HELLENIC PETROLEUM
Holdings SA 
HALF-YEARLY
FINANCIAL REPORT
2022   
FIRST HALF 2022
THIS HALF-YEARLY REPORT HAS BEEN PREPARED IN
ACCORDANCE WITH THE PROVISIONS OF ARTICLE 5,
LAW 3556/2007 AND THE CAPITAL MARKET COMMISSION’S
DECISION AS REFERRED TO BY THE RELEVANT LAW
Companies Registration Number 296601000
MAROUSSI, AUGUST 2022
TABLE OF CONTENTS
1.
Statements of the Chairman, Chief
Executive Officer and Member of
the Board of Directors on the true
representation of the data
contained within this report
Pursuant to the provisions of article 5, par. 2c, Law No. 3556/2007, we state that to the best of our
knowledge: 
The half-yearly interim condensed financial statements which have been prepared in accordance with
International Financial Reporting Standards (IFRS), as they have been endorsed by the European Union
and applied to interim financial reporting (International Accounting Standard “IAS 34”), accurately reflect
the assets and liabilities, equity and financial results of HELLENIC PETROLEUM Holdings S.A. (the
“Company”) and of the subsidiaries that are included in the interim consolidated financial statements of
the HELLENIC PETROLEUM Group (the “Group”). 
The Board of Directors’ half-yearly report accurately represents the information required under
paragraph 6, article 5, Law No. 3556/2007 and the relevant decisions of the Capital Market Commission.
Athens, 25 August 2022
The Chairman of the Board of
Directors
The Chief Executive Officer
The General Manager Group
Strategic Planning &
New Activities, Executive Board
Member
Ioannis Papathanassiou
Andreas Shiamishis
Georgios Alexopoulos
2.
Board of Directors Half-Yearly
Report for the Six-Month Period
ended 30th of June 2022
(Article 5, Law No. 3556/2007 and Law 4548/2018)
2.1 Introduction
The Board of Directors of the HELLENIC PETROLEUM Holdings SA (“Company”), presents the 1H22
report on the Consolidated Interim Condensed Financial Statements, that has been prepared in
accordance with Law 4548/2018 and article 5 of Law 3556/2007. The Consolidated Interim Condensed
Financial Statements have been prepared in accordance with the International Financial Reporting
Standards (IFRS), as they have been endorsed by the European Union and applied to interim financial
reporting (International Accounting Standard “IAS 34”).
This report includes selected financial information and results of the Group and the Company,
description of significant events that took place during the first half of the financial year, description of
anticipated significant risks and uncertainties for the second half of the financial year, a disclosure of
material transactions that took place between the Company and the Group and their related parties as
well as a presentation of qualitative information and estimates relating to the development of operations
of the Company and the Group for the second half of the financial year.
2.2 Information required as per par. 6, Article
5 of Law No. 3556/2007 
2.2.1 Significant Events during the 1st half of 2022 and their impact
on the Interim Financial Statements
a) The Business Environment
Economic Environment1,2,3,4
At the beginning of 2022, although the economy had not yet fully recovered from the impact of the
COVID-19 pandemic, the outlook had improved significantly, varying among sectors and regions, with
global economic recovery appearing uneven and asymmetrical among different countries. Russia's
invasion of Ukraine at the end of February, in addition to the humanitarian crisis, triggered sanctions
against Russia by the EU, the UK, the US and other countries worldwide, resulting in economic growth
slowdown and higher inflation, under conditions of increased uncertainty and geopolitical and financial
risks.
In addition, frequent and widespread lockdowns in China—including in key manufacturing hubs—have
also slowed economic activity in the respective areas, potentially accentuating the bottlenecks in global
supply chains. Broader, persistent and acute price increases also led to a tightening of monetary policy in
many countries. In 2021, the global GDP grew by 6.1%, after an unprecedented post-war decline of 3.1%
in 2020. According to IMF forecasts (July 2022), the global GDP growth is now estimated at 3.2% in 2022
and 2.9% in 2023, 0.4% and 0.7% lower than April forecasts, respectively.
Even before Russia’s invasion of Ukraine, inflation had soared in many economies due to rising
commodity prices and supply-demand imbalances caused by the pandemic. Because Russia is a major
supplier of oil, gas and metals, and, along with Ukraine, of wheat and corn, the current and anticipated
decline in the supply of these commodities has already driven their prices up sharply. Increases in food
and fuel prices are expected to particularly affect lower-income households worldwide. For 2022,
inflation is projected to reach 6.6% for developed economies, while, in some of them, including the US
and certain European countries, it has reached its highest level in more than 40 years. In the developing
and emerging economies, inflation is forecast to reach 9.5% in 2022.
Growth prospects in the developed economies have been revised down for 2022–23 due to the
aforementioned developments, with GDP growth forecasted at 2.5% for 2022 and 1.4% for 2023 (0.8%
and 1% lower compared to the initial estimates). In the US, according to the IMF, GDP growth is projected
at 2.3% (2021, 5.7%), with the outlook of the US economy affected by faster withdrawal of pandemic-
related economic support, fiscal and monetary policy, and supply chain issues. Growth in the developing
and emerging economies is forecasted at 3.6% for 2022, revised down by 0.2% compared to the April
2022 projection, with higher food and fuel prices significantly increasing the risk of social unrest. For
China the 2022 GDP growth forecast was revised down by 1.1% to 3.3%, in the wake of the strict zero-
COVID policy, which has resulted in supply chain issues as well as a slowdown in investments and exports.
In the Eurozone, GDP increased by 5.3% in 2021, compared to -6.4% in 2020 and 1.6% in 2019. In 1Q22,
Eurozone’s GDP increased by 0.5% yoy, according to Eurostat’s preliminary estimates, which compares
with a growth of 2.1% in 1Q21. In terms of projections, the European Commission expects Eurozone
GDP to grow by 2.6% in 2022 and 1.4% in 2023. Lower growth projections reflect the effects of the
energy crisis on inflationary outlook and eroding purchasing power, with Eurozone economy remaining
vulnerable due to its high reliance on Russian exports of fossil fuels, the disruptions in the supply chain,
1 Bank of Greece, Monetary Policy 2021-2022, July 2022
2 IMF, World Economic Outlook, April 2022 / World Economic Outlook, July 2022
3 Eurostat, Quarterly national accounts - GDP and employment, July 2022
4 European Commission, European Economic Forecast, Summer 2022, paper 183, July 2022
but also the indirect exposure of the Eurozone economy to the evolution of the pandemic in other
countries, mainly in China. In 2023, the economic activity is expected to be affected by the geopolitical
developments, the lifting of temporary income support measures and the monetary policy tightening,
while supported by the easing of bottlenecks in the global supply chain, fiscal support and the likely
easing of energy prices pressure.
The recovery of Greece's economic activity in 2021 was sharp (GDP growth at 8.3%). It was supported by
the improvement in households’ consumption, on the back of an increase in the real disposable income,
the acceleration in public consumption, the increase of investments and the rapid recovery of exports of
goods and services, mainly due to the tourism sector recovery. The economic activity maintained its
momentum in 1Q22 (+7% compared to the corresponding period of 2021 and 3.8% higher than the pre-
pandemic GDP level in 1Q19), despite strong inflationary pressures, the Russian invasion of Ukraine and
the deterioration of the international environment. In 1H22, inflation reached a 25-year high, with its
upward trend starting in mid-2021, as the heightened energy costs were accompanied by increases in
food prices. The European Commission forecasts that Greece’s inflation will reach 8.9% in 2022 and
3.5% in 2023. Accordingly, it forecasts GDP growth of 4% for 2022 and 2.4% for 2023.
The risks surrounding GDP growth forecasts are mostly related to external factors. Thus, the Greek
economy’s growth rate may slow down further in the event of (a) further escalation of the war in Ukraine,
potentially leading to more acute and more persistent inflationary pressures, increased uncertainty and
possible constraints on energy supplies, (b) a new wave of the pandemic or (c) low absorption rate of EU
funds (under the European Recovery and Resilience Facility).
Crude Oil Prices5
Following the major negative effect of the COVID-19 pandemic on oil prices in 2020 and their gradual
recovery in 2021, they continued their upward trend in 2022, with Brent price (Platt's Dated) averaging
$107.5/bbl in 1H22, compared to $64.8/bbl in 1H21, a 66% increase. The sharp increase is attributed to a
supply-demand imbalance, with limited spare capacity due to several years of under-investment,
reduction of supply due to the imposition of official and voluntary sanctions on exports from Russia,
increased demand due to reduced inventory levels and gradual reopening of the economy, but also due
to increased risk because of geopolitical tensions. In addition, the strengthening of the dollar against the
euro resulted in multi-year record crude oil prices in EUR/bbl terms, with the average Brent price for
1H22 shaping at €98.6/bbl vs €53.8/bbl for 1H21.
5 OPEC, monthly oil market report, July 2022
Crude oil price - Brent ($/bbl)
Brent-Urals spread in the first half of 2022 exhibited a particularly upward trend and reached historically
high levels, affected by reduced demand for Urals crude type from European refiners, due to sanctions
imposed on Russia, and averaged $23/bbl in 1H22 vs $1.4/bbl in 1H21.
Brent Differential – Urals ($/bbl)
Refining Margins and Oil Products' Cracks
The benchmark refining margins for the Med refineries reached particularly high levels in 1H22 due to the
increased demand for road and air transport fuels (diesel, jet fuel, gasoline), reduced availability of
refining capacity due to permanent closure of refinery units during the Covid-19 crisis as well as planned
maintenance across a series of refineries ahead of the summer driving season, and tight diesel balances.
Specifically, based on Refinitiv, the FCC (Fluid Catalytic Cracking) benchmark margin averaged $15.6/bbl
in the first half of 2022 vs $3.9/bbl in the first half of 2021, while the Hydroskimming benchmark margin
averaged $4.5/bbl vs $2.0/bbl in the corresponding period last year, despite further declines in HSFO and
naphtha cracks due to lower demand.
Med FCC benchmark margins                               
($/bbl)
Med Hydroskimming benchmark margins 
($/bbl)
International Product Cracks ($/bbl)6
Diesel
Unleaded Gasoline
Fuel Oil (HS)
Naphtha
6 Based on Brent price
Exchange Rates
In the first half of 2022, the Euro continued to weaken against the USD, with the average EUR/USD price
at $1.09, 10% lower vs last year, reaching $1.03 at 30 June 2022, affected by the economic, political and
trade developments in both US and EU. Specifically, monetary policy tightening by the US Federal
Reserve takes place at a faster rate than the corresponding monetary policy tightening by the ECB, with
the resulting higher yields on US government bonds attracting more investors to the dollar, while at the
same time, greater dependence of the EU on imports of expensive commodities (oil, natural gas)
increases downside risks to the economy.
EUR/USD
Electricity, Natgas and EUA Prices
Against the background of Russia’s invasion of Ukraine, energy markets are experiencing unprecedented
price developments. The electricity price  (DAM MCP7) averaged €245.3/MWh in 1H22 vs €64.1/MWh in
1H21 (+283%), the TTF Natgas price at €100.3/MWh vs €21.6/MWh in 1H21 (+364%) and  EUA8 prices
averaged €83.3/T in 1H22 vs €43.7/T in the respected period of last year (+91%).
7 EnEx, DAM, MCP data (Day Ahead Market), Market Clearing Price data)
8 Refinitiv, 2022
Electricity Price (€/MWh)
TTF Natgas Price (€/MWh)*
EUA Price (€/T)
*monthly averages, Electricity prices are based on the DAM MCP, which stands for Day Ahead Market, Market Clearing
Price
Developments in the Oil Market9
Global oil demand is expected to increase by 3.4 mbpd on average in 2022, totaling 100.3 mbpd (630 kbpd
higher than the 2019 -pre-COVID- period) and to continue its recovery by further 2.7 mbpd in 2023, an
increase of 2.7%, mainly due to expectations for continuation of the economic recovery, easing of
geopolitical tensions and containment of the COVID-19 pandemic. The average oil demand is estimated
at 98.8 mbpd for the first half of 2022 and it is projected to reach 101.7 mbpd in the second half of the
year. The increased consumption of gasoline and diesel is expected to benefit overall oil demand in the
coming year.
Oil supply outside OPEC countries is estimated to increase by 2.1 mbpd in 2022 compared to 2021,
reaching on average 65.7 mbpd in 2022 and by 1.7 mbpd in 2023 averaging 67.4 mbpd. The oil supply
from OPEC countries in 1H22 increased to 28.5 mbpd on average from 25.3 mbpd in 1H21 (+13%), and is
expected to increase by 648 kbpd in July and August, following a relevant decision by OPEC+ at the end
of June 2022.
Domestic Energy Market
The domestic ground fuels demand in 1H22 amounted to 3.2m MT, higher by 9% vs 1H21, as there was a
10.9% increase in motor fuel demand due to the easing of the restrictive measures against COVID-19, as
well as the outset of the summer season. Accordingly, heating oil consumption had a slight increase of
3.2%. Aviation fuels demand exhibited substantial recovery with an increase in 1H22 of 189.5%
compared to the corresponding period of 2021, while demand for shipping fuels increased by 8.9%.
9 OPEC, Oil Market Report, July 2022
b) Financial highlights
Tables below present the main financial and operational Group indicators for 1H 2022:
Operational Data
1H22
1H21
Refinery sales
(in million metric tons)
6.7
7.5
Marketing sales
(in million metric tons)
2.7
2.1
Refinery production
(in million metric tons)
6.0
7.1
Group employees (FTEs)
3,550
3,530
*To better reflect the way Management monitors the International segment, OKTA AD Skopje balances have been
reclassified from the Refining segment to the International Marketing segment, as compared to the year ended 31
December 2021. The respective change has been applied to the comparatives as well.
Financial Data (in million €)10
1H22
1H21
Net sales
6,777
3,957
Reported EBITDA10
1,239
391
  Inventory effect – Loss (gain)10
-513
-195
  Accrual of CO2 emission deficit10
-126
-71
  Other special items10
33
13
Adjusted EBITDA10
633
139
Reported net income10
872
206
Adjusted net income10
371
12
In the first half of 2022, adjusted EBITDA amounted to €633m (2021: €139m) and adjusted Net Income to
€371m (2021: €12m). Among the key drivers were the historically high refining margins, the robust
exports performance and the higher tourism activity, more than offsetting lower sales volume due to
refineries maintenance at Aspropyrgos and Elefsina, as well as reduced contribution from Petrochemicals
due to normalizing margins.
Reported results recorded significant recovery due to notable inventory valuation gains (€513m gains vs
€195m gains in the first half of 2021) on the back of crude oil’s sharp price increase and the effect of CO2
emission deficit accrual accounting. As a result, Reported EBITDA came in at €1,239m (1H21: €391m) and
Reported Net Income at €872m (1H21: €206m). It is worth noting that the multi-year high oil prices along
with the strengthening of the dollar against the euro had a significant positive impact on turnover, which
reached record highs in 1H22.
Amid the adverse conditions and challenges due to the energy crisis, considering the accelerated energy
transition landscape, the Group is proceeding with the implementation of its strategy, in line with its
“Vision 2025”, based on 5 pillars:
•Setting clear environmental targets, including a 50% improvement in GHG emissions by 2030,
with a commitment to net zero by 2050
•Adjusting the strategy to develop an additional line of business in clean energy
•Establishment of a fit-for-purpose Group structure that supports this strategy
•Upgrading corporate governance, in line with the new legal framework and international best
practices
•Relaunching of corporate identity, which will highlight the new Group strategy 
10 The selected alternative performance measure indicators are listed in Chapter 2.3.2
The Group’s shift to New Energy with investments that complement its traditional activities, is already
under way with the development of 285 MW RES capacity in operation by the end of the first half of 2022,
following the completion of the construction and the start of operation of the 204 MW PV project in
Kozani.
Balance Sheet / Cash Flow (in million €)
30.06.22
30.06.21
Total Assets
9,080
7,274
Total Equity
2,868
2,018
Capital Employed
4,835
3,769
Net Debt
1,967
1,751
Net Cash Flows (operating & investing cash flows)
141
(17)
Capital Investments (Cash Flow)
220
111
Gearing ratio – Net Debt / Capital Employed
41%
46%
The high oil prices resulted in a significant increase in working capital, impacting  funding needs and cash
flow.
c) Company’s corporate events in the first six months of 2022
The Hive Down
On 3rd January 2022, the corporate restructuring was successfully concluded by the demerger by way of
hive-down of the Refining, Supply and Sales of Oil Products and Petrochemicals sector of the Company
and its contribution to a newly established 100% subsidiary company “HELLENIC PETROLEUM Single-
Member Société Anonyme Refining Supply and Sales of Oil Products and Petrochemicals” (“HELPE
RSSOPP”)
More specifically and in accordance with the resolution of the Extraordinary General Meeting of the
Shareholders of 10th December 2021, on 3rd January 2022 the demerger of the Company and the
establishment of HELPE RSSOPP was approved (with GEMI number 296601000 and Tax Registration
Number 996689451) pursuant to the provisions of articles 57 and 59-74 of Law 4601/2019 and Law
4548/2018, as in force.
As a consequence of the Hive Down, HELPE RSSOPP substituted the Company by operation of Greek
law, as universal successor, in all of its assets and liabilities, rights and obligations and in general its legal
relationships within the refining, supply and sales of oil products and petrochemicals sector.
As of 3rd January 2022, the Company maintains the assets and activities not related to the hived down
sector, while its shares remain listed on the Main Market of the Athens Exchange (the “ATHEX”). The
Company maintains direct and indirect participation in all companies that are included in its consolidated
financial statements, while it provides administrative, financial, organizational, and functional support,
facilitation, and information services to affiliates and third parties. In addition, as a listed company on
ATHEX, the Company maintains the investor relations services, the services relating to the shareholders'
unit, and the internal audit services provided by the applicable regulations.
The hive down is an intragroup capital reorganization and, as such, there is no substantial financial change
at a Group level. The hive down had also no impact on the Group’s consolidated financial statements.
Annual General Meeting
Τhe Annual General Meeting which was held on the 9th of June 2022 and in which 169 shareholders,
representing 266,471,754 common registered shares and voting rights, out of a total of 305,635,185
common registered shares, i.e. 87.19% of the paid-up share capital, participated or were legally
represented, adopted the following decisions:
•Approved the annual and consolidated financial statements for the financial year 2021 (1/1-
31/12/2021), the relevant Board of Directors’ and Statutory Auditors’ reports and the
Statement of Corporate Governance, as presented for approval. 
•Approved the appropriation of the results for the financial year 2021 and the distribution of
dividend to the shareholders of the Company in the amount of ten eurocents (€0.10) per share.
Monday 27th June 2022 and Tuesday 28th June 2022 were approved as the ex-dividend date and
beneficiary determination date (Record date) respectively, whereas the payment of the
corresponding amount commenced on Monday 4th of July 2022.   
•Approved in accordance with the provisions of article 112 par 3 of Law 4548/2018 the Board of
Directors’ remuneration report for 2021.
•Approved the overall management of the Board of Directors for the fiscal year 2021
(1/1/-31/12/2021) in accordance with article 108 of law 4548/2018 and discharged the statutory
auditors of the Company from any liability for damages for the audit of the financial statements
for the same fiscal year.
•Elected the audit firm “ERNST & YOUNG (HELLAS) CERTIFIED AUDITORS ACCOUNTANTS
S.A.”, based in Maroussi, Chimarras 8B str., registered with the Special Register of article 13 par 5
of Presidential Decree (P.D.) 226/1992 under SOEL Reg. No. 107 to carry out the regular audit of
the Company’s individual and consolidated financial statements for the current fiscal year
(1/1/-31/12/2022) and determined their remuneration to €70,000 plus VAT.
•Approved the distribution of part of the profit of the financial year 2021 of an amount up to one
million seven hundred fifty thousand euros (€1,750,000) as bonus to 2,522 employees of the
Company and its subsidiaries, excluding the manager level officers who receive variable
remuneration, in recognition of their contribution to the successful implementation of the
strategic plan “Vision 2025”. In addition, authorization was granted to Company’s officers to
take all necessary actions in order to manage, specify and implement the decision.
d) COVID-19 pandemic impact, measures and future planning
Since the beginning of the COVID-19 pandemic crisis, the Group immediately responded to the outbreak
of the pandemic and since the end of February 2020 has taken various initiatives, primarily focusing on
ensuring the health and safety of its employees and all of its stakeholders, as well as the smooth
operation of its activities and uninterrupted supply of our markets.
The management team continues to closely monitor developments, examine alternative scenarios and
their impact on the operation of the Group in order to adjust the planning and the strategy, where
required. The Group strictly adheres to all actions designed to deal with the pandemic, continuously
adapting to the State’s and the competent bodies’ instructions, in order to ensure health and smooth
operation.
In terms of the business environment, in recent months there has been a recovery in the demand for
motor fuels, both globally and in our country, as the travel restriction measures are lifted, accompanied
by a significant increase in the aviation fuels’ consumption. Demand, in the coming period, is expected to
be affected mainly by the geopolitical developments and their impact on energy prices, as well as the
evolution of the pandemic and specifically by the impact of mutations on economic activity.
e) Geopolitical events
On 24 February 2022, Russia initiated a military invasion of Ukraine, following a period of tension between
the two countries. The invasion resulted in economic and non-economic sanctions by the European
Union, the USA and other countries, that affected global energy markets and economic developments, in
general. Before the imposition of sanctions, Russia’s crude oil production accounted for around 10% of
global output, while it is the second largest natural gas producer worldwide. The reduction of the supply
of crude oil or natural gas, as a result of the above, has an impact on availability and pricing. Furthermore,
the impact on economic growth, interest and foreign exchange rates, as well as other economic
indicators, that could affect the Group’s business, is already evident. In 2H21, Russian crude accounted
for 15-17% of the total crude feed of the Group’s refineries and since the end of February 2022 it was
fully replaced by other grades, without affecting the refineries’ operation. Furthermore, over the last few
months and following the increase in natural gas prices, the Group’s refineries have minimized use of
natural gas as a feed, substituting it with oil products to a significant extent. The Group follows closely
the developments around the crisis and adjusts its operations accordingly.
f) Subsequent events after 1st half of 202211
On 4 July 2022, Company’s subsidiary HELPE Renewables S.A. and RWE Renewables GmbH, a subsidiary
of RWE, have signed Heads of Terms (50-50 partnership) for the development, operation and
management of offshore wind parks in Greece, as well as their joint participation in tender procedures
that the Greek State intends to initiate.
On 12 July 2022, the Company and Aegean Airlines signed a strategic agreement, for the use of
sustainable aviation fuel (SAF). The Company through its subsidiary EKO, will initially supply Thessaloniki
airport with SAF, expanding the agreement to the AIA airport at a later stage. According to EU
Legislation, the use of SAF, starting with 2% in 2025 and reaching 5% in 2030, in all EU airports, is
mandatory. Moreover, in order to meet EU’s climate objectives, it is expected that by 2050, at least 63%
of all aviation fuel used for flights departing from EU airports should be SAF.
On July 19 2022, the Company announced that, following the withdrawal decision announcement of
ΤotalEnergies, the co-lessees of the Lease Agreements for the right to explore and exploit hydrocarbons
in the offshore areas of “West Crete” (Law 4631/2019) and “Southwest Crete” (Law 4628/2019)
negotiated the settlement of the issues deriving from such withdrawal. The parties agreed that the 40%
interest held by “TotalEnergies EP Greece B.V.” in the Lease Agreements would be assumed by
ExxonMobil Exploration and Production Greece (Crete) B.V. (taking 75% of the 40%) and by the
Company’s subsidiaries “HELLENIC PETROLEUM EXPLORATION AND PRODUCTION WEST CRETE
SINGLE MEMBER S.A.” and “HELLENIC PETROLEUM EXPLORATION AND PRODUCTION SOUTHWEST
CRETE SINGLE MEMBER S.A.” (taking 25% of the 40%), with TotalEnergies EP Greece B.V. fulfilling its
financial and other obligations. Following completion of the transaction, the interests in each of the
respective Lease Agreements would be formed as follows: ExxonMobil Exploration and Production
Greece (Crete) B.V: 70%, which will also assume the Operatorship and The Company’s subsidiaries: 30%.
On 28 July 2022, the Company announced, in the context of the implementation of its growth strategy in
RES, the signing of a share purchase agreement for the acquisition of “MAKRYLAKKOMA S.A.” and
“SAGIAS S.A.”, both owned by Copelouzos Group and International Constructional S.A. Group, by
“HELLENIC PETROLEUM RENEWABLE WIND FARMS OF MANI S.A.”, a wholly owned subsidiary of HELPE
RENEWABLES S.A.. The wind farms, with a total installed capacity of 55.2 MW, are located in Eastern
Mani, Laconia, Greece and have been in commercial operation since December 2019.
