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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

HELLENiQ ENERGY Holdings S.A.

Half-Yearly Financial Report

2023

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 2023

Contents

1.Statements of Members of the Board of Directors		5
2.Board of Directors Report		7
	2.1Introduction	9
	2.2Information Required as per par. 6, Article 5 of Law No. 3556/2007	10
	2.3Additional Information of the Board of Directors’ Half-Yearly Financial Report	35
3.Interim Condensed Consolidated and Company Financial Statements		49
4.          Independent Certified Auditor		106
5.          Complementary Information and Data pursuant to the Capital Market Commission’s Decision		109
	5.1Website	110

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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

Pursuant to the provisions of article 5, par. 2c, Law No. 3556/2007, we

Ioannis Papathanassiou, Chairman of the Board of Directors,

Andreas Shiamishis, Chief Executive Officer, and

Georgios Alexopoulos, Deputy Chief Executive Officer, General Manager Group Strategic Planning & New

Activities, Executive Board Member,

state that to the best of our knowledge: 

a. The half-yearly interim condensed financial  statements of the Group and "HELLENiQ ENERGY Holdings

S.A." (the "Company"), which were prepared in accordance with the applicable 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 Company's assets and liabilities, equity and

financial results of the period 01.01.2023 - 30.06.2023, as well as of the subsidiaries that are included in the

interim consolidated financial statements of the HELLENiQ ENERGY Group (the “Group”) as a whole. 

b. The half-yearly report of the Board of Directors  accurately represents the information required under

paragraph 6, article 5, Law No. 3556/2007 and the relevant decisions of the Capital Market Commission.

Athens, 31 August 2023

By authority of the Board of Directors

The Chairman of the Board of Directors	The Chief Executive Officer	The Deputy CEO, General Manager Group Strategic Planning & New Activities, Executive Board Member
Ioannis Papathanassiou	Andreas Shiamishis	Georgios Alexopoulos

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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

BoD Report Contents

2.1Introduction			9
2.2Information Required as per par. 6, Article 5 of Law No. 3556/2007			10
	2.2.1Significant Events during the First Half of 2023 and their Impact on the Interim Financial Statements		10
	a)Business Environment		10
	b)Financial Highlights		19
	c)Company’s Corporate Events in the First Half of 2023		20
	d)Geopolitical Events		21
	e)Subsequent Events after First Half of 2023		21
	2.2.2First Half of 2023 Review per Segment – Major Risks, Uncertainties and Prospects in Second Half of 2023		22
	a)Business Activities Review		22
	b)Major Risks and Uncertainties of Second Half of 2023		30
	2.2.3Significant Related Party Transactions (Article 3, Decision No. 1/434 - 03.07.2007)		31
2.3Additional Information of the Board of Directors’ Half Yearly Financial Report			35
	2.3.1Other Financial Information		35
	2.3.2Selected Alternative Performance Measures		37
	2.3.3Non-Financial Information		40
	a)Health, Safety, Environment and Climate Change		41
	b)Labour Issues		44
	c)Society		45
	d)Corporate Governance		47

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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

2.1 Introduction

Dear Shareholders,

The Board of Directors of the Company presents the 1H23 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 and their effect on the half-yearly

financial statements. It also describes significant risks and uncertainties anticipated in the second half of the

financial year, disclosure of material transactions that took place between the Company and its related parties, as

well as a presentation of qualitative information and estimates in relation to the development of operations of the

Company and the Group for the second half of the financial year.

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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

2.2 Information Required as per par. 6,

Article 5 of Law No. 3556/2007 

2.2.1 Significant Events during the First Half of 2023 and their

Impact on the Interim Financial Statements

a) Business Environment 1,2,3,4,5,6

Economic Environment

1H23 Review

The drivers that hindered the global economic growth in 2022 continued to persist in 1H23. In specific, inflationary

pressures were evident throughout the period, eroding the households’ purchasing power and policy tightening by

central banks in response to inflationary pressures raised the cost of borrowing, constraining economic activity.

Early concerns about the health of the banking sector subsided to a large extent, however the increased interest

rates have filtered through the financial system and banks in advanced economies tightened lending standards.

The impact of higher interest rates extended to public finances, especially in poorer countries that have been

grappling with elevated funding costs, limiting the potential for high-priority investments.

As a result, the global economic recovery that followed the COVID-19 pandemic as well as the energy crisis that

was accentuated after Russia’s invasion of Ukraine, slowed amid widening divergences among economic sectors

and regions. However, lower energy prices, improvement of supply chains and normalization of freight costs

helped ease the strain on households’ and businesses’ budgets, while earlier-than-expected full reopening of

China provided support for global trade. Consequently, the global economic growth outlook has started to

improve, albeit risks to the downside remain.

Economic growth outlook

According to IMF forecasts (July 2023), the global GDP growth is estimated at 3.0% in both 2023 and 2024, an

upgrade of 0.2% and 0% respectively vs April estimates, with the forecasts remaining, however, below the

historical (2000–2019) annual average of 3.8%.

Inflation is easing in most countries but remains high. Following the buildup of gas inventories in Europe and

weaker-than-expected demand in China, energy and food prices have dropped from their 2022 peaks, although

food prices remain elevated. Along with the normalization of supply chains, these developments have contributed

to a rapid decline in headline inflation in most countries. Core inflation, however, has declined more gradually and

remains well above most central banks’ targets. Global headline inflation is expected to fall from 8.7% in 2022 to

6.8% in 2023 and 5.2% in 2024.

Regarding the advanced economies, the economic growth slowdown projected for 2023 remains significant: from

2.7% in 2022 to 1.5% in 2023, with 93% of them projected to have lower growth in 2023. Economic growth in

2024 is estimated at 1.4%. According to the IMF, growth In the US is projected at 1.8% in 2023 (vs 2.1% in 2022)

and 1.0% in 2024. However, worries remain regarding consumers’ purchasing power, a significant pillar of the

economy, as excess savings accumulated during the pandemic have been gradually depleted and the Federal

Reserve is expected to remain on a restrictive monetary policy path over the next period. 

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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

1 IMF, World economic Outlook, April 2023 / July 2023

2 OPEC, Monthly Oil Market Report, 13 July 2023

3 OECD, Economic Outlook, Volume 2023 Issue

4 Bank of Greece, Monetary Policy 2022-2023, June 2023

5 Reuters, https://www.reuters.com/business/energy/how-opec-deal-cuts-oil-supply-until-end-2024-2023-06-05/

6 EIA, https://www.eia.gov/todayinenergy/detail.php?id=56560

Regarding the developing and emerging economies, economic growth is forecasted at 4.0% for 2023 and 4.1% in

2024, with stronger prospects than for the advanced economies, however, more widely dispersed across regions.

Regarding China, GDP growth forecasts for 2023 and 2024 remain unchanged, at 5.2% and 4.5% respectively,

however, accompanied by a change in the contribution of its drivers, with consumption continuing to support

growth and investments underperforming due to the ongoing downturn of the real estate sector.

In Eurozone, GDP growth is projected to decelerate from 3.5% in 2022 to 0.9% in 2023, before rising to 1.5% in

2024. The forecast is broadly unchanged, but with variations among member countries. The tightening of

monetary policy, high inflation, tighter financing conditions, the gradual withdrawal of fiscal support and the

energy supply uncertainty over the upcoming winter period are among drivers expected to moderate economic

expansion in 2023.

Greek GDP increased in 1Q23 by 2.1%, mainly due to the rise in exports and the increase in private consumption.

Inflation slowed in the first months of 2023, mainly due to a significant decline in energy prices. Nevertheless,

upward pressures on core inflation persist, mainly driven by services and non-energy industrial goods.

According to the Bank of Greece, Greek GDP is expected to grow by 2.2% in 2023 (vs 5.9% in 2022), due to the

anticipated decline in economic activity in the Eurozone and the normalization of private consumption’s growth

rate.

In the coming years, it is estimated that the Greek economy will continue to expand at high rates, with GDP growth

projected at 3.0% in 2024 and 2.7% in 2025, conditional upon a de-escalation of the geopolitical crisis  and the

energy prices as well as a limited negative impact from the ongoing monetary tightening.

Crude Oil Prices

Crude oil prices rose to notably high levels in 1H22, due to increased demand and the impact from the energy

crisis, however, from September 2022 they started declining with the downward trend continuing into 2023. Brent

(Platt's Dated) averaged $79.8/bbl in 1H23, compared to $107.5/bbl in 1H22, lower by 26%, due to ongoing

concerns about a global economic slowdown and despite OPEC+ announcements which targeted a reduction in

crude oil production. In particular, OPEC+ had already implemented cuts in oil production by 3.66 mbpd,

amounting to 3.6% of global demand, including 2 mbpd of cuts from August 2022 production levels, agreed last

year, and an additional 1.66 mbpd of voluntary cuts from nine OPEC+ countries. OPEC+ did not increase output

cuts for 2023, with the exception of Saudi Arabia which in June 2023 pledged an additional voluntary oil output

cut of 1 mbpd for the month of July, which could be extended. The EIA expects the price of Brent crude oil to rise

from $74/bbl in May 2023 to $79/bbl in September, before easing slightly to average $78/bbl in the last three

months of 2023.

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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

The Brent-Urals spread averaged $25.8/bbl in 1H23 vs $23/bbl in 1H22, declining, however, during the last

months of 1H23 due to exports of Urals to countries outside the European Union.

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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

Refining Margins and Oil Products' Cracks

The benchmark refining margins for the Med refineries decreased in 1H23 compared to 1H22 as the slightly higher

demand for road and air transport fuels (diesel, gasoline, jet fuel) were outweighed by increased refining capacity,

alongside the replacement of Russian oil products’ supply with imports from Asia and the Middle East. Specifically,

based on Refinitiv, the FCC (Fluid Catalytic Cracking) benchmark margin averaged $7.7/bbl in 1H23 vs $15.6/bbl in

1H22, while the Hydroskimming benchmark margin averaged $1.2/bbl vs $4.5/bbl in the respective period of last

year. In terms of product cracks, diesel crack averaged $24/bbl in 1H23 compared to $32/bbl in 1H22, while the

gasoline crack averaged $20/bbl compared to $21/bbl in 1H22. Accordingly, the high sulfur fuel oil (HSFO) crack

and the naphtha crack were shaped at $-19/bbl and $-11/bbl respectively in 1H23 compared to $-23/bbl and $-14/

bbl respectively in 1H22.

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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

International Product Cracks ($/bbl)

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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

Exchange Rates

Following 4Q22, when the EUR/USD rate fell below parity, during 1H23 the EUR recovered, averaging $1.08, still

0.9% lower vs the respective period of last year ($1.09). The variation in the timing and the extent of monetary

policy tightening by the US Federal Reserve and the European Central Bank, as well as the better than expected

economic growth in Eurozone as a result of a milder energy crisis impact, contributed to the strengthening of the

EUR/USD rate during 1H23.

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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

Electricity, Natgas and EUA Prices

The impact from Russia’s invasion of Ukraine continued to affect the energy market in 2023, however, to a lesser

extent compared to the previous year, while at the end of 1H23, electricity and natural gas prices decreased

further. The electricity price (DAM MCP) averaged €131.8/MWh in 1H23 compared to €240.5/MWh in 1H22,

declining by 45%, the TTF Natgas price averaged €44.5/MWh vs €100.3/MWh in 1H22, falling by 55%, while the

EUA price increased by 4.6% and averaged €87.2/T in 1H23 compared to €83.3/T in the respective period of last

year.

In the table below:

*monthly averages, electricity prices are based on the DAM MCP, which stands for Day Ahead Market, Market

Clearing Price

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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

Developments in the Oil Market

Based on OPEC estimates, global oil demand is expected to increase by 2.4 mbpd on average in 2023, totaling

102.0 mbpd, with estimates revised upwards due to strong demand from China, USA and Latin America. Oil

demand in OECD Europe is expected to remain 0.79 mbpd below pre-pandemic levels, due to slower economic

growth in the region and the effect of supply chain bottlenecks on industrial activity. For 2024, global oil demand

average 104.25 mbpd, higher by 2.2 mbpd amid an improving outlook in China. Accordingly, the International

Energy Agency (IEA) estimates that global oil demand will increase by 2.2mbpd in 2023 and 1mbpd in 2024.

The oil supply from OPEC countries in 1H23 averaged 28.6 mbpd, at par with 1H22 (28.5 mbpd), with an increased

contribution mainly from Iran and Iraq. Oil supply from non-OPEC countries is estimated to increase by 1.4 mbpd

in 2023 compared to 2022, reaching on average 67.1 mbpd. For 2024, oil production in the OECD countries is

estimated to grow by 0.9 mbpd to 33.3 mbpd, mainly due to an increase of 0.9 mbpd in America, reaching an

average of 29.0 mbpd. Accordingly, IEA estimates that global oil supply growth will average 1.5 mbpd in 2023 and

1.46 mbpd in 2024, mainly coming from non-OPEC countries.

Domestic Energy Market

The domestic ground fuels demand in 1H23 amounted to 3.1m MT, lower by 2% vs 1H22, as the 4% increase in

automotive fuels demand due to the increase of economic activity and tourism was outweighed by a 30%

reduction in heating oil consumption due to milder weather conditions. Aviation fuels demand recovered by 11% in

1H23 at levels even higher than the respective period in 2019, while demand for shipping fuels increased by 1%.

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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

b) Financial Highlights7

Tables below present the main financial and operational Group indicators for 1H23:

Operational Data	1H23	1H22
Refinery sales (in million metric tons)	7.6	6.7
Marketing sales (in million metric tons)	2.7	2.7
Refinery production (in million metric tons)	7.2	6.0
Group employees (FTEs)	3,654	3,550

Financial Data (in million €)	1H23	1H22
Net sales	6,091	6,777
Reported EBITDA7	400	1,239
Inventory effect – Loss (gain)7	197	-513
Accrual of CO2 emission deficit7	-53	-126
Other special items7	23	33
Adjusted EBITDA7	568	633
Reported net income7	162	869
Adjusted net income7	277	369

In 1Η23, adjusted EBITDA amounted to €568m (2022: €633m) and adjusted Net Income shaped at €277m 

(2022: €369m). Among the key drivers for the change in adjusted results were the normalization of refining

margins compared to the historic highs reached in 1H22, the weak petrochemical market environment and the

regulatory restrictions applied on the domestic retail marketing business, which, combined with the impact of

inflationary pressures on the cost base, resulted in lower contribution from the domestic Fuels Marketing

business. On the contrary, refineries’ increased availability and operational excellence, with exports at higher levels

(+28%), along with increased contribution from RES, supported the results.

Reported results recorded a significant decrease due to inventory valuation losses (€197m losses vs €513m gains

in 1H22) on the back of crude oil’s price decline and the lower effect from the CO2 emission deficit accrual

accounting. As a result, Reported EBITDA came in at €400m (1H22: €1,239m) and Reported Net Income at €162m

(1H22: €869m).

Despite a changing energy market and the challenges sparked by the energy crisis, considering the accelerated

energy transition landscape, the Group continues the implementation of its strategy, in line with its “Vision 2025”

plan, with emphasis on the following priorities:

• Promote operational excellence in our activities throughout the Group

• Develop a value enhancing RES and power storage portfolio

• Improve carbon footprint in our core activities

• Improve risk management and ESG framework

The Group’s transition to New Energy with investments that complement its traditional activities, accelerates,

with the RES portfolio having reached an operating capacity of 356 MW at the end of 1H23.

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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

7  The selective alternative performance indicators are listed in Section 2.3.2

Balance Sheet / Cash Flow (in million €)	30.06.23	30.06.22
Total Assets	7,807	9,080
Total Equity	2,731	2,868
Capital Employed (Total Equity + Net Debt)	4,283	4,835
Net Debt	1,553	1,967
Net Cash Flows (operating & investing cash flows)	553	142
Capital Expenditure	147	220
Gearing ratio – Net Debt / Capital Employed	36%	41%

c) Company’s Corporate Events in the First Half of 2023

Annual General Meeting

The Annual General Meeting which was held on the 15th of June 2023 and in which 203 shareholders, representing

269,897,866 common registered shares and voting rights, out of a total of 305,635,185 common registered

shares, i.e. 88.31% of the paid-up share capital, participated either by attending in person or remotely via

teleconference or by exercising  their voting rights either via teleconference or by submitting prior to the date of

the General Meeting a postal vote form ( in person or by proxy), adopted the following decisions:

•Approved the annual and consolidated financial statements for the financial year 2022 (01.01.2022 -

31.12.2022), the relevant Board of Directors’ and Statutory Auditors’ reports and the Statement of Corporate

Governance, as presented for approval. 

•Approved the distribution of profit for the financial year 2022.

•Approved the distribution of dividend for the financial year 2022 of €1.15 per share, i.e., a total amount of

€351,480,463 to the Company’s shareholders and considering the payment of interim dividend of €0.65 per

share, the payment of a gross (before tax) amount of dividend of €0.50 per share, i.e., a total amount of

€152,817,593 to the Company’s shareholders. Wednesday, 28th June 2023 and Tuesday 29th June 2023

were approved as the ex-dividend date and beneficiary determination date (record date) respectively,

whereas the payment of the corresponding amount commenced on Wednesday 5th July 2023.

•Approved in accordance with the provisions of article 112 par 3 of Law 4548/2018 the Board of Directors’

remuneration report for 2022.

•Approved the overall management of the Board of Directors for the financial year 2022 (01.01.2022 -

31.12.2022) 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 financial 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 financial  year (01.01.2023 - 31.12.2023) and determined

their remuneration at €76,600 plus VAT.

