Hellenic Petroleum Holdings S.A.

Quarterly Report • May 13, 2020

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)

COMPANY

Head office Address: 8

A

, CHIMARRAS STR. - 15125 MAROUSI

Website : http://www.helpe.gr

31/03/2020	31/12/2019	31/03/2020	31/12/2019		01/01/2020	01/01/2019	01/01/2020	01/01/2019
					31/03/2020	31/03/2019	31/03/2020	31/03/2019
				Depreciation and impairment of property, plant and equipment and right-of
				use assets	61.209	54.968	41.616	36.464
				Foreign exchange (gains) / losses	(2.262)	(1.255)	(2.295)	(1.563)
				Amortisation of long-term contracts costs (Gain)/Loss on assets held for sale	(1.388) 502	(244) (360)	(1.216) -	(61) -
				(Increase) / decrease in trade and other receivables	105.311	6.467	102.967	(305.845)
				Purchase of property, plant and equipment & intangible assets	(35.532)	(31.360)	(24.360)	(25.851)
				Proceeds from disposal of property, plant and equipment	665	245	-	4
01/01/2020	01/01/2019	01/01/2020	01/01/2019	Grants received	43	-	-	-
31/03/2020	31/03/2019	31/03/2020	31/03/2019	Interest received	1.062	1.000	2.220	2.388
				Prepayments for right-of-use assets	(215)	(259)	-	-
				Participation in share capital increase of affiliated companies	-	-	(10.000)	-
				Interest paid	(15.659)	(26.215)	(14.237)	(23.295)
(340.698)	46.614			Payment of lease liabilities	(12.763)	(10.854)	(3.117)	(1.854)
				Net cash used in financing activities	135.112	(29.199)	(27.451)	(20.714)
(367.048)	54.529
				Exchange gains / (losses) on cash and cash equivalents	6.564	4.602	6.498	4.559
GROUP		COMPANY

Approval date of the three month financial statements by the Board of Directors	13 MAY 2020
STATEMENT OF FINANCIAL POSITION					STATEMENT OF CASH FLOW
(Amounts in thousands €)	GROUP 31/03/2020	31/12/2019	31/03/2020	COMPANY 31/12/2019	(Amounts in thousands €)	GROUP 01/01/2020 31/03/2020	01/01/2019 31/03/2019	COMPANY 01/01/2020 31/03/2020	01/01/2019 31/03/2019
ASSETS					Cash flows from operating activities
Property, plant and equipment Right of use assets	3.280.073 242.172	3.297.668 242.934	2.677.554 30.876	2.693.794 32.084
Intangible assets	104.805	104.426	8.862	8.704	Profit before Income Tax	(459.772)	64.047	(499.285)	51.199
Other non-current assets	536.875	499.543	1.065.754	1.067.227
Inventories Trade and other receivables	679.890 647.157	1.012.802 748.153	588.244 550.786	899.760 791.257	Adjustments for:
					Depreciation and impairment of property, plant and equipment and right-of
Income tax receivable	92.128	91.391	88.445	87.616	use assets	61.209	54.968	41.616	36.464
Assets held for sale	2.018	2.520	-	-	Amortisation and impairment of intangible assets	1.775	1.994	1.232	963
Derivative financial instruments Cash, cash equivalents and restricted cash	- 970.652	3.474 1.088.198	- 738.388	3.474 888.564	Amortisation of grants Finance expense - net	(248) 28.393	(195) 34.569	(199) 23.530	(156) 28.398
Investment in equity instruments	812	1.356	519	965	Share of operating profit of associates	(45.407)	(18.091)	-	-
TOTAL ASSETS	6.556.583	7.092.465	5.749.428	6.473.445	Provisions for expenses and valuation charges	12.568	11.551	6.224	11.148
					Foreign exchange (gains) / losses	(2.262)	(1.255)	(2.295)	(1.563)
					Amortisation of long-term contracts costs (Gain)/Loss on assets held for sale	(1.388) 502	(244) (360)	(1.216) -	(61) -
EQUITY AND LIABILITIES					(Gain)/Loss from disposal of Non Current Assets	(362)	(122)	-	(1.074)
Share capital	666.285	666.285	666.285	666.285		(404.992)	146.862	(430.393)	125.318
Share premium	353.796	353.796	353.796	353.796
Retained earnings and other reserves Equity attributable to equity holders of the parent	875.844 1.895.925	1.241.944 2.262.025	812.299 1.832.380	1.218.754 2.238.835
Non-controlling interests (b)	63.599	64.548	-	-	Changes in working capital
TOTAL EQUITY	1.959.524	2.326.573	1.832.380	2.238.835	(Increase) / decrease in inventories	332.170	(135.932)	310.214	(132.306)
					(Increase) / decrease in trade and other receivables	105.311	6.467	102.967	(305.845)
Interest bearing loans and borrowings Lease liabilities	1.380.534 199.399	1.610.094 199.894	1.225.765 29.485	1.607.838 31.183	Increase / (decrease) in payables Less:	(254.144)	(12.883)	(229.076)	322.010
Provisions and other long term liabilities	322.374	447.894	239.987	365.556	Income tax received/(paid)	(2.590)	(2.660)	(795)	(1.768)
Short-term Interest bearing loans and borrowings	1.497.419	1.022.270	1.329.283	875.576	Net cash generated from / (used in) operating activities	(224.245)	1.854	(247.083)	7.408
Other short-term liabilities	1.197.334	1.485.740	1.092.528	1.354.457
Total liabilities	4.597.059	4.765.892	3.917.048	4.234.610
TOTAL EQUITY AND LIABILITIES	6.556.583	7.092.465	5.749.428	6.473.445	Cash flows from investing activities
					Purchase of property, plant and equipment & intangible assets Proceeds from disposal of property, plant and equipment	(35.532) 665	(31.360) 245	(24.360) -	(25.851) 4
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD					Investment in affiliated companies	-	200	-	-
(Amounts in thousands €)	GROUP			COMPANY	Dividends received	-	-	150.000	-
	01/01/2020	01/01/2019	01/01/2020	01/01/2019	Grants received	43	-	-	-
	31/03/2020	31/03/2019	31/03/2020	31/03/2019	Interest received Prepayments for right-of-use assets	1.062 (215)	1.000 (259)	2.220 -	2.388 -
					Participation in share capital increase of affiliated companies	-	-	(10.000)	-
Revenue from contracts with customers	1.918.964	1.991.216	1.740.600	1.824.373	Net cash used in investing activities	(33.977)	(30.174)	117.860	(23.459)
Gross profit	(368.129)	186.315	(433.333)	120.549
Operating profit Profit before Income Tax	(479.048) (459.772)	79.270 64.047	(478.050) (499.285)	78.034 51.199
Less : Taxes	119.074	(17.433)	118.642	(15.144)
Profit for the year	(340.698)	46.614	(380.643)	36.055	Cash flows from financing activities
					Interest paid	(15.659)	(26.215)	(14.237)	(23.295)
Profit/(loss) attributable to: Owners of the parent	(339.809)	47.115			Dividends paid Proceeds from borrowings	(76.215) 239.681	- 7.722	(76.215) 218.120	(7) 4.442
Non-controlling interests	(889)	(501)			Repayments of borrowings	68	148	(152.002)	-
	(340.698)	46.614			Payment of lease liabilities	(12.763)	(10.854)	(3.117)	(1.854)
					Net cash used in financing activities	135.112	(29.199)	(27.451)	(20.714)
Other comprehensive income for the year, net of tax Total comprehensive income for the year	(26.350) (367.048)	7.915 54.529	(25.812) (406.455)	7.872 43.927
Total comprehensive income/(loss) attributable to: Owners of the parent	(366.098)	55.043
Non-controlling interests	(949)	(514)			Net decrease in cash & cash equivalents	(123.110)	(57.519)	(156.674)	(36.765)
	(367.048)	54.529
Basic and diluted earnings per share (in Euro per share)	(1,11)	0,15	(1,25)	0,12
Earnings Before Interest, Taxes, Depreciation and
Amortisation (EBITDA)	(416.113)	135.493	(435.202)	114.783	Cash and cash equivalents at the beginning of the year	1.088.198	1.275.159	888.564	1.070.377
STATEMENT OF CHANGES IN EQUITY					Exchange gains / (losses) on cash and cash equivalents Net increase decrease in cash & cash equivalents	6.564 (123.110)	4.602 (57.519)	6.498 (156.674)	4.559 (36.765)
(Amounts in thousands €)	GROUP 31/03/2020	31/03/2019	31/03/2020	COMPANY 31/03/2019	Cash and cash equivalents at end of the year	971.652	1.222.242	738.388	1.038.171
Total equity at beginning of the year (1/1/2020 & 1/1/2019)	2.326.573	2.394.731	2.238.835	2.146.677
Total comprehensive income for the year	(367.048)	54.529	(406.455)	43.927
Total equity at the end of the year	1.959.525	2.449.260	1.832.380	2.190.604

