HELLENIC PETROLEUM S.A. registered a 41.8% increase in pretax profits for the year ended 31 December 2000. Profits reached drs. 83.3 bn compared to drs. 58.8 bn in 1999, before dividend income from affiliates.Consolidated pretax profits for the Group increased by 47.0 % to drs. 94.7 bn, compared to drs. 64.4 bn in 1999. Net profits per share reached drs. 228, cοmpared to drs. 173 in 1999 and drs. 116 in 1998.The strong performance reflects primarily a big increase in sales volumes, higher refining margins, and continued efficiency improvements in the supply·production·distribution chain of operations, which combine with cost control programs to further enhance the Group's competitive position.The sales volumes of HELLENIC PETROLEUM S.A. reached 12.15 ml tons in the year 2000, up 14.5% from 10.65 ml tons in 1999. The increase is partly due to the resumption of operations at the Thessaloniki refinery. Mainly, however, higher sales reflect the completion of a string of projects which have both raised refining capabilities by about 10% and have improved the product slate, adding more gasoline and diesel · at auto oil 2000 specifications. The increase in sales reflects also the rising supply of crude to the OKTA refinery at Skopje, and the upturn in chemicals.In petroleum marketing, which secures for the Group the combined refining and marketing margins, EKO · ELDA sales rose during 2000 by 3.5 %, reaching 4.5 ml tons.The Group's investments increased to drs 121.9 bn, up from drs. 91.6 bn in 1999. Key projects in year 2000 were the increase in the DEPA share from 12.50 % to 35 % (drs. 39 bn), the BOPP·film plant in Komotini (completed and in operation), the propylene splitter in Aspropyrgos and the polypropylene plant in Thessaloniki (both nearing completion), and the Thessaloniki·Skopje crude pipeline (under cThe statutory accounts, restated to conform with International Accounting Standards, showed the following consolidated results for the year ended December 31, 2000. Drs bn 2000 1999 Operating Profit 105.9 65.1 Income Before tax 103.4 66.3The differences between Greek GAAP and IAS results are mainly attributed to the different accounting treatment of the foreign exchange loss which had been caused by the devaluation of the drachma in 1998, amortization charges and provisions.Complete IAS interim financial statements are available at the law offices of: SHEARMAN & STERLING 199 BISHOPSGATE LONDON EC2M3TY

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