11 Subsequent events that would have a financial impact in the near future periods are additionally disclosed in the respective note of the
half-yearly financial statements
2.2.2. Review per Segment – Performance and Financial Position for
the 1st Half of 2022 – Major Risks and Uncertainties in the 2nd
Half of 2022 – Prospects for the 2nd half of 2022
a) Business Activities Review
HELLENIC PETROLEUM Group’s main segments of business activity include:
a)Supply, Refining and Trading of oil products
b)Fuels Marketing (Domestic and International)
c)Petrochemicals/Chemicals Production and Trading
d)Renewable Energy Sources
e)Power Generation & Trading
f)Supply, Distribution and Trading of Natural Gas
g) Oil & Gas Exploration and Production
The Group’s activities during the first half of 2022 and the outlook for the second half are analysed below:
Refining, Supply and Trading
Refining, Supply and Trading of petroleum products constitute the core activity of the HELLENIC
PETROLEUM Group. In Greece, the Group operates three refineries: an FCC refinery in Aspropyrgos, a
Hydrocracking refinery in Elefsina, both of them in Attica, and a Hydroskimming refinery in Thessaloniki.
During the 1st half of 2022, the Group’s refining activity is summarized below:
Refinery
Annual Nominal Capacity
(Κbpd)
Crude & Intermediate
Products Processed
(ΜΤ’000)
Final & Intermediate
Products Output
(MT’000)
Αspropyrgos
148
3,847
3,576
Thessaloniki
90
1,819
1,756
Εlefsina
106
1,523
1,345
Inter-refinery
(663)
(663)
Total
6,525
6,013
During the first half of 2022 the recovery of both global and domestic oil consumption from COVID-19
pandemic continued, with the consumption increasing compared to 2021 levels. HELPE total sales
amounted to 6.7 m MT, with strong export performance, despite the scheduled general turnaround of
the Elefsina refinery and the FCC unit maintenance at the Aspropyrgos refinery.
HELPE benchmark margin stood at $10.7/bbl, $9.6/bbl higher than in the first half of last year.
Sales
1H2022
(MΤ’000)
1H2021
(MΤ’000)
Domestic Market
2,111
1,806
International Sales
1,166
812
Εxports
3,433
4,840
Total
6,710
7,458
Refining, supply and trading results are greatly affected by external factors such as:
•The evolution of crude oil and product prices during the specific period and their corresponding
impact on refining margins.
•EUR/USD exchange rate, since refining margins are quoted in USD.
•CO2 emission allowance prices, as traded in the European market, which affect production cost.
•Natural gas and electricity prices, which greatly affect production costs.
The international environment keeps being driven by volatility and increased uncertainty, consequently
both demand and oil production for the second half of the year depend on the pandemic evolution, the
situation in Ukraine, E.U. sanctions on Russia as well as supply policy of crude oil producing countries.
Additional risk factors that may affect the benchmark margins are new developments in crude oil supply,
the increase of global refining capacity due to the operation of new refineries and the level of refinery
production, both regionally and globally.
The Company is conducting studies and implements investments with the objectives of continuous
safety improvement, energy efficiency, emissions reduction, optimization of its refinery units and the
development of new activities in the renewable energy sector. In addition, particular attention is paid to
the use of all the benefits that could potentially arise from synergies between the Group’s refineries. The
Group’s primary goals are operational excellence and a timely transition to the new energy era.
Petrochemicals / Chemicals Production and Trading
The Group operates in the Petrochemicals sector through a Propylene production unit at the
Aspropyrgos refinery, as well as through its Polypropylene (PP) and Solvents production plants in
Thessaloniki. Furthermore, the Group owns a BOPP film production unit (through its subsidiary
“DIAXON” located in Komotini).
In the first half of 2022, total Petrochemical sales volumes amounted to 135 thousand tones, down 2%
compared with the corresponding period in 2021.
Petrochemical sales per product are as follows:
Product
1H22
(ΜΤ’000)
1H21
(ΜΤ’000)
Polypropylene
110.5
106.2
Solvents
9.8
15.6
ΒΟΡΡ film
12.7
13.5
Traded goods/Others
2
2.3
Total sales
135
137.6
The international Petrochemicals industry is a cyclical, capital-intensive one with capacity surplus. The
petrochemicals margins, which affect the profitability of the industry, are highly volatile and driven by
supply/demand conditions as well as the macro environment.
During the first half of 2022, the key performance drivers were as follows:
•The impact of the war in Ukraine and the subsequent geopolitical conditions negatively affected
the global business environment as well as the petrochemicals demand.
•Polypropylene price margins were shaped at much lower levels compared to 1H21 (down by
more than 40%). However, it should be noted that 1H21 margins shaped at  robust levels.
•Strong export orientation, with 72% of sales of polypropylene being directed to selected
Mediterranean markets and to high added value products.
•BOPP film margins increased notably compared to the respective period in 2021. This is due to
the demand curve lag in relation to that of polypropylene, despite the rising energy production
cost.
During the 2nd half of 2022, subject to international market developments, sales volumes are estimated
to remain within the Business Plan range.
Domestic and International Marketing
The Group is active in the marketing of oil products through its subsidiary company EKO in Greece and its
subsidiary companies in the Balkans and Cyprus, as well as in RNM.
During the 1st half of 2022, marketing sales were as follows:
1H22
(MT’ 000)
1H21
(MT’ 000)
Domestic Market
1,150
1,007
Bunkering and Aviation, Exports
602
388
Domestic Marketing Sales
1,752
1,395
International Marketing Sales
930
729
Total
2,682
2,124
Domestic Marketing
In Greece, EKO’s total fuels sales amounted to 1,752 thousand MT, in the first half of 2022, +26%
compared to the same period last year. The number of petrol stations amounted to 1,677 vs 1,688 last
year.
The significant increase in total sales comes mainly from aviation and bunkering sales that increased by
55% compared to the first half of 2021, mainly due to higher tourism traffic. Bunkering sales exceeded
the corresponding sales of 1H19, the last year of normalcy without restrictions due to COVID-19.
Domestic market fuel sales increased by 14% as a result of the higher demand for auto fuels on the back
of increased tourism and economic activity, as well as industrial fuels. The increase in demand is due to
the fact that consumption in the first half of 2021 had been negatively affected by travel restrictions due
to COVID-19.
The continuous rise of international oil and oil products prices resulted in retail fuel prices reaching the
highest levels in recent years.
During the second half of 2022, EKO aims to further increase retail sales as well as strengthen its position
in Aviation and Bunkering sales.
EKO will continue to implement its business plan which focuses on increasing market share while further
improving operational profitability, as well as improving the value offered to consumers through
innovative products & high-quality services at competitive prices.
International Marketing
The number of petrol stations in Cyprus, Montenegro, Serbia,  Bulgaria and RNM amounted to 316 (vs
315 in 1H21). In 1H22, total sales volumes of International Marketing activities amounted to 930
thousand tones vs 729 thousand tones in the same period last year (+28%). The sales increase is mainly
attributed to the rebound in fuel demand driven by the gradual lifting of the restrictive measures that
have been imposed in order to contain the COVID-19 pandemic, despite the unfavorable market
conditions due to the global energy crisis and geopolitical turbulence in Eastern Europe.
For the first half of 2022, the International Marketing sector recorded an improvement of profitability
mainly due to the recovery in retail volumes which more than offset operating expenses pressure.
For the second half of 2022, a further recovery of the fuel demand is expected, leading to a gradual
recovery of performance subject to market conditions.
Renewable Energy Sources
In the renewable energy sources (RES) sector, the Group has set as a goal the development or acquisition
of a diversified portfolio of RES projects of an installed capacity of over 1 GW by 2026 and 2 GW by 2030,
that would contribute to the reduction of its carbon footprint.
HELPE Renewables S.A.’s portfolio consists of more than 2 GW of RES projects under development and
285 MW of RES projects (Wind and PV) in operation. In addition, the Group continues to assess the
development and construction of new Net-metering projects at the Group’s facilities.
Regarding the development of a portfolio of 18 photovoltaic projects of 204 MW in Kozani Municipality
Area, construction of the project began in November 2020, its mechanical installation was completed in
December 2021 and the commencement of its trial operation took place in April 2022. The total
investment amounts to €130 million, with a significant benefit for the economy, especially in the region of
Western Macedonia. The project is currently the largest RES unit in operation in Greece and one of the
largest photovoltaic parks in Europe.
In December 2021, the PV project Soures Mandras (2 MW installed capacity), adjacent to the Elefsina
refinery in Attica region, was electrified and two wind parks in operation in Evoia island were acquired
(Trikorfo -19.2 MW- and Megalo Vouno -18 MW-). In February 2022, the acquisition of 22 PV projects in
operation (16.1 MW installed capacity) in Viotia region was also completed. Finally, in March 2022, the
acquisition of a portfolio of 323 MW of PV projects in Florina was completed and at the same time a
development agreement was signed.
At the beginning of 2H22, the Company announced the signing of a binding agreement for the
acquisition, through its subsidiary "HELPE RENEWABLE WIND PARK MANIS S.A.", of wind farms with a
total capacity of 55.2 MW, in Eastern Mani Laconia, which have been in operation since December 2019.
Power Generation & Natural Gas
The Group's power and natural gas activities relate to the Group’s participations to ELPEDISON BV (50%
HELLENIC PETROLEUM Holdings S.A., 50% EDISON) and DEPA COMMERCIAL, DEPA
INFRASTRUCTURES and DEPA INTERNATIONAL PROJECTS (35% HELLENIC PETROLEUM Holdings
S.A., 65% Greek State).
Power Generation & Trading
The results of ELPEDISON during the first half of 2022 were  improved, compared to the same period in
2021, due to optimization of supply mix and natgas trading operations, as well as ELPEDISON's
production units flexibility. At the same time, domestic demand for electricity exhibited an increase of
5% compared to the first half of 2021.
During the first half of 2022, the power generation sector was characterized by historically high prices,
intense volatility and geopolitical tensions. The consequences of the pre-existing energy crisis and the
effects of the energy transition towards cleaner forms of energy, were amplified by the Russian invasion
of Ukraine in February 2022. This sparked fears of disruption to the security of gas supply and further
increased gas and electricity prices, impacting negatively both domestic and industrial consumers.
As a result of the above, during the first half of 2022 the average price of CO2 allowances stood at €83.5
per ton of CO2, higher by almost 90% compared to the first half of 2021. Also, the price of natural gas
followed an upward trend during the same period, with the indicative average price of TTF benchmark gas
standing at €102/MWhg, almost five times the price compared to the same period last year, significantly
burdening working capital and correspondingly, financing costs of both generation and retail divisions. In
this highly volatile environment, ELPEDISON successfully utilized the opportunities presented due to the
market developments, optimizing its energy portfolio and increasing the contribution of its CCGT units
to the domestic energy mix.
In the retail electricity market, ELPEDISON's market share reached 6.20% (1H 2021: 4.53%, Source:
Hellenic Energy Exchange), with an enhancement of retail supply volumes and expansion of its customer
portfolio, mainly in Low Voltage (residential customers), amid a highly competitive environment from
alternative electricity suppliers. ELPEDISON supplied approximately 310,000 customers at the end of the
first half of 2022, with sales of around 1.6 TWh. In addition to this, in 1H 2022, ELPEDISON further
strengthened its position in the Natural Gas supply market, expanding its customer base, as well as its
activity in the wholesale market by importing high volumes of Liquefied Natural Gas (LNG) at the
Revithoussa Terminal (1H 2022: 2.5 TWh).
In the second half of 2022, strong volatility in the electricity market is expected to persist, as a result of
the energy crisis. It is worth noting that in May 2022, the EU adopted the REPowerEU plan, outlining
measures to phase out Russian fossil fuel imports, strengthen the security of energy supply with LNG
imports and support the green energy transition. The impact of the REPowerEU plan will become
apparent to the market in the coming period.
In the electricity generation sector, licensing procedures as well as preparatory technical works for the
construction of the new 860 MW Combined Cycle Gas Turbine (CCGT) power plant in Thessaloniki are
underway. The final decision on the realization of the investment and the implementation timetable is
expected during the second half of 2022. Regarding the electricity supply sector, new initiatives are in
place and / or planned to further expand the customer base and market share, both in the supply of
electricity and Natural Gas, but also in the Energy Services sector.
Supply, Transportation and Trading of Natural Gas
Natural Gas domestic consumption in the first half of 2022 decreased by 10.3% (1H 2022: 30.31 TWh),
compared to the corresponding period of last year, mainly due to increased prices that led to a significant
decrease in consumption by domestic industrial consumers (1H 2022: 1.67 TWh, -71%). Electricity
producers continued to record the highest consumption, remaining at the same levels as last year's
period and covering 67% of domestic demand. Household consumers and businesses increased their
consumption through distribution networks by 8% compared to the first half of 2021, mainly due to the
weather conditions.
Regarding natural gas imports (1H 2022: 38.91 TWh, + 3.7%), the Russian invasion of Ukraine resulted in
the LNG Terminal of Revithoussa (entry point of Agia Triada) becoming the main gateway for natural gas
entering the country. Revithoussa covered 45% of total imports (1H 2022: 17.33 TWh), recording a
significant increase compared to the first half of 2021 (+ 47%), at the expense of imports of Russian gas
from the Sidirokastro terminal (1H 2022: 13.33 TWh, -21%). The USA remain the largest exporter of LNG
in Greece, with a percentage of 59% among all LNG cargoes.
It is worth noting that natural gas exports increased in the first half of 2022 by 134% (8.60 TWh), and were
directed mainly to Bulgaria, through the interconnection point in Sidirokastro, but also to Italy, through
Nea Messimvria and the TAP pipeline.
In this volatile and highly competitive environment, DEPA COMMERCIAL enhanced its profitability
through an efficient commercial policy, an effective portfolio and contract mix management, all
combined with a high increase in natural gas prices, increasing its contribution to the profits of the
Company, compared to the first half of 2021.
Privatization of DEPA INFRASTRUCTURE and DEPA COMMERCIAL
In the context of the 100% sale of the share capital of the company "DEPA INFRASTRUCTURE S.A." by
HRADF S.A. (65%) and HELLENIC PETROLEUM Holdings S.A. (35%), and after the declaration of
ITALGAS SpA as the Preferred Investor at a financial consideration of €733 million (€256.5 million the
consideration attributable to HELLENIC PETROLEUM Group), the Share Purchase Agreement was signed
on December 10, 2021. Completion of the transaction is expected within 2H 2022.
The sale process of 100% of the share capital of the company "DEPA COMMERCIAL S.A." by HRADF S.A.
(65%) and HELLENIC PETROLEUM Holdings S.A. (35%), which commenced in January 2020, was
suspended in March 2021 by HRADF, for reasons related to the unhindered implementation of the
Tender Procedure. HELLENIC PETROLEUM Holdings S.A. was among the candidate investment schemes
in a joint venture with EDISON S.A. The sellers HRADF and HELLENIC PETROLEUM Holdings are in the
process of examining alternative exploitation scenarios for DEPA COMMERCIAL, in light of international
developments and legal entanglements.
Oil & Gas Exploration and Production
HELLENIC PETROLEUM Group is also engaged in the exploration and production of Hydrocarbons
(upstream) sector. Its main activities are focused in Greece:
•25% participation in a consortium with Calfrac Well Services Ltd (75%) in the Sea of Thrace
Concession, North Aegean Sea, covering a total area of approximately 1,600 sq. km.
•The Group has E&P rights, as Operator (100%), in the offshore ‘Block 10’, Kyparissiakos Gulf. In
January 2022, a 2D seismic campaign of 1,200 km was performed, as part of the minimum work
program of the 1st Exploration Phase. Seismic operations were successful, with zero environmental
footprint and full respect to the local communities, taking all the essential protection measures,
based on the EU and national legislation, as well as good industry practices. Processing of the new
seismic data is in progress with the interpretation to follow.
•The Group has also E&P rights, as Operator (100%), in the offshore “Ionian” block, in Western
Greece, following the withdrawal of Repsol from the license and the transfer of interest (50%) and
operatorship to the Group, through its subsidiary. In February 2022, a 2D seismic campaign of 1,600
km was performed, as part of the minimum work program of the 1st Exploration Phase. Seismic
operations were successful, with zero environmental footprint and full respect to the local
communities, taking all the essential protection measures, based on the EU and national legislation,
as well as good industry practices. Processing of the new seismic data is in progress with the
interpretation to follow.
•The Group has a 25% interest in the offshore “Block 2”, West of Corfu island, in a JV with Energean
Hellas Ltd. (75%, Operator). Tendering procedure for the contractor of the 3D seismic acquisition is
in progress by the operator, with the seismic operations expected within the winter period 2022-23.
•The Group has also E&P rights, with 20% interest, in two (2) offshore blocks in Crete, ‘West Crete’
and ‘Southwest Crete’, together with TOTALENERGIES EP Greece B.V. (40%, operator) and
ExxonMobil Exploration & Production Greece (Crete) B.V. (40%). Following the withdrawal decision
announcement of ΤotalEnergies, the co-lessees of the Lease Agreements for the two areas in Crete,
have negotiated the settlement of the issues deriving from such withdrawal. Following the
completion of the transaction, the interests in each of the respective Lease Agreements will be
formed as follows:
◦ExxonMobil Exploration & Production Greece (Crete) B.V: 70%, which will also assume the
Operatorship
◦The Group’s subsidiaries: 30%.
It is noted that the transaction is subject to consents from competent authorities.
•For the offshore ‘Block 1’ of the Ionian Sea, north of Corfu, the Group. has submitted an offer (100%,
Operator) and awaits the decision of the Competent Authority.
Major Risks and Uncertainties of Second-Half of 2022
The Group’s activities are focused on oil refining, as well as petrochemicals, fuels marketing and
renewable energy sources, with participation in electricity generation and trading, natural gas, as well as
Exploration & Production of hydrocarbons. Therefore, the most significant risks that could affect the
Group's operations in 2H22 and which are exacerbated by the effects of the COVID-19 pandemic, the
geopolitical developments and the energy crisis, are the developments that shape the supply of crude oil,
fluctuations in crude oil prices, oil products demand, EUR/USD exchange rate volatility, CO2 emission
costs, natural gas and electricity prices fluctuation, risks of fair value fluctuations due to interest rates
variations, changes in refining margins as well as the changes and utilization levels of refining capacity
both globally and regionally as well as the developments in the overall macroeconomic environment.
2.2.3. Significant Related Party Transactions (Decision No.
1/434/3.7.2007 Article 3)
The interim condensed consolidated statement of comprehensive income includes transactions
between the Group and related parties. Such transactions mainly comprise sales and purchases of goods
and services in the ordinary course of business.
Transactions have been carried out with the following related parties:
a)Associates and joint ventures of the Group which are consolidated under the equity method:
•Athens Airport Fuel Pipeline Company S.A. (EAKAA)
•DEPA Commercial S.A. (ex Public Gas Corporation of Greece S.A. – DEPA S.A.)
•DEPA Infrastructure S.A.
•DEPA International Projects
•Elpedison B.V.
•Spata Aviation Fuel Company S.A. (SAFCO)
•D.M.E.P. HOLDCO
For the six-month period ended
30 June 2022
30 June 2021
Sales of goods and services to related parties
Associates
48,465
58,914
Joint ventures
2,137
674
Total
50,602
59,588
Purchases of goods and services from related parties
Associates
91,777
407,996
Joint ventures
85,794
47,477
Total
177,571
455,473
As at
30 June 2022
31 December 2021
Balances due to related parties
Associates
9,241
15,768
Joint ventures
45
134
Total
9,286
15,902
Balances due from related parties
Associates
9,751
9,609
Joint ventures
14,073
48,349
Total
23,824
57,958
The Company has provided guarantees in favour of third parties and banks as security for loans granted
by them to Elpedison B.V. The outstanding amount of these as at 30 June 2022 was €107 million (31
December 2021: €106 million).
b)Government related entities which are under common control with the Group due to the
shareholding and control rights of the Hellenic State and with which the Group has material
transactions. Following the harmonisation of the Company’s Articles of Association in accordance
with the provisions of law L. 4706/2020 in June 2021 and the subsequent amendments of the Board
of Directors composition, some of the entities below do not meet the criteria of related parties as
per IAS 24 as from July 2021.
•Public Power Corporation Hellas S.A. -  (up to 30 June 2021)
•Hellenic Armed Forces
•Road Transport S.A.
•Lignitiki Megalopolis S.A. -  (up to 30 June 2021)
•Lignitiki Melitis S.A. -  (up to 30 June 2021)
•Hellenic Distribution Network Operator SA (HEDNO) -  (up to 30 June 2021)
•Hellenic Gas Transmission System Operator S.A. (DESFA) -  (up to 30 June 2021)
During the six-month period ended 30 June 2022, transactions and balances with the above government
related entities are as follows:
•Sales of goods and services amounted to  €111 million (30 June 2021: €93 million)
•No purchases of goods and services (30 June 2021: €37 million)
•Receivable balances of €60 million (31 December 2021: €37 million)
•No payable balances (31 December 2021: No payable balances).
c)Key management includes directors (Executive and Non-Executive Members of the board of
HELLENIC PETROLEUM Holdings S.A.) and General Managers. The compensation paid or payable for
the six-month period ended 30 June 2022 to the aforementioned key management is as follows:
For the six-month period ended
30 June 2022
30 June 2021
Short-term employee benefits
3,704
2,850
Post-employment benefits
104
95
Termination benefits
172
0
Total
3,980
2,945
d)The Group participates in the following jointly controlled operations with other third parties relating
to exploration and production of hydrocarbons in Greece and abroad:
•Energean International E&P SpA (Greece, Patraikos Gulf).
• Calfrac Well Services Ltd (Greece, Sea of Thrace concession)
• Energean Hellas LTD (Greece, Block 2).
•TotalEnergies E&P Greece B.V., Exxon Mobil Exploration and Production Greece (Crete) B.V.
(Greece, Block West Crete).
•TotalEnergies E&P Greece B.V., Exxon Mobil Exploration and Production Greece (Crete) B.V.
(Greece, Block South West Crete).
Borrowings
The Group has centralized treasury operations which coordinate and control the funding and cash
management activities of all group companies. Within this framework, Hellenic Petroleum Finance plc
(HPF) was established in November 2005 in the U.K. as a wholly-owned subsidiary of HELLENIC
PETROLEUM Holdings S.A. to act as the main treasury vehicle of the HELLENIC PETROLEUM Group
Borrowings of the Group by maturity as at 30 June 2022 and 31 December 2021 are summarised in the
table below (amounts in € million):
Balance as at
Company
Maturity
30 June 2022
31 December 2021
Bond loan € 400 million
Hellenic Petroleum R.S.S.O.P.P. S.A.
Jun. 2023
398
397
Bond loan € 400 million
Hellenic Petroleum R.S.S.O.P.P. S.A.
Dec. 2022
384
384
Bond loan € 400 million
Hellenic Petroleum R.S.S.O.P.P. S.A.
Dec. 2023
399
398
Bond loan € 400 million
Hellenic Petroleum R.S.S.O.P.P. S.A.
Nov. 2022
400
399
Bond loan € 100 million
Hellenic Petroleum R.S.S.O.P.P. S.A.
Sep. 2022
100
100
Bond loan € 100 million
Hellenic Petroleum R.S.S.O.P.P. S.A.
Oct. 2024
100
100
Bond loan € 150 million
Hellenic Petroleum R.S.S.O.P.P. S.A.
Oct. 2023
150
0
Eurobond €599m
HPF Plc
Oct. 2024
595
594
Project Finance 1
Aioliki Energeiaki Evoias S.A.
Dec. 2033
11
12
Project Finance 2
Aioliki Energeiaki Achladotopos S.A.
Dec. 2030
18
19
Credit facility €30m
EKO Bulgaria
Dec. 2022
15
11
Bilateral lines
Various
Various
793
578
Total
3,362
2,991
No loans were in default as at 30 June 2022 (none as at 31 December 2021).
The table below presents the changes in Borrowings arising from financing activities:
1 January 2022
Cash flows -
borrowings
(inflows)
Cash flows -
borrowings
(outflows)
Cash flows -
fees
Non cash
movements
30 June 2022
€000
€000
€000
€000
€000
€000
Current interest-
bearing loans and
borrowings
1,474,493
226,400
-12,261
404,243
2,092,876
Non-current interest-
bearing loans and
borrowings
1,516,530
150,000
-1,730
-395,379
1,269,421
Total
2,991,023
376,400
-13,991
0
8,864
3,362,297
“Cash flows –fees” column includes the finance fees paid and deferred against loans proceeds.
