Interim Condensed Financial Statements for the period 1/1-31/3/2024
C O N T E N T S
Condensed Statement of Profit or Loss and Other Comprehensive Income for the period ended 31st March
Condensed Statement of Financial Position as at 31st March 2024 | |
Condensed Statement of Changes in Equity for the period ended 31st March 2024 | |
Condensed Statement of Cash Flows for the period ended 31st March 2024 | |
Notes to the Financial Statements | 11 |
1. General Information | 11 |
2. Basis of Financial Statements Preparation & Adoption of New and Revised International Financial
Reporting Standards (IFRS) | 11 | |
3. | Revenue | 14 |
4. | Operating Segments | 15 |
5. | Finance Income | 19 |
6. | Finance Cost | 19 |
7. | Income Tax Expenses | 20 |
8. | Dividends | 20 |
9. | Earnings/(Losses) per Share | 21 |
10. | Goodwill | 21 |
11. | Other Intangible Assets | 22 |
12. | Property, Plant and Equipment | 24 |
13. | Investments in Subsidiaries, Associates and Joint Operations | 26 |
14. | Other Financial Assets | 32 |
15. | Inventories | 33 |
16. | Borrowings | 33 |
17. | Fair Value of Financial Instruments | 40 |
18. | Leases | 43 |
19. | Share Capital | 44 |
20. | Reserves | 45 |
21. | Retained Earnings | 47 |
22. | Establishment/Acquisition of Subsidiaries/Associates | 47 |
23. | Contingent Liabilities/Commitments | 48 |
24. | Related Party Transactions | 49 |
25. | Share-based Payments | 49 |
26. | Management of Significant Risks | 50 |
27. | Performance Measures | 54 |
28. | Events after the Reporting Period | 55 |
The financial statements of the Group and the Company, set out on pages 1 to 55, were approved at the Board of Directors' Meeting dated on Monday 27 of May, 2024.
Page | 2
Interim Condensed Financial Statements | ||
for the period 1/1-31/3/2024 | ||
THE VICE CHAIRMAN | ||
OF THE BOARD OF DIRECTORS | THE DEPUTY CEO | THE CHIEF ACCOUNTANT |
AND CEO |
IOANNIS V. VARDINOYANNIS | PETROS T. TZANNETAKIS | VASSILIOS N. CHANAS |
Page | 3
Interim Condensed Financial Statements for the period 1/1-31/3/2024
Condensed Statement of Profit or Loss and Other Comprehensive Income for the period ended 31st March 2024
GROUP | COMPANY | |||||||||||
In 000's Euros (except for "earnings per share") | Note | 1/1-31/03/24 | 1/1-31/03/23 | 1/1-31/03/24 | 1/1-31/03/23 | |||||||
Continued operations | ||||||||||||
Operating results | ||||||||||||
Revenue | 3 | 2,979,095 | 3,307,456 | 2,102,876 | 2,396,865 | |||||||
Cost of Sales | (2,600,845) | (2,846,099) | (1,852,103) | (2,056,499) | ||||||||
Gross Profit/(loss) | 378,250 | 461,357 | 250,773 | 340,366 | ||||||||
Distribution expenses | (81,594) | (91,574) | (6,659) | (6,369) | ||||||||
Administrative expenses | (35,023) | (27,965) | (16,997) | (13,474) | ||||||||
Other income | 28,306 | 2,543 | 21,459 | 794 | ||||||||
Other Gain/(loss) | 1,971 | (6,183) | 1,457 | (6,211) | ||||||||
Profit/(loss) from operations | 291,910 | 338,178 | 250,033 | 315,106 | ||||||||
Finance income | 5 | 28,749 | 26,652 | 34,883 | 23,729 | |||||||
Finance cost | 6 | (74,641) | (53,028) | (43,579) | (26,236) | |||||||
