Petrol filed unconsolidated results for Q3, which reflect the performance of the company’s retail business. Total revenues for the Jan-Sept period of €295m grew by 21% YoY due mainly to a 23% increase in gasoline & diesel sales, which accounted for 82% of total revenues or €267m. Non-fuel sales of €14m increased by 27% on an annual basis. Due mainly to strong topline performance, Petrol improved its profitability for the Jan-Sept period on an annual basis. Gross margin of 13.73% grew by 22bp, while EBITDA margin increased by 80bp to 5.8%. Managements expects that the ongoing dealership and franchise programs will lead to further profitability improvements at Petrol as the company will benefit from the market expertise of local managers at the same cost. D&A (depreciation and amortization) expenses of €4.4m decreased by 19% YoY as some long-lived assets are carried at zero balance sheet value. We find this explanation by the management unsatisfactory given the fact that the company has invested nearly €15m since the beginning of 2007. As Petrol sold in July one of its subsidiaries to the parent company, the fuel distributor recognized a one-off increase in interest and other expenses of €4.4m during the Sept-07 quarter. Excluding this one-off, net income for the Jan-Sept 07 period would have been €10m (up 175% YoY on recurring basis as Jan-Sept 06 net income was also distorted by an one-off item). Including one-off items, 9m net income was nearly €15m (up 140% YoY).