“Non-cash movements” column includes the amortization of deferred borrowing costs.
2.3 Additional Information of the Board of
Directors’ Half Yearly Financial Report
(article 4 of Decision No.7/448/2007)
2.3.1 Other Financial Information
Share Price Evolution 
On June 30, 2022, the Company’s share price closed at €6.27, a 0.80% increase compared to December
31, 2021. The average price for the first half of 2022 amounted to €6.84, a 16.92% increase compared to
the same period in 2021. The highest closing price was €7.70 on 20.04.2022 while the lowest closing price
was €6.23 on 29.06.2022.
The average daily trading volume in the first half of 2022 reached 100,033 shares, an increase of 12.5% vs
the respective volume of 2021, while the average daily turnover increased by 31.7% to €687,714.
The table below shows the average closing price of the Company’s share and the average daily trading
volume per month in the first half of 2022, as well as the respective period in 2021.
 
Average Closing Price
Average Trading Volume
 
(€)
(# shares)
 
2022
2021
2022
2021
January
6.58
5.62
88,085
109,986
February
6.66
5.41
114,696
56,371
March
6.97
5.65
135,292
101,870
April
7.44
5.81
88,373
88,310
May
6.82
6.18
93,095
108,937
June
6.68
6.42
78,566
70,478
Share price evolution chart for HELLENIC PETROLEUM Holdings S.A.
The following chart shows the share price evolution at the closing of each month and the average trading
volume in the Company’s shares from 01.01.2022 up until 30.06.2022:
2.3.2 Selected Alternative Performance Measures
This Report includes certain financial measures of historical financial performance, financial position, or
cash flows, which are not defined or specified under IFRS (“Alternative Performance Measures”). The
Group considers that these measures are relevant and reliable in assessing the Group’s financial
performance and position, however such measures are not a substitute for financial measures under
IFRS and should be read in conjunction with Group published financial statements.
Presentation and Explanation of Use of Alternative Performance Measures
Reported EBITDA
Reported EBITDA is defined as earnings/(loss) before interest, taxes, depreciation and amortisation, and
is calculated by adding back depreciation and amortization to operating profit. 
Adjusted EBITDA
Adjusted EBITDA is defined as IFRS Reported EBITDA adjusted for: a) Inventory Effect (defined as the
effect of the price fluctuation of crude oil and oil product inventories on gross margin and is calculated as
the difference between cost of sales at current prices and cost of sales at cost) in the Refining, Supply &
Trading segment, b) special items, which may include but are not limited to costs and expenses related to
COVID-19 pandemic, cost of early retirement schemes, write-downs of non-core assets and other one-
off and non-operating expenses, in line with the refining industry practice and c)the accrual of the
expense for the net deficit of the projected CO2 emissions throughout the year (which is calculated by
deducting the proportion of allowances received for the full year from the estimated proportion of
emission of the refineries for the full year corresponding to the period, multiplied by the EUA price of the
period end) vs allowances received compared to the accounting treatment under IFRS according to
which a provision is raised when realised cumulative emissions exceed the level of allowances received by
the company.
Adjusted EBITDA is intended to provide a proxy of the operating cash flow projection (before any Capex)
in an environment with stable oil and products prices.
ΙFRS Reported EBITDA and Adjusted EBITDA are indicators of the Group’s underlying cash flow
generation capability. The Group’s management uses the above alternative performance measures as a
significant indicator in determining the Group’s earnings performance and operational cash flow
generation both for planning purposes as well as past performance appraisal.
Adjusted Net Income
Adjusted Net Income is defined as the IFRS Reported Net Income as derived from the Group’s reported
financial statements under IFRS, adjusted for post-tax inventory effect (calculated as Inventory Effect
times (1- statutory tax rate in Greece) and other post-tax special items, as well as the adjustment for the
period of the net CO2 emission deficit, at the consolidated  financial statements.
Adjusted Net Income is presented in this report because it is considered by the Group and the Group’s
industry as one of the key measures of its financial performance.
Net Debt
Net Debt is calculated as total borrowings (including “current and non-current borrowings” as shown in
the statement of financial position of the Group financial statements) less “Cash & cash equivalents” and
“Investment in Equity Instruments”, as reflected in the Group’s financial statements. It is noted that
finance lease obligations are not included in the calculation.
Capital Employed
Capital Employed is calculated as “Total Equity” as shown in the statement of financial position of the
relevant financial statements plus Net Debt.
Reconciliation of Alternative Performance Measures to the Group’s Financial
Statements
The tables below illustrate how the selected alternative performance measures presented in this
financial report are reconciled to their most directly reconcilable line item in the financial statements for
the corresponding period.
Calculation of Reported EBITDA, Adjusted EBITDA, Adjusted Profit after tax
million €
1H22
1H21
Operating Profit/(Loss) -IFRS-
1,088.1
264.7
Depreciation & Amortization -IFRS-
151.3
126.4
Reported EBITDA
1,239.4
391.1
Inventory effect
-513.1
-194.5
Other special items*
32.7
13.3
Accrual of CO2 emission deficit**
-125.6
-70.9
Adjusted EBITDA
633.5
139.0
Profit/(Loss) After Tax -IFRS-
872.3
206.5
Taxed Inventory effect
-400.2
-151.7
Taxed other special items***
25.5
10.7
Taxed phasing of CO2 emission deficit
-97.9
-55.3
Special items below EBITDA****
-28.9
2.4
Adjusted Profit/(Loss) After Tax
370.8
12.4
Calculation of Net Debt, Capital Employed and Gearing ratio
million €
1H22
1H21
Borrowings LT -IFRS-
1,269.4
2,106.3
Borrowings ST -IFRS-
2,092.9
865.3
Cash & Cash equivalents -IFRS-
1,394.8
1,220.4
Investment in equity instruments -IFRS-
0.5
0.4
Net Debt
1,967.0
1,750.8
Equity -IFRS-
2,868.1
2,018.1
Capital Employed
4,835.1
3,768.9
Gearing ratio (Net Debt / Capital Employed)
41%
46%
* Main items include,
a) for 1H22: COVID-19 related expenses of €3.8m (comprise of payroll costs mainly related to required modifications in
the working shifts in the refineries, protective measures in all Group’s premises and other related expenses), €6.5m cost
of voluntary retirement scheme, €3.6m one-off impact of CO2 emission, €9m of refineries' principally decontamination
and other special items expenses, €4.3m VARDAX pipeline impairment and €5.5m for other special items
b) for 1H21: COVID-19 related expenses of €8.4m (comprise of payroll costs mainly related to required modifications in
the working shifts in the refineries, protective measures in all Group’s premises and other related expenses), €2.8m
revaluation of balance sheet items and €2.1m for other special items
** the accrual of the expense for the net deficit of the projected CO2 emissions throughout the year vs allowances
received, compared to the accounting treatment under IFRS according to which a provision is raised when realised
cumulative emissions exceed the level of allowances held by the company received
*** Includes all special items post effect of applicable tax rate
****a) for 1H22: Adjustment for BOTAS arbitration, b) for 1H21: Impact of the reduction of the deferred tax due to
changes in tax rate
2.3.3 Non-Financial Information
HELLENIC PETROLEUM Group has incorporated Sustainable Development in its strategic development
plan and is committed through its respective Policy on Health, Safety, Environment and Sustainable
Development. This strategic decision is based on the safe and without accidents, financially sustainable
operation, with respect to the environment and society.
At the same time, the Group is already further integrating ESG indicators and targets for the
environment, society and corporate governance in accordance with international standards and
reporting frameworks in order to provide detailed and targeted information regarding the
implementation of its strategy and the associated performance results.
Health, Safety, Environment and Climate Change
Health and Safety
Health and safety across all activities is the most important priority for the HELLENIC PETROLEUM
Group. For this reason, all necessary safety measures are taken for employees, partners and visitors in all
work areas in line with the Goal for Good Health (Sustainable Development Goal SDG 3).
The Group continuously invests in prevention, infrastructure and staff and partners’ training in the field
of health and safety to ensure compliance with the strictest criteria on a national and European level. All
Group facilities set targets to control and improve their Health and Safety performance, with regular
periodic reporting.
In the first half of 2022, general turnaround of the Elefsina refinery was successfully implemented, while
immediately after its completion, maintenance was carried out for the FCC unit at the Aspropyrgos
refinery. During turnaround, all relevant preventive measures were implemented and works were
completed as planned, without any significant personnel safety incidents. Inspections regarding
implementation of pandemic preventive measures continued through specific checklists, as did safety
related projects in all facilities.
The following diagrams show the trend for Lost Workday Injury Frequency (LWIF), All Injures Frequency
(AIF) and Process Safety Event Rate (PSER) indices in comparison to the annual targets but also
compared to the European average (CONCAWE).
LWIF12 index
ΑIF13 index
12 Lost workday injury frequency: (LWIs)/ 1 million man-hours
13 All injury frequency: Total Fatality + LWI + Restricted Workday Injury + Medical Treatment Case/1 million man-hours
PSER14 index
Environment and Climate Change
In the context of implementing the Group's strategy for transformation and reduction of its carbon
footprint by 2030, the most important event of the first half of the year was the inauguration of the
Group's Photovoltaic Park in Kozani, one of the largest photovoltaic parks in Europe with a total installed
capacity of 204.3 MW, which is estimated to produce 350 GWh of energy per year, or enough to meet the
needs of 75,000 households with zero-emission energy.
In addition, and with the aim of improving the Group's performance in environmental management issues
(air emissions, liquid and solid waste), all planned work in the industrial facilities continued in the first half
of the year, with the most important being the installation and fully operational particulate matter filters
in the Fluid Catalytic Cracking Unit (FCC) at Aspropyrgos refinery.
For the HELLENIC PETROLEUM Group, being steadily oriented towards circular economy, the primary
objective is to reduce the production of liquid and solid waste at source, maximize recycling and the re-
use in the production process for all waste streams possible and then manage them by always prioritizing
their valorization by third parties, for purposes such as power production and/or alternative raw
materials.
Regarding the refineries’ activities and their participation in the Emissions Trading System (ETS) in the
first half of 2022, submission of relevant reports (activity level and CO2 emissions verification) and
emission allowances delivery for 2021 was successfully completed, as well as the submission of the
revised emission monitoring plans for the Aspropyrgos and Elefsina refineries (the revised emission
monitoring plan for the Thessaloniki refinery was approved in January).
The implementation of the new rules for the allocation of free allowances for the 4th phase ETS
2021-2030 resulted in the allocation of additional free allowances for the Thessaloniki refinery (37,783
EUAs) due to the significant change in its activity level in 2021 compared to the historical level. As a
result, a total of 2,446,383 free emission allowances (EUAs) were allocated to the accounts of the three
refineries for the year 2022. 
Carbon dioxide (CO2) emissions from the three refineries (Aspropyrgos, Elefsina and Thessaloniki), for
the first half of 2022, amounted to 1.53 million tons, presenting an evident decrease compared to the
same period last year, mainly due to the Elefsina refinery turnaround.
In addition, as part of its participation in the CDP evaluation on the management of climate change
issues, the Group arose to Management level B "Taking coordinated action on climate issues"), an
14 Process Safety Event Rate: Number of process safety incidents/1 million man-hours
improvement compared to the previous year (B-), while based on its business performance according to
ESG criteria, it remained as one of The Most Sustainable Companies in Greece in 2022 (31 companies).
Finally, the Group’s comments contribution to the Hellenic Federation of Enterprises (SEV) and SEV’s
Council on Sustainable Development continued on critical issues such as the national climate law, the
European Fit for 55 framework for new climate targets and the revision of the ETS, combined with the
planned European Cross-Border Carbon Adjustment Mechanism – CBAM and Sustainable Finance issues
as well as, the Directive and the referenced standards on a European level.
Labour Issues
The industry in which the Group operates requires specialized skills, training and experience. As a result,
the ability to attract and retain the right human resources is an important factor in the Group’s optimal
operation.
Difficulties in finding and employing competent personnel, especially middle and senior management and
highly skilled personnel, can adversely affect the Group's operations and financial position.
Providing a safe working environment, that also motivates employees and treats them with respect,
giving equal opportunities to all, is a Group priority.
Employee relations are based on the equal treatment principle. Employee placement and advancement
within the Group is based on an employee’s qualifications, performance and potential, without any
discrimination.
The internal operation of the Group's business units is based on specific principles and rules, to ensure
consistency and continuity, key blocks of success and development. In this context, the Code of Conduct
summarizes the principles governing the internal operation of the Group's Companies and determines its
operation, while the Internal Labour Regulation defines the rules governing the relationship between the
Company and its employees.
As mentioned, the safety of the Group's facilities is one of the most important priorities. In occupational
risk management, emphasis is placed on prevention in order to anticipate and control all possible health
and safety risks in accordance with the criteria of the Greek law (Law 3850/2010), the European and
international codes and best practices.
In addition, safeguarding the health of our employees and ensuring a safe working environment are core
values, reflected in the relevant Health & Safety, and Surveillance of employees’ health policies, etc. In
this context periodic medical examinations of employees are carried out, considering job descriptions,
age group and gender.
The Group, in the context of dealing with the COVID-19 pandemic, considering its evolution as well as
the measures implemented by the State, has applied a series of important and critical measures in all its
buildings and facilities. Absolute priority was given to the protection of employees’ health, the smooth
operation of its activities and the uninterrupted operation of the industrial facilities in order to ensure the
supply of the Group’s main markets.
Employee training is a continuous Group priority, to ensure that each employee has the required
knowledge and experience to effectively fulfill his/her role and develop his/her skills.
The Group monitors all relevant labor law (national, European, ILO), including reports on child labor,
respect for human rights and working conditions, and is in full compliance with all collective and relevant
international conventions.
Society
Through the ‘Vision 2025’ strategic plan and considering the issues that have been identified as material
by its stakeholders, the Group seeks to further strengthen the best practices that it applies to the ESG
(Environment – Society - Governance) pillars, actively demonstrating in practice its commitment to
Sustainable Development. In early 2022, it conducted an ESG materiality study (Environment - Social -
Governance) issues related to the Group's activities, involving both internal and external stakeholders,
through focus groups, meetings and an online questionnaire. The results of the materiality analysis are
presented in detail in the 2021 Sustainability and Corporate Responsibility Report (https://
sustainabilityreport2021.helpe.gr/en/).
Moreover, the Group is committed to and implements the 17 Sustainable Development Goals, while it
aligns with the international standards on Sustainability Reporting, the 10 Principles and CoP criteria of
the UN Global Compact and the Global Reporting Initiative's GRI Standards 2021, including the sector
indicators, GRI 11 Oil and Gas Sector Standards. It is worth noting that the reliability of the information
provided is assured by an independent third party.
In the first half of 2022, through its corporate responsibility program, "Proud of Youth", the HELLENIC
PETROLEUM Group, for the tenth consecutive year, awarded outstanding students and University
graduates who wish to continue their studies in prestigious Greek and International University
Institutions.
At the same time, the Group, committed to its vision of contributing to society with actions aimed at
improving the quality of life, by fulfilling basic social needs. Specifically, in the first half of the year, the
Group provided heating oil to 100 public educational institutions in the neighboring municipalities of
Thriasio and Western Thessaloniki, while supporting various organizations that support vulnerable social
groups.
Environment protection and infrastructure projects implementation for sustainable cities are key
strategic pillars of Group’s Corporate Responsibility.
In this context, aiming to environment protection, the Group undertook the implementation of erosion
control projects to shield the affected areas in Varymbobi, Attica, and Gerania Mountains, in the area of
Schino, with a total budget of €3 million. These are 100% ecological works, with the construction
materials coming exclusively from the burnt trees of the area.
With the aim of properly informing the new generation about climate change, the Group became a Major
Sponsor of the first interactive exhibition on climate change that is carried out by the Goulandris Natural
History Museum-GAIA Center.
Additionally, as an active member of the local communities in which it operates, aiming at sustainable
development, the HELLENIC PETROLEUM Group implemented actions on informing and raising
awareness among the student community on issues related to the coasts’ protection, coastal
ecosystems and landscape and climate change issues. In cooperation with the local municipalities in
Thriasio and Western Thessaloniki along with the environmental organization We4All, over 1,000 primary
school students participated in organized clean-ups of areas totaling over thirty kilometers, where over
1.5 ton of waste was collected. At the same time, the Group contributed to the regeneration of part of
Aspropyrgos beach, in cooperation with the local authorities, by a voluntary clean-up action of the
Aspropyrgos Municipality beach, with the participation of 130 volunteers comprised by Group's
employees and their families.
In addition, in collaboration with the Athens Concert Hall, the Group implemented one of the largest
electric vehicle charging centers in Greece, with a total of 10 charging stations in the underground
parking area of the Concert Hall. The project will improve the existing infrastructure of the capital's iconic
building, supporting the sustainable mobility of its visitors and employees.
Corporate Governance
The institutional framework governing the Company’s operation and obligations is L. 4548/2018 on the
reform of the law of sociétés anonymes and L. 4706/2020 on corporate governance. The Company’s
Articles of Association, are available via the Company’s website at: https://www.helpe.gr/investor-
relations/corporate-governance/articles-of-association-data.
The Company has adopted the Hellenic Corporate Governance Code (June 2021 edition) of the Hellenic
Corporate Governance Council (HCGC) (hereinafter referred to as the “Code”). This Code can be found
on the HCGC’s website, at the following e-address: https://www.esed.org.gr/web/guest/code-listed.
The Company’s Board of Directors comprises the following 11 members:
•Ioannis Papathanasiou, Chairman, non-executive member
•Andreas Shiamishis, Chief Executive Officer-executive member
•Georgios Alexopoulos, executive member
•Iordanis Aivazis, independent non-executive member
•Theodoros-Achilleas Vardas, non-executive member
•Nikolaos Vrettos, independent non-executive member
•Anastasia Martseki, non-executive member
•Alexandros Metaxas, non-executive member
•Lorraine Scaramanga, independent non-executive member
•Panayiotis Tridimas, independent non-executive member
•Alkiviades- Constantinos Psarras, non-executive member
Ethics and Transparency - Code of Conduct
Given the Group’s harmonization with values and principles embedded in its business model and shaped
by adherence to laws, respect for human rights, focus on environmental protection and transparency,
the Company has drafted and adopted the Code of Conduct, approved by the BoD (Board of Directors).
The Code of Conduct summarizes the principles according to which any person, employee or third party
involved in the operation of the Group, as well as any collective body, should act within the framework of
their duties. For this reason, the Code constitutes a practical guide of the day-to-day tasks of all Group
employees as well as third parties who cooperate with it. 
The Code is translated into all the languages of the countries where the Group operates, as well as in
English and since its implementation, systematic education and training of executives and employees of
companies of the Group has taken place, in the content of the Code and its applications.
3.
Independent Certified Auditor –
Accountant’s Review
Report regarding
the Half-Yearly Report
ERNST & YOUNG (HELLAS)
Certified Auditors-Accountants S.A.
8B Chimarras str., Marousi
151 25 Athens, Greece
Tel.: +30 210 2886 000
Fax: +30 210 2886 905
ey.com
Independent auditor’s review report
To the Board of Directors of “HELLENIC PETROLEUM Holdings S.A.”
Report on review of interim financial information
Introduction
We have reviewed the accompanying interim condensed separate and consolidated statement
of financial position of HELLENIC PETROLEUM Holdings S.A., as at 30 June 2022, and the
related interim condensed separate and consolidated statements of comprehensive income,
changes in equity and cash flows for the six-month period then ended, as well as the selected
explanatory notes, that comprise the interim condensed financial information and which form
an integral part of the six-month financial report required by Law 3556/2007.
Management is responsible for the preparation and presentation of this interim condensed
financial information in accordance with International Financial Reporting Standards, as they
have been endorsed by the European Union and applied to interim financial reporting
(International Accounting Standard “IAS 34”). Our responsibility is to express a conclusion on
this interim condensed financial information based on our review.
Scope of review
We conducted our review in accordance with the International Standard on Review
Engagements 2410, “Review of Interim Financial Information Performed by the Independent
Auditor of the Entity”. A review of interim financial information consists of making inquiries,
primarily of persons responsible for financial and accounting matters, and applying analytical
and other review procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing as incorporated in Greek Law and
consequently does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do not express an audit
opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying interim condensed financial information is not prepared, in all material respects,
in accordance with IAS 34.
A member firm of Ernst & Young Global Limited
ERNST & YOUNG (HELLAS)
Certified Auditors-Accountants S.A.
8B Chimarras str., Marousi
151 25 Athens, Greece
Tel.: +30 210 2886 000
Fax: +30 210 2886 905
ey.com
Report on other legal and regulatory matters
Our review has not identified any material inconsistency or error in the declarations of the
members of Board of Directors and the information contained in the six-monthly report of the
Board of Directors prepared in accordance with article 5 and 5a of Law 3556/2007, compared to
the accompanying interim condensed separate and consolidated financial information.
Athens, 25 August 2022
The Certified Auditor Accountant
Andreas Hadjidamianou
S.O.E.L. R.N. 61391
ERNST & YOUNG (HELLAS)
Certified Auditors-Accountants S.A.
Chimarras 8B Maroussi,
151 25, Greece
Company S.O.E.L. R.N. 107
A member firm of Ernst & Young Global Limited
4.
Half-Yearly
Financial Statements
4.1 Interim Condensed Consolidated
Financial Statements
HELLENIC PETROLEUM
Holdings S.A.
INTERIM CONDENSED
CONSOLIDATED AND COMPANY
FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD
ENDED
30 JUNE 2022
CONTENTS
 
I. Company Information
Directors
Ioannis Papathanasiou - Chairman of the Board
Andreas Shiamishis - Chief Executive Officer
Georgios Alexopoulos - Member
Theodoros-Achilleas Vardas - Member
Alexandros Metaxas - Member
Iordanis Aivazis - Member
Alkiviadis-Konstantinos Psarras - Member
Anastasia Martseki - Member (From 17/05/2021)
Nikolaos Vrettos - Member (From 30/6/2021)
Lorraine Skaramaga - Member (From 30/6/2021)
Panagiotis Tridimas - Member (From 30/6/2021)
Other Board Members
during the
comparative period
Michail Kefalogiannis - Member (Until 17/05/2021)
Loukas Papazoglou - Member (Until 17/05/2021)
Theodoros Pantalakis - Member (Until 30/06/2021)
Spiridon Pantelias - Member (Until 30/06/2021)
Georgios Papakonstantinou - Member (Until 30/06/2021)
Κonstantinos Papagiannopoulos - Member (Until 30/06/2021)
Anastasia Makarigaki - Member (From 17/05/2021 until 30/06/2021)
Registered Office
8A Chimarras Str
GR 151 25 - Marousi
General Commercial
Registry
000296601000
II. Authorised signatories
The interim condensed consolidated and Company financial statements for the six-month period ended
30 June, 2022 from page 47 to page 97 are presented in €'000, unless otherwise stated, and have been
approved by the Board of Directors of HELLENIC PETROLEUM Holdings S.A. on 25 August 2022.
A. Shiamishis
V. Tsaitas
S. Papadimitriou
  Chief Executive Officer
Group CFO
Accounting Director
III.Interim Condensed Consolidated Statement of Financial Position
As at
Note
30 June 2022
31 December 2021
ASSETS
Non-current assets
Property, plant and equipment
10
3,543,661
3,484,805
Right-of-use assets
11
209,036
228,375
Intangible assets
12
226,172
228,659
Investments in associates and joint ventures
7
369,831
313,723
Deferred income tax assets
98,074
75,702
Investment in equity instruments
3
483
504
Loans, advances and long term assets
65,485
73,910
4,512,742
4,405,678
Current assets
Inventories
14
2,006,956
1,379,135
Trade and other receivables
15
938,037
694,606
Income tax receivables
16,444
16,479
Derivative financial instruments
3
17,008
92,143
Cash and cash equivalents
16
1,394,831
1,052,618
4,373,276
3,234,981
Assets held for sale
193,993
191,577
Total assets
9,080,011
7,832,236
EQUITY
Share capital and share premium
17
1,020,081
1,020,081
Reserves
18
240,434
249,104
Retained Earnings
1,542,290
795,468
Equity attributable to equity holders of  the
parent
2,802,805
2,064,653
Non-controlling  interests
65,342
64,402
Total equity
2,868,147
2,129,055
LIABILITIES
Non-current liabilities
Interest bearing loans & borrowings
19
1,269,420
1,516,531
Lease liabilities
159,906
172,296
Deferred income tax liabilities
197,579
89,478
Retirement benefit obligations
211,908
210,736
Derivative financial instruments
245
860
Provisions
32,711
26,959
Other non-current liabilities
27,317
27,801
1,899,086
2,044,661
Current liabilities
Trade and other payables
20
2,016,160
2,146,559
Derivative financial instruments
374
2,214
Income tax payable
146,461
4,488
Interest bearing loans & borrowings
19
2,092,876
1,474,493
Lease liabilities
25,313
29,499
Dividends payable
25
31,594
1,267
4,312,778
3,658,520
Total liabilities
6,211,864
5,703,181
Total equity and liabilities
9,080,011
7,832,236
The notes on pages 55 to 97 are an integral part of these interim condensed consolidated and Company
financial statements.
