According to a company announcent today, HELLENIC PETROLEUM’S pretax profits, in the first quarter of 2003 were Euro 93,4 M compared to Euro 40,3 M in 2002, an increase of 131,7%.
The consolidated pretax profits for the Group for the first quarter of 2003 increased by 115,7% reaching Euro 104,0 M compared to Euro 48,2 M in 2002.
According to the International Accounting Standards the Group’s pretax profits in the first quarter of 2003 were Euro 99,8 M compared to Euro 45,9 M in 2002, increased by 117,4%.
At the EBITDA level HELLENIC PETROLEUM’S profits in 2003 reached Euro 95,9 M and the consolidated Group profits Euro 125,6 M compared to Euro 64,0 M and Euro 82,9 M respectively in 2002.
During the first quarter of 2003 the company took advantage of the increase in margins in all products by increasing production and sales to the maximum possible. Sectors which significantly contributed to the Group’s profitability increase were refining with increased sales volume and improved margins, the chemical sector with a significant increase in sales and margins particularly for polypropylene and BOPP –film, the marketing activity both in the domestic market with a considerable increase in sales volume improved margins and controlled expenses and outside Greece.
The company’s performance in its various sectors was as follows:
· In the refining sector, the refineries; production in the first quarter of 2003 increased by 8,1% compared with the same period in 2002.
· Refining sales in the first quarter of 2003 increased by 14,4% chemical sales by 34,7% and marketing sales by 30.5% when compared with sales of the same period in 2002.
It is pointed out that in the domestic market EKO-ELDA’S sales increased by 22,1% compared with the same period in 2002. This development together with the contribution of our subsidiaries abroad, particularly after the incorporation of Yugopetrol and Hellenic Petroleum Cyprus, resulted in the retail sector contributing Euro 8,1 M to the Group’s financial results when in the first quarter of 2002 this contribution was Euro 4,9 M.
The Group’s consolidated capital expenditures were increased by 75,8% reaching Euro 26,9 M compared to Euro 15,3 M in 2002.
The statutory accounts, restated to conform with International Accounting Standards showed the following consolidated results for the Group for the first quarter 2003 and 2002 in million Euro:
1 Q 2003 1 Q2002
EBITDA 124,6 75,1
Operating Profit 94,2 45,1
Income before tax 99,8 45,9
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.
Complete IAS financial statements in English will be available at the law offices of: SHERMAN & STERLING 199 BISHOPSGATE LONDON, EC2 M3TY