Hellenic Petroleum Holdings S.A.

Annual / Quarterly Financial Statement • May 31, 2018

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:	A 8 , CHIMARRAS STR. - 15125 MAROUSI
Website : Approval date of the three month financial statements by the Board of Directors	http://www.helpe.gr 31 MAY 2018
STATEMENT OF FINANCIAL POSITION			STATEMENT OF CASH FLOW
(Amounts in thousands €)	GROUP	COMPANY	(Amounts in thousands €)	GROUP		COMPANY
	31/3/2018 31/12/2017	31/3/2018 31/12/2017		1/1/2018 31/3/2018	1/1/2017 31/3/2017	1/1/2018 31/3/2018	1/1/2017 31/3/2017
ASSETS
Property, plant and equipment	3.289.964 3.311.893	2.701.763 2.719.172	Cash flows from operating activities
Intangible assets Other non-current assets	107.515 105.684 879.920 862.616	8.725 7.042 692.642 691.308	Profit before Tax	92.236	164.451	77.213	137.381
Inventories	1.041.517 1.056.393	948.317 963.746
Trade and other receivables	849.445 791.205	1.039.840 989.901	Adjustments for:
Derivative financial instruments	15.847 11.514		Depreciation & amortisation of property, plant and equipment and
		15.847 11.514	intangible assets	47.196	44.558	34.172	31.556
Cash, cash equivalents and restricted cash	682.795 1.018.913	519.476 813.251	Impairment of fixed assets	1.512	-	850	-
Investment in equity instruments	1.403 1.857	1.252 1.079	Amortisation of government grants Interest expense and similar charges	(196) 39.508	(214) 47.651	(158) 36.419	(174) 42.814
TOTAL ASSETS	6.868.406 7.160.075	5.927.689 6.197.186	Interest income	(975)	(1.264)	(2.487)	(3.108)
			Share of operating profit of associates	(13.895)	(30.617)	-	-
			Provisions for expenses and valuation charges	12.814	8.992	5.380	6.690
EQUITY AND LIABILITIES			Foreign exchange (gains) / losses Discounting effect on long term payables	2.118 977	854 3.256	2.501 -	721 2.281
Share capital Share premium	666.285 666.285 353.796 353.796	666.285 666.285 353.796 353.796	(Gain) / loss on sales of property, plant and equipment	(85)	(144)	-	-
Retained earnings and other reserves	1.362.795 1.288.578	849.562 789.142		181.210	237.523	153.890	218.161
Capital and reserves attributable to Company Shareholders (a)	2.382.876 2.308.659	1.869.643 1.809.223
Non-controlling interests (b)	62.860 62.915	- -
TOTAL EQUITY (c) = (a) + (b)	2.445.736 2.371.574	1.869.643 1.809.223
Long-term borrowings	1.117.488 920.234	1.113.878 909.579	Changes in working capital
Provisions and other long term liabilities	325.256 299.934	239.879 215.917	(Increase) / decrease in inventories	14.490	(60.820)	14.838	(59.709)
Short-term borrowings	1.539.828 1.900.269	1.346.785 1.704.951	(Increase) / decrease in trade and other receivables	(63.840)	1.223	(51.826)	39.274
Other short-term liabilities	1.440.098 1.668.064	1.357.504 1.557.516	Increase / (decrease) in payables	(229.889)	(137.326)	(198.104)	(102.403)
Total liabilities (d)	4.422.670 4.788.501	4.058.046 4.387.963	Less: Income tax received/(paid)	4.492	(1.559)	5.768	-
			Net cash generated from / (used in) operating activities (a)	(93.537)	39.041	(75.434)	95.323
TOTAL EQUITY AND LIABILITIES (c) + (d)	6.868.406 7.160.075	5.927.689 6.197.186
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD
(Amounts in thousands €)	GROUP	COMPANY	Cash flows from investing activities
	1/1/2018 1/1/2017	1/1/2018 1/1/2017	Purchase of property, plant and equipment & intangible assets	(25.452)	(18.022)	(17.401)	(14.663)
	31/3/2018 31/3/2017	31/3/2018 31/3/2017	Proceeds from disposal of property, plant and equipment
			& tangible assets Acquisition of minority interest in subsidiary	20 (16.000)	255 -	- (16.000)	- -
Sales	2.168.386 2.065.753	2.010.635 1.904.474	Purchase of subsidiary, net of cash acquired	(1.298)	-	-	-
Gross profit	223.699 284.664	154.843 220.398	Grants received	80	-	-	-
Operating profit	118.992 181.075	113.646 177.808	Interest received	975	1.264	2.487	3.108
Profit before Tax	92.236 164.451	77.213 137.381	Proceeds from disposal of available for sale financial assets	257	-	-	-
Less : Taxes Profit for the period	(18.015) (40.627) 74.221 123.824	(17.398) (41.414) 59.815 95.967	Participation in share capital increase of affiliated companies Net cash used in investing activities (b)	- (41.418)	- (16.503)	(850) (31.764)	- (11.555)
Attributable to:
Owners of the parent	74.272 123.821
Non-controlling interests	(51)	3
	74.221 123.824
Other comprehensive (loss)/income for the year, net of tax	1.613 (11.136)	1.761 (9.421)	Cash flows from financing activities
Total comprehensive income for the year	75.834 112.688	61.576 86.546	Interest paid	(32.663)	(41.477)	(29.957)	(31.450)
			Dividends paid	(3)	(187)	(3)	(187)
Attributable to: Owners of the parent	75.889 113.477		Movement in restricted cash Acquisition of treasury shares	144.445 (249)	11.873 -	144.445 (249)	11.873 -
Non-controlling interests	(55) (789)		Proceeds from borrowings	-	45.502	7.700	34.000
	75.834 112.688		Repayments of borrowings	(165.734)	(25.943)	(161.567)	(43.494)
			Net cash (used in) / generated from financing activities (c )	(54.204)	(10.232)	(39.631)	(29.258)
Basic and diluted earnings per share (in Euro per share)	0,24 0,41	0,20 0,31
Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA)	165.992 225.419	147.660 209.190
STATEMENT OF CHANGES IN EQUITY
(Amounts in thousands €)	GROUP 31/3/2018 31/3/2017	COMPANY 31/3/2018 31/3/2017	Net increase / (decrease) in cash & cash equivalents (a)+(b)+(c)	(189.159)	12.306	(146.829)	54.510
Total equity at beginning of the year (1/1/2018 as published & 1/1/2017)	2.371.574 2.141.635	1.809.223 1.590.150
Change in accounting policy	(1.502)	- (906) -
Total equity at beginning of the year 1/1/2018 (restated) & 1/1/2017	2.370.072 2.141.635	1.808.317 1.590.150
Total comprehensive income for the year	75.833 112.688	61.576 86.546	Cash and cash equivalents at the beginning of the year	873.261	924.055	667.599	731.258
Share based payments	(390)	- (390) -
Acquisition of treasury shares	(249)	- (249) -	Exchange gains / (losses) on cash and cash equivalents	(2.514)	(917)	(2.501)	(721)
Issue of treasury shares to employees	389	- 389 -	Net increase / (decrease) in cash & cash equivalents	(189.159)	12.306	(146.829)	54.510
Transfer of grant received to tax free reserves	80	- - -
Total equity at the end of the year	2.445.735 2.254.323	1.869.643 1.676.696	Cash and cash equivalents at end of the year	681.588	935.444	518.269	785.047