IV.Interim Condensed Statement of Financial Position of the Company
As at
Note
30 June 2022
31 December 2021
ASSETS
Non-current assets
Property, plant and equipment
1,388
2,707,520
Right-of-use assets
11
7,770
26,547
Intangible assets
207
1,111
Investments in subsidiaries,associates and joint ventures
7
1,627,528
933,596
Deferred income tax assets
10,940
—
Investment in equity instruments
38
37
Loans, advances and long term assets
13
120,348
143,172
1,768,219
3,811,983
Current assets
Inventories
—
1,240,774
Trade and other receivables
9,072
569,077
Income tax receivables
—
13,898
Derivative financial instruments
—
92,143
Cash and cash equivalents
47,389
843,493
56,461
2,759,385
Assets held for sale
122,301
122,301
Total assets
1,946,981
6,693,669
EQUITY
Share capital and share premium
17
1,020,081
1,020,081
Reserves
18
260,642
260,642
Retained Earnings
593,770
714,744
Total equity
1,874,493
1,995,467
LIABILITIES
Non-current liabilities
Interest bearing loans & borrowings
—
1,149,696
Lease liabilities
5,471
16,532
Deferred income tax liabilities
—
60,807
Retirement benefit obligations
8,868
174,211
Provisions
—
22,248
Other non-current liabilities
5,219
11,956
19,558
1,435,450
Current liabilities
Trade and other payables
18,704
1,901,339
Derivative financial instruments
—
2,214
Income tax payable
8
377
416
Interest bearing loans & borrowings
—
1,349,300
Lease liabilities
2,293
8,216
Dividends payable
25
31,556
1,267
52,930
3,262,752
Total liabilities
72,488
4,698,202
Total equity and liabilities
1,946,981
6,693,669
Comparable balances of 31 December 2021 relate to HELLENIC PETROLEUM  S.A., prior to the demerger
on 3 January 2022 (Notes 1 and 7).
The notes on pages 55 to 97  are an integral part of these interim condensed consolidated and Company
financial statements. 
V.Interim Condensed Consolidated Statement of Comprehensive Income
 
For the six month period
ended
For the three month
period ended
Note
30 June 2022
30 June 2021
30 June 2022
30 June 2021
Revenue from contracts with customers
4
6,777,314
3,957,067
3,974,379
2,234,740
Cost of sales
(5,422,183)
(3,482,556)
(3,163,977)
(2,057,034)
Gross profit / (loss)
1,355,131
474,511
810,402
177,706
Selling and distribution expenses
(169,684)
(150,058)
(87,296)
(79,368)
Administrative expenses
(85,592)
(64,272)
(48,942)
(32,813)
Exploration and development expenses
(7,332)
(1,662)
(957)
(801)
Other operating income and other gains
5
14,332
17,170
9,141
11,112
Other operating expense and other losses
5
(18,720)
(11,029)
(14,042)
(6,988)
Operating profit /(loss)
1,088,135
264,660
668,306
68,848
Finance income
1,105
1,415
567
692
Finance expense
(51,052)
(50,095)
(26,498)
(25,191)
Finance expense - lease finance cost
(4,704)
(5,130)
(2,342)
(2,580)
Currency exchange gain / (loss)
6
1,239
8,217
5,509
3,055
Share of profit / (loss) of investments in associates and
joint ventures
7
68,161
32,481
21,809
12,794
Profit / (loss)  before income tax
1,102,884
251,548
667,351
57,618
Income tax credit / (expense)
8
(230,571)
(45,103)
(141,668)
(3,947)
Profit / (loss) for the period
872,313
206,445
525,683
53,671
Profit / (loss) attributable to:
    Equity holders of the parent
869,117
204,928
523,912
52,464
    Non-controlling interests
3,196
1,517
1,771
1,207
872,313
206,445
525,683
53,671
Other comprehensive income / (loss):
Other comprehensive income / (loss) that will not be
reclassified to profit or loss (net of tax):
Actuarial gains / (losses) on defined benefit pension plans
18
—
(1,280)
—
(1,280)
Share of other comprehensive income / (loss) of
associates
18
—
146
—
122
Changes in the fair value of equity instruments
18
(13)
(335)
3
(294)
Net other comprehensive income / (loss) that will not be
reclassified to profit or loss (net of tax):
(13)
(1,469)
3
(1,452)
Other comprehensive income / (loss) that may be
reclassified subsequently to profit or loss (net of tax):
Recycling of (gains) / losses on hedges through
comprehensive income
18
(4,941)
(31,794)
—
(7,806)
Share of other comprehensive income / (loss) of
associates
18
(9,636)
—
8,091
—
Fair value gains / (losses) on cash flow hedges
18
5,844
28,115
(4,363)
3,478
Currency translation differences and other movements
18
66
(20)
233
(95)
Net other comprehensive income / (loss) that may be
reclassified subsequently to profit or loss (net of tax):
(8,667)
(3,699)
3,961
(4,423)
Other comprehensive income / (loss)  for the period, net of
tax
(8,680)
(5,168)
3,964
(5,875)
Total comprehensive income / (loss) for the period
863,633
201,277
529,647
47,796
Total comprehensive income / (loss) attributable to:
    Equity holders of the parent
860,447
199,761
527,875
46,588
    Non-controlling interests
3,186
1,516
1,772
1,208
863,633
201,277
529,647
47,796
Basic and diluted earnings / (losses) per share
(expressed in Euro per share)
9
2.8
0.7
1.7
0.2
The notes on pages 55 to 97  are an integral part of these interim condensed consolidated and Company
financial statements.
VI.Interim Condensed Statement of Comprehensive Income of the Company
For the six month period
ended
For the three month period
ended
Note
30 June 2022
30 June 2021
30 June 2022
30 June 2021
Continuing Operations
Revenue from contracts with customers
15,162
—
9,122
—
Cost of sales
(13,785)
—
(8,294)
—
Gross profit / (loss)
1,377
—
828
—
Administrative expenses
(3,407)
(1,058)
(1,992)
(529)
Other operating income and other gains
5
11,044
851
7,359
427
Other operating expense and other losses
5
(9,245)
(753)
(5,894)
(753)
Operating profit /(loss)
(231)
(959)
301
(854)
Finance income
2,738
2,046
1,323
1,022
Finance expense
(509)
—
(4)
(166)
Finance expense - lease finance cost
(264)
(325)
(129)
—
Profit / (loss)  before income tax from continuing
operations
1,734
762
1,491
1
Income tax credit / (expense)
8
(432)
(168)
(401)
(83)
Profit / (loss) for the period from continuing
operations
1,302
595
1,090
(82)
Discontinued operations
Total comprehensive income after tax for the
period from discontinued operations
7
—
147,195
—
10,861
Total comprehensive income / (loss) for the
period
1,302
147,790
1,090
10,779
The notes on pages 55 to 97  are an integral part of these interim condensed consolidated and Company
financial statements.
VII. Interim Condensed Consolidated Statement of Changes in Equity
Note
Share
Capital
Reserves
Retained 
Earnings
Total
Non-
Controling
interests
Total
Equity
Balance at 1 January 2021
1,020,081
273,959
492,457
1,786,497
62,340
1,848,837
Other comprehensive income / (loss)
18
—
(4,494)
(673)
(5,167)
(1)
(5,168)
Profit / (loss) for the period
—
—
204,928
204,928
1,517
206,445
Total comprehensive income / (loss) for
the period
—
(4,494)
204,255
199,761
1,516
201,277
Tax on intra-group dividends
—
—
(88)
(88)
—
(88)
Dividends to non-controlling interests
—
—
—
—
(1,673)
(1,673)
Other movements
—
126
185
311
—
311
Dividends
—
—
(30,564)
(30,564)
—
(30,564)
Balance at 30 June 2021
1,020,081
269,591
666,245
1,955,917
62,183
2,018,100
Balance at 1 January 2022
1,020,081
249,104
795,468
2,064,653
64,402
2,129,055
Other comprehensive income / (loss)
18
—
(8,670)
—
(8,670)
(10)
(8,680)
Profit / (loss) for the period
—
—
869,117
869,117
3,196
872,313
Total comprehensive income / (loss) for
the period
—
(8,670)
869,117
860,447
3,186
863,633
Other equity movements
—
—
(17)
(17)
—
(17)
Dividends to non-controlling interests
—
—
—
—
(2,246)
(2,246)
Dividends
—
—
(122,278)
(122,278)
—
(122,278)
Balance at 30 June 2022
1,020,081
240,434
1,542,290
2,802,805
65,342
2,868,147
The notes on pages 55 to 97  are an integral part of these interim condensed consolidated and Company
financial statements.
VIII.Interim Condensed Statement of Changes in Equity of the Company
Note
Share
Capital
Reserves
Retained 
Earnings
Total
Balance at 1 January 2021
1,020,081
279,576
520,475
1,820,132
Other comprehensive income / (loss)
17
—
(4,514)
(673)
(5,187)
Profit / (loss) for the period
—
—
152,977
152,977
Total comprehensive income / (loss) for the
period
—
(4,514)
152,304
147,790
Dividends
—
—
(30,564)
(30,564)
Balance at 30 June 2021
1,020,081
275,062
642,215
1,937,358
Balance at 1 January 2022
1,020,081
260,642
714,744
1,995,467
Profit / (loss) for the period
—
—
1,302
1,302
Total comprehensive income / (loss) for the
period
—
—
1,302
1,302
Dividends
—
—
(122,278)
(122,278)
Other equity movements
—
—
2
2
Balance at 30 June 2022
1,020,081
260,642
593,770
1,874,493
The notes on pages 55 to 97 are an integral part of these interim condensed consolidated and Company
financial statements.
IX.Interim Condensed Consolidated Statement of Cash Flows
For the six month period ended
Note
30 June 2022
30 June 2021
Cash flows from operating activities
Cash generated from / (used in) operations
21
362,945
72,381
Income tax received / (paid)
(3,202)
16,755
Net cash generated from / (used in) operating activities
359,743
89,135
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets
10, 12
(219,598)
(110,548)
Proceeds from disposal of property, plant and equipment & intangible
assets
172
541
Share capital issue expenses
—
(4)
Purchase of subsidiary, net of cash acquired
26
404
—
Grants received
—
56
Interest received
1,105
1,415
Prepayments for right-of-use assets
(468)
(220)
Proceeds from disposal of assets held for sale
—
2,649
Proceeds from disposal of investments in equity instruments
—
360
Net cash generated from / (used in) investing activities
(218,385)
(105,751)
Cash flows from financing activities
Interest paid
(45,278)
(43,456)
Dividends paid to shareholders of the Company
(91,951)
(6)
Dividends paid to non-controlling interests
(2,061)
(580)
Proceeds from borrowings
376,400
136,816
Repayments of borrowings
(13,991)
(44,979)
Payment of lease liabilities - principal, net
(19,055)
(16,904)
Payment of lease liabilities - interest
(4,704)
(5,130)
Net cash generated from / (used in) financing activities
199,360
25,761
Net increase / (decrease) in cash and cash equivalents
340,719
9,145
Cash and cash equivalents at the beginning of the period
17
1,052,618
1,202,900
Exchange gain / (loss) on cash and cash equivalents
1,494
8,371
Net increase / (decrease) in cash and cash equivalents
340,719
9,145
Cash and cash equivalents at end of the period
17
1,394,831
1,220,416
The notes on pages 55 to 97  are an integral part of these interim condensed consolidated and Company
financial statements.
X. Interim Condensed Statement of Cash Flows of the Company
For the six month period ended
Note
30 June 2022
30 June 2021
Cash flows from operating activities
Cash generated from / (used in) continuing operations
21
44,890
644
Cash generated from / (used in) discontinued operations
21
—
(1,089)
Income tax received / (paid)
—
18,135
Net cash generated from / (used in) operating activities
44,890
17,690
Cash flows from investing activities
Participation in share capital increase of subsidiaries, associates and joint
ventures
(16,609)
(1,482)
Loans and advances to Group Companies
(18,302)
—
Interest received
1,118
2,046
Net cash generated from / (used in) investing activities from discontinued
operations
—
(50,046)
Net cash generated from / (used in) investing activities
(33,793)
(49,481)
Cash flows from financing activities
Dividends paid to shareholders of the Company
(91,951)
—
Payment of lease liabilities - principal, net
(1,494)
(1,313)
Payment of lease liabilities - interest
(264)
(325)
Net cash generated from / (used in) financing activities from discontinued
operations
—
22,221
Net cash generated from / (used in) financing activities
(93,709)
20,583
Net increase / (decrease) in cash and cash equivalents
(82,612)
(11,208)
Cash and cash equivalents at the beginning of the period
843,493
992,748
Exchange gain / (loss) on cash and cash equivalents
—
8,041
Net cash outflow due to demerger
7
(713,493)
—
Net increase / (decrease) in cash and cash equivalents
(82,612)
(11,208)
Cash and cash equivalents at end of the period
47,388
989,581
The notes on pages 55 to 97  are an integral part of these interim condensed consolidated and Company
financial statements.
XI.Notes to the Interim Condensed Consolidated and Company Financial Statement
1.GENERAL INFORMATION
HELLENIC PETROLEUM Holdings S.A. (“the Company or “HELLENIC PETROLEUM”) is the parent company
of HELLENIC PETROLEUM Group (the “Group”). In the context of the corporate transformation of the
HELLENIC PETROLEUM Group and following the decisions of the Extraordinary General Meeting of
Shareholders of 10.12.2021, on January 3, 2022, it was approved -by virtue of the decision of the Ministry of
Development and Investments No 142903/03.01.2022 and registered on 03.01.2022 in GEMI with
Registration Number 2767913-, the demerger by way of hive-down of its refining, supply and trading of oil
products and petrochemicals sector and the establishment of a new company, pursuant to the provisions
of articles 57 and 59-74 of Law 4601/2019 and Law 4548/2018. As a result, a new entity was incorporated
under the name “HELLENIC PETROLEUM SINGLE MEMBER SOCIETE ANONYME REFINING, SUPPLY AND
SALES OF OIL PRODUCTS AND PETROCHEMICALS” with the trade name “HELLENIC PETROLEUM
R.S.S.O.P.P. S.A.” and its Articles of Association were approved. HELLENIC PETROLEUM HOLDINGS S.A.
became the sole Shareholder of the Beneficiary Entity “HELLENIC PETROLEUM R.S.S.O.P.P. S.A.”, by
acquiring all 130.100.000 common, registered shares issued by the Beneficiary Entity, with a nominal value
of €10 each. Finally, Articles 1 (Name), 4 (Scope) and 19/paragraph 4 (Board of Directors) of the Articles of
Association of the Demerged Entity were amended in accordance with the resolution of the EGM held on
10.12.2021. The new corporate name of the Demerged Entity is "HELLENIC PETROLEUM HOLDINGS
SOCIETE ANONYME” and its trade name: "HELLENIC PETROLEUM HOLDINGS S.A.", while its shares will
remain listed on the Main Market of the Athens Stock Exchange. The Company acts as a holding company
and is providing administrative and financial services to its subsidiaries. The impact of the hive-down in the
Statement of Financial Position of the Demerged Entity is presented in Note 7. Comparative information in
the interim condensed statement of comprehensive income and interim condensed statement of cash
flows have been amended at the level of the Company by the presentation of the operations of demerged
sector as discontinued operations.
The aforementioned restructuring has no effect on the consolidated financial information for the current
period or comparative figures.
The Group operates in the energy sector predominantly in Greece, as well as in the wider South Eastern
Europe / East Mediterranean region. The Group’s activities include refining and marketing of oil products,
production and marketing of petrochemical products and electricity generation through renewable energy
sources. The Group is also active in exploration for hydrocarbons and provides engineering services.
Through its investments in DEPA Commercial, DEPA International Projects and Elpedison B.V., the Group
also operates in the natural gas sector and in electricity generation (through gas-fired units) and trading.
The parent company is incorporated in Greece with an indefinite corporate life and the address of its
registered office is 8A Chimarras Str., Marousi, 151 25. The shares of the Company are listed on the Athens
Stock Exchange and the London Stock Exchange through GDRs.
2. BASIS OF PREPARATION, ACCOUNTING POLICIES AND ESTIMATES
Basis of preparation of the unaudited interim condensed consolidated and
Company financial statements
The interim condensed consolidated and Company financial statements for the six months ended 30
June 2022 have been prepared in accordance with International Accounting Standard 34 (IAS 34) –
Interim Financial Reporting, and present the financial position, results of operations and cash flows of the
Group and the Company on a going concern basis.
In determining the appropriate basis of preparation of the interim condensed consolidated and Company
financial statements, the Directors are required to consider whether the Group and the Company can
continue in operational existence for the foreseeable future.  It is noted that since the activity of the
Company is directly related to the activity of its subsidiaries, the assessment of the going concern
principle of the Company is directly related to the going concern of the Group.
The future financial performance of the Group is dependent upon the wider economic environment in
which it operates. The factors that particularly affect the environment and therefore the performance of
the Group include macroeconomic conditions and supply and demand of crude oil and oil products that
affect their pricing, as well as benchmark refining margins which is a key determinant of profitability, in
the short term, as well as energy transition in the medium to long term. Furthermore, geopolitical
developments and impact on natural gas and electricity pricing, as well as compliance costs associated
arising principally from EU ETS, which together will affect variable operating expenditure.
Following the commencement of military action by Russia against Ukraine on 24 February 2022 and
restrictive measures (sanctions) against Russia imposed by a number of countries there is heightened
uncertainty in relation to the global macro-economic  environment, global economic growth is expected
to slow in the near term, increases in energy and Natural Gas costs particularly, in Europe, are driving
inflation higher and are already affecting monetary policies implemented by central banks impacting
interest and exchange rates expectations.
Further, the higher demand for energy, particularly in Europe, together with increased uncertainty on the
availability of supply of commodities (particularly crude oil, oil products, and natural gas) by Russia are
considered key factors for the increase in the price of natural gas, electricity and the cost of CO2
emissions rights which are significant cost components in the refining process.
The material financial and operational risks and uncertainties that may have an impact upon the Group’s
performance and their mitigation are outlined in Note 3 including liquidity risk, market risk, credit risk and
capital risk to these interim condensed consolidated financial statements.
At 30 June 2022, the Group held cash of €1,395 million and has a positive working capital position. Its
total interest-bearing loans and borrowings amount to €3,362 million, €2,569 million relate to committed
term facilities and €793 million to uncommitted facilities repayable on demand. Of its total borrowings,
an amount of €1,282 million of term loans and €793 million to uncommitted short-term revolving
facilities fall due within the next 12 months from the reporting date. Details of these balances and their
maturities are presented in Note 19.
Management expects that all committed borrowings maturing within the next 12 months from the
reporting date will be refinanced with similar terms and will commence discussions in the near term with
the respective lenders to extend or refinance the maturing facilities and is confident that such
discussions will conclude successfully. Moreover, as part of its long term funding strategy, Management
is able to raise funds from debt capital markets through the issuance of listed bonds. Based on their
assessment, taking into account the above and also their financial forecasts over the next 15 months
from the reporting date, Management is satisfied that the Group has sufficient liquidity to meet its
current liabilities and working capital requirements.
Based on the Group’s financial forecasts which include inter-alia the expectation of both macro and
operational factors that affect Group performance and the information available at the date of signing of
these interim condensed consolidated financial statements, the Group expects that operations will
continue to generate sufficient cash, be able to refinance its existing borrowings, and to have sufficient
current liquidity to serve all liabilities as they fall due for a period of at least 12 months from the date of
issuance of these interim condensed consolidated financial statements.
Accordingly, the Directors consider there is a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable future, being at least 12 months from
the date of issuance of these interim condensed consolidated financial statements. For this reason, they
continue to adopt the going concern basis in the preparation of these interim condensed consolidated
financial statements.
The interim condensed consolidated and Company financial statements have been prepared in
accordance with the historical cost basis, except for the following:
•financial instruments – some of which are measured at fair value
•defined benefit pension plans – plan assets measured at fair value
•assets held for sale – measured at the lower of carrying value and fair value less cost to sell
Where necessary and as described in relevant Notes, comparative figures have been reclassified to
conform to changes in the presentation of the current period (Notes 4, 12  and 20). 
These interim condensed consolidated and Company financial statements do not include all information
and disclosures required for the annual consolidated financial statements and should be read in
conjunction with the audited annual consolidated financial statements for the year ended 31 December
2021, which can be found on the Group’s website www.helpe.gr.
The interim condensed consolidated and Company financial statements for the six month period ended
30 June 2022 have been authorised for issue by the Board of Directors on 25 August 2022.
Accounting policies and the use of estimates
The preparation of the interim condensed consolidated and Company financial statements, in
accordance with IFRS, requires the use of certain critical accounting estimates and assumptions. It also
requires management to exercise its judgment in the process of applying the Group’s and Company’s
accounting policies. The areas involving a higher degree of judgment or complexity, or areas where
assumptions and estimates are significant to the interim condensed consolidated and Company financial
statements are disclosed where considered necessary. Estimates and judgements which are discussed in
detail in the Group’s annual financial statements for the year ended 31 December 2021, are continuously
evaluated and are based on historical experience and other factors, including expectations of future
events as assessed to be reasonable under the present circumstances. In addition, the Group
continuously monitors the latest government legislation in relation to climate related matters. In the six-
month period ended June 30, 2022, no legislation has been passed that would impact the Group.
New accounting policies and changes in presentation
Demerger of the refining and petrochemicals segment: The demerger was accounted for as a common
control transaction and thus does not fall under the scope of IFRS 3 'Business combination'. The refining
and petrochemicals segment's assets and liabilities were transferred at book value and an investment in
the newly established company was recognised in the parent company at the respective net book value
of the  assets and liabilities transferred.
Reclassification of comparative figures (Group and Company): Purchases of EUAs are presented in
intangible assets instead of being netted in the recognized liability for emissions (Note 12 and 20).
The effect of the above change is summarized as follows:
•Group and Company Statement of financial position as at 31 December 2021: Intangible assets
(increase) €52.8 million and  Trade and other liabilities (increase) €52.8 million (Notes 12 and 20).
Company specific:
Following the demerger of the refining and petrochemicals segment to the newly established HELPE
R.S.S.O.P.P., the scope and nature of the Company changed to providing services to the other Group
entities. The Company recognizes two types of income:
–Revenue related to charges for services provided to other Group entities.
–Other income related to the reallocation of central expenses it incurs.
New standards, interpretations and amendments adopted by the Group
The accounting policies and methods of computation used in the preparation of the interim condensed
consolidated and Company financial statements are consistent with those applied in the preparation of
the consolidated financial statements for the year ended 31 December 2021 and have been consistently
applied in all periods presented in this report except for the following IFRS amendments which have been
adopted by the Group as of 1 January 2022. Amendments and interpretations that apply for the first time
in 2022 did not have a significant impact on the interim condensed consolidated and Company financial
statements of the Group for the six month period ended 30 June 2022. These are also disclosed below.
•IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent
Liabilities and Contingent Assets as well as Annual Improvements 2018-2020 (Amendments): The
amendments are effective for annual periods beginning on or after 1 January 2022 with earlier
application permitted. The IASB has issued narrow-scope amendments to the IFRS Standards as
follows:
–IFRS 3 Business Combinations (Amendments) update a reference in IFRS 3 to the Conceptual
Framework for Financial Reporting without changing the accounting requirements for business
combinations.
–IAS 16 Property, Plant and Equipment (Amendments) prohibit a company from deducting from
the cost of property, plant and equipment amounts received from selling items produced while
the company is preparing the asset for its intended use. Instead, a company will recognise such
sales proceeds and related cost in profit or loss.
–IAS 37 Provisions, Contingent Liabilities and Contingent Assets (Amendments) specify which
costs a company includes in determining the cost of fulfilling a contract for the purpose of
assessing whether a contract is onerous.
