Hellenic Petroleum Holdings S.A.

Quarterly Report • Sep 22, 2015

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED

31 MARCH 2011

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

CONTENTS

I.	Company Information	3
II.	Condensed Interim Consolidated Statement of Financial Position	4
III.	Condensed Interim Consolidated Statement of Comprehensive Income	5
IV.	Condensed Interim Consolidated Statement of Changes in Equity	6
V.	Condensed Interim Consolidated Statement of Cash Flows	7
VI.	Notes to the Condensed Interim Consolidated Financial Statements	8

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

I. Company Information

Directors	Anastasios Giannitsis – Chairman of the Board John Costopoulos – Chief Executive Officer Theodoros-Achilleas Vardas – Executive Member Dimokritos Amallos – Non executive Member Alexios Athanasopoulos – Non executive Member Anastassios Banos – Non executive Member Georgios Kallimopoulos – Non executive Member Alexandros Katsiotis – Non executive Member Gerassimos Lachanas – Non executive Member Dimitrios Lalas – Non executive Member Panagiotis Ofthalmides – Non executive Member Theodoros Pantalakis – Non executive Member Spyridon Pantelias – Non executive Member
Registered Office:	8A Chimarras Str. 15121 Maroussi, Greece
Registration number:	2443/06/B/86/23
Auditors:	PricewaterhouseCoopers S.A. 268 Kifissias Ave. 152 32 Halandri Greece

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

II. Condensed Interim Consolidated Statement of Financial Position

		As at
	Note	31 March 2011	31 December 2010
ASSETS
Non-current assets
Property, plant and equipment	11	2.721.294	2.668.495
Intangible assets	12	166.691	165.148
Investments in associates and joint ventures		585.575	560.783
Deferred income tax assets		41.512	38.827
Available-for-sale financial assets		2.069	2.078
Loans, advances and other receivables	13	121.124	123.454
		3.638.265	3.558.785
Current assets
Inventories	14	1.881.318	1.600.625
Trade and other receivables	15	1.116.547	938.837
Held to maturity securities		167.968	167.968
Cash and cash equivalents	16	432.402	595.757
		3.598.235	3.303.187
Total assets		7.236.500	6.861.972
EQUITY
Share capital	17	1.020.081	1.020.081
Reserves	18	411.927	500.066
Retained Earnings		985.703	866.737
Capital and reserves attributable to owners of the parent		2.417.711	2.386.884
Non-controlling interests		147.601	144.734
Total equity		2.565.312	2.531.618
LIABILITIES
Non-current liabilities
Borrowings	19	1.112.206	1.127.878
Deferred income tax liabilities		50.356	50.796
Retirement benefit obligations		145.419	143.414
Long term derivatives	20	140.116	66.296
Provisions and other long term liabilities	21	51.184	49.909
		1.499.281	1.438.293
Current liabilities
Trade and other payables	22	1.338.049	1.472.712
Current income tax liabilities		137.799	119.227
Borrowings	19	1.693.040	1.297.103
Dividends payable		3.019	3.019
		3.171.907	2.892.061
Total liabilities		4.671.188	4.330.354
Total equity and liabilities		7.236.500	6.861.972

Chief Executive Officer	Chief Financial Officer	Accounting Director
John Costopoulos	Andreas Shiamishis	Ioannis Letsios

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

III. Condensed Interim Consolidated Statement of Comprehensive Income

	Note	For the three month period ended 31 March 2011	31 March 2010
Sales		2.419.481	2.134.222
Cost of sales		(2.192.668)	(1.907.975)
Gross profit		226.813	226.247
Selling, distribution and administrative expenses	4	(107.978)	(113.243)
Exploration and development expenses		(714)	(12.206)
Other operating (expenses) / income - net	5	9.326	10.917
Operating profit		127.447	111.715
Finance (expenses) / income - net	6	(16.558)	(13.238)
Currency exchange gains / (losses)	7	26.823	(22.116)
Share of net result of associates and dividend income	8	24.491	11.681
Profit/(loss) before income tax		162.203	88.042
Income tax (expense) / credit	9	(40.420)	(43.449)
Profit/(loss) for the period		121.783	44.593
Other comprehensive income: Fair value gains/(losses) on available-for-sale financial assets Unrealised gains / (losses) on revaluation of hedges Currency translation differences on consolidation of subsidaries Other Comprehensive income/(loss) for the period, net of tax	20	- (88.355) 266 (88.089)	6 (38) 1.961 1.929
Total comprehensive income/(loss) for the period		33.694	46.522
Profit attributable to: Owners of the parent Non-controlling interests		118.966 2.817 121.783	42.805 1.788 44.593
Total comprehensive income attributable to: Owners of the parent Non-controlling interests		30.827 2.867 33.694	45.034 1.488 46.522
Basic and diluted earnings per share (expressed in Euro per share)	10	0,39	0,14

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

IV. Condensed Interim Consolidated Statement of Changes in Equity

		Attributable to owners of the Parent
	Note	Share Capital	Reserves	Retained Earnings	Total	Non Conrtoling interests	Total Equity
Balance at 1 January 2010		1.020.081	505.839	841.374	2.367.294	141.246	2.508.540
Fair value gains/(losses) on available-for-sale financial assets Currency translation differences on consolidation of subsidaries Unrealised gains / (losses) on revaluation of hedges	18 18 20	- - -	6 2.261 (38)	- - -	6 2.261 (38)	- (300) -	6 1.961 (38)
Other comprehensive income		-	2.229	-	2.229	(300)	1.929
Profit for the period		-	-	42.805	42.805	1.788	44.593
Total comprehensive income for the period		-	2.229	42.805	45.034	1.488	46.522
Balance at 31 March 2010		1.020.081	508.068	884.179	2.412.328	142.734	2.555.062
Movement - 1 April 2010 to 31 December 2010
Fair value gains/(losses) on available-for-sale financial assets Currency translation differences on consolidation of subsidaries Unrealised gains / (losses) on revaluation of hedges	18 18 20	- - -	38 (1.162) (25.150)	- - -	38 (1.162) (25.150)	- (160) -	38 (1.322) (25.150)
Other comprehensive income		-	(26.274)	-	(26.274)	(160)	(26.434)
Profit for the period		-	-	137.013	137.013	5.813	142.826
Total comprehensive income for the period		-	(26.274)	137.013	110.739	5.653	116.392
Share based payments Transfers to statutory and tax reserves Dividends to minority shareholders Dividends relating to 2009 and interim dividend 2010 (Note 27)	18 18	- - - -	1.352 16.919 - -	- (16.919) - (137.536)	1.352 - - (137.536)	- - (3.652) -	1.352 - (3.652) (137.536)
Balance at 31 December 2010		1.020.081	500.065	866.737	2.386.883	144.735	2.531.618
Movement - 1 January 2011 to 31 March 2011
Currency translation differences on consolidation of subsidaries Unrealised gains / (losses) on revaluation of hedges	18 20	- -	217 (88.355)	-	217 (88.355)	49 -	266 (88.355)
Other comprehensive income		-	(88.138)	-	(88.138)	49	(88.089)
Profit for the period		-	-	118.966	118.966	2.817	121.783
Total comprehensive income for the period		-	(88.138)	118.966	30.828	2.866	33.694
Balance at 31 March 2011		1.020.081	411.927	985.703	2.417.711	147.601	2.565.312

