Hellenic Petroleum Holdings S.A.

Annual / Quarterly Financial Statement • Feb 24, 2017

COMPANY
Head office Address: Website :	A 8 , CHIMARRAS STR. - 15125 MAROUSI http://www.helpe.gr	Board of Directors :
Approval date of the annual financial statements by the Board of Directors:	23 FEBRUARY 2017
The Certified Auditor: Auditing Company:	KONSTANTINOS MICHALATOS, (SOEL reg.no.17701) PRICEWATERHOUSECOOPERS S.A, (SOEL reg.no.113)
Type of Auditor's Report:	UNQUALIFIED

STATEMENT OF FINANCIAL POSITION STATEMENT OF CASH FLOW

(Amounts in thousands €)	GROUP		COMPANY		(Amounts in thousands €)	GROUP		COMPANY
	31/12/2016	31/12/2015	31/12/2016	31/12/2015		1/1/2016- 31/12/2016	1/1/2015- 31/12/2015	1/1/2016- 31/12/2016	1/1/2015- 31/12/2015
ASSETS
Property, plant and equipment	3.302.923	3.385.270	2.718.798	2.774.026	Cash flows from operating activities
Intangible assets	108.294	117.062	6.490	8.371	(Loss) / Profit before Tax	465.671	38.964	466.224	22.725
Other non-current assets	881.711	1.003.197	729.213	850.619
Inventories	929.164	662.025	839.306	580.747	Adjustments for:
Trade and other receivables	868.331	752.142	1.036.420	1.001.818	Depreciation and amortisation of tangible and intangible assets	209.478	198.900	151.452	137.696
Derivative financial instruments	15.192	-	15.192	-	Impairment of fixed assets	8.313	-
Cash, cash equivalents and restricted cash	1.081.580	2.108.364	888.783	1.839.156	Amortisation of government grants	(1.404)	(2.121)	(1.272)	(1.621)
Available-for-sale non-current assets	1.626	523	1.017	50	Interest expense and similar charges	205.909	209.842	189.015	187.235
TOTAL ASSETS	7.188.821	8.028.583	6.235.219	7.054.787	Interest income	(5.129)	(8.797)	(13.541)	(20.663)
					Share of operating profit of associates	(19.407)	(21.518)	(38.348)	(32.659)
					Provisions for expenses and valuation charges	77.011	69.851	55.413	52.948
EQUITY AND LIABILITIES					Foreign exchange (gains) / losses	(20.773)	26.753	(21.462)	25.901
Share capital	666.285	666.285	666.285	666.285	(Gain)/Loss from disposal of available for sale financial assets	-	6	-	-
Share premium	353.796	353.796	353.796	353.796	Discounting effect on long term payables	(8.285)	-
Retained earnings and other reserves	1.019.679	664.235	570.069	204.810	(Gain)/Loss from disposal of Non Current Assets	(633)	614	71	866
Capital and reserves attributable to Company Shareholders (a)	2.039.760	1.684.316	1.590.150	1.224.891		910.751	512.494	787.552	372.428
Non-controlling interests (b)	101.875	105.954
TOTAL EQUITY (c) = (a) + (b)	2.141.635	1.790.270	1.590.150	1.224.891
Long-term borrowings	1.456.204	1.597.954	1.460.281	1.536.414
Provisions and other long term liabilities	422.598	169.728	341.755	92.900	Changes in working capital
Short-term borrowings	1.386.299	1.633.033	1.150.418	1.419.687	(Increase) / decrease in inventories	(281.476)	(50.492)	(272.911)	(62.309)
Other short-term liabilities	1.782.085	2.837.598	1.692.615	2.780.895	(Increase) / decrease in trade and other receivables	(155.812)	(73.892)	(83.302)	5.088
Total liabilities (d)	5.047.186	6.238.313	4.645.069	5.829.896	Increase / (decrease) in payables	(790.829)	106.249	(826.694)	121.562
					Less:
TOTAL EQUITY AND LIABILITIES (c) + (d)	7.188.821	8.028.583	6.235.219	7.054.787	Income tax paid	(16.159)	(34.648)	(1.279)	(16.993)

STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD

GROUP		COMPANY				GROUP	COMPANY
31/12/2016	31/12/2015	31/12/2016	31/12/2015		1/1/2016-	1/1/2015-	1/1/2016-	1/1/2015-
					31/12/2016	31/12/2015	31/12/2016	31/12/2015
				Share of operating profit of associates	(19.407)	(21.518)	(38.348)	(32.659)
				Provisions for expenses and valuation charges	77.011	69.851	55.413	52.948
				Less:
				Net cash generated from / (used in) operating activities (a)	(333.525)	459.711	(396.634)	419.776
GROUP		COMPANY
1/1/2016-	1/1/2015-	1/1/2016-	1/1/2015-	Cash flows from investing activities
31/12/2016	31/12/2015	31/12/2016	31/12/2015	Purchase of property,plant and equipment & intangible assets Cash from sale of property, plant and equipment & tangible assets	(125.719) 2.168	(165.253) 828	(91.161) 82	(134.691) 812
				Proceeds from disposal of available for sale financial assets	-	771	-	-
				Net cash used in investing activities (b)	(116.202)	(136.140)	#REF!	(82.875)
328.735	45.027
				Dividends paid to shareholders of the Company	(473)	(64.004)	(474)	(64.011)
354.665	65.530			Repayments of borrowings	(900.799)	(226.690)	(839.789)	(326.743)
				Net cash generated from / (used in ) financing activities (c)	(588.913)	(28.889)	(516.689)	(56.995)
				(a)+(b)+(c)	(1.038.640)	294.682	(962.224)	279.906
GROUP		COMPANY
31/12/2016	31/12/2015	31/12/2016	31/12/2015
				Cash and cash equivalents at the beginning of the year	1.952.808	1.647.842	1.683.600	1.393.262

(Amounts in thousands €)	GROUP		COMPANY
	1/1/2016-	1/1/2015-	1/1/2016-	1/1/2015-	Cash flows from investing activities
	31/12/2016	31/12/2015	31/12/2016	31/12/2015	Purchase of property,plant and equipment & intangible assets	(125.719)	(165.253)	(91.161)	(134.691)
					Cash from sale of property, plant and equipment & tangible assets	2.168	828	82	812
Sales	6.679.923	7.302.939	5.992.446	6.584.471	Interest received	5.129	8.797	13.541	20.663
Gross profit	1.007.128	694.582	701.165	382.041	Acquisition of subsidiary, net of cash acquired	(350)	-	-	-
Operating profit / (loss)	626.271	245.244	620.236	215.198	Dividends received	1.139	18.289	38.348	32.659
Profit / (loss) before Income Tax	465.671	38.964	466.224	22.725	Expenses paid relating to share capital increase of subsidiary	-	(772)	#REF!	-
Less : Taxes	(136.936)	6.063	(131.901)	4.816	Grants received	1.431	1.182	-	1.182
Profit / (loss) for the year	328.735	45.027	334.323	27.541	Participation in share capital (increase) / decrease of associates	-	18	(9.711)	(3.500)
					Proceeds from disposal of available for sale financial assets	-	771	-	-
					Net cash used in investing activities (b)	(116.202)	(136.140)	#REF!	(82.875)
Attributable to:
Owners of the parent	329.760	46.684
Non-controlling interests	(1.025)	(1.657)
	328.735	45.027
Other comprehensive income / (loss) for the year, net of tax	25.930	20.503	30.936	20.663	Cash flows from financing activities
Total comprehensive (loss) / income for the year	354.665	65.530	365.259	48.204	Interest paid	(190.479)	(200.793)	(180.425)	(186.577)
					Dividends paid to shareholders of the Company	(473)	(64.004)	(474)	(64.011)
Attributable to:					Dividends paid to non-controlling interests	(2.925)	(2.770)	-	-
Owners of the parent	355.819	67.239			Movements in restricted cash	(1.969)	44.444	(1.969)	44.444
Non-controlling interests	(1.154)	(1.709)			Proceeds from borrowings	507.732	420.924	505.968	475.892
	354.665	65.530			Repayments of borrowings	(900.799)	(226.690)	(839.789)	(326.743)
					Net cash generated from / (used in ) financing activities (c)	(588.913)	(28.889)	(516.689)	(56.995)
Basic and diluted earnings per share (in Euro per share)	1,08	0,15	1,09	0,09
Earnings Before Interest, Taxes, Depreciation and
Amortisation (EBITDA)	834.345	442.023	770.416	351.273	Net (decrease) / increase in cash & cash equivalents
					(a)+(b)+(c)	(1.038.640)	294.682	(962.224)	279.906
STATEMENT OF CHANGES IN EQUITY
(Amounts in thousands €)	GROUP		COMPANY