–Annual Improvements 2018-2020 make minor amendments to IFRS 1 First-time Adoption of
International Financial Reporting Standards (not applicable for the Group), IFRS 9 Financial
Instruments, IAS 41 Agriculture (not applicable for the Group) and the Illustrative Examples
accompanying IFRS 16 Leases.
•IFRS 16 Leases - Cοvid 19 Related Rent Concessions beyond 30 June 2021 (Amendment): The
Amendment applies to annual reporting periods beginning on or after 1 April 2021, with earlier
application permitted, including in financial statements not yet authorized for issue at the date the
amendment is issued. In March 2021, the Board amended the conditions of the practical expedient in
IFRS 16 that provides relief to lessees from applying the IFRS 16 guidance on lease modifications to
rent concessions arising as a direct consequence of the covid-19 pandemic. Following the
amendment, the practical expedient now applies to rent concessions for which any reduction in lease
payments affects only payments originally due on or before 30 June 2022, provided the other
conditions for applying the practical expedient are met.
Standards issued but not yet effective and not early adopted
The Group has not early adopted any of the following standards, interpretations or amendments that
have been issued but are not yet effective. In addition, the Group is in the process of assessing all
standards, interpretations and amendments issued but not yet effective, and expects that, they will not
have any significant impact on the interim condensed consolidated and Company financial statements.
•IFRS 10 (Amendment) Consolidated Financial Statements and IAS 28 Investments in Associates and Joint
Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture: The
amendments address an acknowledged inconsistency between the requirements in IFRS 10 and
those in IAS 28, in dealing with the sale or contribution of assets between an investor and its associate
or joint venture. The main consequence of the amendments is that a full gain or loss is recognized
when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or
loss is recognized when a transaction involves assets that do not constitute a business, even if these
assets are housed in a subsidiary. In December 2015 the IASB postponed the effective date of this
amendment indefinitely pending the outcome of its research project on the equity method of
accounting. The amendments have not yet been endorsed by the EU.
•IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2, Disclosure of Accounting
policies (Amendments): The Amendments are effective for annual periods beginning on or after
January 1, 2023 with earlier application permitted. The amendments provide guidance on the
application of materiality judgements to accounting policy disclosures. In particular, the amendments
to IAS 1 replace the requirement to disclose ‘significant’ accounting policies with a requirement to
disclose ‘material’ accounting policies. Also, guidance and illustrative examples are added in the
Practice Statement to assist in the application of the materiality concept when making judgements
about accounting policy disclosures.
•IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current
(Amendments): The amendments were initially effective for annual reporting periods beginning on or
after January 1, 2022 with earlier application permitted. However, in response to the covid-19
pandemic, the Board has deferred the effective date by one year, i.e. 1 January 2023, to provide
companies with more time to implement any classification changes resulting from the amendments.
The amendments aim to promote consistency in applying the requirements by helping companies
determine whether, in the statement of financial position, debt and other liabilities with an uncertain
settlement date should be classified as current or non-current. The amendments affect the
presentation of liabilities in the statement of financial position and do not change existing
requirements around measurement or timing of recognition of any asset, liability, income or
expenses, nor the information that entities disclose about those items. Also, the amendments clarify
the classification requirements for debt which may be settled by the company issuing own equity
instruments.
In November 2021, the Board issued an exposure draft (ED), which clarifies how to treat liabilities that
are subject to covenants to be complied with, at a date subsequent to the reporting period. In
particular, the Board proposes narrow scope amendments to IAS 1 which effectively reverse the 2020
amendments requiring entities to classify as current, liabilities subject to covenants that must only be
complied with within the next twelve months after the reporting period, if those covenants are not
met at the end of the reporting period. Instead, the proposals would require entities to present
separately all non-current liabilities subject to covenants to be complied with only within twelve
months after the reporting period. Furthermore, if entities do not comply with such future covenants
at the end of the reporting period, additional disclosures will be required. The proposals will become
effective for annual reporting periods beginning on or after 1 January 2024 and will need be applied
retrospectively in accordance with IAS 8, while early adoption is permitted. The Board has also
proposed to delay the effective date of the 2020 amendments accordingly, such that entities will not
be required to change current practice before the proposed amendments come into effect. These
Amendments, including ED proposals, have not yet been endorsed by the EU.
•IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting
Estimates (Amendments): The amendments become effective for annual reporting periods beginning
on or after January 1, 2023 with earlier application permitted and apply to changes in accounting
policies and changes in accounting estimates that occur on or after the start of that period. The
amendments introduce a new definition of accounting estimates, defined as monetary amounts in
financial statements that are subject to measurement uncertainty. Also, the amendments clarify what
changes in accounting estimates are and how these differ from changes in accounting policies and
corrections of errors. 
•IAS 12 Income taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction
(Amendments): The amendments are effective for annual periods beginning on or after January 1,
2023 with earlier application permitted. In May 2021, the Board issued amendments to IAS 12, which
narrow the scope of the initial recognition exception under IAS 12 and specify how companies should
account for deferred tax on transactions such as leases and decommissioning obligations. Under the
amendments, the initial recognition exception does not apply to transactions that, on initial
recognition, give rise to equal taxable and deductible temporary differences. It only applies if the
recognition of a lease asset and lease liability (or decommissioning liability and decommissioning
asset component) give rise to taxable and deductible temporary differences that are not equal. The
Amendments have not yet been endorsed by the EU.
3. FINANCIAL RISK MANAGEMENT
The nature of operations of the Company on a stand-alone basis does not give rise to significant financial
risks. Consequently, the Financial Risk Management Note covers risks and responses related to the
Group.
The Group’s activities are primarily centered on Downstream Refining (incl. Petrochemicals) & Marketing
of petroleum products, electricity generation through renewable sources; with secondary activities
relating to exploration of hydrocarbons and through its investments in DEPA Commercial, DEPA
International Projects and Elpedison B.V., the Group also operates in the natural gas sector and in
electricity generation (through gas-fired units) and trading. As such, the Group is exposed to a variety of
financial and commodity markets’ risks including foreign exchange and commodity price, credit, liquidity,
cash flow and interest-rate risk. In line with international best practices and within the context of local
markets and legislative framework, the Group’s overall risk management policies aim at reducing
possible exposure to market volatility and / or mitigating its adverse effects on the financial position of
the Group to the extent possible. In general, the key factors that impact the Group’s operations are
summarised as follows:
Currency: The Group’s business is naturally hedged against a functional currency risk. All petroleum
industry transactions are referenced to international benchmark quotes for crude oil and oil products in
USD. All international purchases and sales of crude oil and products are conducted in USD and all sales
into local markets are either in USD prices or converted to local currency for accounting and settlement
reasons using the USD reference on the date of the transaction. As a result, the Group's operations are
mainly exposed to the risk of fluctuating the dollar exchange rate against the euro. The strengthening of
the US Dollar against the Euro has a positive effect on the Group’s financial results while in the opposite
event, both the financial results and balance sheet items (inventory, receivables in US dollar) would be
valued at lower levels.
Prices: The Group is exposed to the risk of fluctuations in prevailing market prices. Commodity price risk
management is supervised by the Supply and Trading Department. During the period ended 30 June
2022, the Group entered into certain derivatives to hedge cash flows related to purchases and sales of
crude oil and petroleum products. The Group has also entered into derivative transactions to hedge the
cash flow risk arising from the acquisition of the EUAs it has sold during 2021, in time to fulfill its
obligation as part of the EUA scheme. Non-commodity price risk management is carried out by the
Finance Department under policies approved by the Board of Directors. Group Finance identifies and
evaluates financial risks in close co-operation with the Group’s operating units.
Continuous crude oil supplies: The Group procures crude oil from a number of suppliers, including
national oil companies and international traders primarily in, but not limited to, the Middle East, North
Africa and Black Sea region. The process of sourcing of crude oil is coordinated by the Supply and Trading
department in line with production plans. Following the recent developments in Ukraine, and the
imposition of economic sanctions against the Russian Federation, the Group has successfully
substituted its crude oil and intermediary feedstock supply originating from the Russian Federation with
equivalent quantities and grades from other sources. The Group’s three coastal refineries location the
flexibility given by the different technology of each refinery, provide access to a wide range of feedstock
sourcing opportunities and raw material feed mix, which enables the Group to respond to supply
shortages of certain crude grades without materially affecting its operations and financial performance.
Financing of operations: The key priorities of the Group have been the management of the ‘Assets and
Liabilities’ maturity profile, funding in accordance with its strategic investment plan and ensuring liquidity
for its operational needs. As a result of these key priority initiatives and in line with its medium term
financing plan, the Group has maintained a mix of committed long term credit facilities and uncommitted
short term credit facilities by taking into consideration bank and debt capital markets’ credit capacity as
well as cash flow planning and commercial requirements.
As of 30 June 2022, approximately 76% of total debt (approximately 80% as of 31 December 2021) is
financed by committed credit lines while the remaining debt is being financed by short term credit
facilities (bilateral lines). Further details of the relevant loans are provided in Note 19, “Interest bearing
loans and borrowings”.
The Group’s plans with respect to facilities expiring within the next 12 months are presented below in
million Euros.
Contractual Repayments
H2 2022
H1 2023
Total
Scheduled for
Repayment
Scheduled for
Refinancing /
extention
Bond loan €400 million
385
-
385
-
385
Bond loan €400 million
400
400
-
400
Bond loan €400 million
-
400
400
400
Bond loan €100 million
100
-
100
-
100
Aioliki Energriaki Achladotopos
1
1
2
2
-
Aioliki Energriaki Evoias
1
1
2
2
-
Total
887
402
1,289
4
1,285
The Group’s bilateral lines are uncommitted credit facilities with various banks to finance general
corporate needs, which have been consistently renewed in the last 20 years in accordance with the
Group’s finance needs. The Group expects it will be able to continue to renew these in the future or will
refinance part of them with term loans. The outstanding balance of these bilateral lines as at 30 June
2022 is €808 million.
The interim condensed consolidated and Company financial statements do not include all financial risk
management information and disclosures required in the annual consolidated financial statements and
should be read in conjunction with the Group’s annual consolidated financial statements as at 31
December 2021.
There have been no changes in the risk management or in any risk management policies since 31
December 2021.
Capital management
Another key priority of the Group has been the management of its Assets. Overall the Group has
approximately €5 billion of capital employed which is driven from investment in fixed assets, working
capital and its investment in its associates and joint ventures. Current assets, primarily comprising of
working capital (inventories and receivables), are mainly funded with current liabilities, including short
term bank debt. which are used to finance working capital (inventories and receivables). 41% of total
capital employed is financed through net debt excluding leases, while the remaining 59% is financed
through shareholders equity.
Fair value estimation
The table below analyses financial instruments carried at fair value, categorised within the fair value
hierarchy based on the lowest level input that is significant to the fair value measurement as a whole. The
different levels are defined as follows:
•Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).
•Inputs other than quoted prices included within level 1 that are observable for the asset or
liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).
•Inputs for the asset or liability that are not based on observable market data (that is,
unobservable inputs) (level 3). 
The following table presents the Group’s assets and liabilities that are measured at fair value at 30 June
2022:
Total
Level 1
Level 2
Level 3
balance
Assets
Derivatives at fair value through the income statement
—
17,008
—
17,008
Investment in equity instruments
483
—
—
483
Assets held for sale
—
193,993
—
193,993
483
211,001
—
211,484
Liabilities
Derivatives at fair value through the income statement
—
374
—
374
Derivatives used for hedging
—
245
—
245
—
619
—
619
The following table presents the Group’s assets and liabilities that are measured at fair value at 31
December 2021:
Level 1
Level 2
Level 3
Total
balance
Assets
Derivatives at fair value through the income statement
—
92,143
—
92,143
Investment in equity instruments
504
—
—
504
Assets held for sale
—
191,577
—
191,577
504
283,720
—
284,224
Liabilities
Derivatives at fair value through the income statement
—
1,428
—
1,428
Derivatives used for hedging
—
1,646
—
1,646
—
3,074
—
3,074
The fair value of financial instruments traded in active markets is based on quoted market prices at the
balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from
an exchange, dealer, broker, industry Group, pricing service, or regulatory agency. These financial
instruments are included in level 1.
The fair value of financial instruments that are not traded in an active market (for example, over-the-
counter derivatives) is determined by using valuation techniques. These valuation techniques maximise
the use of observable market data where it is available and rely as little as possible on entity specific
estimates. If all significant inputs required to fair value an instrument are observable, the instrument is
included in level 2.
If one or more of the significant inputs are not based on observable market data, the instrument is
included in level 3.
Specific valuation techniques used to value financial instruments include:
•Quoted market prices or dealer quotes for similar instruments.
•The fair value of commodity swaps is calculated as the present value of the estimated future
cash flows based on observable yield curves.
There were no changes in valuation techniques during the period. There were no transfers between
levels during the six month period ended 30 June 2022.
The fair value of Euro denominated Eurobonds as at 30 June 2022 was €598 million (31 December 2021:
€611 million), compared to its book value of €595 million (31 December 2021: €594 million). The
remaining borrowings are not traded in an active market and are based on Euribor rate and therefore
their fair value approximates their book value. The fair values of borrowings are within level 2 of the fair
value hierarchy.
The fair value of the following financial assets and liabilities approximate their carrying amount due to
their short term nature:
•Trade receivables
•Cash and cash equivalents
•Trade and other payables
4. ANALYSIS BY OPERATING SEGMENT
Group’s Executive Committee reviews the Group’s internal reporting in order to assess performance and
allocate resources. Management has determined the operating segments based on these reports. The
committee assesses performance taking into account a number of measures which may vary depending
on the nature and evolution of a business segment by taking into account the risk profile, cash flow,
product and market considerations. Information provided to the committee is measured in a manner
consistent with that of the financial statements.
To better reflect the way Management monitors the International segment and since its operations
relate only to wholesale trading, OKTA AD Skopje balances have been reclassified from the Refining
segment to the International Marketing segment, as compared to the consolidated annual financial
statements for the year ended 31 December 2021. The respective change has been applied to the
comparatives as well. The effect of this change for both periods is presented in the below table:
For the six month period ended 30 June 2022
Refining
Marketing
Gross Sales
(13,634)
449,359
Inter-segmental Sales
(435,725)
Revenue from contracts with customers
(449,359)
449,359
EBITDA
(15,410)
15,410
Depreciation & Amortisation (PPE & Intangibles)
1,212
(1,212)
Depreciation of Right-of-Use assets
103,000
(103,000)
Operating profit / (loss)
(14,095)
14,095
Currency exchange gains / (losses)
218,000
(218,000)
Finance (expense) / income - net
118,000
(118,000)
Lease finance cost
5,000
(5,000)
Profit / (loss) before income tax
(13,754)
13,754
For the six month period ended 30 June 2021
Refining
Marketing
Gross Sales
(13,702)
159,190
Inter-segmental Sales
(145,488)
Revenue from contracts with customers
(159,190)
159,190
EBITDA
(6,388)
6,388
Depreciation & Amortisation (PPE & Intangibles)
1,285
(1,285)
Depreciation of Right-of-Use assets
82,000
(82,000)
Operating profit / (loss)
(5,021)
5,021
Currency exchange gains / (losses)
71,000
(71,000)
Finance (expense) / income - net
60,000
(60,000)
Lease finance cost
3,000
(3,000)
Profit / (loss) before income tax
(4,887)
4,887
There has been no material change in the definition of segments or the segmental analysis of total assets
or total liabilities from the amounts disclosed in the consolidated annual financial statements for the year
ended 31 December 2021.
Financial information regarding the Group’s operating segments for the six month period ended 30 June 2022 and 30 June 2021 is presented below:
For the six month period ended 30 June 2022
Group
Refining
Marketing
Exploration &
Production
Petro-chemicals
RES,
Gas & Power
associates
Other
Total
Gross Sales
6,165,466
2,820,075
—
218,422
13,281
32,118
9,249,362
Inter-segmental Sales
(2,439,784)
(263)
—
(7,710)
(28)
(24,263)
(2,472,048)
Revenue from contracts with customers
3,725,682
2,819,812
—
210,712
13,253
7,854
6,777,314
EBITDA
1,114,715
77,007
(9,897)
48,761
8,412
283
1,239,281
Depreciation & Amortisation (PPE & Intangibles)
(96,093)
(23,158)
(119)
(2,665)
(5,836)
(3,374)
(131,245)
Depreciation of Right-of-Use assets
(1,594)
(15,835)
(16)
(9)
(178)
(2,269)
(19,901)
Operating profit / (loss)
1,017,028
38,014
(10,032)
46,087
2,398
(5,360)
1,088,135
Currency exchange gains / (losses)
588
649
—
—
—
2
1,239
Share of profit / (loss) of investments in associates & joint ventures
(105)
135
—
—
68,131
—
68,161
Finance (expense) / income - net
(43,260)
(4,242)
(57)
49
(4,795)
2,359
(49,946)
Lease finance cost
(197)
(4,165)
(2)
(20)
(109)
(211)
(4,704)
Profit / (loss) before income tax
974,054
30,391
(10,091)
46,116
65,625
(3,211)
1,102,884
Income tax expense
(230,571)
Profit / (loss) for the period
872,313
Profit / (loss) attributable to non-controlling interests
(3,196)
Profit / (loss) for the period attributable to the owners of the parent
869,117
For the six month period ended 30 June 2021
Group
Refining
Marketing
Exploration &
Production
Petro-chemicals
RES,
Gas & Power
associates
Other
Total
Gross Sales
3,437,430
1,264,916
—
187,769
2,102
8,391
4,900,608
Inter-segmental Sales
(934,302)
(1,757)
—
—
—
(7,483)
(943,541)
Revenue from contracts with customers
2,503,128
1,263,159
—
187,769
2,102
908
3,957,067
EBITDA
268,710
49,062
(4,734)
81,311
946
(4,244)
391,051
Depreciation & Amortisation (PPE & Intangibles)
(79,912)
(22,077)
(323)
(2,689)
(550)
(258)
(105,809)
Depreciation of Right-of-Use assets
(3,103)
(16,193)
(26)
(1,577)
(119)
436
(20,582)
Operating profit / (loss)
185,695
10,792
(5,083)
77,045
277
(4,066)
264,660
Currency exchange gains / (losses)
8,041
179
—
—
—
(3)
8,217
Share of profit of investments in associates & joint ventures
1,496
262
—
—
30,723
—
32,481
Finance (expense) / income - net
(27,494)
(4,962)
(482)
33
(735)
(15,040)
(48,680)
Lease finance cost
(566)
(4,566)
(3)
(27)
(68)
100
(5,130)
Profit / (loss) before income tax
167,172
1,705
(5,568)
77,051
30,197
(19,009)
251,548
Income tax expense
(45,103)
Profit / (loss) for the period
206,445
Profit / (loss) attributable to non-controlling interests
(1,517)
Profit / (loss) for the period attributable to the owners of the parent
204,928
* Other segment relates to Group entities, which provide treasury, consulting and engineering services and includes inter-segment eliminations for
depreciation of right of use assets and lease finance cost.
** EBITDA is calculated as Operating profit/(loss) per the statement of comprehensive income plus depreciation and amortisation.
Inter-segment sales primarily relate to sales from the refining segment to other operating segments
An analysis of the Group’s revenue from contracts with external customers by type of market (domestic,
aviation & bunkering, exports and international activities) and business unit is presented below:
Group
For the six month period ended 30 June 2022
Revenue from contracts with
customers
Refining
Marketing
Petro-
chemicals
Gas & Power
Other
Total
Domestic
1,054,048
1,227,635
73,198
13,253
7,328
2,375,464
Aviation & Bunkering
450,684
584,467
—
—
—
1,035,151
Exports
2,220,950
—
137,514
—
526
2,358,990
International activities
—
1,007,710
—
—
—
1,007,710
Total
3,725,682
2,819,812
210,712
13,253
7,854
6,777,314
Group
For the six month period ended 30 June 2021
Revenue from contracts with
customers
Refining
Marketing
Petro-
chemicals
Gas & Power
Other
Total
Domestic
445,930
843,409
61,596
2,102
683
1,353,720
Aviation & Bunkering
166,996
163,743
—
—
—
330,739
Exports
1,731,161
824
126,173
—
226
1,858,385
International activities
159,041
255,184
—
—
—
414,225
Total
2,503,128
1,263,159
187,769
2,102
909
3,957,067
5. OTHER OPERATING INCOME / (EXPENSES) AND OTHER GAINS / (LOSSES)
Group
For the six month period ended
For the three month period ended
30 June 2022
30 June 2021
30 June 2022
30 June 2021
Other operating income and other gains
Income from Grants
342
395
167
175
Services to 3rd Parties
1,191
1,442
990
792
Rental income
4,512
2,624
1,978
1,721
Insurance compensation
139
53
124
53
Gains on disposal of non-current assets
46
731
46
182
Gains from discounting of long-term receivables and
liabilities
1,392
2,195
694
829
Other
6,711
9,729
5,143
7,360
Total
14,332
17,170
9,141
11,113
Other operating expenses and other losses
Covid-19 related expenses
(3,817)
(8,482)
(1,357)
(4,839)
Loss on disposal of non-current assets
(28)
(298)
(10)
(94)
Impairment of fixed assets
(4,328)
(1,293)
(4,328)
(1,293)
Loss from discounting and impairment of long-term
receivables and liabilities
(306)
(352)
(237)
(159)
VRS
(4,600)
—
—
—
Other
(5,641)
(604)
(3,510)
(604)
Total from continuing operations
(18,720)
(11,029)
(9,442)
(6,989)
Other operating income / (expenses) and other
gains / (losses) - Net
(4,388)
6,141
(301)
4,124
Other operating income / (expenses) and other gains / (losses) include amounts which do not relate to
the principal trading activities of the Group.
Other category of other operating income and other gains mainly includes reversal of unutilised
provisions.
Covid-19 related expenses of €3.8 million (30 June 2021: €8.5 million) comprise of €0.5 million (30 June
2021: €3.7 million) payroll costs mainly related to required modifications in the working shifts in the
refineries and €3.3 million for protective measures in Group’s premises (30 June 2021: €3.7 million). In
Addition, an amount of €1.1 million relates to other expenses related to Covid-19 during the period
ended on 30 June 2021.
Rental income relates to long term rental of petrol stations, let to dealers.
Company
For the six month period ended
For the three month period ended
30 June 2022
30 June 2021
30 June 2022
30 June 2021
Other operating income and other gains
Services to 3rd Parties
137
198
72
101
Recharges to Subsidiaries
9,849
—
6,635
—
Rental income
817
653
410
326
Other
241
—
241
—
Total from continuing operations
11,044
851
7,358
427
Other operating income and other gains from
discontinued operations
—
11,611
—
8,197
Total
11,044
12,462
7,358
8,624
Other operating expenses and other losses
Covid-19 related expenses
(227)
—
(93)
—
Centralised Group expenses
(9,018)
—
(5,800)
—
Other
—
(753)
—
(753)
Total from continuing operations
(9,245)
(753)
(5,893)
(753)
Other operating expenses and other losses from
discontinued operations
—
(32,852)
—
(30,253)
Total
(9,245)
(33,605)
(5,893)
(31,006)
Other operating income / (expenses) and other
gains / (losses) - Net
1,799
(21,143)
1,465
(22,382)
Recharges to subsidiaries relate to centralized Group expenses and other administrative expenses, such
as legal, finance and procurement expenses,  that the Company incurs which are subsequently invoiced
at cost.
6. CURRENCY EXCHANGE GAINS / (LOSSES)
Group consolidated foreign currency exchange gain of €1.2 million reported for the six month period
ended 30 June 2022, mainly relate to unrealized losses arising from the valuation of bank accounts
denominated in foreign currency (mostly USD). The corresponding amount for the six month period
ended 30 June 2021 was a gain of €8.2 million.
7. INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES
The amounts represent the Group’s share of the net profit / (losses) from associated companies and
joint ventures accounted for on an equity accounting basis, which are analysed as follows:
For the six month period ended
For the three month period ended
Group
30 June 2022
30 June 2021
30 June 2022
30 June 2021
DEPA Commercial S.A.
43,506
7,948
9,703
3,882
DEPA Infrastructure S.A.
—
7,187
—
(19)
DEPA International Projects S.A.
(426)
(302)
(147)
(73)
ELPEDISON B.V.
25,051
15,890
10,242
7,889
DMEP
(250)
1,647
1,754
973
Other associates
280
111
257
142
Total
68,161
32,481
21,809
12,794
The Group is active in power generation, trading and supply in Greece through its 50% shareholding in
Elpedison B.V., a joint venture entity with EDISON S.p.A.. The Group accounts for Elpedison B.V. using
the equity method and as such, the Group’s 50% share of the consolidated results of Elpedison B.V.
appear under “Share of profit of investments in associates and joint ventures” and its 50% share of net
assets under “Investment in associates and joint ventures”. Based on the improved results of Elpedison
during the six month period ended on 30 June 2022 there is no indication of impairment.
