Hellenic Petroleum Holdings S.A.

Annual Report • Sep 24, 2015

H E L L E N I C P E T R O L E U M S.A. FINANCIAL DATA AND INFORMATION FOR THE YEAR 1 JANUARY TO 31 DECEMBER 2008

ADDITIONAL INFORMATION

INFORMATION ABOUT THE COMPANY Head office Address: A.R.M.A.E Authority	54 AMALIAS AVE - 10558 ATHENS 2443/06/Β/86/23 MINISTRY OF DEVELOPMENT
Board of Directors :	Εxecutive Members EFTHIMIOS CHRISTODOULOU – Chairman of Board JOHN KOSTOPOULOS Chief Executive Officer PANAGIOTIS CAVOULACOS – Chief Executive Officer (until 11/12/2007) THEODOROS-ACHILLEAS VARDAS – Executive Member NIKOLAOS LERIOS – Executive Member (from 11/12/2007) DEMETRIOS MATHAIOU – Executive Member (until11/12/2007)				Non executive Members VASILIOS BAGIOKOS PANAGIOTIS PAVLOPOULOS MARIOS TSAKAS (until 14/5/2008) ELISAVET TYPALDOY-LOVERDOU (from 11/12/2007) GEORGIOS KALLIMOPOULOS (from 11/12/2007) ANDREAS VRANAS (until 14/5/2008) PANAGIOTIS OFTHALMIDIS (from 14/5/2008) IOULIA ARMAGOU (from 7/8/2008)	IASON STRATOS DIMITRIOS DELIGIANNIS (until 14/5/2008) VASILIOS NIKITAS (until 14/5/2008) ANDREAS PALEVRATZIS (until 11/12/2007) IOANNIS TSOUKALAS (until 11/12/2007) DIMITRIOS MILIAKOS (from 14/5/2008) ALEXIOS ATHANASOPOULOS (from 14/5/2008)
Date of improval of the financial statements: The Certified Auditor: Auditing Company: Type of Auditor's Rewiew Opinion: Website:	26 February 2009 Michalatos J. Konstantinos, ΑΜ ΣΟΕΛ 17701 PricewaterhouseCoopers S.A Unqualified http://www.helpe.gr
1.1 BALANCE SHEET (Amounts in thousands €)	GROUP	31/12/2008 31/12/2007		COMPANY	1.4 CASHFLOW STATEMENT 31/12/2008 31/12/2007 (Amounts in thousands €)	GROUP 1/01/2008-	1/01/2007-	COMPANY 1/01/2008-	1/01/2007-
ASSETS Property, plant and equipment Intangible assets Other non current assets Inventories Trade and other receivables	1.439.919 129.391 746.881 1.020.780 929.604	1.416.340 129.920 489.737 1.531.161 1.279.244	855.247 17.446 769.935 940.722 713.693	676.436 1.409.638	26.427 Cash flows from operating activities 717.943 Profit before tax 994.107 Adjustments for:	31/12/2008 16.857	31/12/2007 488.627	31/12/2008 (142.082)	31/12/2007 388.730
Other current assets Available for sale non current assets TOTAL ASSETS EQUITY AND LIABILITIES	876.536 2.879 5.145.990	208.450 4.012 5.058.864	520.232 21 3.817.296	26.815	Depreciation and amortisation of property, plant and equipment and intangible assets 249 Amortisation of government grants 3.851.615 Provisions Foreign exchange (gains) / losses Loss / (Profit) on sales of fixed assets Income from participations and investments	136.042 (3.551) 28.581 102.507 (223) (259.296)	139.778 (4.278) 36.972 (33.797) (3.767) (26.039)	75.773 (2.792) 40.459 96.192 - (136.793)	82.643 (3.325) 55.334 (33.264) - (8.662)
Share capital Share premium Retained earnings and other reserves Capital and reserves attributable to Company Shareholders (a) Minority interest (b) TOTAL EQUITY AND LIABILITIES (c) = (a) + (b)	666.285 353.796 1.304.803 2.324.884 148.782 2.473.666	666.285 353.796 1.433.814 2.453.895 126.578 2.580.473	666.285 353796 861.308 1.881.389 0 1.881.389	1.111.514 2.131.595 0 2.131.595	666.285 Interest expense 353.796 Interest income	71.928 (23.440) 69.405	60.767 (18.995) 639.268	33.879 (12.135) (47.499)	33.672 (9.900) 505.228