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

V. Condensed Interim Consolidated Statement of Cash Flows

		For the three month period ended
	Note	31 March 2011	31 March 2010
Cash flows from operating activities
Cash generated from operations	23	(468.558)	(381.158)
Income and other taxes paid		(3.949)	(1.039)
Net cash used in operating activities		(472.507)	(382.197)
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets	11,12	(90.600)	(97.159)
Proceeds from disposal of property, plant and equipment & intangible assets		84	57
Interest received	6	5.219	6.562
Investments in associates - net		(300)	-
Net cash used in investing activities		(85.597)	(90.540)
Cash flows from financing activities
Interest paid	6	(21.244)	(19.800)
Dividends paid to shareholders of the Company		-	(18)
Proceeds from borrowings		557.989	668.288
Repayments of borrowings		(142.910)	(286.427)
Net cash generated from financing activities		393.835	362.043
Net decrease in cash & cash equivalents		(164.269)	(110.694)
Cash & cash equivalents at the beginning of the period	16	595.757	491.196
Exchange gains on cash & cash equivalents		914	1.661
Net decrease in cash & cash equivalents		(164.269)	(110.694)
Cash & cash equivalents at end of the period	16	432.402	382.163

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

VI. Notes to the Condensed Interim Consolidated Financial Statements

1. GENERAL INFORMATION

Hellenic Petroleum S.A. and its subsidiaries ("Hellenic Petroleum" or "the Group") operate in the energy sector predominantly in Greece and the Balkans. The Group's activities include exploration for hydrocarbons, refining and marketing of oil products, and the production and marketing of petrochemical products. The Group also provides engineering services. Through its investments in DEPA and Elpedison, the Group also operates in the sector of natural gas as well as in production and trading of electricity power.

2. BASIS OF PREPARATION, ACCOUNTING POLICIES AND ESTIMATES

Basis of preparation

The interim consolidated financial information of Hellenic Petroleum and its subsidiaries are prepared in accordance with International Accounting Standard 34 (IAS 34) – Interim Financial Reporting.

This interim consolidated financial information should be read in conjunction with the annual consolidated financial statements for the year ended 31 December 2010. These can be found on the Group's website www.helpe.gr.

The condensed interim consolidated financial information of the Group for the three month period ended 31 March 2011 were authorised for issue by the Board of Directors on 20 May 2011.

Accounting policies and the use of estimates

The accounting policies used in the preparation of the condensed interim consolidated financial information for the three month period ended 31 March 2011 are consistent with those applied for the preparation of the consolidated published accounts for the year ended 31 December 2010, except as described below. The interim financial statements have been prepared under the revised disclosure requirements. Where necessary, comparative figures have been reclassified to conform to changes in the presentation of the current year. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.

In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31 December 2010, with the exception of changes in estimates that are required in determining the provision for income taxes

New standards, amendments to standards and interpretations: Certain new standards, amendments to standards and interpretations have been issued that are mandatory for periods beginning during the current reporting period and subsequent reporting periods. The Group's evaluation of the effect of new standards, amendments to standards and interpretations is set out below.

• a) The following standards, amendments to standards and interpretations to existing standards are applicable to the Group for periods on or after 1 January 2011:
• IAS 24 (Amendment) 'Related Party Disclosures'. This amendment attempts to reduce disclosures of transactions between government-related entities and clarify related-party definition. More specifically, it removes the requirement for government-related entities to disclose details of all transactions with the government and other government-related entities, clarifies and simplifies the definition of a related party and requires the disclosure not only of the relationships, transactions and outstanding balances between related parties, but of commitments as well in both the consolidated and the individual financial statements. The Group has applied these changes from 1 January 2011.

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

• IFRS 7 (Amendment) "Financial Instruments: Disclosures" transfers of financial assets (effective for annual periods beginning on or after 1 July 2011). This amendment sets out disclosure requirements for transferred financial assets not derecognised in their entirety as well as on transferred financial assets derecognised in their entirety but in which the reporting entity has continuing involvement. It also provides guidance on applying the disclosure requirements. This amendment has not yet been endorsed by the EU
• IFRS 9 'Financial Instruments' (effective for annual periods beginning on or after 1 January 2013). IFRS 9 is the first Phase of the Board's project to replace IAS 39 and deals with the classification and measurement of financial assets and financial liabilities. The IASB intends to expand IFRS 9 in subsequent phases in order to add new requirements for impairment and hedge accounting. The Group is currently investigating the impact of IFRS 9 on its financial statements. The Group cannot currently early adopt IFRS 9 as it has not been endorsed by the EU. Only once approved will the Group decide if IFRS 9 will be adopted prior to 1 January 2013.
• IFRS 13 'Fair value measurement' (effective for annual periods beginning on or after 1 January 2013). IFRS 13 provides new guidance on fair value measurement and disclosure requirements. These requirements do not extend the use of fair value accounting but provide guidance on how it should be applied where its use is already required or permitted by other standards within IFRSs. IFRS 13 provides a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across IFRSs. Disclosure requirements are enhanced and apply to all assets and liabilities measured at fair value, not just financial ones. This standard has not yet been endorsed by the EU.
• Group of standards on consolidation and joint arrangements (effective for annual periods beginning on or after 1 January 2013)

The IASB has published five new standards on consolidation and joint arrangements: IFRS 10, IFRS 11, IFRS 12, IAS 27 (amendment) and IAS 28 (amendment). These standards are effective for annual periods beginning on or after 1 January 2013. Earlier application is permitted only if the entire "package" of five standards is adopted at the same time. These standards have not yet been endorsed by the EU. The Group is in the process of assessing the impact of the new standards on its consolidated financial statements. The main provisions are as follows:

• IFRS 10 "Consolidated Financial Statements". IFRS 10 replaces all of the guidance on control and consolidation in IAS 27 and SIC 12. The new standard changes the definition of control for the purpose of determining which entities should be consolidated. This definition is supported by extensive application guidance that addresses the different ways in which a reporting entity (investor) might control another entity (investee). The revised definition of control focuses on the need to have both power (the current ability to direct the activities that significantly influence returns) and variable returns (can be positive, negative or both) before control is present. The new standard also includes guidance on participating and protective rights, as well as on agency/ principal relationships.
• IFRS 11 "Joint Arrangements". IFRS 11 provides for a more realistic reflection of joint arrangements by focusing on the rights and obligations of the arrangement, rather than its legal form. The types of joint arrangements are reduced to two: joint operations and joint ventures. Proportional consolidation of joint ventures is no longer allowed. Equity accounting is mandatory for participants in joint ventures. Entities that participate in joint operations will follow accounting much like that for joint assets or joint operations today. The standard also provides guidance for parties that participate in joint arrangements but do not have joint control.
• IFRS 12 "Disclosure of Interests in Other Entities". IFRS 12 requires entities to disclose information, including significant judgments and assumptions, which enable users of financial statements to evaluate the nature, risks and financial effects associated with the entity's interests in

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

subsidiaries, associates, joint arrangements and unconsolidated structured entities. An entity can provide any or all of the above disclosures without having to apply IFRS 12 in its entirety, or IFRS 10 or 11, or the amended IAS 27 or 28.

• IAS 27 (Amendment) "Separate Financial Statements". This Standard is issued concurrently with IFRS 10 and together, the two IFRSs supersede IAS 27 "Consolidated and Separate Financial Statements". The amended IAS 27 prescribes the accounting and disclosure requirements for investment in subsidiaries, joint ventures and associates when an entity prepares separate financial statements. At the same time, the Board relocated to IAS 27 requirements from IAS 28 "Investments in Associates" and IAS 31 "Interests in Joint Ventures" regarding separate financial statements.
• IAS 28 (Amendment) "Investments in Associates and Joint Ventures". IAS 28 "Investments in Associates and Joint Ventures" replaces IAS 28 "Investments in Associates". The objective of this Standard is to prescribe the accounting for investments in associates and to set out the requirements for the application of the equity method when accounting for investments in associates and joint ventures, following the issue of IFRS 11.
• b) The following amendments to standards and interpretations to existing standards are mandatory for the Group's accounting periods beginning on or after 1 January 2011 or later periods, but without any significant impact to the Group's operations:
• IAS 32 (Amendment) 'Financial Instruments: Presentation'
• IFRIC 13 Customer Loyalty Programmes
• IFRIC 14 (Amendment) 'The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction'
• IFRIC 19 "Extinguishing Financial Liabilities with Equity Instruments"
• Amendments to standards were issued in May 2010 following the publication of the results of the IASB's 2010 annual improvements project. The effective dates vary by standard, but most are effective for annual periods beginning on or after 1 January 2011. The amendments will not have a material impact on the Group's financial statements.
• c) The following amendment to standards is mandatory for the Group's accounting periods beginning on or after 1 January 2011 or later periods but is not applicable to the Group:
• IAS 12 (Amendment) 'Income Taxes'(effective for annual periods beginning on or after 1 January 2012). This amendment has not yet been endorsed by the EU.