The Group’s subsidiary company, HELLENIC PETROLEUM International AG, participates in the
shareholding of DMEP Holdco Ltd (48% shareholding). DMEP HoldCo Ltd is incorporated in the UK and
ultimately owns 100% of “OTSM S.A. of Maintenance Compulsory Stocks and Trading of Crude Oil and
Petroleum Products” (OTSM). OTSM is established under Greek law and is fully permitted to provide
crude oil and petroleum products stock keeping and management services. The Group has delegated
part of its compulsory stock keeping obligations to OTSM, reducing its stock holding by approximately 25
kMT (31 December 2021: 31 kMT), at a fee calculated in line with the legal framework. All Group’s
transactions with OTSM are included in Note 22.
Following the signing of the sale and purchase agreement for the shares of DEPA Infrastructure with
ITALGAS SpA on 10 December 2021, the investment has been classified in assets held for sale. From the
date of classification as held for sale, the application of the equity method was discontinued and the
investment is held at the lower of carrying value and fair value less cost to sell. The share of results of
DEPA Infrastructure, up to 30 November 2021, are presented in the consolidated statement of
comprehensive income / (loss) in share of profit / (loss) of investments in associates and joint ventures.
At the date of authorisation of the condensed financial statements all approvals by the local regulatory
authorities have been granted and the formal closing of the transaction is expected to take place in the
third quarter.
In January 2020, the HRADF launched an international public tender process for the sale of 65% in the
share capital of DEPA Commercial S.A.. HELLENIC PETROLEUM Holdings S.A., in a joint venture with
EDISON S.p.A., is among the interested parties. In June 2020, Phase A of the tender process was
completed, with seven interested parties meeting the criteria to participate in Phase B (Binding Offers
Phase). The Fund and HELPE have entered into a Memorandum of Understanding (MoU) in the event that
HELPE is not selected as preferred bidder, the granting by HELPE to the preferred bidder of a call option
and the granting by the preferred bidder to HELLENIC PETROLEUM Holdings S.A. of a put option
respectively, regarding HELLENIC PETROLEUM Holdings S.A.’s shareholding in DEPA Commercial, which
will enable HELLENIC PETROLEUM Holdings S.A exit from a minority participation. The privatisation
procedure was suspended during the second quarter of 2021. As such, DEPA Commercial continues to
be accounted for and included in these consolidated financial statements as an associate.
The Company’s movement of investment in subsidiaries, associates and joint ventures is as follows:
Company
As at
30 June 2022
31 December 2021
Beginning of  the year
933,596
1,064,566
Recognition of investment in HELPE R.S.S.O.P.P.
702,304
—
Transfers due to demerger
(24,979)
—
Increase  /  (Decrease) in share capital of subsidiaries and JV
16,607
22,656
(Impairment) of investments / Reversal of impairment
—
(31,325)
Transfers from investments to "Assets held for sale"
—
(122,301)
End of the year
1,627,528
933,596
On 3rd January 2022 the new corporate structure was completed by way of a hive-down of its refining,
supply and trading of oil products and petrochemicals sector and the establishment of a new subsidiary
entity whose sole Shareholder is the Company (Note 1). As part of the hive-down, the Company
transferred its investments in the subsidiaries Asprofos S.A., Diaxon S.A., HELPE Apollon Maritime Co,
Global Albania S.A. and Athens Airport Fuel Pipeline Company S.A. to the new subsidiary and retained the
remaining investments in subsidiaries and a new investment in HELPE R.S.S.O.P.P was recognised.
The following table presents the split between continuing and discontinued operations for all the lines of
the statement of comprehensive income of the Company:
For the six month period ended
For the three month period ended
30 June 2021
30 June 2021
Continuing
Operations
Discontinued
Operations
Published
Continuing
Operations
Discontinued
Operations
Published
Revenue from contracts with
customers
—
3,625,199
3,625,199
—
2,052,735
2,052,735
Cost of sales
—
(3,286,733)
(3,286,733)
—
(1,949,526)
(1,949,526)
Gross profit / (loss)
—
338,466
338,466
—
103,209
103,209
Selling and distribution expenses
—
(46,214)
(46,214)
—
(25,434)
(25,434)
Administrative expenses
(1,058)
(37,212)
(38,270)
(529)
(19,088)
(19,617)
Exploration and development
expenses
—
(54)
(54)
—
(24)
(24)
Other operating income and other
gains
851
11,611
12,462
427
8,197
8,624
Other operating expense and other
losses
(753)
(32,852)
(33,605)
(753)
(30,253)
(31,006)
Operating profit /(loss)
(959)
233,744
232,785
(854)
36,607
35,752
Finance income
2,046
884
2,930
1,022
397
1,419
Finance expense
—
(45,753)
(45,753)
(166)
(22,799)
(22,965)
Finance expense - lease finance cost
(325)
(264)
(589)
—
(284)
(284)
Currency exchange gain / (loss)
—
8,041
8,041
—
2,943
2,943
Profit / (loss)  before income tax
762
196,652
197,414
1
16,865
16,865
Income tax credit / (expense)
(168)
(44,269)
(44,437)
(83)
(206)
(289)
Profit / (loss) for the period
595
152,382
152,977
(82)
16,659
16,576
Other comprehensive income /
(loss):
Other comprehensive income /
(loss) that will not be reclassified to
profit or loss (net of tax):
Actuarial gains / (losses) on defined
benefit pension plans
—
(1,163)
(1,163)
—
(1,163)
(1,163)
Share of other comprehensive
income / (loss) of associates
—
(345)
(345)
—
(306)
(306)
Net other comprehensive income /
(loss) that will not be reclassified to
profit or loss (net of tax):
—
(1,508)
(1,508)
—
(1,469)
(1,469)
Other comprehensive income /
(loss) that may be reclassified
subsequently to profit or loss (net
of tax):
Recycling of (gains) / losses on
hedges through comprehensive
income
—
(31,794)
(31,794)
—
27,466
27,466
Currency translation differences and
other movements
—
28,115
28,115
—
(31,794)
(31,794)
Net other comprehensive income /
(loss) that may be reclassified
subsequently to profit or loss (net
of tax):
—
(3,679)
(3,679)
—
(4,328)
(4,328)
Other comprehensive income /
(loss)  for the period, net of tax
—
(5,187)
(5,187)
—
(5,797)
(5,797)
Total comprehensive income /
(loss) for the period
595
147,195
147,790
(82)
10,862
10,779
The following table presents the assets, liabilities and equity accounts transferred to “HELLENIC
PETROLEUM R.S.S.O.P.P. S.A.”
Opening Balances 3/1/2022
HELPE S.A. prior
to demerger
Balances
transferred to
HELPE
R.S.S.O.P.P. S.A.
Recognition of
HELPE Holdings'
S.A. participation
in HELPE
R.S.S.O.P.P. S.A.
HELPE Holdings
S.A. Balances
ASSETS
Non-current assets
Property, plant and equipment
2,707,520
2,705,990
—
1,531
Right-of-use assets
26,547
15,705
—
10,841
Intangible assets
53,863
53,589
—
273
Investments in associates and joint ventures
933,594
24,979
702,304
1,610,919
Deferred income tax assets
—
—
—
10,996
Investment in equity instruments
—
—
—
—
Loans, advances and long term assets
143,172
41,126
—
102,046
3,864,696
2,841,390
702,304
1,736,606
Current assets
Inventories
1,345,606
1,345,606
—
—
Trade and other receivables
601,890
558,247
—
43,643
Income tax receivables
13,898
13,898
—
—
Assets held for sale
—
—
—
—
Derivative financial instruments
92,143
92,143
—
—
Cash and cash equivalents
843,493
713,493
—
130,000
2,897,031
2,723,388
—
173,643
Assets held for sale
122,338
—
—
122,338
Total assets
6,884,065
5,564,778
702,304
2,032,587
EQUITY
Total equity
1,994,635
702,304
—
1,994,634
LIABILITIES
Non-current liabilities
Interest bearing loans & borrowings
1,149,696
1,149,696
—
—
Lease liabilities
16,532
8,245
—
8,288
Deferred income tax liabilities
60,807
71,803
—
—
Retirement benefit obligations
174,211
165,422
—
8,790
Provisions
22,248
22,248
—
—
Other non-current liabilities
11,956
6,737
—
5,219
1,435,451
1,424,150
—
22,297
Current liabilities
Trade and other payables
2,092,566
2,080,963
—
11,604
Derivative financial instruments
2,214
2,214
—
—
Income tax payable
416
416
—
—
Interest bearing loans & borrowings
1,349,300
1,349,300
—
—
Lease liabilities
8,216
5,431
—
2,785
Dividends payable
1,267
—
—
1,267
3,453,979
3,438,324
—
15,657
Total liabilities
4,889,430
4,862,474
—
37,953
Total equity and liabilities
6,884,065
5,564,778
—
2,032,587
No material transactions took place in the period between the year end and the date of the hive down.
8. INCOME TAX
The income tax (expense) / credit relating to components of comprehensive income, is as follows:
Group
For the six month period ended
For the three month period ended
30 June 2022
30 June 2021
30 June 2022
30 June 2021
Current tax
(145,895)
(3,351)
(117,367)
(1,907)
Prior year tax
2,373
3,058
2,280
483
Deferred tax
(87,048)
(44,810)
(26,582)
(2,524)
Total credit / (expense)
(230,570)
(45,103)
(141,669)
(3,948)
The corporate income tax rate of legal entities in Greece for the period ended 30 June 2022 is 22%
(30 June 2021: 22%). This was enforced according to the provisions of Law 4799/2021, issued in May
2021, where the corporation income tax rate was amended to 22%, effective from tax year 2021
onwards.
The deferred tax charge of €87.0 million included within income taxes mainly relates to the utilization of
tax losses that arose during previous years and carried forward, as well as utilisation of deferred tax asset
relating to thin capitalization. As at 30 June 2022 the deferred tax asset on tax losses carried forward was
fully utilised (31 December 2021: €48.7 million).
In accordance with thin capitalization rules the net interest expense is deductible up to a certain
percentage of tax EBITDA. This resulted in a deferred tax asset, which as at  30 June 2022 was fully
utilised (31 December 2021: €39.1 million).
In accordance with the applicable tax provisions, tax audits in Group companies are conducted as follows:
a.Audits by Certified Auditors - Tax Compliance Report
Effective from fiscal years ending 31 December 2011 onwards, Greek companies meeting certain criteria
can obtain an “Annual Tax Compliance Report” as provided for by par. 5, article 82 of L.2238/1994 and
article 65A of L. 4174/2013, as of 2014, from their statutory auditor with regards to compliance with tax
law. The issuance of a Tax Compliance Report under certain conditions, substitutes the full tax audit by
the tax authorities, however the tax authorities reserve the right of future tax audit taking into
consideration the statute of limitation provisions.
All Group companies based in Greece have received unqualified Tax Compliance Reports by their
respective statutory auditor for fiscal years up to 2020 inclusive. The management expects that the
same will also apply for the year ended 31 December 2021.
b.Audits by Tax Authorities
The parent company and its most significant subsidiaries are audited by the tax authorities for the
following financial years:
Company name
HELLENIC PETROLEUM HOLDINGS S.A.
Financial years up to (and including) 2011 and financial year 2014
EKO S.A.
Financial years up to (and including) 2010
HELLENIC FUELS & Lubricants S.A. (former HELLENIC
FUELS S.A.)
Financial years up to (and including) 2011
According to the general provisions, financial years up to (and including) 2015 are time-barred.
It is also noted that EKO S.A. and Hellenic Fuels & Lubricants S.A. (former Hellenic Fuels S.A.) were
merged in 2016 (transformation balance sheet as on 31/12/2015).
Notwithstanding the possibility of future tax audits, Group management believes that no additional
material liability will arise as a result of unaudited tax years over and above the tax liabilities and
provisions recognised in the interim condensed consolidated and Company financial statements as of
30 June 2022 (Note 24).
As of 30 June 2022, the income tax receivables include an amount of €14.0 million advanced by the
Group, relating to uncertain tax positions (as explained in Note 24) relating to income taxes and related
interest and penalties (31 December 2021: €14.0 million). The timing of the finalization of these disputes
cannot be estimated and the Group has classified these amounts as current assets.
Company
For the six month period ended
For the three month period ended
30 June 2022
30 June 2021
30 June 2022
30 June 2021
Current tax
(377)
(168)
(323)
(83)
Deferred tax
(55)
—
(78)
—
Total credit / (expense) from continuing operations
(432)
(168)
(401)
(83)
Total tax credit / (expense) from discontinued operations
—
(44,269)
—
—
Total credit / (expense) from discontinued operations
—
(44,269)
—
—
Total credit / (expense)
(432)
(44,437)
(401)
(83)
9. EARNINGS / (LOSSES) PER SHARE
For the six month period ended
For the three month period ended
Group
30 June 2022
30 June 2021
30 June 2022
30 June 2021
Earnings / (losses) per share attributable to the
Company Shareholders (expressed in Euro per share):
2.84
0.67
1.71
0.17
Net income / (loss) attributable to ordinary shares 
(Euro in thousands)
869,117
204,928
523,912
52,464
Weighted average number of ordinary shares
305,635,185
305,635,185
305,635,185
305,635,185
Basic earnings / (losses) per share are calculated by dividing the net profit / (loss) attributable to equity
holders of the Company by the weighted average number of ordinary shares in issue during the period,
excluding the weighted average number of treasury shares. As of 30 June 2022 and 30 June 2021, there
were no treasury shares. Diluted earnings / (losses) per share equal basic earnings (losses) per share.
10. PROPERTY, PLANT AND EQUIPMENT
Group
Land
Buildings
Plant &
Machinery
Transport
ation
means
Furniture
and
fixtures
Assets
Under
Con-
struction
Total
Net Book Value
As at 1 January 2021
307,768
412,499
2,420,787
23,949
54,747
160,063
3,379,813
Additions
1,757
2,908
4,309
77
2,886
96,184
108,121
Disposals
(15)
(69)
(51)
(26)
(64)
—
(225)
Depreciation for the period
—
(12,964)
(80,835)
(1,370)
(6,374)
—
(101,543)
Capitalised projects
—
3,513
9,847
25
84
(13,469)
—
Impairment/write off
—
(87)
—
—
—
(20)
(107)
Currency translation effects
4
2
—
—
1
(3)
4
Transfers and other movements
(1)
402
1,015
465
—
(5,886)
(4,005)
Net Book Value at 30 June 2021
309,512
406,203
2,355,072
23,121
51,281
236,870
3,382,058
 
 
 
 
 
 
 
Net Book Value
As at 1 January 2022
310,771
419,690
2,367,713
21,421
56,152
309,058
3,484,805
Additions
20,097
54,735
8,107
821
3,204
116,434
203,397
Disposals
—
(14)
(11)
(1)
(4)
(496)
(526)
Depreciation for the period
(517)
(13,894)
(103,222)
(1,028)
(6,405)
—
(125,066)
Capitalised projects
—
6,930
228,199
152
141
(235,421)
—
Impairment/write off
—
—
(4,328)
—
—
—
(4,328)
Currency translation effects
33
18
(10)
—
(5)
(2)
35
Transfers and other movements
—
(33)
(3,133)
416
(2)
(11,906)
(14,657)
Net Book Value at 30 June 2022
330,384
467,433
2,493,315
21,781
53,081
177,667
3,543,661
Additions mainly include:
•Capital expenditures in the refining segment that mainly relate to projects of general turnaround
in Eleusina Refinery, long-term maintenance and upgrades of the refining units (€83million).
These amounts are included in assets under construction and are reclassified into the relevant
asset class when the projects are completed.
•The purchase of the Group's headquarters building in Athens for €67 million. The building was
previously leased from a third party (Note 11) and is now owned by the newly established wholly
owned subsidiary Helpe Real Estate S.A. (Note 26).
•Costs associated with the acquisition of PV parks companies in February 2022. The Group
completed the acquisition of Tanagra Solar Energeiaki S.A. and S.Aether Energeiaki S.A., with a
total cost of investment of €20 million. The transaction was accounted for as an asset
acquisition. The total consideration of €26 million was allocated to the identifiable assets and
liabilities based on their relative fair value.
The purchase consideration and the fair value of the assets and liabilities acquired are presented
below:
€
Intangibles
14,799
PPE
8,833
Cash acquired
404
Other LT assets
1,579
Other ST assets and liabilities - net
(55)
Acquisition consideration
25,560
•Construction costs incurred during the first half and included in the assets under construction
additions that relate to the photovoltaic park in Kozani’s wider region amounting to €11 million.
Capitalised projects mainly relate to the completion of the photovoltaic park in Kozani’s wider region
(€127 million) which became operational in the second quarter of 2022 and to completed projects of the
refining segment (€107 million).
Transfers and other movements’ include the transfer of computer software development costs to
intangible assets and the transfer of spare parts for the refinery units between inventories and fixed
assets.
During 2022 an amount of €2.0 million (30 June 2021: €1.7 million) in respect of interest has been
capitalised within Assets Under Construction relating to the refining segment, at an average borrowing
rate of 2.95% (30 June 2021: 3.17%). 
Plant and machinery include the pipeline connecting Thessaloniki and Skopje, which is an asset of the
Group’s subsidiary Vardax S.A. and has been tested for impairment according to the requirements of IAS
36 in the financial statements for the year ended 31 December 2021. Based on this impairment test, the
Group concluded that the carrying amount of the asset is recoverable. However, and considering the
further delay of commencement of operation due to administrative procedures, Management carried out
an impairment test according to the requirements of IAS 36 as of 30 June 2022. Based on this impairment
test, the Group concluded that the carrying amount of the asset should be written down by a further €4.3
million during 2022 (included in “Impairment / write offs”) to its recoverable amount. This amount is
recorded in the consolidated statement of comprehensive income in “other operating expenses and
other losses” for the period ended 30 June 2022. The accumulated impairment as of 30 June 2022 is
€15.8 million.
For the remaining CGUs, Management concluded that there were no indicators of impairment.
11. RIGHT OF USE ASSETS
Group
Petrol
station
properties
Commercial
Properties
Plant &
Machinery
Motor
Vehicles
Other
Total
Net Book Value
As at 1 January 2021
182,995
21,771
10,910
18,855
1,010
235,541
Additions
2,512
8,667
—
386
135
11,699
Derecognition
(1,361)
—
—
(11)
—
(1,372)
Modification
6,920
632
1
(56)
—
7,497
Depreciation for the period
(13,240)
(2,346)
(1,002)
(3,968)
(27)
(20,582)
Currency translation effects
1
—
—
2
—
3
Net Book Value at 30 June 2021
177,827
28,724
9,909
15,207
1,118
232,785
Net Book Value
As at 1 January 2022
174,313
26,775
8,903
17,048
1,337
228,375
Additions
2,193
469
—
1,581
25
4,268
Derecognition
(1,279)
(9,204)
—
30
(30)
(10,483)
Modification
6,538
186
—
74
—
6,798
Depreciation for the period
(12,552)
(2,265)
(1,003)
(4,040)
(42)
(19,901)
Impairment/ Write off
—
(27)
—
8
—
(19)
Currency translation effects
6
—
—
(37)
30
(1)
Net Book Value at 30 June 2022
169,219
15,933
7,900
14,665
1,320
209,036
Company
Commercial
Properties
Plant &
Machinery
Motor
Vehicles
Total
Net Book Value
As at 1 January 2021
15,382
10,851
5,924
32,157
Additions
—
—
200
200
Modification
(22)
1
(53)
(74)
Depreciation for the period
(1,676)
(998)
(2,016)
(4,690)
Net Book Value at 30 June 2021
13,684
9,854
4,055
27,593
Net Book Value
As at 1 January 2022
12,170
8,855
5,522
26,547
Additions
7,038
—
429
7,467
Derecognition
(10,769)
(8,855)
(5,121)
(24,745)
Depreciation for the period
(1,401)
—
(98)
(1,499)
Net Book Value at 30 June 2022
7,038
—
732
7,770
The Group and Company lease a variety of assets in the course of its activities. Through the marketing
segment the Group enters into lease agreements whereby it leases land on which it constructs petrol
stations. Furthermore, the Group leases operational petrol stations, large complexes which may include
other commercial properties such as highway service stations.
Company’s ‘Derecognition’ for the six month period ended on 30 June 2022 includes the transfer of Right
of use Assets (€15.7 million) to HELLENIC PETROLEUM R.S.S.O.P.P. S.A. due to the demerger and the
termination of a lease (€ 9.0 million) of the Group's headquarters  building that was acquired during the
period.
12.INTANGIBLE ASSETS
Group
Goodwill
Retail Service
Station
Usage Rights
Computer
software
Licences
& Rights
Other
EU
Allowances
Total
Net Book Value
As at 1 January 2021
66,759
7,541
12,443
9,470
9,628
—
105,841
Additions
—
—
2,277
150
—
—
2,427
Purchase of EUAs
—
—
—
—
—
133,582
133,582
Surrender of EUAs
—
—
—
—
—
(119,667)
(119,667)
Disposals
—
—
(29)
—
(3)
—
(32)
Amortization for the period
—
—
(3,643)
(381)
(241)
—
(4,266)
Impairment
—
—
—
(1,186)
—
—
(1,186)
Currency translation effects
—
—
2
—
1
—
2
Other movements
—
—
5,809
—
11
—
5,820
Net Book Value at 30 June 2021
66,759
7,541
16,858
8,053
9,395
13,915
122,522
Net Book Value
As at 1 January 2022
66,759
7,541
14,678
77,756
9,173
52,752
228,659
Additions
—
—
4,175
14,798
50
—
19,024
Purchase of EUAs
—
—
—
—
—
60,933
60,933
Surrender of EUAs
—
—
—
—
—
(87,764)
(87,764)
Disposals
—
—
(31)
—
—
—
(31)
Amortization for the period
—
—
(3,269)
(2,717)
(193)
—
(6,179)
Currency translation effects
—
—
838
2
7
—
847
Other movements
—
—
3,156
7,532
(4)
—
10,684
Net Book Value at 30 June 2022
66,759
7,541
19,548
97,371
9,033
25,921
226,172
Reclassification: Balances and movements for the period from 1 January to 30 June 2021 have been
reclassified to include EU Allowances, transferred from accrued expenses in trade and other payables
where they were netted against the relevant provision, in the context of presentation improvement and
the relevant Group policy change in 2021 relating to emissions of CO2 (Note 2).
The majority of the remaining balance of goodwill as at 30 June 2022 relates to unamortised goodwill
arising on the acquisition of HELLENIC PETROLEUM Cyprus Ltd in 2003 which is treated in line with the
accounting policy in Note 2.10 of the consolidated financial statements for 31 December 2021. Based on
the annual impairment test performed for the year-ended 2021 and the accompanied sensitivity analysis,
the recoverable values were estimated well in excess of the carrying value. Additionally there are no
circumstances indicating that the carrying value may be impaired in the six month period ended on
30 June 2022.
Additions include costs associated with the acquisition of PV parks companies in February 2022. The
Group completed the acquisition of Tanagra Solar Energeiaki S.A. and S.Aether Energeiaki S.A.,  and
recognised intangible assets of €14.8 million included in additions and which relate to the value of the
power purchase agreement where the fixed tariff is defined (Notes 10 and 27).
‘Other movements’ in computer software include the transfer of computer software development costs
between assets under construction and intangible assets upon completion.
13.LOANS, ADVANCES AND LONG TERM ASSETS
As at
Company
30 June 2022
31 December 2021
Loans and advances
119,800
139,529
Other long term assets
548
3,643
Total
120,348
143,172
Loans and advances of the Company include long-term loans given to subsidiaries of the Group,
amounting to € 119.8 million (December 2021: € 101.5 million).
14.          INVENTORIES
As at
Group
30 June 2022
31 December 2021
Crude oil
798,930
546,968
Refined products and semi-finished products
1,084,411
714,991
Petrochemicals
38,262
35,221
Consumable materials and other spare parts
118,626
115,211
- Less: Provision for consumables and spare parts
(33,273)
(33,256)
Total
2,006,956
1,379,135
Under IEA and EU regulations, Greece is obliged to hold crude oil and refined product stocks in order to
fulfil the EU requirement for compulsory stock obligations (90 days stock directive), as legislated by
Greek Law 3054/2002. The responsibility is passed on to all companies, including the HELLENIC
PETROLEUM Group, which import and sell in the domestic market who have the obligation to maintain
and finance the appropriate stock levels. Such stocks are part of the operating stocks and are valued on
the same basis. The Group has delegated part of compulsory stock obligations to OTSM (see also Note
7).