Share of profit/(loss) in associates | 1,961 | (6,416) | 0 | 0 | ||||||||
Profit/(loss) before tax | 247,979 | 305,386 | 241,337 | 312,599 | ||||||||
Income taxes | 7 | (55,836) | (68,094) | (51,556) | (68,220) | |||||||
Profit/(loss) after tax | 192,143 | 237,292 | 189,781 | 244,379 | ||||||||
Attributable to Company Shareholders | 9,21 | 190,690 | 237,358 | 189,781 | 244,379 | |||||||
Non-controlling interest | 1,453 | (66) | 0 | 0 | ||||||||
Earnings/(losses) per share basic (in €) | 9 | 1.76 | 2.19 | 1.75 | 2.25 | |||||||
From continued operations | ||||||||||||
From continued and discontinued operations | 1.76 | 2.19 | 1.75 | 2.25 | ||||||||
Earnings/(losses) per share diluted (in €) | 9 | 1.76 | 2.19 | 1.75 | 2.25 | |||||||
From continued operations | ||||||||||||
From continued and discontinued operations | 1.76 | 2.19 | 1.75 | 2.25 |
The notes on pages 11 - 55 are an integral part of these Financial Statements of the Company and the Group. Page | 4
Interim Condensed Financial Statements for the period 1/1-31/3/2024
In 000's Euros (except for "earnings per share")
Other Comprehensive income
Items that will not be reclassified subsequently to profit or loss:
Share of Other Comprehensive Income of associates accounted for using the equity method
Fair value Gain/(loss) arising on financial assets
Items that may be reclassified
Exchange differences on translating foreign operations
Net fair value gain/(loss) arising on hedging instruments during the year on cash flow hedges
Net Other Comprehensive income
Total comprehensive income
Attributable to Company Shareholders
Non-controlling interest
GROUP | COMPANY | ||||||||
Note | 1/1-31/03/24 | 1/1-31/03/23 | 1/1-31/03/24 | 1/1-31/03/23 | |||||
(3,327) | 0 | 0 | 0 | ||
20 | 545 | 263 | 0 | 0 | |
(2,782) | 263 | 0 | 0 | ||
20 | 520 | (283) | 0 | 0 | |
20 | 1,187 | (5,765) | (1,290) | (1,334) | |
1,707 | (6,048) | (1,290) | (1,334) | ||
(1,075) | (5,785) | (1,290) | (1,334) | ||
191,068 | 231,507 | 188,491 | 243,045 | ||
189,612 | 232,678 | 188,491 | 243,045 | ||
1,456 | (1,171) | 0 | 0 | ||
The notes on pages 11 - 55 are an integral part of these Financial Statements of the Company and the Group. Page | 5
Interim Condensed Financial Statements for the period 1/1-31/3/2024
Condensed Statement of Financial Position as at 31st March 2024
GROUP | COMPANY | ||||||||||||
(In 000's Euros) | Note | 31/3/2024 | 31/12/2023 | 31/3/2024 | 31/12/2023 | ||||||||
Non-current Assets | |||||||||||||
Goodwill | 10 | 182,484 | 182,484 | 0 | 0 | ||||||||
Other intangible assets | 11 | 690,166 | 698,911 | 12,668 | 12,422 | ||||||||
Property, Plant and Equipment | 12 | 2,482,940 | 2,482,089 | 1,177,358 | 1,169,318 | ||||||||
Right of use assets | 18 | 223,020 | 226,712 | 16,179 | 17,162 | ||||||||
Investments in subsidiaries and associates | 13 | 429,832 | 423,639 | 1,231,081 | 1,120,308 | ||||||||
Other financial assets | 14 | 75,985 | 74,950 | 1,122 | 1,122 | ||||||||
Deferred tax assets | 9,983 | 10,851 | 0 | 0 | |||||||||
Derivative Financial instruments | 17 | 32,326 | 29,677 | 17,501 | 14,789 | ||||||||