In addition, the Annual Report of the Audit Committee on its activities for the financial year 2022 according to the

provisions of article 44 par.1 (i) of Law 4449/2017 as well as the report on the activities of the Independent Non-

Executive members of the Board of Directors for the period 01.01.2022- 18.05.2023 according to the provisions of

article 9 par. 5 of Law 4706/2020, were submitted to the Annual General Meeting. 

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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

d) Geopolitical Events

The Ukraine - Russia crisis continues, resulting in economic and non-economic sanctions by the European Union,

the USA and other countries, that affect the global energy markets and economic developments, in general. The

impact of the energy crisis on economic growth, which has also been influenced by monetary and fiscal policies

leading to inflationary pressures, an increase in interest rates and fluctuations in foreign exchange rates, as well as

other economic indicators, could affect the Group’s business. Furthermore, uncertainties regarding the global

economic growth in 2H23 amid ongoing inflationary pressures and their effect on the consumers’ purchasing

power, as well as geopolitical developments that still impact the global markets, constitute challenges that should

be taken into consideration. The Group follows the developments around the crisis closely and adjusts its

operations accordingly.

e) Subsequent Events after First Half of 2023

On 27 July 2023, HELLENiQ Renewables, a 100% subsidiary of HELLENiQ ENERGY Holdings S.A., signed a

financing framework agreement of an amount of up to €766m with National Bank of Greece and Eurobank for the

implementation of multiple financing arrangements (Project Finance) in relation to existing and new projects for

electricity generation from Renewable Energy Sources (photovoltaic and wind parks). The framework agreement

sets a unified perimeter of common financing terms for projects that meet pre-agreed eligibility criteria, covering

existing as well as new projects to be implemented in Greece, in various development stages. The generated

electricity will be sold through contracts of a wide range of structures (Feed-in Premium, Feed-in Tariff and/or

Corporate Power Purchase Agreements). The key benefits of the framework agreement for the HELLENIQ

ENERGY Group include: a) significant committed capacity to support RES growth in Greece, b) flexibility, speed of

implementation, governance and risk framework, c) realignment of funding resources and capital structure to

different business units, d) best-in-class financing terms offering competitive advantage.

Also, on 31 July 2023, HELLENiQ Renewables entered into a binding agreement with MYTILINEOS for the

construction and acquisition (upon achieving commercial operation) of a portfolio of 4 photovoltaic (PV) parks in

Romania, with an aggregate capacity of 211 MW. The projects are in an advanced stage of development and are

expected to enter commercial operation gradually, from 4Q23 to 3Q25. The total annual production of the

projects is expected to exceed 300 GWh of green energy, enough to meet the needs of 100,000 households. In

addition, HELLENiQ Renewables signed a Framework Agreement with another counterparty for the development

of a portfolio of PV parks with an aggregate capacity of up to 600 MW in Romania.

Additionally, on 16 August 2023, it was announced that HELLENiQ Renewables, participated in the first tender

held in Greece for the granting of investment and operating aid to energy storage system (ESS) projects.  All three

(3) ESS projects of HELLENiQ Renewables, with a total capacity of 100 MW and a guaranteed storage capacity of

200 MWh, were included in Regulatory Authority for Waste, Energy and Water (RAWEW)’s list of eligible projects.

The 3 eligible ESS projects, the larger with a nominal capacity of 50 MW and the other two of 25 MW each, will be

developed in the Group’s industrial facilities in Thessaloniki, utilizing existing infrastructure.

Finally, on 30 August 2023, HELLENiQ Renewables executed a binding agreement with LIGHTSOURCE

RENEWABLE ENERGY GREECE HOLDINGS (UK) LIMITED for the acquisition (upon the start of commercial

operations) of a PV portfolio in Kozani with an aggregate capacity of up to 180 MW, of which over 50% is

contracted on a long-term basis. The projects are expected to start commercial operations gradually, from 1Q24

to 3Q24. 

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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

2.2.2 First Half of 2023 Review per Segment – Major Risks,

Uncertainties and Prospects in Second Half of 2023

a) Business Activities Review

HELLENiQ ENERGY Group’s main segments of business activities 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 2023 (1H23) and the outlook for the second half of 2023 (2H23) are

analysed below:

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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

Refining, Supply and Trading

The Group’s refining, supply and trading of petroleum products is carried out through the subsidiary HELLENIC

PETROLEUM R.S.S.O.P.P. S.A. (HELPE), which operates three refineries: an FCC refinery in Aspropyrgos, a

Hydrocracking refinery in Elefsina, both of them in Attica and a Hydroskimming refinery in Thessaloniki.

In 1H23 the Group’s refining activity is summarized below:

Refinery	Annual Nominal Capacity (Κbpd)	Crude & Intermediate Products Processed          (k ΜΤ)	Final & Intermediate Products Output (k MT)
Αspropyrgos	148	3,922	3,643
Thessaloniki	90	1,979	1,922
Εlefsina	106	2,661	2,398
Inter-refinery		-743	-633
Total		7,820	7,220

In 1H23, the consumption of petroleum products in Greece was slightly lower than the respective consumption in

1H22, mainly due to the reduced consumption of heating gasoil. HELPE’s sales volume in the Greek market

amounted to 3.3 m MT, almost equal to 2022. HELPE’s exports amounted to 4.4 m MT, significantly higher than

1H22 (3.4 m MT).

HELPE’s benchmark refining margin stood at $7.5/bbl, $3.2/bbl lower than 1H22, the latter being positively

impacted by the record high diesel cracks evidenced following Russia’s  invasion of Ukraine.

Sales	1H23 (k MΤ)	1H22 (k MΤ)
Domestic Market	2,068	2,111
International Sales	1,203	1,156
Εxports	4,369	3,433
Total	7,639	6,700

Refining, supply and trading results are greatly affected by external factors such as:

•The evolution of crude oil and product prices, which impact the refining margins.

•The EUR/USD exchange rate, as refining margins are quoted in USD.

•The CO2 emission allowance prices, as traded in the European market, which affect production costs.

•The natural gas and electricity prices, which affect production costs.

The international environment in the energy sector continues to be driven by volatility and uncertainty. Both oil

demand and oil supply in 2H23 depend on the global economic activity, the geopolitical developments, including

the tension between Ukraine and Russia, as well as policies that are applied by the various crude oil producing

countries. Additional risk factors that may affect the refining margins include the changes in the global refining

capacity, the levels of refineries’ production regionally and globally, as well as the availability of crude oil and raw

materials.

HELPE targets continuous improvements on safety, energy efficiency, emissions reduction, operational

excellence at its refineries as well as the development of a new pillar in the RES business. In addition, increased

emphasis is placed on the optimization of the refineries’ operation through the selection of new crude oil grades

and raw materials, the digital transformation program, as well as the increase of synergies among its facilities.

The Group constantly focus on safety improvements and operational excellence.

23
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

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 1H23, total Petrochemical sales volume amounted to 137 thousand tones, at similar levels with the respective

period of 2022.

Petrochemical sales per product are shown below:

Product	1H23 (k ΜΤ)	1H22 (k ΜΤ)
Polypropylene	109	110
Solvents	11	10
ΒΟΡΡ film	15	13
Traded goods/Others	2	2
Total sales	137	135

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 balances, as well as the macro environment.

In 1H23, the key performance drivers were as follows:

•Subdued demand and increased supply in the global Petrochemicals market, led the petrochemical margins

to the lowest levels since the end of 2020.

•Polypropylene margins were shaped at much lower levels compared to 2H22 (down by 45%). However, the

flow of sales of the manufactured products was smooth and continuous.

•Strong export orientation, with 70% of sales of polypropylene being directed to selected Mediterranean

markets and to high value-added products.

•BOPP film margins decreased notably compared to the respective period of 2022 due to the general

economic environment that affected the food market and, by extension, the flexible packaging sector.

In 2H23, subject to international market developments, sales volumes are estimated to remain within the

Business Plan range.

24
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

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.

In 1H23, marketing sales were as follows:

	1H23 (k MT)	1H22 (k MT)
Domestic Market	1,089	1,150
Bunkering and Aviation, Exports	640	602
Domestic Marketing Sales	1,729	1,752
International Marketing Sales	959	930
Total	2,688	2,682

Domestic Marketing

In Greece, EKO’s total fuels sales amounted to 1,729 thousand MT in 1H23, recording a decrease of 1.3% compared

to the respective period of the previous year. The number of petrol stations amounted to 1,648 vs 1,677 last year.

Domestic market fuel sales dropped by 5.3% due to reduced demand for heating fuel oil in the wake of milder

weather conditions.  Automotive fuels sales increased by 3.8% due to increased economic activity.

Aviation and bunkering fuel sales increased by 6.9% and 5.9% respectively compared to 1H22, mainly due to

increased tourism and reached levels that surpassed by 15.2% those of the first half of 2019, the last year with

normal economic activity without COVID-19 restrictions.

EKO will continue to implement its business plan which focuses on increasing its market share while further

improving operational profitability as well as 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 the Republic of North Macedonia

amounted to 320 (vs 316 in 1H22). In 1H23, International Marketing’s total sales volumes amounted to 959K tones

compared to 930K tones in the respective period of last year, recording an increase of 3%. The main drivers for

the sales increase were the more favorable market conditions , the uninterrupted fuel supply to the market -

despite the geopolitical turbulence in Southeastern Europe - and the lifting of the restrictive measures that had

been imposed in order to contain the COVID-19 pandemic.

In 1H23, the International Marketing’s Reported EBITDA recorded a decline of 29%, mainly due to the impact of

inventory valuation and the normalization in the international petroleum environment compared to 1H22.

Adjusted EBITDA increased by 11% due to the recovery in volumes and profit margins.

In 2H23, performance is expected to improve in line with the business plan, subject to market conditions.

25
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

Renewable Energy Sources

The Group has been developing a material pillar of RES capacity, targeting >1 GW of operating capacity by 2025

and >2 GW by 2030, that would diversify the Group's energy portfolio and contribute to the reduction of its carbon

footprint, while offsetting its greenhouse gas emissions.

In 1H23, HELLENiQ Renewables’ total installed capacity amounted to 356 MW. In May 2023, 2 PV parks of 15 MW

total capacity have been acquired in Cyprus.

More than 4 GW of projects, mainly PV, wind and energy storage are currently in various stages of development.

In addition, the Group continues to assess the development and construction of new net-metering projects at the

Group’s facilities.

26
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

Power Generation & Natural Gas

The Group's power and natural gas activities relate to the Group’s participations in ELPEDISON BV (50%

HELLENiQ ENERGY, 50% EDISON) and DEPA COMMERCIAL, DEPA INTERNATIONAL PROJECTS (35% HELLENiQ

ENERGY, 65% HRADF).

Power Generation & Trading

ELPEDISON BV's results in 1H23 decreased compared to the same period of 2022.

Domestic demand for electricity reached 23.5 TWh, lower by 8.5% compared to the 1H22, mainly due to milder

weather conditions. In the power generation sector, in 1H23, the participation of natural gas-fired units in the

energy mix decreased significantly, with a 26% share (vs 34% in 1H22). RES’ and electricity imports’ share

increased to 43% and 15% respectively from 37% and 11% in 1H22. The gradual de-escalation of international

natural gas prices provided a significant benefit, with the average indicative price of TTF gas standing at €44/

MWhg (compared to €101/MWhg in 1H22). On the other hand, the imposition of an extraordinary levy on natural

gas for electricity generation, equal to 5% of the TTF contract, as well as the 5% increase in the average price of

CO2 allowances, which stood at €87.2 per ton of CO2 for the period under review, contributed to an increase in

production costs.

Amid a volatile environment, despite lower availability of ELPEDISON's Thisvi and Thessaloniki plants due to

scheduled maintenance in April and May 2023, the Company managed to maintain its competitiveness, mainly

through the optimization of the natural gas supply mix and by effectively utilizing its production units’ flexibility.

In the retail electricity market, despite the decrease of the Company's market share to 5.8% (1Η22: 6.2%, Source:

Hellenic Energy Exchange), the low voltage clientele base was increased, mainly due to the addition of more

residential customers. At the end of 1H23, ELPEDISON’s customer base had reached approximately 325,000

customers compared to 310,000 in 1H22, with sales reaching 1.4 TWh. In addition, during 1H23, ELPEDISON

strengthened its presence in the natural gas supply market, significantly expanding its clientele base as well as its

presence in the wholesale market. Specifically, the Company’s imports of Liquefied Natural Gas (LNG) at the

Revithoussa Terminal increased by 36%, to 3.4 TWh (vs 2.5 TWh in 1H22), which, in turn, led to an increase in

domestic sales and exports.

Most notable developments include:

•In the electricity generation business, licensing procedures as well as preparatory technical works for the

construction of the new Combined Cycle Gas Turbine (CCGT) power plant in Thessaloniki are being

completed. The final investment decision and the implementation timetable is expected in the next period.

•In the electricity and natural gas supply business, 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 business.

•ELPEDISON submitted an application for the amendment of its Independent natural gas System License for

the new LNG terminal, named Thessaloniki FSRU. This regards the enhancement of the marine

infrastructure with the addition of a second FSU tanker, i.e. a floating LNG storage unit.

27
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

Supply, Transportation and Trading of Natural Gas

Natural gas’ domestic consumption decreased by 21.7% in 1H23 to 23.72 TWh, mainly due to milder weather

conditions that led to a substantial decrease in consumption by domestic consumers (1H23: 6.77 TWh, -18%).

Electricity producers continued to record the highest consumption with 63% of domestic demand, but the

corresponding decrease in electricity demand led, in turn, to a 26% drop in natural gas consumption by the

specific category (1H23: 15.04 TWh). On the other hand, demand from industrial customers increased by 14%

compared to 1H22 due to lower natural gas prices which de-escalated from notably high levels reached in the

aftermath of Russia’s invasion of Ukraine.

Regarding natural gas imports (1H23: 33.67 TWh; -13%), sanctions against Russian natural gas, resulted in

Revithoussa LNG Terminal (Agia Triada entry point) being the main gateway for natural gas to Greece.

Revithoussa covered 56% of total imports (1H23: 18.69 TWh), recording an increase compared to 1H22 (+8%), at

the expense of gas imports through pipelines (Terminals of N. Mesimvria, Sidirokastro and Kipi, 1H23: 14.98 TWh,

-31%). The USA remain the largest exporter of LNG to Greece, with a share of 41% among all LNG cargoes.

It is worth noting that natural gas exports increased in 1H23 by 15% (9.90 TWh), and were directed mainly to

Bulgaria, through the interconnection point at Sidirokastro, but also to Italy, through Nea Messimvria and the TAP

pipeline.

In this volatile and competitive environment, the significant decline in demand and, consequently, in natural gas

prices more than offset effective portfolio and contract mix management, leading to a decrease of DEPA

COMMERCIAL’s profitability, and, accordingly, reduced contribution to HELLENiQ ENERGY Holdings’ profits,

compared to 1H22.

Privatization of DEPA COMMERCIAL

The sale process of 100% of the share capital of the company "DEPA COMMERCIAL S.A." by HRADF S.A. (65%)

and HELLENiQ ENERGY 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. HELLENiQ ENERGY

Holdings S.A. was among the candidate investment schemes in a joint venture with EDISON S.A. The sellers

HRADF and HELLENiQ ENERGY Holdings S.A. are in the process of examining their options.

28
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

Oil & Gas Exploration and Production

HELLENiQ ENERGY 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 acquisition program of 1,200 km was performed, as part of the minimum work program

of the 1st Exploration Phase. In December 2022, in the context of the acceleration of the exploration

activities, a 3D seismic acquisition survey of a total area of 2.420 km2 was conducted as part of the

commitments of the 2nd Exploration Phase. Seismic operations were successful, with zero environmental

footprint and full respect for the local communities, taking all the essential protection measures, based on

the EU and national legislation, as well as good industry practices. Processing and interpretation of the new

2D seismic data have been completed, while processing of the new acquired 3D seismic data is in progress

with the interpretation to follow. On 10 July 2023, the Lessee entered in the 2nd Exploration Phase which has

a duration of 3 years.

•The Group has also E&P rights, as Operator (100%), in the offshore “Ionian” block, in Western Greece. In

February 2022, a 2D seismic acquisition of 1,600 km was performed, as part of the minimum work program

of the 1st Exploration Phase. In the context of the acceleration of the exploration activities, in December

2022, an additional 3D seismic acquisition of 1,150 km2 was also performed as part of the commitments of

the 2nd 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 and interpretation of the new 2D seismic data have

been completed, while processing of the new acquired 3D seismic data is in progress with the interpretation

to follow. On 10 July 2023, the Lessee entered in the 2nd Exploration Phase, of a 3 - year duration.

•The Group has a 25% interest in the offshore “Block 2”, West of Corfu island, in a JV with Energean Hellas

Ltd. (75%, Operator). In November 2022, a 3D seismic acquisition campaign of 2,244 km2 was performed by

the Lessee. Processing of the 3D seismic data is in progress and the interpretation will follow until beginning

of next year.

•The Group has also E&P rights, with 30% interest, in two (2) offshore blocks in Crete, ‘West Crete’ and

‘Southwest Crete’, along with ExxonMobil Exploration & Production Greece (Crete) B.V. (70%, operator).

During the period November 2022 – February 2023, a 2D seismic acquisition of 12,278 km. was performed in

the two (2) Cretan lease areas. Processing of the new acquired seismic data is ongoing, with the

interpretation to follow.

•With regards to 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.

