irodou Attikou str., zip code: 151 24), Greece in April 2014. Its corporate objectives include the provision of services for management and operation of buildings and installations. The share capital of the company amounts to Euro 150,000 and the only shareholder is MOTOR OIL (HELLAS) S.A.

The personnel headcount of Building Facility Services was 28 employees as of 31.12.2015.

9. MOTOR OIL FINANCE PLC

The company was founded in London in May 2014. Its share capital amounts to 50,000 British Pounds and its only shareholder is MOTOR OIL (HELLAS) S.A. The corporate objective of the company is the provision of financial services. On May 22, 2014 MOTOR OIL FINANCE PLC raised the amount of Euro 350 million through the offering of five year Senior Notes bearing a fixed rate coupon of 5.125%. MOTOR OIL (HELLAS) S.A. is the Guarantor of the Senior Notes.

Β. Subsidiaries (direct or/and indirect participation – full consolidation)

1. OFC AVIATION FUEL SERVICES S.A.

The company was founded in October 1998 in Athens initially with the corporate name "OLYMPIC FUEL COMPANY S.A." and duration for 24 years (until 6.10.2022). The objective of the company, according to article 3 of its Codified Memorandum and Articles of Association, is to design, finance, construct and operate the aircraft fuel supply system and the storage facilities at the Athens International Airport "Eleftherios Venizelos" at Spata of Attica, as well as to engage in other similar endeavours.

Following the decision of the Extraordinary General Meeting dated 12.12.2000, the headquarters of the company relocated to Spata County and specifically to privately owned premises situated inside the Athens International Airport area on the 5th km of the Spata– Loutsa Avenue. The fixed assets of "OLYMPIC AVIATION FUEL SERVICES S.A." include storage tanks of total capacity 24,000 m³, pipelines of total length 14km, 125 fuel supply pits and, a fully automated system to cater for fuel flow control as well as fire and environmental protection (hydrant system). The OFC premises as well as its methods of operation have been certified by IATA (International Air Transport Association), by the Athens International Airport, and by all international and national competent authorities.

Following a decision of the Extraordinary General Assembly dated December 10th, 2009 the corporate name of the company was changed to "OFC AVIATION FUEL SERVICES S.A." with trading name "OFC S.A.".

The share capital of "OFC S.A." amounts to Euro 6,708,999.10 divided into 228,586 common registered shares of a nominal value of Euro 29.35 each.

The shareholder structure of the company has as follows: 46.03% MOTOR OIL (HELLAS) S.A., 46.03% AVIN OIL Α.V.Ε.Ν.Ε.P., 5% SKYTANKING N.V., 2.94% HANSA CONSULT INGENIEURE GESSELSCHAFT MBH.

As of 31.12.2015 the personnel headcount of OFC S.A. was 23 employees.

The company is audited by certified public accountants (Auditing firm DELOITTE).

C. Other Consolidated Companies (equity method)

1. KORINTHOS POWER S.A.

The company was founded on January 5th, 2005 with headquarters in Maroussi (8 Artemidos street, zip code 151 25) and duration for 50 years. The corporate objectives of the company, according to article 4 of its Codified Memorandum and Articles of Association, include the construction, operation and commercial exploitation of a power production unit located at Agii Theodori of Korinthos county.

The share capital of KORINTHOS POWER S.A. amounts to Euro 3,137,600 divided into 313,760 registered shares of a nominal value of Euro 10 each.

The shareholder structure of the company has as follows: 65% ARGYRITIS LAND INDUSTRIAL AND COMMERCIAL COMPANY OF BASIC METALS S.A. (100% subsidiary of MYTILINEOS HOLDINGS S.A.), 35% MOTOR OIL (HELLAS) S.A.

KORINTHOS POWER S.A. possesses a 436.6 MW power generation license and its core asset is a combined cycle power production plant fuelled with natural gas located within the facilities of MOTOR OIL (HELLAS) S.A. at Agii Theodori of Korinthos. KORINTHOS POWER S.A. commenced its business activities in March 2012.

2. M and M NATURAL GAS S.A.

The company was founded on August 4th, 2010 with headquarters in Maroussi (5-7 Patroklou street, zip code 151 25) and duration for 50 years. According to article 3 of its Codified Memorandum and Articles of Association its corporate objectives include the distribution and marketing of natural gas.

The share capital of "M and M NATURAL GAS S.A." amounts to Euro 2,000,000 divided into 200,000 registered shares of nominal value Euro 10 each.

The shareholder structure of the company has as follows: 50% MYTILINEOS S.A. GROUP OF COMPANIES, 50% MOTOR OIL (HELLAS) S.A.

On February 7th, 2011 the company obtained a license from the Ministry of Environment, Energy and Climate Change for the supply of natural gas granting it the right to sell natural gas according to the provisions of the Law 3428/2005. The license has duration for 20 years.

3. SHELL & MOH AVIATION FUELS A.E.

The company was founded in 2009 following its transformation from a Limited Liability status to Societes Anonymes. Within the same year, the company absorbed the aviation sales arm of "Shell Hellas A.E." and, following a change in its shareholders structure, got its present corporate name in 2010. The duration of the company is for 50 years and its registered address is at Maroussi (151 Kifissias Avenue, zip code 151 24) of Athens. According to article 3 of the Codified Memorandum and Articles of Association of the company, its corporate objectives include the trade of aviation fuels as well as the provision of aircraft refuel services. Within this context, apart from the provision of refuel services to its own customers, SHELL & MOH AVIATION FUELS A.E. has entered into business agreements with foreign company members of the Shell International Aviation Trading System for the provision of refuel services to the system customers in airports located in Greece.

The share capital of SHELL & MOH AVIATION FUELS Α.Ε. amounts to Euro 7,547,000 divided into 754,700 shares of nominal value Euro 10 each.

The shareholder structure of the company has as follows: 51% SHELL OVERSEAS HOLDINGS LIMITED, 49% CORAL A.E.

The personnel headcount of SHELL & MOH AVIATION FUELS A.E. was 11 employees as of 31.12.2015.

The company is audited by certified public accountants (Auditing firm DELOITTE).

4. RHODES ALEXANDROUPOLIS PETROLEUM INSTALLATION S.A.

The company was founded in 1967 in Maroussi of Athens (26 Kifissias Avenue & 2 Paradisou street, zip code 151 25), trading name "R.A.P.I" and duration until 2027. According to article 3 of the Codified Memorandum and Articles of Association of the company, its corporate objective is to manage oil depots at airports.

Today the share capital of "R.A.P.I" amounts to Euro 926,750 divided into 37,050 common registered shares of nominal value Euro 25 each.

The shareholder structure of "R.A.P.I." has as follows: 62.51% BP Hellenic A.E., 37.49% CORAL A.E.

D. Related Companies

1. ATHENS AIRPORT FUEL PIPELINE COMPANY S.A.

The company was founded in May 2000 in Maroussi (199 Kifissias Avenue, zip code 151 25) and duration for 50 years. Following the decision of the General Assembly of its shareholders dated February 17th, 2011, the registered address of the company relocated to 2 Ergotelous street, zip code 151 24 at Maroussi. The objective of the "ATHENS AIRPORT FUEL PIPELINE COMPANY S.A.", according to article 3 of its Codified Memorandum and Articles of Association, is the execution of all works and activities relating to the design, financing, construction, completion, operation, maintenance and handling of the pipeline and its premises for the carrying of aircraft fuel from the "Hellenic Petroleum" (EL-PE) refinery at Aspropyrgos to the Athens International Airport "Eleftherios Venizelos" at Spata.

The share capital of the "ATHENS AIRPORT FUEL PIPELINE COMPANY S.A" amounts to Euro 5,782,355 divided into 1,973,500 common registered shares for a nominal value of Euro 2.93 each.

The shareholder structure of the company has as follows: 50% HELLENIC PETROLEUM S.A., 34% ATHENS INTERNATIONAL AIRPORT S.A., 16% MOTOR OIL (HELLAS) S.A.

2. HELLENIC ASSOCIATION OF INDEPENDENT POWER COMPANIES

This company is a civil non profit organisation established in Athens with trading name "ESAH". It was founded in March 2010 by companies engaging in the power production sector with initial share capital of Euro 60,000 and duration for 50 years. The objective of "ESAH" is to promote and study issues in relation to the production, development and distribution of electricity to the final customers. MOTOR OIL (HELLAS) S.A. contributed Euro 10,000 to the formation capital of "ESAH" (a stake of 16.67%).

3. ASPROPYRGOS INDUSTRIAL PARK SOUTH SECTOR A.E.

This concern was founded in July 2010 with registered address at the prefecture of Aspropyrgos of Attika, duration for 100 years and share capital of Euro 506,105 divided into 506,105 common registered shares of nominal value Euro 1 each. Its trading name is "VI.PA.NO.T Aspropyrgos A.E." and its objective is to pursue the establishment and management of an Industrial Park at the south sector of the industrial zone of Aspropyrgos area of which the concern shareholders are land owners and/or industrial complex owners. L.P.C. S.A. participates in the share capital of the concern with 12.83%

Ε. Other Subsidiaries (direct and indirect participation) – dormant

1. ELEKTROPARAGOGI SOUSSAKI S.A.

The company was founded on November 20th, 2008 with headquarters in Maroussi of Athens and duration for 50 years. According to article No. 3 of its Codified Memorandum and Articles of Association its objective is the production, operation and business exploitation of a power production unit at the area SOUSSAKI located at the Korinthos county and also the construction of power production units in Greece and abroad. Furthermore, the company can engage in trading activities with regard to the power generated from these units.

The share capital of the company amounts to Euro 610,000 divided into 6,100 common registered shares of a nominal value of Euro 100 each. These shares belong to the founding shareholders MOTOR OIL (HELLAS) S.A. (shares 2,440 - stake 40%), AVIN OIL (shares 1,830 - stake 30%) and L.P.C. S.A. (shares 1,830 - stake 30%).

The company possesses a 440MW electricity production license which was granted to it by the Ministry of Environment, Energy and Climate Change in March 2010. Moreover, the company possesses a 300 MW power supply license with a 20 year duration granted to it in April 2011. The company has no activity yet.

2. NUR – MOH HELIOTHERMAL ENERGY S.A.

The company was founded on May 22nd, 2009 with headquarters in Maroussi of Athens (12A Irodou Attikou street, zip code 151 24) and duration until December 31st, 2100. The trading name of the company is "NUR-MOH HELIOTHERMAL". According to article 4 of the Codified Memorandum and Articles of Association of the company, its objective is the construction, operation and business exploitation of heliothermal stations in Greece. Furthermore, the company can engage in trading activities with regard to the electric or/and thermal power produced by these stations.

The share capital of "NUR – MOH HELIOTHERMAL ENERGY S.A." amounts to Euro 675,000 divided into 67,500 registered shares of a nominal value of Euro 10 each. These shares belong in equal parts to the founding shareholders MOTOR OIL (HELLAS) S.A. and NUR ENERGIE LTD. The company has no activity yet.

The Group Structure is depicted in summary form hereunder:

		Participation	Method of
Company Legal Name		Direct	Consolidation
		Indirect
AVIN OIL A.V.E.N.E.P	100 %		Full Consolidation
CORAL Α.Ε.	100 %		Full Consolidation
ERMES A.E.M.E.E		100 %	Full Consolidation
MYRTEA A.E.		100 %	Full Consolidation
CORAL PRODUCTS AND TRADING A.E.		100 %	Full Consolidation
CORAL INNOVATIONS A.E.		100 %	Full Consolidation
CORAL GAS A.E.B.E.Y	100 %		Full Consolidation
OFC AVIATION FUEL SERVICES S.A.	46.03%	46.03%	Full Consolidation
MAKREON S.A.		100 %	Full Consolidation
MOTOR OIL FINANCE PLC	100 %		Full Consolidation
MOTOR OIL (CYPRUS) LIMITED	100 %		Full Consolidation
MOTOR OIL MIDDLE EAST DMCC		100 %	Full Consolidation
MOTOR OIL TRADING A.E.		100 %	Full Consolidation
ΑVIN AKINITA S.A.		100 %	Full Consolidation
BUILDING FACILITY SERVICES Α.Ε.	100 %		Full Consolidation
L.P.C. S.A.	100 %		Full Consolidation
ENDIALE		100 %	Full Consolidation
ELTEPE		100 %	Full Consolidation
ARCELIA HOLDINGS LTD		100 %	Full Consolidation
BULVARIA AUTOMOTIVE PRODUCTS LTD		100 %	Full Consolidation
CYROM		100 %	Full Consolidation
CYCLON LUBRICANTS DOO BEOGRAD		100 %	Full Consolidation
CYTOP A.E.		100 %	Full Consolidation
KEPED		90 %	Full Consolidation
AL DERAA AL AFRIQUE JV		60 %	Full Consolidation
SHELL& MOH AVIATION FUELS Α.Ε.		49 %	Net Equity
RHODES ALEXANDROUPOLIS PETROLEUM INSTALLATION S.A.		37.49%	Net Equity
KORINTHOS POWER S.A.	35 %		Net Equity
Μ and Μ NATURAL GAS Α.Ε.	50%		Net Equity
ELECTROPARAGOGI SOUSSAKI S.A.	40 %	60 %	Acquisition Cost
NUR – MOH HELIOTHERMAL S.A.	50 %		Acquisition Cost
ATHENS AIRPORT FUEL PIPELINE COMPANY S.A.	16 %		Acquisition Cost
HELLENIC ASSOCIATION OF INDEPENDENT POWER Cos	16.67 %		Acquisition Cost
ASPROPYRGOS INDUSTRIAL PARK SOUTH SECTOR A.E.		12.83%	Acquisition Cost

VΙ. SHAREHOLDERS - SHARE CAPITAL – BoD AUTHORIZATIONS – ARTICLES OF ASSOCIATION

The major shareholder of MOTOR OIL (HELLAS) S.A. is the legal entity "Petroventure Holdings Limited" with a 40% stake. The holding company "Motor Oil Holdings Ltd" is the controlling shareholder of "Petroventure Holdings Limited".

MOTOR OIL (HELLAS) S.A. has no treasury stock.

The share capital of the Company amounts to Euro 83,087,235 divided into 110,782,980 common registered shares of a nominal value of Euro 0.75 each which have no right to fixed income. The shares of the Company are listed on the Athens Exchange. It is noted that there are no restrictions as to the sale of shares, there are no shareholders with special control rights and there are no restrictions on voting rights. Furthermore there are no agreements according to the provision of article 11a of the Law 3371/2005, cases (i) and (j), (i.e material agreements put in force, revised or terminated in case of change in the control of the Company as a result of a public offer as well as agreements with BoD members or Company personnel that provide for remuneration in case of retirement without material reason or termination of their term or employment as a result of public offer). Furthermore, it is noted that the BoD or its members have no authority to increase share capital, issue new shares or buy

treasury shares. The authorisation for the above mentioned matters lies with the General Shareholders Meeting.

The Codified Memorandum of the Company is available on its website www.moh.gr in the particular menu option: About MOH / Corporate Governance.

With regards to the appointment and/or replacement of the members of the Board it is provided in the Articles of Association of the Company the capacity of the General Assembly to appoint substitute members. The substitute members of the Board take over in case of death, resignation or loss of identity of other Board members. Moreover, the Company Memorandum provides that in case of death or loss of identity of a Board member, the Board can continue its function and representation of the Company without appointing a replacement. Also the Company Memorandum provides that there is no obligation for the Board of Directors to convene a meeting once a month.

The members of the Board are elected by the General Assembly which, according to the Articles of Association of the Company, is duly convened and decides upon this matter with ordinary quorum and majority. Moreover, the Articles of Association of the Company provide that the responsibility for the issuance of common bond loans may rest (apart from the General Assembly) and on the Board of Directors provided the decision is taken with a majority of at least two thirds (2/3) of its total number of its members.

VΙΙ. SIGNIFICANT POST BALANCE SHEET EVENTS

There are no events significantly influencing the financial structure or business course of the Group until the time of the writing of the present report.

VΙΙΙ. MAJOR SOURCES OF UNCERTAINTY WITH REGARD TO ACCOUNTING ASSESSMENTS

The preparation of the financial statements presumes that various estimations and assumptions are made by the Group's management which possibly affect the carrying values of assets and liabilities and the required disclosures for contingent assets and liabilities as well as the amounts of income and expenses recognized. The use of adequate information and the subjective judgment used are basic for the estimates made for the valuation of assets, liabilities derived from employees benefit plans, impairment of receivables, unaudited tax years and pending legal cases. The estimations are important but not restrictive. The actual future events may differ than the above estimations. The major sources of uncertainty in accounting estimations by the Group's management, concern mainly the legal cases and the financial years not audited by the tax authorities, as described in detail in note 30 of the financial statements.

Other sources of uncertainty relate to the assumptions made by the management regarding the employee benefit plans such as payroll increase, remaining years to retirement, inflation rates etc. and other sources of uncertainty is the estimation for the useful life of fixed assets. The above estimations and assumptions are based on the up to date experience of the management and are revaluated so as to be up to date with the current market conditions.

IΧ. MANAGEMENT OF FINANCIAL RISKS

The Group's management has assessed the impacts on the management of financial risks that may arise due to the challenges of the general business environment in Greece. In general, as it is further discussed in the management of each financial risk below, the management of the Group does not consider that any negative developments in the Greek economy in connection with the capital controls of the Greek banks may materially affect the normal course of business of the Group and the Company.

a. Capital risk management

The Group manages its capital to ensure that Group companies will be able to continue as a going concern while maximizing the return to stakeholders through the optimization of the debt and equity balance. The capital structure of the Group consists of debt, which includes borrowings, cash and cash equivalents and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings. The Group's management monitors the capital structure on a frequent basis. As a part of this monitoring, the management reviews the cost of capital and the risks associated with each class of capital. The Group's intention is to balance its overall capital structure through the payment of dividends, as well as the issue of new debt or the redemption of existing debt. The Group through its 100% subsidiary "Motor Oil Finance plc" that is based in London, issued a bond loan for an amount of EURO 350 million in 2014 through the offering of five year Senior Notes bearing a fixed rate coupon and maintains also access at the international money markets broadening materially its financing alternatives.

Gearing Ratio

The Group's management reviews the capital structure on a frequent basis. As part of this review, management considers the cost of capital and the risks associated with each class of capital.

The gearing ratio at the year end was as follows:

	GROUP		COMPANY
(In 000's Euros)	31/12/2015	31/12/2014	31/12/2015	31/12/2014
Bank loans	1,351,841	1,197,988	1,020,019	855,949
Cash and cash equivalents	(670,559)	(307,207)	(567,658)	(268,075)
Net debt	681,280	890,781	452,361	587,874
Equity	603,814	413,499	510,778	324,861
Net debt to equity ratio	1.13	2.15	0.89	1.81

b. Financial risk management

The Group's Treasury department provides services to the business, co-ordinates access to domestic and international financial markets, monitors and manages the financial risks relating to the operations of the Group. These risks include market risk (including currency risk, fair value interest rate risk and price risk), credit risk and liquidity risk. The Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. The Treasury department reports on a frequent basis to the Group's management that monitors risks and policies implemented to mitigate risk exposures.

c. Market risk

Due to the nature of its activities, the Group is exposed primarily to the financial risks of changes in foreign currency exchange rates (see (d) below), interest rates (see (e) below) and to the volatility of oil prices mainly due to the obligation to maintain certain level of inventories. The Company, in order to avoid significant fluctuations in the inventories valuation is trying, as a policy, to keep the inventories at the lowest possible levels. Furthermore, any change in the pertaining refinery margin, denominated in USD, affects the Company's gross margin. There has been no change to the Group's exposure to market risks or the manner in which it manages and measures these risks. Considering the conditions in the oil refining and trading sector, as well as the negative economic environment in general, we consider the course of the Group and the Company as satisfactory. Through its recently incorporated Middle East based 100% subsidiary, the Group aims to exploit its endeavours at international level and to further strengthen its already solid exporting orientation. Moreover the instability in the domestic market, in connection with the capital controls, is not expected to create

problems to the normal course of business of the Company, which due to its strong exporting orientation generates adequate cash flows to cover the necessary imports of crude oil for the refinery activities. Furthermore crude oil prices are determined in the international markets and are not affected so by any domestic market turbulences.

d. Foreign currency risk

Due to the use of the international Platt's prices in USD for oil purchases/sales, exposures to exchange rate fluctuations may arise for the Company's profit margins. The Company minimises foreign currency risks through physical hedging, mostly by monitoring assets and liabilities in foreign currencies.

e. Interest rate risk

The Group has access to various major domestic and international financial markets and manages to have borrowings with competitive interest rates and terms. Hence, the operating expenses and cash flows from financing activities are not materially affected by interest rate fluctuations.

Had the current interest rates been 50 basis points higher/lower, all other variables kept constant, the Group's profit for the year ended 31 December 2015 could have decreased/increased by approximately € 7.2 million.

f. Credit risk

The Group's credit risk is primarily attributable to its trade and other receivables.