Other non-current assets | 67,293 | 92,643 | 102,721 | 102,542 | |||||||||
Total Non-current Assets | 4,194,029 | 4,221,956 | 2,558,630 | 2,437,663 | |||||||||
Current Assets | |||||||||||||
Income Taxes | 14,938 | 7,021 | 0 | 0 | |||||||||
Inventories | 15 | 1,113,755 | 1,031,212 | 833,008 | 778,053 | ||||||||
Trade and other receivables | 1,160,424 | 979,984 | 646,035 | 479,436 | |||||||||
Derivative Financial instruments | 17 | 21,690 | 10,726 | 21,507 | 9,597 | ||||||||
Cash and cash equivalents | 882,915 | 1,322,256 | 497,798 | 901,828 | |||||||||
Total Current Assets | 3,193,722 | 3,351,199 | 1,998,348 | 2,168,914 | |||||||||
Total Assets | 7,387,751 | 7,573,155 | 4,556,978 | 4,606,577 | |||||||||
Non-current Liabilities | |||||||||||||
Borrowings | 16 | 2,384,825 | 2,429,086 | 1,226,275 | 1,250,749 | ||||||||
Lease liabilities | 18 | 189,883 | 193,375 | 11,381 | 12,447 | ||||||||
Provision for retirement benefit obligation | 21,354 | 21,913 | 14,826 | 15,374 | |||||||||
Deferred tax liabilities | 221,791 | 224,828 | 13,681 | 14,503 | |||||||||
Other non-current liabilities | 58,348 | 58,209 | 370 | 372 | |||||||||
Derivative Financial instruments | 17 | 10,156 | 8,708 | 4,817 | 0 | ||||||||
Other non-current provisions | 12,312 | 7,347 | 0 | 0 | |||||||||
Deferred income | 65,001 | 67,380 | 6,947 | 7,033 | |||||||||
Total Non-current Liabilities | 2,963,670 | 3,010,846 | 1,278,297 | 1,300,478 | |||||||||
Current Liabilities | |||||||||||||
Trade and other payables | 1,129,568 | 1,302,540 | 674,624 | 795,872 | |||||||||
Derivative Financial instruments | 17 | 59,057 | 33,177 | 58,225 | 32,497 | ||||||||
Provision for retirement benefit obligation | 1,855 | 1,707 | 1,594 | 1,402 | |||||||||
Income Tax Liabilities | 119,284 | 232,419 | 106,083 | 222,762 | |||||||||
Borrowings | 16 | 244,827 | 187,985 | 58,516 | 58,516 | ||||||||
Lease liabilities | 18 | 29,692 | 29,318 | 4,989 | 4,927 | ||||||||
Deferred income | 4,882 | 3,835 | 347 | 349 | |||||||||
Total Current Liabilities | 1,589,165 | 1,790,981 | 904,378 | 1,116,325 | |||||||||
Total Liabilities | 4,552,835 | 4,801,827 | 2,182,675 | 2,416,803 | |||||||||
Equity | |||||||||||||
Share capital | 19 | 83,088 | 83,088 | 83,088 | 83,088 | ||||||||
Reserves | 20 | 97,336 | 98,356 | 19,987 | 25,239 | ||||||||
Retained earnings | 21 | 2,620,820 | 2,482,707 | 2,271,228 | 2,081,447 |
Equity attributable to Company Shareholders
Non-Controlling Interest
Total Equity
Total Equity and Liabilities
2,801,244 2,664,151
33,672 107,177
2,834,916 2,771,328
7,387,751 7,573,155
2,374,303 2,189,774
00
2,374,303 2,189,774
4,556,978 4,606,577
The notes on pages 11 - 55 are an integral part of these Financial Statements of the Company and the Group. Page | 6
Interim Condensed Financial Statements for the period 1/1-31/3/2024
Condensed Statement of Changes in Equity for the period ended 31st March 2024
GROUP
(In 000's Euros)
Balance as at 01/01/2023
Profit/(loss) for the period
Other Comprehensive Income for the period
Total Comprehensive Income for the period
