Hellenic Petroleum Holdings S.A.

Annual / Quarterly Financial Statement • Sep 23, 2015

H E L L E N I C P E T R O L E U M S.A..

A.R.M.A.E 2443/06/B/23

54 AMALIAS AVE - 10558 ATHENS

Website :	http://www.helpe.gr
Approval date of the annual financial statements by the Board of Directors	25 FEBRUARY 2010
The Certified Auditor:	Kyriakos Riris, (SOEL reg.no.12111)
Auditing Company:	PricewaterhouseCoopers S.A.
Type of Auditor's Review Opinion:	Unqualified

In accordance with decision of the Board of Directors of the Capital Market Commission 4/507/28.04.2009 FINANCIAL DATA AND INFORMATION FOR THE FINANCIAL YEAR FROM 1 JANUARY TO 31 DECEMBER 2009

1.1 STATEMENT OF FINANCIAL POSITION		GROUP		COMPANY	1.4 STATEMENT OF CASH FLOWS	GROUP		COMPANY
(Amounts in thousands €)	31/12/2009	31/12/2008	31/12/2009		31/12/2008 (Amounts in thousands €)	1/01/2009-	1/01/2008-	1/01/2009-	1/01/2008-
						31/12/2009	31/12/2008	31/12/2009	31/12/2008
ASSETS Property, plant and equipment	2.114.759	1.439.919	1.307.928	855.247	Cash flows from operating activities Profit before tax	242.414	16.857	219.014	(142.082)
Intangible assets	184.049	129.391	11.801	17.446
Other non-current assets	680.869	746.881	707.492	769.935	Adjustments for:
Inventories	1.373.953	1.020.780	1.211.492	940.722	Depreciation and amortisation of tangible and intangible assets	128.863	136.042	77.532	75.773
Trade and other receivables	915.683	929.604	785.964	713.693	Amortisation of government grants	(4.184)	(3.551)	(3.428)	(2.792)
Other current assets	491.196	876.536	127.809	520.232	Provisions	52.981	28.581	20.320	40.459
Available-for-sale non-current assets TOTAL ASSETS	2.716 5.763.225	2.879 5.145.990	21 4.152.507	21	Foreign exchange (gains) / losses 3.817.296 Loss / (Profit) on sale of fixed assets and other movements	(1.512) (1.321)	102.507 (223)	(3.591) 51	96.192 -
					Income from participations and investments	(18.418)	(259.296)	(17.110)	(136.793)
EQUITY AND LIABILITIES					Interest expense	54.431	71.928	25.946	33.879
Share capital	666.285	666.285	666.285	666.285	Interest income	(20.914)	(23.440)	(10.201)	(12.135)
Share premium	353.796	353.796	353.796	353.796		432.340	69.405	308.533	(47.499)
Retained earnings and other reserves	1.347.213	1.304.803	894.879	861.308
Capital and reserves attributable to Company Shareholders (a)	2.367.294	2.324.884	1.914.960	1.881.389
Non-controlling interests (b) TOTAL EQUITY (c) = (a) + (b)	141.246 2.508.540	148.782 2.473.666	0 1.914.960		0 Changes in working capital 1.881.389 (Increase) / decrease in inventories	(353.390)	510.832	(270.770)	468.916
					(Increase) / decrease in trade and other receivables	16.426	517.164	(59.109)	268.606
Long-term borrowings	607.805	448.084	259.673		263.227 Increase / (decrease) in payables	266.828	(219.414)	155.378	(100.814)
Provisions and other long term liabilities	296.274	299.765	179.652	226.280 Less:
Short-term borrowings	1.304.843	1.110.355	879.709		760.798 Interest paid	(53.919)	(71.928)	(25.121)	(33.879)
Other short-term liabilities	1.045.763	814.120	918.513		685.602 Income tax paid	(16.659)	(173.570)	(5.196)	(165.609)
Total liabilities (d)	3.254.685	2.672.324	2.237.547		1.935.907 Net cash (used in) / generated from operating activities (a)	291.626	632.489	103.715	389.721
TOTAL EQUITY AND LIABILITIES (c) + (d)	5.763.225	5.145.990	4.152.507	3.817.296
1.2 STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR	GROUP			COMPANY	Cash flows from investing activities
(Amounts in thousands €)	1/1/2009-	1/1/2008-	1/1/2009-	1/1/2008-	Acquisitions of subsidiaries	(336.798)	(4.740)	(674)	(1.439)
	31/12/2009	31/12/2008	31/12/2009	31/12/2008	Purchase of tangible & intangible assets	(613.944)	(337.640)	(524.617)	(241.738)
					Grants received	3.983	4.002	3.899	925
	6.756.666	10.130.983	6.172.586		Cash from sale of plant and equipment & tangible assets	4.075 20.914	120.562 23.440	- 10.201	119.041 12.135
Turnover Gross profit	713.830	258.601	433.144		9.319.595 Interest received (12.650) Dividends received	9.658	5.538	18.448	16.655
Earnings Before Interest & Tax	261.227	113.098	236.489		(24.146) Net cash used in investing activities (b)	(912.112)	(188.838)	(492.743)	(94.421)
Profit before Tax	242.414	16.857	219.014	(142.082)
Less : taxes	(66.152)	12.176	(56.498)	33.792
Profit for the period	176.262	29.033	162.516	(108.290)
Attributable to:					Cash flows from financing activities
Owners of the parent	174.890	23.643	0	0	Proceeds from borrowings	1.723.132	1.339.940	1.412.776	778.239
Non-controlling interests	1.372	5.390	0	0	Loans repayments	(1.350.085)	(962.667)	(1.278.270)	(427.285)
	176.262	29.033	0	0	Dividends paid	(137.901)	(152.838)	(137.901)	(152.837)
					Net cash generated from / (used in ) financing activities (c )	235.146	224.435	(3.395)	198.117
Other comprehensive income for the year, net of tax	2.372	7.281	7.425	10.901
Total comprehensive income for the year	178.634	36.314	169.941	(97.389)	Net increase / (decrease) in cash & cash equivalents (a)+(b)+(c)	(385.340)	668.086	(392.423)	493.417
Attributable to:
Owners of the parent	178.780	31.728	0	0
Non-controlling interests	(146)	4.586	0	0
	178.634	36.314	0	0	Cash & cash equivalents at the beginning of the year	876.536	208.450	520.232	26.815
Basic and diluted earnings per share (in Euro per share)	0,57	0,08	0,53	(0,35)	Cash & cash equivalents at end of the year	491.196	876.536	127.809	520.232
Earnings Before Interest, Taxes, Depreciation and
Amortisation (EBITDA)	385.906	245.589	310.593	48.835
1.3 STATEMENT OF CHANGES IN EQUITY	GROUP			COMPANY
(Amounts in thousands €)	31/12/2009	31/12/2008	31/12/2009	31/12/2008
Total equity at beginning of the year	2.473.666	2.580.473	1.881.389	2.131.595
Total comprehensive income for the year	178.634	36.314	169.941	(97.389)
Dividends	(137.536)	(152.817)	(137.536)	(152.817)
Other equity movements	(6.224)	9.696	1.166	0
Total equity at the end of the year	2.508.540	2.473.666	1.914.960	1.881.389