The Group's trade receivables are characterized by a high degree of concentration, due to a limited number of customers comprising the clientele of the parent Company. Most of the customers are international well known oil companies. Consequently, the credit risk is limited to a great extent. The Group companies have signed contracts with their clients, based on the course of the international oil prices. In addition the Group, as a policy, obtains letters of guarantee from its clients in order to secure its receivables, which as at 31/12/2015 amounted to Euro 24.7 mil. As far as receivables of the subsidiaries "Avin Oil S.A.", "CORAL A.E.", "CORAL GAS A.E.B.E.Y." and "L.P.C. S.A." are concerned, these are spread in a wide range of customers and consequently there is no material concentration and the credit risk is limited. The Group manages its domestic credit policy in a way to limit accordingly the credit days granted in the local market, in order to minimise any probable domestic credit risk.

g. Liquidity risk

Liquidity risk is managed through the proper combination of cash and cash equivalents and the bank loan facilities granted, when needed. In order to address such risks, the Group's management monitors the balance of cash and cash equivalents and ensures available bank loans facilities in conjunction with the fact that cash and cash equivalents are deposited in well known domestic and foreign banks due also to the very strong exporting orientation of the Company. Moreover the major part of the Group's borrowings is long term borrowings which facilitates liquidity management.

The following tables present the Group's remaining contractual maturity for its financial liabilities:

			GROUP
(In 000's Euros)	Weighted average effective		2015
	interest rate	0-6 months	7-12 months	2-5 years	5 + years	Total
Trade & other payables	0.00%	392,401	7,817	0	0	400,218
Finance Leases	7.20%	12	13	41	0	66
Bank loans	5.66%	211,348	32,865	1,107,562	0	1,351,775
Total		603,761	40,695	1,107,603	0	1,752,059

GROUP 2014

(In 000's Euros) Trade & other payables	Weighted average effective interest rate 0.00%	0-6 months 674,122	7-12 months	2-5 years	5 + years	Total 674,122
Finance Leases	7.36%	12	12	66	0	90
Bank loans Total	6.09%	309,118 983,252	61,639 61,651	827,141 827,207	0 0	1,197,898 1,872,110

The following tables present the Company's remaining contractual maturity for its financial liabilities:

			COMPANY
			2015
	Weighted
	average
(In 000's Euros)	effective
	interest rate	0-6 months	7-12 months	2-5 years	5 + years	Total
Trade & other payables	0.00%	318,501	0	0	0	318,501
Finance Leases	7.20%	12	13	41	0	66
Bank loans	5.47%	137,842	25,787	856,324	0	1,019,953
Total		456,355	25,800	856,325	0	1,338,520

COMPANY 2014

(In 000's Euros)	Weighted average effective interest rate	0-6 months	7-12 months	2-5 years	5 + years	Total
Trade & other payables	0.00%	601,214	0	0	0	601,214
Finance Leases	7.36%	11	12	67	0	90
Bank loans Total	5.87%	118,670 719,895	37,189 37,201	700,000 700,067	0 0	855,859 1,457,163

Going Concern

The Group's management considers that the Company and the Group have adequate resources that ensure the smooth continuance of the business of the Company and the Group as a "Going Concern" in the foreseeable future.

Χ. QUALITY - ENVIRONMENT – HEALTH & SAFETY – LABOUR MATTERS

The commitment of the Group to the fulfilment of its main goal, which includes its involvement in the wider energy sector catering for the needs of the society while contributing to the economic and community prosperity, respecting the principles of Sustainable Development and minimizing the impact on the environment resulting from its operations, is reflected by its Policy for Quality, Environmental Protection and Health & Safety.

From the beginning of its operations MOTOR OIL has focused its efforts on the production of products of high quality standards having as a main objective to fulfill the needs of its customers. The aim of the Company is to provide reliable and quality products to its customers by the means of a universal motivation of its management while proactively dealing with potential problems before these arise.

For the above mentioned reasons, in 1992 the Company initiated action to develop a Quality Assurance System covering all its activities meeting the requirements of the ISO 9002 standard. In December 1993 the system was certified by Bureau Veritas Certification (BV Cert.). Since then, the Quality System has become an integral part of MOTOR OIL operations.

In January 2003 MOTOR OIL received by the same company the accreditation according to the requirements of the (at the time) new standard ISO 9001:2000 for its Quality Management System. In November 2009 the system was certified according to the new version of the standard ISO 9001:2008 with validity until February 2012 when its certification was renewed with validity until February 2015. In December 2014, within the context of the simultaneous evaluation of Company certifications, the ISO 9001:2008 standard was recertified with validity until December 2017.

The commitment of the Company management as well as its personnel to the continuous development of quality is universal. In the context of this commitment, the Refinery Chemical Laboratory was accredited by the National Accreditation System (ESYD) with the ISO / IEC 17025 standard in September 2006 and validity until September 2010. Since then, the validity of the accreditation was extended until September 2014 when it was extended once more until September 2018.

The adoption of methods and procedures that protect the environment comprise top priority for MOTOR OIL. The Refinery operation conforms to the environmental terms set by the Ministry of Environment Urban Planning & Public Works and the Ministry of Development for the granting of operation license. Furthermore, the Refinery operation is fully harmonized with the most stringent international standards for environmental protection adopting the most advanced processing methods causing the minimum environmental harm possible. The Refinery Environmental Management System (EMS) was certified by Bureau Veritas Certification (BV Cert.) according to the ISO 14001:1996 initially in December 2000 and since 2004 according to the more stringent standard ISO 14001:2004. Following the EMS recertification in January 2013, the validity of the certificate was extended until January 2016. In December 2014, within the context of the simultaneous evaluation of Company certifications already mentioned, the Company EMS was recertified with validity until December 2017.

Furthermore, since July 2007 and given the commitment of the Company to continuous improvement of environmental management and dissemination of information regarding the impact of its operations on the environment, MOTOR OIL has voluntarily and beyond any legal obligation adopted the European Regulation (ER) 761/2001 EMAS (Eco-Management and Audit Scheme) verified by Bureau Veritas and proceeded with the issuance of an annual Environmental Statement. The annual Environmental Statements for the fiscal years 2006 – 2009 were compiled according to the EMAS II 761/2001 regulation while those for the fiscal years 2010 – 2014 were compiled according to the more recent EMAS III 1221/2009 regulation. MOTOR OIL is registered in the European System of Eco-Management and Audit Scheme while its Refinery is registered in the Hellenic Register of EMAS Registered Organizations.

The triple combination of certifications, ISO 14001:2004 & EMAS (for the environment) and ISO 9001:2008 (for quality), is of the utmost importance and is only met in a handful of European refineries such high degree of complexity as that of the Refinery of MOTOR OIL.

MOTOR OIL has been committed to incorporate the Health and Safety requirements in its planning, decision making and Refinery operation always considering all Stakeholders.

Within the context of this commitment the Health & Safety Management of the Refinery was revised thoroughly and was certified by Bureau Veritas Certification (BV Cert.) according to the international standard OHSAS 18001:2007 in December 2008. This certification initially had a three year validity. In December 2011 the OHSAS 18001:2007 was recertified with validity until December 2014 when it was recertified with validity until December 2017.

Personnel relations are at a particularly good level. The Company not only complies with the legal requirements, relating to worker participation and the protection of human rights, but also aims to cultivate mutual trust and co-operation. It operates a progressive system of human resources management policies, which enshrines clarity and fairness in matters of recruitment, transfers, promotion, remuneration, education and training, benefits, holidays and other types of leave of absence. The terms and conditions of employment are covered by a collective labor agreement approved by the Ministry of Labor. Refinery employees are unionized, the Union being a signatory to a collective labor agreement with the Federation of Greek Industries since 1986. In 2006 the Company and the Union of Refinery Employees jointly established a supplementary operational employment contractual agreement which they renew each year.

The approach of the Company to a salary policy is to set, manage and review salary levels in a consistent, transparent and objective way. The Company offers competitive and performance-linked remuneration packages.

Besides the basic pay and benefits package, the Company provides to its employees and their families a wide range of discretionary non-wage benefits. These benefits aim to cater for the employees' welfare and insurance beyond the requirements set out by the Law, to strengthen their bonds with the Company, to cultivate cooperation and team spirit, and to assist them to achieve a healthy work/life balance. Among the benefits introduced on the Company's initiative are:

• o A life insurance and hospital care program for the employees and their dependant family members.
• o A pension scheme.

It is recognized that in such a globalised and highly specialized sector as the one of oil refining and trading, the growth prospects of the Company and the implementation of its business policy are closely associated with the development of the skills and abilities of its employees. To this end, providing training to personnel with regard to aspects of professional skills and personal development is a matter of paramount importance for which the Company allocates significant resources both in terms of money and time. The Company training policy aims to ensure that the educational background and personal skills of each employee suit the requirements of his/her job position the ultimate objective being to provide continuous, responsible, flexible and complete professional training.

ΧI. KEY FINANCIAL RATIOS

The basic financial ratios of the Group and the Company are presented hereunder:

	GROUP			COMPANY
	31/12/2015	31/12/2014	31/12/2015	31/12/2014
Debt to Capital Ratio
Total Borrowings Total Borrowings + Shareholders' Equity	69.13%	74.34%	66.63%	72.49%
Debt to Equity Ratio
Total Borrowings Shareholders' Equity	2.24	2.90	2.00	2.63
	GROUP		COMPANY
	31/12/2015		31/12/2014 31/12/2015	31/12/2014
Return on Assets (ROA)
Earnings after Tax (EAT) Total Assets	7.98%	(3.45)%	9.99%	(4.69)%
Return on Equity (ROE)
Earnings after Tax (EAT) Shareholders' Equity	33.95%	(20.12%)	39.37%	(26.78)%
Return on Invested Capital (ROIC)
Earnings after Tax + Finance Costs . Total Net Borrowings + Shareholders' Equity + Provisions	19.98%	(2.06%)	24.62%	(5.07)%

XΙΙ. RELATED PARTY TRANSACTIONS

The transactions between the Company and its subsidiaries have been eliminated on consolidation. Details regarding the transactions of the Company, its subsidiaries and the related parties disclosed as associates are presented hereunder:

	GROUP
Amounts in thousand Euro	Sales of products and services	Other expenses	Dividends	Receivables	Payables
Subsidiaries:
ELECTROPARAGOGI SOUSSAKI S.A.	2			1
Associates:
SEKAVIN	84,069	697		408	15
ΕΑΚΑΑ. S.A.			135
AIR LIFT	38	29			44
KORINTHOS POWER S.A.	444			13
RAPI.		1,457			66
M & M		110			32
SHELL-MOH AVIATION	105,595	756		3,304	9
ALL SPORTS	23	35		1	10
Total	190,171	3,084	135	3,727	176

	COMPANY
Amounts in thousand Euro	Sales of products and services	Other expenses	Dividends	Receivables	Payables
Subsidiaries:
AVIN OIL A.V.E.N.E.P	367,684	17,070		42,843
ELECTROPARAGOGI SOUSSAKI S.A	1			1	0
OFC AVIATION FUEL SERVICES			672	73
CYCLON	54,380	1,584
LPC	8,154	3,434		3,067	1,275
ΜΑΚREON S.A		30			3
CORAL A.E.	475,656	28,839		18,349	54
MYRTEA		0
ERMIS		6
CORAL GAS	43,035	80		3,526	183
MOTOR OIL FINANCE PLC		19,191		17,112	344,436
MOTOR OIL CYPRUS		2			50
KEPED		2			1
ENDIALE		14			10
CYTOP	0
DMCC	148,989				78
MOTOR OIL TRADING	4,032	83		185
B.F.S. A.E.	0	1,089
Total	1,101,931	71,424	672	85,156	346,090
Associates:
SEKAVIN	84,041	697		392	15
ΕΑΚΑΑ. S.A.			135
KORINTHOS POWER S.A	444			12
SHELL-MOH AVIATION	100,981	755		3,191
AIR LIFT SA		29			5
Total	185,466	1,481	135	3,595	20
Grand Total	1,287,397	72,905	807	88,751	346,110

The sales of goods to associates were made on an arm's length basis.

The amounts outstanding will be settled in cash. An amount of USD 2,500 thousand has been granted by the related party "SEKAVIN S.A." as guarantee.

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 1/1–31/12/2015 and 1/1–31/12/2014 amounted to € 8,214 thousand and € 5,700 thousand respectively. (Company: 1/1–31/12/2015: € 3,877 thousand, 1/1–31/12/2014: € 2,391 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 1/1–31/12/2015 amounted to € 305 thousand and for 1/1–31/12/2014 amounted to € 313 thousand respectively. (Company: 1/1–31/12/2015: € 74 thousand, 1/1–31/12/2014: € 82 thousand).

There are leaving indemnities paid to key management for the Group for the period 1/1–31/12/2015 of € 157 thousand and €226 thousand paid for the respective comparative period.

Directors' Transactions

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

Maroussi, 10 March 2016

THE CHAIRMAN OF THE BoD & MANAGING DIRECTOR

THE DEPUTY MANAGING DIRECTORS THE MEMBERS OF THE BoD

THE VICE CHAIRMAN

VARDIS J. VARDINOYANNIS JOHN V. VARDINOYANNIS

JOHN Ν. KOSMADAKIS NIKOS TH. VARDINOYANNIS

PETROS Τ. TZANNETAKIS GEORGE P. ALEXANDRIDIS

MICHAEL – MATHEOS J. STIAKAKIS

ANASTASIOS – ELIAS CHR. TRIANDAPHYLLIDIS

ANTONIOS TH. THEOHARIS

THEOFANIS CHR. VOUTSARAS

NIKI D. STOUFI

CORPORATE GOVERNANCE STATEMENT (LAW 3873/2010)

The present statement that has been compiled according to the provisions of Law 3873/2010 (Government Gazette Α' 150/6.9.2010) forms part of the Report of the Board of Directors of the year 2015 of "MOTOR OIL (HELLAS) S.A." as a separate section of it and it is available through the Company's website, www.moh.gr.

Part of the information included in the topics that follow is included in the Report of the Board of Directors and the Notes of the year 2015 Financial Statements of "MOTOR OIL (HELLAS) S.A.".

aa) The legal framework governing the operation of "MOTOR OIL (HELLAS) S.A." and defining its obligations as a company having its registered address in Greece is comprised by Law 2190/1920 on "Societés Anonymes" as this Law is in force following its occasional amendments. Apart from Law 2190/1920, issues such as the objectives of the Company, its corporate goals, its duration, the responsibilities of the Board of Directors and of the General Assemblies, the appointment of Certified Auditors, the liquidation and dissolution of the Company are set at its "Company Memorandum & Articles of Association", available on its website. As a Company the shares of which are listed on the Athens Stock Exchange, "MOTOR OIL (HELLAS) S.A." is under additional obligations pertaining to the specific areas of corporate governance, dissemination of information to the investment community and the supervisory authorities, the publication of financial statements etc. The fundamental law that stipulates and imposes the additional obligations is the Law 3016/2002 (Government Gazette Α' 110/17.5.2002), a copy of which is also available on the Company website. Moreover, the Athens Stock Exchange Regulation, available on the website of Hellenic Exchanges Group www.helex.gr, clearly sets forth the obligations of listed companies in conformity to the decisions of the Board of Directors of the Athens Stock Exchange. Lastly, the introduction of Law 3693/2008 (Government Gazette Α' 174/25.8.2008) made mandatory for all listed companies the establishment of an Audit Committee.

The Board of Directors of "MOTOR OIL (HELLAS) S.A." compiled, customized and approved the Corporate Governance Code (CGC) of the Company on March 31st, 2011. This deadline was set by the Hellenic Capital Market Commission with a relevant recommendation sent to all companies with shares listed on the Athens Stock Exchange. Since then, following amendments of the Company Memorandum & Articles of Association as well as additional changes relating to the organization chart of the Company and the composition of its Board, the initial CGC has been revised four times. The Board approval dates of the revised CGC were August 1st, 2011, January 25th, 2012, January 30th, 2015 and January 25th, 2016 respectively. All versions of the Corporate Governance Code of the Company have been submitted to the Hellenic Capital Market Commission. The present Corporate Governance Code of the Company with the indication "January 2016" is available through the Company's website at the particular option "About MOH / Corporate Governance".

bb) No practices additional to those provided by the law are applied as the Board of "MOTOR OIL (HELLAS) S.A." deems the existing institutional and regulatory framework in place in our country as fully adequate. It must be stressed that the Company fulfilled requirements introduced by the Law 3016/2002 prior to the listing of its shares on the Athens Stock Exchange, such as, indicatively and not exhaustively, the Internal Audit Department (in operation since 1990) as well as the Audit and Remuneration Committees (since 1996). In addition, the balance between executive and non-executive members of the Board of Directors in the case of "MOTOR OIL (HELLAS) S.A." existed before the Law 3016/2002 took effect. Each section of "MOTOR OIL (HELLAS) S.A." Corporate Governance Code (for example: Board of Directors, Remuneration Policy, General Meetings etc.) apart from general reference to the institutional, regulatory and legal framework governing the operation of the Company, offers a brief description of the "best practices of corporate governance" followed by the Company on a timely basis.

cc) With reference to the way of function of the Internal Control and Risk Management – ICRM – Systems of the Company in relation to the process of preparation of Company financial statements, it is hereby mentioned that the reporting system of "MOTOR OIL (HELLAS) S.A." utilizes a professional and highly advanced software for reporting to the top management of the Company and to external users. Comprehensive Income and Financial Position Statements along with other relevant analyses are reported to top management on a monthly basis and are prepared on a stand alone and consolidated basis for management and statutory reporting purposes in accordance to IFRS and the pertaining regulations on a quarterly basis. Both management and statutory reporting include all the necessary information pertinent to an up-to-date controlling system, including sales, costs, operating profit and other details. All management reports include current period data which are compared to the budget that was approved by the BoD and to the Previous Year comparative reporting period. All the statutory interim and year end reporting financial statements are prepared in accordance to IFRS, include all the necessary financial information and disclosures according to IFRS, are respectively reviewed by the Audit Committee and duly approved by the BoD as a whole.

dd) The total number of shares issued by "MOTOR OIL (HELLAS) S.A." are 110,782,980 with a nominal value of Euro 0.75 per share. All shares are common registered shares and besides these no other securities exist, embodying rights to Company control. Each share embodies the right of one vote in the General Assemblies (see next section "ee"). The major shareholder of the Company is the entity under the legal name "Petroventure Holdings Limited" which holds 40.00% of the voting rights of "MOTOR OIL (HELLAS) S.A.". The holding company under the legal name "Motor Oil Holdings Ltd" is the controlling shareholder of "Petroventure Holdings Limited". "Motor Oil Holdings Ltd" directly holds 1.27% of the voting rights of MOTOR OIL (HELLAS) S.A. (based on Share Register data as of December 31st, 2015). Consequently, "Motor Oil Holdings Ltd" controls on aggregate (directly and indirectly) 41.27% of the voting rights of MOTOR OIL (HELLAS) S.A. The Company shares are traded on the Athens Stock Exchange and there are no restrictions to their transferability, there are no shareholders with special control rights nor are there any restrictions on voting rights. Furthermore, there are no agreements according to the provisions of article 11a of Law 3371/2005, cases (i) and (j), (i.e., material agreements put in force, revised or terminated in case of change in the control of the Company as a result of a public offer as well as agreements with BoD members or Company personnel that provide for compensation in case of retirement without material reason or termination of their term or employment as a result of public offer). Furthermore, it is noted that the BoD or its members have no authority on matters of share capital increase, issuance of new shares or purchase of treasury shares. The authority on the above mentioned matters lies with the General Assembly of the Shareholders of "MOTOR OIL (HELLAS) S.A.". Amending the Company Memorandum and Articles of Association of "MOTOR OIL (HELLAS) S.A." requires a 2/3 quorum of the paid up share capital of the Company and a decision supported by a 2/3 majority of the present or represented shareholders (see next section "ee").

