HELLENIC PETROLEUM’S pretax profits, for the operating year 2002 were Euro 106,2 M compared to Euro 41,3 M in 2001, an increase of 157,1%.
The consolidated pretax profits for the Group for 2002 increased by 76,1% reaching Euro 133,7 M compared to Euro 75,8 M in 2001.
According to the International Accounting Standards the Group’s pretax profits for the operating year 2002 were Euro 215,8 M compared to Euro 97,7 M in 2001, increased by 120,9 %.
At the EBITDA level HELLENIC PETROLEUM’S profits in 2002 reached Euro 206,3 M and the consolidated Group profits Euro 286,0 M compared to Euro 133,7 M and Euro 218,0 M respectively in 2001.
The substantial increase in both HELLENIC PETROLEUM’S and that of the Group’s profitability is particularly significant when one takes into consideration the very low international refinery margins which were sustained until August 2002 with a gradual improvement only in the last part of the year. Sectors which significantly contributed to this improved profitability were refining combined with the efficient management of crude oil purchases and product sales, trading of heating gas oil, the petrochemical sector and the Group’s marketing activity through its subsidiaries. Increased prices had also a positive effect on inventories.
The company’s performance in its various sectors was as follows:
· In the refining sector, the Aspropyrgos and Thessaloniki refineries’ production was at the same level as in 2001.
· Taxed sales to the domestic market, constituting 75,2% of total sales, were 8225 K tons compared to 8469 K tons in 2001, while international and export sales were stable at last year’s level (2717 K tons).
· In the petrochemical sector both production and sales of Polypropylene and BOPP film developed satisfactorily. The contribution of the vertically integrated Propylene – Polypropylene – BOPP film together with the improved PVC margin particularly until September, resulted in the significant improvement of this sector’s financial results. It is noted that the added value of the above integrated scheme is Euro 390/ton for Polypropylene and Euro 1210/ton for BOPP film.
· In the marketing sector, our subsidiary EKO – ELDA improved its results to Euro 22,8 M despite extraordinary charges of Euro 11,1 M for the employee retirement benefit program ALICO. This improvement is mainly attributed to the optimization of the organizational and operational structure, the modernization and upgrading of the installations and petrol station network, as well as to controlled expenses.
The Group’s consolidated capital expenditures were increased by 55,5% reaching
Euro 267,4 M compared to Euro 171,9 M in 2001.
HELLENIC PETROLEUM’S Board of Directors will propose to the General Assembly a dividend of Euro 0,15 per share to a total of Euro 39,2 M. The proposed dividend is increased by 25% compared to the dividend of 2001.
The statutory accounts, restated to conform with International Accounting Standards showed the following consolidated results for the years 2002 and 2001 in million Euro.
The differences between Greek GAAP and IAS are mainly attributed to the different accounting treatment of depreciation/amortization, various provisions, and exchange difference gains arising from the valuation of receivables and payables in foreign currencies.