Hellenic Petroleum Holdings S.A.

Quarterly Report • May 16, 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

Head office Address: 8

A

, CHIMARRAS STR. - 15125 MAROUSI

Website : http://www.helpe.gr Approval date of the three month financial statements by the Board of Directors 16 MAY 2019

(Amounts in thousands €)	GROUP	COMPANY	(Amounts in thousands €)	GROUP		COMPANY
	31/3/2019 31/12/2018	31/3/2019 31/12/2018		1/1/2019 31/3/2019	1/1/2018 31/3/2018	1/1/2019 31/3/2019	1/1/2018 31/3/2018
ASSETS
Property, plant and equipment	3.245.594 3.268.928	2.673.521 2.684.237	Cash flows from operating activities
Right of use assets	215.259 -	24.311 -
Intangible assets	105.365 105.617	5.427 4.799	Profit before Income Tax	64.047	92.236	51.199	77.213
Other non-current assets	512.774 528.122	1.040.997 1.041.259
Inventories Trade and other receivables	1.127.235 993.031 807.613 821.598	1.023.867 893.859 659.114 680.347	Adjustments for:
Derivative financial instruments	3.493 3.133	- -	Depreciation and amortisation of tangible and intangible assets	54.983	47.196	36.464	34.031
Cash, cash equivalents and restricted cash	1.223.449 1.276.366	1.039.379 1.071.585	Impairment of fixed and intangible assets	1.979	1.512	963	991
Investment in equity instruments	842 634	513 318	Amortisation of grants	(195)	(196)	(156)	(158)
TOTAL ASSETS	7.241.624 6.997.429	6.467.129 6.376.404	Finance income	(1.000)	(975)	(2.388)	(2.487)
			Finance expense	33.296	39.508	30.567	36.419
			Lease Finance cost	2.273	-	219	-
			Share of operating profit of associates	(18.091)	(13.895)	-	-
EQUITY AND LIABILITIES			Provisions for expenses and valuation charges	11.551	12.814	11.148	5.380
Share capital	666.285 666.285	666.285 666.285	Foreign exchange (gains) / losses	(1.255)	2.118	(1.563)	2.501
Share premium	353.796 353.796	353.796 353.796	Amortisation of long-term contracts costs	(244)	977	(61)	-
Retained earnings and other reserves	1.365.734 1.310.691	1.170.523 1.126.596	(Gain)/Loss on assets held for sale	(360)	-	-	-
Equity attributable to equity holders of the parent	2.385.815 2.330.772	2.190.604 2.146.677	(Gain)/Loss from disposal of Non Current Assets	(122)	(85)	(1.074)	-
Non-controlling interests (b)	63.445 63.959	- -		146.862	181.210	125.318	153.890
TOTAL EQUITY	2.449.260 2.394.731	2.190.604 2.146.677
Interest bearing loans and borrowings	1.629.332 1.627.171	1.661.904 1.657.598
Provisions and other long term liabilities	578.468 420.148	363.516 337.080	Changes in working capital
Short-term Interest bearing loans and borrowings	1.116.532 1.108.785	919.791 915.350	(Increase) / decrease in inventories	(135.932)	14.490	(132.306)	14.838
Other short-term liabilities	1.468.032 1.446.594	1.331.314 1.319.699	(Increase) / decrease in trade and other receivables	6.467	(63.840)	(305.845)	(51.826)
Total liabilities	4.792.364 4.602.698	4.276.525 4.229.727	Increase / (decrease) in payables	(12.883)	(229.889)	322.010	(198.104)
			Less:
			Income tax received/(paid)	(2.660)	4.492	(1.768)	5.768
TOTAL EQUITY AND LIABILITIES	7.241.624 6.997.429	6.467.129 6.376.404	Net cash generated from / (used in) operating activities	1.854	(93.537)	7.409	(75.434)
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD
(Amounts in thousands €)	GROUP	COMPANY
	1/1/2019 1/1/2018	1/1/2019 1/1/2018	Cash flows from investing activities
