History of the Company & Current Activities

Manos Oils, S.A. is a 3rd generation family business established in 1934 in Athens and its main scope of activity was the trading, processing and bottling of a variety of oils. The company soon was placed among the leaders of the industry and was one of the few that survived WWII.

Manos Oils continued to thrive until the end of the century. In 2004, the company transfers the production plant to Volos and spreads its activities with the addition of a refinery industrial unit and expands its production to edible seed oils. Furthermore, in 2009 enters the sector of Biodiesel production with the use of various vegetable oils and Used Cooking Oils.

Its current activities include:

– The purchase and processing of cottonseed for the production of crude cotton oil and cottonseed cake.

– The processing of crude seed oils to neutralized(for Biodiesel use) and refined oils(for edible use).

– The production of Biodiesel from vegetable oils and Used Cooking Oils(UCO).

Biodiesel sales annually representing over 60% of total turnover. The domestic Biodiesel market in which the company participates from 2010 is based on an annual quota system which is subjected to certain criteria. An important part of the biodiesel sales represent sales to the companies Hellenic Petroleum and Motor Oil, established by Joint Ministerial Decision Allocation of finance ministers – Agriculture – Environment, Energy and Climate Change. This Decision takes place at the beginning of each calendar year, the period 01/01 – 31/12 and specifies the sales of each company-biodiesel producer which will compulsorily purchased by

the companies Hellenic Petroleum and Motor Oil. The total of the amount purchased by the companies Hellenic Petroleum and Motor Oil is to be used in the production of diesel as a compliance to EU and Greek Regulations. The main raw materials used by the Company is the sunflower and cottonseed. The Company procures sunflower from farmers – producers with which is contracted with annual agreements in January-April to purchase their production from August-October(harvesting period). The Purchases by farmers are made with 45-90 days of credit. Part of the farmers/producers under certain criteria are included to a Contracted Farming Program in cooperation with Piraeus Bank, in order to improve financing and cash flow towards the farmers and Company. The cottonseed is purchased mainly by ginning mills from mid October onwards after the ginning of cotton takes place from the ginners. Purchases from the ginners are made without any credit.

As the payment of the raw material takes place mainly in the period October – March while revenues from biodiesel sales are made throughout the year, the Company is required to have sufficient working capital for the purchasing raw materials and to finance necessary purchases. Then the company processes the raw material at the premises of the paying and part of this treatment to affiliated companies (under contract) and produces biodiesel and products resulting from such processing as sunflower meal, cotton seed cake and glycerin.

Our annual activity cycle is as follows: Between January and March the company makes contracts with Greek farmers for the cultivation of sunflower, rape and soya. Between August and October is the harvesting period of the agricultural products which are collected, gathered, stored and transported to a third-party company for the primary processing (seed crushing and extraction). The produced crude vegetable oil is then transported to our unit in Volos for further processing (neutralization/refinery) and is converted into Biodiesel which is sold to the clients.

Moreover during the whole year but especially the period between October and December the company is purchasing quantities of cottonseed from ginning mills which are then transferred to our unit in Volos to be processed into crude oils which will be neutralized and be converted to Biodiesel. From all the seed processing(crushing and extracting) occur the sunmeal and cottonseed cake which are exported as animal feed in bulk. As a result, the company covers its feedstock needs for the Biodiesel production mainly from its contracted quantities and the rest with the purchase of other vegetable oils and UCOs from the market.