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

3.ANALYSIS BY INDUSTRY SEGMENT

All critical operating decisions are made by the Group's Executive Committee. This committee reviews the Company's internal reporting in order to assess performance and allocate resources. Management has determined the operating segments based on these reports. The committee considers the business from a number of measures which may vary depending on the nature and evolution of a business segment by taking into account the risk profile, cash flow, product and market considerations. Information on the Group's operating segments is as follows:

		Ex	lor ion & at p	Pe tro	Ga s
	f in ing Re	ing M ke t ar	ion Pr du ct o	ica he ls c m	& Po we r	O he t r	-Se In ter nt g me	To l ta
Pe io d e de d 3 1 M h 2 0 1 1 r n ar c
les Sa	2. 2 8 7. 7 6 2	1. 0 1 0. 1 1 2	-	9 7. 3 3 1	-	5. 4 7 4	( ) 9 8 1. 1 9 8	2. 4 1 9. 4 8 1
Ot he ing inc / ( ) - t t r o p era om e exp en se ne	1. 0 6 8	7. 4 8 5	-	7 3 1	-	4 2	-	9. 3 2 6
( ) Op ing f it / los t era p ro s	1 1 8. 7 2 1	3. 7 4 3	( 1. 7 7 3 )	1 3. 8 0 4	( 6 7 )	( 6. 9 8 1 )	-	1 2 7. 4 4 7
ha ins / ( los ) Cu rre nc y ex c ng e g a ses	2 5. 3 3 8	1. 3 9 9	-	-	-	8 6	-	2 6. 8 2 3
Pr f it be for ha f n lt o f a iat & f ina e t et ost o ax s re o res u sso c es nc e c s ,	1 4 4. 0 5 9	5. 1 4 2	( 1. 3 ) 7 7	1 3. 8 0 4	( 6 ) 7	( 6. 8 9 5 )	-	1 5 4. 2 0 7
ha f n lt o f a iat d d iv i de d inc S et re o res u sso c es an n om e	-	-	-	-	-	-	2 4. 4 9 1	2 4. 4 9 1
Pr f it a fte iat o r a sso c es	1 4 4. 0 9 5	1 4 2 5.	( 1. 3 ) 7 7	1 3. 8 0 4	( 6 ) 7	( 6. 8 9 ) 5	2 4. 4 9 1	1 8. 6 1 7 7
ina ( ) / inc F t nc e exp en se om e - ne								( ) 1 6. 5 5 8
Pr f it be for inc e t o e om ax								1 6 2. 2 0 3
Inc e t om ax exp en se								( ) 4 0. 4 2 0
l ica b le l l ing int Inc to tro sts om e a p p no n-c on ere								( 2. 8 1 ) 7
Pr f it for he io d a i bu b le he f t he t ttr ta to t t o p er ow ne rs o p ar en								1 1 8. 9 6 6

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

	Re f in	M ke t	Ex lor ion & at p Pr du ion ct	Pe tro he ica ls	& Po Ga s	O he t	In -Se ter nt	To l ta
Pe io d e de d 3 1 M h 2 0 1 0 r n ar c	ing	ing ar	o	c m	we r	r	g me
Sa les	1. 9 6 0. 8 9 2	8 5 1. 8 4 3	6 6 0	8 0. 0 7 8	5 3 3	5. 3 3 0	( 7 6 5. 1 1 4 )	2. 1 3 4. 2 2 2
he ing inc / ( ) - Ot t t r o p era om e exp en se ne	2. 6 5 1	7. 6 5 4	-	6 9 3	-	( ) 8 1	-	1 0. 9 1 7
Op ing f it / ( los ) t era p ro s	1 0 4. 2 3 7	1 8. 9 3 1	( ) 1 2. 7 1 4	4. 2 4 7	2 1 4	( ) 3. 1 9 9	( ) 0	1 1 1. 7 1 6
ha ins / ( los ) Cu rre nc y ex c ng e g a ses	( ) 2 0. 0 3 1	( ) 2. 2 1 9	-	-	-	1 3 4	-	( ) 2 2. 1 1 6
f it for f n f a iat & f ina Pr be e t ha et lt o ost o ax s re o res u sso c es nc e c s ,	8 4. 2 0 6	1 6. 7 1 2	( 1 2. 7 1 4 )	4. 2 4 7	2 1 4	( 3. 0 6 5 )	( 0 )	8 9. 6 0 0
S ha f n lt o f a iat d d iv i de d inc et re o res sso c es an n om e u	-	-	-	-	-	-	1 1. 6 8 1	1 1. 6 8 1
f it a fte iat Pr o r a sso c es	8 4. 2 0 6	1 6. 7 1 2	( 1 2. 7 1 4 )	4. 2 4 7	2 1 4	( 3. 0 6 5 )	1 1. 6 8 1	1 0 1. 2 8 1
F ina ( ) / inc t nc e exp en se om e - ne								( 1 3. 2 3 8 )
Pr f it be for inc e t o e om ax								8 8. 0 4 2
Inc e t om ax exp en se								( 4 3. 4 4 9 )
l ica b le l l ing int Inc to tro sts om e a p p no n-c on ere								( ) 1. 7 8 8
f it for io i f t Pr t he d a ttr bu ta b le to t he he t o p er ow ne rs o p ar en								4 2. 8 0 5

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

The segment assets and liabilities at 31 March 2011 are as follows:

			Ex lor ion & at p	Pe tro	& Po Ga s
	Re f in ing	M ke ing t ar	Pr du ion ct o	he ica ls c m	we r	O he t r	In -Se ter nt g me	To l ta
l a To ta ts sse	0 9 1. 2 6 2 5.	1. 6 0 8. 2 3 5	3. 4 2 2	2 8 2. 8 9 3	3. 2 9 3 5 7	1. 8 8 3. 1 9 5	( 2. 2 0 6. 0 8 8 )	2 3 6. 0 0 7. 5
in iat Inv est nts me ass oc es	9. 1 5 5	2 5 5	-	3. 4 3 0	2. 1 0 5 7 5	-	-	8 5 5. 5 7 5
l l ia b i l it ies To ta	2. 8 8 9. 4 9 7	8 9 3. 6 8 7	6 1 9	1 8 1. 9 6 5	1 3 7	1. 1 4. 6 3 7 7	( 1. 0 0 9. 2 1 0 )	4. 6 1. 1 8 8 7
Ne t a ts sse	2. 2 0 1. 8 3 7	1 4. 7 7 5 5	2. 8 0 3	1 0 1. 2 9 6	3. 1 2 0 5 7	1 6 8. 4 3 2	( 1. 1 9 6. 8 ) 7 7	2. 6 3 1 2 5 5.
Ca ita l e d itu p xp en re	8 6. 9 3 6	2. 9 0 8	-	7 4 6	-	1 0	-	9 0. 6 0 0
De iat ion & Am isa ion ort t p rec	1 8. 0 9 3	1 5. 2 3 2	6 1	4. 2 0 8	-	1 1 8	-	3 7. 7 1 2

