Hellenic Petroleum Holdings S.A.

Interim / Quarterly Report • Aug 27, 2020

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)

					the auditors' review report.
COMPANY
Head office Address: Website :	A 8 http://www.helpe.gr	, CHIMARRAS STR. - 15125 MAROUSI
Approval date of the six month financial information by the Board of Directors	27 AUGUST 2020
The Certified Auditor: Auditing Company:		Christiana Panayidou, SOEL reg.no.62141 ERNST & YOUNG (HELLAS), SOEL reg.no.107
Type of Auditor's Report	Unqualified
STATEMENT OF FINANCIAL POSITION					STATEMENT OF CHANGES IN EQUITY
(Amounts in thousands €)	GROUP 30/06/2020	31/12/2019	30/06/2020	COMPANY 31/12/2019	(Amounts in thousands €)	GROUP 30/06/2020	30/06/2019	COMPANY 30/06/2020	30/06/2019
ASSETS					Total equity at beginning of the year 1/1/2020 & 1/1/2019	2.326.573	2.394.731	2.238.835	2.146.677
Property, plant and equipment	3.270.843	3.297.668	2.672.864	2.693.794
Right-of-use assets Intangible assets	236.648 105.274	242.934 104.426	28.684 7.868	32.084 8.704	Total comprehensive income for the period Dividends	(341.828) (76.409)	128.717 (152.818)	(324.230) (76.409)	103.287 (152.818)
Other non-current assets Inventories	516.543 631.536	499.543 1.012.802	1.063.562 535.205	1.067.227 899.760	Dividends to non-controlling interests Tax on intra-group dividends	(1.436) (227)	(2.246) (122)	- -	- -
Trade and other receivables	606.557 91.587	748.153 91.391	527.275 87.955	791.257 87.616	Participation of minority shareholders in share capital increase of subsidiary Share capital issue expenses	34 (30)	- (342)	- -	- -
Assets held for sale	2.209	2.520	-	-	Total equity at the end of the period	1.906.677	2.367.920	1.838.196	2.097.146
Derivative financial instruments Cash and cash equivalents	5.830 1.128.570	3.474 1.088.198	5.830 930.271	3.474 888.564
Investment in equity instruments TOTAL ASSETS	906 6.596.503	1.356 7.092.465	530 5.860.044	965 6.473.445	STATEMENT OF CASH FLOW (Amounts in thousands €)	GROUP COMPANY
						1/1/2020 -	1/1/2019 -	1/1/2020 -	1/1/2019 -
EQUITY AND LIABILITIES						30/06/2020	30/06/2019	30/06/2020	30/06/2019
Share capital Share premium	666.285 353.796	666.285 353.796	666.285 353.796	666.285 353.796	Cash flows from operating activities
Retained earnings and other reserves	823.423	1.241.944	818.115	1.218.754	Profit before income tax	(501.425)	154.674	(475.950)	124.615
Equity attributable to equity holders of the parent Non-controlling interests	1.843.504 63.173	2.262.025 64.548	1.838.196 -	2.238.835 -	Adjustments for:
TOTAL EQUITY	1.906.677	2.326.573	1.838.196	2.238.835	assets Amortisation and impairment of intangible assets	122.303 3.625	111.906 4.062	82.976 2.419	73.459 2.034
Interest bearing loans and borrowings Lease liabilities	1.231.906 169.564	1.610.094 199.894	1.082.618 27.530	1.607.838 31.183	Amortisation of grants Interest expense	(520) 54.932	(589) 66.444	(348) 52.066	(313) 60.605
Provisions and other long term liabilities Short-term Interest bearing loans and borrowings	288.766 1.649.190	447.894 1.022.270	206.641 1.499.498	365.556 875.576	Interest expense - lease finance cost Interest income	5.435 (2.726)	4.705 (2.956)	692 (4.910)	464 (5.509)
Other short-term liabilities	1.350.400	1.485.740	1.205.561	1.354.457	Share of operating profit of associates	(18.398)	(14.445)	-	-
Total liabilities	4.689.826	4.765.892	4.021.848	4.234.610	Provisions for expenses and valuation charges Foreign exchange (gains) / losses	28.684 (4.254)	5.441 (743)	8.021 (4.316)	7.555 (1.032)
TOTAL EQUITY AND LIABILITIES	6.596.503	7.092.465	5.860.044	6.473.445	Gain / (loss) on assets held for sale Dividend income	302 -	(228) -	- -	- (7.917)
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD					Amortisation of long-term contracts costs (Gain) / loss on sale of fixed assets	(1.418) (2.195)	(1.379) 19	(1.328) (3.518)	1.407 (1.074)
(Amounts in thousands €)	1/1/2020 -	1/1/2019 -	GROUP 1/4/2020 -	1/4/2019 -		(315.654)	326.911	(344.196)	254.294
	30/06/2020	30/06/2019	30/06/2020	30/06/2019
