Hellenic Petroleum Holdings S.A.

Quarterly Report • Nov 11, 2021

30/09/2021	31/12/2020	30/09/2021	31/12/2020		1/1/2021- 30/09/2021	1/1/2020- 30/09/2020	1/1/2021- 30/09/2021	1/1/2020- 30/09/2020
				Amortisation of long-term contracts costs	(2.005)	(1.427)	(1.751)	(1.234)
				(Gain)/Loss from disposal of Non Current Assets	(533)	(2.200)	34	(3.518)
					644.577	(292.517)	569.215	(360.387)
				(Increase) / decrease in inventories	(420.328)	275.253	(386.543)	260.185
				Cash flows from investing activities Purchase of property,plant and equipment & intangible assets	(193.305)	(146.244)	(76.439)	(116.474)
	GROUP		COMPANY
1/1/2021- 30/09/2021	1/1/2020- 30/09/2020	1/1/2021- 30/09/2021	1/1/2020- 30/09/2020	Interest received Dividends received	2.227 6.525	3.904 8.519	4.296 54.809	7.150 161.042
				Investment in associates - net	-	-	(1.138)	(11.618)
				Share capital issue expenses	(4)	(51)	-	-
				Purchase of subsidiary, net of cash acquired	-	-	-	-
257.893	(379.142)			Interest paid	(54.255)	(62.643)	(58.026)	(62.874)
				Dividends paid to shareholders of the Company	(30.316)	(152.622)	(30.316)	(152.622)
				Acquisition of treasury shares	-	-	-	-
254.372	(384.461)			Repayments of borrowings Net cash generated from / (used in ) financing activities	(102.063) (215.738)	(22.047) 78.633	(187.778) (281.991)	(190.279) (75.651)
	GROUP		COMPANY
30/09/2021	30/09/2020	30/09/2021	30/09/2020
				Cash and cash equivalents at the beginning of the year	1.202.900	1.088.198	992.748	888.564