The segment assets and liabilities at 31 December 2010 are as follows:

			Ex lor ion & at p	Pe tro	& Po Ga s
	Re f in ing	M ke ing t ar	Pr du ion ct o	he ica ls c m	we r	O he t r	In -Se ter nt g me	To l ta
l a To ta ts sse	4. 2 9. 8 1 8 7	1. 6 3 1. 4 1 3	8 2 5	2 8 4. 8 5 5	4 8. 1 1 9 5	1. 9 8 3 6 7 5.	( 2. 1 2 8. 6 1 ) 5	6. 8 6 1. 9 2 7
in iat Inv est nts me ass oc es	9. 3 9 2	9 0 7	-	3. 0 8 5	4 0 9 3 5 7.	-	-	6 0. 8 3 5 7
l l ia b i l it ies To ta	2. 3 5 5 5. 7 7	9 1 2. 9 2 8	6 3 7	1 9 4. 8 3 7	( 1 )	1. 6 2 6 6 4 7.	( 9 6 1. 0 3 4 )	4. 3 3 0. 3 4 5
Ne t a ts sse	2. 1 4. 4 4 1 7	1 8. 4 8 4 7	2 1 5	8 9. 8 0 2	4 8. 1 2 0 5	1 6 8. 1 2 7	( 1. 1 6 6 1 6 ) 7.	2. 3 1. 6 1 8 5
Ca ita l e d itu en re p xp	6 1 3 8 7 5.	2 8. 0 4 4	-	6. 0 3 5	-	1 2 1	-	0 9. 3 3 8 7
iat ion & Am isa ion De ort t rec p	4. 6 1 9 7	6 4. 0 9 9	6 8 2	1 6. 9 3 8	-	4 6 5	-	1 6. 9 4 5 7

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

4. SELLING, DISTRIBUTION AND ADMINISTRATIVE EXPENSES

		For the three month period ended
	31 March 2011	31 March 2010
Selling and distribution expenses	75.173	79.991
Administrative expenses	32.805	33.251
	107.978	113.242

5. OTHER OPERATING (EXPENSES) / INCOME – NET

Other operating (expenses) / income – net include amongst other items income or expenses which do not represent trading activities of the Group. Also included in Other Operating (Expenses) / Income are gains / (losses) from derivative positions as further explained in note 20.

6. FINANCE (EXPENSES)/INCOME – NET

	For the three month period ended
	31 March 2011	31 March 2010
Interest income	5.219	6.562
Interest expense and similar charges	(20.089)	(19.800)
Accrued Interest	(1.688)	-
Finance (expenses)/income -net	(16.558)	(13.238)

7. CURRENCY EXCHANGE GAINS / (LOSSES)

Currency exchange gains of €27 million for the three-month period to 31 March 2011 are mostly driven by markedto-market gains on US\$ denominated loans, due to the strengthening of the Euro against the US\$ taking place during the period, which were partly set off by net realized and unrealized losses of €8 million from the translation of trade payables and receivables balances. The Group opts to borrow funds in US\$ in order to finance the acquisition of US\$ denominated crude oil stocks.

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

8. SHARE OF NET RESULT OF ASSOCIATES AND DIVIDEND INCOME

The amounts represent the net result from associated companies accounted for on an equity basis as well as dividend income from investments which are not consolidated.

	For the three month period ended
	31 March 2011	31 March 2010
Public Natural Gas Corporation of Greece (DEPA)	24.307	14.196
Artenius A.E.	(78)	(404)
ELPEDISON B.V.	101	(2.130)
Other associates and dividend income	161	19
Total	24.491	11.681

An alternative analysis of DEPA Group included in the share of net result of associates is:

		For the three month period ended
	31 March 2011	31 March 2010
EBITDA	35.521	25.636
Income before Tax	31.255	18.461
Income Tax	(6.948)	(4.265)
Net income	24.307	14.196

9. INCOME TAXES

On 31 March 2011 a new tax law was enacted in Greece. The new tax law introduced certain amendments in the corporate income tax legislation as is the reduction of the Greek statutory tax rate to 20% for accounting years starting as of 1 January 2011 onwards (the previous tax law stipulated that the income tax rate was 24% for 2010 and that it would be gradually reduced to 23% for 2011, 22% for 2012, 21% for 2013 and 20% for 2014 onwards). The effect of the change in tax rates resulted in lower current tax (owing to reduced tax rate from 23% to 20%), but also to increased deferred income taxes due to the rebasing of the deferred tax position.

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

10. EARNINGS PER SHARE

Diluted earnings per ordinary share are not presented, as they are not materially different from basic earnings per share.

Basic earnings per share are calculated by dividing the net profit attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the period.

	For the three month period ended
	31 March 2011	31 March 2010
Earnings per share attributable to the Company Shareholders (expressed in Euro per share):	0,39	0,14
Net income attributable to ordinary shares (Euro in thousands)	118.966	42.805
Average number of ordinary shares outstanding	305.635.185	305.635.185

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

11. PROPERTY, PLANT AND EQUIPMENT

					Furniture	Assets
			Plant &	Motor	and	Under Con
	Land	Buildings	Machinery	vehicles	fixtures	struction	Total
Cost
As at 1 January 2010	275.387	536.242	2.100.284	76.340	116.323	722.488	3.827.064
Additions	28	587	925	115	2.045	93.358	97.058
Capitalised projects	145	4.189	6.206	4.632	302	(15.474)	-
Disposals	-	-	(5.969)	(90)	(227)	-	(6.286)
Currency translation effects	(411)	(1.756)	(776)	(4)	(33)	(172)	(3.152)
Transfers and other movements	-	-	1.236	-	-	(1.141)	95
As at 31 March 2010	275.149	539.262	2.101.906	80.993	118.410	799.059	3.914.779
Accumulated Depreciation
As at 1 January 2010	-	267.353	1.321.314	33.188	90.450	-	1.712.305
Charge for the period	-	5.482	24.359	1.163	2.318	-	33.322
Disposals	-	-	(5.546)	(90)	(213)	-	(5.849)
Currency translation effects	-	(450)	(473)	(59)	28	-	(954)
Transfers and other movements	-	(166)	513	-	-	-	347
As at 31 March 2010	-	272.219	1.340.167	34.202	92.583	-	1.739.171
Net Book Value at 31 March 2010	275.149	267.043	761.739	46.791	25.827	799.059	2.175.608
Cost
As at 1 April 2010	275.149	539.262	2.101.906	80.993	118.410	799.059	3.914.779
Additions	608	2.181	7.695	945	4.385	595.436	611.250
Finalisation of PPA of BP Hellas	-	(2.001)	-	-	-	-	(2.001)
Capitalised projects	106	13.369	42.472	147	6.612	(62.706)	-
Disposals	-	(7.093)	(6.875)	(107)	(1.550)	(6.849)	(22.474)
Currency translation effects	(536)	(1.959)	(370)	2	4	(133)	(2.992)
Transfers and other movements	144	3.582	(3.543)	110	32	(4.763)	(4.438)
As at 31 December 2010	275.471	547.341	2.141.285	82.090	127.893	1.320.044	4.494.124
Accumulated Depreciation
As at 1 April 2010	-	272.219	1.340.167	34.202	92.583	-	1.739.171
Charge for the period	-	17.105	73.233	3.459	8.152	-	101.949
Disposals Currency translation effects	- -	(6.828) (215)	(5.823) (219)	(83) 11	(1.484) (1)	-	(14.218) (424)
Transfers and other movements	-	107	(904)	55	(107)	-	(849)
As at 31 December 2010	-	282.388	1.406.454	37.644	99.143	-	1.825.629
Net Book Value at 31 December 2010	275.471	264.953	734.831	44.446	28.750	1.320.044	2.668.495
Cost
As at 1 January 2011	275.471	547.341	2.141.285	82.090	127.893	1.320.044	4.494.124
Additions	112	196	893	18	271	89.087	90.577
Capitalised projects	-	881	7.790	5	1.279	(9.955)	-
Disposals Transfers and other movements	- 128	(2.602) 511	(523) 29	(276) (6)	(231) (13)	- (5.314)	(3.632) (4.665)
As at 31 March 2011	275.711	546.327	2.149.474	81.831	129.199	1.393.862	4.576.404
Accumulated Depreciation
As at 1 January 2011	-	282.388	1.406.454	37.644	99.143	-	1.825.629
Charge for the period	-	5.290	23.738	1.120	2.652	-	32.800
Disposals	-	(2.602)	(254)	(276)	(228)	-	(3.360)
Currency translation effects	-	28	(1)	(4)	(13)	-	10
Transfers and other movements	-	-	-	31	-	-	31
As at 31 March 2011	-	285.104	1.429.937	38.515	101.554	-	1.855.110
Net Book Value at 31 March 2011
	275.711	261.223	719.537	43.316	27.645	1.393.862	2.721.294