29
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

b) Major Risks and Uncertainties of Second Half of 2023

The Group’s activities are focused on oil refining, supply and trading, petrochemicals, fuels marketing,

hydrocarbons exploration and production and renewable energy sources. Additionally, the Group has interests in

electricity generation and supply as well as natural gas supply and trading. Therefore, the most significant risks

that could affect the Group's operations in 2H23 are related to the developments that shape the supply of crude

oil, fluctuations in crude oil prices, oil products demand, refining capacity additions and utilization, level and

volatility of refining margins, EUR/USD exchange rate volatility, CO2 emission costs, natural gas and electricity

prices fluctuation, risks of fair value adjustments due to interest rates variation as well as the overall

macroeconomic environment.

30
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

2.2.3 Significant Related Party Transactions (Article 3, Decision No.

1/434 - 03.07.2007)

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 International Projects S.A.

•Elpedison B.V.

•Spata Aviation Fuel Company S.A. (SAFCO)

•D.M.E.P. HOLDCO

•VLPG Plant LTD

Group	For the period ended
	30 June 2023	30 June 2022
Sales of goods and services to related parties
Associates	160,401	48,465
Joint ventures	6,512	2,137
Total	166,913	50,602
Purchases of goods and services from related parties
Associates	68,068	91,777
Joint ventures	74,095	85,794
Total	142,163	177,571
Group	As at
	30 June 2023	31 December 2022
Balances due to related parties
Associates	26,719	13,925
Joint ventures	23,995	926
Total	50,714	14,851
Balances due from related parties
Associates	32,858	12,997
Joint ventures	600	15,226
Total	33,458	28,223

31
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

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 2023 was €87 million (31 December 2022: €107

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.

•Hellenic Armed Forces

•Road Transport S.A.

•Public Power Corporation Hellas S.A.

•Lignitiki Megalopolis S.A. (up to 01.06.2022 when the entity was fully absorbed by PPC S.A.)

•Lignitiki Melitis S.A. (up to 01.06.2022 when the entity was fully absorbed by PPC S.A.)

•Hellenic Distribution Network Operator S.A. (HEDNO)

During the period ended on 30 June 2023, transactions and balances for the Group with the above government

related entities are as follows:

•Sales of goods and services amounted to €173 million (30 June 2022: €247 million)

•Purchases of goods and services amounted to €2 million (30 June 2022: €1 million)

•Receivable balances of €81 million (31 December 2022: €106 million)

•Payable balances of €0.1 million (31 December 2022: €0.1 million).

There were no transactions and balances between the Company and the above government related entities up to

30 June 2023.

c) Key management includes directors (Executive and Non-Executive Members of the board of HELLENiQ

ENERGY Holdings S.A.) and General Managers. Where required, comparative amounts have been amended to

better reflect the nature of the compensation earned.

The compensation paid or payable for the period  ended on 30 June 2023 to the aforementioned key

management is as follows:

Group	For the period ended
	30 June 2023	30 June 2022
Short-term employee benefits	4,031	3,448
Post-employment benefits	303	112
Termination benefits	—	134
Total	4,334	3,694

d) The Group participates in the following jointly controlled operations with other third parties relating to

exploration and production of hydrocarbons in Greece:

• Energean Italy S.p.A. (Greece, Patraikos Gulf)

• Calfrac Well Services Ltd (Greece, Sea of Thrace concession)

• Energean Hellas LTD (Greece, Block 2)

• Exxon Mobil Exploration and Production Greece (Crete) B.V. (Greece, Block West Crete)

32
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

•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 HELLENiQ ENERGY Holdings S.A. to act

as the central treasury vehicle of the HELLENiQ ENERGY Group.

Borrowings of the Group by maturity as at 30 June 2023 and 31 December 2022 are summarised in

the table below (amounts in € million):

			Balance as at
	Company	Maturity	30 June 2023	31 December 2022
€100 million RCF 2023	HELPE R.S.S.O.P.P. S.A.	March 2023	—	100
€150 million RCF 2023	HELPE R.S.S.O.P.P. S.A.	October 2023	—	150
€400 million RCF Dec 2023	HELPE R.S.S.O.P.P. S.A.	December 2023	230	279
€200 million RCF 2024	HELPE R.S.S.O.P.P. S.A.	February 2024	200	—
€100 million RCF 2024	HELPE R.S.S.O.P.P. S.A.	October 2024	—	100
€599 million  Eurobond	HPF Plc	October 2024	597	596
€30 million RCF 2024	EKO Bulgaria	December 2024	13	11
€400 million RCF May 2025	HELPE R.S.S.O.P.P. S.A.	May 2025	299	348
€400 million Syndicated RCF Dec 2025	HELPE R.S.S.O.P.P. S.A.	December 2025	192	292
€200 million RCF 2026	HELPE R.S.S.O.P.P. S.A.	February 2026	199	—
€400 million Syndicated RCF Jun 2028	HELPE R.S.S.O.P.P. S.A.	June 2028	136	339
€30 million PF Evia 2	HELPE RENEWABLES WIND FARMS OF EVIA S.A.	December 2030	16	17
€15 million PF Evia1	HELPE RENEWABLES WIND FARMS OF EVIA S.A.	June 2032	10	10
€31.8 million PF Mani 1	SAGIAS WIND PARK S.A.	July 2037	25	29
€38 million PF Mani 2	MAKRYLAKKOMA WIND PARK S.A.	July 2037	33	34
€30 million Syndicated RRF Dec 2037	HELPE Digital S.A.	December 2037	3	3
Bilateral lines	Various	Various	338	534
Total			2,291	2,842

No loans were in default as at 30 June 2023 (none as at 31 December 2022).

33
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

The table below presents the changes in Borrowings arising from financing activities:

Group	01 January 2023	Cash flows - borrowings (inflows)	Cash flows - borrowings (outflows)	Cash flows - fees	Non cash movements	30 June  2023
	€000	€000	€000	€000	€000	€000
Current interest- bearing loans and borrowings	1,409,324	201,656	(838,144)	(400)	1,384	773,820
Non-current interest- bearing loans and borrowings	1,433,029	345,211	(258,952)	(4,800)	2,223	1,516,711
Total	2,842,353	546,867	(1,097,096)	(5,200)	3,607	2,290,531

Group	01 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	1,474,494	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	2,991,025	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.

Certain loan facilities amounting to € 87 million as of 30 June 2023 (31 December 2022: € 91 million) and

associated with three subsidiaries of the Group (Aioliko Parko Makrilakkoma S.A., Aioliko Parko Sagias S.A. and

HELPE Renewable Wind Farms of Evia S.A.) include financial covenants, for the maintenance of certain ratios

applicable only to the respective entities and certain pledges (including the companies' fixed assets and certain

cash accounts). Management monitors the performance of these subsidiaries to ensure compliance with the

above covenants. It is noted that these facilities are non-recourse project finance facilities.

34
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

2.3 Additional Information of the Board of

Directors’ Half-Yearly Financial Report

(article 4, Decision No.7/448/2007)

2.3.1 Other Financial Information

Share Price Evolution 

On June 30, 2023, the Company’s share price closed at €7.83, a 3.2% increase compared to December 30, 2022.

The share price averaged €7.70 in 1H23, a 12.6% increase compared to the corresponding period in 2022. The

highest closing price was €8.60 on 23.02.2023, while the lowest closing price was €7.01 on 19.01.2023.

The average daily trading volume in 1H23 shaped at117,993 shares, an increase of 18.0% vs the respective volume

of 2022, while the average daily turnover increased by 32.3% to €909,614.

The table below shows the average closing price of the Company’s share and the average daily trading volume per

month in 1H23 as well as the respective period in 2022.

	Average Closing Price		Average Trading Volume
	(€)		(# shares)
	2023	2022	2023	2022
January	7.48	6.58	133,645	88,085
February	8.08	6.66	126,588	114,696
March	7.63	6.97	124,235	135,292
April	7.51	7.44	82,730	88,373
May	7.45	6.82	105,729	93,095
June	8.08	6.68	98,718	78,566

35
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

Share Price Evolution Chart for HELLENiQ ENERGY Holdings S.A.

The following chart shows the share price evolution at the closing of each month and the average daily trading

volume in the Company’s shares for the 6 months of 1H23:

36
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

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.

37
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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 €	1H23	1H22
Operating Profit/(Loss) -IFRS-	244.3	1,088.1
Depreciation & Amortization -IFRS-	156.1	151.1
Reported EBITDA	400.3	1,239.3
Inventory effect	196.8	-513.1
Other special items*	23.4	32.7
Accrual of CO2 emission deficit**	-52.5	-125.6
Adjusted EBITDA	568.0	633.3
Net income/(Loss) -IFRS-1	162.0	869.3
Taxed Inventory effect	153.5	-400.2
Taxed other special items***	17.7	25.5
Taxed phasing of CO2 emission deficit	-41.0	-97.9
Special items below EBITDA****	-14.8	-27.5
Adjusted Profit/(Loss) After Tax	277.4	369.2
Calculation of Net Debt, Capital Employed and Gearing ratio
million €	1H23	1H22
Borrowings LT -IFRS-	1,516.7	1,269.4
Borrowings ST -IFRS-	773.8	2,092.9
Cash & Cash equivalents -IFRS-	737.4	1,394.8
Investment in equity instruments -IFRS-	0.5	0.5
Net Debt	1,552.7	1,967.0
Equity -IFRS-	2,730.5	2,868.1
Capital Employed	4,283.2	4,835.1
Gearing ratio (Net Debt / Capital Employed)	36%	41%

* Main items include:

a) for 1H23: €14.1m one-off bonus to employees, €4.1m of refineries' principally decontamination and other

special items expenses, COVID-19 related expenses of €797k and €4.4m for other special items

b) 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

38
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Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

** 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 1H23: Finalization of 2022 solidarity tax in 2023, DEPA Commercial tax receivable write-off related to

dividends withholding taxation from previous years, b) for 1H22: Adjustment for BOTAS arbitration and other

special items

1 Net Income / (Loss) -IFRS- attributable to owners of the parent

39
HELLENiQ ENERGY

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2.3.3 Non-Financial Information

The HELLENiQ ENERGY 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.

40
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

a) Health, Safety, Environment and Climate Change

Health and Safety

Health and safety across all activities is the most important priority for the HELLENiQ ENERGY 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 the training of its staff and its partners’ 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 2023, scheduled and emergency unit maintenance operations were successfully carried out at

the Aspropyrgos and Elefsina refineries. During the maintenance works, all relevant preventive measures were

implemented and the activities were completed without any significant personnel safety incidents.

The following diagrams show the trend for Lost Workday Injury Frequency (LWIF), All Injures Frequency (AIF) and

Process Safety Event Rate (PSER) indices compared to the European average (CONCAWE).

41
HELLENiQ ENERGY

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42
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

Environment and Climate Change

In the context of implementing the Group's strategy for transformation and reduction of its carbon footprint by

2030, progress was made in the permitting process of the “Vision 2025” energy transformation projects at the

Group refineries, related to the increase in self-generated electricity, green hydrogen production and energy

storage solutions. Also, with the aim of improving performance in environmental management issues (air

emissions, liquid and solid waste), all planned works at the Group's industrial facilities were successfully

implemented in the first half of the year.

For the HELLENiQ ENERGY 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 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 1H23, the

submission of relevant reports (activity level and emissions verification), the delivery of emission allowances for

2022 as well as the submission of the revised emission monitoring plan for the Thessaloniki refinery were

successfully completed. Note that based on the preliminary allocation, 2,408,600 free emission allowances

(EUAs) were allocated to the three refineries accounts for 2023.

Carbon dioxide (CO2) emissions from the three refineries (Aspropyrgos, Elefsina and Thessaloniki) in 1H23

amounted to 1.83 million tons, higher than 1H22, mainly due to increased refinery utilization (scheduled

maintenance works were carried out at the Elefsina refinery in 1H22).

In addition, in the context of its participation in the CDP assessment process on addressing and managing climate

change issues, the Group achieved the highest Leadership level “Implementing current best practices” with an A-

score, while in February 2023, it was announced that it had achieved an improved ranking with regards to the

Sustainalytics’ ESG assessment (from 39.4 to 30.7), which places an emphasis on environmental performance

issues. Moreover, the Group remained in “The Most Sustainable Companies in Greece 2023”, which is based on

business performance, according to ESG criteria. 

Finally, the Group continued to contribute comments to the Hellenic Federation of Enterprises (SEV) and SEV’s

Council on Sustainable Development on critical issues such as the Net Zero Industry Act, the revision of the ETS

along with the planned European Carbon Border Adjustment Mechanism (CBAM) as well as issues on Sustainable

Finance and the Directive on sustainable development reporting (CSRD) at a European level, with particular

emphasis on public consultation on the reporting standards (ESRS) for issues related to mitigation and adaptation

of the climate change impact.

43
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

b) 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 appropriate 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, offering

equal opportunities to all, is a Group priority.

Employees relations are based on the equal treatment principle. Employees’ placement and development 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.

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.

Employees’ 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.

44
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

c) Society

By completing the first phase of its Vision 2025 transformation strategy, HELLENiQ ENERGY Group seeks to

further strengthen its best practices in the ESG (Environment-Society-Corporate Governance) pillars,

demonstrating its commitment to Sustainable Development in practice. In this context, it takes into account the

topics identified as material by its stakeholders to accelerate the implementation of its holistic sustainable

development strategy. The results of the materiality analysis are presented in detail in the Sustainable

Development Report 2022.

Furthermore, HELLENiQ ENERGY Group is committed to and implements the 17 Sustainable Development Goals,

actively participating in the efforts for their accomplishment through targeted policies, actions and social

programs, aligning, at the same time, with the international standards on Sustainability Reporting, the 10

Principles and CoP criteria of the UN Global Compact, the GRI Standards 2021 of the Global Reporting Initiative, as

well as the sectoral indicators, GRI 11 Oil and Gas Sector Standards, and also the AA1000AP standard. It is worth

noting that the reliability of the information provided is assured by an independent third party.

In the first half of 2023, the “Wave of Warmth” corporate responsibility program was completed, which was

dedicated to actions addressing the energy crisis. As part of the program, HELLENiQ ENERGY offered 1 million

litres of heating oil to Greece’s largest public children hospitals and health units in Attica and Thessaloniki, where

more than 30,000 children are treated annually.

Through the same program, in cooperation with the Ministry of Labour and Social Affairs and the Ministry of

Finance, as well as the significant support of the Independent Public Revenue Authority, the Group offered

650,000 litres of heating oil to families with at least four children and low annual family income, with 13,000

beneficiaries from 50 prefectures across Greece, while, for the 14th consecutive year, it offered more than

200,000 litres of heating oil to 143 public schools of all levels in the municipalities adjacent to its facilities in

Thriasio and West Thessaloniki.

In the first half of 2023, the Group offered more than 30 tonnes of food to support Social Care Organizations in

West Thessaloniki, Thriasio and Kozani, supporting social groups in need, while ahead of the Easter holidays, 7

tonnes of food were offered to additional social care institutions selected by Groups’ employees following voting

results. Also, in consultation with His Eminence the Metropolitan of Stavroupoli and Neapoli, Mr. Varnavas,

Group’s volunteer employees participated in both the preparation of the meals of the local soup kitchen.

In addition, in May 2023, with the personal and charitable effort of the Group’s employees, the transformation of

the Doctors of the World “Ramona Shelter for Vulnerable Women” into a place of warmth and safety to welcome

women and their children was completed. With teamwork, cooperation and a sense of sensitivity, our employees

who volunteered carried out renovation works, proving the Group’s social sensitivity and values in practice.

Furthermore, the Group provided winter tents and sleeping bags for the temporary accommodation of

earthquake victims in Turkey and Syria, while Group employees showed their support by offering emergency

supplies.

Also, the Company, as part of the organization of the historic EKO Acropolis Rally 2023, completed the school

digital upgrading program in the prefecture of Fthiotida, which it undertook in 2022, offered necessary

technological equipment to 62 schools of primary and secondary education.

Alongside, through its subsidiary, EKO, the major sponsor of all Greek National Basketball Teams, the Group

supported the new program of the Hellenic Basketball Federation, Blue and White Stars, which aims to help

children to get to know basketball and participate in a national tournament, with the participation of more than

15,000 children across Greece.

The Group continued its initiatives as Major Sponsor of the 2023 Eleusis European Capital of Culture, by financing

the renovation project of the ELEUSIS Cinema and of the listed Adam House.

In the first half of 2023, the “Earth 2030 Educational Backpack” visited 21 schools, educating 1,296 students on

the UN Sustainable Development Goals.

45
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

Finally, in June 2023, the Group, in collaboration with the local authorities in Thriassio and Western Thessaloniki

and the environmental organization We4All, activated over 1,500 students from 16 Primary Schools and organized

clean-ups of areas totaling more than 30 kilometers, with more than 880 kg of waste being collected, while 300

saplings, bushes and herbs were planted in courtyards of primary schools.

46
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

d) 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.helleniqenergy.gr/en/investor-relations/policies-

regulations.

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, Deputy Chief Executive Officer, executive member

•Iordanis Aivazis, Senior Independent Director, independent non-executive member

•Lorraine Scaramanga, independent non-executive member

•Panayiotis Tridimas, independent non-executive member

•Nikolaos Vrettos, independent non-executive member

•Anastasia Martseki, non-executive member

•Alexandros Metaxas, non-executive member

•Alkiviades- Constantinos Psarras, non-executive member

•Theodoros-Achilleas Vardas, non-executive member

The term of office of the above Board of Directors is until 30.06.2024.

Ethics and Transparency - Code of Conduct

In order to facilitate the practical application on behalf of the Group’s companies during the daily operations of the

values and principles embedded in its business model and characterized by adherence to laws, respect for human

rights, focus on environmental protection, transparency and integrity, 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.