The cost of inventories recognised as an expense and included in Cost of sales amounted to €5 billion (30
June 2021: €3.1 billion). As at 30 June 2022, the Group wrote down inventories to their net realisable
value, recording a loss of €6 million (30 June 2021: loss of €0.1 million included in Cost of Sales in the
statement of comprehensive income).
15.        TRADE AND OTHER RECEIVABLES
As at
Group
30 June 2022
31 December 2021
Trade receivables
835,499
654,369
- Less: Provision for impairment of receivables
(264,167)
(262,947)
Trade receivables net
571,332
391,422
Other receivables
360,742
312,457
- Less: Provision for impairment of receivables
(37,559)
(37,735)
Other receivables net
323,183
274,722
Deferred charges and prepayments
43,522
28,462
Total
938,037
694,606
As part of its working capital management the Group utilises factoring facilities to accelerate the
collection of cash from its customers in Greece. Non-recourse factoring, is excluded from balances
shown above, since all risks and rewards of the relevant invoices have been transferred to the factoring
institution.
Other receivables include balances in respect of advances to suppliers, advances to personnel, VAT,
withholding taxes and taxes paid (other than income taxes which are shown separately on the statement
of financial position), as a result of tax audit assessments from the tax authorities during previous years.
The Group has disputed the relevant assessments and has commenced legal proceedings. The timing of
the finalization of these disputes cannot be estimated and the Group has classified the amounts as
current assets.
This balance as at 30 June 2022 also includes an amount of €54 million (31 December 2021: €54 million) of
VAT approved refunds which has been withheld by the customs authorities due to a dispute relating to
stock shortages. The Group has filed a specific legal objection and claim against this action and expects
to fully recover this amount following the conclusion of the relevant legal proceedings (Note 24). 
The Group recognized additional provisions for impairment losses on trade receivables, included in the
statement of comprehensive income, amounting to €0.7 million and €1.7 million for the six month period
ended on 30 June 2022 and 2021, respectively.
Variance in Trade and other receivables of the Company from 3 January 2022 (day of demerger, Note7)
to 30 June 2022 mainly relates to a receivable loan to HFL S.A. of €35 million that was repaid during the
period.
16.CASH AND CASH EQUIVALENTS
As at
Group
30 June 2022
31 December 2021
Cash at bank and on hand in USD (Euro equivalent)
757,722
317,493
Cash at bank and on hand in Euro
637,109
735,125
Cash and Cash Equivalents
1,394,831
1,052,618
The balance of US Dollars included in Cash at bank as at 30 June 2022 was $787 million (euro equivalent
€758 million). The respective amount for the period ended 31 December 2021 was $360 million (euro
equivalent €317 million).
17.SHARE CAPITAL
Company
Number of Shares
(authorised and issued)
Share
Capital
Share
premium
Total
As at 1 January & 31 December 2021
305,635,185
666,285
353,796
1,020,081
As at 30 June 2022
305,635,185
666,285
353,796
1,020,081
All ordinary shares were authorised, issued and fully paid. The nominal value of each ordinary share is
€2.18 (31 December 2021: €2.18).
18.RESERVES
Group
Statutory
reserve
Special
reserves
Hedging
reserve
Tax-free &
Incentive
Law
reserves
Other
Reserves
Total
Balance at 1 January 2021
160,656
86,495
5,709
71,335
(50,237)
273,959
Other comprehensive income / (loss)
—
—
(3,679)
—
(689)
(4,368)
Balance at 30 June 2021
160,656
86,495
2,030
71,335
(50,926)
269,591
Balance at 1 January 2022
160,656
86,495
(1,112)
71,335
(68,271)
249,104
Other comprehensive income / (loss)
—
—
903
—
(9,573)
(8,670)
As at 30 June 2022
160,656
86,495
(209)
71,335
(77,844)
240,434
Company
Statutory
reserve
Special
reserves
Hedging
reserve
Tax-free &
Incentive
Law
reserves
Other
Reserves
Total
Balance at 1 January 2021
160,656
86,495
5,709
71,255
(44,539)
279,576
Other comprehensive income / (loss)
—
—
(3,679)
—
(835)
(4,514)
Balance at 30 June 2021
160,656
86,495
2,030
71,255
(45,374)
275,062
Balance at 1 January 2022
160,656
86,495
(613)
71,255
(57,151)
260,642
Transfer due to demerger to HELPE
RSSOPP S.A.
—
(80,525)
613
(71,255)
—
(151,167)
Demerger reserve
—
151,167
—
—
—
151,167
As at 30 June 2022
160,656
157,137
—
—
(57,151)
260,642
Hedging, Special (partially) and Tax-free & Incentive Law reserves that relate to the Company (ex
HELLENIC PETROLEUM S.A.) were transferred on the demerger to the new established company (HELPE
RSSOPP S.A.) as they relate to the respective sector (Refining and Petchems) (Notes 1 and 7).
Subsequently, an additional reserve of equal value was created in the special reserves category for the
Parent Company.
Statutory reserves
Under Greek law, corporations are required to transfer a minimum of 5% of their annual net profit as
reflected in their statutory books to a statutory reserve until this reserve is equal to one third of the
outstanding share capital. This reserve cannot be distributed during the existence of the corporation, but
can be used to offset accumulated losses.
Special reserves
Special reserves primarily relate to reserves arising from tax revaluations in accordance with the relevant
legislation in prior years.
Tax free and Incentive Law reserves
These reserves relate to retained earnings that have not been taxed with the prevailing corporate
income tax rate as allowed by Greek law under various statutes and include reserves relating to
investments under incentive laws. These reserves will become liable to tax at the rate prevailing at the
time of distribution to shareholders or conversion to share capital under certain conditions.
Hedging reserve
The hedging reserve is used to record gains or losses on derivatives that are designated and qualify as
cash flow hedges and that are recognised in other comprehensive income. Amounts are reclassified to
profit or loss when the associated hedged transaction affects profit or loss within cost of sales. As at
30 June 2022 the fair value result in hedging reserve relates to transactions described in Note 3 for
commodity price risk management.
Other reserves
Other reserves are almost entirely comprised of actuarial losses.
Other reserves include:
(i)Actuarial gains / (losses) on defined benefit plans resulting from a) experience adjustments (the
effects of differences between the previous actuarial assumptions and what has actually occurred)
and b) the effects of changes in actuarial assumptions, applicable for both the Group and the
Company.
(ii)Changes in the fair value of investments that are classified as investments in equity instruments,
applicable for the Group.
(iii)Exchange differences arising on translation of foreign controlled entities, which are recognised in
other comprehensive income. The cumulative amount is reclassified to the profit or loss when the
net investment is disposed of, applicable for the Company
19.INTEREST BEARING LOANS AND BORROWINGS
Group
As at
30 June 2022
31 December 2021
Non-current interest bearing loans and borrowings
Bank borrowings
26,622
28,208
Bond loans
647,990
894,598
Eurobonds
594,809
593,725
Total non-current interest bearing loans and borrowings
1,269,420
1,516,531
Current interest bearing loans and borrowings
Short term bank borrowings
808,151
589,298
Bond loans
1,281,967
882,256
Current portion of long-term bank borrowings
2,758
2,939
Total current interest bearing loans and borrowings
2,092,876
1,474,493
Total interest bearing loans and borrowings
3,362,296
2,991,024
The Group has centralized treasury operations which coordinate and control the funding and cash
management activities of all group companies. Within this framework, HELLENIC PETROLEUM Finance
plc (HPF) was established in November 2005 in the U.K. as a wholly-owned subsidiary of HELLENIC
PETROLEUM Holdings S.A. to act as the central treasury vehicle of the HELLENIC PETROLEUM Group.
Borrowings of the Group by maturity as at 30 June 2022 and 31 December 2021 are summarised in the
table below (amounts in € million):
Balance as at
Company
Maturity
30 June 2022
31 December 2021
Bond loan € 400 million
Hellenic Petroleum R.S.S.O.P.P. S.A.
Jun. 2023
398
397
Bond loan € 400 million
Hellenic Petroleum R.S.S.O.P.P. S.A.
Dec. 2022
384
384
Bond loan € 400 million
Hellenic Petroleum R.S.S.O.P.P. S.A.
Dec. 2023
399
398
Bond loan € 400 million
Hellenic Petroleum R.S.S.O.P.P. S.A.
Nov. 2022
400
399
Bond loan € 100 million
Hellenic Petroleum R.S.S.O.P.P. S.A.
Sep. 2022
100
100
Bond loan € 100 million
Hellenic Petroleum R.S.S.O.P.P. S.A.
Oct. 2024
100
100
Bond loan € 150 million
Hellenic Petroleum R.S.S.O.P.P. S.A.
Oct. 2023
150
—
Eurobond €599m
HPF Plc
Oct. 2024
595
594
Project Finance 1
Aioliki Energeiaki Evoias S.A.
Dec. 2033
11
12
Project Finance 2
Aioliki Energeiaki Achladotopos S.A.
Dec. 2030
18
19
Credit facility €30m
EKO Bulgaria
Dec. 2022
15
11
Bilateral lines
Various
Various
793
578
Total
3,362
2,991
No loans were in default as at 30 June 2022 (none as at 31 December 2021).
The table below presents the changes in Borrowings arising from financing activities:
Group
1 January
2022
Cash flows -
borrowings
(inflows)
Cash flows -
borrowings
(outflows)
Cash flows -
fees
Non cash
movements
30 June 2022
€000
€000
€000
€000
€000
€000
Current interest-bearing
loans and borrowings
1,474,493
226,400
(12,261)
—
404,243
2,092,876
Non-current interest-
bearing
loans and borrowings
1,516,530
150,000
(1,730)
—
(395,379)
1,269,421
Total
2,991,023
376,400
(13,991)
—
8,864
3,362,297
“Cash flows –fees” column includes the finance fees paid and deferred against loans proceeds.
“Non-cash movements” column includes the amortization of deferred borrowing costs.
Significant movements in borrowings for the six month period period ended 30 June 2022 are as follows:
Bond Loan €150 million maturing in October 2023
In October 2021 HELLENIC PETROLEUM Holdings S.A. (ex HELLENIC PETROLEUM S.A.) issued a new
€150 million revolving bond loan facility with a tenor of 2 years. The outstanding balance was transferred
to Hellenic Petroleum R.S.S.O.P.P. S.A. as part of the hive down and as at 30 June 2022 was €150 million
(31 December 2021: €0).
Bilateral facilities
In the second quarter of 2022, HELLENIC PETROLEUM Holdings S.A. (ex HELLENIC PETROLEUM S.A.) 
increased the principal amount of one of its short-term bilateral facilities by €50 million to €200 million.
The outstanding balance was transferred to HELLENIC PETROLEUM R.S.S.O.P.P. S.A. as part of the hive
down and as at 30 June 2022 was €200  million.
In June 2022, HELLENIC PETROLEUM Real Estate Properties S.A., 100% subsidiary of HELLENIC
PETROLEUM Holdings S.A. signed a new €50 million short-term bilateral facility. The outstanding balance
as at 30 June 2022 was €50 million.
The Group companies maintain committed and uncommitted credit facilities with various banks to
finance general corporate needs which are renewed in accordance with the Group’s finance needs. The
facilities mainly comprise of short-term loans of HELLENIC PETROLEUM R.S.S.O.P.P. S.A.. During 2Q
2022, the Group achieved further improvements in the cost base of the facilities.
20.TRADE AND OTHER PAYABLES
As at
Group
30 June 2022
31 December 2021
Trade payables
1,657,210
1,667,358
Accrued expenses
288,071
365,503
Other payables
70,879
113,698
Total
2,016,160
2,146,559
Reclassification: Balance of accrued expenses as at 31 December 2021 has been reclassified to exclude
EU Allowances of €52.8 million, which is transferred to intangible assets, in the context of presentation
improvement and the relevant Group accounting policy change in 2021 relating to emissions of CO2.
More details on this change are included in Note 2.
Trade payables comprise amounts payable or accrued in respect of supplies of crude oil, products, and
services.
Trade payables, as at 30 June 2022 and 31 December 2021, include amounts in respect of crude oil
imports from Iran, which were received between December 2011 and March 2012 as part of a long term
contract with NIOC. Despite repeated attempts to settle the payment for these cargoes through the
international banking system between January and June 2012, it was not possible to do so.  In the period
from 16 January 2016 up to 8 May 2018, when sanctions were suspended, the Group successfully made
several payments against a significant part of these amounts. Following the re-imposition of relevant
sanctions by the United States, no deliveries of Iranian crude oil or payments have taken place since 8
May 2018.
Accrued expenses as of 30 June 2022, include an amount of €131 million (31 December 2021: €280
million) relating to the estimated cost of the CO2 emission rights, necessary to meet the Group’s deficit
as of 30 June 2022.
Other payables include amounts in respect of payroll related liabilities, social security obligations and
sundry taxes.
21.CASH GENERATED FROM / (USED IN) OPERATIONS
Group
For the six month period ended
Note
30 June 2022
30 June 2021
Profit/ (Loss) before tax
1,102,884
251,548
Adjustments for:
Depreciation and impairment of property, plant and equipment and right-
of-use assets
10.11
149,312
123,593
Amortisation and impairment of intangible assets
12
6,179
5,452
Amortisation of grants
5
(342)
(395)
Finance costs - net
54,651
53,810
Share of operating (profit) / loss of associates
7
(68,161)
(32,481)
Provisions for expenses and valuation charges
(55,837)
46,785
Foreign exchange (gains) / losses
6
(1,240)
(8,216)
Gains from discounting of long-term receivables and liabilities
5
(1,086)
(1,843)
(Gain) / loss on assets held for sale
(28)
(205)
(Gain) / loss on disposal of property, plant and equipment
5
(18)
(433)
1,186,314
437,615
Changes in working capital
(Increase) / decrease in inventories
(624,794)
(385,389)
(Ιncrease) / decrease in trade and other receivables
(137,152)
(49,758)
Increase / (decrease) in trade and other payables
(61,423)
69,912
(823,369)
(365,234)
Cash generated from / (used in) operating activities
362,945
72,381
Company
For the six month period ended
Note
30 June 2022
30 June 2021
Profit/ (Loss) before tax from continuing operations
1,734
754
Depreciation and impairment of property, plant and equipment and right-
of-use assets
11
1,642
1,572
Amortisation and impairment of intangible assets
138
40
Finance costs / (income) - net
(1,965)
(1,722)
Provisions for expenses and valuation charges
78
—
1,627
644
Changes in working capital from continuing operations
(Increase) / decrease in inventories
—
—
(Ιncrease) / decrease in trade and other receivables
36,191
—
Increase / (decrease) in trade and other payables
7,072
—
43,263
—
Cash generated from / (used in) operating activities from continued
operations
44,890
644
Profit/ (Loss) before tax from discontinued operations
—
196,660
Adjustments for discontinued operations
—
193,099
Changes in working capital from discontinued operations
—
(390,849)
Cash generated from / (used in) operating activities from discontinued
operations
—
(1,089)
Cash generated from / (used in) operating activities
44,890
(445)
22.RELATED PARTY BALANCES AND TRANSACTIONS
The interim condensed consolidated and Company statement of comprehensive income includes
transactions between the Group, the Company and related parties. Such transactions are mainly
comprised of sales and purchases of goods and services in the ordinary course of business.
Transactions have been carried out with the following related parties:
a) Associates and joint ventures of the Group which are consolidated under the equity method:
•Athens Airport Fuel Pipeline Company S.A. (EAKAA)
•DEPA Commercial S.A. (ex Public Gas Corporation of Greece S.A. – DEPA S.A.)
•DEPA Infrastructure S.A.
•DEPA International Projects S.A.
•Elpedison B.V.
•Spata Aviation Fuel Company S.A. (SAFCO)
•D.M.E.P. HOLDCO
Group
For the six month period ended
30 June 2022
30 June 2021
Sales of goods and services to related parties
Associates
48,465
58,914
Joint ventures
2,137
674
Total
50,602
59,588
Purchases of goods and services from related parties
Associates
91,777
407,996
Joint ventures
85,794
47,477
Total
177,571
455,473
Group
30 June 2022
31 December 2021
Balances due to related parties                                                                     
Associates
9,241
15,768
Joint ventures
45
134
Total
9,286
15,902
Balances due from related parties                                                   
Associates
9,751
9,609
Joint ventures
14,073
48,349
Total
23,824
57,958
Company
For the six month period ended
30 June 2022
30 June 2021
Sales of goods and services to related parties - * 2021 figures relate to
discontinued operations
Group entities
15,162
934,153
Associates
—
58,697
Joint ventures
—
333
Total
15,162
993,183
Purchases  of goods and services to related parties - * 2021 figures relate to
discontinued operations
Group entities
6,159
20,403
Associates
—
405,957
Joint ventures
—
46,442
Total
6,159
472,802
Balances due to / from related parties
Company
As at
30 June 2022
31 December 2021
Balances due to related parties
(Trade and other creditors)
Group entities
9,739
11,925
Associates
—
15,329
Total
9,739
27,254
Balances due from related parties
(Trade and other debtors)
Group entities
6,047
170,802
Associates
—
5,284
Joint ventures
—
48,069
Total
6,047
224,155
Balances above relate to transactions between the Company and other Group’s companies.
The Company has provided guarantees in favour of third parties and banks as security for loans granted
by them to Elpedison B.V. The outstanding amount of these as at 30 June 2022 was €107 million
(31 December 2021: €106 million).
b) Government related entities which are under common control with the Group due to the shareholding
and control rights of the Hellenic State and with which the Group has material transactions. Following the
harmonisation of the  Company’s Articles of Association in accordance with the provisions of law L.
4706/2020 in June 2021 and the subsequent amendments of the Board of Directors composition, the 
entities below that government has no control over, do not meet the criteria of related parties as per IAS
24 as from July 2021.
•Public Power Corporation Hellas S.A. - (up to 30 June 2021)
•Hellenic Armed Forces
•Road Transport S.A.
•Lignitiki Megalopolis S.A. - (up to 30 June 2021)
•Lignitiki Melitis S.A. - (up to 30 June 2021)
•Hellenic Distribution Network Operator S.A. (HEDNO) - (up to 30 June 2021)
•Hellenic Gas Transmission System Operator S.A. (DESFA) - (up to 30 June 2021)
During the six month period ended on 30 June 2022, transactions and balances for the Group with the
above government related entities are as follows:
•Sales of goods and services amounted to €111 million (30 June 2021: €93 million)
•No purchases of goods and services  (30 June 2021: €37 million)
•Receivable balances of €60  million (31 December 2021: €37 million)
•No payable balances (31 December 2021: No payable balances).
There were no transactions and balances between the Company and the above government related
entities following the demerger (Note 1) and up to 30 June 2022. The below relevant balances and
transactions relate to discontinued operations of the Company for the period ended on 30 June 2021.
•30 June 2021: Sales of goods and services amounted to €34 million
•30 June 2021:  Purchases of goods and services amounted to €37 million
•31 December 2021: Receivable balances of €9 million
•31 December 2021: No payable balances
c) Key management includes directors (Executive and Non-Executive Members of the board of
HELLENIC PETROLEUM Holdings S.A.) and General Managers. The compensation paid or payable for the
six month period ended on 30 June 2022 to the aforementioned key management is as follows:
Group
For the six month period ended
30 June 2022
30 June 2021
Short-term employee benefits
3,704
2,850
Post-employment benefits
104
95
Termination benefits
172
—
Total
3,980
2,945
Company
For the six month period ended
30 June 2022
30 June 2021
Short-term employee benefits
2,839
2,809
Post-employment benefits
98
95
Termination benefits
172
—
Total
3,109
2,904
d) The Group participates in the following jointly controlled operations with other third parties relating to
exploration and production of hydrocarbons in Greece and abroad:
• Energean International E&P SpA (Greece, Patraikos Gulf).
• Calfrac Well Services Ltd (Greece, Sea of Thrace concession)
• Energean Hellas LTD (Greece, Block 2).
•TotalEnergies E&P Greece B.V., Exxon Mobil Exploration and Production Greece (Crete) B.V.
(Greece, Block West Crete).
•TotalEnergies E&P Greece B.V., Exxon Mobil Exploration and Production Greece (Crete) B.V.
(Greece, Block South West Crete).
23.COMMITMENTS
(a)Capital commitments
Significant contractual commitments of the Group amount to €74 million as at 30 June 2022
(31 December 2021: €61 million), which mainly relate to improvements in refining assets.
(b)    Exploration costs
Contractual commitments of the Group for exploration costs amount to €6.8 million as at 30 June 2022
(31 December 2021: €4.3 million).
(c)    Letters of Credit
The Group may be requested to provide bank letters of credit to suppliers in order to obtain better
commercial and credit terms. To the extent that such items are already recorded as liabilities in the
financial statements there is no additional commitment to be disclosed. In cases where the underlying
transaction occurs after the period end, the Group is not liable to settle the letter of credit and hence no
such liability exists as at the period end.
(d)    Put and call option
HELLENIC PETROLEUM R.S.S.O.P.P. S.A. is counterparty to outstanding put and call option agreements
to purchase oil stock from its associate OTSM. The put and call options may be exercised by either
counterparty at any time before maturity under certain conditions. The value of these two options (put
and call) is immaterial due to the fact that the terms of the agreements are such that the transactions will
be market priced resulting in zero payoff at any time of exercise.
24.CONTINGENCIES AND LITIGATION
The Group has contingent liabilities in respect of bank and other guarantees and other matters arising in
the ordinary course of business, the most significant of which are disclosed below:
(a)Business issues
(i)Unresolved legal claims
The Group is involved in a number of legal proceedings and has various unresolved claims pending arising
in the ordinary course of business. Based on currently available information and the opinion of legal
counsel, management believes that the final outcome will not have a significant effect on the Group’s
operating results or financial position and that no additional provisions over and above provisions already
reflected in the interim condensed consolidated and company financial statements are required.
Municipalities
During the preceding years, a number of Municipalities proceeded with the imposition of duties and fines
relating to the rights of way occupied by underground pipelines operated by HELPE R.S.S.O.P.P. S.A.
within the boundaries of each respective municipality. As at 30 June 2022, the total amounts imposed
amount to € 54.3 million (31 December 2021: €53.3 million). In order to appeal against these, and in
accordance with the legislation, the Group has paid an amount of €27.8 million (31 December 2021: €19.4
million), which is included in Trade and other Receivables in the interim condensed consolidated Financial
Statements. The Group has exercised all available legal recourse relating to these cases and Group
Management have assessed that it is most probable that the outcome of all appeals will be favorable.
During the preceding years, the Municipality of Aspropyrgos proceeded with the imposition of duties and
fines relating to the rights of way occupied by underground pipelines operated by EAKAA in which HELPE
SA owns 50% of the share capital and consolidates through the equity method. As at 30 June 2022,
EAKAA has exercised all available legal recourses relating to these cases and and the Athens Appellate
Administrative Court has issued a decision in favour of the company.
Competition commission
In 2008, the Competition Commission (CC) imposed a penalty to BP Hellas S.A. (BP) amounting to € 30
million. On 24 December 2008, BP appealed against the CC Decision before the Athens Appellate
Administrative Court and obtained suspension of enforcement for the amount of €28 million. Said Court,
by virtue of Decision No. 1494/2011 sustained the appeal and cancelled the penalty. On 26 October 2011
the CC appealed against the above Decision before the Supreme Administrative Court (Conseil d’ Etat),
which rendered its Decision No. 1770/2019, by virtue of which it has sustained the appeal of the CC and
annulled the Decision of the Appellate Court, before which the case is tried anew. The relevant hearing
took place, after postponement, on 22 October 2020. On 2 November 2021, the Court rendered its
decision by virtue of which the company’s appeal has been sustained and the penalty of the CC has been
cancelled in its entirety. The above decision became unappealable and the relevant amounts were fully
refunded to the company on March 2022.
(ii)Guarantees
The Company has provided guarantees in favour of banks as security for loans granted by them to
subsidiaries and associates of the Group. The outstanding amount of these as at 30 June 2022 was the
equivalent of €788 million (31 December 2021: €783 million). Out of these, €680 million (31 December
2021: €676 million) are included in consolidated borrowings of the Group and are presented as such in the
interim condensed consolidated financial statements.
Αs at 30 June 2022, the Company has also provided guarantees in favour of banks as security for
guarantees issued by them in favour of subsidiaries and associates of the Group amounting to €19.8
million (31 December 2021: €19 million) and €10.7 million (31 December 2021: €15.6 million) respectively,
and corporate guarantees amounting to €19 million (31 December 2021: €7.9 million). Also, as at 30 June
2022, the intragroup corporate guarantees provided to the Custom Authorities for the transportation of
energy products within the bonded warehouse regime amounted to €170.3 million (31 December
2021: €170.3 million).