ee) The General Assembly Meetings of the Shareholders of "MOTOR OIL (HELLAS) S.A." are convened in accordance with the provisions of Law 3884/2010 (Government Gazette Α' 168/24.9.2010). As standard practice the notice to the shareholders is released earlier than the 20 day deadline prior to the General Assembly meeting stipulated by the Codified Law 2190/1920 while the article 39 excerpts on minority rights (paragraphs 2, 2a, 4 and 5 of the Codified Law 2190/1920), the comments of the Board of Directors on the items on the agenda, the forms – of – proxy for representation at the General Assembly and the number of Company shares with the corresponding number of voting rights are available on the Company website. Due to the absence of a relevant provision in the Company Memorandum & Articles of Association, electronic or remote participation and voting at the General Assembly or a possible Repeat Assembly is not feasible. By the same token, due to lack of any relevant provision in the Company Memorandum & Articles of Association, the Company does not accept electronic acknowledgments of appointments of shareholder representatives and their revocations. According to article 23 of the Company Memorandum & Articles of Association, the General Assembly of the shareholders is the supreme authority of the Company and is entitled to deliberate on any Company affair or matter. Moreover, the same article provides that the General Assembly is the only authoritative body entitled to deliberate on issues such as, indicatively and not exhaustively, amendments to the Company Memorandum & Articles of Association, election of new BoD members, any increase or decrease of the Company share capital, appointment of Certified Auditors, approval of annual financial statements and distribution of Company earnings, issue of bonds and bond loans¹ . In as much as the General Assembly is convened in conformity to the provisions of Company Memorandum & Articles of Association, its decisions are binding on all shareholders, including those absent and those dissenting. The General Assembly of Company Shareholders convenes regularly once for every fiscal year within six (6) months following this fiscal year's end and extraordinarily whenever the BoD deems necessary. Shareholders may participate in the General Assembly meeting either in person or through a representative, provided the relevant transcripts are submitted to the Company at the latest three (3) days prior to the General Assembly meeting. Shareholders who do not send to the Company the relevant documents within the above deadline participate in the General Assembly only by the latter's permission. Participation in the General Assembly meeting does not require the prior blocking of shares. Shareholder status is verified through a relevant certificate issued by "Hellenic Central Securities Depository - HCSD." and by means of the electronic file listing all shareholders entitled to participate and vote at the General Assembly meeting which "MOTOR OIL (HELLAS) S.A." receives from "HCSD". The General Assembly is at a quorum and lawfully transacts its business on the issues on the agenda insofar as those present or

1 According to article 7 of the Codified Memorandum & Articles of Association of the Company, in cases of common bond loans the responsibility may rest and on the Board of Directors provided the decision is taken with a majority of at least two thirds (2/3) of its total number of its members

represented at the meeting comprise at least 1/5 of the paid up share capital of the Company. If such a quorum is not attained, a Repeat meeting is convened within twenty days that is considered at quorum and lawfully transacts its business on the issues of the original attendance regardless of the percentage of attendees. Decisions on the items of the agenda require simple majority of those shareholders present or represented. According to article 29 of the Company Memorandum & Articles of Association, for decisions involving 1) change of nationality, 2) change of business activity, 3) increase in shareholder obligations, 4) increase of Company share capital, 5) decrease of Company share capital, 6) issuance of a convertible bond loan, 7) change in earnings distribution policy, 8) merger / split / extension of lifetime / dissolution of the Company, 9) amendment of the Company Memorandum & Articles of Association, the Assembly convenes lawfully insofar as present or represented in it are shareholders representing 2/3 of Company paid up share capital. In case such a quorum is not attained, a first Repeat General Assembly meeting is called that is considered being at quorum if 50% of the Company paid up share capital is represented in it. If neither this quorum is attained, a second Repeat General Assembly meeting is called that is considered being at quorum if 20% of Company paid up share capital is represented in it. Voting at General Assembly meetings takes place in an open/overt manner; nevertheless the General Assembly may opt for a secret vote prior to voting on any particular issue. Each share carries the right to one vote. The General Assembly makes its decisions on the basis of absolute majority of present and represented shareholders. Specifically on issues requiring increased quorum, the General Assembly decides on the basis of 2/3 majority of present and represented shareholders.

ff) The Board of Directors is the Company's highest governing body, and, according to article 14 of its Company Memorandum & Articles of Association, may consist of eight (8) up to twelve (12) members elected by the General Assembly of Company shareholders for a one – year term. Members of the Board of Directors may be shareholders or not, as well as "MOTOR OIL (HELLAS) S.A." executives. BoD members may be re-elected indefinitely without limitation and may be freely recalled. Immediately following its election by the General Assembly, the Board of Directors organizes as a Body Corporate and appoints its Chairman, up to two (2) Vice-Chairmen and the Managing Director. The Chairman of the Board of Directors presides over the meetings and, in case he is absent or cannot attend he is substituted by one of the Vice-Chairmen; in case both Vice-Chairmen are absent or cannot attend they are substituted by any member appointed by the BoD. The Chairman, the Vice-Chairmen and the Managing Director may always be re-elected. The Board of Directors holds a meeting whenever the law, the Company Memorandum & Articles of Association and the Company requirements dictate so and is considered to be at quorum and lawfully conducts its business when half the number plus one of its members are present or represented, but the number of present members can never be less than three. The decisions of the Board of Directors are taken on the basis of simple majority of the present and represented members. Each member is entitled to one vote while the Chairman or any person acting as Chairman has no decisive vote at any meeting of the Board of Directors.

According to Article 20 of the Company's Memorandum & Articles of Association of "MOTOR OIL (HELLAS) S.A.", the Board of Directors is entitled to deliberate on any affair, matter, deed or action pertaining to the administration of the Company in general or to the management of Company property, to represent the Company in all its relations and transactions with third parties and to take any action that enhances its goals, including the granting to third parties of Company guarantees on behalf of affiliated or related companies, with the exception of only those matters that, according to the provisions of the Law or the Company Memorandum & Articles of Association, fall within the jurisdiction of the General Assembly. The responsibility of the Directors regarding the management of "MOTOR OIL (HELLAS) S.A." is limited to carrying out their duties and terminates each year following approval of the Company financial statements by the General Assembly and their subsequent discharge from any liability for damages in connection with the financial statements.

Name	Board Position	Member Identity*
Vardis J. Vardinoyannis	Chairman and Managing Director	Executive
John V. Vardinoyannis	Vice Chairman	Executive
John N. Kosmadakis	Deputy Managing Director	Executive
Petros Tz. Tzannetakis	Deputy Managing Director	Executive
Nikos Th. Vardinoyannis	Member	Non-executive
George P. Alexandridis	Member	Non-executive
Michael-Matheos J. Stiakakis	Member	Executive
Theofanis Chr. Voutsaras	Member	Executive
Niki D. Stoufi	Member	Non-executive
Anastasios-Elias Chr. Triandaphyllidis	Member	Non-executive-independent
Antonios Th. Theocharis	Member	Non-executive-independent

The current Board of MOTOR OIL (HELLAS) S.A. is composed as follows:

* According to Greek Corporate Governance Law 3016/2002

The Annual Ordinary General Assembly of Company shareholders dated June 17th, 2015 elected the Board members and, subsequently, the Board organized as a Body corporate in its meeting dated June 18th, 2015. The independent members were appointed by the General Assembly according to the provisions of the Law 3016/2002. The Company's Board in its meeting dated July 23rd, 2015 appointed Mr. Anastasios-Elias Chr. Triandaphyllidis as independent – non executive member in the place of the late Konstantinos V. Maraveas. The decision for this appointment will be announced at the next General Assembly in accordance with the provisions of article 15 of the Company Memorandum & Articles of Association. The Company opts to maintain a Board with a number of Directors notably greater than the minimum of 8 provided by the Company Memorandum & Articles of Association so that a wide array and range of knowledge, qualifications and experience conducive to corporate goals are represented in it, at the same time ensuring, to the degree this is feasible, a relative balance between the number of executive and non - executive members. A brief biographical note of every BoD member is available on the Company website. The compensation of the Directors for their services in their capacity as Board members is paid following approval by the Annual Ordinary General Assembly of Company shareholders.

Within the framework of the Board of Directors two (2) three - member committees operate:

• Audit Committee
• Remuneration Committee.

The Audit Committee of "MOTOR OIL (HELLAS) S.A." is composed as follows:

Chairman: G. P. Alexandridis Members: A. Th. Theocharis, A-E. Chr. Triandaphyllidis Substitute Member: N. D. Stoufi

The members of the Audit Committee are appointed by the Annual Ordinary General Assembly Meeting of Company's Shareholders, according to the provisions of the Law 3693/2008, and are sufficiently knowledgeable and experienced on matters of financial reporting, accounting and auditing. The Board of Directors proposal to the General Assembly concerning the appointment of a Certified Public Accountant2 or Auditing Firm is made following an Audit Committee recommendation.

The responsibilities of the Audit Committee, according to the Law 3693/2008, indicatively and not exhaustively, include:

monitoring the financial reporting process

• monitoring and ensuring the effective operation of the Internal Control and Risk Management systems
• monitoring and securing the proper operation of the Internal Audit Department
• monitoring the process of the mandatory review of the financial statements on a stand alone and consolidated basis
• monitoring of and following-up on matters relating to the sustained objectivity, impartiality and independence on the part of the Certified Public Accountant.

The Audit Committee assists the Board in a decisive manner to accomplish its duties being the recipient of all reports of the Company's Internal Audit Department, while the Certified Public Accountant or the Auditing Firm report to the Committee on aspects associated with the course and the outcome of statutory audits, submitting a special report on any weakness of the internal control systems, focussing, in particular, on weak points of the process relating to financial reporting and the preparation of financial statements.

The Remuneration Committee of "MOTOR OIL (HELLAS) S.A." is composed as follows:

Chairman: G. P. Alexandridis Members: A-E. Chr. Triandaphyllidis, A. Th. Theocharis Substitute Member: Th. Chr. Voutsaras

The Remuneration Committee functions in an advisory and supportive manner to the Board according to the authorities granted to it by the latter. It tackles Company personnel recruitment issues and proposes the remuneration policy, including benefits and incentives for the executives and key personnel, at the same time supervising the implementation of this policy.

² According to article 34 of the Company Memorandum & Articles of Association, Certified Public Accountants may be re-appointed, but not for more than five (5) consecutive fiscal years.

G.E.MI. 272801000 Prefecture of Attica Registration Nr 1482/06/Β/86/26 Headquarters: Irodou Attikou 12^Α – 151 24 Maroussi Attica

ANNUAL FINANCIAL STATEMENTS

IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS THAT HAVE BEEN ADOPTED BY THE EUROPEAN UNION

FOR THE YEAR 1 JANUARY – 31 DECEMBER 2015

FOR THE GROUP AND THE COMPANY

"MOTOR OIL (HELLAS) CORINTH REFINERIES S.A."

Page

TABLE OF CONTENTS

Statement of Profit or Loss and other Comprehensive Income for the year ended 31 December 2015	4
Statement of Financial Position as at 31 December 2015	5
Statement of Changes in Equity for the year ended 31st December 2015	6
Statement of Cash Flows for the year ended 31 December 2015	7
Νotes to the Financial Statements	8
1. General Information	8
2. Adoption of new and revised International Financial Reporting Standards (IFRSs)	8
3. Significant Accounting Policies	13
4. Revenue	19
5. Operating Segments	20
6. Other Operating Income / (Expenses)	22
7. Profit from Operations	22
8. Investment Income	22
9. Finance Costs	23
10. Income Tax Expenses	23
11. Dividends	24
12. Earnings per Share	24
13. Goodwill	24
14. Other Intangible Assets	25
15. Property, Plant and Equipment	26
16. Investments in Subsidiaries and Associates	28
17. Available for Sale Investments	31
18. Other Non-Current Assets	31
19. Inventories	31
21. Trade and Other Receivables	32
22. Cash and Cash Equivalents	33
22. Borrowings	34
23. Deferred Tax	36
24. Trade and Other Payables	37

Notes to the Financial Statements

	for the year 1/1 – 31/12/2015
--	-------------------------------

25. Share Capital	37
26. Reserves	38
27. Retained Earnings	39
28. Non-Controlling Interests	39
29. Establishment of Subsidiaries	39
30. Contingent Liabilities/Commitments	40
31. Obligations under Finance Leases	41
32. Operating Lease Arrangements	41
33. Deferred Income	42
34. Related Party Transactions	43
35. Significant Associates	44
36. Retirement Benefit Plans	45
37. Categories of Financial Instruments	47
38. Management of Financial Risks	47
39. Events after the Reporting Period	51

The financial statements of the Group and the Company, set out on pages 1 to 51, were approved at the Board of Directors' Meeting dated Thursday 10 March, 2016 and are subject to the approval of the Annual Ordinary General Meeting of Company Shareholders.

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

Statement of Profit or Loss and other Comprehensive Income for the year ended 31 December 2015

Period 1/1 – 31/12/2015		GROUP		COMPANY
In 000's Euros (except for "earnings per share")		Note 1/1-31/12/2015 1/1-31/12/2014		1/1-31/12/2015 1/1-31/12/2014
Operating results
Revenue	4	7,060,215	9,050,151	5,276,468	7,436,908
Cost of Sales		(6,425,497)	(8,856,896)	(4,868,089)	(7,432,457)
Gross profit		634,718	193,255	408,379	4,451
Distribution expenses		(209,690)	(188,266)	(41,727)	(35,510)
Administrative expenses		(55,204)	(46,739)	(28,030)	(24,015)
Other operating income / (expenses)	6	21,938	(4,528)	15,573	(7,311)
Profit from operations		391,762	(46,278)	354,195	(62,385)
Investment income	8	1,641	2,680	2,151	2,460
Share of profit / (loss) in associates	16	(2,841)	10,167	0	0
Finance costs	9	(87,714)	(74,623)	(64,548)	(52,048)
Profit / (loss) before tax		302,848	(108,054)	291,798	(111,973)
Income taxes	10	(97,871)	24,874	(90,694)	24,987
Profit / (loss) after tax		204,977	(83,180)	201,104	(86,986)
Attributable to Company Shareholders		204,814	(83,302)	201,104	(86,986)
Non-controlling interest	28	163	122	0	0
Earnings per share basic and diluted (in Euro)	12	1.85	(0.75)	1.82	(0.79)
Other comprehensive income
Actuarial gains / (losses) on defined benefit plans	36	3,686	(12,497)	2,679	(9,633)
Subsidiary Share Capital increase expenses		(57)	0	0	0
Exchange differences on translating foreign operations		(24)	22	0	0
Gain from acquisition of subsidiary's non-controlling interests		0	6,175	0	0
Income tax on other comprehensive income		(1,563)	3,382	(1,287)	2,637
		2,042	(2,918)	1,392	(6,996)
Total comprehensive income		207,019	(86,098)	202,496	(93,982)
Attributable to Company Shareholders		206,861	(86,217)	202,496	(93,982)
Non-controlling interest		158	119	0	0

The notes on pages 8-51 are an integral part of these Financial Statements.

Statement of Financial Position as at 31 December 2015

(In 000's Euros)	Note	GROUP			COMPANY
		31/12/2015	31/12/2014	31/12/2015	31/12/2014
Assets
Non-current assets
Goodwill	13	19,772	19,772	0	0
Other intangible assets	14	27,005	27,379	557	385
Property, Plant and Equipment	15	1,015,969	1,073,785	709,270	766,259
Investments in subsidiaries and associates	16	48,128	53,804	183,165	183,165
Available for sale investments	17	937	937	937	937
Other non-current assets	18	38,175	41,219	1,874	1,790
Total		1,149,986	1,216,896	895,803	952,536
Current assets
Inventories	19	411,025	484,484	326,608	401,892
Income Taxes		0	16,843	0	16,840
Trade and other receivables	20	336,468	382,699	222,104	216,727
Shares Available for Sale		0	293	0	0
Cash and cash equivalents	21	670,559	307,207	567,726	268,075
Total		1,418,052	1,191,526	1,116,438	903,534
Total Assets	5	2,568,038	2,408,422	2,012,241	1,856,070
Liabilities
Non-current liabilities
Borrowings	22	1,107,603	827,207	856,365	700,067
Provision for retirement benefit obligation	36	52,255	55,519	40,033	42,700
Deferred tax liabilities	23	72,160	41,851	51,015	20,182
Other non-current liabilities		10,473	9,924	0	0
Other non-current provisions		1,273	2,756	0	0
Deferred income	33	7,333	8,348	7,333	8,347
Total		1,251,097	945,605	954,746	771,296
Current liabilities
Trade and other payables	24	400,218	674,122	318,501	601,214
Provision for retirement benefit obligation	36	2,431	1,841	2,344	1,747
Income taxes		65,170	1,249	61,148	0
Borrowings	22	244,238	370,781	163,654	155,882
Deferred income	33	1,070	1,325	1,070	1,070
Total		713,127	1,049,318	546,717	759,913
Total Liabilities		1,964,224	1,994,923	1,501,463	1,531,209
Equity
Share capital	25	83,088	83,088	83,088	83,088
Reserves	26	75,309	51,170	51,268	47,964
Retained earnings	27	443,946	277,803	376,422	193,809
Equity attributable to Company
Shareholders		602,343	412,061	510,778	324,861
Non-controlling interest	28	1,471	1,438	0	0
Total Equity		603,814	413,499	510,778	324,861
Total Equity and Liabilities		2,568,038	2,408,422	2,012,241	1,856,070

The notes on pages 8-51 are an integral part of these Financial Statements.

Statement of Changes in Equity for the year ended 31st December 2015

GROUP

(In 000's Euros)	Share Capital	Reserves	Retained Earnings	Total	Non controlling interests	Total
Balance as at 1 January 2014	83,088	51,082	386,265	520,435	1,214	521,649
Profit/(loss) for the period	0	0	(83,302)	(83,302)	122	(83,180)
Other comprehensive income for the period	0	0	(2,915)	(2,915)	(3)	(2,918)
Total comprehensive income for the period	0	0	(86,217)	(86,217)	119	(86,098)
Addition from acquisition of Subsidiary	0	0	0	0	232	232
Transfer from Retained Earnings	0	88	(88)	0	0	0
Dividends Paid	0	0	(22,157)	(22,157)	(127)	(22,284)
Balance as at 31 December 2014	83,088	51,170	277,803	412,061	1,438	413,499
Profit/(loss) for the period	0	0	204,814	204,814	163	204,977
Other comprehensive income for the period	0	0	2,047	2,047	(5)	2,042
Total comprehensive income for the period	0	0	206,861	206,861	158	207,019
Transfer to Reserves	0	24,139	(24,139)	0	0	0
Dividends Paid	0	0	(16,579)	(16,579)	(125)	(16,704)
Balance as at 31 December 2015	83,088	75,309	443,946	602,343	1,471	603,814

COMPANY

(In 000's Euros)	Share capital	Reserves	Retained Earnings	Total
Balance as at 1 January 2014	83,088	47,964	309,948	441,000
Profit/(loss) for the period	0	0	(86,986)	(86,986)
Other comprehensive income for the period	0	0	(6,996)	(6,996)
Total comprehensive income for the period	0	0	(93,982)	(93,982)
Dividends Paid	0	0	(22,157)	(22,157)
Balance as at 31 December 2014	83,088	47,964	193,809	324,861
Profit/(loss) for the period	0	0	201,104	201,104
Other comprehensive income for the period	0	0	1,392	1,392
Total comprehensive income for the period	0	0	202,496	202,496
Transfer to Reserves		3,304	(3,304)	0
Dividends Paid	0	0	(16,579)	(16,579)
Balance as at 31 December 2015	83,088	51,268	376,422	510,778

The notes on pages 8-51 are an integral part of these Financial Statements

Statement of Cash Flows for the year ended 31 December 2015

(In 000's Euros)		GROUP		COMPANY
	Note	1/1 – 31/12/2015	1/1 – 31/12/2014	1/1 – 31/12/2015	1/1 – 31/12/2014
Operating activities
Profit before tax		302,848	(108,054)	291,798	(111,973)
Adjustments for:
Depreciation & amortization of non-current assets	7	100,292	97,762	76,600	75,396
Provisions		9,124	5,814	611	(2,342)
Exchange differences		20,305	24,177	20,362	24,140
Investment income / (expenses)		4,425	(12,847)	(2,398)	(1,922)
Finance costs	9	87,714	74,623	64,548	52,048
Movements in working capital:
Decrease / (increase) in inventories		74,507	65,926	75,284	80,901
Decrease / (increase) in receivables		50,991	77,758	(5,450)	73,735
(Decrease) / increase in payables (excluding
borrowings) Less:		(274,139)	19,661	(272,465)	2,684
Finance costs paid		(90,173)	(74,752)	(66,369)	(49,819)
Taxes paid		(4,493)	(6,321)	0	(4,256)
Net cash (used in) / from operating activities (a)		281,401	163,747	182,521	138,592
Investing activities Acquisition of subsidiaries, affiliates, joint-ventures and other investments Purchase of shares Purchase of tangible and intangible assets Proceeds on disposal of tangible and intangible assets Interest received Dividends received	8	0 (51) (43,063) 700 538 135	(6,662) 0 (54,619) 618 555 18	0 (63) (19,784) 240 344 807	(14,071) 0 (33,493) 0 406 850
Net cash (used in) / from investing activities (b)		(41,741)	(60,090)	(18,456)	(46,308)
Financing activities Proceeds from borrowings Repayments of borrowings Repayments of finance leases Return Of Share Capital Dividends paid Net cash (used in) / from financing activities (c) Net increase / (decrease) in cash and cash equivalents (a)+(b)+(c)		685,333 (544,913) (24) (16,704) 123,692 363,352	1,217,899 (1,113,733) (22) 0 (22,284) 81,860 185,517	547,472 (395,283) (24) (16,579) 135,586 299,651	1,053,995 (942,025) (22) 0 (22,157) 89,791 182,075
Cash and cash equivalents at the beginning of the year		307,207	121,690	268,075	86,000
Cash and cash equivalents at the end of the year		670,559	307,207	567,726	268,075

The notes on pages 8-51 are an integral part of these Financial Statements.