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49
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CONTENTS

I.      Company Information	52
II.      Authorised signatories	52
III.    Interim Condensed Consolidated Statement of Financial Position	53
IV.    Interim Condensed Statement of Financial Position of the Company	54
V.      Interim Condensed Consolidated Statement of Comprehensive Income	55
VI.    Interim Condensed Statement of Comprehensive Income of the Company	56
VII.  Interim Condensed Consolidated Statement of Changes in Equity	57
VIII.  Interim Condensed Statement of Changes in Equity of the Company	58
IX.    Interim Condensed Consolidated Statement of Cash Flows	59
X.      Interim Condensed Statement of Cash Flows of the Company	60
XI.    Notes to the Interim Condensed Consolidated and Company Financial Statements	61

51
HELLENiQ ENERGY

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I. Company Information

Directors	Ioannis Papathanassiou, Chairman - non-executive member
	Andreas Shiamishis, Chief Executive Officer - executive member
	Georgios Alexopoulos, Deputy Chief Executive Officer - executive member
	Iordanis Aivazis, Senior Independent Director - independent non-executive member
	Lorraine Skaramaga - Independent non-executive member
	Panagiotis Tridimas - Independent non-executive member
	Nikolaos Vrettos - Independent non-executive member
	Anastasia Martseki  - Non-executive member
	Alexandros Metaxas - Non-executive member
	Alkiviadis-Konstantinos Psarras - Non-executive member
	Theodoros-Achilleas Vardas - Non-executive member
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

2023  from page 53 to page 105 are presented in €'000, unless otherwise stated, and have been approved by the

Board of Directors of HELLENiQ ENERGY Holdings S.A. on 31 August 2023.

Andreas Shiamishis	Vasileios Tsaitas	Stefanos Papadimitriou
Chief Executive Officer	Group CFO	Accounting Director

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III. Interim Condensed Consolidated Statement of Financial Position

		As at
	Note	30 June 2023	31 December 2022
Αssets
Non-current assets
Property, plant and equipment	10	3,642,566	3,639,004
Right-of-use assets	11	231,393	233,141
Intangible assets	12	283,866	518,073
Investments in associates and joint ventures	7	408,424	402,101
Deferred income tax assets		101,423	91,204
Investment in equity instruments	3	482	490
Derivative financial instruments		944	958
Loans, advances and long term assets		61,172	64,596
		4,730,270	4,949,567
Current assets
Inventories	14	1,465,151	1,826,242
Trade and other receivables	15	861,342	866,109
Income tax receivable		12,538	14,792
Derivative financial instruments		—	5,114
Cash and cash equivalents	16	737,382	900,176
		3,076,413	3,612,433
Total assets		7,806,683	8,562,000
Equity
Share capital and share premium	17	1,020,081	1,020,081
Reserves	18	295,348	297,713
Retained Earnings		1,350,377	1,341,908
Equity attributable to the owners of the parent		2,665,806	2,659,702
Non-controlling interests		64,742	67,699
Total equity		2,730,548	2,727,401
Liabilities
Non- current liabilities
Interest bearing loans and borrowings	19	1,516,711	1,433,029
Lease liabilities		178,516	177,745
Deferred income tax liabilities		189,273	202,523
Retirement benefit obligations		177,572	175,500
Provisions		35,544	36,117
Other non-current liabilities		25,737	22,662
		2,123,353	2,047,576
Current liabilities
Trade and other payables	20	1,521,737	1,835,957
Derivative financial instruments		808	1,761
Income tax payable	8	472,738	432,385
Interest bearing loans and borrowings	19	773,820	1,409,324
Lease liabilities		30,573	30,372
Dividends payable		153,106	77,224
		2,952,782	3,787,023
Total liabilities		5,076,135	5,834,599
Total equity and liabilities		7,806,683	8,562,000

The notes on pages 61 to page 105 are an integral part of part of these interim condensed consolidated and

Company financial statements.

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IV. Interim Condensed Statement of Financial Position of the

Company

 

		As at
	Note	30 June 2023	31 December 2022
Assets
Non-current assets
Property, plant and equipment		683	671
Right-of-use assets	11	9,674	10,817
Intangible assets		95	138
Investments in subsidiaries, associates and joint ventures	7	1,710,182	1,654,517
Deferred income tax assets		11,213	11,020
Investment in equity instruments		38	38
Loans, advances and long term assets	13	279,043	230,243
		2,010,928	1,907,444
Current assets
Trade and other receivables		38,046	86,159
Cash and cash equivalents		188,398	209,054
		226,444	295,213
Total assets		2,237,372	2,202,657
Equity
Share capital and share premium	17	1,020,081	1,020,081
Reserves	18	280,069	281,104
Retained Earnings		743,164	765,156
Total equity		2,043,314	2,066,341
Liabilities
Non-current liabilities
Lease liabilities		7,425	9,611
Retirement benefit obligations		7,852	7,977
Other non-current liabilities		174	174
		15,451	17,762
Current liabilities
Trade and other payables		17,758	36,491
Income tax payable	8	5,500	3,582
Lease liabilities		2,243	1,257
Dividends payable	25	153,106	77,224
		178,607	118,554
Total liabilities		194,058	136,316
Total equity and liabilities		2,237,372	2,202,657

The notes on pages 61 to page 105 are an integral part of part of these interim condensed consolidated and

Company financial statements.

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Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

V. Interim Condensed Consolidated Statement of Comprehensive

Income

 

		For the six-month period ended		For the three month period ended
	Note	30 June 2023	30 June 2022	30 June 2023	30 June 2022
Revenue from contracts with customers	4	6,091,369	6,777,314	2,978,026	3,974,379
Cost of sales		(5,571,296)	(5,426,818)	(2,793,169)	(3,167,066)
Gross profit / (loss)		520,073	1,350,496	184,857	807,313
Selling and distribution expenses		(195,019)	(169,684)	(101,211)	(87,296)
Administrative expenses		(88,798)	(85,592)	(48,316)	(48,942)
Exploration and development expenses		(4,659)	(7,332)	(415)	(957)
Other operating income and other gains	5	17,576	14,332	10,174	9,141
Other operating expense and other losses	5	(4,918)	(14,085)	(2,367)	(10,953)
Operating profit / (loss)		244,255	1,088,135	42,722	668,306
Finance income		3,105	1,105	1,779	567
Finance expense		(64,377)	(51,052)	(32,253)	(26,498)
Lease finance cost		(4,643)	(4,704)	(2,318)	(2,342)
Currency exchange gains / (losses)	6	687	1,239	129	5,509
Share of profit / (loss) of investments in associates and joint ventures	7	7,168	68,161	(24,122)	21,809
Profit / (loss) before income tax		186,195	1,102,884	(14,063)	667,351
Income tax	8	(23,512)	(230,571)	20,979	(141,668)
Profit / (loss) for the period		162,683	872,313	6,916	525,683
Profit / (loss) attributable to:
Owners of the parent		162,008	869,117	6,732	523,912
Non-controlling interests		675	3,196	184	1,771
		162,683	872,313	6,916	525,683
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		(1,711)	—	(1,711)	—
Changes in the fair value of equity instruments		(8)	(13)	(8)	3
		(1,719)	(13)	(1,719)	3
Other comprehensive income / (loss) that may be reclassified subsequently to profit or loss (net of tax):
Share of other comprehensive income / (loss) of associates		(1,019)	(9,636)	98	8,091
Fair value gains / (losses) on cash flow hedges		(1,422)	5,844	(501)	578
Recycling of (gains) / losses on hedges through comprehensive income		1,991	(4,941)	1,991	(4,941)
Currency translation differences and other movements		(299)	66	483	233
		(749)	(8,667)	2,071	3,961
Other comprehensive income / (loss) for the period, net of tax		(2,468)	(8,680)	352	3,964
Total comprehensive income / (loss) for the period		160,215	863,633	7,268	529,647
Total comprehensive income / (loss) attributable to:
Owners of the parent		159,643	860,447	7,070	527,875
Non-controlling interests		572	3,186	198	1,772
		160,215	863,633	7,268	529,647
Εarnings / (losses) per share (expressed in Euro per share)	9	0.53	2.84	0.02	1.71

The notes on pages 61 to page 105 are an integral part of part of these interim condensed consolidated and

Company financial statements.

55
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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 2023	30 June 2022	30 June 2023	30 June 2022
Revenue from contracts with customers		15,172	15,162	7,715	9,122
Cost of sales		(13,792)	(13,785)	(7,014)	(8,294)
Gross profit / (loss)		1,380	1,377	701	828
Administrative expenses		(4,572)	(3,407)	(1,297)	(1,992)
Other operating income and other gains	5	9,764	11,044	6,078	7,359
Other operating expense and other losses	5	(9,494)	(9,245)	(6,674)	(5,894)
Operating profit /(loss)		(2,922)	(231)	(1,192)	301
Finance income		9,865	2,738	5,281	1,323
Finance expense		(6)	(509)	(3)	(4)
Lease finance cost		(174)	(264)	(81)	(129)
Dividend income	25	126,081	—	—	—
Profit / (loss)  before income tax		132,844	1,734	4,005	1,491
Income tax credit / (expense)	8	(2,017)	(432)	(781)	(401)
Profit / (loss) for the period		130,827	1,302	3,224	1,090
Other comprehensive income / (loss) that will not be reclassified to profit or loss (net of tax):
Actuarial gains / (losses) on defined benefit pension plans		(1,034)	—	(1,034)	—
Other comprehensive income / (loss) for the year, net of tax		(1,034)	—	(1,034)	—
Total comprehensive income / (loss) for the period		129,793	1,302	2,190	1,090

The notes on pages 61 to page 105 are an integral part of part of these interim condensed consolidated and

Company financial statements.

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Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

VII.  Interim Condensed Consolidated Statement of Changes in

Equity

		Attributable to owners of the Parent
	Note	Share Capital	Reserves	Retained Earnings	Total	Non-controlling Interest	Total Equity
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
Dividends to non-controlling interests		—	—	—	—	(2,246)	(2,246)
Dividends	25	—	—	(122,278)	(122,278)	—	(122,278)
Other equity movements		—	—	(17)	(17)	—	(17)
Balance at 30 June 2022		1,020,081	240,434	1,542,290	2,802,805	65,342	2,868,147
Balance at 1 January 2023		1,020,081	297,713	1,341,908	2,659,702	67,699	2,727,401
Other comprehensive income / (loss)	18	—	(2,365)	—	(2,365)	(103)	(2,468)
Profit / (loss) for the period		—	—	162,008	162,008	675	162,683
Total comprehensive income / (loss) for the period		—	(2,365)	162,008	159,643	572	160,215
Dividends to non-controlling interests		—	—	—	—	(3,529)	(3,529)
Dividends	25	—	—	(152,818)	(152,818)	—	(152,818)
Other equity movements		—	—	(721)	(721)	—	(721)
Balance at 30 June 2023		1,020,081	295,348	1,350,377	2,665,806	64,742	2,730,548

The notes on pages 61 to page 105 are an integral part of part of these interim condensed consolidated and

Company financial statements.

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Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

VIII. Interim Condensed Statement of Changes in Equity of the

Company

	Note	Share Capital	Reserves	Retained  Earnings	Total
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	25	—	—	(122,278)	(122,278)
Other equity movements		—	—	2	2
Balance at 30 June 2022		1,020,081	260,642	593,770	1,874,493
Balance at 1 January 2023		1,020,081	281,104	765,156	2,066,341
Other comprehensive income / (loss)		—	(1,035)	—	(1,035)
Profit / (loss) for the period		—	—	130,827	130,827
Total comprehensive income / (loss) for the period		—	(1,035)	130,827	129,792
Dividends	25	—	—	(152,818)	(152,818)
Other equity movements		—	—	(1)	(1)
Balance at 30 June 2023		1,020,081	280,069	743,164	2,043,314

The notes on pages 61 to page 105 are an integral part of part of these interim condensed consolidated and

Company financial statements.

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Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

IX. Interim Condensed Consolidated Statement of Cash Flows

		For the six-month period ended
	Note	30 June  2023	30 June 2022
Cash flows from operating activities
Cash generated from operations	21	664,325	362,945
Income tax received / (paid)		(4,474)	(3,202)
Net cash generated from/ (used in) operating activities		659,851	359,743
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets	10, 12	(146,688)	(219,598)
Proceeds from disposal of property, plant and equipment & intangible assets		1,973	172
Acquisition of share of associates and joint ventures		(175)	—
Purchase of subsidiary, net of cash acquired		101	404
Grants received		2,996	—
Interest received		3,105	1,105
Prepayments for right-of-use assets		(117)	(468)
Dividends received	7	31,715	—
Net cash generated from/ (used in) investing activities		(107,090)	(218,385)
Cash flows from financing activities
Interest paid on borrowings		(61,571)	(45,278)
Dividends paid to shareholders of the Company	25	(76,348)	(91,951)
Dividends paid to non-controlling interests		—	(2,061)
Proceeds from borrowings	19	546,867	376,400
Repayments of borrowings	19	(1,102,296)	(13,991)
Payment of lease liabilities - principal		(17,906)	(19,055)
Payment of lease liabilities - interest		(4,643)	(4,704)
Net cash generated from/ (used in) financing activities		(715,897)	199,360
Net increase/ (decrease) in cash and cash equivalents		(163,137)	340,719
Cash and cash equivalents at the beginning of the year	16	900,176	1,052,618
Exchange (losses) / gains on cash and cash equivalents		343	1,494
Net increase / (decrease) in cash and cash equivalents		(163,137)	340,719
Cash and cash equivalents at end of the period	16	737,382	1,394,831

The notes on pages 61 to page 105 are an integral part of part of these interim condensed consolidated and

Company financial statements.

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Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

X.  Interim Condensed Statement of Cash Flows of the Company

		For the six-month period ended
	Note	30 June 2023	30 June 2022
Cash flows from operating activities
Cash generated from / (used in) operations	21	(6,179)	44,890
Net cash generated from / (used in) operating activities		(6,179)	44,890
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets		(18)	—
Participation in share capital increase of subsidiaries, associates and joint ventures		(54,665)	(16,609)
Loans and advances to Group Companies	13	(48,800)	(18,302)
Interest received		8,003	1,118
Dividends received	7, 25	158,532	—
Net cash generated from / (used in) investing activities		63,052	(33,793)
Cash flows from financing activities
Dividends paid to shareholders of the Company	25	(76,348)	(91,951)
Payment of lease liabilities - principal, net		(1,007)	(1,494)
Payment of lease liabilities - interest		(174)	(264)
Net cash generated from / (used in) financing activities		(77,529)	(93,709)
Net increase / (decrease) in cash and cash equivalents		(20,656)	(82,612)
Cash and cash equivalents at the beginning of the period		209,054	843,493
Net cash outflow due to demerger		—	(713,493)
Net increase / (decrease) in cash and cash equivalents		(20,656)	(82,612)
Cash and cash equivalents at end of the period		188,398	47,388

The notes on pages 61 to page 105 are an integral part of part of these interim condensed consolidated and

Company financial statements.

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Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

XI. Notes to the Interim Condensed Consolidated and Company

Financial Statements

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1.General Information

HELLENiQ ENERGY Holdings S.A. (the "Company") is the parent company of HELLENiQ ENERGY Group (the

“Group”). The Company acts as a holding company and is providing administrative and financial services to its

subsidiaries. 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 Global Depositary Receipts (GDRs).

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Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

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 month period ended  30 June

2023  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 geopolitical developments which can affect supply and demand of crude

oil and oil products and consequently the benchmark refining margins which is a key determinant of profitability.

Furthermore, profitability can be affected by natural gas and electricity pricing, which together with the cost of

acquiring CO2 certificates in compliance with the European Union Emissions Trading System (EU ETS), will affect

variable operating expenditure. In the medium to long term, Energy transition is further expected to affect key

profitability and operating expenditure factors.

The Group continues to execute its strategic transformation plan including the establishment of a material 2nd

pillar in New Energy as an enabler of delivering on its climate objectives, diversifying its profitability sources and

increasing the share of more stable cash flows.

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.

Considering the balance sheet position of the Group 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 and the Company have

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 and Company 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, where applicable:

•financial instruments – some of which are measured at fair value

•defined benefit pension plans – plan assets measured at fair value

Where necessary, comparative figures have been reclassified to conform to changes in the presentation of the

current period (Note 5 and 22).

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Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

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 2022, which can be found on

the Group’s website www.helleniqenergy.gr.

The interim condensed consolidated and Company financial statements for the six month period ended  30 June

2023 have been authorised for issue by the Board of Directors on 31 August  2023.

Accounting policies and 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 2022, 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 30 June 2023, no legislation has been passed that would impact the Group.

New standards, interpretations and amendments adopted by the Group

The accounting principles and calculations 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 2022 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

2023. Amendments and interpretations that were applied for the first time in 2023 did not have a significant

impact on the interim condensed consolidated and Company financial statements  for the period  ended 30 June

2023. These are also disclosed below.

•IFRS 17 Insurance Contracts

The standard is effective for annual periods beginning on or after 1 January 2023 with earlier application

permitted, provided the entity also applies IFRS 9 Financial Instruments on or before the date it first applies

IFRS 17. This is a comprehensive new accounting standard for insurance contracts, covering recognition and

measurement, presentation and disclosure. IFRS 17 applies to all types of insurance contracts issued, as well

as to certain guarantees and financial instruments with discretional participation contracts. The Group does

not issue contracts in scope of IFRS 17; therefore its application does not have an impact on the Group’s

financial performance, financial position or cash flows.

•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 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, if they do not result from a correction of prior period error. Also, the amendments

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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

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. The amendments narrow the scope of and provide further clarity on the initial

recognition exception under IAS 12 and specify how companies should account for deferred tax related to

assets and liabilities arising from a single transaction, such as leases and decommissioning obligations. The

amendments clarify that where payments that settle a liability are deductible for tax purposes, it is a matter

of judgement, having considered the applicable tax law, whether such deductions are attributable for tax

purposes to the liability or to the related asset component. 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.