Addition from Establishment/Acquisition of Subsidiary
Increase in Subsidiary's Share Capital Treasury Shares
Transfer to Reserves
Balance as at 31/03/2023
Balance as at 01/01/2024
Profit/(loss) for the period
Other Comprehensive Income for the period
Total Comprehensive Income for the period
Treasury Shares
Acquisition of Subsidiary's Minority Transfer to Reserves
Balance as at 31/03/2024
Share | Retained | Non- | |||||||||||||
Reserves | Total | controlling | Total | ||||||||||||
Capital | Earnings | ||||||||||||||
interest | |||||||||||||||
83,088 | 125,514 | 1,834,317 | 2,042,919 | 95,053 | 2,137,972 | ||||||||||
0 | 0 | 237,358 | 237,358 | (66) | 237,292 | ||||||||||
0 | (4,680) | 0 | (4,680) | (1,105) | (5,785) | ||||||||||
0 | (4,680) | 237,358 | 232,678 | (1,171) | 231,507 | ||||||||||
0 | 0 | 0 | 0 | 6,473 | 6,473 | ||||||||||
0 | 0 | 0 | 0 | 167 | 167 | ||||||||||
0 | (8,536) | 0 | (8,536) | 0 | (8,536) | ||||||||||
0 | 367 | (367) | 0 | 0 | 0 | ||||||||||
83,088 | 112,665 | 2,071,308 | 2,267,061 | 100,522 | 2,367,583 | ||||||||||
83,088 | 98,356 | 2,482,707 | 2,664,151 | 107,177 | 2,771,328 | ||||||||||
0 | 0 | 190,690 | 190,690 | 1,453 | 192,143 | ||||||||||
0 | 2,249 | (3,327) | (1,078) | 3 | (1,075) | ||||||||||
0 | 2,249 | 187,363 | 189,612 | 1,456 | 191,068 | ||||||||||
0 | (3,962) | 0 | (3,962) | 0 | (3,962) | ||||||||||
0 | (1,324) | (43,942) | (45,266) | (78,252) | (123,518) | ||||||||||
0 | 2,017 | (5,308) | (3,291) | 3,291 | 0 | ||||||||||
83,088 | 97,336 | 2,620,820 | 2,801,244 | 33,672 | 2,834,916 | ||||||||||
The notes on pages 11 - 55 are an integral part of these Financial Statements of the Company and the Group. Page | 7
Interim Condensed Financial Statements for the period 1/1-31/3/2024
COMPANY
(In 000's Euros) | Share | Reserves | Retained | Total | ||||||||
Capital | Earnings | |||||||||||
Balance as at 01/01/2023 | 83,088 | 49,715 | 1,476,186 | 1,608,989 | ||||||||
Profit/(loss) for the period | 0 | 0 | 244,379 | 244,379 | ||||||||
Other Comprehensive Income for the period | 0 | (1,334) | 0 | (1,334) | ||||||||
Total Comprehensive Income for the period | 0 | (1,334) | 244,379 | 243,045 | ||||||||
Treasury Shares | 0 | (8,536) | 0 | (8,536) | ||||||||
Balance as at 31/03/2023 | 83,088 | 39,845 | 1,720,565 | 1,843,498 | ||||||||
Balance as at 01/01/2024 | 83,088 | 25,239 | 2,081,447 | 2,189,774 | ||||||||
Profit/(loss) for the period | 0 | 0 | 189,781 | 189,781 | ||||||||
Other Comprehensive Income for the period | 0 | (1,290) | 0 | (1,290) | ||||||||
Total Comprehensive Income for the period | 0 | (1,290) | 189,781 | 188,491 | ||||||||
Treasury Shares | 0 | (3,962) | 0 | (3,962) | ||||||||
Balance as at 31/03/2024 | 83,088 | 19,987 | 2,271,228 | 2,374,303 |
The notes on pages 11 - 55 are an integral part of these Financial Statements of the Company and the Group. Page | 8
Interim Condensed Financial Statements for the period 1/1-31/3/2024
Condensed Statement of Cash Flows for the period ended 31st March 2024
GROUP | COMPANY | |||||
(In 000's Euros) | Note | 1/1-31/03/24 | 1/1-31/03/23 | 1/1-31/03/24 | 1/1-31/03/23 | |