Νotes to the 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, 12Α 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" holding 40% and "Doson Investments Company" holding 7.8%.

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

As at 31 December 2015 the number of employees, for the Group and the Company, was 2,008 and 1,191 respectively (31/12/2014: Group: 2,011 persons, Company: 1,192 persons).

2. Adoption of new and revised International Financial Reporting Standards (IFRSs)

New standards, amendments of existing standards and interpretations: Specifically new standards, amendment to existing standards and interpretations have been issued, which are obligatory for accounting periods beginning during the present fiscal year or at a future time, and have an impact in the Group's financial data. The Group's appraisal regarding the effects from adopting new standards, amendment to existing standards and interpretations is analyzed below.

New Standards amendments and IFRICs effective for periods beginning on or after January 1st 2015

IAS 19 (Amendment) "Employee Benefits (2011)"

IAS 19 is amended so as to clarify the requirements that relate to how contributions from employees or third parties that are linked to service should be attributed to periods of service. In addition, it permits a practical expedient if the amount of the contributions is independent of the number of years of service, in that, contributions can but are not required, to be recognized as a reduction in the service cost in the period in which they are due. The amendment has not yet been endorsed by the European Union.

Amendments to standards being part of the annual improvement program of 2013 of the IASB (International Accounting Standards Board) 2010 – 2012 Cycle.

The following amendments describe the most important changes brought to the IFRS due to the results of the annual improvement program of the IASB published in December 2013. The amendments have not yet been endorsed by the E.U.

IFRS 2 "Share Based Payments"

Amends the definitions of 'vesting condition' and 'market condition' and adds definitions for 'performance condition' and 'service condition'.

IFRS 3 "Business Combinations"

The amendment requires contingent consideration that is classified as an asset or a liability to be measured at fair value at each reporting date.

IFRS 8 "Operating Segments"

The amendment requires disclosure of the judgments made by management in applying the aggregation criteria to operating segments. Further to this the amendment clarifies that reconciliations of segment assets to total assets are only required if segment assets are reported regularly to the CODM.

IFRS 13 "Fair Value Measurement"

The amendment clarifies that issuing IFRS 13 and amending IFRS 9 and IAS 39 did not remove the ability to measure certain short-term receivables and payables on an undiscounted basis.

IAS 16 and IAS 38 "Property Plant & Equipment" & "Intangible Assets"

These standards are amended so as to clarify that the gross amount of property, plant and equipment is adjusted in a manner consistent with a revaluation of the carrying amount.

IAS 24 "Related Party Disclosures"

Clarifies that payments to entities providing key management personnel services are to be disclosed as transactions with related parties.

Amendments to standards being part of the annual improvement program of 2013 of the IASB (International Accounting Standards Board) 2011 – 2013 Cycle.

The following amendments describe the most important changes brought to the IFRS due to the results of the annual improvement program of the IASB published in December 2013. The amendments have not yet been endorsed by the E.U.

IFRS 1 "First Time Adoption of International Financial Reporting Standards"

Clarifies that first time adopters are allowed to apply new IFRSs that are not yet mandatory if the IFRSs permit early application.

IFRS 3 "Business Combinations"

Clarify that IFRS 3 excludes from its scope the accounting for the formation of a joint arrangement in the financial statements of the joint arrangement itself.

IFRS 13 "Fair Value Measurement"

Clarify the scope of the portfolio exception in paragraph 52, so that it can be applied to all contracts under the scope of IAS 39 even if the definitions of financial assets and financial liabilities are not met.

IAS 40 "Investment Property"

Clarifies that IAS 40 and IFRS 3 are not mutually exclusive and that application of both standards may be required.

New Standards and Amendments to Standards effective for periods beginning on or after January 1st 2016

IFRS 11 (Amendment) "Joint Arrangements"

Amends IFRS 11 to require an acquirer of an interest in a joint operation in which the activity constitutes a business (as defined in IFRS 3 Business Combinations) ,to apply all of the business combinations accounting principles in IFRS 3 and other IFRSs, except for those principles that conflict with the guidance in IFRS 11 and also disclose the information required by IFRS 3 and other IFRSs for business combinations. The amendments apply both to the initial acquisition of an interest in joint operation, and the acquisition of an additional interest in a joint operation (in the latter case, previously held interests are not remeasured).The amendment has not yet been endorsed by the European Union.

IAS 1 (Amendment) "Presentation OF Financial Statements"

Amends IAS 1 Presentation of Financial Statements to address perceived impediments to preparers exercising their judgement in presenting their financial reports by making the following changes:

clarification that in formation should not be obscured by aggregating or by providing immaterial information, materiality considerations apply to the all parts of the financial statements, and even when a standard requires a specific disclosure, materiality considerations do apply; clarification that the list of line items to be presented in these statements can be disaggregated and aggregated as relevant and additional guidance on subtotals in these statements and clarification that an entity's share of OCI of equity accounted associates and joint ventures should be presented in aggregate as single line items based on whether or not it will subsequently be reclassified to profit or loss; additional examples of possible ways of ordering the notes to clarify that understand ability and comparability should be considered when determining the order of the notes and to demonstrate that the notes need not be presented in the order so far listed in paragraph 114 of IAS 1. The amendment has not yet been endorsed by the European Union.

IFRS (Amendment) 10, IFRS 12 and IAS 28 "Investment Entities: Applying the Consolidation Exception"

Amends IFRS 10 Consolidated Financial Statements, IFRS 12 Disclosure of Interests in Other Entities and IAS 28 Investments in Associates and Joint Ventures (2011) to address issues that have arisen in the context of applying the consolidation exception for investment entities by clarifying the following points: The exemption from preparing consolidated financial statements for an intermediate parent entity is available to a parent entity that is a subsidiary of an investment entity, even if the investment entity measures all of its subsidiaries at fair value. A subsidiary that provides services related to the parent's investment activities should not be consolidated if the subsidiary itself is an investment entity. When applying the equity method to an associate or a joint venture, a non-investment entity investor in an investment entity may retain the fair value measurement applied by the associate or joint venture to its interests in subsidiaries. An investment entity measuring all of its

subsidiaries at fair value provides the disclosures relating to investment entities required by IFRS 12. The

IAS 16 (Amendment) "Property Plant & Equipment" and IAS 38 "Intangible Assets"

Amends IAS 16 & IAS 38 so as to clarify that a depreciation method that is based on revenue that is generated by an activity that includes the use of an asset is not appropriate for property, plant and equipment. Also the amendment introduces a rebuttable presumption that an amortisation method that is based on the revenue generated by an activity that includes the use of an intangible asset is inappropriate, which can only be overcome in limited circumstances where the intangible asset is expressed as a measure of revenue, or when it can be demonstrated that revenue and the consumption of the economic benefits of the intangible asset are highly correlated. Further to this the amendment adds guidance that expected future reductions in the selling price of an item that was produced using an asset could indicate the expectation of technological or commercial obsolescence of the asset, which, in turn, might reflect a reduction of the future economic benefits embodied in the asset. The amendment has not yet been endorsed by the European Union.

IAS 27 (Amendment) "Separate Financial Statements"

amendment has not yet been endorsed by the European Union.

Amends IAS 27 Separate Financial Statements to permit investments in subsidiaries, joint ventures and associates to be optionally accounted for using the equity method in separate financial statements. This amendment has not yet been endorsed by the EU.

Amendments to standards being part of the annual improvement program of 2014 of the IASB (International Accounting Standards Board) 2012 – 2014 Cycle.

The amendments set out below describe the key changes to four IFRSs. The improvements have not yet been endorsed by the EU.

IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations"

Adds specific guidance in IFRS 5 for cases in which an entity reclassifies an asset from held for sale to held for distribution or vice versa and cases in which held-for-distribution accounting is discontinued.

IFRS 7 "Financial Instruments – Disclosures"

Provides additional guidance to clarify whether a servicing contract is continuing involvement in a transferred asset, and clarification on offsetting disclosures in condensed interim financial statements.

IAS 9 "Financial Instruments"

Clarify that the high quality corporate bonds used in estimating the discount rate for post-employment benefits should be denominated in the same currency as the benefits to be paid.

IAS 34 "Interim Financial Reporting"

Clarifies the meaning of 'elsewhere in the interim report' and requires a cross-reference.

New Standards effective for periods beginning on or after January 1st 2017

IAS 12 (Amendment) "Recognition of Deferred Tax Assets for Unrealised Losses''

Amends IAS 12 Income Taxes in order to clarify that unrealised losses on debt instruments measured at fair value and measured at cost for tax purposes give rise to a deductible temporary difference regardless of whether the debt instrument's holder expects to recover the carrying amount of the debt instrument by sale or by use. The carrying amount of an asset does not limit the estimation of probable future taxable profits and estimates for future taxable profits exclude tax deductions resulting from the reversal of deductible temporary differences.

An entity assesses a deferred tax asset in combination with other deferred tax assets. Where tax law restricts the utilisation of tax losses, an entity would assess a deferred tax asset in combination with other deferred tax assets of the same type. The amendment has not yet been endorsed by the EU.

IAS 7 (Amendment) "Disclosure Initiative''

Amends IAS 7 Statement of Cash Flows in order to clarify that entities shall provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities.

To achieve this objective, the IASB requires that the following changes in liabilities arising from financing activities are disclosed (to the extent necessary): (i) changes from financing cash flows; (ii) changes arising from obtaining or losing control of subsidiaries or other businesses; (iii) the effect of changes in foreign exchange rates; (iv) changes in fair values; and (v) other changes.The IASB defines liabilities arising from financing activities as liabilities "for which cash flows were, or future cash flows will be, classified in the statement of cash flows as cash flows from financing activities". It also stresses that the new disclosure requirements also relate to changes in financial assets if they meet the same definition.

The amendments state that one way to fulfil the new disclosure requirement is to provide a reconciliation between the opening and closing balances in the statement of financial position for liabilities arising from financing activities. This is a departure from the December 2014 exposure draft that had proposed that such a reconciliation should be required.

Finally, the amendments state that changes in liabilities arising from financing activities must be disclosed separately from changes in other assets and liabilities.

The amendment has not yet been endorsed by the EU.

New Standards effective for periods beginning on or after January 1st 2018

IFRS 15 "Revenue from Contracts with Customers"

IFRS 15 provides a single, principles based five-step model to be applied to all contracts with customers. The five steps in the model are as follows:

Identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contracts, recognise revenue when (or as) the entity satisfies a performance obligation. Guidance is provided on topics such as the point in which revenue is recognised, accounting for variable consideration, costs of fulfilling and obtaining a contract and various related matters. New disclosures about revenue are also introduced. The standard has not yet been endorsed by the European Union.

IFRS 9 "Financial Instruments" (applies to annual periods beginning on or after 1 January 2018)

IFRS 9 is the first Phase of the Board's project to replace IAS 39 and deals with: the classification and measurement of financial assets and financial liabilities, impairment of financial assets, hedge accounting, derecognition of financial assets and liabilities. The Company is currently investigating the impact of IFRS 9 on its financial statements. The Company cannot currently early adopt IFRS 9 as it has not been endorsed by the EU. Only once approved will the Company decide if IFRS 9 will be adopted prior to 1 January 2018. The standard has not yet been endorsed by the European Union.

IFRS 9 "Financial Instruments: Hedge accounting and amendments to IFRS 9, IFRS7 and IAS 39" (effective for annual periods beginning on or after 1 January 2018)

The IASB has published IFRS 9 Hedge Accounting, the third phase of its replacement of IAS 39 which establishes a more principles based approach to hedge accounting and addresses inconsistencies and weaknesses in the current model in IAS 39. The second amendment requires changes in the fair value of an entity's debt attributable to changes in an entity's own credit risk to be recognised in other comprehensive income and the third amendment is the removal of the mandatory effective date of IFRS 9. These amendments have not yet been endorsed by the EU.

New Standards effective for periods beginning on or after January 1st 2019

IFRS 16 "Leases''

IFRS 16 establishes principles for the recognition, measurement, presentation and disclosure of leases, with the objective of ensuring that lessees and lessors provide relevant information that faithfully represents those transactions. The standard provides a single lessee accounting model, requiring lessees to recognise assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Lessors continue to classify leases as operating or finance, with IFRS 16's approach to lessor accounting substantially unchanged from its predecessor, IAS 17. The standard has not yet been endorsed by the EU.

3. Significant Accounting Policies

The principal accounting policies adopted which are consistent with those of the prior year are set out below:

3.1. Basis of Accounting

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) which are effective at the date of preparing these financial statements as issued by the International Accounting Standards Board (IASB) and adopted by the European Union (EU).

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

3.2. Basis of Consolidation

The consolidated financial statements incorporate the financial statements of the Company and the entities controlled by the Company (its subsidiaries) at the end of each respective year. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities.

On acquisition, the assets and liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any excess of the cost of acquisition over the fair values of the identifiable net assets acquired is recognized as goodwill. Any deficiency of the cost of acquisition below the fair values of the identifiable net assets acquired (i.e. discount on acquisition) is credited to profit and loss in the year of acquisition.

The accounting policies of the subsidiaries are in line with those used by the parent Company.

All intra-group transactions, balances, income and expenses are eliminated on consolidation.

3.3. Investments in Associates

An associate is an entity over which the Group is in a position to exercise significant influence, but not control or joint control, through participation in the financial and operating policy decisions of the investee. The results, assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting unless these investments are classified as available for sale. Investments in associates are carried in the Statement of Financial Position at cost as adjusted by post-acquisition changes in the Group's share of the net assets of the associate, less any impairment in the value of individual investments. Losses of the associates in excess of the Group's interest in those associates are not recognized.

Profits or losses arising on transactions among associates and companies included in the consolidated accounts are eliminated to the extent of the Group's share in the associates. Losses may be an indication of impairment of the asset, in which case a relevant provision is accounted for.

Investments in subsidiaries and associates are stated in the Company's stand alone Statement of Financial Position at cost and are subject to impairment testing.

3.4. Revenue Recognition

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and sales related taxes.

Revenue is recognized when goods are delivered and/or ownership has passed.

Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount.

3.4. Revenue Recognition (continued)

Dividend income from investments is recognized when the shareholders' rights to receive payment have been established.

3.5. The Group as lessor

Rental income from operating leases is recognized in accordance with the lease agreements as it is considered a more representative method of recognizing the respective income.

The subsidiaries "AVIN OIL S.A.", "CORAL Α.Ε." and "CORAL GAS A.E.B.E.Y.", lease under long-term operating leases (approx. at least 9 years), immovable property for use as gas stations, which in turn are subleased to physical/legal persons for a corresponding period for the operation of fuel and lubricants stations under the "AVIN", "SHELL", "CYCLON", "CORAL" and "CORAL GAS" trademarks.

3.6. The Group as lessee

Assets held under finance leases are recognized as assets of the Group at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged to profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalized in accordance with the Group's general policy on borrowing costs (see below).

Rentals payable under operating leases are charged to profit or loss and recognized in accordance with the lease agreements as it is considered a more representative method of recognizing the respective expense.

3.7. Foreign Currencies

In preparing the financial statements of the individual entities, transactions in currencies other than the entity's functional currency (foreign currencies) are recorded at the rates of exchange prevailing on the dates of the transactions. At each Statement of Financial Position date, monetary items denominated in foreign currencies are retranslated at the rates prevailing on the Statement of Financial Position date.

Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are included in profit or loss for the year.

3.8. Borrowing Costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.

All other borrowing costs are recognized in profit or loss in the year in which they are incurred.

3.9. Government Grants

Government grants towards staff re-training costs are recognized as income over the years necessary to match them with the related costs and are deducted from the related expense.

Government grants relating to property, plant and equipment are treated as deferred income and released to profit and loss over the expected useful lives of the assets concerned.

3.10. Retirement Benefit Costs

Payments to defined contribution retirement plans are charged as an expense as they fall due. Payments made to state-managed retirement benefit schemes are dealt with as payments to defined contribution plans where the Group's obligations under the plans are equivalent to those arising in a defined contribution retirement benefit plan.

For defined benefit retirement benefit plans, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at each year end Statement of Financial Position. Actuarial gains and losses are recognized in Other Comprehensive income in the year in which they are incurred.

Past service cost is recognized immediately in the profit or loss to the extent that the benefits are already vested, and otherwise is amortised on a straight-line basis over the average period until the benefits become vested.

The retirement benefit obligation recognized in the Statement of Financial Position represents the present value of the defined benefit obligation as reduced by the fair value of plan assets.

3.11. Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense, plus any additional tax from the prior years' tax audit.

The current tax expense is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Statement of Comprehensive Income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group's current tax expense is calculated using tax rates that have been enacted or will be enacted by the Statement of Financial Position date.

Deferred tax is recognized on differences, between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the Statement of Financial Position liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at each Statement of Financial Position date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax is calculated at the tax rates that are expected to apply in the year when the liability is settled or the asset is realized. Deferred tax is charged or credited in the Statement of Comprehensive Income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.

3.12. Goodwill

Goodwill arising on the acquisition of a subsidiary or a jointly controlled entity represents the excess of the cost of acquisition over the Group's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the subsidiary or jointly controlled entity recognized at the date of acquisition. Goodwill is initially recognized as an asset at cost and is subsequently measured at cost less any accumulated impairment losses.

For the purpose of impairment testing, goodwill is allocated to each of the Group's cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment at each Statement of Financial Position date, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized for goodwill is not reversed in a subsequent period.

On disposal of a subsidiary or a jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.

3.13. Internally-generated Intangible Assets-Research and Development Expenditure

Expenditure on research activities is recognized as an expense in the year in which it is incurred.

An internally-generated intangible asset arising from the Group's development is recognized only if all of the following conditions are met:

• an asset is created that can be identified (such as software and new processes);
• it is probable that the asset created will generate future economic benefits; and
• the development cost of the asset can be measured reliably.

Internally-generated intangible assets are amortised on a straight-line basis over their useful lives. Where no internally-generated intangible asset can be recognized, development expenditure is recognized as an expense in the year in which it is incurred.

Subsequent to initial recognition, internally-generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets acquired separately.

3.14. Other intangible assets

Other intangible assets include Group's software, the rights to operate gas stations on property leased by the subsidiaries "Avin Oil S.A.", "CORAL Α.Ε." and "CORAL GAS A.E.B.E.Y." the Company's emission rights and furthermore, Service Concession Arrangements for the subsidiary "OFC Aviation Fuel Services S.A.".

These assets are initially recorded at acquisition cost and then amortised, using the straight-line method, based on expected useful lives in respect of software, and in respect of leasing/emission rights, over the year the Group entitled to the rights.

The useful life of these assets is noted bellow:

	Useful life
Intangible assets	(years)
Software	3 – 8
Leasing Rights (average)	10
Service Concession Arrangements	21

The estimated useful lives of intangible assets, residual values if any and depreciation method are reviewed on a frequent basis, with the effect of any changes in estimate to be accounted for on a prospective basis.

3.15. Property, Plant and Equipment

Land and buildings held for use in the production or supply of goods or services, or for administrative purposes, are stated in the Statement of Financial Position at cost less any subsequent accumulated depreciation.

Assets under construction for production, rental or administrative purposes, or for purposes not yet determined, are carried at cost, less any recognized impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalized in accordance with the Group's accounting policy. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use.

Fixtures and equipment are stated at cost less accumulated depreciation and any recognized impairment loss.

Fixed assets under finance leases are depreciated over the same useful lives as the Group owned fixed assets or if shorter over the year as per the finance lease contract.

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction, over their estimated useful lives, using the straight-line method, on the following bases:

Fixed Asset category	Useful life
	(years)
Land	Indefinite
Buildings	5-40
Plant & machinery	7-33
Transportation equipment	7-20
Fixtures and equipment	4-33

The estimated useful lives, residual values and depreciation method are reviewed on a frequent basis, with the effect of any changes in estimate to be accounted for on a prospective basis.

The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss.

3.16. Emission Rights

Emission Rights are accounted under the net liability method, based on which the Company recognizes a liability for emissions when the emissions are made and are in excess of the allowances allocated. Emission Rights acquired in excess of those required to cover the relevant shortages are recognized as expenses. Profit and/or loss arising on sale of emission rights is recognized in the Statement of Comprehensive Income.

3.17. Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds

The Company is a member of ΙOPC Fund (International Oil Pollution Compensation Fund) an international organization for the protection of the environment from oil pollution. The Company is obliged to pay contributions to this organization in case of a relevant accident. These liabilities are accounted for according to IAS 37 "Provisions, Contingent Liabilities and Contingent Assets" while any refund is accounted for upon receipt.