•IAS 12 Income taxes: International Tax Reform - Pillar Two Model Rules (Amendments).

The amendments are effective immediately upon issuance, but certain disclosure requirements are

effective later. The Organisation for Economic Co-operation and Development’s (OECD) published the Pillar

Two model rules in December 2021 to ensure that large multinational companies would be subject to a

minimum 15% tax rate. On 23 May 2023, the IASB issued International Tax Reform—Pillar Two Model Rules

– Amendments to IAS 12. The amendments introduce a mandatory temporary exception to the accounting

for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules and disclosure

requirements for affected entities on the potential exposure to Pillar Two income taxes. The Amendments

require, for periods in which Pillar Two legislation is (substantively) enacted but not yet effective, disclosure

of known or reasonably estimable information that helps users of financial statements understand the

entity’s exposure arising from Pillar Two income taxes. To comply with these requirements, an entity is

required to disclose qualitative and quantitative information about its exposure to Pillar Two income taxes at

the end of the reporting period. The disclosure of the current tax expense related to Pillar Two income taxes

and the disclosures in relation to periods before the legislation is effective are required for annual reporting

periods beginning on or after 1 January 2023, but are not required for any interim period ending on or before

31 December 2023. The amendments have not yet been endorsed by the EU. 

Standards issued but not yet effective and not early adopted

The Group has not early adopted any of the following standard, interpretation or amendment that have been

issued but are not yet effective. In addition, the Group is in the process of assessing the impact of all standards,

interpretations and amendments issued but not yet effective, on the interim condensed  consolidated and

Company financial statements.

•IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current

(Amendments)

The amendments are effective for annual reporting periods beginning on or after January 1, 2024, with

earlier application permitted, and will need to be applied retrospectively in accordance with IAS 8. The

objective of the amendments is to clarify the principles in IAS 1 for the classification of liabilities as either

current or non-current. The amendments clarify the meaning of a right to defer settlement, the requirement

for this right to exist at the end of the reporting period, that management intent does not affect current or

non-current classification, that options by the counterparty that could result in settlement by the transfer of

the entity’s own equity instruments do not affect current or non-current classification. Also, the

amendments specify that only covenants with which an entity must comply on or before the reporting date

will affect a liability’s classification. Additional disclosures are also required for non-current liabilities arising

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HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

from loan arrangements that are subject to covenants to be complied with within twelve months after the

reporting period. The amendments have not yet been endorsed by the EU.

•IFRS 16 Leases: Lease Liability in a Sale and Leaseback (amendments)

The amendments are effective for annual reporting periods beginning on or after January 1, 2024, with

earlier application permitted. The amendments are intended to improve the requirements that a seller-

lessee uses in measuring the lease liability arising in a sale and leaseback transaction in IFRS 16, while it does

not change the accounting for leases unrelated to sale and leaseback transactions. In particular, the seller-

lessee determines ‘lease payments’ or ‘revised lease payments’ in such a way that the seller-lessee would

not recognise any amount of the gain or loss that relates to the right of use it retains. Applying these

requirements does not prevent the seller-lessee from recognising, in profit or loss, any gain or loss relating

to the partial or full termination of a lease. A seller-lessee applies the amendment retrospectively in

accordance with IAS 8 to sale and leaseback transactions entered into after the date of initial application,

being the beginning of the annual reporting period in which an entity first applied IFRS 16.  The amendments

have not yet been endorsed by the EU.

•IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosure - Supplier Finance Arrangements

(Amendments)

The amendments are effective for annual reporting periods beginning on or after January 1, 2024, with

earlier application permitted.The amendments supplement requirements already in IFRS and require an

entity to disclose the terms and conditions of supplier finance arrangements. Additionally, entities are

required to disclose at the beginning and end of reporting period the carrying amounts of supplier finance

arrangement financial liabilities and the line items in which those liabilities are presented as well as the

carrying amounts of financial liabilities and line items, for which the finance providers have already settled

the corresponding trade payables. Entities should also disclose the type and effect of non-cash changes in

the carrying amounts of supplier finance arrangement financial liabilities, which prevent the carrying

amounts of the financial liabilities from being comparable. Furthermore, the amendments require an entity

to disclose as at the beginning and end of the reporting period the range of payment due dates for financial

liabilities owed to the finance providers and for comparable trade payables that are not part of those

arrangements. The amendments have not yet been endorsed by the EU.

•Amendment in IFRS 10 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 21 Amendments in Lack of Exchangeability.

The amendments are effective for annual reporting periods beginning on or after January 2025, with earlier

application permitted. The amendments will require companies to apply a consistent approach in assessing

whether a currency can be exchanged into another currency and, when it cannot, in determining the

exchange rate to use and the disclosures to provide. The amendments have not yet been endorsed by the

EU.

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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 Elpedison B.V., DEPA Commercial and DEPA

International Projects, the Group also operates in the natural gas supply 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 at the gross margin level. 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 purposes using the

USD reference on the date of the transaction. In addition, the Group's majority of operating expenses transactions

are conducted in Euro. As a result, the Group's operations are mainly exposed to the risk of foreign exchange

caused by 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 (net position of inventory, investments, receivables, trade payables and other liabilities 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. 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 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 since March

2022.  The Group’s three coastal refineries’ location, the flexibility provided by the configuration and technology of

each refinery provide access to a wide range of feedstock sourcing opportunities, 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 are the management of the ‘Assets and Liabilities’

maturity profile, funding in accordance with its strategic investment plan and the liquidity risk management for its

operational needs. The vast majority of the Group’s borrowings are committed credit facilities with financial

institutions and debt capital markets.

As of 30 June 2023, approximately 85% of total debt (approximately 81% as of 31 December 2022) 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".

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The Group’s plans with respect to term facilities expiring within the next 12 months are presented below in million

Euros.

Contractual Term Facility Repayments	2H23	1H24	Scheduled for repayment	Scheduled for refinancing
Revolving Credit Facility €400 million	230	—	—	230
Revolving Credit Facility €200 million	—	200	—	200
EKO Bulgaria	2	—	2	—
HELPE  Renewable Wind Farms of Evia S.A.	2	2	4	—
Sagias Wind Park	1	1	2	—
Makrilakoma Wind Park	1	1	2	—
Total	236	204	10	430

The Group’s bilateral lines (refer to Note 19 for the balances used), 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 committed revolving credit facilities.

During July 2023, the Group signed a financing framework agreement of up to €766 million for the

implementation of multiple financing arrangements of existing and new projects for electricity generation from

Renewable Energy Sources.

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 and Company financial statements as at 31 December

2022.

There have been no changes in the risk management or in any risk management policies since 31 December 2022.

Capital management: Another key priority of the Group has been the management of its Assets. Overall the Group

has approximately €4.3 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 are mainly funded with current liabilities

(incl. short term bank debt) and the operating working capital position of the Group as of 30 June 2023 was

positive. 36% of total capital employed is financed through net debt excluding leases, while the remaining 64% is

financed through shareholders equity.

The Group’s objective with respect to capital structure, which includes both equity and debt funding, is to

safeguard its ability to continue as a going concern and to have in place an optimal capital structure from a cost

perspective.

In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to

shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

Consistent with the industry convention, the Group monitors capital structure and indebtedness levels on the

basis of the gearing ratio. The ratio is calculated as net debt divided by total capital employed. Net debt is

calculated as total borrowings (including “current and non-current borrowings” as shown in the statement of

financial position) less “Cash & cash equivalents” and, “Investment in equity instruments”. Total capital employed

is calculated as “Total Equity” as shown in the statement of financial position plus net debt.

The long-term objective of the Group is to maintain the gearing ratio between 35% and 45%, as significant

fluctuations of crude oil prices may affect equity and net debt respectively. Given the Group's new strategy and its

transition to activities that are subject to reduced volatility due to the business environment, the capital structure

by sector will be reviewed and is expected to affect the relevant objectives.

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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 2023:

Group	Level 1	Level 2	Level 3	Total balance
Assets
Derivatives used for hedging	—	944	—	944
Investment in equity instruments	482	—	—	482
	482	944	—	1,426
Liabilities
Derivatives used for hedging	—	808	—	808
	—	808	—	808

The following table presents the Group’s assets and liabilities that are measured at fair value at 31 December

2022:

Group	Level 1	Level 2	Level 3	Total balance
Assets
Derivatives at fair value through the income statement	—	5,114	—	5,114
Derivatives used for hedging	—	958	—	958
Investment in equity instruments	490	—	—	490
	490	6,072	—	6,562
Liabilities
Derivatives at fair value through the income statement	—	1,761	—	1,761
	—	1,761	—	1,761

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 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 is 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.

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•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 2023.

The fair value of Euro denominated Eurobonds as at 30 June 2023 was €582 million (31 December 2022: €598

million), compared to its book value of €597 million (31 December 2022: €596 million). The fair value of the

remaining borrowings, given they are all at a variable rate and the applicable credit ratings of the Group remain

unchanged, approximate their carrying 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

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4.Segment Information

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.

Financial information regarding the Group’s operating segments for the six month period ended 30 June 2023

and 30 June 2022 is presented below:

	For the period ended 30 June 2023
Group	Refining	Marketing	Exploration & Production	Petro- chemicals	RES, Gas & Power	Other	Total
Gross Sales	5,452,423	2,253,276	—	160,106	25,587	41,679	7,933,072
Inter-segmental Sales	(1,800,478)	(6,328)	—	—	(25)	(34,871)	(1,841,703)
Revenue from contracts with customers	3,651,945	2,246,948	—	160,106	25,562	6,808	6,091,369
EBITDA	324,618	37,651	(9,137)	25,906	20,589	734	400,361
Depreciation & Amortisation (PPE & Intangibles)	(89,185)	(25,266)	(118)	(4,011)	(9,404)	(8,031)	(136,015)
Depreciation of Right-of- Use assets	(1,821)	(16,490)	(90)	(1,969)	(261)	540	(20,091)
Operating profit / (loss)	233,612	(4,105)	(9,345)	19,926	10,924	(6,757)	244,255
Currency exchange gains / (losses)	882	(187)	—	—	—	(8)	687
Share of profit / (loss) of investments in associates & joint ventures	(441)	597	—	—	6,920	92	7,168
Finance (expense) / income - net	(54,749)	(5,187)	(29)	(13)	(13,230)	11,936	(61,272)
Lease finance cost	(279)	(4,302)	(10)	(33)	(139)	120	(4,643)
Profit / (loss) before income tax	179,025	(13,184)	(9,384)	19,880	4,475	5,383	186,195
Income tax expense							(23,512)
Profit / (loss) for the period							162,683
Profit / (loss) attributable to non-controlling interests							(675)
Profit / (loss) for the period attributable to the owners of the parent							162,008

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	For the period ended 30 June 2022
Group	Refining	Marketing	Exploration & Production	Petro- chemicals	RES, Gas & Power	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 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

* Other segment relates to Group entities, which provide management, IT, treasury and real estate 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.

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 2022.

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:

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Group	For the period ended 30 June 2023
Revenue from contracts with customers	Refining	Marketing	Petro- chemicals	RES, Gas & Power	Other	Total
Domestic	839,357	965,214	65,700	25,020	6,253	1,901,544
Aviation & Bunkering	349,131	412,714	—	—	—	761,845
Exports	2,463,458	—	94,406	—	127	2,557,990
International activities	—	869,020	—	542	428	869,990
Total	3,651,945	2,246,948	160,106	25,562	6,808	6,091,369
Group	For the period ended 30 June 2022
Revenue from contracts with customers	Refining	Marketing	Petro- chemicals	RES, 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

5.Other Operating Income / (Expenses) and Other Gains /

(Losses)

Group	For the six-month period ended		For the three month period ended
	30 June 2023	30 June 2022	30 June  2023	30 June 2022
Other operating income and other gains
Income from Grants	586	342	420	167
Services to 3rd parties	1,542	1,191	994	990
Rental income	4,541	4,512	2,239	1,978
Storage fees	1,764	1,628	920	784
Gains on disposal of non-current assets	737	46	697	46
Gains from discounting of long-term receivables and liabilities	515	1,392	258	694
Other	7,890	5,222	4,645	4,482
Total	17,576	14,332	10,174	9,141
Other operating expenses and other losses
COVID-19 related expenses	(797)	(3,817)	(72)	(1,357)
Impairment of fixed assets	(1,070)	(4,328)	(1,070)	(4,328)
Loss from discounting of long-term receivables and liabilities	(498)	(306)	—	(237)
Voluntary retirement scheme cost	(331)	(4,600)	(196)	(4,600)
Other	(2,222)	(1,034)	(1,029)	(431)
Total	(4,918)	(14,085)	(2,367)	(10,953)
Other operating income / (expenses) and other gains / (losses) - Net	12,658	247	7,807	(1,812)

Other operating income / (expenses) and other gains / (losses) include amounts which do not relate to the

principal trading activities of the Group.

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Storage fees category relates to the maintenance in OKTA premises of fuels strategic reserves for the Republic of

North Macedonia.

Rental income relates to long term rental of petrol stations, let to dealers.

Other category of other operating income and other gains mainly includes reversal of unutilised provisions.

Reclassification of comparative figures from "Other" category of Other operating expense to  "Cost of sales" (€4.6

million) : prior year figures have been reclassified where necessary to better reflect the nature of expenses.

Parent Company

Company	For the six-month period ended		For the three month period ended
	30 June  2023	30 June  2022	30 June  2023	30 June  2022
Other operating income and other gains
Services to 3rd Parties	130	137	65	72
Recharges to Subsidiaries	9,364	9,849	5,868	6,635
Rental income	251	817	126	410
Other	19	241	19	241
Total	9,764	11,044	6,078	7,358
Other operating expenses and other losses
COVID-19 related expenses	—	(227)	—	(93)
Centralised Group expenses	(9,361)	(9,018)	(6,541)	(5,800)
Other	(133)	—	(133)	—
Total	(9,494)	(9,245)	(6,674)	(5,893)
Other operating income / (expenses) and other gains / (losses) - Net	270	1,799	(596)	1,465

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 gains of €0.7 million reported for the period ended 30 June 2023,

mainly relate to unrealized losses arising from the valuation of bank accounts denominated in foreign currency

(mostly USD). The corresponding amount for the period ended 30 June 2022  was a gain of €1.2 million.

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7.Investments in Subsidiaries, Associates and Joint Ventures

The amounts represent the Group’s share of the net movements  from associated companies and joint ventures

accounted for on an equity accounting basis, which are analysed as follows:

Group	As at
	30 June 2023	31 December 2022
Beginning of the period	402,101	313,723
Dividend income	—	(32,321)
Share of profit / (loss) of investments in associates & joint ventures	7,168	120,042
Share of other comprehensive income / (loss) of investments in associates	(1,019)	658
Share capital increase / (decrease)	174	—
Other movements	—	(1)
End of the period	408,424	402,101

Elpedison

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 company's results during the six month period ended on 30 June 2023 there is no

indication of impairment.

DEPA Commercial

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.. The privatisation procedure was suspended during the second quarter of 2021

and no further developments have been noted up to the period  ended 30 June 2023. Consequently, the Group

continues to account for DEPA Commercial as an associate.

Within 2022, DEPA Commercial S.A. declared dividends amounting to €90.6 million and the amount

corresponding to HELLENiQ Energy Holdings is € 31.7 million which was received within 2023.

DMEP HoldCo

The Group’s subsidiary company, HELLENiQ ENERGY International GmbH, 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 207 kMT (31 December 2022: 25 kMT), at a fee calculated in line with

the legal framework. All Group’s transactions with OTSM are included in Note 22.

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Parent Company

The Company’s movement of investment in subsidiaries, associates and joint ventures is as follows:

Company	As at
	30 June 2023	31 December 2022
Beginning of  the year	1,654,517	933,596
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	55,665	43,596
End of the period	1,710,182	1,654,517

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.  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 share capital increase in subsidiaries and JV primarily relate to share capital increase in HELLENiQ

Renewables Single Member S.A. and HELLENiQ UPSTREAM  Holdings S.A..

As at 31 December 2022,  HELLENIC FUELS AND LUBRICANTS INDUSTRIAL AND COMMERCIAL S.A. ("HFL S.A.")

management carried out an impairment test according to the requirements of IAS 36, based on the post-tax cash

flows produced by the entity. Based on this impairment test, the Company concluded that the carrying amount of

the net assets of its marketing activities in Greece is recoverable compared to its investment. During the first half

of 2023, Management determined  that there were no changes in the assumptions used that would result in a

change of the recoverable amount of the investment in HFL S.A..

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 2023	30 June 2022	30 June  2023	30 June  2022
Current tax	(67,257)	(145,895)	(11,592)	(117,367)
Prior year tax	25,930	2,373	25,876	2,280
Deferred tax	17,815	(87,048)	6,695	(26,582)
Income Tax (expense) / credit	(23,512)	(230,570)	20,979	(141,669)

The corporate income tax rate of legal entities in Greece for the period ended 30 June 2023 is 22% (30 June 2022:

22%).

As at 30 June 2023, deferred tax asset on tax losses carried forward amounted to €17 million (31 December 2022:

10 million) and from thin capitalization rules , in accordance to which  the net interest expense is deductible up to a

certain percentage of tax EBITDA €7 million (31 December 2022: €6 million).

In accordance with the applicable tax provisions, tax audits in Group companies are conducted as follows:

a.Assurance 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 legislation. The issuance

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Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

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 2021 inclusive. The work for the tax certificate of 2022 is in progress and

management expects that the same will also apply for the year ended 31 December 2022.