During the period an amount of € 9,6 million in respect of interest has been capitalized in relation to Assets under Construction, at an average borrowing rate of 2,8%.

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

12. INTANGIBLE ASSETS

		Computer	Licences &
	Goodwill	software	Rights	Other	Total
Cost
As at 1 January 2010	139.005	67.938	32.431	103.712	343.086
Additions	-	79	-	22	101
Currency translation effects and other movements	-	(14)	536	(183)	339
As at 31 March 2010	139.005	68.003	32.967	103.551	343.526
Accumulated Amortisation
As at 1 January 2010	71.829	63.466	15.237	8.505	159.037
Charge for the period	-	453	515	3.690	4.658
Currency translation effects and other movements	-	76	(582)	584	78
As at 31 March 2010	71.829	63.995	15.170	12.779	163.773
Net Book Value at 31 March 2010	67.176	4.008	17.797	90.772	179.753
Cost
As at 1 April 2010	139.005	68.003	32.967	103.551	343.526
Additions	-	851	-	78	929
Write offs fully depreciated	-	-	-	(4.611)	(4.611)
Finalisation of PPA of BP Hellas	-	-	-	(4.044)	(4.044)
Disposals	-	(3)	-	-	(3)
Currency translation effects and other movements	-	3.153	(431)	2.581	5.303
As at 31 December 2010	139.005	72.004	32.536	97.555	341.100
Accumulated Amortisation
As at 1 April 2010	71.829	63.995	15.170	12.779	163.773
Additions	-	3.401	1.613	11.851	16.865
Write offs fully depreciated	-	-	-	(4.611)	(4.611)
Disposals	-	(3)	-	-	(3)
Currency translation effects and other movements	-	(656)	584	-	(72)
As at 31 December 2010	71.829	66.737	17.367	20.019	175.952
Net Book Value at 31 December 2010	67.176	5.267	15.169	77.536	165.148
Cost
As at 1 January 2011	139.005	72.004	32.536	97.555	341.100
Additions	-	18	-	5	23
Currency translation effects and other movements	-	5.058	-	1.413	6.471
As at 31 March 2011	139.005	77.080	32.536	98.973	347.594
Accumulated Amortisation
As at 1 January 2011	71.829	66.737	17.367	20.019	175.952
Charge for the period	-	609	388	3.915	4.912
Currency translation effects and other movements	-	3	36	-	39
As at 31 March 2011	71.829	67.349	17.791	23.934	180.903
Net Book Value at 31 March 2011	67.176	9.731	14.745	75.039	166.691

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

13. LOANS ADVANCES AND OTHER RECEIVABLES

	As at
	31 March 2011	31 December 2010
Loans and advances	18.800	18.850
Other long term assets	102.324	104.604
Total	121.124	123.454

14. INVENTORIES

	As at
	31 March 2011	31 December 2010
Crude oil	926.430	706.237
Refined products and semi-finished products	850.439	791.958
Petrochemicals	41.973	34.598
Consumable materials and other spare parts	62.476	67.832
Total	1.881.318	1.600.625

15. TRADE AND OTHER RECEIVABLES

	As at
	31 March 2011	31 December 2010
Trade receivables	668.813	532.509
Other receivables	396.838	361.548
Derivatives held for trading (Note 20)	20.738	12.715
Deferred charges and prepayments	30.158	32.065
Total	1.116.547	938.837

16. CASH AND CASH EQUIVALENTS

	As at
	31 March 2011	31 December 2010
Cash at Bank and in Hand	330.867	396.709
Short term bank deposits	101.535	199.048
Total	432.402	595.757

Cash equivalents comprise of short-term deposits (relating to periods, of less than three months). Such deposits depend on the immediate cash requirements of the Group.

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

17. SHARE CAPITAL

	Number of Shares (authorised and issued)	Share Capital	Share premium	Total
As at 1 January 2010 & 31 December 2010	305.635.185	666.285	353.796	1.020.081
As at 31 March 2011	305.635.185	666.285	353.796	1.020.081

All ordinary shares were authorised, issued and fully paid. The nominal value of each ordinary share is €2,18 (31 December 2010: €2,18).

Share options

During the AGM of Hellenic Petroleum S.A. held on 25 May 2005, a new share option scheme was approved, based on years 2005 – 2007, with the intention to link the number of share options granted to employees with the results and performance of the Company and its management. The AGM of Hellenic Petroleum S.A of 31 May 2006 has approved and granted stock options for the year 2005 of 272.100 shares. Τhe AGM of 17 May 2007 has approved and granted stock options for the year 2006 of 408.015 shares. The AGM of 14 May 2008 has approved and granted stock options for the year 2007 of 385.236 shares and extended the scheme for an additional base year, namely 2008. The AGM of 3 June 2009 has approved and granted stock options for the year 2008 of 1.704.716 shares and extended the scheme for 2009. The vesting period is 1 November to 5 December of the years 2008 – 2012, 2009 – 2013, 2010 – 2014 and 2011 – 2015 for each of the base years 2005, 2006, 2007 and 2008 respectively.

Following the Board Decision of 27 April 2010, the AGM of Hellenic Petroleum held on 2 June 2010 approved the non – granting of any stock options for the year 2009, as a result of the adverse macroeconomic environment and extended the scheme for an additional base year, 2010, for which the vesting period will commence in 2012. The total number of stock options approved during the original AGM of 25 May 2005 has not been altered by the subsequent extensions to the scheme.

Since the vesting period is 1 November to 5 December of each respective year, no stock options were exercised during the three month period ended 31 March 2011, or the comparative period of the previous year. Moreover, no stock options have been exercised to date, due to the negative relationship between the exercise price and the share market price during the respective vesting periods. Stock based compensation expense was immaterial for the three month periods ended 31 March 2011 and 2010.

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

18. RESERVES

	Share-based
	Statutory reserve	Special reserves	Hedging reserve	payment reserve	Tax reserves	Other Reserves	Total
Balance at 1 January 2010	100.664	98.420	(29.054)	1.166	342.709	(8.066)	505.839
Cash Flow hedges (Note 20)
-Fair value gains / (losses) on cash flow hedges	-	-	(34.759)	-	-	-	(34.759)
-De-recognition of 2011 hedges	-	-	9.571	-	-	-	9.571
Share-based payments	-	-	-	1.352	-	-	1.352
Transfer from retained earnings (Law 3299/04)	-	-	-	-	8.613	-	8.613
Transfer to statutory reserves	8.306	-	-	-	-	-	8.306
Fair value gains on available-for-sale financial assets	-	-	-	-	-	44	44
Translation exchange differences	-	-	-	-	-	1.100	1.100
Balance at 31 December 2010	108.970	98.420	(54.242)	2.518	351.322	(6.922)	500.066
Cash Flow hedges (Note 20)
Fair value gains / (losses) on cash flow hedges (Note 20)	-	-	(88.355)	-	-	-	(88.355)
Translation exchange differences	-	-	-	-	-	217	217
As at 31 March 2011	108.970	98.420	(142.597)	2.518	351.322	(6.705)	411.927

Statutory reserves

Under Greek law, corporations are required to transfer a minimum of 5% of their annual net profit as reflected in their statutory books to a statutory reserve until such reserve equals one third of outstanding share capital. This reserve cannot be distributed during the existence of the corporation, but can be used to offset accumulated losses.