3.18. Customer Loyalty Programmes

The Group applies a Customer Loyalty Programme concerning retail sales through gas stations. Retail customers collect bonus points thru purchase of goods and services, which they may then cash to get free gifts based on specific catalogs. The Group applies IFRIC 13 "Customer Loyalty Programmes" accounting for the income from the transaction when the bonus points are cashed and the Group completes its granting obligation. The bonus points valuation granted by the Group from the rewarding of the customer loyalty programme is done at fair value based on a generally accepted method. The cost from the cash of the bonus points is charged in the cost of goods sold.

3.19. Impairment of tangible and intangible assets excluding goodwill

At each Statement of Financial Position date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized as income immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

3.20. Inventories

Inventories are stated at the lower of cost and net realizable value. Cost comprises direct materials and where applicable, direct labor costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

3.21. Financial Instruments

Financial assets and financial liabilities are recognized on the Group's Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument.

3.22. Trade receivables

Trade receivables are mostly interest free and are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts.

3.23. Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits with original maturity of 3 months or less.

3.24. Available for sale investments (AFS)

Investments in unlisted equity shares are classified as available for sale and are stated at cost as their fair value cannot be reliably estimated. Dividends on AFS equity instruments are recognized in profit or loss when the Group's right to receive the dividends is established.

3.25. Shares available for sale

Investments in listed companies' shares are classified as short-term available for sale and are valuated at the listed price at the reporting date. Dividends on AFS shares are recognized in profit or loss when the Group's right to receive the dividends is established. Any profit or loss from sale or from valuation of these shares is recognised in profit or loss for the year.

3.26. Borrowings

Interest-bearing bank loans and overdrafts are recorded according to the amounts received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accrual basis to the profit and loss account using effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the year in which they arise.

3.27. Trade payables

Trade payables are interest free and are stated at their nominal value.

3.28. Provisions

Provisions are recognized when the Group has a present obligation as a result of a past event, and it is probable that the Group will be required to settle that obligation. Provisions are measured at the Group management's best estimate of the expenditure required to settle the obligation at the Statement of Financial Position date, and are discounted to present value where the effect is material.

Provisions for restructuring costs, if any, are recognized only when the entity has developed a detailed formal plan for the restructuring and have announced details of plan to the involved parties. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity.

3.29. Main sources of uncertainty in accounting estimations

The preparation of the financial statements presumes that various estimations and assumptions are made by the Group's management which possibly affect the carrying values of assets and liabilities and the required disclosures for contingent assets and liabilities as well as the amounts of income and expenses recognized. The use of adequate information and the subjective judgment used are basic for the estimates made for the valuation of assets, liabilities derived from employees benefit plans, impairment of receivables, unaudited tax years and pending legal cases. The estimations are important but not restrictive. The actual future events may differ than the above estimations. The major sources of uncertainty in accounting estimations by the Group's management, concern mainly the legal cases and the financial years not audited by the tax authorities, as described in detail in note 30.

Other sources of uncertainty relate to the assumptions made by the management regarding the employee benefit plans such as payroll increase, remaining years to retirement, inflation rates etc. and other sources of uncertainty is the estimation for the useful life of fixed assets. The above estimations and assumptions are based on the up to date experience of the management and are revaluated so as to be up to date with the current market conditions.

4. Revenue

Sales revenue is analysed as follows:		GROUP	COMPANY
(In 000's Euros)	1/1 – 31/12/15	1/1 – 31/12/14	1/1 – 31/12/15	1/1 – 31/12/14
Sales of goods	7,060,215	9,050,151	5,276,468	7,436,908

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

4. Revenue (continued)

GROUP

(In 000's Euros)	1/1 – 31/12/15 1/1 – 31/12/14
SALES:		DOMESTIC BUNKERING	EXPORT	TOTAL	DOMESTIC	BUNKERING	EXPORT	TOTAL
Products	1,182,095	352,652	3,270,642	4,805,389	1,652,427	479,184	4,552,605	6,684,216
Merchandise	1,929,624	86,149	229,071	2,244,844	1,865,748	136,764	353,682	2,356,194
Services	9,982	0	0	9,982	9,741	0	0	9,741
Total	3,121,701	438,801	3,499,713	7,060,215	3,527,916	615,948	4,906,287	9,050,151

COMPANY

(In 000's Euros)			1/1 – 31/12/15				1/1 – 31/12/14
SALES:	DOMESTIC	BUNKERING	EXPORT	TOTAL	DOMESTIC	BUNKERING	EXPORT	TOTAL
Products	1,156,868	344,932	3,266,398	4,768,198	1,652,427	479,184	4,552,605	6,684,216
Merchandise	294,784	66,576	146,910	508,270	376,580	112,975	263,137	752,692
Total	1,451,652	411,508	3,413,308	5,276,468	2,029,007	592,159	4,815,742	7,436,908

Based on historical information of the Company and the Group, the percentage of quarterly sales volume varies from 26% to 28% on annual sales volume and thus there is no material seasonality on the total sales volume.

5. Operating Segments

The major part of the Group's activities takes place in Greece, given that most Group Companies included in the consolidation, are based in Greece, while those having activities abroad are very few with limited operations for the time being.

All operational segments fall under one of three distinct activity categories: Refinery's Activities, Sales to/from Gas Stations and Services.

Segment information is presented in the following table:

5. Operating Segments (continued)

Statement of Comprehensive Income

( In 0 0 0 's Eu ) ro s		1 / 1-	3 1 / 1 2 / 2 0 1	5			1 / 1- 3 1 / 1	2 / 2 0 1 4
Bu ine Op ion t s ss era s	Re fin 's ery Ac tiv itie s	adi / Tr ng Sal Ga to es s Sta tio ns	Ser vic es	Eli mi ion s/ nat Ad jus tm ent s	To l ta	Re fin 's ery Ac tiv itie s	adi / Tr ng Sal Ga to es s Sta tio ns	Ser vic es	Eli mi ion s/ nat Ad jus tm ent s	To l ta
Sal hir d p arti to t es es	4, 235 742 ,	2, 814 49 1 ,	9, 982	0	060 215 7, ,	6, 217 266 ,	2, 823 144 ,	9, 74 1	0	9, 050 151 ,
sal Int nt er- seg me es	1, 098 662 ,	912 498 ,	1, 089	( 2, 012 249 ) ,	0	1, 219 642 ,	867 063 ,	37 1	( 2, 087 076 ) ,	0
To tal re ven ue	5, 334 404 ,	3, 726 989 ,	11, 071	( 2, 012 249 ) ,	7, 060 215 ,	7, 436 908 ,	3, 690 207 ,	10, 112	( 2, 087 076 ) ,	9, 050 151 ,
Co f S ale st o s	( 4, 915 142 ) ,	( 3, 522 479 ) ,	( 122 ) 7,	2, 019 246 ,	( 6, 425 497 ) ,	( 432 457 ) 7, ,	( 3, 508 194 ) ,	( 998 ) 5,	2, 089 753 ,	( 8, 856 896 ) ,
Gr ofi t oss pr	419 262 ,	204 510 ,	3, 949	6, 997	634 718 ,	4, 451	182 013 ,	4, 114	2, 677	193 255 ,
Dis trib uti on exp ens es	( ) 47, 949	( ) 185 973 ,	0	24, 232	( ) 209 690 ,	( ) 35, 510	( 1) 173 08 ,	0	20, 325	( ) 188 266 ,
Ad min istr ativ e e xpe nse s	( ) 31, 732	( ) 23, 054	( ) 1, 225	807	( ) 55, 204	( ) 24, 015	( ) 22, 327	( 1) 1, 00	604	( ) 46, 739
Oth atin inc e / (ex ) er o per g om pen ses	16, 877	35, 41 1	21	( 1) 30, 37	21, 938	( 1) 7, 31	33, 505	( ) 1, 490	( ) 29, 232	( ) 4, 528
Seg ult fr tio nt me res om op era ns	356 458 ,	30, 894	2, 745	1, 665	39 1, 762	( 62, 385 )	20, 111	1, 622	( 5, 626 )	( 46, 278 )
nt i Inv est me nco me	2, 209	5, 24 1	19, 22 1	( ) 25, 030	1, 64 1	2, 460	7, 139	11, 602	( 1) 18, 52	2, 680
Sha f pr ofi t / ( los s) in a cia tes re o sso	0	0	0	( 1) 2, 84	( 1) 2, 84	0	0	0	10, 167	10, 167
Fin ost anc e c s	( ) 65, 780	( ) 23, 719	( ) 19, 066	20, 85 1	( ) 87, 714	( ) 52, 048	( ) 23, 846	( ) 11, 634	12, 905	( ) 74, 623
Pr ofi t b efo tax re	292 887 ,	12, 416	2, 900	( 5, 355 )	302 848 ,	( 111 973 ) ,	3, 404	1, 590	( 1, 075 )	( 108 054 ) ,
Ot her in for tio ma n
Ad dit ion ibu tab le t isit ion of bsi dia rie ttr s a o a cqu su s	0	0	0	0	0	0	33, 047	0	0	33, 047
Ca ita l ad dit ion p s	20, 382	22, 59 1	90	0	43, 063	33, 493	23, 236	40	( ) 2, 150	54, 619
De cia tio n/a rtiz ati for th eri od pre mo on e p	77, 368	20, 918	1, 910	95	100 292 ,	75, 396	20, 138	1, 918	310	97, 762
Fin ial Po siti anc on
As set s
Seg (e xcl ud ing in s) nt ets tm ent me ass ves	1, 883 996 ,	712 134 ,	390 520 ,	( ) 467 677 ,	2, 518 973 ,	1, 67 1, 968	750 87 1 ,	373 026 ,	( ) 442 184 ,	2, 353 681 ,
Inv in bsi dia rie s & iat est nts me su as soc es	183 413 ,	19, 044	64	( ) 154 393 ,	48, 128	183 165 ,	18, 992	40	( ) 148 393 ,	53, 804
Av ail abl e fo r S ale In tm ent ves s	937	0	0	0	937	937	0	0	0	937
To tal set as s	2, 068 346 ,	731 178 ,	390 584 ,	( 622 070 ) ,	2, 568 038 ,	1, 856 070 ,	769 863 ,	373 066 ,	( 590 577 ) ,	2, 408 422 ,
Lia bil itie s
To tal lia bil itie s	1, 535 999 ,	523 340 ,	374 425 ,	( 469 540 ) ,	1, 964 224 ,	1, 531 209 ,	550 667 ,	357 522 ,	( 444 475 ) ,	1, 994 923 ,

The company's export sales to Saudi Aramco (Saudi Arabia) represent a percentage greater than 10% on the total sales. These sales amount for 2015 to € 580,920 thousand (percentage 11%). The respective sales for prior year were less than 10%.

6. Other Operating Income / (Expenses)

(In 000's Euros)	GROUP		COMPANY
	1/1-31/12/15	1/1-31/12/14	1/1-31/12/15 1/1-31/12/14
Foreign exchange differences – (losses)	(116,659)	(137,802)	(109,764)	(107,483)
Foreign exchange differences – gains	97,162	88,913	90,203	58,694
Income from services rendered	38,470	33,213	36,055	33,688
Rental Income	3,089	3,145	358	350
Other Income/(Expenses)	(124)	8,003	(1,279)	7,440
Total	21,938	(4,528)	15,573	(7,311)

7. Profit from Operations

Profit from operations for the Company and the Group includes as well the following debits/(credits):

(In 000's Euros)	GROUP			COMPANY
	1/1-31/12/15	1/1-31/12/14		1/1-31/12/15 1/1-31/12/14
Amortization of intangible assets Depreciation of property, plant and	4,778	4,619	137	109
equipment	95,514	93,143	76,463	75,287
Total depreciation / amortization	100,292	97,762	76,600	75,396
Government grants amortisation Impairment loss recognized on trade	(1,156)	(1,236)	(1,070)	(1,070)
receivables (note 20)	5,727	6,450	0	0
Personnel salaries and other benefits	105,949	96,168	71,729	62,862
Employer's contribution Provision for retirement benefit obligation	27,272	27,770	16,472	16,728
(note 36)	4,928	3,886	4,060	3,630
Total payroll costs	138,149	127,824	92,261	83,220

The audit fees for the fiscal year 2015 amounted to €1,102 thousand for the Group and €340 thousand for the company.

8. Investment Income

Investments income is analyzed as follows:

(In 000's Euros)	GROUP		COMPANY
	1/1-31/12/15	1/1-31/12/14		1/1-31/12/15 1/1-31/12/14
Interest received	1,375	2,372	1,344	1,610
Dividends received	135	18	807	850
Other Investment Income	131	290	0	0
Total investment income	1,641	2,680	2,151	2,460

9. Finance Costs

(In 000's Euros)	GROUP		COMPANY
	1/1-31/12/15	1/1-31/12/14		1/1-31/12/15 1/1-31/12/14
Interest on long-term borrowings	64,400	51,352	53,418	41,087
Interest on short-term borrowings	15,914	16,782	5,969	6,269
Interest on finance leases	6	7	6	7
Other interest expenses	7,394	6,482	5,155	4,685
Total finance cost	87,714	74,623	64,548	52,048

10. Income Tax Expenses

(In 000's Euros)	GROUP		COMPANY
	1/1-31/12/15	1/1-31/12/14	1/1-31/12/15	1/1-31/12/14
Current corporate tax for the period	67,788	1,884	61,148	0
Tax audit differences from prior years	1,337	4,403	0	4,256
	69,125	6,287	61,148	4,256
Deferred Tax on Comprehensive Income Deferred Tax on Other	28,746	(31,161)	29,545	(29,243)
Comprehensive Income	1,563	(3,382)	1,288	(2,637)
Deferred tax (note 23)	30,309	(34,543)	30,833	(31,880)
Total	99,434	(28,256)	91,981	(27,624)

Current corporate income tax is calculated at 29% on the tax assessable profit for the period 1/1-31/12/2015 and at 26% for the comparative period 1/1–31/12/2014.

The Group´s and the Company´s total income tax rate for the year can be reconciled to the accounting profit as follows:

	GROUP			COMPANY
		1/1-31/12/15 1/1-31/12/14		1/1-31/12/15 1/1-31/12/14
Tax at the corporate income tax rate	29.0%	26.0%	29.0%	26.0%
Tax effects from:
Tax audit differences	0.4%	-0.1%	-0.0%	-3.8%
Tax effect of non tax deductible expenses	-1.0%	-1.2%	-0.7%	-0.9%
Tax effect of tax free income	0.4%	0.1%	0.1%	0.2%
Other effects (deferred taxation - change in tax
rate)	4.0%	1.4%	2.7%	0.8%
Effective tax rate for the year	32.8%	26.1%	31.1%	22.3%

11. Dividends

Dividends to shareholders are proposed by management at each year end and are subject to approval by the Annual General Assembly Meeting. There were no dividends declared and paid relating to the previous year (1/1- 31/12/2014).

The Management of the Company proposes to the coming Annual General Assembly Meeting to be held within June 2016, the distribution of total gross dividends for 2015 of € 72,008,937 (€ 0.65 per share). It is noted that a gross interim dividend of € 16,617,447 (€ 0.15 per share) for 2015 has been paid and accounted for in December 2015, while the remaining € 0.50 per share will be paid and accounted for in 2016.

12. Earnings per Share

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

	GROUP			COMPANY
	1/1-31/12/15	1/1-31/12/14	1/1-31/12/15	1/1-31/12/14
Earnings/(losses) attributable to Company Shareholders (in 000's Euros)	204,814	(83,302)	201,104	(86,986)
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/(losses) per share, basic and diluted in €	1.85	(0.75)	1.82	(0.79)

13. Goodwill

Goodwill for the Group as at 31 December 2015 was € 19,772 thousand. Goodwill concerns the subsidiaries "AVIN OIL S.A." for € 16,200 thousand and "CORAL GAS A.E.B.E.Y." for € 3,105 thousand. Addition of € 467 thousand refers to the goodwill transferred from the Group of the newly established "L.P.C. S.A." that was created from the spin-off of "CYCLON HELLAS A.E.". The Group performs on an annual basis impairment test on Goodwill from which no need for impairment has arisen.

(In 000's Euros)	31/12/2014	Additions	31/12/2015
Goodwill	19,772	0	19,772

14. Other Intangible Assets

The carrying amount of other intangible assets represents software purchases, rights to operate gas stations on leasehold property and service concession arrangements. The movement during years 1/1/2014– 31/12/2014 and 1/1/2015 – 31/12/2015 is presented in the following table.

		GROUP		COMPANY
(In 000's Euros)	Software	Rights	Total	Software
COST
As at 1 January 2014	25,837	50,466	76,303	10,836
Additions	1,044	1,150	2,194	137
Disposals	628	206	834	0
Write off	(12)	0	(12)	0
Transfers	21	0	21	0
As at 31 December 2014	27,518	51,822	79,340	10,973
Additions	3,754	452	4,206	182
Disposals	(976)	(275)	(1,251)	0
Transfers	269	0	269	128
As at 31 December 2015	30,565	51,999	82,564	11,283
DEPRECIATION
As at 1 January 2014	22,858	23,360	46,218	10,479
Charge for the year	981	150	1,131	109
Write off	1,107	3,511	4,618	0
Disposals	(6)	0	(6)	0
As at 31 December 2014	24,940	27,021	51,961	10,588
Charge for the year	1,480	3,299	4,779	137
Disposals	(976)	(205)	(1,181)	0
As at 31 December 2015	25,444	30,115	55,559	10,726
CARRYING AMOUNT
As at 31 December 2014	2,578	24,801	27,379	385
As at 31 December 2015	5,121	21,884	27,005	557

Rights in the table above include rights to operate gas stations on property leased by the subsidiaries, "Avin Oil S.A.", "CORAL A.E." and "CORAL GAS A.E.B.E.Y." and the service concession arrangements that concern concession rights for the use of land and installations for aviation fuel by the subsidiary "OFC Aviation Fuel Services S.A.". The Group has no internally generated intangible assets from research and development.

15. Property, Plant and Equipment

The movement in the Group's fixed assets during years 1/1/2014– 31/12/2014 and 1/1/2015 – 31/12/2015 is presented below:

		Plant &			Equipment
GROUP	Land and	machinery / Transportation	Fixtures and	Assets under	under finance lease
(In 000's Euros)	buildings	means	equipment	construction	at cost	Total
COST
As at 1 January 2014	439,893	1,341,812	68,380	59,770	1,153	1,911,008
Additions attributable to acquisition of subsidiaries	25,955	21,699	6,049	69	0	53,772
Additions	2,634	7,246	3,720	40,185	0	53,785
Disposals	(2,764)	(2,164)	(2,052)	(4)	0	(6,984)
Transfers	2,928	43,001	1,168	(47,118)	0	(21)
As at 31 December 2014	468,646	1,411,594	77,265	52,902	1,153	2,011,560
Additions	2,524	8,733	3,585	24,015	0	38,857
Disposals	(6,188)	(12,366)	(5,287)	0	0	(23,841)
Transfers	11,745	20,897	1,146	(34,057)	0	(269)
As at 31 December 2015	476,727	1,428,858	76,709	42,860	1,153	2,026,307
DEPRECIATION
As at 1 January 2014	107,048	678,457	41,279	0	1,041	827,825
Additions attributable to acquisition of subsidiaries	5,543	11,304	4,941	0	0	21,788
Charge for the year	10,278	78,588	4,256	0	22	93,144
Disposals	(1,697)	(1,625)	(1,660)	0	0	(4,982)
Transfers	0	68	(68)	0	0	0
As at 31 December 2014	121,172	766,792	48,748	0	1,063	937,775
Additions	10,568	80,403	4,518	0	24	95,513
Disposals	(5,888)	(11,933)	(5,129)	0	0	(22,950)
As at 31 December 2015	125,852	835,262	48,137	0	1,087	1,010,338
CARRYING AMOUNT
As at 31 December 2014	347,474	644,802	28,517	52,902	90	1,073,785
As at 31 December 2015	350,875	593,596	28,572	42,860	66	1,015,969

15. Property, Plant and Equipment (continued)

The movement in the Company's fixed assets during years 1/1/2014 – 31/12/2014 and 1/1/2015 – 31/12/2015 is presented below:

COMPANY	Land and	Plant & machinery / Transportation	Fixtures and	Assets under	Equipment under finance lease at
(In 000's Euros)	buildings	means	equipment	construction	cost	Total
COST
As at 1 January 2014	180,653	1,182,922	19,767	44,628	1,153	1,429,123
Additions	439	696	523	31,697	0	33,355
Disposals	(401)	0	(34)	0	0	(435)
Transfers	1,296	37,672	50	(39,018)	0	0
As at 31 December 2014	181,987	1,221,290	20,306	37,307	1,153	1,462,043
Additions	88	906	873	17,735	0	19,602
Disposals	0	0	(9)	0	0	(9)
Transfers	1,993	18,784	213	(21,118)	0	(128)
As at 31 December 2015	184,068	1,240,980	21,383	33,924	1,153	1,481,508
DEPRECIATION
As at 1 January 2014	28,994	575,620	14,874	0	1,041	620,529
Charge for the year	4,128	70,043	1,094	0	22	75,287
Disposals	0	0	(32)	0	0	(32)
As at 31 December 2014	33,122	645,663	15,936	0	1,063	695,784
Additions	4,177	71,224	1,038	0	24	76,463
Disposals	0	0	(9)	0	0	(9)
As at 31 December 2015	37,299	716,887	16,965	0	1,087	772,238
CARRYING AMOUNT
As at 31 December 2014	148,865	575,627	4,370	37,307	90	766,259
As at 31 December 2015	146,769	524,093	4,418	33,924	66	709,270

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 € 66 thousand (31/12/2014: € 90 thousand).