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
HELLENIQ ENERGY HOLDINGS S.A. (former Hellenic Petroleum S.A.)		Financial years up to (and including) 2011 and financial year 2014
HELLENIC PETROLEUM RSSOPP S.A.		Newly established in 2022 following the hive-down of Helpe S.A.
EKO S.A.		Financial years up to (and including) 2010
HELLENIC FUELS & Lubricants SA (former HELLENIC FUELS S.A.)		Financial years up to (and including) 2011

According to the general provisions, financial years up to (and including) 2016 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).

In January 2022, the demerger of HELPE S.A. (now named HELLENiQ ENERGY Holdings S.A.) was carried out by

way of hive-down of its refining, supply and trading of oil products and petrochemicals sector, and a new company

named HELLENIC PETROLEUM R.S.S.O.P.P. S.A. was established.

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 2023 (Note 24).

As of 30 June 2023, the income tax receivables include an amount of €11 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 2022: €14 million). The timing of the finalization of these disputes cannot be estimated and the Group

has classified these amounts as current assets.

c.Temporary Solidarity Contribution

On 6 October 2022, the Council Regulation (EU) 2022/1854 was issued regarding an emergency intervention to

address high energy prices.

In Greece the relevant Law 5007/2022 was issued in December 2022, providing details of the enforcement of the

temporary solidarity contribution, which is imposed on companies with activities in the crude petroleum, natural

gas and refinery sectors.  The contribution is calculated on the taxable profits (as determined under national tax

rules) in the fiscal year 2022, which are above a 20% increase of the average taxable profits in the four fiscal years

starting on or after January 1st 2018, at a rate of 33% in addition to the existing income tax rate. Following the

Decision providing specific detailed instructions on the Solidarity Contribution issued by the Greek Tax Authorities

(AADE) in May 2023, the Solidarity Contribution amounts to €268.4 million, with the difference being included in

"Prior year tax" on the table above. The final deadline for submission of the relevant return was set for July 24th

and the amount is payable in 8 installments started on July 31st.

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Parent Company

Company	For the six-month period ended		For the three month period ended
	30 June 2023	30 June 2022	30 June  2023	30 June  2022
Current tax	(1,918)	(377)	(784)	(323)
Deferred tax	(98)	(55)	3	(78)
Income Tax (expense) / credit	(2,016)	(432)	(781)	(401)

9.Earnings / (Losses) per Share

	For the six-month period ended		For the three month period ended
	30 June 2023	30 June 2022	30 June 2023	30 June  2022
Earnings per share / (Loss) attributable to the Company Shareholders (expressed in Euro per share):	0.53	2.84	0.02	1.71
Net income/ (Loss) attributable to ordinary shares  (Euro in thousands)	162,008	869,117	6,732	523,912
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 2023 and 30 June 2022, there were no treasury

shares. Diluted earnings / (losses) per share equal basic earnings (losses) per share.

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10.Property, Plant and Equipment

Group	Land	Buildings	Plant & Machinery	Transportat ion means	Furniture and fixtures	Assets Under Constructi on	Total
Cost
As at 1 January 2022	314,918	974,890	5,247,686	63,932	238,176	310,609	7,150,211
Additions	20,097	48,741	5,218	821	3,204	116,434	194,514
Acquisition of a subsidiary	—	5,994	2,889	—	—	—	8,883
Capitalised projects	—	6,930	228,199	152	141	(235,421)	—
Disposals	—	(266)	(1,201)	(16)	(111)	(496)	(2,091)
Currency translation differences	33	(2)	(94)	(1)	(11)	(2)	(76)
Transfers and other movements	—	—	(3,026)	416	(1)	(11,906)	(14,516)
As at 30 June 2022	335,049	1,036,286	5,479,671	65,304	241,397	179,218	7,336,925
Accumulated Depreciation
As at 1 January 2022	4,147	555,200	2,879,973	42,511	182,023	1,551	3,665,405
Charge for the year	517	13,894	103,222	1,028	6,405	—	125,066
Disposals	—	(252)	(1,190)	(15)	(107)	—	(1,564)
Impairment / Write off	—	—	4,328	—	—	—	4,328
Currency translation differences	—	(20)	(84)	(1)	(6)	—	(112)
Transfers and other movements	—	33	108	—	—	—	141
As at 30 June 2022	4,665	568,854	2,986,357	43,523	188,316	1,551	3,793,264
Net Book Value at 30 June 2022	330,384	467,433	2,493,315	21,781	53,081	177,667	3,543,661
Cost
As at 1 January 2023	335,090	1,067,147	5,672,857	65,524	243,260	161,744	7,545,622
Additions	725	1,443	8,057	267	4,300	104,829	119,621
Acquisition of subsidiaries	—	—	9,763	67	21	9	9,860
Capitalised projects	—	2,685	59,005	—	2,134	(63,824)	—
Disposals	(299)	(391)	(6,189)	(7)	(147)	(1)	(7,034)
Currency translation differences	15	(113)	(530)	(3)	(12)	(4)	(646)
Transfers and other movements	—	153	8,080	670	(137)	(7,737)	1,029
As at 30 June 2023	335,532	1,070,924	5,751,044	66,518	249,419	195,015	7,668,452
Accumulated Depreciation
As at 1 January 2023	5,584	578,693	3,086,670	44,508	189,613	1,549	3,906,618
Charge for the year	323	15,020	102,376	1,055	6,599	—	125,373
Disposals	—	(305)	(5,311)	—	(147)	—	(5,762)
Currency translation differences	—	(99)	(226)	(3)	(10)	—	(339)
Transfers and other movements	—	—	1	—	(5)	—	(4)
As at 30 June 2023	5,907	593,308	3,183,510	45,560	196,050	1,549	4,025,885
Net Book Value at 30 June 2023	329,625	477,616	2,567,534	20,957	53,369	193,466	3,642,566

79
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

Additions mainly include:

•Capital expenditures in the refining segment that mainly relate to the below amounts that are included in

assets under construction and are reclassified into the relevant asset class when the projects are

completed:

–works of the turnaround at Elefsina and Thessaloniki Refinery, long-term maintenance and

upgrades of the refining units (€62 million).

–growth, safety, regulatory and environmental expenditures (€22 million).

Capitalised projects' relate to completed assets under construction which are reclassified to their relevant

category. The main items during current period relate to refining segment of €61 million.

Disposals include a sale of a building,  land and machinery  of carrying value €0.4 million. The relevant gain is

included in"Gains on disposal of non-current assets" within “Other income / (expenses) and other gains / (losses)

(Note 5).

Acquisition of subsidiaries includes costs associated with the acquisition of PV parks companies in May 2023. The

Group completed the acquisition of Res Zeus Electricity Company LTD  and Solight Electricity Company LTD, with

a total cost of investment of €15 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.

Amounts in 000' €
Intangibles	14,836
PPE	9,860
Cash acquired	101
Other assets and liabilities - net	1,616
Acquisition consideration	26,413

During 2023 an amount of €2.8 million (30 June 2022: €2 million) in respect of interest has been capitalised

within Assets Under Construction relating to the refining segment, at an average borrowing rate of 4.37% (30

June 2022: 2,95%).

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.

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

consolidated financial statements for the year ended 31 December 2022. Based on this impairment test, the

Group concluded that the carrying amount of the asset should be written down by a further €8.8 million  and the

accumulated impairment as of 31 December 2022 was €20.3 million. During the first half of 2023, Management

determined  that there were no changes in the assumptions used that would result in a change of the recoverable

amount of the asset.

As at 31 December 2022, HFL S.A. management carried out an impairment test according to the requirements of

IAS 36, based on the post-tax cash flows produced by the entity. Based on this impairment test, the Group

concluded that the carrying amount of the net assets of its marketing activities in Greece is recoverable. During

the first half of 2023, Management determined  that there were no changes in the assumptions used that would

result in a change of the recoverable amount of the investment in HFL S.A..

80
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

11.Right of Use Assets

Group	Petrol station properties	Commercial Properties	Plant & Machinery	Motor Vehicles	Other	Total
Cost
As at 1 January 2022	259,703	41,747	15,611	37,621	1,425	356,107
Additions	2,193	469	—	1,581	25	4,268
Derecognition	(2,011)	(19,276)	—	(97)	—	(21,384)
Modification	6,538	186	—	74	—	6,798
Currency translation effects	8	—	—	—	—	9
As at 30 June 2022	266,430	23,126	15,611	39,179	1,450	345,798
Accumulated Depreciation
As at 1 January 2022	85,389	14,972	6,708	20,574	88	127,732
Charge for the period	12,552	2,265	1,003	4,040	42	19,902
Derecognition	(732)	(10,072)	—	(90)	—	(10,894)
Modification	—	27	—	(10)	—	17
Currency translation effects	3	—	—	—	—	3
As at 30 June 2022	97,212	7,193	7,711	24,514	131	136,763
Net Book Value at 30 June 2022	169,219	15,933	7,900	14,665	1,319	209,036
Cost
As at 1 January 2023	277,880	29,441	28,398	48,392	1,468	385,580
Additions	2,767	3,012	—	1,368	352	7,501
Derecognition	(1,393)	—	—	(214)	(23)	(1,630)
Modification	8,460	(1,066)	2,248	1,830	—	11,472
Currency translation effects	5	8	(88)	(2)	—	(77)
Other	—	—	—	(35)	—	(35)
As at 30 June 2023	287,719	31,396	30,557	51,340	1,797	402,810
Accumulated Depreciation
As at 1 January 2023	107,338	7,571	9,008	28,345	176	152,438
Charge for the period	12,607	1,402	1,373	4,505	206	20,091
Derecognition	(498)	—	—	(214)	(23)	(735)
Modification	—	—	—	(137)	—	(137)
Currency translation effects	2	61	(17)	(2)	—	44
Other	—	(244)	—	(39)	—	(284)
As at 30 June 2023	119,448	8,789	10,364	32,458	359	171,418
Net Book Value at 30 June 2023	168,271	22,607	20,194	18,882	1,439	231,393

The Group leases a variety of assets in the course of its activities. Through its 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 and large complexes which may include other commercial properties such as

highway service stations.

81
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

Parent Company

Company	Commercial Properties	Plant & Machinery	Motor Vehicles	Total
Cost
As at 1 January 2022	23,416	13,773	14,988	52,177
Additions	7,038	—	429	7,467
Derecognition	(22,365)	(13,773)	(14,038)	(50,176)
As at 30 June 2022	8,089	—	1,379	9,468
Accumulated Depreciation
As at 1 January 2022	11,246	4,918	9,466	25,630
Charge for the period	1,401	—	98	1,499
Derecognition	(11,596)	(4,918)	(8,917)	(25,431)
As at 30 June 2022	1,051	—	647	1,698
Net Book Value at 30 June 2022	7,038	—	732	7,770
Cost
As at 1 January 2023	10,900	—	1,415	12,315
Modification	303	—	(355)	(52)
Other	—	—	(35)	(35)
As at 30 June 2023	11,203	—	1,025	12,228
Accumulated Depreciation
As at 1 January 2023	1,059	—	438	1,497
Charge for the period	1,067	—	109	1,177
Modification	—	—	(86)	(86)
Other	5	—	(39)	(34)
As at 30 June 2023	2,131	—	422	2,554
Net Book Value at 30 June 2023	9,072	—	603	9,674

82
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

12.Intangible Assets

Group	Goodwill	Retail Service Stations Usage Rights	Computer software	Licences & Rights	Other	EU Allowances	Total
Cost
As at 1 January 2022	138,588	7,541	141,192	111,339	75,068	52,752	526,480
Additions	—	—	4,175	—	50	—	4,226
Acquisition of a subsidiary	—	—	—	14,798	—	—	14,798
Purchase of EUAs	—	—	—	—	—	60,933	60,933
Surrender of EUAs	—	—	—	—	—	(87,764)	(87,764)
Disposals	—	—	(31)	—	—	—	(31)
Currency translation effects	—	—	838	2	7	—	847
Other movements	—	—	3,156	7,532	(4)	—	10,684
As at 30 June 2022	138,588	7,541	149,330	133,671	75,121	25,921	530,172
Accumulated Amortisation
As at 1 January 2022	71,829	—	126,514	33,584	65,895	—	297,822
Charge for the year	—	—	3,269	2,717	193	—	6,179
As at 30 June 2022	71,829	—	129,783	36,301	66,088	—	304,001
Net Book Value at 30 June 2022	66,759	7,541	19,548	97,371	9,033	25,921	226,172
Cost
As at 1 January 2023	138,588	8,441	163,415	164,317	75,136	281,116	831,013
Additions	—	—	154	2,215	2	—	2,371
Acquisition of subsidiaries	—	—	—	14,836	—	—	14,836
Purchase of EUAs	—	—	—	—	—	62,593	62,593
Surrender of EUAs	—	—	—	—	—	(305,288)	(305,288)
Disposals	—	—	(8)	—	—	—	(8)
Currency translation effects	—	—	(1)	(324)	3	—	(321)
Other movements	—	—	6,078	(3,117)	—	—	2,960
As at 30 June 2023	138,588	8,441	169,637	177,927	75,141	38,421	608,156
Accumulated Amortisation
As at 1 January 2023	71,829	—	135,067	40,101	65,943	—	312,940
Charge for the year	—	—	6,998	3,617	27	—	10,642
Disposals	—	—	(8)	—	—	—	(8)
Impairment	—	—	—	1,070	—	—	1,070
Currency translation effects	—	—	(2)	(352)	1	—	(353)
As at 30 June 2023	71,829	—	142,054	44,436	65,971	—	324,290
Net Book Value at 30 June 2023	66,759	8,441	27,583	133,492	9,170	38,421	283,866

The majority of the remaining balance of goodwill as at 30 June 2023 relates to the unamortised goodwill arising

on the acquisition of EKO Cyprus Ltd (former 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 2022. Based on

the impairment test performed for the year-ended 2022 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 2023.

83
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

‘Other movements’ include completed IT software projects capitalised during 2023 and thus transferred from

assets under construction (Note 10). These projects are monitored within assets-under-construction as

implementation of the relevant software takes place over a period of time. They are transferred to Intangible

Assets when the implementation of the software has been completed and tested as being ready for use.

Acquisition of subsidiaries includes costs associated with the acquisition of PV parks companies in May 2023. The

Group completed the acquisition of Res Zeus Electricity Company LTD  and Solight Electricity Company LTD (Note

10).

        13.Advances and Long Term Assets

Parent Company

	As at
Company	30 June 2023	31 December 2022
Loans and advances	278,200	229,400
Other long term assets	843	843
Total	279,043	230,243

Loans and advances of the Company include long-term loans given to subsidiaries of the Group, amounting to €

278.2 million. (31 December 2022: €229.4 million).

14.Inventories

Group	As at
	30 June 2023	31 December 2022
Crude oil	492,868	733,879
Refined products and semi-finished products	854,769	963,161
Petrochemicals	26,554	35,777
Consumable materials and other spare parts	144,721	145,555
- Less: Provision for consumables and spare parts	(53,762)	(52,130)
Total	1,465,151	1,826,242

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 HELLENiQ ENERGY  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

2022: €5 billion). As at 30 June 2023, the Group wrote down inventories to their net realisable value, recording a

loss of €8.2 million (30 June 2022: loss of €6 million included in Cost of Sales in the statement of comprehensive

income).

84
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

15.Trade and Other Receivables

	As at
Group	30 June 2023	31 December 2022
Trade receivables	726,857	660,810
- Less: Provision for impairment of receivables	(279,349)	(284,662)
Trade receivables net	447,508	376,148
Other receivables	443,037	473,224
- Less: Provision for impairment of receivables	(46,110)	(46,201)
Other receivables net	396,927	427,023
Accrued Income and other prepaid expenses	16,907	62,938
Total	861,342	866,109

As part of its working capital management the Group utilises factoring facilities to accelerate the collection of cash

from its customers. 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. Balance as at 30 June 2023

mainly includes VAT €68 million (31 December 2022: €93 million)  and restricted cash mainly related to margin

call accounts of €41 million (31 December 2022: €26 million). Additionally, other receivables include an amount of

€54 million of VAT approved refunds (31 December 2022: €54 million), 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.

Parent Company

The amount included in Trade and other receivables of the Company as at 30 June 2023 primarily include

receivable balances from Group entities, while the respective amount as at 31 December 2023 primarily include

receivable balances from Group entities and dividends receivable from associates of €32 million.

16.Cash and Cash Equivalents

Group	As at
	30 June  2023	31 December  2022
Cash at bank and on hand in USD (Euro equivalent)	200,000	149,255
Cash at bank and on hand in Euro	537,382	750,921
Cash and Cash Equivalents	737,382	900,176

The balance of US Dollars included in Cash at bank as at 30 June 2023 was $217 million (euro equivalent €200

million). The respective amount for the period ended 31 December 2022 was $159 million (euro equivalent €149

million).

85
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

17.Share Capital

Group	Number of Shares (authorised and issued)	Share Capital	Share premium	Total
As at 1 January & 31 December 2022	305,635,185	666,285	353,796	1,020,081
As at 30 June 2023	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 2022: €2.18).

18.Reserves

Group		Statutory reserve	Special reserves	Hedging reserve	Tax free & Incentive Law Reserves	Οther reserves	Total
As 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
As at 1 January 2023		180,201	86,495	(320)	71,335	(39,999)	297,713
Other comprehensive income / (loss)		—	—	569	—	(2,934)	(2,365)
As at 30 June 2023		180,201	86,495	249	71,335	(42,933)	295,348

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 2023 the fair value

result in hedging reserve relates to transactions described in Note 3 for commodity price risk management.