ADDITIONAL INFORMATION

10. The amount of provisions included in the Statement of Financial Position are as follows:
	GROUP	COMPANY
a) for pending legal cases	6.523	3.814
b) for tax matters	6.314	3.911
c) for SLI	133.856	96.190
d) for other provisions relating to expenses	41.316	41.128

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

	GROUP			COMPANY
	31/3/2018	31/3/2017	31/3/2018	31/3/2017
Changes on the fair value on available-for-sale financial assets	(147)	14	(123)	-
Revaluation of land and buildings	-	(1.669)	-	-
Fair value gains/(losses) on cash flow hedges	1.884	(9.421)	1.884	(9.421)
Other movements and currency translation differences	(124)	(60)	-	-
Net income/(expense) recognised directly in equity	1.613	(11.136)	1.761	(9.421)

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

Sales of goods and services 250.131 773.327

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.

	Receivables Payables	112.609 516.521 14.721 43.067
	Athens, 31th of May 2017
CHAIRMAN OF THE BOARD & CHIEF EXECUTIVE OFFICER	DEPUTY CHIEF EXECUTIVE OFFICER & CHIEF FINANCIAL OFFICER	ACCOUNTING DIRECTOR
EFSTATHIOS N. TSOTSOROS ID. Number ΑΕ 075524	ANDREAS N. SHIAMISHIS ID. Number ΑΑ 010147	STEFANOS I. PAPADIMITRIOU ID. Number ΑΚ 553436

1.Νοte No. 24 of the condensed interim consolidated financial statements includes all subsidiary and associated companies and their related information. 2. No company shares, other than those disclosed as treasury shares in Note 16 of the condensed interim consolidated financial statements, 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 2016 (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. Notwithstand ing 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 condensed interim consolidated financial statements for the period ended 31 March 2018 (Note 22 of the condensed interim consolidated financial statements). 4. The accounting policies used in the preparation of the condensed interim consolidated financial statements for the period ended 31 March 2018 are consistent with those applied for the preparation of the annual consolidated financial statements for the year ended 31 December 2017, except for the new or revised accounting standards and interpretations that have been implemented in 2018, as outlined in Note 2 of the condensed interim consolidated financial statements of 31 March 2018. Where necessary, comparative figures have been reclassified to conform to changes in the presentation of the current financial period. 5. As mentioned in Note 22 of the condensed 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 the outcome will not have a significant impact on the Group's operating results or financial position. 6. During the three month period ended 31 March 2018 the following actions performed for the sale of DESFA. Best and final offers were submitted by the two Shortlisted Parties on 29 March 2018. The consortium formed by SNAM S.p.A., FLUXYS S.A. and Enagas Internacional S.L.U. c onfirmed its best and final offer on 19 April 2018, offering an amount of €535 million for the purchase of the 66% of DESFA. The above binding offer has been accepted by v irtue of resolution no. 1319 of 19 April 2018 of the Board of Directors and the resolution of 14 May 2018 of the Extraordinary General Meeting of Shareholders of Hellenic Petroleum. The closing of the transaction is conditional upon the obtaining of necessary approvals by the competent Greek and/or EU energy regulation and competition authorities. (Note 8). 7. Number of employees at 31/03/2018 in Greece: Company: 2.065, Group: 2.847 (31/03/2017: Company: 2.058, Group: 2.835).

FINANCIAL DATA AND INFORMATION FOR THE PERIOD FROM 1 JANUARY 2018 TO 31 MARCH 2018 (In accordance with decision of the Board of Directors of the Capital Market Commission 4/507/28.04.2009)