Hellenic Petroleum Holdings S.A.

Interim / Quarterly Report • Aug 29, 2019

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

A

Head office Address: Website :	8 http://www.helpe.gr	, CHIMARRAS STR. - 15125 MAROUSI
Approval date of the six month financial information by the Board of Directors	29 AUGUST 2019
The Certified Auditor: Auditing Company:		Christiana Panayidou, SOEL reg.no.62141 ERNST & YOUNG (HELLAS), SOEL reg.no.107
Type of Auditor's Report	Unqualified
STATEMENT OF FINANCIAL POSITION					Τα παρακάτω στοιχεία και πληροφορίες στοχεύουν σε μία γενική ενημέρωση για την οικονομική κατάσταση και τα αποτελέσματα της ΕΛΛΗΝΙΚΑ ΠΕΤΡΕΛΑΙΑ Α.Ε. Συνιστούμε, επομένως στον αναγνώστη, πριν προβεί σε οποιαδήποτε είδους επενδυτική επιλογή ή άλλη συναλλαγή με την Εταιρεία, να ανατρέξει στην διεύθυνση STATEMENT OF CHANGES IN EQUITY
(Amounts in thousands €)	GROUP 30/6/2019	31/12/2018	COMPANY 30/6/2019	31/12/2018	(Amounts in thousands €)	GROUP 30/6/2019	30/6/2018	COMPANY 30/6/2019	30/6/2018
Property, plant and equipment	3.243.091	3.268.928	2.666.689	2.684.237	Total equity at beginning of the year 1/1/2018 (published) & 1/1/2017 Change in accounting policy (IFRS 9)	2.394.731 -	2.371.574 (3.303)	2.146.677 -	1.809.223 (958)
Right-of-use assets Intangible assets	220.447 109.813	- 105.617	23.165 5.637	- 4.799	Total equity at beginning of the year 1/1/2018 (restated) & 1/1/2017	2.394.731	2.368.271	2.146.677	1.808.265
Other non-current assets	518.730	528.122	1.060.447	1.041.259
Trade and other receivables	1.025.159 852.226	993.031 822.805	905.543 718.215	893.859 681.555	Total comprehensive income for the period Dividends	128.717 (152.818)	225.710 (76.408)	103.287 (152.818)	234.595 (76.408)
Assets held for sale	3.361	3.133	-	-
Derivative financial instruments Cash and cash equivalents	2.107 1.319.688	- 1.275.159	2.107 827.875	- 1.070.377	Dividends to non-controlling interests Tax on intra-group dividends	(2.246) (122)	(2.061) (123)	- -	- -
Investment in equity instruments TOTAL ASSETS	1.566 7.296.188	634 6.997.429	1.203 6.210.881	318 6.376.404	Share based payments Acquisition of treasury shares	- -	(1.043) (511)	- -	(1.043) (511)
					Issue of treasury shares to employees	(342)	1.042	-	1.042
					Transfer of grant received to tax free reserves	80	80	-	-
EQUITY AND LIABILITIES Share capital	666.285	666.285	666.285	666.285	Total equity at the end of the period	2.367.920	2.514.957	2.097.146	1.965.940
Share premium	353.796	353.796	353.796	353.796
Retained earnings and other reserves Equity attributable to equity holders of the parent	1.286.091 2.306.172	1.310.691 2.330.772	1.077.065 2.097.146	1.126.596 2.146.677	STATEMENT OF CASH FLOW (Amounts in thousands €)	GROUP		COMPANY
Non-controlling interests TOTAL EQUITY	61.747 2.367.919	63.959 2.394.731	- 2.097.146	- 2.146.677		1/1/2019 - 30/6/2019	1/1/2018 - 30/6/2018	1/1/2019 - 30/6/2019	1/1/2018 - 30/6/2018
Interest bearing loans and borrowings	1.606.607 154.464	1.627.171 -	1.641.415 16.761	1.657.598 -	Cash flows from operating activities
Lease liabilities Provisions and other long term liabilities	430.868	420.148	346.260	337.080	Profit before income tax	154.674	322.958	124.615	330.361
Short-term Interest bearing loans and borrowings Other short-term liabilities	1.112.819 1.623.511	1.108.785 1.446.594	642.740 1.466.559	915.350 1.319.699	Adjustments for:
	4.928.269	4.602.698	4.113.735	4.229.727	Depreciation and amortisation of tangible and intangible assets	111.922	93.650	73.459	66.890
TOTAL EQUITY AND LIABILITIES	7.296.188	6.997.429	6.210.881	6.376.404	Impairment of fixed and intangible assets Amortisation of grants	4.045 (589)	1.497 (392)	2.034 (313)	2.118 (315)
					Interest expense Interest expense - lease finance cost	66.444 4.705	77.766 -	60.605 464	71.584 -
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD					Interest income	(2.956)	(1.750)	(5.509)	(4.614)
(Amounts in thousands €)	1/1/2019 -	GROUP 1/1/2018 -	1/4/2019 -	1/4/2018 -	Share of operating profit of associates Provisions for expenses and valuation charges	(14.445) 5.441	(15.083) 28.322	- 7.555	- 29.341
	30/6/2019	30/6/2018	30/6/2019	30/6/2018	Foreign exchange (gains) / losses	(743)	(4.528)	(1.032)	(4.243)
Revenue from contracts with customers	4.456.629	4.666.909	2.465.413	2.498.523	Dividend income Amortisation of long-term contracts costs	- (1.379)	- 2.784	(7.917) 1.407	(35.083) (2.763)
	419.405	595.602	233.090	371.903	(Gain) / loss on sale of fixed assets	19	(80)	(1.074)	-
Operating profit Profit before income tax	207.679 154.674	379.363 322.958	127.409 89.626	260.371 230.722		326.911	505.144	254.294	453.276