86
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

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

Parent Company

Company	Statutory reserve	Special reserves	Hedging reserve	Tax-free & Incentive Law reserves	Other Reserves	Total
As 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
As at 1 January 2023	180,201	157,137	—	—	(56,234)	281,104
Other comprehensive income / (loss)	—	(1,035)	—	—	—	(1,035)
As at 30 June 2023	180,201	156,102	—	—	(56,234)	280,069

Reserves' categories Hedging, part of the Special reserves and Tax-free & Incentive Law reserves that relate to the

Company were transferred on the demerger to the new established company (HELPE R.S.S.O.P.P. S.A.) as they relate

to the respective sector (Refining and Petchems). Subsequently, an additional reserve of equal value was created in

the special reserves category for the parent company.

87
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

19.Interest Bearing Loans and Borrowings

Group	As at
	30 June 2023	31 December 2022
Non-current interest bearing loans and borrowings
Committed Revolving Credit facilities	842,833	753,820
Eurobonds	597,031	595,923
Committed term loans (Project Finance)	76,847	83,287
Total non-current interest bearing loans and borrowings	1,516,712	1,433,029
Current interest bearing loans and borrowings
Committed Revolving Credit Facilities	429,157	867,922
Revolving credit facilities	337,544	534,009
Committed term loans (Project Finance)	7,119	7,393
Total current interest bearing loans and borrowings	773,820	1,409,324
Total interest bearing loans and borrowings	2,290,532	2,842,353

The Group has centralized treasury operations which coordinate and control the funding and cash management

activities of all group companies. Within this framework, HELLENiQ ENERGY Finance Plc (former Hellenic

Petroleum Finance Plc- "HEF") was established in November 2005 in the U.K. as a wholly-owned subsidiary of

HELLENiQ ENERGY Holdings S.A. to act as the central treasury vehicle of the HELLENiQ ENERGY Group.

Borrowings of the Group by maturity as at 30 June 2023 and 31 December 2022 are summarised in the table

below (amounts in € million):

			Balance as at
	Company	Maturity	30 June 2023	31 December 2022
€100 million RCF 2023	HELPE R.S.S.O.P.P. S.A.	March 2023	—	100
€150 million RCF 2023	HELPE R.S.S.O.P.P. S.A.	October 2023	—	150
€400 million RCF Dec 2023	HELPE R.S.S.O.P.P. S.A.	December 2023	230	279
€200 million RCF 2024	HELPE R.S.S.O.P.P. S.A.	February 2024	200	—
€100 million RCF 2024	HELPE R.S.S.O.P.P. S.A.	October 2024	—	100
€599 million Eurobond	HPF Plc	October 2024	597	596
€30 million RCF 2024	EKO Bulgaria	December 2024	13	11
€400 million RCF May 2025	HELPE R.S.S.O.P.P. S.A.	May 2025	299	348
€400 million Syndicated RCF Dec 2025	HELPE R.S.S.O.P.P. S.A.	December 2025	192	292
€200 million RCF 2026	HELPE R.S.S.O.P.P. S.A.	February 2026	199	—
€400 million Syndicated RCF Jun 2028	HELPE R.S.S.O.P.P. S.A.	June 2028	136	339
€30 million PF Evia 2	HELPE RENEWABLES WIND FARMS OF EVIA S.A.	December 2030	16	17
€15 million PF Evia1	HELPE RENEWABLES WIND FARMS OF EVIA S.A.	June 2032	10	10
€31,8 million PF Mani 1	SAGIAS WIND PARK S.A.	July 2037	25	29
€38 million PF Mani 2	MAKRYLAKKOMA WIND PARK S.A.	July 2037	33	34
€30 million Syndicated RRF Dec 2037	HELPE Digital S.A.	December 2037	3	3
Bilateral lines	Various	Various	338	534
Total			2,291	2,842

No loans were in default as at 30 June 2023 (none as at 31 December 2022).

88
HELLENiQ ENERGY

Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

The table below presents the changes in Borrowings arising from financing activities:

Group	01 January 2023	Cash flows - borrowings (inflows)	Cash flows - borrowings (outflows)	Cash flows - fees	Non cash movements	30 June  2023
	€000	€000	€000	€000	€000	€000
Current interest- bearing loans and borrowings	1,409,324	201,656	(838,144)	(400)	1,384	773,820
Non-current interest- bearing loans and borrowings	1,433,029	345,211	(258,952)	(4,800)	2,223	1,516,711
Total	2,842,353	546,867	(1,097,096)	(5,200)	3,607	2,290,531

Group	01 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	1,474,494	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	2,991,025	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.

Certain loan facilities amounting to € 87 million as of 30 June 2023 (31 December 2022: € 91 million) and

associated with three subsidiaries of the Group (Aioliko Parko Makrilakkoma S.A., Aioliko Parko Sagias S.A. and

HELPE Renewable Wind Farms of Evia S.A.) include financial covenants, for the maintenance of certain ratios

applicable only to the respective entities and certain pledges (including the companies' fixed assets and certain

cash accounts). Management monitors the performance of these subsidiaries to ensure compliance with the

above covenants. It is noted that these facilities are non-recourse project finance facilities.

Significant movements in borrowings for the period ended 30 June 2023 are as follows:

Revolving Credit Facilities maturing in March, October 2023 and October 2024

In February 2023, HELLENIC PETROLEUM R.S.S.O.P.P. S.A. refinanced 3 revolving credit facilities amounting in

total to €350 million with 2 new facilities of total €400 million - €200 million maturing in 1 year and  €200 million

maturing in 3 years. Both new facilities include a 1-year extension option. The outstanding amounts of the

facilities as at 30 June 2023 was €200 million each.

Revolving Credit Facilities maturing in June and December 2023

On 27 June 2023, HELLENIC PETROLEUM R.S.S.O.P.P. S.A. issued a new facility of €400 million maturing in 5

years in order to refinance an existing €400 million facility maturing in June 2023 and to finance general

corporate needs.

The Group is also  in discussions with the financial institutions regarding the refinancing of one revolving credit

facility maturing in December 2023.

Project Finance

In July 2023, HELLENiQ Renewables S.A.,  a wholly owned subsidiary of HELLENiQ Energy Holdings  signed a

financing framework agreement of an amount of up to €766m with National Bank of Greece S.A. and Eurobank

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S.A. for the implementation of multiple financing arrangements (Project Finance) in relation to existing and new

projects for electricity generation from Renewable Energy Sources.

Bilateral facilities

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..

20.Trade and other Payables

Group	As at
	30 June 2023	31 December 2022
Trade payables	1,252,765	1,282,070
Accrued expenses	163,278	456,546
Other payables	105,694	97,341
Total	1,521,737	1,835,957

Trade payables comprise amounts payable or accrued in respect of supplies of crude oil, products, and services.

Trade payables, as at 30 June 2023 and 31 December 2022, 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 2023, do not include a provision relating to the estimated cost of the CO2

emission rights, as there is no deficit as of 30 June 2023 (31 December 2022: €303 million).

Other payables include amounts in respect of payroll withheld taxes, social security obligations and sundry taxes.

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21.Cash Generated from / (used in) Operations

Group		For the six-month period ended
	Note	30 June 2023	30 June 2022
Profit/ (loss) before tax		186,195	1,102,884
Adjustments for:
Depreciation and impairment of property, plant and equipment and right-of-use assets	10, 11	145,462	149,312
Amortisation and impairment of intangible assets	12	11,712	6,179
Amortisation of grants	5	(586)	(342)
Finance costs - net		65,915	54,651
Share of operating profit of associates	7	(7,168)	(68,161)
Provisions for expenses and valuation charges		10,793	(55,837)
Foreign exchange (gains) / losses	6	(687)	(1,240)
(Gains)/ Losses from discounting of long-term receivables and liabilities		(85)	(1,086)
Gains / (losses) on assets held for sale		—	(28)
(Gains) / losses on sales of property, plant and equipment		(701)	(18)
		410,850	1,186,314
Changes in working capital
(Increase) / decrease in inventories		355,434	(624,794)
(Ιncrease) / decrease in trade and other receivables		(12,959)	(137,152)
Increase / (decrease) in trade and other payables		(89,000)	(61,423)
		253,474	(823,369)
Net cash generated from operating activities		664,325	362,945

Parent Company

Company		For the period ended
	Note	30 June 2023	30 June 2022
Profit/ (Loss) before tax		132,844	1,734
Adjustments for:
Depreciation and impairment of property, plant and equipment and right-of-use assets		1,188	1,642
Amortisation and impairment of intangible assets		43	138
Finance costs / (income) - net		(9,685)	(1,965)
Provisions for expenses and valuation charges		513	78
Dividend Income	25	(126,081)	—
		(1,178)	1,627
Changes in working capital
(Ιncrease) / decrease in trade and other receivables		16,260	36,191
Increase / (decrease) in trade and other payables		(21,261)	7,072
		(5,001)	43,263
Cash generated from / (used in) operating activities		(6,179)	44,890

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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 International Projects S.A.

•Elpedison B.V.

•Spata Aviation Fuel Company S.A. (SAFCO)

•D.M.E.P. HOLDCO

•VLPG Plant LTD

Group	For the period ended
	30 June 2023	30 June 2022
Sales of goods and services to related parties
Associates	160,401	48,465
Joint ventures	6,512	2,137
Total	166,913	50,602
Purchases of goods and services from related parties
Associates	68,068	91,777
Joint ventures	74,095	85,794
Total	142,163	177,571
Group	As at
	30 June 2023	31 December 2022
Balances due to related parties
Associates	26,719	13,925
Joint ventures	23,995	926
Total	50,714	14,851
Balances due from related parties
Associates	32,858	12,997
Joint ventures	600	15,226
Total	33,458	28,223

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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 2023 was €87 million (31 December 2022: €107

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.

•Hellenic Armed Forces

•Road Transport S.A.

•Public Power Corporation Hellas S.A.

•Lignitiki Megalopolis S.A. (up to 01.06.2022 when the entity was fully absorbed by PPC S.A.)

•Lignitiki Melitis S.A. (up to 01.06.2022 when the entity was fully absorbed by PPC S.A.)

•Hellenic Distribution Network Operator S.A. (HEDNO)

During the period ended  on 30 June 2023, transactions and balances for the Group with the above government

related entities are as follows:

•Sales of goods and services amounted to €173 million (30 June 2022: €247 million)

• Purchases of goods and services amounted to €2 million  (30 June 2022: €1 million)

•Receivable balances of €81 million (31 December 2022: €106 million)

•Payable balances of €0.1 million (31 December 2022: €0.1 million).

There were no transactions and balances between the Company and the above government related entities  up to

30 June 2023.

c) Key management includes directors (Executive and Non-Executive Members of the board of HELLENiQ

ENERGY Holdings S.A.) and General Managers. Where required, comparative amounts have been amended to

better reflect the nature of the compensation earned.

The compensation paid or payable for the period  ended on 30 June 2023 to the aforementioned key

management is as follows:

Group	For the period ended
	30 June 2023	30 June 2022
Short-term employee benefits	4,031	3,448
Post-employment benefits	303	112
Termination benefits	—	134
Total	4,334	3,694

d) The Group participates in the following jointly controlled operations with other third parties relating to

exploration and production of hydrocarbons in Greece:

• Energean Italy S.p.A. (Greece, Patraikos Gulf)

• Calfrac Well Services Ltd (Greece, Sea of Thrace concession)

• Energean Hellas LTD (Greece, Block 2)

• Exxon Mobil Exploration and Production Greece (Crete) B.V. (Greece, Block West Crete)

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Statements of BoD members	Board of Directors' Report	Half-Yearly Financial Statements	Auditors' Report	Complementary Information

•Exxon Mobil Exploration and Production Greece (Crete) B.V. (Greece, Block South West Crete)

Parent Company

Transactions and balances with related parties:

Company	For the period ended
	30 June  2023	30 June  2022
Sales of goods and services to related parties & other income
Group entities	24,676	25,011
Joint ventures	130	130
Total	24,806	25,141
Purchases of goods and services from related parties & other expenses
Group entities	11,064	7,881
Joint ventures	323	487
Total	11,387	8,368
Company	As at
	30 June  2023	31 December  2022
Balances due to related parties (Trade and other creditors)
Group entities	2,828	14,258
Joint ventures	106	4
Total	2,934	14,262
Balances due from related parties (Trade and other debtors)
Group entities	7,196	15,655
Joint ventures	168	41
Total	7,364	15,696

Balances above relate to transactions between the Company and other Group’s companies.

Key management compensation:

Company	For the period ended
	30 June  2023	30 June  2022
Short-term employee benefits	3,091	2,680
Post-employment benefits	268	106
Termination benefits	—	134
Total	3,359	2,920

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23.Commitments

(a)  Capital commitments

Significant contractual commitments of the Group amount to €94 million as at 30 June 2023 (31 December 2022:

€46 million), which mainly relate to improvements in refining assets.

(b)    Exploration costs

Contractual commitments of the Group for exploration costs amount to €6 million as at 30 June 2023 (31

December 2022: €6 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. As at 30 June

2023, there were open letters of credit relating to purchase orders of total amount € 189.9 million (31 December

2022: € 186.8 million).

(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 at market price 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 consolidated

and Company Financial Statements are required.

HELPE S.A. (currently for HELPE R.S.S.O.P.P. S.A.) has filed on 29.09.2014 a lawsuit versus the Greek State

claiming the amount of €7.4 million from undue retentions effected in favor of the pension funds of the Armed

Forces on the price of products sold to the Army during 2011 and 2012. The First Instance Court has rejected the

lawsuit by virtue of Decision No. 1661/2019 and such decision has been upheld by virtue of Decision No.

4781/2022 the Appellate Court that has ruled on the case further to an appeal filed by the company. Management

has decided not to appeal further before the Supreme Court. The amount of €7.4 million has been posted to

"Other operating expenses and other losses in the FY22 results.

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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 2023, the total amounts imposed amount to €56.9 million (31

December 2022: €55.6 million). In order to appeal against these, and in accordance with the legislation, the Group

has paid an amount of €28.3 million (31 December 2022: €27.8 million), which is included in Trade and other

Receivables in the  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 R.S.S.O.P.P.

owns 50% of the share capital and consolidates through the equity method. As at 30 June 2023, EAKAA has

exercised all available legal recourses relating to these cases and the Athens Appellate Administrative Court has

issued a decision in favour of the company.

Article 79 of L. 4986/2022  has amended article 25 of L. 3054/2002 on the operation of the EAKAA pipeline. The

amended article provides that said company from 2022 onwards will not be burdened with the municipal duties of

article 13 of R.D. 14-9/20-10-1958, but with an annual fee in favor of the Greek State, which will be allocated to the

relevant Municipalities and will not exceed 3% of the annual turnover of EAKAA.

EKO subsidies

EKO AVEE has filed lawsuits before the Athens Administrative First Instance Court (AAFIC) by which it sought

payment by the Greek State of the amounts of €2.6 million and €0.5 million as compensation under Article 105 of

the Introductory Law of the Civil Code, and alternatively as undue enrichment (Articles 104 ff. of the Civil Code), for

the restitution of damages suffered from the illegal omission of state services to pay the rebates, provided by

Article 19 of L. 3054/2002 for the transportation of petroleum products in remote areas during the period from

01/11/2013 until 31/12/2014. The AAFIC rendered its Decisions Nos A16361/2022 and A16359/2022, rejecting

EKO's lawsuits on the basis that some of the relevant petitions for the receipt of the rebates were filed untimely

and others were inadequately substantiated. EKO has appealed the above decisions claiming the amounts of €1.9

million and €0.1 million respectively, corresponding to the petitions that have been timely filed. However, given

the uncertainty of the outcome of the appeal decisions, the company has raised a provision amounting to €3.1

million.

EKO has also filed two more lawsuits claiming the amounts of €2.0 million and €0.3 million corresponding to the

rebates of Article 19 of L. 3054/2002 for the time period between 01/01/2015 and 31/08/2015. After the

rendering of Decisions Nos A17827/2022 and A17828/2023 that have rejected the lawsuits on the same

aforementioned grounds, EKO has filed appeals, claiming the amounts of €1.3 million and €0.1 million

respectively, corresponding to the petitions that have been timely filed. However, given the uncertainty of the

outcome of the appeal decisions, the company has raised a provision amounting to €2.3 million.

(ii)Guarantees

The Company has provided guarantees in favour of banks and debt holders as security for loans granted by them

to subsidiaries and associates of the Group. The outstanding amount of these as at 30 June 2023 was the

equivalent of €2.1 billion (31 December 2022: €2.4 billion). Out of these, €2 billion (31 December 2022: €2.3 billion)

are included in consolidated borrowings of the Group and are presented as such in the interim condensed 

consolidated and Company financial statements.

Αs at 30 June 2023, 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 €39 million (31 December

2022: €19 million) and €4.6 million (31 December 2022: €1.7 million) respectively, and corporate guarantees

amounting to €9 million (31 December 2022: €12 million). Also, as at 30 June 2023, 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 2022: €170.3 million).

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(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 consolidated and Company  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 EKO Cyprus Ltd. On 29 April 2021 the competent Court has sustained the appeal of EKO Cyprus

and has annulled the fine. The Commission for the Protection of Competition has appealed the decision, yet the

legal advisors of EKO Cyprus view is that such appeal will be rejected by the competent Court.

Arbitration of ELPET vs the Republic of North Macedonia

On 5 December 2018, Elpet Balkaniki S.A. (Elpet) filed a Request for Arbitration before the International Court of

Arbitration of the ICC versus the Republic of North Macedonia (RNM), seeking payment of an amount of $31.6

million for violation of article 10 of the share purchase and concession agreement signed on May 8th 1999

("SPCA") and article 2 of the state performance guarantee signed on the 9th July 1999 ("SPG"), both between Elpet

and the RNM, providing for certain clear obligations relating to the minimum consumption of fuel oil.