16. Investments in Subsidiaries and Associates

Details of the Group's and the Company's subsidiaries and associates are as follows:

Name	Place of incorporation and operation	Proportion of ownership interest	Principal activity	Consolidation Method
AVIN OIL S.A.	Greece, Maroussi of Attika	100%	Petroleum Products	Full
MAKREON S.A.	Greece, Maroussi of Attika	100%	Trading, Transportation, Storage & Agency of Petroleum Products	Full
ABIN AKINHTA S.A.	Greece, Maroussi of Attika	100%	Real Estate	Full
CORAL Α.Ε. OIL AND CHEMICALS COMPANY (ex Shell Hellas S.A.)	Greece, Maroussi of Attika	100%	Petroleum Products	Full
HERMES OIL TRANSPORTATION, EXPLOITATION, TRADING AND SERVICES COMPANY A.E.	Greece, Maroussi of Attika	100%	Petroleum Products	Full
MYRTEA OIL TRADING, STORAGE, AGENCY AND SERVICES COMPANY A.E.	Greece, Maroussi of Attika	100%	Petroleum Products	Full
CORAL PRODUCTS AND TRADING S.A	Greece, Maroussi of Attika	100%	Petroleum Products	Full
CORAL INNOVATIONS Α.Ε.	Greece, Perissos of Attika	100%	Trading and Services	Full
CORAL A.E. COMMERCIAL AND INDUSTRIAL GAS COMPANY (ex Shell Gas Commercial and Industrial S.A.)	Greece, Aspropyrgos Attika	100%	Liquefied Petroleum Gas	Full
OFC AVIATION FUEL SERVICES S.A.	Greece, Spata of Attika	92.06%	Aviation Fueling Systems	Full
ELECTROPARAGOGI SOUSSAKI S.A.	Greece, Maroussi of Attika	100%	Energy (dormant)	At cost
NUR-MOH HELIOTHERMAL S.A.	Greece, Maroussi of Attika	50%	Energy (dormant)	At cost
Μ and Μ GAS Co S.A.	Greece, Maroussi of Attika	50%	Natural Gas	Equity method
SHELL & MOH AVIATION FUELS S.A.	Greece, Maroussi of Attika	49%	Aviation Fuels	Equity method
RHODES-ALEXANDROUPOLIS PETROLEUM INSTALLATION S.A.	Greece, Maroussi of Attika	37.49%	Aviation Fuels	Equity method
KORINTHOS POWER S.A.	Greece, Maroussi of Attika	35%	Energy	Equity method
MOTOR OIL (CYPRUS) LIMITED	Cyprus, Nicosia	100%	Investments and Commerce	Full
MOTOR OIL TRADING A.E.	Greece, Maroussi of Attika	100%	Petroleum Products	Full
MOTOR OIL MIDDLE EAST DMCC	United Arab Emirates, Dubai	100%	Petroleum Products	Full
BUILDING FACILITY SERVICES	Greece, Maroussi of Attika	100%	Facilities Management Services	Full
MOTOR OIL FINANCE PLC	United Kingdom, London	100%	Financial Services	Full
L.P.C Α.Ε.	Greece, Aspropirgos Attika	100%	Petroleum Products	Full
ENDIALE S.A (ex ELTEPE S.A.)	Greece, Aspropirgos Attika	100%	Systems of alternative management of Lubricant wastes	Full
KEPED S.A.	Greece, Aspropirgos Attika	90%	Systems of alternative management of Lubricant wastes	Full

16. Investments in Subsidiaries and Associates (continued)

Name	Place of incorporation and operation	Proportion of ownership interest	Principal activity	Consolidation Method
ELTEPE J.V.	Greece, Aspropirgos Attika	100%	Collection and Trading of used Lubricants	Full
ARCELIA HOLDINGS LTD	Cyprus, Nicosia	100%	Holding Company	Full
BULVARIA OOD	Bulgaria, Sofia	100%	Lubricants Trading	Full
CYROM	Romania, Ilfov-Glina	100%	Lubricants Trading	Full
CYCLON LUBRICANTS DOO BEOGRAD	Serbia, Belgrade	100%	Lubricants Trading	Full
CYTOP A.E.	Greece, Aspropirgos Attika	100%	Collection and Trading of used Lubricants	Full
AL DERAA AL AFRIQUE JV	Libya, Tripoli	60%	Collection and Trading of used Lubricants	Full
VIPANOT	Greece, Aspropirgos Attika	12.83%	Establishment of Industrial Park	At Cost

The companies "ELECTROPARAGOGI SOUSSAKI S.A." , "NUR-MOH HELIOTHERMAL S.A." and "VIPANOT" are not consolidated but are stated at cost due to their insignificance or/and because they are dormant.

Investments in subsidiaries and associates are as follows:

Name	GROUP		COMPANY
(In 000's Euros)	31/12/2015	31/12/2014	31/12/2015	31/12/2014
AVIN OIL S.A.	0	0	53,013	47,564
MAKREON S.A	0	0	0	0
AVIN AKINHTA S.A.	0	0	0	0
CORAL Α.Ε. OIL AND CHEMICALS COMPANY (ex Shell Hellas S.A.)	0	0	63,141	63,141
HERMES OIL TRANSPORTATION, EXPLOITATION, TRADING AND SERVICES COMPANY A.E.	0	0	0	0
MYRTEA OIL TRADING, STORAGE, AGENCY AND SERVICES COMPANY A.E.	0	0	0	0
CORAL PRODUCTS AND TRADING	0	0	0	0
CORAL INNOVATIONS	0	0	0	0
CORAL A.E. COMMERCIAL AND INDUSTRIAL GAS COMPANY (ex Shell Gas Commercial and Industrial S.A.)	0	0	26,585	26,585
OFC AVIATION FUEL SERVICES S.A.	0	0	4,195	4,195
ELECTROPARAGOGI SOUSSAKI S.A.	610	610	244	244
NUR-MOH HELIOTHERMAL S.A.	338	338	338	338
Μ and Μ GAS Co S.A.	983	567	1,000	1,000
SHELL & MOH AVIATION FUELS A.E.	6,410	5,643	0	0
RHODES-ALEXANDROUPOLIS PETROLEUM INSTALLATION S.A.	933	1,185	0	0
KORINTHOS POWER S.A.	38,789	45,396	22,411	22,411
MOTOR OIL (CYPRUS) LIMITED	0	0	200	200

16. Investments in Subsidiaries and Associates (continued)

MOTOR OIL TRADING	0	0	0	0
MOTOR OIL MIDDLE EAST DMCC	0	0	0	0
BUILDING FACILITY SERVICES	0	0	150	150
MOTOR OIL FINANCE PLC	0	0	61	61
CYCLON S.A	0	0	0	17,276
ENDIALE S.A (ex ELTEPE S.A.)	0	0	0	0
KEPED S.A.	0	0	0	0
L.P.C. S.A.	0	0	11,827	0
ELTEPE J.V.	0	0	0	0
ARCELIA HOLDINGS LTD	0	0	0	0
BULVARIA OOD	0	0	0	0
CYROM	0	0	0	0
CYCLON LUBRICANTS DOO BEOGRAD	0	0	0	0
CYTOP A.E.	0	0	0	0
AL DERAA AL AFRIQUE JV	0	0	0	0
VIPANOT	65	65	0	0
Total	48,128	53,804	183,165	183,165

Summarized financial information in respect of the Group's associates and subsidiaries is set out below:

(In 000's Euros)	31/12/2015	31/12/2014
Acquisition cost	27,439	27,439
Share of profits (loss)	20,689	26,365
Investments in subsidiaries & related parties	48,128	53,804
	31/12/2015	31/12/2014
Total assets	352,712	359,533
Total liabilities	(223,665)	(214,026)
Net assets	129,047	145,507
Group's share of related parties net assets	47,115	52,792

Group's results from associates, are as follows:

(In 000's Euros)	1/1–31/12/2015	1/1–31/12/2014
Sales	266,812	360,852
Profit after tax	(11,391)	15,392
Other Comprehensive Income	(11)	(52)
Comprehensive Income	(11,402)	15,340
Group's share of associates´ profit for the year	(2,841)	6,341
Profit from the acquisition of associates	0	3,826
Total Group Share	(2,841)	10,167

17. Available for Sale Investments

Name	Place of incorporation	Proportion of ownership interest	Cost (In 000's Euros)	Principal activity
HELLENIC ASSOCIATION OF INDEPENDENT POWER COMPANIES	Athens	16.67%	10	Promotion of Electric Power Issues
ATHENS AIRPORT FUEL PIPELINE CO. S.A.	Athens	16%	927	Aviation Fueling Systems

"HELLENIC ASSOCIATION OF INDEPENDENT POWER COMPANIES" (civil non profit organization) and "ATHENS AIRPORT FUEL PIPELINE CO. S.A." are stated at cost as significant influence is not exercised on them.

18. Other Non-Current Assets

(In 000's Euros)		GROUP		COMPANY
	31/12/2015	31/12/2014	31/12/2015	31/12/2014
Cheques receivable	3,285	3,816	0	0
Prepaid expenses	22,235	25,622	754	673
Related Parties	235	116	746	746
Dealers loans	9,663	9,530	0	0
Guarantees	2,757	2,135	374	371
Total	38,175	41,219	1,874	1,790

Prepaid expenses include mainly long term rental prepayments to secure gas station premises and other prepayments of long term nature. These amounts are presented in the carrying amounts that approximate their fair value.

19. Inventories

(In 000's Euros)	GROUP		COMPANY
	31/12/2015	31/12/2014	31/12/2015	31/12/2014
Merchandise	86,222	97,907	16,380	27,117
Raw materials	153,335	165,986	149,229	161,843
Raw materials in transit	39,260	40,202	38,191	39,833
Products	132,208	180,389	122,808	173,099
Total inventories	411,025	484,484	326,608	401,892

It is noted that inventories are valued at each Statement of Financial Position date at the lower of cost and net realizable value. For the current and previous year certain inventories were valued at their net realizable value resulting in the following charges to the Statement of Comprehensive Income (cost of sales) for the Group and the Company:

19. Inventories (continued)

(In 000's Euros)	2015	2014
Products	15,231	26,507
Merchandise	7,314	6,563
Raw materials	7,155	13,430
Total	29,700	46,500

The cost of inventories recognized as an expense within "Cost of Sales" during the current and prior year for the Group was for 2015 € 6,316,795 thousand and for 2014 € 8,732,931 thousand (Company: 2015 € 4,767,105 thousand, 2014 € 7,310,831 thousand).

20. Trade and Other Receivables

Trade and other receivables at the Statement of Financial Position date comprise mainly from amounts receivable from the sale of goods. Analysis of the trade and other receivable is as follows:

		GROUP	COMPANY
(In 000's Euros)	31/12/2015	31/12/2014	31/12/2015	31/12/2014
Trade receivables	257,208	309,367	72,772	95,437
Allowance for doubtful debts	(46,115)	(36,408)	0	(94)
Related parties	2,196	8,065	70,807	68,199
	213,289	281,024	143,579	163,542
Debtors	100,757	89,761	58,740	46,718
Allowance for doubtful debts	(2,437)	(6,916)	0	0
Related parties	528	235	85	88
	107,848	83,080	58,825	46,806
Prepayments	11,007	13,057	2,486	5,953
Related parties	0	0	17,112	0
	11,007		19,598
Other	4,324	5,538	102	426
Total	336,468	382,699	222,104	216,727

The average credit period on sales of goods for the Company is 10 days and for the Group is 11 days while for 2014 was 8 days and 11 days respectively. After the specified credit period, interest is charged depending on the payment currency on the outstanding balance. Trade receivables are provided for, based on estimated doubtful debt amounts from the sale of goods, which are determined by reference to past default experience and to the advice of the groups lawyers.

Before accepting any new customer, the Group uses an external credit scoring system to assess the potential customer's credit quality and defines credit limits by customer. Limits and scoring attributes to customers are reviewed on a permanent basis.

20. Trade and Other Receivables (continued)

	GROUP			COMPANY
(In 000's Euros)	31/12/2015	31/12/2014	31/12/2015	31/12/2014
0-30 days	28,440	54,956	35,403	45,454
30-60 days	2,437	8,640	1	61
60-90 days	1,515	2,670	8	15
90-120 days	1,466	1,546	0	0
120 + days	21,539	48,208	1,172	2,513
Total	55,397	116,020	36,585	48,043

Ageing Analysis – Overdues in trade receivables and cheques receivable

In the above mentioned mature receivables for the Group of € 55,397 thousand (2014: € 116,020 thousand), and for the Company € 36,585 thousand, (2014: € 48,043 thousand) there is no provision accounted for since there is no change as there has not been a significant change in credit quality and the amounts are still considered fully recoverable. Furthermore the Group has obtained guarantees.

The provision for doubtful trade receivables has increased during 2015 by € 5,727 thousand in the subsidiaries books to cover additional bad debts.

Movement in the allowance for doubtful debts

	GROUP
(In 000's Euros)	31/12/2015	31/12/2014
Balance as at the beginning of the year	43,324	29,154
Impairment losses recognized on receivables	5,727	6,450
Amounts used to write-off of receivables	(498)	(87)
Additions from subsidiary acquisition	0	7,807
Balance at year end	48,552	43,324

In determining the recoverability of trade receivables, the Group considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date. The concentration of credit risk is limited due to the customers' wide base. Accordingly, the management considers that there is no further credit provision required in excess of the existing allowance for doubtful debts.

Management considers that the carrying amount of trade and other receivables approximates their fair value.

21. Cash and Cash Equivalents

Cash and cash equivalents consist from cash and short term deposits of initial duration of three months or less. The book value for cash and cash equivalents approximates their fair value.

		GROUP		COMPANY
(In 000's Euros)	31/12/2015	31/12/2014	31/12/2015	31/12/2014
Cash at bank	661,444	302,534	565,512	267,867
Cash on hand	9,115	4,673	2,214	208
Total	670,559	307,207	567,726	268,075

22. Borrowings

(In 000's Euros)	GROUP			COMPANY
	31/12/2015	31/12/2014	31/12/2015	31/12/2014
Borrowings	1,360,045	1,207,188	677,673	514,325
Borrowings from subsidiaries	0	0	344,350	344,350
Finance leases	66	90	66	90
Less: Bond loan expenses *	(8,270)	(9,290)	(2,070)	(2,816)
Total Borrowings	1,351,841	1,197,988	1,020,019	855,949

The borrowings are repayable as follows:

(In 000's Euros)	GROUP		COMPANY
	31/12/2015	31/12/2014	31/12/2015	31/12/2014
On demand or within one year	244,238	370,781	163,654	155,882
In the second year	32,221	247,668	645	238,492
From the third to fifth year inclusive	1,083,652	588,829	857,790	464,391
After five years	0	0	0	0
Less: Bond loan expenses *	(8,270)	(9,290)	(2,070)	(2,816)
Total Borrowings	1,351,841	1,197,988	1,020,019	855,949
Less: Amount payable within 12 months (shown under current liabilities)	244,238	370,781	163,654	155,882
Amount payable after 12 months	1,107,603	827,207	856,365	700,067

*The bond loan expenses relating to the loan will be amortised over the number of years remaining to loan maturity.

Analysis of borrowings by currency on 31/12/2015 and 31/12/2014:

(In 000's Euros)		GROUP		COMPANY
	31/12/2015	31/12/2014	31/12/2015	31/12/2014
Loans' currency
EURO	1,293,331	1,089,633	961,509	747,595
U.S. DOLLARS	58,510	108,355	58,510	108,354
Total	1,351,841	1,197,988	1,020,019	855,949

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

The Group has the following borrowings:

i) "Motor Oil" has been granted the following loans:

On 21/4/2011 Motor Oil was granted a bond loan of € 150,000 thousand. The purpose of this loan is the partial re-financing of the existing short term bank loans to long term.

22. Borrowings (continued)

It is repayable in semi-annual installments commencing on 3/11/2011 and up to 3/5/2016. The balance of this loan on 31/12/2015 is € 60,000 thousand.

On 20/12/2012 Motor Oil was granted a bond loan of \$ 100,000 thousand. The purpose of this loan is the partial re-financing of an existing bond loan that was repaid on 20/12/2012. It is repayable in semi-annual installments commencing on 20/06/2013 and up to 20/12/2016. The balance as at 31/12/2015 is \$ 63,700 thousand.

Also on 18/11/2013 the Company was granted a bond loan of € 50,000 thousand. The purpose of this loan is the partial re-financing of the existing short term bank loans. It will be repayable in semi-annual installments commencing on 18/11/2014 and up to 18/11/2016 with a 1+1 years extension option. The balance as at 31/12/2015 is € 44,500 thousand.

Within May 2014 the Group through "Motor Oil Finance plc" issued a bond loan for an amount of EURO 350 million through the offering of five year Senior Notes bearing a fixed rate coupon at 5.125%. The total net proceeds of this issue, excluding commissions and expenses were EURO 344.4 million and are used for refinancing existing indebtedness and general corporate purposes.

On 21/11/2014 the Company was granted a bond loan of € 135,000 thousand that expires on 21/11/2018. The purpose of this loan is the re-financing of existing bank loans.

On 22/4/2015 the Company was granted a bond loan of € 150,000 thousand that expires on 22/4/2018. The purpose of the loan is the refinancing of existing loans and the financing of other corporate needs. The balance as at 31/12/2015 is € 150,000 thousand.

On 31/3/2015 the Company raised an amount of € 70,000 thousand from the total granted bond loan of € 75,000 thousand that expires on 2/4/2018. The purpose of this loan is the re-financing of existing bank loans to long term.

On 16/6/2015 the Company was granted a bond loan of € 2,472 thousand. It will be repayable in semi-annual installments commencing on 16/12/2015 and up to 16/06/2019.

On 17/11/2015 the Company raised an amount of € 157,500 thousand from the total granted bond loan of € 185,000 thousand. The purpose of this loan is the refinancing of existing long term and short term loan. It will be repayable in annual installments that will end up on 25/02/2020.

Total short-term loans, (including short-term portion of long-term loans), with duration up to one year amount to € 163,654 thousand.

ii) "Avin Oil S.A." has been granted a loan of € 15,000 thousand issued on 12/12/2013. The purpose of this loan is the partial re-financing of the existing short term bank loans to long term. It is repayable in semi-annual installments commencing on 12/12/2014 and up to 12/12/2016 with 1+1 years extension option.

Also on 1/8/2014 Avin was granted a bond loan of € 110,000 thousand. The purpose of this loan is the partial re-financing of existing bank loans. The duration of this loan is 5 years.

Total short-term loans, (including short-term portion of long-term loans) with duration up to one year, amount to € 34,824 thousand.

• iii) "OFC Aviation Fuel Services S.A." has been granted a bond loan of nominal value € 16,400 thousand. It is repayable in quarterly instalments and based on the up-to-date drawdowns and repayments (including shortterm portion of long-term loan) it amounts to € 5,029 thousand as at 31/12/2015. The maturity of this loan is on December 2018.
• iv) "Coral A.E." has been granted a bond loan amounting to € 120,000 thousand, granted on 28/9/2015 in order to refinance respective existing loans. It is repayable in annual installments commencing on 28/9/2017 and up to 28/9/2019. Also on 30/5/2013 Coral A.E. was granted a bond loan of € 20,000 thousand to refinance respective existing loans. The settlement of this loan is in semi-annual instalments commencing on 31/5/2016 and up to 30/11/2017. Total short-term loans, (including short-term portion of long-term loans) with duration up to one year amount to € 21,049 thousand.

22. Borrowings (continued)

"L.P.C. S.A." has been granted a bond loan amounting to € 15,259 thousand, issued on 29/11/2010, and for which the management is at negotiations for its refinancing. Total short-term loans (including short-term portion of long-term loans) with duration up to one year, amount to € 19,048 thousand.

