Motor Oil to return capital, pay dividend to shareholders

Motor Oil Hellas will seek shareholders’ approval to a plan to return capital to shareholders (through lowering its nominal share value) and to pay a 0.25-euro per share dividend, the group’s board said during an annual presentation to analysts of the Association of Institutional Investors.

Motor Oil said 2010 was a very significant year as the group began operating a new crude distillation unit - with a capacity of 60,000 barrels per day. The cost of the investment totaled 180 million euros. In June 2010, Motor Oil completed the purchase of 100 pct of Shell Hellas (renamed into Coral SA) and Shell Gas (renamed into Coral Gas). The group said its investment spending surpassed 1.0 billion euros in the 2001-2010 period, excluding sums paid for acquisitions (Avin Oil, Coral).

Parent sales surpassed the 9.0 million MT for the third consecutive year and turnover was 4.879 billion euros, up from 3.493 billion euros in 2009. EBITDA rose to 215 million euros, pre-tax profits eased to 126.6 million euros and after tax profits eased to 82.3 million euros.


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