	31/3/2019 31/3/2018	31/3/2019 31/3/2018	Purchase of property, plant and equipment & intangible assets	(31.360)	(25.452)	(25.851)	(17.401)
			Proceeds from disposal of property, plant and equipment
			& tangible assets	245	20	4	-
Revenue from contracts with customers	1.991.216 2.168.386	1.824.373 2.010.635	Participation in share capital (increase)/decrease of associates	200	-	-	-
Gross profit	186.315 223.699	120.549 154.843	Purchase of subsidiary, net of cash acquired	-	(16.000)	-	(16.000)
Operating profit	79.270 118.992	78.034 113.646	Acquisition of minority interest in subsidiary	-	(1.298)	-	-
Profit before Income Tax	64.047 92.236	51.199 77.213	Grants received	-	80	-	-
Less : Taxes	(17.433) (18.015)	(15.144) (17.398)	Interest received	1.000	975	2.388	2.487
Profit for the year	46.614 74.221	36.055 59.815	Proceeds from disposal of available for sale financial assets	-	257	-	-
			Prepayments for right-of-use assets	(259)	-	-	-
Profit/(loss) attributable to:			Participation in share capital increase of affiliated companies	-	-	-	(850)
Owners of the parent	47.115 74.272 (501) (51)		Net cash used in investing activities	(30.174)	(41.418)	(23.459)	(31.764)
Non-controlling interests	46.614 74.221
Other comprehensive income for the year, net of tax	7.915 1.613	7.872 1.761
Total comprehensive income for the year	54.529 75.834	43.927 61.576	Cash flows from financing activities
			Interest paid	(26.215)	(32.663)	(23.295)	(29.957)
Total comprehensive income/(loss) attributable to:			Dividends paid	-	(3)	(7)	(3)
Owners of the parent	55.043 75.889		Movement in restricted cash	-	144.445	-	144.445
Non-controlling interests	(514) (55)		Acquisition of treasury shares	-	(249)	-	(249)
	54.529 75.834		Proceeds from borrowings	7.722	-	4.442	7.700
			Repayments of borrowings	148	(165.734)	-	(161.567)
Basic and diluted earnings per share (in Euro per share)	0,15 0,24	0,12 0,20	Payment of lease liabilities	(10.854)	-	(1.854)	-
			Net cash used in financing activities	(29.199)	(54.204)	(20.714)	(39.631)
Earnings Before Interest, Taxes, Depreciation and
Amortisation (EBITDA)	134.253 166.188	114.498 147.677
STATEMENT OF CHANGES IN EQUITY
(Amounts in thousands €)	GROUP	COMPANY	Net decrease in cash & cash equivalents	(57.519)	(189.159)	(36.764)	(146.829)
	31/3/2019 31/3/2018	31/3/2019 31/3/2018
Total equity at beginning of the year (1/1/2019 & 1/1/2018 as originally presented)	2.394.731 2.371.574	2.146.677 1.809.223
Change in accounting policy	- (3.303)	- (958)
Total equity at beginning of the year (1/1/2019 & 1/1/2018 as restated)	2.394.731 2.368.271	2.146.677 1.808.265
Total comprehensive income for the year	54.529 75.834	43.927 61.576	Cash and cash equivalents at the beginning of the year	1.275.159	873.261	1.070.377	667.599
Share based payments	- (390)	- (390)
Acquisition of treasury shares	- (249)	- (249)	Exchange gains / (losses) on cash and cash equivalents	4.602	(2.514)	4.559	(2.501)
Issue of treasury shares to employees	- 389	- 389	Net increase decrease in cash & cash equivalents	(57.519)	(189.159)	(36.764)	(146.829)
Transfer of grant received to tax free reserves	- 80	- -
Total equity at the end of the year	2.449.260 2.443.935	2.190.604 1.869.591	Cash and cash equivalents at end of the year	1.222.242	681.588	1.038.172	518.269