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

23. Deferred Tax

The following are the major deferred tax liabilities and assets recognized by the Group and the Company, and their movements thereon, during the current and prior reporting years:

(In 000's Euros)

GROUP

		Statement of Comprehensive	Additions on acquisition		Statement of Comprehensive
Deferred tax arising from:	01/01/2014	Income expense/(income)	of subsidiary	31/12/2014	Income expense/(income)	31/12/2015
Difference in depreciation	81,199	4,633	0	85,832	3,455	89,287
Intangible assets recognized as expense	(71)	69	0	(2)	(39)	(41)
Exchange differences	2,185	(2,181)	0	4	(5,605)	(5,601)
Retirement benefit obligations	(10,863)	(3,247)	0	(14,110)	1,842	(12,268)
Capitalized borrowing cost	1,135	(293)	0	842	124	966
Tax loss carried (brought) forward for settlement	(6,658)	(30,273)	0	(36,931)	31,533	(5,398)
Additions on acquisition of subsidiary	0	0	2,529	2,529	(2,529)	0
Other temporary differences between tax and accounting basis	6,938	(3,251)	0	3,687	1,528	5,215
Total	73,865	(34,543)	2,529	41,851	30,309	72,160

(In 000's Euros)

COMPANY		Statement of Comprehensive		Statement of Comprehensive
Deferred tax arising from:	1/1/2014	Income expense/(income)	31/12/2014	Income expense/(income)	31/12/2015
Difference in depreciation	57,998	5,031	63,029	4,882	67,911
Exchange differences Retirement benefit obligations	2,185 (8,862)	(2,185) (2,695)	0 (11,557)	(5,468) 839	(5,468) (10,718)
Capitalized borrowing cost	1,124	(310)	814	(193)	621
Tax loss carried (brought) forward for settlement Other temporary differences between tax and accounting	(1,260)	(30,273)	(31,533)	31,533	0
basis	877	(1,448)	(571)	(760)	(1,331)
Total	52,062	(31,880)	20,182	30,833	51,015

23. Deferred Tax (continued)

The effect in deferred tax from the change of the nominal tax rate, as at 1/1/2015, from 26% to 29% is approximately € 4.3 mil. for the Group and € 2.3 mil. for the Company.

Certain deferred tax assets and liabilities have been offset. Deferred taxes are analyzed as follows:

(In 000's Euros)		GROUP	COMPANY
	31/12/2015	31/12/2014	31/12/2015	31/12/2014
Deferred tax liabilities	(97,895)	94,727	73,543	70,412
Deferred tax assets	25,735	(52,876)	(22,528)	(50,230)
Total	72,160	41,851	51,015	20,182

24. Trade and Other Payables

Trade and other payables mainly comprise amounts outstanding for trade purchases and operating expenses. The major raw material for the Group's production of oil products is crude oil.

The average credit period received for purchases, is approximately 22 days while for 2014 was 25 days.

The Company's management considers that the carrying amount of trade payables approximates their fair value. Analysis of the trade and other payables, are as follows (excluding banks):

	GROUP		COMPANY
(In 000's Euros)	31/12/2015	31/12/2014	31/12/2015	31/12/2014
Trade payable	321,994	606,623	282,749	550,997
Current liabilities of the related parties	176	121	1,760	14,354
Creditors	24,660	32,421	13,347	16,180
Other	53,388	34,957	20,645	19,683
Total	400,218	674,122	318,501	601,214

The Group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe.

25. Share Capital

Share capital as at 31/12/2015 was € 83,088 thousand (31/12/2014: € 83,088 thousand) consists of 110,782,980 registered shares of par value € 0.75 each (31/12/2014: € 0.75 each).

26. Reserves

Reserves of the Group and the Company as at 31/12/2015 are € 75,309 thousand and € 51,268 thousand respectively (31/12/2014: € 51,170 thousand and € 47,964 thousand respectively) and were so formed as follows:

GROUP

(In 000's Euros)	Legal	Share Premium	Special	Tax-free	Foreign currency, translation reserve	Total
Balance as at 31 December 2014	33,064	0	11,535	6,571	0	51,170
Other	189	17,931	6,043	0	(24)	24,139
Balance as at 31 December 2015	33,253	17,931	17,578	6,571	(24)	75,309

COMPANY

(In 000's Euros)	Legal	Special	Tax-free	Total
Balance as at 31 December 2014	30,942	11,535	5,487	47,964
Other	0	3,304	0	3,304
Balance as at 31 December 2015	30,942	14,839	5,487	51,268

Legal Reserve

According to Codified Law 2190/1920 5% of profits after tax must be transferred to a legal reserve until this amount to 1/3 of the Company's share capital. This reserve cannot be distributed but may be used to offset losses.

Special Reserves

These are reserves of various types and according to various laws such as taxed accounting differences, differences on revaluation of share capital expressed in Euros and other special cases.

Extraordinary Reserves

Extraordinary reserves represent prior years retained earnings and may be distributed to the shareholders with no additional tax following a relevant decision by the Annual General Assembly Meeting.

Tax Free Reserves

These are tax reserves created based on qualifying capital expenditures. All tax free reserves, with the exception of those formed in accordance with Law 1828/82, may be capitalized if taxed at 5% for the parent company and 10% for the subsidiaries or if distributed will be subject to income tax at the prevailing rate. There is no time restriction for their distribution. Tax free reserve formed in accordance with Law 1828/82 can be capitalized to share capital within a period of three years from its creation without any tax obligation. In the event of distribution of the tax free reserves of the Group, an amount of up to € 1 million, approximately will be payable as tax at the tax rates currently prevailing.

27. Retained Earnings

(In 000's Euros)	GROUP	COMPANY
Balance as at 31 December 2013	386,265	309,948
Profit for the year	(83,302)	(86,986)
Other Comprehensive Income	(2,915)	(6,996)
Transfer to Reserves	(22,157)	(22,157)
Dividends	(88)	0
Balance as at 31 December 2014	277,803	193,809
Profit for the year	204,814	201,104
Other Comprehensive Income	2,047	1,392
Dividends	(16,579)	(16,579)
Transfer to Reserves	(24,139)	(3,304)
Balance as at 31 December 2015	443,946	376,422

28. Non-Controlling Interests

GROUP

(In 000's Euros)	2015	2014
Opening Balance	1,438	1,214
Additions on acquisition of subsidiaries	0	232
Other Comprehensive Income	(5)	(3)
Share of profits for the year	163	122
Dividends payable	(125)	(127)
Closing Balance	1,471	1,438

29. Establishment of Subsidiaries

29.1 "MOTOR OIL TRADING S.A."

A new subsidiary, "MOTOR OIL TRADING S.A.", was incorporated within January 2015, with registered office in Maroussi, Athens and share capital of € 24,000, where the Company holds indirectly, through "MOTOR OIL (CYPRUS) LTD", 100%. The major activity of the new company is oil trading.

29.2 "CORAL INNOVATIONS S.A."

A new subsidiary, "CORAL INNOVATIONS S.A.", was incorporated within September 2015, with registered office in Perissos, Athens and share capital of € 300,000, where the Company holds indirectly, through "CORAL S.A.", 100%. The major activity of the new company is trading and services.

29.3 "CYCLON HELLAS A.E."

Within June 2015 the spin-off of the subsidiary "CYCLON HELLAS A.E." (separation of activities in accordance to L1297/1972) was concluded in two sets of activities from which the first (fuels) was contributed to the existing subsidiary "AVINOIL Α.Β.Ε.Ν.E.Π." and the second (lubricants) to the newly established subsidiary "L.P.C. S.A."

30. Contingent Liabilities/Commitments

There are legal claims by third parties against the Group amounting to approximately € 23.7 million (Company: approximately € 9.8 million). There are also legal claims of the Group against third parties amounting to approximately € 34.6 million (Company: approximately € 2.0 million). No provision has been made as all above cases concern legal claims where the final outcome cannot 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 non executed part of which, as at 31/12/2015, amounts to approximately € 2.9 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 bank accounts of the subsidiary "OFC AVIATION FUEL SERVICES S.A." are pledged as collateral for its bond loan repayment.

The total amount of letters of guarantee given as security for Group companies' liabilities as at 31/12/2015, amounted to € 120,158 thousand. The respective amount as at 31/12/2014 was € 132,719 thousand.

The total amount of letters of guarantee given as security for the Company's liabilities as at 31/12/2015, amounted to € 13,879 thousand. The respective amount as at 31/12/2014 was € 16,650 thousand.

Companies with Un-audited Fiscal Years

COMPANY	FISCAL YEAR
MAKREON S.A.**	2010
ΕΡΜΗΣ Α.Ε.Μ.Ε.Ε. *	-
CORAL GAS A.E.B.E.Y. *	-
OFC AVIATION FUEL SERVICES S.A**	2010
CYTOP A.E.**	2009-2014
KEPED S.A.**	2009-2014
ELTEPE J.V	2009-2015
ENDIALE S.A.	2008-2010

* The tax audit for fiscal years 2009 and 2010 has been completed based on temporary tax audit reports and there are no material additional taxes expected for those years upon the finalization of the tax audits.

** Tax audit for those fiscal years is not yet finalized thus tax liabilities for these fiscal years are not yet final. In a future tax audit, it is possible that additional taxes and surcharges will be imposed, the amount of which cannot be determined accurately at present. However the group's management believes that the outcome of such future audits, should these performed, will not have a material impact on the financial position of the Group or the Company.

For the fiscal years 2011, 2012, 2013 & 2014, MOH group companies that were obliged for a tax compliance audit by the statutory auditors, have been audited by the appointed statutory auditors in accordance with L2190/1920, art. 82 of L 2238/1994 and art. 65A of L4174/13 and have issued the relevant Tax Compliance Certificates. In any case and according to Circ.1006/05.01.2016 these companies for which a Tax Compliance Certificate has been issued are not excluded from a further tax audit by the relevant tax authorities. Therefore, the tax authorities may perform a tax audit as well. However, the group's management believes that the outcome of such future audits, should these performed, will not have a material impact on the financial position of the Group or the Company.

Up to the date of approval of these financial statements, the group companies' tax audit, by the statutory auditors, for the fiscal year 2015 is in progress. However it is not expected that material liabilities will arise from this tax audit.

31. Obligations under Finance Leases

Finance leases relate to vehicles with lease terms of 5 years. The Company has the option to purchase the vehicles for a minimal amount at the conclusion of the lease agreements.

(In 000's Euros)	COMPANY
	Lease payments			Present value of lease
			payments
	31/12/2015	31/12/2014	31/12/2015	31/12/2014
No later than one year	29	29	25	24
Later than two years and not later than five years	43	72	41	66
	72	101	66	90
Less future finance charges	(6)	(11)	0	0
Present value of minimum lease payments Included in the financial statement as:	66	90	66	90
Current borrowings (note 22)			25	24
Non-current borrowings (note 22)			41	66

32. Operating Lease Arrangements

Motor Oil's operating leases mainly represent rentals for certain of its office properties and transportation means. Subsidiaries, "Avin Oil S.A.", "CORAL A.E." and "CORAL GAS A.E.B.E.Y." leasing contracts pertain mostly to premises for gas stations which are then subleased to co-operating gas station operators and transportation means.

The Group as Lessee

	GROUP		COMPANY
(In 000's Euros)	31/12/2015	31/12/2014	31/12/2015	31/12/2014
Lease payments under operating leases recognized as an
expense for the year	26,886	30,232	5,943	5,809

At the Statement of Financial Position date, the Group and the Company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

	GROUP			COMPANY
(In 000's Euros)	31/12/2015	31/12/2014	31/12/2015	31/12/2014
Within one year	21,171	22,935	3,843	5,826
From the second to fifth year inclusive	69,834	77,509	13,779	19,319
After five years	76,192	93,455	7,366	13,082

Average lease term for offices and transportation means are nine and four years respectively. The average lease term for gas stations premises is ten years.

32. Operating Lease Arrangements (continued)

The Group as Lessor

Rental income from operating lease contracts recognized as year income.

		GROUP		COMPANY
(In 000's Euros)	31/12/2015	31/12/2014	31/12/2015	31/12/2014
Rental income earned during the year	4,630	7,130	358	350

At the Statement of Financial Position date, the Group has contracted with tenants for the following future minimum lease payments:

	GROUP		COMPANY
(In 000's Euros)	31/12/2015	31/12/2014	31/12/2015	31/12/2014
Within one year	3,815	4,108	306	355
From the second to fifth year inclusive	7,758	9,880	1,198	1,188
After five years	11,497	11,613	5,767	5,869

Rental income of the Group mostly concerns subleases of "Avin Oil", "Coral A.E." and "Coral Gas A.E.B.E.Y." relating mostly to premises suitable to operate as gas stations. The average lease term is ten years.

33. Deferred Income

(In 000's Euros)	COMPANY
	31/12/2015	31/12/2014	31/12/2013
Arising from government grants	8,403	9,417	10,488
Non-Current	7,333	8,347	9,316
Current	1,070	1,070	1,172
	8,403	9,417	10,488
(In 000's Euros)		GROUP
	31/12/2015	31/12/2014	31/12/2013
Arising from government grants	8,403	9,673	10,488
Non-Current	7,333	8,348	9,316
Current	1,070	1,325	1,172

34. 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:

GROUP (In 000's Euros) Income Expenses Receivables Payables Associates 190,306 3,084 3,727 176 COMPANY (In 000's Euros) Income Expenses Receivables Payables Subsidiaries 1,102,603 71,424 85,156 346,090 Associates 185,601 1,481 3,595 20 Total 1,288,204 72,905 88,751 346,110

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

The amounts outstanding will be settled in cash. An amount of \$ 2,500 thousand has been granted by the related party "SEKAVIN S.A." as guarantee.

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 1/1–31/12/2015 and 1/1–31/12/2014 amounted to € 8,214 thousand and € 5,700 thousand respectively. (Company: 1/1–31/12/2015: € 3,877 thousand, 1/1–31/12/2014: € 2,391 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 1/1–31/12/2015 amounted to € 305 thousand and 1/1–31/12/2014 amounted to € 313 thousand respectively. (Company: 1/1–31/12/2015: € 74 thousand, 1/1–31/12/2014: € 82 thousand)

There are leaving indemnities paid to key management for the Group of € 157 thousand for the period 1/1– 31/12/2015 the respective amount for the comparative period was € 226 thousand.

Directors' Transactions

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

35. Significant Associates

Details of the Group's material associates are as follows:

Company Name	Principal Activity	Proportion of ownership interest
		31/12/2015	31/12/2014
SHELL & MOH AVIATION FUELS A.E	Aviation Fuels	49%	49%
KORINTHOS POWER S.A.	Energy	35%	35%
Shell & MOH Aviation
In 000's Euros	31/12/2015		31/12/2014
Non-Current Assets		3,595	3,194
Current Assets		18,200	20,532
Non-Current Liabilities		210	318
Current Liabilities		8,504	11,893
	31/12/2015		31/12/2014
Turnover	208,802		293,849
Profit before taxes		8,793	7,289
Profit after taxes		6,392	5,445
Total comprehensive income		6,403	5,392
Korinthos Power S.A
In 000's Euros	31/12/2015		31/12/2014
Non-Current Assets	284,856		275,606
Current Assets		39,266	54,861
Non-Current Liabilities	142,335		147,153
Current Liabilities		70,960	53,609
	31/12/2015		31/12/2014
Turnover		48,111	64,865
Profit before taxes		(19,079)	13,508
Profit after taxes		(19,159)	9,713
Total comprehensive income		(19,159)	9,713

36. Retirement Benefit Plans

The Group ´s obligations to its employees in relation to the future payment of benefits in proportion to their time of service are based on an actuarial study. This liability is computed and presented in the Statement of Financial Position date based on the expected vested benefit of every employee. The vested benefit is presented at its present value based on expected date of payment.

The Group operates funded defined benefit plans for eligible employees who work for "Motor Oil (Hellas) S.A." and its subsidiary "L.P.C. S.A.". According to the terms of plans, the employees are entitled to retirement benefits as a lump sum which depend on each employee's final salary upon retirement and the years of service with the Group. There are also defined contribution plans at the subsidiaries "CORAL GAS A.E.B.E.Y", "CORAL A.E." and "AVIN OIL SA". In addition the Group is obligated to pay retirement compensation to its employees in accordance with Law 2112/1920, based on the above mentioned rights and retirement age limits. No other postretirement benefits are provided.

The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation as well as of the obligation for retirement compensation to personnel were carried out at 31 December 2015 by an independent certified actuary. The present value of the defined benefit obligations, and the related current service cost, were measured using the projected unit credit method.

	Valuation at:
	31/12/2015	31/12/2014
Key assumptions used:
Discount rate	2.00%	1.60%
Expected return on plan assets
	2.00%	1.60%
Expected rate of salary increases	0.00% -2.00%	0.00% -2.00%

The amount recognized in the Statement of Financial Position in respect of the defined benefit retirement benefit plans are as follows:

(In 000's Euros)	GROUP		COMPANY
	31/12/2015	31/12/2014	31/12/2015	31/12/2014
Present value of unfunded plan obligation	47,283	48,774	36,846	37,593
Present value of funded defined benefit obligation	35,336	36,328	33,262	34,322
Fair value of plan assets	(27,933)	(27,742)	(27,729)	(27,468)
Deficit	7,403	8,586	5,531	6,854
Net liability recognized in the Statement of Financial
Position	54,686	57,360	42,377	44,447
Current provision for retirement benefit	2,431	1,841	2,344	1,747
Non-current provision for retirement benefit	52,255	55,519	40,033	42,700
Total	54,686	57,360	42,377	44,447

36. Retirement Benefit Plans (continued)

Amounts recognized in the Statement of Comprehensive Income in respect of these defined benefit schemes are as follows:

(In 000's Euros)	GROUP		COMPANY
	31/12/2015		31/12/2014 31/12/2015	31/12/2014
Service cost	4,004	2,425	3,349	2,539
Interest cost less Expected return on plan assets	924	1,461	711	1,091
Net expense recognized in the Statement of
Comprehensive Income	4,928	3,886	4,060	3,630
Actuarial (gains) / losses PVDBO	(3,686)	12,497	(2,679)	9,633
Net (gain) / loss recognized in Total Comprehensive
Income	1,242	16,383	1,381	13,263

The return on plan assets for the current year for the Group and the Company amounts to € 444 thousand and € 439 thousand respectively.

The above recognized expense is included into the Group's and the Company's operating expenses as follows:

(In 000's Euros)		GROUP		COMPANY
	31/12/2015	31/12/2014	31/12/2015	31/12/2014
Cost of Sales	3,864	3,643	3,595	3,259
Administration expenses	638	273	379	263
Distribution expenses	426	(30)	86	108
Total	4,928	3,886	4,060	3,630

Movements in the present value of the defined benefit obligations in the current year are as follows:

(In 000's Euros)		GROUP		COMPANY
	31/12/2015	31/12/2014	31/12/2015	31/12/2014
Opening Defined benefit obligation	85,102	71,120	71,915	60,674
Service cost	3,942	2,609	2,889	2,578
Interest cost	1,368	2,305	1,151	1,941
Actuarial (Gains) / Losses PVDBO	(3,686)	12,497	(2,679)	9,633
Benefits paid	(4,107)	(3,855)	(3,168)	(2,911)
Additions on acquisition of subsidiary	0	426	0	0
Closing Defined benefit obligation	82,619	85,102	70,108	71,915

Movements in the present value of the plan assets in the current year were as follows:

(In 000's Euros)	GROUP		COMPANY
	31/12/2015	31/12/2014	31/12/2015	31/12/2014
Opening fair value of plan assets	27,742	29,696	27,468	26,594
Expected return on plan assets	444	870	439	851
Contributions from the employer	1,513	1,866	1,519	1,514
Benefits paid	(1,766)	(1,749)	(1,697)	(1,491)
Additions on acquisition of subsidiary	0	(2,941)	0	0
Closing fair value of plan assets	27,933	27,742	27,729	27,468

36. Retirement Benefit Plans (continued)

The sensitivity analysis of the Present Value of the Defined Benefit Obligation (PVDBO) for the compensation due to retirement as well as for the obligation of the private program for service termination is as follows:

(In 000's Euros)	GROUP		COMPANY
	31/12/2015		31/12/2015
	Present value of the obligation for	Present value of	Present value of the obligation for	Present value of
	compensation due to	the program's	compensation due to	the program's
	retirement	assets	retirement	assets
PVDBO	47,264	35,381	36,846	33,307
Calculation with a discounting rate of + 0,5%	44,422	33,439	35,085	31,469
Calculation with a discounting rate of - 0,5%	50,005	37,394	39,258	35,209

37. Categories of Financial Instruments

Financial assets

	GROUP		COMPANY
(In 000's Euros)	31/12/2015	31/12/2014	31/12/2015	31/12/2014
Available-for-sale investments	937	937	937	937
Trade and other receivables (including cash and cash equivalents)	1,007,027	689,906	789,830	484,802

Financial liabilities

		GROUP		COMPANY
(In 000's Euros)	31/12/2015	31/12/2014	31/12/2015	31/12/2014
Bank loans	1,351,841	1,197,988	1,020,019	855,949
Trade and other payables	400,218	674,122	318,501	601,214
Deferred income	8,403	9,673	8,403	9,418

38. Management of Financial Risks

The Group's management has assessed the impacts on the management of financial risks that may arise due to the challenges of the general business environment in Greece. In general, as it is further discussed in the management of each financial risk below, the management of the Group does not consider that any negative developments in the Greek economy in connection with the capital controls of the Greek banks may materially affect the normal course of business of the Group and the Company.

a. Capital risk management

The Group manages its capital to ensure that Group companies will be able to continue as a going concern while maximizing the return to stakeholders through the optimization of the debt and equity balance. The capital structure of the Group consists of debt, which includes borrowings, cash and cash equivalents and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings. The Group's management monitors the capital structure on a frequent basis.