Long term borrowings Provisions and other long term liabilities Short term borrowings Other short term liabilities Total liabilities (d) TOTAL EQUITY AND LIABILITIES (c) + (d)	448.084 299.765 1.110.355 814.120 2.672.324 5.145.990	402.585 341.092 786.510 948.204 2.478.391 5.058.864	263.227 226.280 760.798 685.602 1.935.907 3.817.296	1.720.020 Less:	258.413 Changes in working capital 258.108 (Increase) / decrease in inventories 377.291 (Increase) / decrease in trade and other receivables 826.208 Increase / (decrease) in payables Interest paid 3.851.615 Income tax paid	510.832 517.164 (219.414) (71.928) (173.570)	(324.479) (256.876) 324.213 (60.767) (14.327)	468.916 268.606 (100.814) (33.879) (165.609)	(302.148) (234.231) 316.687 (33.672) 0
1.2 PROFIT & LOSS FOR THE PERIOD (Amounts in thousands €)	GROUP 1/1/2008- 31/12/2008	1/1/2008- 30/6/2008	1/1/2008-	COMPANY 1/1/2007- 31/12/2008 31/12/2007	Net cash (used in) / generated from operating activities (a) Cash flows from investing activities	632.489	307.032	389.721	251.864
Turnover Gross profit Earnings Before Interest & Tax Profit before Tax Less : taxes Profit for the period	10.130.983 258.601 113.098 16.857 12.176 29.033	8.537.951 871.958 477.272 488.627 (124.012) 364.615	9.319.595 (12.650) (24.146) (142.082) 33.792 (108.290)		Aqcuisitions of subsidiaries, related companies & associates 7.899.981 Purchase of property, plant and equipment & intangible assets 598.770 Grants received 383.478 Cash from sale of plant and equipment & tangible assets 388.730 Interest received (106.738) Dividends received 281.992 Net cash used in investing activities (b)	(4.740) (337.640) 4.002 120.562 23.440 5.538 (188.838)	(199) (194.955) 390 5.342 18.995 2.582 (167.845)	(1.439) (241.738) 925 119.041 12.135 16.655 (94.421)	(9.788) (117.111) 200 - 9.900 13.383 (103.416)
Attributable to: Equity holders of the Company Minority Interest	23.643 5.390 29.033	351.004 13.611 364.615			Cash flows from financing activities Proceeds from borrowings	1.339.940	944.204	778.239	487.458
Basic and diluted earnings per share (in Euro per share) Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA)	0,08 245.589	1,15 612.772	(0,35) 48.835	462.796	0,92 Loans repayments Dividends paid Net cash generated from / (used in ) financing activities (c ) Net increase / (decrease) in cash & cash equivalents	(962.667) (152.838) 224.435	(914.465) (130.966) (101.227)	(427.285) (152.837) 198.117	(516.006) (130.963) (159.511)
1.3 CHANGES IN EQUITY (Amounts in thousands €)	GROUP	31/12/2008 31/12/2007		COMPANY 31/12/2008 31/12/2007	(a)+(b)+(c)	668.086	37.960	493.417	(11.063)
Total equity at beginning of the period	2.580.473	2.397.610	2.131.595	0	2.029.907 Cash & cash equivalents at the beginning of the period	208.450	170.490	26.815	37.878
Profit for the period net of taxes Dividends relating to 2007 Other movements directly affecting equity Unrealised gains / losses on revaluation of hedges Transfer of shares in subsidiary Translation exchange differences	29.033 (152.817) 10.901 9.696 (3.620)	364.615 (131.423) (48.881) - -	(108.290) (152.817) 10.901 - -	(131.423) (48.881) - -	281.992 Cash & cash equivalents at end of the period	876.536	208.450	520.232	26.815
Total equity at the end of the period	- 2.473.666	(1.448) 2.580.473	- 1.881.389	- 2.131.595

