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Annual Financial Report ANNUAL FINANCIAL REPORT (ACCORDING TO L. 3556/2007) APRIL 2021 FOR THE PERIOD 1 JANUARY – 31 DECEMBER 2020 TABLE OF CONTENTS: DECLARATION OF THE BoD REPRESENTATIVES DIRECTORS’ REPORT CORPORATE GOVERNANCE STATEMENT (L.4548/2018) ANNUAL FINANCIAL STATEMENTS INDEPENDENT AUDITOR’S REPORT MOTOR OIL (HELLAS) CORINTH REFINERIES S.A. G.E.MI. 272801000 Prefecture of Attica Registration Nr 1482/06/Β/86/26 Headquarters: Irodou Attikou 12Α, 151 24 Maroussi Attica 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, 2020, 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, April 19th, 2021 The Chairman of the BoD The Vice Chairman The Deputy Managing Director and 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 DIRECTORS’ REPORT D I R E C T O R S´ R E P O R T (ACCORDING TO ARTICLE 4 OF THE LAW 3556/2007) ON THE FINANCIAL STATEMENTS OF “MΟΤΟR ΟIL (HΕLLΑS) CORINTH REFINERIES S.Α.” AND THE CONSOLIDATED FINANCIAL STATEMENTS OF THE GROUP FOR THE YEAR ENDED 31 DECEMBER 2020 (01.01.2020 – 31.12.2020) I. REVIEW OF OPERATIONS The Group financial figures for the fiscal year 2020 compared to the fiscal year 2019 are presented hereunder: Variation Amounts in thousand Euros 2020 2019 Amount % Turnover (Sales) 6,120,439 9,372,543 (3,252,104) (34.70)% Less: Cost of Sales (before depreciation & 5,766,983 8,640,523 (2,873,540) (33.26)% amortization) Gross Profit (before depreciation & amortization) 353,456 732,020 (378,564) (51.71)% Less: Selling Expenses (before depreciation & 179,851 182,820 (2,969) (1.62)% amortization) Less: Administrative Expenses (before 75,060 77,756 (2,696) (3.47)% depreciation & amortization) Plus: Other Income 12,982 10,375 2,607 25.13% Plus (Less): Other Gains / (Losses) (25,141) (7,867) (17,274) 219.58% Earnings/(Losses) before Interest, Tax, 86,386 473,952 (387,567) (81.77)% Depreciation & Amortization (EBITDA) * Plus: Financial Income 5,013 8,751 (3,738) (42.72)% Less: Financial Expenses 87,634 47,316 40,318 85.21% Plus: Investment Income / share of profits (losses) 3,205 2,752 453 16.46% in associates Earnings/(Losses) before 6,970 438,139 (431,169) (98.41)% Depreciation/Amortization and Tax Less: Depreciation & Amortization 143,089 134,708 8,381 6.22% Earnings/(Losses) before Tax (EBT) (136,119) 303,431 (439,550) (144.86)% (Plus)/Less: Income Tax (23,795) 79,197 (102,992) (130.05)% Earnings/(Losses) after Tax (EAT) (112,324) 224,234 (336,558) (150.09)% (*) Includes government grants amortization Euro 775 thousand for 2020 and Euro 931 thousand for 2019. 2020 1 DIRECTORS’ REPORT The respective Company financial figures for the fiscal year 2020 compared to the fiscal year 2019 are presented hereunder: Variation Amounts in thousand Euros 2020 2019 Amount % Turnover (Sales) 3,909,360 6,936,469 (3,027,109) (43.64)% Less: Cost of Sales (before depreciation & 3,816,243 6,523,295 (2,707,052) (41.50)% amortization) Gross Profit (before depreciation & amortization) 93,117 413,174 (320,057) (77.46)% Less: Selling Expenses (before depreciation & 22,392 16,121 6,271 38.90% amortization) Less: Administrative Expenses (before 36,940 39,663 (2,723) (6.87)% depreciation & amortization) Plus: Other Income 2,264 2,381 (117) (4.91)% Plus (Less): Other Gains / (Losses) (32,934) (164) (32,770) 19,981.71% Earnings/(Losses) before Interest, Tax, 3,115 359,607 (356,668) (99.18)% Depreciation & Amortization (EBITDA) * Plus: Financial Income 6,218 11,877 (5,659) (47.65)% Less: Financial Expenses 64,588 22,648 41,940 185.18% Earnings/(Losses) before (55,255) 348,836 (404,091) (115.84)% Depreciation/Amortization and Tax Less: Depreciation & Amortization 80,774 80,171 603 0.75% Earnings/(Losses) before Tax (EBT) (136,029) 268,665 (404,694) (150.63)% (Plus)/Less: Income Tax (23,434) 63,142 (86,576) (137.11)% Earnings/(Losses) after Tax (EAT) (112,595) 205,523 (318,118) (154.78)% (*) Includes government grants amortization Euro 775 thousand for 2020 and Euro 931 thousand for 2019. 