Special reserves

Special reserves primarily relate to reserves arising from tax revaluations which have been included in the holding company accounts in accordance with the relevant legislation in prior years.

Tax-free reserves

Tax-free reserves include:

• (i) Tax reserves are retained earnings which have not been taxed with the prevailing corporate income tax rate as allowed by Greek law under various statutes. Certain of these retained earnings will become liable to tax at the rate prevailing at the time of distribution to shareholders or conversion to share capital. Distributions to shareholders and conversions to share capital are not normally anticipated to be made through these reserves.
• (ii) Partially taxed reserves are retained earnings, which have been taxed at a rate less than the corporate tax rate as allowed by Greek law. Certain of these retained earnings will be subject to the remaining tax up to the corporate tax rate prevailing at the time of distribution to shareholders or conversion to share capital.

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

19. BORROWINGS

	As at
	31 March 2011	31 December 2010
Non-current borrowings
Bank borrowings	1.112.206	1.127.878
Total non-current borrowings	1.112.206	1.127.878
Current borrowings
Short term loans	1.693.040	1.297.103
Total current borrowings	1.693.040	1.297.103
Total borrowings	2.805.246	2.424.981

Hellenic Petroleum Finance plc (HPF) was established in November 2005 in the U.K. and is a wholly-owned subsidiary of Hellenic Petroleum S.A. The company acts as the central treasury vehicle of the Hellenic Petroleum Group and its activities include the financing of the Group companies.

On 18 April 2006 the Company concluded a €300 million syndicated 364-day multi-currency revolving credit facility agreement with the guarantee of the Parent Company. The facility had an extension option for a further 364 day period which was exercised in 2007 and consequently the maturity date was extended to 15 April 2008. In April 2008, the facility was extended for a further 364 day period until 14 April 2009 and the facility amount was increased to €400 million. Subsequently the facility was extended as follows, each time for a further 364-day period: a) in April 2009 it was extended to 13 April 2010, b) in April 2010 it was extended to 12 April 2011 and c) in April 2011 it was extended to 10 April 2012. The Euro equivalent of the total amount outstanding under the facility at 31 March 2011 was €397 million (31 December 2010: €285 million).

On 2 February 2007 the Company signed a syndicated credit facility agreement of US\$ 1,180 million with a maturity of five years and two 364-day extension options exercisable prior to the first and the second anniversary of the facility. A total of fifteen Greek and international financial institutions have participated in the facility. The facility is guaranteed by the Parent Company and comprises of fixed term borrowings and revolving credit. In 2007 the Company exercised the first extension option of the facility to mature on 31 January 2013 to which all participating financial institutions have consented, except for one bank whose participation amounted to US\$ 20 million. The Company did not exercise the second extension option. The Euro equivalent of the total amount outstanding under the facility at 31 March 2011 was €834 million (31 December 2010: €875 million), of which short term revolving loans amounted to €470 million (31 December 2010: €499 million).

On 9 December 2009, the Company concluded a syndicated €250 million credit facility agreement with a maturity of three years and the possibility to increase the amount up to €350 million after syndication of the facility in the secondary market. On 11 February 2010 following successful syndication in the secondary market the credit facility amount was increased to €350 million. The facility is guaranteed by the Parent Company. The proceeds of the facility have been used to finance the acquisition of Hellenic Fuels S.A. (former BP Hellas S.A.) by Hellenic Petroleum International A.G. which is 100% owned by the Parent Company. The outstanding balance of the facility amounted to €350 million as at 31 March 2011 (31 December: €350million).

The total balance of HPF's bank borrowings as at 31 March 2011 amounted to the equivalent of € 1,6 billion. The proceeds of the aforementioned facilities have been used to provide loans to other Group companies.

On 26 May 2010, Hellenic Petroleum S.A. signed two loan agreements with the European Investment Bank for a total amount of €400 million (€200 million each). The loans have a maturity of 12 years. The purpose of the loans is to finance part of the investment programme relating to the upgrade of Elefsina Refinery. As at 31 March 2011, the outstanding loan balance amounted to €400 million.

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

The Group subsidiaries also have loans with various banks to cover their local financing needs. As at 31 March 2011, the outstanding loan balance amounted to approximately €0,8 billion.

20. FAIR VALUES OF DERIVATIVE FINANCIAL INSTRUMENTS

Derivatives held for trading

In the context of managing risk resulting from the volatility in the inventory values of products and crude oil, the Group enters into derivative contracts. To the extent that these contracts are not designated as hedges, they are categorized as derivatives held-for-trading. The fair value of derivatives held-for-trading is recognized on the statement of financial position in "Trade and other debtors" and "Trade and other payables" if the maturity is less than 12 months and in "Loans, advances and other receivables" and "Other long term liabilities" if the maturity is more than 12 months. Changes in the fair value of these derivatives are charged to the Statement of comprehensive income either within Other (expenses)/income or Cost of sales. The instruments used for this risk management include commodity exchange traded contracts (ICE futures), full refinery margin forwards, product price forward contracts or options.

As part of managing operating and price risk, the Group engages in derivative transactions with 3rd parties with the intention of matching physical positions and trades or close proxies thereof and are therefore considered an integral part of "Cost of Sales". For the three months ended 31 March 2011 the amounts attributable to such derivatives were €7.410 loss (31 March 2010: €1.228 gain) included in "Cost of Sales".

In certain cases it may not be possible to achieve a fully matched position, in which case the impact can not be considered as a "Cost of Sales" component. The result from such derivative positions for the three-month period ended 31 March 2011 was €2.037 loss (31 March 2010: € 1.104 gain) and is shown under "Other operating (expenses) / income – net".

Derivatives designated as cash flow hedges

The Group uses derivative financial instruments to manage certain exposures to fluctuations in commodity prices. In this framework, the Group has entered into a number of commodity price swaps which have been designated by the Group as cash flow hedges, have been evaluated and proven to be highly effective, and in this respect, any changes in their fair value are recorded within Equity. Τhe fair value of the Commodity swaps at the end of the reporting period was recognised in "Long term derivatives", while changes in their fair value are recorded in reserves as long as the forecasted purchase of inventory is highly probable and the cash flow hedge is effective as defined in IAS 39.

When certain of the forecasted transactions cease to be highly probable, they are de-designated from cash flow hedges at which time amounts charged to reserves are transferred to the statement of comprehensive income within "other income/expense". For the three months to 31 March 2011 amounts transferred to the statement of comprehensive income for de-designated hedges amounted to €2.386 gain (31 March 2010: €569 gain) which relate to projected transactions for the Elefsina refinery upgrade in 2011. The remaining cash flow hedges are highly effective and the movement in the fair value of these derivatives, amounting to a loss of €88.355 net of tax (31 March 2010: €38 loss, net of tax), was transferred to the "Hedging Reserve".

The Group's maximum credit risk exposure for each derivative instrument at the reporting date is the fair value of the derivative assets and liabilities in the Statement of the financial position.

