Re-opening of Duty-Free Diesel Fuel Stations
Re-opening of Duty-Free Diesel Fuel Stations by HELLENIC DUTY FREE SHOPS S.A.
Hellenic Duty Free Shops S.A. re-opens its duty-free diesel fuel stations at the border crossing points of Kipoi (Evros), Kakkavia and Evzonoi, on the following conditions, as set out in the relevant Decision of the Minister for Finance:
1. The only product sold will be duty-free diesel fuel, for commercial vehicles. There will be no sales of petrol or any other kind of fuel.
2. Vehicles must have third-country license plates, i.e. be registered in a non-EU country
3. The drivers must be nationals of a third country.
4. The same vehicle may not refill with diesel until 72 hours have passed from the time of the previous purchase.
The Company has maintained, and will continue to maintain, electronic records of sales with details of vehicles and drivers, and with the dates of all purchases of fuel by every vehicle. Mr. Tzortzis Koutsolioutsos has stated that "The re-opening of the Duty-Free Diesel Fuel Stations at the border crossing points is an important development in the business activities of the Folli Follie Group. We are committed to adhering strictly to all the necessary conditions attached to the purchase and sale of diesel, in order to play our part in stamping out illegal trading".
The re-opening of the diesel fuel stations will not damage the local economy.
On the contrary, it will help stimulate economic activity, laying the foundations for healthy competition and providing new jobs.
The revocation of the operating licenses for diesel fuel stations, in 2006, had a negative impact on the Company, and on the Greek State. It led to:
1. A fall in the Company's share price.
2. The loss of 270 jobs.
3. Lost revenues to the State (from income tax, payroll tax and national insurance contributions) of €5 million in 2007, €7 million in 2008, €10 million in 2009 and around €8.5 million in 2010. There will be much more substantial benefits to the State from the re-opening of the duty-free diesel fuel stations.
4. We must also bear in mind the benefits to the local market arising from the increase in spending by employees and others involved in the diesel segment - benefits calculated at more than €2 million per annum.
5. The Company's activities have contributed in the past, and will now contribute again, to stamping out tax evasion and the unlicensed sale of fuels. In the words of Mr. Dimitrios Koutsolioutsos: "The Company is listed on the Athens Stock Exchange and answerable to its shareholders for protecting their interests. The re-opening of the Duty-Free Diesel Fuel Stations will make good the losses sustained when the licenses were revoked, and will give a welcome boost to the income of the Company and the revenues of the Greek State".
Hellenic Duty Free Shops S.A. re-opens its duty-free diesel fuel stations at the border crossing points of Kipoi (Evros), Kakkavia and Evzonoi, on the following conditions, as set out in the relevant Decision of the Minister for Finance:
1. The only product sold will be duty-free diesel fuel, for commercial vehicles. There will be no sales of petrol or any other kind of fuel.
2. Vehicles must have third-country license plates, i.e. be registered in a non-EU country
3. The drivers must be nationals of a third country.
4. The same vehicle may not refill with diesel until 72 hours have passed from the time of the previous purchase.
The Company has maintained, and will continue to maintain, electronic records of sales with details of vehicles and drivers, and with the dates of all purchases of fuel by every vehicle. Mr. Tzortzis Koutsolioutsos has stated that "The re-opening of the Duty-Free Diesel Fuel Stations at the border crossing points is an important development in the business activities of the Folli Follie Group. We are committed to adhering strictly to all the necessary conditions attached to the purchase and sale of diesel, in order to play our part in stamping out illegal trading".
The re-opening of the diesel fuel stations will not damage the local economy.
On the contrary, it will help stimulate economic activity, laying the foundations for healthy competition and providing new jobs.
The revocation of the operating licenses for diesel fuel stations, in 2006, had a negative impact on the Company, and on the Greek State. It led to:
1. A fall in the Company's share price.
2. The loss of 270 jobs.
3. Lost revenues to the State (from income tax, payroll tax and national insurance contributions) of €5 million in 2007, €7 million in 2008, €10 million in 2009 and around €8.5 million in 2010. There will be much more substantial benefits to the State from the re-opening of the duty-free diesel fuel stations.
4. We must also bear in mind the benefits to the local market arising from the increase in spending by employees and others involved in the diesel segment - benefits calculated at more than €2 million per annum.
5. The Company's activities have contributed in the past, and will now contribute again, to stamping out tax evasion and the unlicensed sale of fuels. In the words of Mr. Dimitrios Koutsolioutsos: "The Company is listed on the Athens Stock Exchange and answerable to its shareholders for protecting their interests. The re-opening of the Duty-Free Diesel Fuel Stations will make good the losses sustained when the licenses were revoked, and will give a welcome boost to the income of the Company and the revenues of the Greek State".