2020 2 DIRECTORS’ REPORT 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 of products. 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 Variation Type of Activity 2020 2019 % 2020 2019 Variation % Foreign Refining/Fuels 9,091,206 9,405,963 (3.35)% 2,486,401 4,192,879 (40.70)% Refining/Lubricants 261,593 264,974 (1.28)% 149,532 172,939 (13.53)% Trading/Fuels etc. 531,263 601,145 (11.62)% 242,409 353,219 (31.37)% Total Foreign Sales 9,884,062 10,272,082 (3.78)% 2,878,342 4,719,037 (39.01)% Domestic Refining/Fuels 1,479,768 1,671,090 (11.45)% 599,891 969,832 (38.14)% Refining/Lubricants 83,383 102,309 (18.50)% 53,851 72,941 (26.17)% Trading/Fuels etc. 1,691,064 1,688,954 0.12% 2,067,615 2,552,757 (19.00)% Total Domestic Sales 3,254,215 3,462,353 (6.01)% 2,721,357 3,595,530 (24.31)% Bunkering Refining/Fuels 584,643 987,026 (40.77)% 184,482 476,370 (61.27)% Refining/Lubricants 13,445 15,644 (14.06)% 15,039 17,897 (15.97)% Trading/Fuels etc. 199,884 767,751 (73.96)% 85,409 371,522 (77.01)% Total Bunkering Sales 797,972 1,770,421 (54.93)% 284,930 865,789 (67.09)% Rendering of Services - - 235,810 192,187 22.70% Total Sales 13,936,249 15,504,856 (10.12)% 6,120,439 9,372,543 (34.70)% 2020 3 DIRECTORS’ REPORT In 2020 the turnover of the Group reached Euro 6,120.4 million compared to Euro 9,372.5 million in 2019 which represents a decrease of 34.70%. This development is attributed to the decrease of the average prices of petroleum products (denominated in US Dollars) by 37.08%, the strengthening of Euro against the US Dollar (average parity) by 2.03% and the drop of the sales volume by 10,12%. In 2020, the Group had revenues from the provision of services, the greater part of which concerned NRG S.A. activities and the remainder concerned OFC AVIATION FUEL SERVICES S.A. activities as well as storage fees and related services. The breakdown of the consolidated sales volume confirms the solid exporting profile of the Group considering that export and bunkering sales combined accounted for 76.65% of the aggregate sales volume of fiscal 2020 compared to 77.67% in fiscal 2019, as well as the high contribution of refining activities (82.62% of the aggregate sales volume of fiscal 2020 compared to 80.28% in fiscal 2019). The respective breakdown of Company turnover is presented hereunder: Metric Tons Amounts in Thousand Euros Geographical Market and Variation Type of Activity 2020 2019 % 2020 2019 Variation % Foreign Refining/Fuels 9,091,206 9,405,963 (3.35)% 2,486,401 4,192,879 (40.70)% Refining/Lubricants 222,664 215,185 3.48% 104,107 116,245 (10.44)% Trading/Fuels etc. 372,307 547,374 (31.98)% 126,725 274,811 (53.89)% Total Foreign Sales 9,686,177 10,168,522 (4.74)% 2,717,233 4,583,935 (40.72)% Domestic Refining/Fuels 1,479,768 1,671,090 (11.45)% 599,891 969,832 (38.14)% Refining/Lubricants 49,701 67,894 (26.80)% 27,372 44,067 (37.89)% Trading/Fuels etc. 713,817 830,322 (14.03)% 283,409 500,290 (43.35)% Total Domestic Sales 2,243,286 2,569,306 (12.69)% 910,672 1,514,189 (39.86)% Bunkering Refining/Fuels 584,643 987,026 (40.77)% 184,483 476,370 (61.27)% Refining/Lubricants 5,349 7,180 (25.50)% 5,239 7,180 (27.03)% Trading/Fuels etc.
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