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

	31 March 2011		31 December 2010
	Assets	Liabilities	Assets	Liabilities
Derivatives held for trading
Commodity derivatives:
Commodity swaps	20.738	64.903	12.715	24.003
	20.738	64.903	12.715	24.003
Total held for trading	20.738	64.903	12.715	24.003
Derivatives designated as cash flow hedges
Commodity swaps	-	140.116	-	66.296
Total cash flow hedges	-	140.116	-	66.296
Total	20.738	205.019	12.715	90.299
Non-current portion
Commodity swaps	-	140.116	-	66.296
	-	140.116	-	66.296
Current portion
Commodity swaps (Notes 15, 22)	20.738	64.903	12.715	24.003
	20.738	64.903	12.715	24.003
Total	20.738	205.019	12.715	90.299

21. PROVISIONS AND OTHER LIABILITIES

	As at
	31 March 2011	31 December 2010
Government grants	23.157	24.084
Litigation provisions	5.215	5.761
Leased petrol stations	7.573	7.969
Other provisions	15.239	12.095
Total	51.184	49.909

Government grants

Government grants related to amounts received by the Greek State under investment legislation for the purpose of developing asset.

Environmental costs

No material provision for environmental restitution is included in the accounts as the Company has a policy of immediately addressing identified environmental issues.

Leased petrol stations

These are obligations arising from long term operating leases for petrol stations.

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

Other provisions

Amounts included in other provisions and long term liabilities relate to sundry operating items and risks arising from the Group's ordinary activities.

22. TRADE AND OTHER PAYABLES

	As at
	31 March 2011	31 December 2010
Trade payables	1.181.246	1.358.885
Accrued Expenses & Deferred Income	47.470	18.520
Derivatives (Note 20)	64.903	24.003
Other payables	44.430	71.304
Total	1.338.049	1.472.712

23. CASH GENERATED FROM OPERATIONS

		For the three month period ended
	Note	31 March 2011	31 March 2010
Profit before tax		162.203	88.042
Adjustments for:
Depreciation and amortisation of property, plant and
equipment and intangible assets	11,12	37.712	37.980
Amortisation of grants		(928)	(967)
Finance costs - net	6	16.558	13.238
Share of operating profit of associates & dividends	8	(24.491)	(11.681)
Provisions		13.039	13.064
Foreign exchange (gains) / losses		(26.823)	22.116
Loss on sales of fixed assets		185	380
		177.455	162.172
Changes in working capital
Increase in inventories		(283.838)	(70.765)
Increase in trade and other receivables		(182.460)	(178.887)
Decrease in payables		(179.715)	(293.678)
		(646.013)	(543.330)
Net cash used in operating activities		(468.558)	(381.158)

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

24. RELATED PARTY TRANSACTIONS

Included in the Income Statement are proceeds, costs and expenses, which arise from transactions between the Group and related parties. Such transactions mainly comprise of sales and purchases of goods and services in the ordinary course of business and in total amounted to:

	For the three month period ended
	31 March 2011	31 March 2010
Sales of goods and services to related parties	94.292	90.647
Purchases of goods and services from related parties	11.945	10.311
	106.237	100.958
	As at
	31 March 2011	31 December 2010
Balances due to related parties	289.378	301.402
Balances due from related parties	60.095	196.167
	349.473	497.569
	For the three month period ended 31 March 2011 31 March 2010

Charges for directors remuneration 681 1.006

All transactions with related parties are conducted under normal trading and commercial terms on an arm's length basis.

Transactions and balances with related parties are in respect of the following:

• a) Parties which are under common control with the Group due to the shareholding and control rights of the Hellenic State:
• Public Power Corporation Hellas S.A.
• Hellenic Armed Forces
• b) Financial institutions which are under common control with the Group due to the shareholding and control rights of the Hellenic State. The Group had loans amounting to the equivalent of € 677 million as at 31 March 2011 (31 December 2010: equivalent of €408 million) which represent loan balances due to the following related financial institutions:
• National Bank of Greece S.A.
• Agricultural Bank of Greece S.A.
• c) Joint ventures with other third parties:
• Melrose- Kuwait Energy
• STPC Sea of Thrace
• d) Associates of the Group which are consolidated under the equity method:
• Athens Airport Fuel Pipeline Company S.A. (EAKAA)
• Public Gas Corporation of Greece S.A. (DEPA)
• Artenius S.A.
• Elpedison B.V.
• Elpe Thraki S.A.

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

• Spata Aviation Fuel Company S.A. (SAFCO)
• e) Financial institutions in which substantial interest is owned by parties which hold significant participation in the share capital of the Group. The Group had loans amounting to the equivalent of € 647 million as at 31 March 2011 (31 December 2010: equivalent of € 580 million) with the following related financial institutions:
• EFG Eurobank Ergasias S.A.
• f) Enterprises in which substantial interest is owned by parties which hold significant participation in the share capital of the Group.
• Private Sea Marine Services (ex Lamda Shipyards)

25. COMMITMENTS

Total capital commitments for the Group amount to € 597 million (31 December 2010: €559 million), of which €433 million relate to the major upgrade projects in Elefsina and Thessaloniki.

26. CONTINGENCIES AND LITIGATION

The Group has contingent liabilities in respect of bank and other guarantees and other matters arising in the ordinary course of business. Provisions are set up by the Group against such matters whenever deemed necessary and included in other provisions (note 21). They are as follows:

• (i) 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 and the opinion of the legal consul, management believes the final outcome will not have a significant effect on the Group's operating results or financial position.
• (ii) The parent Company has not undergone a tax audit for the years ended 31 December 2002 to 31 December 2010. The tax audit for Hellenic Petroleum S.A. for the years 2002 – 2009 is currently under way, while temporary tax audits for the years 2006 and 2008 were finalised. The following tax audits are also currently in progress:
• For Hellenic Fuels S.A. (ex BP Hellas) for the years 2005 2009
• For EL.PET. Valkaniki for the years 2006 2009
• For Vardax S.A. VAT temporary audit for the years 2006 2010

Based on Art.5 of the Tax Law 3845/2010 (FEK 65A' – 6/5/2010), certain Group entities oaud special tax contribution in respect of profits of financial year 2009. Hellenic Petroleum S.A. has received the relevant assessment from the tax authorities indicating an obligation amounting to €26 million. However, the tax authorities' calculation was found to be incorrect and the company submitted the relevant supporting analyses for the calculation to be corrected. The overall provision for the Law 3845/2010 special tax contribution in the consolidated financial statements of the Group for 2010 amounted to €26 million and was based on the correct calculation of Hellenic Petroleum's special contribution which amounts to € 21 million.

Vardax S.A. was charged with an amount of €6 million in respect of VAT (including additional charges) following a temporary VAT tax audit for year 2005, as the tax auditor has considered that the company's activities should be subject to VAT. The company has paid this amount and included this in Other debtors since it has filed an appeal before the Administrative Court for the annulment of the above action. Management has obtained independent tax and legal advice that the company has correctly assessed that its

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

activity is not subject to VAT and, therefore, management believes that no further provisions should be made in the financial statements in connection with this matter

Management believes that no additional material liability will arise as a result of open tax years over and above the tax liabilities and provisions recognised in the financial statements.