STATEMENT OF FINANCIAL POSITION					STATEMENT OF CASH FLOW
(Amounts in thousands €)	GROUP		COMPANY		(Amounts in thousands €)		GROUP	COMPANY
	31/3/2019	31/12/2018	31/3/2019	31/12/2018		1/1/2019 31/3/2019	1/1/2018 31/3/2018	1/1/2019 31/3/2019	1/1/2018 31/3/2018
ASSETS
Property, plant and equipment	3.245.594	3.268.928	2.673.521	2.684.237	Cash flows from operating activities
Right of use assets	215.259	-	24.311	-
Intangible assets	105.365	105.617	5.427	4.799	Profit before Income Tax	64.047	92.236	51.199	77.213
Other non-current assets	512.774	528.122	1.040.997	1.041.259
Inventories	1.127.235	993.031	1.023.867	893.859
Trade and other receivables	807.613	821.598	659.114	680.347	Adjustments for:
Derivative financial instruments	3.493	3.133	-	-	Depreciation and amortisation of tangible and intangible assets	54.983	47.196	36.464	34.031
Cash, cash equivalents and restricted cash	1.223.449	1.276.366	1.039.379	1.071.585	Impairment of fixed and intangible assets	1.979	1.512	963	991
Investment in equity instruments	842	634	513	318	Amortisation of grants	(195)	(196)	(156)	(158)
TOTAL ASSETS	7.241.624	6.997.429	6.467.129	6.376.404	Finance income	(1.000)	(975)	(2.388)	(2.487)
					Finance expense	33.296	39.508	30.567	36.419
					Lease Finance cost	2.273	-	219	-
					Share of operating profit of associates	(18.091)	(13.895)	-	-
EQUITY AND LIABILITIES					Provisions for expenses and valuation charges Foreign exchange (gains) / losses	11.551 (1.255)	12.814 2.118	11.148 (1.563)	5.380 2.501
Share capital	666.285	666.285	666.285	666.285	Amortisation of long-term contracts costs	(244)	977	(61)	-
Share premium	353.796	353.796	353.796	353.796	(Gain)/Loss on assets held for sale	(360)	-	-	-
Retained earnings and other reserves Equity attributable to equity holders of the parent	1.365.734 2.385.815	1.310.691 2.330.772	1.170.523 2.190.604	1.126.596 2.146.677	(Gain)/Loss from disposal of Non Current Assets	(122)	(85)	(1.074)	-
Non-controlling interests (b)	63.445	63.959	-	-		146.862	181.210	125.318	153.890
TOTAL EQUITY	2.449.260	2.394.731	2.190.604	2.146.677
Interest bearing loans and borrowings	1.629.332	1.627.171	1.661.904	1.657.598
Provisions and other long term liabilities	578.468	420.148	363.516	337.080	Changes in working capital
Short-term Interest bearing loans and borrowings	1.116.532	1.108.785	919.791	915.350	(Increase) / decrease in inventories	(135.932)	14.490	(132.306)	14.838
Other short-term liabilities	1.468.032	1.446.594	1.331.314	1.319.699	(Increase) / decrease in trade and other receivables	6.467	(63.840)	(305.845)	(51.826)
Total liabilities	4.792.364	4.602.698	4.276.525	4.229.727	Increase / (decrease) in payables	(12.883)	(229.889)	322.010	(198.104)
					Less:
					Income tax received/(paid)	(2.660)	4.492	(1.768)	5.768
TOTAL EQUITY AND LIABILITIES	7.241.624	6.997.429	6.467.129	6.376.404	Net cash generated from / (used in) operating activities	1.854	(93.537)	7.409	(75.434)
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD	GROUP		COMPANY
(Amounts in thousands €)	1/1/2019	1/1/2018	1/1/2019	1/1/2018	Cash flows from investing activities
	31/3/2019	31/3/2018	31/3/2019	31/3/2018	Purchase of property, plant and equipment & intangible assets	(31.360)	(25.452)	(25.851)	(17.401)
					Proceeds from disposal of property, plant and equipment
					& tangible assets	245	20	4	-
Revenue from contracts with customers	1.991.216	2.168.386	1.824.373	2.010.635	Participation in share capital (increase)/decrease of associates	200	-	-	-
Gross profit	186.315	223.699	120.549	154.843	Purchase of subsidiary, net of cash acquired	-	(16.000)	-	(16.000)
Operating profit	79.270	118.992	78.034	113.646	Acquisition of minority interest in subsidiary	-	(1.298)	-	-
Profit before Income Tax	64.047	92.236	51.199	77.213	Grants received	-	80	-	-
Less : Taxes	(17.433)	(18.015)	(15.144)	(17.398)	Interest received	1.000	975	2.388	2.487
Profit for the year	46.614	74.221	36.055	59.815	Proceeds from disposal of available for sale financial assets	-	257	-	-
					Prepayments for right-of-use assets	(259)	-	-	-
Profit/(loss) attributable to:					Participation in share capital increase of affiliated companies	-	-	-	(850)
Owners of the parent	47.115	74.272			Net cash used in investing activities	(30.174)	(41.418)	(23.459)	(31.764)
Non-controlling interests	(501)	(51)
	46.614	74.221
Other comprehensive income for the year, net of tax	7.915	1.613	7.872	1.761
Total comprehensive income for the year	54.529	75.834	43.927	61.576	Cash flows from financing activities
					Interest paid	(26.215)	(32.663)	(23.295)	(29.957)
Total comprehensive income/(loss) attributable to:					Dividends paid	-	(3)	(7)	(3)
Owners of the parent	55.043	75.889			Movement in restricted cash	-	144.445	-	144.445
Non-controlling interests	(514)	(55)			Acquisition of treasury shares	-	(249)	-	(249)
	54.529	75.834			Proceeds from borrowings	7.722	-	4.442	7.700
					Repayments of borrowings	148	(165.734)	-	(161.567)
Basic and diluted earnings per share (in Euro per share)	0,15	0,24	0,12	0,20	Payment of lease liabilities	(10.854)	-	(1.854)	-
					Net cash used in financing activities	(29.199)	(54.204)	(20.714)	(39.631)
Earnings Before Interest, Taxes, Depreciation and
Amortisation (EBITDA)	134.253	166.188	114.498	147.677
STATEMENT OF CHANGES IN EQUITY
(Amounts in thousands €)	GROUP		COMPANY		Net decrease in cash & cash equivalents	(57.519)	(189.159)	(36.764)	(146.829)
	31/3/2019	31/3/2018	31/3/2019	31/3/2018
Total equity at beginning of the year (1/1/2019 & 1/1/2018 as originally presented)	2.394.731	2.371.574	2.146.677	1.809.223
Change in accounting policy	-	(3.303)	-	(958)
Total equity at beginning of the year (1/1/2019 & 1/1/2018 as restated)	2.394.731	2.368.271	2.146.677	1.808.265
Total comprehensive income for the year	54.529	75.834	43.927	61.576	Cash and cash equivalents at the beginning of the year	1.275.159	873.261	1.070.377	667.599
Share based payments	-	(390)	-	(390)
Acquisition of treasury shares	-	(249)	-	(249)	Exchange gains / (losses) on cash and cash equivalents	4.602	(2.514)	4.559	(2.501)
	-	389	-	389	Net increase decrease in cash & cash equivalents	(57.519)		(36.764)
Issue of treasury shares to employees Transfer of grant received to tax free reserves	-	80	-	-			(189.159)		(146.829)