	31/12/2016	31/12/2015	31/12/2016	31/12/2015
Total equity at beginning of the year (1/1/2016 & 1/1/2015)	1.790.270	1.728.546	1.224.891	1.176.687	Cash and cash equivalents at the beginning of the year	1.952.808	1.647.842	1.683.600	1.393.262
Total comprehensive (loss) / income for the year	354.665	65.530	365.259	48.204	Exchange gains / (losses) on cash and cash equivalents	9.887	10.284	9.882	10.432
Dividends to non-controlling interests Expenses relating to share capital increase of subsidiary	(2.925) -	(2.741) (772)	- -	- -	Net (decrease) / increase in cash and cash equivalents	(1.038.640)	294.682	(962.224)	279.906
Tax on intra-group dividends	(375)	(293)	-	-
Total equity at the end of the year	2.141.635	1.790.270	1.590.150	1.224.891	Cash and cash equivalents at end of the year	924.055	1.952.808	731.258	1.683.600

ADDITIONAL INFORMATION

10. The amount of provisions included in the Statement of Financial Position are as follows:
	GROUP	COMPANY
a) for pending legal cases	9.106	6.829
β) for tax matters	8.180	3.911
c) for SLI	110.912	88.521
d) for other provisions relating to expenses	20.979	20.798

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

	31/12/2016	31/12/2015	31/12/2016	31/12/2015
Changes in the fair value on available -for-sale financial assets	(6.267)	(255)	(6.414)	-
Transfer of available-for-sale reserve to operating profit	6.414	-	6.414	-
Currency translation differences and other movements	(1.076)	(603)	-	-
Actuarial gains/(losses) on defined benefit pension plans	(7.776)	1.615	(4.568)	917
Fair value gains/(losses) from cash flow hedges	35.504	19.746	35.504	19.746
Share of other comprehensive income of associates	(869)	-	-	-
Net income/(expense) recognised directly in equity	25.930	20.503	30.936	20.663

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	901.785	2.813.717
Purchases of goods and services	835.175	887.116
Receivables	42.167	492.195
Payables	37.556	79.584
Board members and senior management remuneration & other benefits	4.128	4.038
Amounts due to/(from) Board members and senior management	-	-

Athens, 23th of February 2017

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 2016 TO 31 DECEMBER 2016 (Published in compliance to L.2190/20, art. 135 for companies that prepare annual financial statements in accordance with IFRS)

GROUP COMPANY

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 pro ceeding to any transaction with the company, to refer to the company's internet address, where the annual financial statements in accordanc e with International Financial Reporting Standards are available, together with the auditors' report.