Profit for the period	(33.313) 121.361	(97.785) 225.173	(15.601) 74.025	(79.769) 150.953	Changes in working capital
					(Increase) / decrease in inventories	(33.153)	6.172	(14.842)	30.959
Profit/(loss) attributable to:	121.321	223.613	73.485	149.341	(Increase) / decrease in trade and other receivables Decrease in payables	(33.358) (31.451)	(100.018) (379.850)	(32.991) (34.341)	54.914 (379.638)
Owners of the parent Non-controlling interests	40	1.560	540	1.612	Less:
	121.361	225.173	74.025	150.953	Income tax received /paid Net cash generated from / (used in) operating activities (a)	(3.052) 225.897	2.572 34.020	(1.768) 170.352	4.184 163.695
Other comprehensive (loss)/income for the period, net of tax	7.356	537	(503)	(1.104)
Total comprehensive income for the period	128.717	225.710	73.522	149.849	Cash flows from investing activities
Total comprehensive income/(loss) attributable to:					Purchase of property, plant and equipment & intangible assets	(78.262)	(60.531)	(55.856)	(41.992)
Owners of the parent Non-controlling interests	128.683 34	224.152 1.558	72.975 547	148.299 1.551	Proceeds from disposal of property, plant and equipment & intangible assets	363	40	1.074	-
	128.717	225.710	73.522	149.849	Participation in share capital increase of associates	(342)	-	-	-
					Settlement of consideration of acquisition of further equity interest in subsidiary	-	-	-	(16.000)
Basic and diluted earnings per share (in Euro per share)	0,40	0,73	0,24	0,49	Purchase of subsidiary, net of cash acquired Grants received	(5.341) 199	(1.298) -	- -	- -
					Interest received	2.956	1.750	5.509	4.614
					Prepayments for right-of-use assets Dividends received	(463) 1.347	- -	- 6.571	- -
Earnings Before Interest, Taxes, Depreciation and					Investments in associates - net	-	-	(10.014)	(15.853)
Amortisation (EBITDA)	319.601	473.013	94.182	344.106	Proceeds from disposal of investments in equity instruments Net cash generated from / (used in) investing activities (b)	21 (79.522)	266 (75.693)	- (52.716)	- (69.231)
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD					Cash flows from financing activities
(Amounts in thousands €)	1/1/2019 -	COMPANY 1/1/2018 -	1/4/2019 -	1/4/2018 -	Interest paid Dividends paid to shareholders of the Company	(63.127) (122)	(69.941) (214)	(66.132) (122)	(65.164) (214)
	30/6/2019	30/6/2018	30/6/2019	30/6/2018	Dividends paid to non-controlling interests	(2.246)	(2.061)	-	-
Revenue from contracts with customers	4.087.415	4.322.650	2.263.042	2.312.015	Movement in restricted cash Acquisition of treasury shares	- -	144.445 (511)	- -	- (511)
	260.510	445.397	139.961	290.554	Proceeds from borrowings	10.000	407.810	10.067	442.698
Operating profit Profit before income tax	171.226 124.615	358.005 330.361	93.192 73.416	244.359 253.148	Payments of lease liabilities Repayments of borrowings	(19.729) (27.671)	- (407.272)	(3.527) (302.423)	- (406.866)
	(28.666)	(96.634)	(13.522)	(79.236)	Net cash generated from / (used in) financing activities (c)	(102.895)	72.256	(362.137)	(30.057)
Profit for the period	95.949	233.727	59.894	173.912
Other comprehensive (loss)/income for the period, net of tax Total comprehensive income for the period	7.338 103.287	868 234.595	(534) 59.360	(893) 173.019	Net decrease in cash & cash equivalents (a)+(b)+(c)	43.480	30.583	(244.501)	64.407
					Cash & cash equivalents at the beginning of the period	1.275.159	873.261	1.070.377	667.599
Basic and diluted earnings per share (in Euro per share)	0,31	0,76	0,20	0,57
Earnings Before Interest, Taxes, Depreciation and					Exchange gains/(losses) on cash and cash equivalents Net increase/(decrease) in cash & cash equivalents	1.049 43.480	4.272 30.583	1.999 (244.501)	4.243 64.407
Amortisation (EBITDA)	244.372	424.580	35.495	309.021	Cash & cash equivalents at end of the period	1.319.688	908.116	827.875	736.249
ADDITIONAL INFORMATION
1.Νοte No. 25 of the interim condensed consolidated financial statements includes all subsidiary and associated companies and their related information. 2. No company shares are owned either by the parent company or any of the subsidiaries as at the end of the period, as mentioned in					8. The amount of provisions included in the Statement of Financial Position are as follows:	GROUP	COMPANY
the Note No. 9. 3. With regards to tax audits carried out by Certified Auditors, all Group companies based in Greece have received unqualified Tax					a) for pending legal cases	16.885	9.178
					b) for tax matters	18.401	8.000