By the Final Award rendered on the above case (ICC Case No. 24112/GR/PAR) dated 15 December 2022, the

Tribunal accepted Elpet's claim that, pursuant to Article 10 of the SPCA, together with clause 2 of the SPG, the

RNM is liable to pay Elpet for the shortfall in the minimum consumption of fuel oil.

The Tribunal therefore accepted that the RNM is liable to pay $27 per ton of the shortfall in fuel oil consumption

during the relevant period 2008 - 2011.

It is therefore held that the RNM:

•shall pay to Elpet the amount of $21.5 million, plus simple interest on this amount since 22 December 2015

to the date of full payment at the 12 months EURIBOR rate for US Dollars as prevailing from time to time, on

a yearly basis

•shall bear 2/3 (two thirds) of the costs of the arbitral proceedings and shall accordingly pay to Elpet $0.1

million and €0.8 million.

At the end of March 2023 the deadline of the RNM to file a recourse for setting aside of the Final Award lapsed.

(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 close to the stature of limitation 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

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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 2016 are time-barred. The Tax audit reports

for HELPE 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. The hearing date for the income tax differences is set for November 29th 2023,

while for the stamp duty cases the hearing date is expected.

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 hearing was initially set for 11 October 2022 and then postponed for 7 February 2023 and

then postponed again, the new hearing date is  set on 19 September 2023.

The Company expects that it will succeed in its appeals and the relevant amounts will be fully recovered.

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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 S.A.. The process

followed is identical to the one described above for Hellenic Petroleum S.A. 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. For the Real Estate tax dispute of 2010 amounting to €0.1 million, which

was not in favor, the subsidiary has filed cassation recourse and the hearing date was set on 24 May 2023 and

then postponed for 29 November 2023. The Authorities have filed cassation recoursed for the stamp duty cases

of 2011, which were in favor of the company. The cases were heard in December 2022 and the new court decision

was issued 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 S.A. (prior to the merger) 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 HELPE S.A. and EKO S.A. 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 favour of the company and the relevant amounts are refunded to the company. Then the Authorities have

filed cassation recourses which were heard and the relevant decisions are expected.

EKO Kalypso M.E.P.E. received in July 2022 notifications for the audit of the years 2017 and 2018. In June 2023 the

audit was concluded for 2017 assessing in total €0.03 million which were paid by 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 interim

condensed consolidated and Company financial statements for the period ended 30 June 2023. 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 2021, the Group’s

Greek legal entities obtained  “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 Tax Compliance Reports for all Group

entities and for all years are "unqualified". The Management expects that the same will also apply for the year

ended 31 December 2022.

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(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, then postponed again for 26 October 2022 and then postponed again for 1

March  2023 when the hearing took place and the relevant decision is expected. 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 2023 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 2022: €13.9 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 its substance. In this context, Group Management assesses that the probability of a favorable outcome

from the European Court of Human Rights 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.

With regards to the audit conducted during 2019 by the customs authorities in Northern Macedonia for the fiscal

years 2014  -2018 and the period January - May 2019, the amount imposed on OKTA up to 30 June 2023 is €19.5

million and has been paid in full.

The provision of €0.9 million, which was included in the consolidated statement of financial position as of 31

December 2022 has been fully utilised, while additional expenses of  € 0.03 million have been recognised in the

interim condensed consolidated statement of profit and loss as of 30 June 2023. Almost all expected decisions

have been received. Therefore, no major further amounts are expected to be imposed by the relevant custom

authorities for 2019.

OKTA retains its position that it has acted at all times in full compliance with all relevant laws, also as per expert's

opinions received, and intends to contest all such decisions to the ultimate judicial level, in both local and if

possible, international levels.

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25.Dividends

At its meeting held on 24 February 2022, the Board of Directors decided to distribute 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 € 92.0 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 was paid in July 2022.

At its meeting held on 29 September 2022, the Board of Directors proposed to distribute an interim dividend of

€0.40 per share for the financial year 2022. The total dividend amounts to €122.3 million and  was paid in

November 2022.

At its meeting held on 10 November 2022, the Board of Directors decided to distribute an interim dividend of

€0.25 per share for the financial year 2022, which amounts to €76.4 million and is included in the  Annual

Consolidated and Company Financial Statements for the year ended 2022 and was paid in January 2023.

At its meeting held on 24 February 2023, the Board of Directors decided to propose a final dividend of €0.50 per

share for the fiscal year 2022, which amounts to €152.8 million. The total dividend for the fiscal year 2022 is €1.15

per share, amounting to €351.5 million. The final dividend for the financial year 2022 was approved by the AGM on

15 June 2023 and paid on 5 July 2023.

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 2023.

Parent Company

Dividend income relates to the dividend received from the below subsidiary of the Company:

•Declared amount of €126 million from the 100% subsidiary company HELPE R.S.S.O.P.P.  S.A. which was

paid in June 2023

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26.List of Principal Consolidated Subsidiaries and Associates

Included in the Financial Statements

Company Name	Activity	Country Of Registration	Effective Participation Percentage	Method Of Consolidation
Refining & Petrochemicals
HELLENIC PETROLEUM R.S.S.O.P.P. S.A.	Refining / Petrochemicals	GREECE	100%	FULL
DIAXON S.A.	Petrochemicals	GREECE	100%	FULL
Ε.Α.Κ.Α.Α S.A.	Pipeline	GREECE	50%	EQUITY
DMEP HOLDCO LTD	Trade of crude/ products	U.K	48%	EQUITY
Marketing
HELLENIC FUELS AND LUBRICANTS INDUSTRIAL AND COMMERCIAL S.A.	Marketing	GREECE	100%	FULL
ΕΚΟ KALYPSO M.E.P.E.	Marketing	GREECE	100%	FULL
ΕΚΟΤΑ KO S.A.	Marketing	GREECE	49%	FULL
EKO IRA MARITIME COMPANY	Marketing / Vessel owning	GREECE	100%	FULL
EKO AFRODITI MARITIME COMPANY	Marketing / Vessel owning	GREECE	100%	FULL
ELPET BALKANIKI S.A.	Holding	GREECE	100%	FULL
VARDAX S.A	Pipeline	GREECE	80%	FULL
OKTA CRUDE OIL REFINERY A.D	Marketing	FYROM	82%	FULL
HELLENIC PETROLEUM BULGARIA (HOLDINGS) LTD	Holding	CYPRUS	100%	FULL
EKO BULGARIA EAD	Marketing	BULGARIA	100%	FULL
HELLENIC PETROLEUM SERBIA (HOLDINGS) LTD	Holding	CYPRUS	100%	FULL
EKO SERBIA AD	Marketing	SERBIA	100%	FULL
EKO CYPRUS LTD (former HELLENIC PETROLEUM CYPRUS LTD)	Marketing	U.K	100%	FULL
R.A.M.OIL Cyprus LTD	Marketing	CYPRUS	100%	FULL
EKO LOGISTICS LTD (former YUGEN LTD)	Marketing	CYPRUS	100%	FULL
HELPE COMPANY HOLDING LTD	Marketing	CYPRUS	100%	FULL
SUPERLUBE LTD	Lubricants	CYPRUS	100%	FULL
BLUE CIRCLE ENGINEERING LIMITED	Marketing	CYPRUS	100%	FULL
VLPG PLANT LTD	Logistics & Distribution of LPG	CYPRUS	32%	EQUITY
JUGOPETROL AD	Marketing	ΜONTENEGRO	54%	FULL
GLOBAL ALBANIA S.A	Marketing	ΑLBANIA	100%	FULL
SAFCO S.A.	Airplane Fuelling	GREECE	33%	EQUITY
RES, Power & Gas
HELLENiQ RENEWABLES SINGLE MEMBER S.A. (former HELPE R.E.S. S.A.)	Energy	GREECE	100%	FULL
ENERGIAKI SERVION S.A.	Energy	GREECE	100%	FULL
ENERGIAKI PYLOY METHONIS S.A.	Energy	GREECE	100%	FULL
HELPE RENEWABLE WIND FARMS OF EVIA S.A.	Energy	GREECE	100%	FULL
TANAGRA SOLAR ENERGEIAKI S.A.	Energy	GREECE	100%	FULL
S.AETHER ENERGEIAKI S.A.	Energy	GREECE	100%	FULL
HELLENIC PETROLEUM RENEWABLE WIND FARMS OF MANI S.A.	Energy	GREECE	100%	FULL

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AIOLIKO PARKO MAKRYLAKKOMA S.A.	Energy	GREECE	100%	FULL
AIOLIKO PARKO SAGIAS S.A.	Energy	GREECE	100%	FULL
FENSOL HOLDING LTD	Energy	CYPRUS	100%	FULL
FENSOL S.M.	Energy	GREECE	100%	FULL
ATEN ENERGY S.A.	Energy	GREECE	100%	FULL
KOZILIO 1	Energy	GREECE	100%	FULL
WINDSPUR Private Company	Energy	GREECE	100%	FULL
HELPE ENERGY FINANCE CYPRUS LIMITED	Energy	CYPRUS	100%	FULL
HELPE RENEWABLES CYPRUS LIMITED	Energy	CYPRUS	100%	FULL
HELLENiQ RENEWABLES CYPRUS LYTHRODONTAS LIMITED	Energy	CYPRUS	100%	FULL
HELLENiQ RENEWABLES CYPRUS AGIA VARVARA LIMITED	Energy	CYPRUS	100%	FULL
HELLENiQ RENEWABLES CYPRUS ALAMINOS LIMITED	Energy	CYPRUS	100%	FULL
HELLENiQ RENEWABLES CYPRUS PACHNA LIMITED	Energy	CYPRUS	100%	FULL
HELLENiQ RENEWABLES CYPRUS POLITIKO LIMITED	Energy	CYPRUS	100%	FULL
HELLENiQ RENEWABLES CYPRUS PAPHOS LIMITED	Energy	CYPRUS	100%	FULL
EKO ENERGY PARTNERS	Energy	CYPRUS	100%	FULL
RES ZEUS ELECTRICITY COMPANY LIMITED	Energy	CYPRUS	100%	FULL
SOLIGHT ELECTRICITY COMPANY LIMITED	Energy	CYPRUS	100%	FULL
FRONTERA ENERGEIAKI Private Company	Energy	GREECE	100%	FULL
DEPA COMMERCIAL S.A. (former DEPA S.A.)	Natural Gas	GREECE	35%	EQUITY
DEPA INTERNATIONAL PROJECTS S.A.	Natural Gas	GREECE	35%	EQUITY
ELPEDISON B.V.	Power Generation	NETHERLANDS	50%	EQUITY
E&P
HELLENiQ UPSTREAM HOLDINGS SINGLE MEMBER S.A.	E&P of hydrocarbons	GREECE	100%	FULL
HELLENiQ UPSTREAM WEST KERKYRA SINGLE MEMBER S.A.	E&P of hydrocarbons	GREECE	100%	FULL
HELLENiQ UPSTREAM SEA OF THRACE SINGLE MEMBER S.A.	E&P of hydrocarbons	GREECE	100%	FULL
HELLENiQ UPSTREAM IONIO SINGLE MEMBER S.A.	E&P of hydrocarbons	GREECE	100%	FULL
HELLENiQ UPSTREAM KIPARISSIAKOS GULF SINGLE MEMBER S.A.	E&P of hydrocarbons	GREECE	100%	FULL
HELLENiQ UPSTREAM WEST CRETE SINGLE MEMBER S.A.	E&P of hydrocarbons	GREECE	100%	FULL
HELLENiQ UPSTREAM SW CRETE SINGLE MEMBER S.A.	E&P of hydrocarbons	GREECE	100%	FULL
HELLENiQ UPSTREAM UPSTREAM SINGLE MEMBER S.A.	E&P of hydrocarbons	GREECE	100%	FULL
HELPE PATRAIKOS S.A.	E&P of hydrocarbons	GREECE	100%	FULL
Other
HELLENiQ ENERGY INTERNATIONAL GmbH	Holding	AUSTRIA	100%	FULL
HELLENiQ ENERGY FINANCE PLC (former HELLENIC PETROLEUM FINANCE PLC)	Treasury services	U.K	100%	FULL
HELLENiQ ENERGY CONSULTING S.A.	Consulting services	GREECE	100%	FULL
ASPROFOS S.A.	Engineering	GREECE	100%	FULL

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HELLENiQ ENERGY DIGITAL S.A.	IT Services	GREECE	100%	FULL
ELPEFUTURE	Energy	GREECE	100%	FULL
HELLENiQ ENERGY REAL ESTATE S.A.	Real Estate	GREECE	100%	FULL
HELLENIC PETROLEUM (UK) LIMITED	Dormant	UK	100%	FULL

•During the current period, the Group completed the acquisition of a new company  in Greece, “FRONTERA

ENERGEIAKI S.A..”, a wholly owned subsidiary of HELLENiQ RENEWABLES S.A..

•During the current period, the Group established  a new company  in Cyprus, “HELPE RENEWABLES CYPRUS

Limited”, a wholly owned subsidiary of HELLENiQ RENEWABLES S.A..

•During the current period, the Group established a new company  in Cyprus, “HELLENiQ RENEWABLES

CYPRUS LYTHRODONTAS LIMITED”, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.

•During the current period, the Group established a new company  in Cyprus, “HELLENiQ RENEWABLES

CYPRUS AGIA VARVARA LIMITED”, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.

•During the current period, the Group established a new company  in Cyprus, “HELLENiQ RENEWABLES

CYPRUS ALAMINOS LIMITED”, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.

•During the current period, the Group established a new company  in Cyprus, “HELLENiQ RENEWABLES

CYPRUS PACHNA LIMITED”, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.

•During the current period, the Group established a new company  in Cyprus, “HELLENiQ RENEWABLES

CYPRUS POLITIKO LIMITED”, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.

•During the current period, the Group established a new company  in Cyprus, “HELLENiQ RENEWABLES

CYPRUS PAPHOS LIMITED”, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.

•During the current period, the Group established a new company  in Cyprus, “HELPE ENERGY FINANCE

CYPRUS”, a wholly owned subsidiary of HELPE RENEWABLES CYPRUS LIMITED.

•During the current period, the Group completed the acquisition of a new company  in Cyprus, “RES ZEUS

ELECTRICITY COMPANY LIMITED”, a wholly owned subsidiary of HELPE ENERGY FINANCE CYPRUS.

•During the current period, the Group completed the acquisition of a new company  in Cyprus, “SOLIGHT

ELECTRICITY COMPANY LIMITED”, a wholly owned subsidiary of HELPE ENERGY FINANCE CYPRUS.

27.Events Occurring after the Reporting Period

On 31 July 2023, HELLENiQ Renewables entered into a binding agreement with MYTILINEOS for the construction

and acquisition (upon achieving commercial operation) of a portfolio of 4 photovoltaic (PV) parks in Romania, with

an aggregate capacity of 211 MW. The projects are in an advanced stage of development and are expected to enter

commercial operation gradually, from 4Q23 to 3Q25. The total annual production of the projects is expected to

exceed 300 GWh of green energy, enough to meet the needs of 100,000 households. In addition, HELLENiQ

Renewables signed a Framework Agreement with another counterparty for the development of a portfolio of PV

parks with an aggregate capacity of up to 600 MW in Romania.

Additionally, on 16 August 2023, it was announced that HELLENiQ Renewables, participated in the first tender

held in Greece for the granting of investment and operating aid to energy storage system (ESS) projects.

HELLENiQ Renewables’ all three (3) ESS projects, with a total capacity of 100 MW and a guaranteed storage

capacity of 200 MWh, were included in Regulatory Authority for Waste, Energy and Water (RAWEW)’s list of

eligible projects. The 3 eligible ESS projects, the larger with a nominal capacity of 50 MW and the other two of 25

MW each, will be developed in the Group’s industrial facilities in Thessaloniki, utilizing existing infrastructure.

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Finally, in August 2023, HELLENiQ Renewables executed a binding agreement with LIGHTSOURCE RENEWABLE

ENERGY GREECE HOLDINGS (UK) LIMITED for the acquisition (upon the start of commercial operations) of a PV

portfolio in Kozani with an aggregate capacity of up to 180 MW, of which over 50% is contracted on a long-term

basis. The projects are expected to start commercial operations gradually, between 1Q24 and 3Q24. 

Other than the events already disclosed above and in Notes 8, 19 and 25, no other 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.

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	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 REPORT

To the Shareholders of HELLENiQ ENERGY 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 HELLENiQ ENERGY Holdings S.A., as at 30 June 2023, 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, 31 August 2023

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

Legal Name: ERNST & YOUNG (HELLAS) Certified Auditors-Accountants S.A.

Distinctive title: ERNST & YOUNG

Legal form: Societe Anonyme

Registered seat: Chimarras 8Β, Maroussi, 15125

General Commercial Registry No: 000710901000

A member firm of Ernst & Young Global Limited

5.1 Website

The annual and the interim financial statements of the Company, on a consolidated and non-consolidated basis,

the Independent Auditors’ Report and the Annual and Half-Yearly Report of the Board of Directors are available on

the internet at https://www.helleniqenergy.gr/en. Since year end 2021, the Annual Financial Report is prepared in

compliance with the European Single Electronic Format (ESEF) in xHTML and inline XBRL format and it is available

on its website.

The financial statements of the consolidated companies under EKO S.A. are available online at www.eko.gr.

On HELLENiQ ENERGY's website https://www.helleniqenergy.gr/en/investor-relations/financial-statements-

subsidiaries-associates, there is a list of subsidiaries that are fully consolidated in the Group's financial

statements; these companies also operate their own website through which their financial statements can be

accessed. The financial statements of the remaining subsidiaries can be viewed at the aforementioned address.