(iii)International operations
Τhe Group’s international operations face a number of legal issues related mainly to changes in local
permits and fines imposed by Independent Regulatory Agencies. Such cases include a dispute in
connection with the local tank depots of Jugopetrol AD in Montenegro. The likelihood for an outflow of
resources as a result of this case is assessed as remote. Management believes that no additional material
liabilities will arise as a result of the above case over and above those recognized in the interim
condensed consolidated financial statements.
On the re-opening of the Commission for the Protection of Competition in Cyprus’ investigation against
the Petroleum companies operating there (wholesale), for the period from 1 October 2004 to 22
December 2006, on 15 November 2017 the Commission for the Protection of Competition in Cyprus
imposed a fine amounting to €5 million against HELLENIC PETROLEUM Cyprus Ltd. (HPC). On 29 April
2021 the competent Court has sustained the appeal of HPC and has annulled the fine. The Commission
for the Protection of Competition has appealed the decision, yet the legal advisors of HPC view is that
such appeal will be rejected by the competent Court.
(b)Taxation and customs
The tax framework and practices in Greece, which determine the tax base for the transactions of the
Group’s main entities, may result in inherent uncertainties, due to its complexity and it being subject to
changes and alternative interpretation by relevant authorities at different points in time and across
different entities. As a result, there may be types of expenses or treatments for which a company may be
assessed on a different basis than the one adopted during preparation of its tax return and the financial
statements. Based on past experience tax audits were carried out by tax authorities on average 5-7 years
after the filing of the tax return. In addition, where a tax audit results in a different view to the one
adopted by a Group entity, the process for resolving the issue is usually through a court of law
proceeding, which has many stages and can take a considerable number of years to reach its final and
irrevocable ruling. For an entity to engage in this process, a minimum down payment of 50% of the total
tax and surcharges assessed is required.
All of the above result in inherent difficulties in the determination and accounting of tax liabilities. As a
result, management aims to determine its policy based on specific legislation available at the time of
accounting for a transaction, obtain specialist legal and tax advice on individual cases, if required, and
utilize prior tax audits experience and rulings, including relevant court decisions. This process ensures
that the financial statements reflect Management’s best estimates for any material tax and customs
liabilities.
(i)Open tax years – Litigation tax cases
As disclosed in Note 8, tax audits for the Group’s most important Greek legal entities have been
completed by the Tax Authorities as follows:
•Financial years up to and including the year ended 31 December 2015 are time-barred. The Tax audit
reports for HELLENIC PETROLEUM Holdings S.A. for years ended 31 December 2010 and 31 December
2011 were received in December 2017 and they are subject to legal dispute by the Company. In
summary, the reports assess additional taxes of € 22.5 million and penalties of €23.5 million, for items
relating to stamp duty, various non-deductible expenses and other income tax adjustments. Following
a detailed review of the Tax Audit Report, the Company has disputed the additional taxes imposed
(which are over and above the amounts already included in the Companies’ normal tax returns) and
proceeded with all possible legal means and actions to appeal against these additional taxes and
surcharges imposed.
Even though the Company disputed the additional taxes and surcharges imposed, it was obliged to pay
a minimum 50% of the assessed amounts (taxes and surcharges) to the Tax Authorities in order to
appeal the results of the tax audits. This was paid within the applicable deadline, while the remaining
amounts have been fully offset by the Authorities, with tax and other State receivables of the
Company, within 2018. These amounts are included in the Income Tax Receivable balance if they relate
to income tax, or in Trade and Other Receivables balance if they relate to other taxes, as the Company
assesses that it will succeed in its appeals. As far as surcharges are concerned, the report has assessed
amounts at 120% of the original tax instead of the already applicable 50%; this is also being legally
challenged by the Company.
The relevant decisions of the Athens Administrative Court of Appeals were issued in March 2021,
according to which: various non-deductible expenses and additional charges are annulled and the
amount of € 18.2 million is returned to the Company, whereas, with regards to the stamp duty, the
relevant appeals are partially accepted and the amount of € 3.8 million is also returned to the Company.
The Company has filed cassation recourses to the extent that its appeals are not accepted and
believes that the final outcome will be in its favor.
Notification for audit has been received for the year ended 31 December 2012, which according to the
general provisions is time-barred.
Within March 2020, a notification for audit was received, for the years 2014 up to and inclusive 2017.
The audit is related to specific tax subjects and the final Tax Audit Report was received in February
2021 without findings. Moreover, during July 2020, a new notification for full audit was received for the
year 2014 regarding all tax subjects. The audit is finalized and the Tax audit Reports were received in
December 2020. The reports assess additional amounts of € 16.2 million, penalties of € 8.1 million and
surcharges of € 9.5 million for alleged stamp duty, while various non-deductible expenses and other
income tax adjustments have no payment impact, since in 2014 the Company has tax losses. Following
a detailed review of the Tax Audit Reports, the Company disputes the additional amounts imposed. In
January 2021 the Company followed the relevant administrative procedure against the tax assessment
paying the minimum required amount of 50% of the total tax and surcharges, amounting to € 16.9
million while the remaining 50% was offset in April 2021, therefore the full charged amount is now paid.
After the implicit rejection of the administrative appeals, the Company has filed judicial appeals in
November 2021.
The Company expects that it will succeed in its appeals and the relevant amounts will be fully
recovered.
The two main retail subsidiaries in Greece, which merged during 2016, have been audited as follows:
•Hellenic Fuels S.A. (currently HFL S.A.) has been audited up to and including the financial year ended 31
December 2011, while notifications for audit have been received for subsequent years up to and
including 31 December 2013, which according to the general provisions are time–barred. Within July
2022, notifications for audit have been received for the years 2019 and 2020 and the audit is expected
to commence. The most recent Tax audit reports for 2010 and 2011 were delivered in December 2017,
and assess additional taxes of € 1.6 million and surcharges of € 1.9 million for similar reasons as
HELLENIC PETROLEUM HOLDINGS. The process followed is identical to the one described above for
HELLENIC PETROLEUM HOLDINGS and the subsidiary has already proceeded with the relevant legal
actions.
Following the court hearing, the relevant Decisions were issued during the third quarter of 2019. With
regards to the Stamp duty cases amounting to € 3.4 million, the decisions were in favor of the company
and the relevant amounts were refunded to the company, whereas for the Real Estate tax dispute of
2010 amounting to € 0.1 million, which was not in favor, the company has filed cassation recources. The
Authorities have filed cassation recourses for the stamp duty cases, which were in favor of the
company.
With regards to the Income Tax, Real Estate and VAT cases of 2011, the Athens First Instance Court
issued decisions in favor of the company and the relevant amounts of €0.4 million plus the equivalent
interest, which were fully refunded to the company.
•EKO Kalypso M.E.P.E. received in July 2022 notifications for the audit for the years 2017 and 2018, and
the audit is expected to commence.
•EKO S.A. (currently HFL S.A.)  has been audited up to and including 31 December 2010, while
notification for audit has been received for the fiscal year 2012, which according to the general
provisions is time-barred. The most recent Tax audit reports for 2008, 2009 and 2010 were delivered in
February 2018 and assess additional stamp duty of € 4.1 million and surcharges of € 3.5 million. The
process followed is identical to the one described above for HELLENIC PETROLEUM HOLDING and the
subsidiary has already proceeded with the relevant legal actions.
Following the court hearing, the relevant Decisions were issued during the first quarter of 2020, the
decisions were in favor of the company and the relevant amounts are refunded to the company.
As indicated above, even though the Companies dispute the additional taxes and surcharges imposed,
they were obliged to pay a minimum 50% of the assessed amounts (taxes and surcharges) to the Tax
Authorities in order to appeal the results of the tax audits. These were paid within the applicable
deadlines, while the remaining amounts have been fully offset by the Authorities, with tax and other
State receivables of the Companies, within 2018. The amounts paid and/or offset are included in the
consolidated statement of financial position as Income Tax Receivable balance if they relate to income
tax or in the Trade and Other Receivable balance if they relate to other taxes, as the Group assesses
that it will succeed in its appeals.
Management believes that no additional material liability will arise either as a result of open tax years or
from the outcome of current litigation cases over and above the tax liabilities and provisions already
recognized in the interim condensed consolidated financial statements for the six month period  ended
30 June 2022. The Group has recorded down payments made for taxes and penalties assessed in
previous disputes with the tax authorities in income tax receivable, to the extent that the Group has
assessed that the amounts will be ultimately recoverable.
It is noted that for financial years ending 31 December 2011 up to and including 31 December 2020, the
Group’s Greek legal entities obtained unqualified “Annual Tax Compliance Reports” from their
Statutory Auditors, as provided for by par. 5, article 82 of L.2238/1994 and article 65A of L. 4174/2013.
The management expects that the same will also apply for the year ended 31 December 2021.
(ii)Assessments of customs and fines
Customs and stock shortages
In 2008, Customs authorities assessed additional customs duties and penalties amounting to
approximately €40 million for alleged “stock shortages” during the years 2001-2005. The Group has duly
filed contestations before the Administrative Court of First Instance, and Management believes that this
case will have a positive outcome when the legal procedure will be concluded.
Notwithstanding the filing of the above contestations, the Customs office withheld an amount of €54
million (full payment plus surcharges) of established VAT refunds (Note 15), an action against which
Helpe R.S.S.O.P.P. S.A. filed two Contestations before the Administrative Courts of Athens and Piraeus.
The Administrative Court of Athens ruled that the withholding effected by the Tax Office was unlawful.
The appeal against the Customs Act No 935/2008 amounting at € 3.5 million, was heard at first instance,
was dismissed and the Company has appealed to the Supreme Administrative Court against the decision,
the hearing was set for 9 June 2021 was postponed to 15 December 2021 and then postponed again for
26 October 2022. In November 2020 the hearing of the Customs Act No 989/2008, amounting at €35.7
million, took place before the Administrative Court of Piraeus, while a new hearing took place on 6 April
2022 and the relevant decision is pending.
Management of Helpe R.S.S.O.P.P considers that the above amounts will be recovered.
Customs – other
As at 30 June 2022 there are pending appeals against court decisions that have been filed against the
Group by the State, concerning alleged customs violations that have been carried out by petrol stations
dealers and whereby the Group is considered to be jointly liable. Furthermore, a number of decisions have
been issued by the Supreme Administrative Court in similar cases, which either reject the Group’s
appeals, or accept the State’s appeals and redirect them to the Administrative Appeals Court. The total
amounts imposed were €13.9 million of which €13.3 million have been paid and recognized in Other
Receivables in the interim condensed consolidated Financial Statements (31 December 2021: €13.3
million).
With regards to EKO S.A.’s cases (currently HFL S.A.), the Group has filed an appeal to the European
Court of Human Rights as it assesses that the above Court decisions contradict the provisions of the
European Convention on Human Rights. The European Court has notified EKO (currently HFL S.A.) that
its appeal is admissible and will be heard. In this context, Group Management assesses that the
probability of a favorable outcome from the European Courts is more likely than not, which may as a
result change the Supreme Administrative Court’s position, which will subsequently result in a favorable
outcome for the Group. For the reasons mentioned above, the Group has not raised a provision with
regards to these cases.
In 2019, the customs authorities in North Macedonia, conducted an audit in OKTA, with regards to excise
duties of eurodiesel imports, for the fiscal years 2014 - 2018. They are of the opinion that, excise duties
related to these imports, were not correctly calculated and they issued relevant decisions for the fiscal
year 2014, imposing additional amounts of € 380 thousands, which were paid in 2020. OKTA filed lawsuits
within 2019, initiating administrative disputes, seeking full annulment, on grounds of substantial
violations of procedural rules from the customs authorities’ side, their failure to completely and correctly
establish the facts of the case and to correctly apply substantive laws. As of 30 June 2022, the customs
authorities issued additional decisions for the fiscal years 2015, 2016, 2017 and 2018, imposing additional
amounts of €17.5 million. OKTA is filling lawsuits, within the relevant deadlines, seeking full annulment,
for the same reasons. During 2022, OKTA paid the above amount of €17.5 million of the said debt,
accompanied by a letter, submitted to the competent customs authority pointing out that any payments
made by OKTA do not constitute and should not be interpreted as an acknowledgment of any debt or
responsibility by OKTA. The total paid amount of € 17.5 million includes the main debt (Excise Duty plus
VAT) and additional calculated interest till the date of payment. Specifically, with regards to the relevant
paid VAT amount of € 1.64 million, OKTA was already refunded through the VAT mechanism and
submitted VAT returns, for € 1.62 million, insofar. As at 30 June 2022, there was no respective provision
included in the consolidated statement of financial position (31 December 2021: €15.9 million), as the
whole amount was paid. The maximum amount, which can potentially be imposed by the customs, is
estimated at €18.0 million comprising of excise duty, interest and VAT. The Group expects that the VAT
element will be fully recovered. The Group retains its position that it has acted in full compliance with all
relevant laws, also as per expert’s opinions received and intents to contest such decisions to the ultimate
judicial level, in both local and if possible, international level.
25.DIVIDENDS
At its meeting held on 25 February 2021, the Board of Directors decided to propose to the AGM a final
dividend €0.10 per share for the financial year 2020, which was approved by the AGM on 30 June 2021.
The dividend amounts to €30.6 million and was paid in July 2021.
At its meeting held on 24 February 2022, the Board of Directors decided to propose an amount of €0.30
per share from prior year retained earnings as well as to propose to the AGM a final dividend of €0.10 per
share for the financial year 2021. The total dividend amounts to €122.3 million, of which an amount of €
92 million (€0.30 per share) was paid on May 2022. The final dividend for the financial year 2021, which
amounts to €31.6 million, was approved by the AGM on 9 June 2022 and is included in the Interim
Condensed Consolidated and Company Financial Statements for the six-month period ended 30 June
2022. The whole amount was paid on July 2022.
The Board did not approve a change in dividend policy overall and will re-evaluate the payment of an
additional dividend or an additional special dividend during 2022.
26.LIST OF PRINCIPAL CONSOLIDATED SUBSIDIARIES AND ASSOCIATES INCLUDED
IN THE INTERIM CONDENSED CONSOLIDATED AND COMPANY FINANCIAL
STATEMENTS
COMPANY NAME
ACTIVITY
COUNTRY OF
REGISTRATION
EFFECTIVE
PARTICIPATION
PERCENTAGE
METHOD OF
CONSOLIDA
TION
HELLENIC PETROLEUM R.S.S.O.P.P. S.A.
Refining /
Petrochemicals
GREECE
100.00%
FULL
HELLENIC FUELS AND LUBRICANTS INDUSTRIAL AND
COMMERCIAL S.A.
Marketing
GREECE
100.00%
FULL
ΕΚΟΤΑ KO S.A.
Marketing
GREECE
49.00%
FULL
ΕΚΟ KALYPSO M.E.P.E.
Marketing
GREECE
100.00%
FULL
EKO IRA MARITIME COMPANY
Vessel owning /
Marketing
GREECE
100.00%
FULL
EKO AFRODITI MARITIME COMPANY
Vessel owning /
Marketing
GREECE
100.00%
FULL
EKO BULGARIA EAD
Marketing
BULGARIA
100.00%
FULL
EKO SERBIA AD
Marketing
SERBIA
100.00%
FULL
HELLENIC PETROLEUM INTERNATIONAL GmbH
Holding
AUSTRIA
100.00%
FULL
HELLENIC PETROLEUM CYPRUS LTD
Marketing
U.K
100.00%
FULL
R.A.M.OIL Cyprus LTD
Marketing
CYPRUS
100.00%
FULL
EKO LOGISTICS LTD (ex YUGEN LTD)
Marketing
CYPRUS
100.00%
FULL
HELPE COMPANY HOLDING LTD
Marketing
CYPRUS
100.00%
FULL
HELLENIC PETROLEUM BULGARIA (HOLDINGS) LTD
Holding
CYPRUS
100.00%
FULL
HELLENIC PETROLEUM SERBIA (HOLDINGS) LTD
Holding
CYPRUS
100.00%
FULL
JUGOPETROL AD
Marketing
ΜONTENEGRO
54.35%
FULL
GLOBAL ALBANIA S.A
Marketing
ΑLBANIA
99.96%
FULL
ELPET BALKANIKI S.A.
Holding
GREECE
100.00%
FULL
VARDAX S.A
Pipeline
GREECE
80.00%
FULL
OKTA CRUDE OIL REFINERY A.D
Refining
FYROM
81.51%
FULL
ASPROFOS S.A
Engineering
GREECE
100.00%
FULL
HELPE DIGITAL S.A.
IT Services
GREECE
100.00%
FULL
DIAXON S.A.
Petrochemicals
GREECE
100.00%
FULL
APOLLON MARITIME COMPANY  (under Liquidation)
Vessel owning /
Refining
GREECE
100.00%
FULL
HELLENIC PETROLEUM FINANCE  PLC
Treasury
services
U.K
100.00%
FULL
HELLENIC PETROLEUM CONSULTING
Consulting
services
GREECE
100.00%
FULL
HELLENIC PETROLEUM R.E.S S.A.
Energy
GREECE
100.00%
FULL
HELPE-LARCO ENERGIAKI SERVION S.A.
Energy
GREECE
51.00%
FULL
ENERGIAKI PYLOY METHONIS S.A.
Energy
GREECE
100.00%
FULL
HELPE RENEWABLE WIND FARMS OF EVIA S.A.
Energy
GREECE
100.00%
FULL
AIOLIKI ENERGEIAKI EVOIAS S.A.
Energy
GREECE
100.00%
FULL
AIOLIKI ENERGEIAKI ACHLADOTOPOS S.A.
Energy
GREECE
100.00%
FULL
TANAGRA SOLAR ENERGEIAKI S.A.
Energy
GREECE
100.00%
FULL
S.AETHER ENERGEIAKI S.A
Energy
GREECE
100.00%
FULL
FENSOL HOLDING LTD
Energy
CYPRUS
100.00%
FULL
FENSOL S.M.
Energy
CYPRUS
100.00%
FULL
ATEN ENERGY S.A.
Energy
GREECE
100.00%
FULL
KOZILIO 1
Energy
GREECE
100.00%
FULL
KOZILIO 2
Energy
GREECE
100.00%
FULL
CHRONUS 2
Energy
GREECE
100.00%
FULL
CHRONUS 3
Energy
GREECE
100.00%
FULL
CHRONUS 4
Energy
GREECE
100.00%
FULL
CHRONUS 5
Energy
GREECE
100.00%
FULL
CHRONUS 6
Energy
GREECE
100.00%
FULL
CHRONUS 7
Energy
GREECE
100.00%
FULL
CHRONUS 8
Energy
GREECE
100.00%
FULL
CHRONUS 9
Energy
GREECE
100.00%
FULL
CHRONUS 10
Energy
GREECE
100.00%
FULL
CHRONUS 11
Energy
GREECE
100.00%
FULL
CHRONUS 12
Energy
GREECE
100.00%
FULL
CHRONUS 13
Energy
GREECE
100.00%
FULL
CHRONUS 14
Energy
GREECE
100.00%
FULL
CHRONUS 15
Energy
GREECE
100.00%
FULL
CHRONUS 16
Energy
GREECE
100.00%
FULL
CHRONUS 17
Energy
GREECE
100.00%
FULL
CHRONUS 18
Energy
GREECE
100.00%
FULL
CHRONUS 19
Energy
GREECE
100.00%
FULL
HELPE E&P HOLDINGS S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELPE ARTA PREVEZA S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELPE NW PELOPONISSOS S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELPE WEST KERKYRA S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELPE SEA OF THRACE S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELPE IONIO S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELPE KIPARISSIAKOS GULF S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELPE WEST CRETE S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELPE SW CRETE S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELPE PATRAIKOS  S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
HELPE UPSTREAM S.A.
E&P of
hydrocarbons
GREECE
100.00%
FULL
SUPERLUBE LTD
Lubricants
CYPRUS
100.00%
FULL
BLUE CIRCLE ENGINEERING LIMITED
Marketing
CYPRUS
100.00%
FULL
ELPEFUTURE
Energy
GREECE
100.00%
FULL
HELPE REAL ESTATE S.A.
Real Estate
GREECE
100.00%
FULL
HELLENIC PETROLEUM (UK) LIMITED
Dormant
UK
100.00%
FULL
ELPEDISON B.V.
Power
Generation
NETHERLANDS
50.00%
EQUITY
SAFCO S.A.
Airplane Fuelling
GREECE
33.33%
EQUITY
DEPA COMMERCIAL S.A. (ex DEPA S.A.)
Natural Gas
GREECE
35.00%
EQUITY
DEPA INTERNATIONAL PROJECTS S.A.
Natural Gas
GREECE
35.00%
EQUITY
Ε.Α.Κ.Α.Α S.A.
Pipeline
GREECE
50.00%
EQUITY
DMEP HOLDCO LTD
Trade of crude/
products
U.K
48.00%
EQUITY
VLPG PLANT LTD
Logistics &
Distribution of
LPG
CYPRUS
32.00%
EQUITY
•During the current period, the Group completed the acquisition of two PV parks companies, in
Greece, from Trina Solar Co. Ltd., Tanagra Solar Energeiaki S.A and S. Aether Energeiaki S.A., with a
total planned installed capacity of 16,1 MW. Total consideration net of cash acquired was €26 million
which is mainly allocated in intangible assets (Note 12) and property, plant and equipment (Note 10).
•Following the demerger on 3rd January 2022, the Group established the new company HELPE
R.S.S.O.P.P. (Note 7).
•During the current period, the Group established a new company in Greece, Helpe Real Estate S.A.
whose purpose is to manage the real estate properties of the Group.
27.EVENTS OCCURRING AFTER THE REPORTING PERIOD
Other than the events already disclosed in Notes 24 and 25, the below significant events took place after
the end of the reporting period and up to the date of the publication of the interim condensed
consolidated and company financial statements.
On 19 July 2022, the Company announced that, following the withdrawal decision announcement of
ΤotalEnergies, the co-lessees of the Lease Agreements for the right to explore and exploit hydrocarbons
in the offshore areas of “West Crete” (Law 4631/2019) and “Southwest Crete” (Law 4628/2019)
negotiated the settlement of the issues deriving from such withdrawal. The parties agreed that the 40%
interest held by “TotalEnergies EP Greece B.V.” in the Lease Agreements would be assumed by
ExxonMobil Exploration and Production Greece (Crete) B.V. (taking 75% of the 40%) and by the
Company’s subsidiaries “HELLENIC PETROLEUM EXPLORATION AND PRODUCTION WEST CRETE
SINGLE MEMBER S.A.” and “HELLENIC PETROLEUM EXPLORATION AND PRODUCTION SOUTHWEST
CRETE SINGLE MEMBER S.A.” (taking 25% of the 40%), with TotalEnergies EP Greece B.V. fulfilling its
financial and other obligations. Following completion of the transaction, the interests in each of the
respective Lease Agreements would be formed as follows: ExxonMobil Exploration and Production
Greece (Crete) B.V: 70%, which will also assume the Operatorship and The Company’s subsidiaries: 30%.
On 28 July 2022, the Group proceeded with signing of a share purchase agreement for the acquisition of
“MAKRYLAKKOMA S.A.” and “SAGIAS S.A.”, by “HELLENIC PETROLEUM RENEWABLE WIND FARMS OF
MANI S.A.”, a wholly owned subsidiary of HELPE RENEWABLES S.A. established in July 2022. The wind
farms, with a total installed capacity of 55.2 MW, are located in Eastern Mani, Laconia, Greece, and have
been in commercial operation since December 2019. The consideration for 100% of the shares of the
two companies amounted to €90m.
5.
Complimentary Information and
Data pursuant to the Capital
Market Commission’s Decision
(Government Gazette
Β/2092/29.10.2007)
5.1  Website
The annual and interim financial statements of the HELLENIC PETROLEUM Group and the parent
company, on a consolidated and non-consolidated basis, the Independent Auditors’ Report and the
Annual Report of the Board of Directors are available on the internet at www.helpe.gr.
The annual financial statements of the consolidated companies under EKO S.A. are available online at
www.eko.gr.
On HELLENIC PETROLEUM's website https://www.helpe.gr/investor-relations/quarterly-results/
financial-statements/financial-statements-of-subsidiary-companies/, there is a list of subsidiaries that
are fully consolidated in the Group's financial statements; these companies also have their own website
through which their financial statements can be accessed. The financial statements of the other
subsidiaries can be viewed at the above address.