c) for SLI 167.566 136.074 d) for other provisions relating to expenses 126.360 63.180

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

Actuarial losses on defined benefit pension plans	(56)	-	-	-
Share of other comprehensive income of associates	(41)	-	-	-
Fair value gains/(losses) on cash flow hedges	5.186	16.256	5.186	16.256
Derecognition of (gains)/ losses on hedges through comprehensive income	1.501	(14.920)	1.501	(14.920)
Currency translation differences and other movements	66	(357)	-	-
Net income/(expense) recognised directly in equity	7.356	537	7.338	868

30/6/2019 30/6/2018 30/6/2019 30/6/2018 Changes in the fair value of equity instruments 700 (442) 651 (468) GROUP COMPANY

1. 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	333.177	1.593.704
Purchases of goods and services	266.811	290.899
Receivables	94.575	183.536
Payables	13.594	35.920
Board members and senior management remuneration & other benefits	2.680	2.564

Athens, 29th of August 2019

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.

Compliance Reports by their respective statutory auditor, for fiscal years up to 2017 (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 liabilitywill arise as a result of unaudited tax years over and above the tax liabilities and provisions recognized in the interim condensed consolidated fin ancial statements for the period ended 30 June 2019 (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 30 June 2019 are consistent with those applied for the preparation of the annual consolidated financial statements for the year ended 31 December 2018, except for the new or revised accounting standards and interpretations that have been implemented in 2019, as outlined in Note 2 of the interim condensed consolidated financial statements of 30 June 2019. 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 proceeding s and have various unresolved claims pending arising in the ordinary course of business. Based on currently available informati on, management believes the outcome will not have a significant impact on the Group's operating results or financial position. 6. Number of employees at 30 June 2019 in Greece: Company: 2,207, Group: 2,974 (30/06/2018: Company: 2,059, Group: 2,847).

FINANCIAL DATA AND INFORMATION FOR THE PERIOD FROM 1 JANUARY 2019 TO 30 JUNE 2019 (In accordance with decision of the Board of Directors of the Capital Market Commission 4/507/28.04.2009)

CHIEF EXECUTIVE OFFICER GROUP FINANCIAL CONTROLLER ACCOUNTING DIRECTOR

ANDREAS N. SHIAMISHIS E. POULITSIS STEFANOS I. PAPADIMITRIOU ID. Number ΑΑ 010147 ID. Number ΑO 041698 ID. Number ΑΚ 553436