• (iii) The parent Company has provided letters of comfort and guarantees in favour of banks as security for loans granted by them to subsidiaries and associates of the Group, the outstanding amount of which as at 31 March 2011 was the equivalent of € 1.864 million (31 December 2010: € 1.801 million). Out of these, € 1.726 million (31 December 2010: € 1.662 million) are included in consolidated borrowings of the Group and presented as such in these financial statements. The Group has also issued letters of credit and guarantees in favour of third parties, mainly for the procurement of crude oil, which as at 31 December 2010 amounted to the equivalent of € 525 million (31 December 2010: €698 million) equivalent.
• (iv) Following complaints by IATA, the Greek Competition Committee initiated an investigation into the pricing of aviation jet fuel in the Greek market. The conclusion of the investigation was to assert a fine of €9,4m to all Greek refineries, Hellenic Petroleum share accounts for €7,3m and it is based on a percentage of the relevant sales revenues in the year preceding the complaint. The Group maintaining its position that the rational of the conclusion has not taken into account critical evidence presented, filed an appeal with the Athens Administrative Court of Appeals. In parallel a petition to suspend the decision was also filed and partially accepted; the Court suspended the corrective measures imposed by the Greek Competition Committee until 31 August 2007 (since then all necessary changes have been implemented), but did not suspend the payment of the fine, which has been paid. The court date for the appeal, initially set for the 27 September 2007 was postponed to take place on 17 January 2008, and was finally tried on 25 September 2008. The resolution issued has partly accepted the Group's appeal i.e. (a) has reduced the fine of €7,3 million by €1,5 million and (b) has revoked the corrective measures which were temporarily suspended as above. The Group is contesting the above decision before the Supreme Administrative Court for the part for which the aforementioned resolution has not been fully accepted. The case has been postponed repeatedly, to be heard on 8 June 2011.
• (v) In 2008, the D' Customs Office ( Formerly Z' Customs Office) of Piraeus, issued deeds of assessment amounting at approximately €40 million for alleged custom stock shortages in the bonded warehouses of Aspropyrgos and Elefsina installations. In relation with the above, the Company has filed within the deadlines required by the Law, contestations before the Administrative Court of First Instance of Piraeus, for which no dates of hearing have been assigned to date. In addition, independent auditors have confirmed that there are no stock shortages and the books are in complete agreement with official stock counts. Further to the substantial reasons of contestation, legal advisors of the Company have expressed the opinion that such claims have been time-barred.
• (vi) On 25 September 2009 the Commission for the Protection of Competition in Cyprus imposed a fine amounting to €14,3 million against Hellenic Petroleum Cyprus Ltd. Pertinent legal actions are in progress and the likelihood for a material cash outflow is assessed as remote. The Company's appeal before the Full Bench of the Supreme Court was heard on 18 January 2010 and the decision is still pending.
• (vii) Even-though not material to have an impact on these financial statements, Group's international operations face a number of legal issues related to changes in local permitting and tax regulations. Such cases include the issue of local tank depots in Montenegro. Specifically, following the completion of the international tender process and the resulting Share Purchase Agreement of JPK shares in 2002, ownership and use of a small part of the company's tank assets remains under legal dispute as ex-federation strategic stock terminals. The Group is contesting this case in local courts and management believes that this will not result in any material change of business in its local subsidiary.

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

27. DIVIDENDS

A proposal to the AGM for an additional €0,30 per share as final dividend for 2009 (amounting to a total of €91.691) was approved by the Board of Directors on 25 February 2010 and the final approval was given by the shareholders at the AGM held on 2 June 2010. Furthermore, at its meeting held on 24 August 2010, during which the Board of Directors approved the condensed interim financial information of the Company for the six month period ended 30 June 2010, the Board proposed and approved an interim dividend for the 2010 financial year of €0,15 per share (amounting to a total of €45.845). The relevant amounts relating to the interim dividend for 2010 and the final dividend for 2009 have been included in these financial statements.

A proposal to the AGM for an additional € 0,30 per share as final dividend was approved by the Board of Directors on 24 February 2011. This amounts to €91.691 and is not included in these accounts as it has not yet been approved by the shareholders' AGM.

Interim dividend paid for the 2010 financial year led to additional taxes of €12.225 in the 2010 results. Tax law 3943/2011 changed the treatment of distributed earnings and in line with the relevant regulations the parent company will withhold – on behalf of shareholders that are subject to taxation – and pay 21% tax on the total dividend, following approval of the distribution of profits for financial year 2010 by the AGM.

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION FOR THE THREE MONTH PERIOD ENDED 31 MARCH 2011 (All amounts in Euro thousands unless otherwise stated)

28. LIST OF PRINCIPAL CONSOLIDATED SUBSIDIARIES AND ASSOCIATES INCLUDED IN THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION

COMPANY NAME	ACTIVITY	COUNTRY OF REGISTRATION	PARTICIPATION PERCENTAGE	METHOD OF CONSOLIDATION
ΕΚΟ S.A	Marketing	GREECE	100,00%	FULL
HELLENIC FUELS S.A.	Marketing	GREECE	100,00%	FULL
ΕΚΟΤΑ KO S.A.	Marketing	GREECE	49,00%	FULL
ΕΚΟ KALYPSO LTD	Marketing	GREECE	100,00%	FULL
EKO ATHINA	Shipping company	GREECE	100,00%	FULL
EKO ARTEMIS	Shipping company	GREECE	100,00%	FULL
EKO DIMITRA	Shipping company	GREECE	100,00%	FULL
EKO IRA	Shipping company	GREECE	100,00%	FULL
EKO AFRODITI	Shipping company	GREECE	100,00%	FULL
EKO BULGARIA EAD	Marketing	BULGARIA	100,00%	FULL
EKO SERBIA AD	Marketing	SERBIA	100,00%	FULL
EKO GEORGIA LTD	Marketing	GEORGIA	100,00%	FULL
HELPE INTERNATIONAL AG	Holding	AUSTRIA	100,00%	FULL
HELPE CYPRUS LTD	Marketing	U.K	100,00%	FULL
RAMOIL S.A.	Marketing	CYPRUS	100,00%	FULL
HELLENIC PETROLEUM BULGARIA (HOLDINGS) LTD	Marketing	CYPRUS	100,00%	FULL
HELLENIC PETROLEUM BULGARIA PROPERTIES LTD	Marketing	CYPRUS	100,00%	FULL
HELLENIC PETROLEUM SERBIA (HOLDINGS) LTD	Marketing	CYPRUS	100,00%	FULL
HELLENIC PETROLEUM GEORGIA (HOLDINGS) LTD	Marketing	CYPRUS	100,00%	FULL
JUGOPETROL AD KOTOR	Marketing	ΜONTENEGRO	54,35%	FULL
GLOBAL ALBANIA Sh.A	Marketing	ΑLBANIA	99,96%	FULL
ELDA PETROL ALBANIA	Marketing	ΑLBANIA	99,96%	FULL
ELPET BALKANIKI S.A.	Holding	GREECE	63,00%	FULL
VARDAX S.A.	Pipeline	GREECE	50,40%	FULL
OKTA CRUDE OIL REFINERY A.D	Refining	FYROM	51,35%	FULL
ASPROFOS S.A.	Engineering	GREECE	100,00%	FULL
DIAXON S.A.	Petrochemicals	GREECE	100,00%	FULL
POSEIDON	Vessel owning	GREECE	100,00%	FULL
APOLLON	Vessel owning	GREECE	100,00%	FULL
HELLENIC PETROLEUM FINANCE PLC	Treasury services	U.K	100,00%	FULL
HELLENIC PETROLEUM CONSULTING S.A.	Consulting services	GREECE	100,00%	FULL
PETROLA A.E.	Real Estate	GREECE	100,00%	FULL
HELLENIC PETROLEUM RENEWABLE ENERGY SOURCES	Energy	GREECE	100,00%	FULL
ELPEDISON B.V.	Power Generation	NETHERLANDS	50,00%	EQUITY
SAFCO S.A.	Airplane Fuelling	GREECE	50,00%	EQUITY
DEPA S.A.	Natural Gas	GREECE	35,00%	EQUITY
ARTENIUS HELLAS S.A.	Petrochemicals	GREECE	35,00%	EQUITY
Ε.Α.Κ.Α.Α S.A.	Pipeline	GREECE	50,00%	EQUITY
HELPE THRAKI S.A	Pipeline	GREECE	25,00%	EQUITY
BIODIESEL S.A.	Energy	GREECE	25,00%	EQUITY

29. EVENTS AFTER THE REPORTING PERIOD

No significant events took place after the end of the reporting period.