1. The amount of provisions contained in the Balance Sheet are as follows:

	GROUP	COMPANY
a) for litigation cases	7.518	5.000
β) for tax matters	13.526	12.000
c) for SLI	153.755	123.495
d) for other provisions relating to expenses	16.694	12.192

1. The related party transactions of the Group and the parent company with related companies (in thousands of €) are as follows:

	GROUP	COMPANY
Sales of good and services	764.573	3.797.652
Purchases of good and services	41.877	87.559
Receivables	198.504	285.108
Payables	2.097	12.225
Board members and management personel remuneration & other	4.435	1.497
Amounts due to/from Board members and management personel	0	0

Athens, February 26 2009

1. The amount of provisions contained in the Balance Sheet are as follows: 1. Νοte 33 of the Group Financial Statements contains the names of all subsidiary companies and their related information 2. Other movements directly attributed to equity contain an amount of €9.7 m. from transfer of 20% of Vardax S.A. shares to FYROM (Notes 24(a) & 34(a) of the Group Financial Statements) 3. No shares are owned either by the statutory company or any subsidiary of the group at the end of the current reporting period 4. The Parent company HELLENIC PETROLEUM has not been subject to a tax audit for the fiscal years 2002 up to 2007 and for the most material subsidiary companies from 2005 up to 2008 (Note 24(b) of the Group Financial Statements) . 5. The accounting policies used in the preparation of the condensed interim consolidated financial statements for the three month period ended 30 September 2008 are consistent with those applied for the preparation of the consolidated published accounts for the year ended 31 December 2007. Group applies THE IFRS STABLE PLATFORM 2005 from 1 January 2005. 6. The Company is involved in a number of legal proceedings and has 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 effect on the company's operating results or financial position. 7.At its meeting held on 7 August, 2008 during which the Board of Directors approved the Condensed Interim Consolidated Financial Statements of the Group for the six month period ended 30 June 2008, the Board proposed and approved an interim dividend for the 2008 financial year of €0,15 per share the relating amounts of which have been paid to the shareholders of the company on 21/10/2008. The Board of Directors on the meeting held on 26 Feb.2009 proposed a final dividend of 0,30€ /share, to be aproved Company's AGM. 8. Where necessary, comparative figures have been reclassified to conform with changes in the presentation in the current year. Specifically, in comparative figures for 2007 for the Group and the Company, an amount of €25.221th. which related to grants received for fixed assets, has been reclassified from "Other Short Term Liabilities" to "Provisions/Other long term liabilities (see Note 2.25 of the Group Financial Statements). 9. After compliance with Capital Committee decision 34/24.1.2008 of the calculation of EBITDA includes the net depreciation after netting off amortisation of grants. As a result the comparative EBITDA for 2007 has been re-adjusted (reduced) by €3.3m and €4.3m for the Company and the Group respectively. 10. The number of employees at 31/12/2008 in Greece: Company: 2.505, Group :3.485 (31/12/2008: Company:2.445, Group:3.432). 11. The companies Petrola S.A. and Hellenic Petroleum Bulgaria Properties Ltd are consolidated for the first time under full consolidation method. 12. On 31st December 2008, after the conclusion of the deal with Edison Group for the creation of a joint venture, the Balance Sheet of Energiaki Thessalonikis has been excluded from Group consolidation under the full consolidation method and is included under the net equity method through the joint venture Elpedison BV, under which the Group holds 50%, and which is consolidated for the first time in the

Group.

The financial data and information contained below is only for general information purposes regarding the financial position and results of HELLENIC PETROLEUM SA. and the Group. The user who wishes to have a view of the financial position and the results should visit the company's web site, where the annual financial statements, prepared in accordance with International Financial Reporting Standards, and auditor's report, are presented.

CHAIRMAN OF BOARD	CHIEF EXECUTIVE OFFICER	CHIEF FINANCIAL OFFICER GROUP	FINANCIAL MANAGER
EFTHIMIOS N. CHRISTODOULOU	JOHN COSTOPOULOS	ANDREAS N. SHIAMISHIS	PANTELIS A. TIKKAS
ID Number ΑΒ. 049358	ID Number 702932584	ID Number ΑΑ. 010147	ID Number Ε. 056140