					H E L L E N I C P E T R O L E U M S.A. General Commercial Registry 000296601000 (A.R.M.A.E. 2443/06/B/86/23)
FINANCIAL DATA AND INFORMATION FOR THE ΥΕΑR FROM 1 JANUARY 2021 TO 30 SEPTEMBER 2021 (Published in compliance to L.4/507/28.4.2009 for companies that prepare annual financial statements in accordance with IFRS)					auditors' report.	The following financial data and information are only for general information purposes with regard to the financial position and the parent company. We, therefore, recommend to the reader, before making any investment decision, or proceeding to any transaction with the company, to refer to the company's internet address, where the interim financial statements in accordance with International Financial Reporting Standards are available, together with the			results of HELLENIC PETROLEUM Group and
COMPANY A 8 Head office Address: Website : Approval date of the annual financial statements by the Board of Directors:		, CHIMARRAS STR. - 15125 MAROUSI http://www.helpe.gr 11 November 2021		Board of Directors :
					Other Board Members during the year
STATEMENT OF FINANCIAL POSITION (Amounts in thousands €)	30/09/2021	GROUP 31/12/2020	30/09/2021	COMPANY 31/12/2020	STATEMENT OF CASH FLOW (Amounts in thousands €)		GROUP 1/1/2021-	1/1/2020-	COMPANY 1/1/2021-	1/1/2020-
ASSETS Property, plant and equipment Right-of-use assets	3.411.942 224.638	3.379.813 235.541	2.718.992 25.098	2.766.635 32.157	Cash flows from operating activities (Loss) / Profit before Tax		30/09/2021 315.318	30/09/2020 (559.808)	30/09/2021 253.112	30/09/2020 (558.138)
Intangible assets Other non-current assets Inventories Trade and other receivables	107.675 592.756 1.110.477 656.066	105.841 560.379 694.410 544.795	12.216 1.083.796 984.948 566.445	8.094 1.107.522 599.613 489.979	Adjustments for: Amortisation and impairment of intangible assets	Depreciation and impairment of property, plant and equipment and right-of-use assets	183.766 7.837	181.564 5.936	125.355 4.641	122.235 3.930
Income tax receivable Assets held for sale Derivative financial instruments Cash, cash equivalents and restricted cash Investment in equity instruments TOTAL ASSETS	15.935 - 54.982 918.011 454 7.092.936	37.699 2.466 9.945 1.202.900 959 6.774.748	13.995 - 54.982 651.548 37 6.112.057	33.830 - 9.945 992.748 587 6.041.110	Amortisation of grants Finance expense Share of operating profit of associates Provisions for expenses and valuation charges (Gain)/Loss from disposal of available for sale financial assets Foreign exchange (gains) / losses Amortisation of long-term contracts costs (Gain)/Loss from disposal of Non Current Assets		(633) 80.506 (41.996) 115.456 (205) (12.934) (2.005) (533) 644.577	(701) 85.637 (23.870) 32.955 228 (10.831) (1.427) (2.200) (292.517)	(494) 65.077 - 136.067 - (12.825) (1.751) 34 569.215	(498) 70.773 - 16.948 - (10.885) (1.234) (3.518) (360.387)
EQUITY AND LIABILITIES Share capital Share premium Retained earnings and other reserves Equity attributable to equity holders of the parent Non-controlling interests TOTAL EQUITY	666.285 353.796 986.572 2.006.653 64.231 2.070.884	666.285 353.796 766.416 1.786.497 62.340 1.848.837	666.285 353.796 966.181 1.986.262 - 1.986.262	666.285 353.796 800.051 1.820.132 - 1.820.132	Changes in working capital		(420.328)	275.253	(386.543)	260.185
Interest bearing loans and borrowings Lease liabilities Provisions and other long term liabilities Short-term Interest bearing loans and borrowings Other short-term liabilities Total liabilities TOTAL EQUITY AND LIABILITIES	2.007.035 195.544 345.449 777.541 1.696.483 5.022.052 7.092.936	2.131.371 201.136 294.438 744.561 1.554.405 4.925.911 6.774.748	1.704.829 23.121 251.298 673.611 1.472.936 4.125.795 6.112.057	2.064.808 30.563 197.527 494.675 1.433.405 4.220.978 6.041.110	(Increase) / decrease in inventories (Increase) / decrease in trade and other receivables Increase / (decrease) in payables Less: Income tax paid Net cash generated from / (used in) operating activities		(103.339) (34.087) 10.389 97.212	184.587 (344.220) (30.054) (206.952)	(99.194) (129.058) 14.427 (31.153)	169.236 (349.622) (22.768) (303.356)