ADDITIONAL INFORMATION

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

GROUP COMPANY
a) for pending legal cases 9.229	4.000
β) for tax matters 16.007	12.000
c) for SLI 148.464	114.670
d) for other provisions relating to expenses 16.026	10.700

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

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

	GROUP		COMPANY
	31/12/2009	31/12/2008	31/12/2009	31/12/2008
Available-for-sale financial assets	(201)	(523)	-	-
Unrealised gains / (losses) on revaluation of hedges	7.425	10.901	7.425	10.901
Translation exchange differences	(4.852)	(3.097)	-	-
Net income/(expense) recognised directly in equity	2.372	7.281	7.425	10.901

	GROUP	COMPANY
Sales of goods and services	403.962	2.296.953
Purchases of goods and services	38.066	84.208
Receivables	179.147	18.427
Payables	273.667	397.969
Board members and senior management remuneration & other
benefits	4.650	1.133
Amounts due to/(from) Board members and senior management	0	0

Athens, 25 February 2010

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 annual financial statements in accordance with International Financial Reporting Standards are available, together with the auditors' report.

1. Note 34 of the annual consolidated financial statements includes the names of all subsidiary companies and their related information. 2. Other equity movements include the impact on the non-controlling interests of the decrease in the share capital of ELPET VALKANIKI amounting to €7,3 m. Additionally the comparative amounts include €9,7 m reflecting the transfer of 20% of Vardax S.A. shares to the state of FYROM (Note 34 of the annual consolidated financial statements). 3. No shares are owned either by the parent company or any of the subsidiaries as at the end of the reporting period. 4. The parent company HELLENIC PETROLEUM SA has not been subject to a tax audit for the fiscal years 2002 – 2009, while the most material subsidiaries for the fiscal years 2005 – 2009 (Note 26 of the annual consolidated financial statements). 5. The accounting policies used in the preparation of the annual consolidated financial statements for the year ended 31 December 2009 are consistent with those applied for the preparation of the annual consolidated financial statements for the year ended 31 December 2008, except for the new or revised accounting standards and interpretations that have been implemented in 2009, as outlined in paragraph 2 of the annual consolidated financial statements. 6. The Group 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 impact on the Group's operating results or financial position. 7. EKO ATHENA SA, EKO ARTEMIS SA, EKO DIMITRA SA, EKO IRA SA, EKO AFRODITI SA & RAMOIL are wholly owned subsidiaries and have been consolidated under the full consolidation method for the first time in the annual consolidated financial statements for the year ended 31 December 2009. Additionally, results and cash flows for the comparative year include ENERGIAKI THESSALONIKIS SA under the full consolidation method, whereas in the current year the results of the aforementioned entity are included under the net equity method, through the Group's 50% participation on the joint venture ELPEDISON BV. 8. On 10 December 2009, the Group acquired 100% of BP Hellas S.A. (subsequently renamed Hellenic Fuels S.A.). The total consideration for the transaction amounted to € 376,7 m as outlined in Note 32 of the annual consolidated financial statements. The subsidiary was consolidated for the first time during 2009 under the full consolidation method. 9. Number of employees at 31 December 2009 in Greece: Company – 2.538, Group – 3.708 (31 December 2008: Company – 2.506, Group – 3.485). 10. At its meeting held on 27 August 2009, during which the Board of Directors approved the condensed interim financial information of the Company for the six month period ended 30 June 2009, the Board proposed and approved an interim dividend for the 2009 financial year of €0, 15 per share, that was paid during October 2009. Furthermore, the Board of Directors at its meeting on 25 February 2010 proposed a final dividend of €0,30 per share to be approved by the AGM. 11. Where necessary, comparative figures have been reclassified to conform to the changes in the presentation of the current year.

CHAIRMAN OF BOARD CHIEF EXECUTIVE OFFICER GROUP CHIEF FINANCIAL OFFICER FINANCIAL MANAGER

ANASTASIOS Κ. GIANNITSIS JOHN A. COSTOPOULOS ANDREAS N. SHIAMISHIS PANTELIS A. TIKKAS

ID. Number Μ.865601 ID. Number 702932584 ID. Number ΑΑ. 010147 ID. Number Ε. 056140