Operating activities | ||||||
Profit before tax | 247,979 | 305,386 | 241,337 | 312,599 | ||
Adjustments for: |
Depreciation and amortization of non-current assets
Depreciation of right of use assets Provisions
Share of profits of associates Exchange differences
Finance income and other income, expense, gain, loss
Finance cost
Movements in working capital:
Decrease/(increase) in inventories Decrease/(increase) in receivables
(Decrease)/increase in payables (excluding borrowings)
Less:
Finance cost paid
Taxes paid
Plus/(Minus):
Cash settlements of derivative instruments
Net cash (used in)/from operating activities (a)
11,12 | 53,710 | 51,331 | 21,401 | 20,783 | |
18 | 8,571 | 7,827 | 1,286 | 1,243 | |
4,841 | 1,748 | 1,097 | (258) | ||
(1,961) | 6,416 | 0 | 0 | ||
10,977 | (474) | 7,974 | (240) | ||
(29,130) | (27,182) | (34,358) | (23,857) | ||
6 | 74,641 | 53,028 | 43,579 | 26,236 | |
(82,543) | (38,762) | (54,955) | (65,729) | ||
(155,747) | 95,802 | (154,421) | 52,530 | ||
(191,652) | (125,569) | (129,888) | (74,821) | ||
(26,445) | (26,277) | (13,207) | (17,055) | ||
(179,368) | (1,253) | (168,422) | 0 | ||
(6,818) | (20) | (1,813) | 3,442 | ||
(272,945) | 302,001 | (240,390) | 234,873 | ||
Investing activities
Acquisition of subsidiaries, affiliates, joint | (134,782) | (7,584) | (110,773) | (7,094) | ||||||||||
ventures and other investments | ||||||||||||||
Disposal of subsidiaries, affiliates, joint-ventures | 0 | 2,000 | 0 | 0 | ||||||||||
and other investments | ||||||||||||||
Purchase of tangible and intangible assets | 11,12 | (47,041) | (70,154) | (29,687) | (42,721) | |||||||||
Proceeds on disposal of tangible and | 953 | 775 | 0 | 0 | ||||||||||
intangible assets | ||||||||||||||
Interest received | 9,135 | 6,011 | 7,495 | 5,238 | ||||||||||
Dividends received | 3,215 | 577 | 765 | 570 | ||||||||||
Net cash (used in)/from investing activities (b) | (168,520) | (68,375) | (132,200) | (44,007) |
The notes on pages 11 - 55 are an integral part of these Financial Statements of the Company and the Group. Page | 9
Interim Condensed Financial Statements for the period 1/1-31/3/2024
Financing activities
Share capital increase
Repurchase of treasury shares
Proceeds from borrowings
Repayments of borrowings
Repayments of leases
Dividends Paid
Net cash (used in)/from financing activities (c)
Net increase/(decrease) in cash and cash equivalents (a)+(b)+(c)
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
0 167
(4,576) (8,536)
455,479 32,570
(440,812) (189,300)
(7,967) (7,527)
00
2,124 (172,626)
(439,341) 61,000
1,322,256 1,199,174
882,915 1,260,174
00
(4,576) (8,536)
299,1000
(324,658) (142,860)
(1,306) (1,250)
00
(31,440) (152,646)
(404,030) 38,220
901,828 905,109
497,798 943,329
The notes on pages 11 - 55 are an integral part of these Financial Statements of the Company and the Group. Page | 10
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Motor Oil (Hellas) Corinth Refineries SA published this content on 28 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 May 2024 14:23:06 UTC.