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD (Amounts in thousands €)	1/1/2021- 30/09/2021	GROUP 1/1/2020- 30/09/2020	1/1/2021- 30/09/2021	COMPANY 1/1/2020- 30/09/2020	Cash flows from investing activities Purchase of property,plant and equipment & intangible assets Cash from sale of property, plant and equipment & tangible assets Grants received Interest received Dividends received Investment in associates - net		(193.305) 2.171 70 2.227 6.525 -	(146.244) 1.827 230 3.904 8.519 -	(76.439) 46 - 4.296 54.809 (1.138)	(116.474) 4.846 - 7.150 161.042 (11.618)
Revenue from contracts with customers Gross profit / (loss) Operating profit / (loss) Profit / (loss) before Income Tax Less : Taxes Profit / (loss) for the year	6.399.298 672.950 340.894 315.318 (57.425) 257.893	4.459.739 (177.874) (508.872) (559.808) 180.666 (379.142)	5.822.246 438.062 282.555 253.112 (52.918) 200.194	3.952.006 (375.677) (509.783) (558.138) 178.389 (379.749)	Share capital issue expenses Proceeds from disposal of investments in equity instruments Settlement of consideration of acquisition of further equity interest in subsidiary Proceeds from disposal of assets held for sale Prepayments for right-of-use assets Purchase of subsidiary, net of cash acquired Net cash used in investing activities		(4) 360 - 2.649 (218) - (179.525)	(51) - - - - - (131.816)	- 361 - - - - (18.065)	- - - - - - 44.946
Profit attributable to: Owners of the parent Non-controlling interests Other comprehensive income / (loss) for the year, net of tax Total comprehensive income for the year	254.325 3.568 257.893 (3.521) 254.372	(380.972) 1.830 (379.142) (5.319) (384.461)	(3.500) 196.694	(5.668) (385.417)	Cash flows from financing activities Interest paid Dividends paid to shareholders of the Company Dividends paid to non-controlling interests		(54.255) (30.316) (1.635) -	(62.643) (152.622) (1.060) -	(58.026) (30.316) - -	(62.874) (152.622) - -
Total comprehensive income/(loss) attributable to: Owners of the parent Non-controlling interests Basic and diluted earnings per share (in Euro per share)	250.808 3.564 254.372 0,83	(386.265) 1.804 (384.461) (1,25)	0,66	(1,24)	Loans to affiliated companies Acquisition of treasury shares Participation of minority shareholders in share capital increase of subsidiary Proceeds from borrowings Payment of lease liabilities Repayments of borrowings Net cash generated from / (used in ) financing activities		- - 4.554 (32.023) (102.063) (215.738)	- 34 349.201 (32.231) (22.047) 78.633	- - 2.071 (7.942) (187.778) (281.991)	- - 338.521 (8.397) (190.279) (75.651)
Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) STATEMENT OF CHANGES IN EQUITY	531.020	(321.488)	412.551	(383.618) COMPANY	Net (decrease) / increase in cash & cash equivalents		(298.051)	(260.134)	(354.017)	(334.061)
(Amounts in thousands €)	30/09/2021	GROUP 30/09/2020	30/09/2021	30/09/2020	Cash and cash equivalents at the beginning of the year		1.202.900	1.088.198	992.748	888.564
Total equity at beginning of the year 1/1/2021 & 1/1/2020 Total comprehensive (loss) / income for the year Dividends to shareholders of the parent Dividends to non-controlling interests Participation of minority shareholders in share capital increase of subsidiary Share based payments Transfer of grant received to tax free reserves	1.848.837 254.372 (30.564) (1.673) - - -	2.326.573 (384.461) (76.409) (1.436) - - -	1.820.132 196.694 (30.564) - - - -	2.238.835 (385.417) (76.409) - - - -	Exchange gains / (losses) on cash and cash equivalents Net (decrease) / increase in cash and cash equivalents		13.161 (298.051)	269 (260.134)	12.817 (354.017)	430 (345.594)
Acquisition of treasury shares Issue of treasury shares to employees Tax on intra-group dividends Share capital issue expenses Acquisition of non-controlling interests Other Movements Total equity at the end of the year	- - (88) - - - 2.070.884	- - (227) (51) 34 - 1.864.023	- - - - - - 1.986.262	- - - - - - 1.777.009	Cash and cash equivalents at end of the year		918.011	828.333	651.548	543.400
ADDITIONAL INFORMATION