38. Management of Financial Risks (continued)

As a part of this monitoring, the management reviews the cost of capital and the risks associated with each class of capital. The Group's intention is to balance its overall capital structure through the payment of dividends, as well as the issue of new debt or the redemption of existing debt. The Group through its 100% subsidiary "Motor Oil Finance plc" that is based in London, issued a bond loan for an amount of EURO 350 million in 2014 through the offering of five year Senior Notes bearing a fixed rate coupon and maintains also access at the international money markets broadening materially its financing alternatives.

Gearing Ratio

The Group's management reviews the capital structure on a frequent basis. As part of this review, the cost of capital is calculated and the risks associated with each class of capital are assessed.

The gearing ratio at the year end was as follows:

	GROUP		COMPANY
(In 000's Euros)	31/12/2015	31/12/2014	31/12/2015	31/12/2014
Bank loans	1,351,841	1,197,988	1,020,019	855,949
Cash and cash equivalents	(670,559)	(307,207)	(567,658)	(268,075)
Net debt	681,280	890,781	452,361	587,874
Equity	603,814	413,499	510,778	324,861
Net debt to equity ratio	1.13	2.15	0.89	1.81

b. Financial risk management

The Group's Treasury department provides services to the business, co-ordinates access to domestic and international financial markets, monitors and manages the financial risks relating to the operations of the Group. These risks include market risk (including currency risk, fair value interest rate risk and price risk), credit risk and liquidity risk. The Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. The Treasury department reports on a frequent basis to the Group's management that monitors risks and policies implemented to mitigate risk exposures.

c. Market risk

Due to the nature of its activities, the Group is exposed primarily to the financial risks of changes in foreign currency exchange rates (see (d) below), interest rates (see (e) below) and to the volatility of oil prices mainly due to the obligation to maintain certain level of inventories. The Company, in order to avoid significant fluctuations in the inventories valuation is trying, as a policy, to keep the inventories at the lowest possible levels. Furthermore, any change in the pertaining refinery margin, denominated in USD, affects the Company's gross margin. There has been no change to the Group's exposure to market risks or the manner in which it manages and measures these risks. Considering the conditions in the oil refining and trading sector, as well as the negative economic environment in general, we consider the course of the Group and the Company as satisfactory. Through its recently incorporated Middle East based 100% subsidiary, the Group aims to exploit its endeavors at international level and to further strengthen its already solid exporting orientation. Moreover the instability in the domestic market, in connection with the capital controls, is not expected to create problems to the normal course of business of the Company, which due to its strong exporting orientation generates adequate cash flows to cover the necessary imports of crude oil for the refinery activities. Furthermore crude oil prices are determined in the international markets and are not affected so by any domestic market turbulences.

38. Management of Financial Risks (continued)

d. Foreign currency risk

Due to the use of the international Platt's prices in USD for oil purchases/sales, exposures to exchange rate fluctuations may arise for the Company's profit margins. The Company minimises foreign currency risks through physical hedging, mostly by monitoring assets and liabilities in foreign currencies.

e. Interest rate risk

The Group has access to various major domestic and international financial markets and manages to have borrowings with competitive interest rates and terms. Hence, the operating expenses and cash flows from financing activities are not materially affected by interest rate fluctuations.

Had the current interest rates been 50 basis points higher/lower, all other variables kept constant, the Group's profit for the year ended 31 December 2015 could have decreased/increased by approximately € 7.2 million.

f. Credit risk

The Group's credit risk is primarily attributable to its trade and other receivables.

The Group's trade receivables are characterized by a high degree of concentration, due to a limited number of customers comprising the clientele of the parent Company. Most of the customers are international well known oil companies. Consequently, the credit risk is limited to a great extent. The Group companies have signed contracts with their clients, based on the course of the international oil prices. In addition the Group, as a policy, obtains letters of guarantee from its clients in order to secure its receivables, which as at 31/12/2015 amounted to Euro 24.7 mil. As far as receivables of the subsidiaries "Avin Oil S.A.", "CORAL A.E.", "CORAL GAS A.E.B.E.Y." and "L.P.C. S.A." are concerned, these are spread in a wide range of customers and consequently there is no material concentration and the credit risk is limited. The Group manages its domestic credit policy in a way to limit accordingly the credit days granted in the local market, in order to minimise any probable domestic credit risk.

g. Liquidity risk

Liquidity risk is managed through the proper combination of cash and cash equivalents and the bank loan facilities granted, when needed. In order to address such risks, the Group's management monitors the balance of cash and cash equivalents and ensures available bank loans facilities in conjunction with the fact that cash and cash equivalents are deposited in well-known domestic and foreign banks due also to the very strong exporting orientation of the Company. Moreover the major part of the Group's borrowings is long term borrowings which facilitates liquidity management.

The following tables present the Group's remaining contractual maturity for its financial liabilities:

GROUP 2015
(In 000's Euros)	Weighted average effective interest	0-6	7-12
Trade & other payables	rate 0.00%	months 392,401	months 7,817	2-5 years 0	5 + years 0	Total 400,218
Finance leases	7.20%	12	13	41	0	66
Bank loans Total	5.66%	211,348 603,761	32,865 40,695	1,107,562 1,107,603	0 0	1,351,775 1,752,059

38. Management of Financial Risks (continued)

GROUP
2014
(In 000's Euros)	Weighted average effective interest	0-6	7-12
Trade & other payables	rate 0.00%	months 674,122	months	2-5 years	5 + years	Total 674,122
Finance Leases	7.36%	12	12	66	0	90
Bank loans	6.09%	309,118	61,639	827,141	0	1,197,898
Total		983,252	61,651	827,207	0	1,872,110

The following tables present the Company's remaining contractual maturity for its financial liabilities:

COMPANY
2015
	Weighted
	average
(In 000's Euros)	effective
	interest	0-6	7-12
	rate	months	months	2-5 years	5 + years	Total
Trade & other payables	0.00%	318,501	0	0	0	318,501
Finance leases	7.20%	12	13	41	0	66
Bank loans	5.47%	137,842	25,787	856,324	0	1,019,953
Total		456,355	25,800	856,325	0	1,338,520

COMPANY 2014

(In 000's Euros)	Weighted average effective
Trade & other payables	interest rate 0.00%	0-6 months 601,214	7-12 months 0	2-5 years 0	5 + years 0	Total 601,214
Finance leases	7.36%	11	12	67	0	90
Bank loans Total	5.87%	118,670 719,895	37,189 37,201	700,000 700,067	0 0	855,859 1,457,163

Going Concern

The Group's management considers that the Company and the Group have adequate resources that ensure the smooth continuance of the business of the Company and the Group as a "Going Concern" in the foreseeable future.

39. Events after the Reporting Period

There are no events that could have a material impact on the Group's and Company's financial structure or operations that have occurred since 31/12/2015 up to the date of issue of these financial statements.

Hadjipavlou Sofianos & Cambanis S.A.

Assurance & Advisory Services

3a Fragkoklissias & Granikou str. GR - 151 25 Maroussi Athens, Greece Tel.: +30 210 6781.100 Fax: +30 210 6776.221-2 www.deloitte.gr

T R A N S L A T I O N Independent Auditor's Report

To the Shareholders of MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.

Report on the Company Stand-Alone and Consolidated Financial Statements

We have audited the accompanying Company stand-alone and consolidated financial statements of the Company and the Group Motor Oil (Hellas) Corinth Refineries S.A., which comprise the Company standalone and consolidated statement of financial position as at December 31, 2015, and the Company standalone and consolidated statements of comprehensive income, changes in equity and cash flow for the year then ended, as well as a summary of significant accounting policies and other explanatory notes.

Management's Responsibility for the Company Stand-Alone and Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of these Company stand-alone and consolidated financial statements in accordance with International Financial Reporting Standards, as these have been adopted by the European Union, and for such internal control as management determines is necessary to enable the preparation of Company stand-alone and consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Company stand-alone and consolidated financial statements based on our audit. We conducted our audit in accordance with the International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the Company stand-alone and consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Company stand-alone and consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the Company standalone and consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the Company stand-alone and consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the Company stand-alone and consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Hadjipavlou Sofianos & Cambanis S.A. Member of Assurance & Advisory Services Deloitte Touche Tohmatsu Co. Reg. No: 28953/01ΑΤ/Β93/2052

T R A N S L A T I O N Independent Auditor's Report - Continued

Opinion

In our opinion, the accompanying Company stand-alone and consolidated financial statements present fairly, in all material respects, the financial position of the Company and the Group Motor Oil (Hellas) Corinth Refineries S.A. as of December 31, 2015, and of their financial performance and their cash flows for the year then ended in accordance with International Financial Reporting Standards as these were adopted by the European Union.

Report on Other Legal and Regulatory Requirements

• a) The Directors' Report includes a Corporate Governance Statement which provides the information required according to the provisions of Article 43^a (par. 3^d ) of Codified Law 2190/1920.
• b) We have agreed and confirmed the content and consistency of the Directors' Report to the accompanying Company stand-alone and consolidated financial statements according to the provisions of the articles 43^a (par. 3^a ), 108 and 37 of the Codified Law 2190/1920.

Athens, March 11, 2016

The Certified Public Accountant

Dimitrios Koutsos Koutsopoulos Reg. No. SOEL: 26751 Deloitte. Hadjipavlou Sofianos & Cambanis S.A. 3a Fragoklissias & Granikou str., 151 25 Maroussi Reg. No. SOEL: E. 120

(Published in terms of Codified Law 2190 article 135, for companies that prepare company and or group annual financial statements, in accordance with the IFRS)

The financial data and information below provide general information about the financial position and the results of MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. and the Group. Readers requiring full information on the financial position and results should refer to the annual financial statements, prepared in accordance with International Financial Reporting Standards, as well as the auditors' report. Indicatively, readers may visit the company's website where the above mentioned information can be found.

THE CHAIRMAN OF THE BoD AND MANAGING DIRECTOR

VARDIS J. VARDINOYANNIS

I.D. No K 011385/82

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

THE DEPUTY MANAGING DIRECTOR AND CHIEF FINANCIAL OFFICER

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

Maroussi, March 10, 2016

	INFORMATION ABOUT THE COMPANY		STATEMENT OF PROFIT OR LOSS AND	GROUP Amounts in thd Euro		COMPANY Amounts in thd Euro
Authority:		Ministry of Finance			OTHER COMPREHENSIVE INCOME
Company's website:	www.moh.gr						01.01-31.12.2015 01.01-31.12.2014 01.01-31.12.2015 01.01-31.12.2014
Board of Directors:			Chairman and Managing Director: Vardis J. Vardinoyannis, Vice
Chairman: Ioannis V. Vardinoyannis, Deputy Managing Directors: Ioannis N. Kosmadakis, Petros T.Tzannetakis, Members: Nikos Th.					Turnover Gross profit / (loss)	7,060,215 634,718	9,050,151 193,255	5,276,468 408,379	7,436,908 4,451
Vardinoyannis, George P. Alexandridis, Michael -Matheos J. Stiakakis,Theofanis Chr. Voutsaras, Niki D. Stoufi, Anastasios-Elias Chr.					Profit / (loss) before tax and interest	391,762	(46,278)	354,195	(62,385)
Triandaphyllidis, Antonios Th. Theocharis.					Profit / (loss) before tax	302,848	(108,054)	291,798	(111,973)
Approval date of the annual financial statements:		10 March 2016			Profit / (loss) after tax (A)	204,977	(83,180)	201,104	(86,986)
The certified auditor:		Dimitrios Koutsos-Koutsopoulos
Auditing company:	Deloitte.
Auditors' report:		Unqualified opinion			-Shareholders	204,814	(83,302)	201,104	(86,986)
					-Non-controlling interests	163	122	0	0
STATEMENT OF FINANCIAL POSITION					Other comprehensive income after tax (B)	2,042	(2,918)	1,392	(6,996)
	GROUP		COMPANY			207,019 (86,098)
	Amounts in thd Euro		Amounts in thd Euro		Total comprehensive income after tax (Α)+(Β)			202,496	(93,982)
	31.12.2015	31.12.2014	31.12.2015	31.12.2014	-Shareholders	206,861	(86,217)	202,496	(93,982)
ASSETS
Property, plant and equipment	1,015,969	1,073,785	709,270	766,259	-Non-controlling interests	158	119	0	0
Ιntangible assets	46,777	47,151	557	385
Other non-current assets	87,240	95,960	185,976	185,892	Earnings per share - basic (in Euro)	1.8503	(0.7508)	1.8153	(0.7852)
Inventories	411,025	484,484	326,608	401,892	Proposed dividend per share - (in Euro)			0.6500	0.000
Trade receivables	213,289	281,024	143,579	163,542	Profit / (loss) before tax, interest and depreciation	490,897	50,248	429,725	11,941
Other current assets	793,738	426,018	646,251	338,100	STATEMENT OF CASH FLOWS
TOTAL ASSETS	2,568,038	2,408,422	2,012,241	1,856,070	Indirect Method	GROUP		COMPANY
						Amounts in thd Euro		Amounts in thd Euro
TOTAL EQUITY AND LIABILITIES							01.01-31.12.2015 01.01-31.12.2014 01.01-31.12.2015 01.01-31.12.2014
Share capital	83,088	83,088	83,088	83,088	Operating activities
Other shareholders' equity	519,255	328,973	427,690	241,773	Profit / (loss) before tax	302,848	(108,054)	291,798	(111,973)
Other shareholders' equity (a)	602,343	412,061	510,778	324,861	Plus / Less adjustments for:
Non-controlling interest (b)	1,471	1,438	0	0	Depreciation	100,292	97,762	76,600	75,396
Total equity (c) = (a) + (b)	603,814	413,499	510,778	324,861	Provisions	9,124	5,814	611	(2,342)
Long term borrowings	1,107,603	827,207	856,365	700,067	Exchange differences	20,305	24,177	20,362	24,140
Other non-current liabilities	143,494	118,398	98,381	71,229	Investment income (expenses)	4,425	(12,847)	(2,398)	(1,922)
Short term borrowings	244,238	370,781	163,654	155,882	Interest and related expenses	87,714	74,623	64,548	52,048
Other current liabilities	468,889	678,537	383,063	604,031	Movements in working capital:
Total liabilities (d)	1,964,224	1,994,923	1,501,463	1,531,209	Decrease / (increase) in inventories	74,507	65,926	75,284	80,901
TOTAL EQUITY & LIABILITIES (c) + (d)	2,568,038	2,408,422	2,012,241	1,856,070	Decrease / (increase) in receivables	50,991	77,758	(5,450)	73,735
					(Decrease) / increase in payables (excluding loans)	(274,139)	19,661	(272,465)	2,684
					Less:
STATEMENT OF CHANGES IN EQUITY					Interest and related expenses paid	(90,173)	(74,752)	(66,369)	(49,819)
	GROUP		COMPANY		Taxes paid	(4,493)	(6,321)	0	(4,256)
	Amounts in thd Euro		Amounts in thd Euro		Net cash (used in) / from operating activities (a)	281,401	163,747	182,521	138,592
	31.12.2015	31.12.2014	31.12.2015	31.12.2014	Investing activities
					(Increase) / decrease of interest in subsidiaries and associates	0	(6,662)	0	(14,071)
Equity opening balance					Purchase of shares	(51)	0	(63)	0
(01.01.2015 and 01.01.2014 respectively)	413,499	521,649	324,861	441,000	Purchase of tangible and intangible assets	(43,063)	(54,619)	(19,784)	(33,493)
Non-controlling interest arising on the acquisition of subsidiary	0	232	0	0	Proceeds from the sale of tangible and other intangible assets	700	618	240	0
Total comprehensive income after tax	207,019	(86,098)	202,496	(93,982)	Interest received	538	555	344	406
Dividends	(16,704)	(22,284)	(16,579)	(22,157)	Dividends received	135	18	807	850
Equity closing balance					Net cash (used in) / from investing activities (b)	(41,741)	(60,090)	(18,456)	(46,308)
					Financing activities
(31.12.2015 and 31.12.2014 respectively)	603,814	413,499	510,778	324,861	Proceeds from loans	685,333	1,217,899	547,472	1,053,995
					Repayments of loans	(544,913)	(1,113,733)	(395,283)	(942,025)
					Repayments of finance leases	(24)	(22)	(24)	(22)
					Dividends paid	(16,704)	(22,284)	(16,579)	(22,157)
					Net cash (used in) / from financing activities (c)	123,692	81,860	135,586	89,791
					Net Increase / (decrease) in cash and cash equivalents (a)+(b)+( c)	363,352	185,517	299,651	182,075

Cash and cash equivalents at beginning of the period 307,207 121,690 268,075 86,000 Cash and cash equivalents at period end 670,559 307,207 567,726 268,075

ADDITIONAL INFORMATION

• 1. Please refer to note 16 of the financial statements, for the companies included in the consolidation (including their place of incorporation, shareholding percentage and method of consolidation). The companies "ELECTROPARAGOGI SOUSSAKI S.A.", "NUR-MOH HELIOTHERMAL S.A."and "VIPANOT"are not consolidated but are stated at cost due to their insignificance or/and because they are dormant. The newly established companies "CORAL INNOVATIONS A.E.", "MOTOR OIL TRADING S.A." and "L.P.C. S.A..", are included in the consolidation.
• 2. Within June 2015 the spin off of the subsidiary "CYCLON HELLAS A.E" (separation of activities in accordance to L1297/1972) was concluded in two sets of activities from which the first (fuels) was contributed to the existing subsidiary "AVINOIL Α.Β.Ε.Ν.E.Π." and the second (lubricants) to the newly founded subsidiary "L.P.C. S.A." (note 29 of the financial statements).
• 3. Please refer to note 38 of the financial statements where there is a detailed report on the management of the financial risks in connection with the capital controls of the Greek banks that have been imposed and are still in force, for which the Group's management estimates that they will not affect materially the normal course of business of the Group and the Company for the foreseeable future.
• 4. There are legal claims by third parties against the Group amounting to approximately Euro 23.7 million (Company: approximately Euro 9.8 million). There are also legal claims of the Group against third parties amounting to approximately Euro 34.6 million (Company: Euro 2.0 million). For all the 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 3,958 thousand (Company: Euro 0 thousand), and b) provision for staff leaving indemnities Euro 54,686 thousand (Company: Euro 42,377 thousand).
• 5. The unaudited, by the Tax Authorities, fiscal years of the Group and the Company are mentioned in note 30 of the financial statements.
• 6. As at December 31, 2015 the Group's personnel headcount amounts to 2,008 (31.12.2014: 2,011) and the Company's personnel headcount amounts to 1,191 (31.12.2014: 1,192).
• 7. In January 2015 a new company "MOTOR OIL TRADING S.A." was established based in Athens where the Company holds indirectly, through "MOTOR OIL CYPRUS LTD", 100%. Also, in September 2015 a new company "CORAL INNOVATIONS A.E." was established based in Perissos where the company holds indirectly, through "CORAL A.E.", 100% (note 29 of the financial statements).
• 8. Other comprehensive income after tax for the Group refer to expenses for the increase of share capital Euro 57 thousand, actuarial gain Euro 3,686, taxes Euro 1,563 thousand and exchange differences on translating foreign operations Euro 24 thousand. Other comprehensive income after tax for the Company refer to income for the actuarial gain Euro 2,679 and taxes Euro 1,287 thousand.
• 9. Based on L4334/2015 that was released on 16.07.2015, the corporate income tax rate was increased from 26% to 29% with effect from 01.01.2015.
• 10.Transactions and balances of the Group and the Company, with related parties according to IAS 24 in Euro thousand:

	GROUP	COMPANY
INCOME	190,306	1,288,205
EXPENSES	3,084	72,905
RECEIVABLES	3,727	88,751
PAYABLES	176	346,110
OTHER BENEFITS & REMUNERATION OF BoD MEMBERS AND TOP MANAGEMENT	8,676	3,951
RECEIVABLES FROM BoD MEMBERS AND TOP MANAGEMENT	0	0
PAYABLES TO BoD MEMBERS AND TOP MANAGEMENT	0	0

G.E.MI. 272801000

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

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

FIGURES AND FINANCIAL INFORMATION FOR THE YEAR FROM 1 JANUARY 2015 TO 31 DECEMBER 2015