ADDITIONAL INFORMATION

	10. The amount of provisions included in the Statement of Financial Position are as follows:

	GROUP	COMPANY
a) for pending legal cases	29.199	22.725
b) for tax matters	2.401	-
c) for SLI	165.708	134.422
d) for other provisions relating to expenses	67.678	67.678

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

		GROUP		COMPANY
	31/3/2019	31/3/2018	31/3/2019	31/3/2018
Changes of the fair value of equity investment	(4)	(147)	(17)	(123)
Fair value gains/(losses) on cash flow hedges	7.889	1.884	7.889	1.884
Other movements and currency translation differences	30	(124)	-	-
Net income/(expense) recognised directly in equity	7.915	1.613	7.872	1.761

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 140.149 711.333 Purchases of goods and services 114.338 126.783 Receivables 84.122 155.215 Payables 15.266 40.082 Board members & senior management remuneration & other benefits 1.752 1.699

Athens, 16th of May 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, as required.

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 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 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 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 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 31 March 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 31 March 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 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 2019 in Greece: Company: 2,046, Group: 2,859 (31/12/2018: Company: 2,053, Group: 2,846).

FINANCIAL DATA AND INFORMATION FOR THE PERIOD FROM 1 JANUARY 2019 TO 31 MARCH 2019 (In accordance with decision of the Board of Directors of the Capital Market Commission 4/507/28.04.2009)

CHAIRMAN OF THE BOARD DEPUTY CHIEF EXECUTIVE OFFICER ACCOUNTING DIRECTOR & & CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER

EFSTATHIOS N. TSOTSOROS ANDREAS N. SHIAMISHIS STEFANOS I. PAPADIMITRIOU

ID. Number ΑΕ 075524 ID. Number ΑΑ 010147 ID. Number ΑΚ 553436