Revenue from contracts with customers	2.986.016	4.456.629	1.067.051	2.465.413	Changes in working capital (Increase) / decrease in inventories	377.322	(33.153)	360.704	(14.842)
Gross profit Operating profit	(247.562) (466.435)	419.405 207.679	120.566 12.611	233.090 128.409	(Increase) / decrease in trade and other receivables Decrease in payables	144.743 (190.025)	(33.358) (31.451)	129.431 (159.182)	(32.991) (34.341)
Profit before income tax Less : Taxes	(501.425) 165.646	154.674 (33.313)	(41.654) 46.571	90.626 (15.881)	Less: Income tax received /paid	(6.533)	(3.052)	(4.843)	(1.768)
Profit for the period	(335.779)	121.361	4.917	74.745	Net cash generated from / (used in) operating activities (a)	9.853	225.897	(18.086)	170.352
Profit/(loss) attributable to:
Owners of the parent Non-controlling interests	(335.841) 62	121.321 40	3.966 951	74.205 540	Cash flows from investing activities Purchase of property, plant and equipment & intangible assets	(78.583)	(78.262)	(58.706)	(55.856)
	(335.779)	121.361	4.917	74.745	Proceeds from disposal of property, plant and equipment &
Other comprehensive (loss)/income for the period, net of tax	(6.049)	7.356	20.301	(503)	intangible assets Share capital issue expenses	3.382 (30)	363 (342)	4.846 -	1.074 -
Total comprehensive income for the period	(341.828)	128.717	25.218	74.242	Purchase of subsidiary, net of cash acquired Grants received	- 174	(5.341) 199	- -	- -
Total comprehensive income/(loss) attributable to: Owners of the parent	(341.855)	128.683	24.249	73.695	Interest received Prepayments for right-of-use assets	2.725 (218)	2.956 (463)	4.910 -	5.509 -
Non-controlling interests	27	34	969	547	Dividends received	-	1.347	150.000	6.571
	(341.828)	128.717	25.218	74.242	Investments in associates - net Proceeds from disposal of investments in equity instruments	- -	- 21	(10.000) -	(10.014) -
Basic and diluted earnings per share (in Euro per share)	(1,10)	0,40	0,01	0,24	Net cash generated from / (used in) investing activities (b)	(72.550)	(79.522)	91.050	(52.716)
					Cash flows from financing activities
					Interest paid	(47.946)	(63.127)	(49.633)	(66.132)
Earnings Before Interest, Taxes, Depreciation and					Dividends paid to shareholders of the Company Dividends paid to non-controlling interests	(76.381) -	(122) (2.246)	(76.385) -	(122) -
Amortisation (EBITDA)	(340.592)	319.601	75.521	187.409	Participation of minority shareholders in share capital increase of subsidiary Proceeds from borrowings	34 267.927	- 10.000	- 265.010	- 10.067
					Payments of lease liabilities Repayments of borrowings	(22.313) (21.820)	(19.729) (27.671)	(5.558) (168.278)	(3.527) (302.423)
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD (Amounts in thousands €)			COMPANY		Net cash generated from / (used in) financing activities (c)	99.502	(102.895)	(34.844)	(362.137)
	1/1/2020 - 30/06/2020	1/1/2019 - 30/06/2019	1/4/2020 - 30/06/2020	1/4/2019 - 30/06/2019	Net decrease in cash & cash equivalents (a)+(b)+(c)	36.805	43.480	38.120	(244.501)
Revenue from contracts with customers Gross profit	2.690.940 (345.654)	4.087.415 260.510	950.340 87.678	2.263.042 139.961	Cash & cash equivalents at the beginning of the period	1.088.198	1.275.159	888.564	1.070.377
Operating profit Profit before income tax	(432.418) (475.950)	171.226 124.615	45.632 23.335	93.192 73.416	Exchange gains/(losses) on cash and cash equivalents	3.567	1.049	3.587	1.999
Less : Taxes	158.114	(28.666)	39.472	(13.522)	Net increase/(decrease) in cash & cash equivalents	36.805	43.480	38.120	(244.501)
Profit for the period	(317.836)	95.949	62.807	59.894	Cash & cash equivalents at end of the period	1.128.570	1.319.688	930.271	827.875
Other comprehensive (loss)/income for the period, net of tax Total comprehensive income for the period	(6.394) (324.230)	7.338 103.287	19.418 82.225	(534) 59.360
Basic and diluted earnings per share (in Euro per share)	(1,04)	0,31	0,21	0,20
Earnings Before Interest, Taxes, Depreciation and
Amortisation (EBITDA)	(349.790)	244.372	(556.213)	(26.604)
ADDITIONAL INFORMATION