1. Νοte No. 34 of the annual 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. 3. The parent company HELLENIC PETROLEUM S.A. has not been subject to a tax audit for the fiscal year 2010 (Note 27 of the annual consolidated financial statements). 4. The consolidated financial statements of Hellenic Petroleum S.A. for the year ended 31 December 2016 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 2.1 of the annual consolidated financial statements of 31 December 2016. Where necessary, comparative figures have been reclassified to conform to changes in the presentation of the current financial year. 5. As mentioned in Note 31 of the annual 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 final outcome will not have a significant impact on the Group's operating results or financial position.6. On 16 February 2012, HELPE and the HRADF (jointly the "Sellers") agreed to launch a joint sale process of their shareholding in DEPA Group aiming to dispose 100% of the supply, trading and distribution activities, as well as 66% of their shareholding in the high pressure transmission network (DESFA S.A., a 100% subsidiary of DEPA S.A.).The sale process resulted in the submission of a binding offer of €400 million by SOCAR (Azerbaijan's Oil and Gas National Company) for the purchase of the 66% of DESFA. The amount corresponding to HELPE's 35% effective shareholding was €212 million. On 21 December 2013, the Share Purchase Agreement (SPA) for the above sale was signed by HRADF, HELPE and SOCAR, while the completion of the transaction was agreed to be subject to the clearance of EU's responsible competition authorities. On 30 November 2016, the deadline for the fulfilment of all prerequisites for the finalisation of the transaction expired without the desired outcome. The selling parties (HRADF & HELPE) are now considering their alternative options for the disposal of their shareholding in DESFA. The Group consolidates the DEPA Group using the equity method of accounting and the carrying value of the investment in the consolidated financial statements reflects HELPE's 35% share of the net asset value of the DEPA group which as at 31 December 2016 amounts to €631 million. The cost of investment of the DEPA group in the financial statements of HELPE S.A is €237 million. DEPA Group, as it currently stands, continues to be accounted for and included in HELPE Group's consolidated financial statements as an associate (Note 8 of the annual consolidated financial statements). 7. In May 2016 the Group: a) repaid a \$400 million Eurobond on its maturity date b) concluded a € 400 million backstop facility which has two Tranches, a committed Tranche of €240 million and an uncommitted Tranche of €160 million. The facility has a tenor of 18 months with a six month extension option c) Issued a €375 million five-year 4,875% Eurobond guaranteed by the parent company of the Group with the issue price being 99,453 per cent. of the principal amount. The notes mature in October 2021.The proceeds of the issue were used to repay existing financial indebtedness, including the partial prepayment of the €500 million Eurobond maturing in May 2017 through a tender offer process which was completed in October 2016 during which notes of nominal value of €225 million were accepted. d) In July 2016, the Group partially repaid € 20 million of a maturing tranche of 40 million and extended the maturity of the remaining €20 million to July 2018. e) Extended the maturity date of its €400 million syndicated credit facility in October 2016 to October 2017 with two six-month extention options. Additional information is disclosed in Note 16 of the annual consolidated financial statements. 8. On 16 January 2016, the European Union decided to lift all economic and financial sanctions against Iran. On the same date, U.S and other International Restrictive Measures were also partially lifted. In light of the above developments, Hellenic Petroleum and NIOC executed a Heads of agreement on 22 January 2016 for the recommencement of their commercial relationship for the supply of crude and for the settlement of the overdue amounts. For further information please refer to Note 15 of the annual consolidated financial statements. 9. Number of employees at 31/12/2016 in Greece: Company: 1937, Group: 2.708 (31/12/2015: Company: 1.902, Group: 2.667).

EFSTATHIOS TSOTSOROS - Chairman of the Board THEODOROS-ACHILLEAS VARDAS STRATIS ZAFIRIS

EFSTATHIOS TSOTSOROS - Chairman of the Board	THEODOROS-ACHILLEAS VARDAS	STRATIS ZAFIRIS
GRIGORIOS STERGIOULIS - Chief Executive Officer	GEORGIOS GRIGORIOU	DIMITRIOS KONTOFAKAS
IOANNIS PSICHOGIOS	PANAGIOTIS OFTHALMIDES	VASILEIOS KOUNELIS (up to 10/11/2016)
ANDREAS SIAMISHIS	THEODOROS PANTALAKIS	GEORGIOS MALOGLOU (up to 27/04/2016)
	SPIRIDON PANTELIAS	GEORGIOS STAMPOULIS (up to 07/10/2016)

SPIRIDON PANTELIAS GEORGIOS STAMPOULIS (up to 07/10/2016)

CONSTANTINOS PAPAGIANNOPOULOS

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

EFSTATHIOS N. TSOTSOROS GRIGORIOS S. STERGIOULIS ANDREAS N. SHIAMISHIS STEFANOS I. PAPADIMITRIOU ID. Number ΑΕ 075524 ID. Number ΑΜ 142474 ID. Number ΑΑ 010147 ID. Number ΑΚ 553436