1. Νοte No. 25 of the interim consolidated financial statements includes all subsidiary and associated companies and their related information. shares, (treasury shares), are owned either by the parent company or any of the subsidiaries as at the end of the period 3. With regards to tax audits carried out by Certified Auditors, all Group companies based in Greece have received unqualified Tax Compliance Reports by their respective statutory auditor, for fiscal years up to 2019 (inclusive). With regards to tax audits carried out by the Tax Authorities, tax audits have been completed as follows: a) for Petroleum S.A for years up to and including 2014, b) for former Hellenic Fuels SA for years up to and including 2011, c) for EKO S.A for years up to and including 2010. Notwithstanding the possibility of future tax audits, the Group's 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 consolidated financial statements for the period ended 30 September 2021 (Note 23 of the interim consolidated financial statements). 4. The interim consolidated financial statements of Hellenic Petroleum S.A. for the period ended 30 September				2. No company Hellenic	a) for pending legal cases β) for tax matters c) for SLI d) for other provisions relating to expenses	10. The amount of provisions included in the Statement of Financial Position are as follows: 11. Other comprehensive income for the period, net of tax, for the Group and the parent company is as follows:	GROUP 25.605 2.556 196.373 105.897	COMPANY 7.287 155 160.684 105.897
2021 have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board ("IASB"), as adopted by the European Union ("EU"), as outlined in Note 2 of the interim consolidated financial statements. Where necessary, comparative figures have been reclassified to conform to changes in the presentation of the current financial period. 5. As mentioned in Note 23 of the interim consolidated financial statements, the Group's entities are involved in a number of legal proceedings and have various unresolved claims pending arising in the ordinary course of business. Based on currently available information, Management believes that no additional material liability will arise over and above the tax liabilities and provisions already recognised in the interim consolidated financial statements as at 30 September 2021. 6. Number of employees at 30 September 2021 in Greece: Company: 2,108, Group: 2,921 (31/12/2020: Company: 2,148, Group: 2,956).				Changes of the fair value of equity investment Currency translation differences and other movements Reduction in value of land Actuarial losses on defined benefit pension plans Fair value gains on cash flow hedges Derecognition of gains on hedges through comprehensive income Share of other comprehensive income of associates Net income/(expense) recognised directly in equity	12. Transactions and balances with related parties for the Group and the parent company (in thousands of €) are as follows:	GROUP 30/09/2021 (332) (78) - (1.280) 29.802 (31.794) 161 (3.521)	30/09/2020 (411) 78 - (2.953) (27.398) 25.077 288 (5.319)	COMPANY 30/09/2021 (345) - - (1.163) 29.802 (31.794) - (3.500)	30/09/2020 (409) - - (2.938) (27.398) 25.077 - (5.668)
					Sales of goods and services Purchases of goods and services Receivables Payables Board members and senior management remuneration & other benefits Amounts due to/(from) Board members and senior management		GROUP 202.921 579.189 132.494 34.033 3.954 -	COMPANY 1.897.755 601.462 245.875 42.833 3.889 -
CHIEF EXECUTIVE OFFICER				CHIEF FINANCIAL OFFICER	Athens, 11th of November 2021		ACCOUNTING DIRECTOR
ANDREAS N. SHIAMISHIS C. THOMAS ID. Number ΑΑ 010147 ID. Number Π 062606					STEFANOS I. PAPADIMITRIOU ID. Number ΑΚ 553436

ADDITIONAL INFORMATION

Currency translation differences and other movements	(78)	78	-	-
Reduction in value of land	-	-	-	-
Actuarial losses on defined benefit pension plans	(1.280)	(2.953)	(1.163)	(2.938)
Fair value gains on cash flow hedges	29.802	(27.398)	29.802	(27.398)
Derecognition of gains on hedges through comprehensive income	(31.794)	25.077	(31.794)	25.077
Share of other comprehensive income of associates	161	288	-	-
Net income/(expense) recognised directly in equity	(3.521)	(5.319)	(3.500)	(5.668)

	GROUP	COMPANY
Sales of goods and services	202.921	1.897.755
Purchases of goods and services	579.189	601.462
Receivables	132.494	245.875
Payables	34.033	42.833
Board members and senior management remuneration & other benefits	3.954	3.889
Amounts due to/(from) Board members and senior management	-	-

H E L L E N I C P E T R O L E U M S.A.

General Commercial Registry 000296601000 (A.R.M.A.E. 2443/06/B/86/23)

Athens, 11th of November 2021

ANDREAS N. SHIAMISHIS C. THOMAS STEFANOS I. PAPADIMITRIOU ID. Number ΑΑ 010147 ID. Number Π 062606 ID. Number ΑΚ 553436