ADDITIONAL INFORMATION

10. The amount of provisions included in the Statement of Financial Position are as follows:
	GROUP	COMPANY
a) for pending legal cases	12.474	9.178
b) for tax matters	10.556	8.155
c) for SLI	182.038	148.463

d) for other provisions relating to expenses 27.094 27.094

1. Other comprehensive income for the period, net of tax, for the Group and the parent company are as follows:

2. Transactions and balances with related parties for the Group and the parent company (in thousands of €) are as follows:

	GROUP	COMPANY
Sales of goods and services	130.608	638.122
Purchases of goods and services	122.786	131.805
Receivables	104.286	138.953
Payables	9.870	29.159
Board members & senior management remuneration & other benefits	1.378	1.353

Athens, 13th of May 2020

The following financial data and information are only for general information purposes with regard to the financial position and results of HELLENIC PETROLEUM Group 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 financial statements in accordance with International Financial Reporting Standards are available, together with the auditors' review report, as required.

1.Νοte No. 25 of the interim condensed consolidated financial statements includes all subsidiary and associated companies and their related information. 2. 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 2018 (inclusive). With regards to tax audits carried out by the Tax Authorities, tax audits have been completed as follows: a) for Hellenic Petroleum S.A for years up to and including 2011, b) for former Hellenic Fuels SA for years up to and including 2011, with ongoing audits for subsequent years up to and including 2013, 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 condensed consolidated financial statements for the period ended 31 March 2020 (Note 23 of the interim condensed consolidated financial statements). 4. The accounting policies used in the preparation of the interim condensed consolidated financial statements for the period ended 31 March 2020 are consistent with those applied for the preparation of the annual consolidated financial statements for the year ended 31 December 2019, except for the new or revised accounting standards and interpretations that have been implemented in 2020, as outlined in Note 2 of the interim condensed consolidated financial statements of 31 March 2020. 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 condensed 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 the outcome will not have a significant impact on the Group's operating results or financial position. 6. Number of employees at 31 March 2020 in Greece: Company: 2.168, Group: 2.984 (31/12/2019: Company: 2.178, Group: 2.975).

FINANCIAL DATA AND INFORMATION FOR THE PERIOD FROM 1 JANUARY 2020 TO 31 MARCH 2020 (In accordance with decision of the Board of Directors of the Capital Market Commission 4/507/28.04.2009)

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER ACCOUNTING DIRECTOR

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