• 1. The amount of provisions included in the Statement of Financial Position are as follows: a) for pending legal cases 12.369 7.796
  2. GROUP COMPANY b) for tax matters 10.556 8.155 c) for SLI 183.253 149.537 d) for other provisions relating to expenses 29.479 29.479

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

Actuarial losses on defined benefit pension plans	0	(56)	-	-
Share of other comprehensive income of associates	(41)	(41)	-	-
Fair value gains/(losses) on cash flow hedges	(31.140)	5.186	(31.140)	5.186
Derecognition of (gains)/ losses on hedges through comprehensive income	25.077	1.501	25.077	1.501
Currency translation differences and other movements	145	66	-	-
Net income/(expense) recognised directly in equity	(6.049)	7.356	(6.394)	7.338

30/06/2020 30/06/2019 30/06/2020 30/06/2019 Changes in the fair value of equity instruments (348) 700 (331) 651 GROUP COMPANY

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	524.254	1.298.876
Purchases of goods and services	234.203	252.864
Receivables	86.954	110.602
Payables	42.050	61.484
Board members and senior management remuneration & other benefits	2.416	2.370

Athens, 27th of August 2020

The following financial data and information are only for general information purposes with regard to the financial position and results of HELLENIC PETROLEUM Group and the parent company. We, therefore, recommend to the reader, before making any investment decision, or proceeding to any transaction with the company, to refer to the company's internet address, where the financial statements in accordance with International Financial Reporting Standards are available, together with

1.Νοte No. 25 of the interim condensed consolidated financial statements includes all subsidiary and associated companies and their related information. 2. With regards to tax audits carried out by Certified Auditors, all Group companies based in Greece have received unqualified Tax Compliance Reports by their respective statutory auditor, for fiscal years up to 2018 (inclusive). With regards to tax audits carried out by the Tax Authorities, tax audits have been completed as follows: a) for Hellenic Petroleum S.A for years up to and including 2011, b) for former Hellenic Fuels SA for years up to and including 2011, with ongoing audits for subsequent years up to and including 2013, c) for EKO S.A for years up to and including 2010. Notwithstanding the possibility of future tax audits, the Group's management believes that no additional material liability will arise as a result of unaudited tax years over and above the tax liabilities and provisions recognised in the interim condensed consolidated financial statements for the period ended 30 June 2020 (Note 23 of the interim condensed consolidated financial statements). 4. The accounting policies used in the preparation of the interim condensed consolidated financial statements for the period ended 30 June 2020 are consistent with those applied for the preparation of the annual consolidated financial statements for the year ended 31 December 2019, except for the new or revised accounting standards and interpretations that have been implemented in 2020, as outlined in Note 2 of the interim condensed consolidated financial statements of 30 June 2020. Where necessary, comparative figures have been reclassified to conform to changes in the presentation of the current financial period. 5. As mentioned in Note 23 of the interim condensed consolidated financial statements, the Group's entities are involved in a number of legal proceedings and have various unresolved claims pending arising in the ordinary course of business. Based on currently available information, management believes the outcome will

not have a significant impact on the Group's operating results or financial position. 6. Number of employees at 30 June 2020 in Greece: Company: 2.162, Group: 2.974 (31/12/2019: Company: 2.178, Group: 2.975).

FINANCIAL DATA AND INFORMATION FOR THE PERIOD FROM 1 JANUARY 2020 TO 30 JUNE 2020 (In accordance with decision of the Board of Directors of the Capital Market Commission 4/507/28.04.2009)

CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER ACCOUNTING DIRECTOR

ANDREAS N. SHIAMISHIS C. THOMAS STEFANOS I. PAPADIMITRIOU

ID. Number ΑΑ 010147 ID. Number Π 062606 ID. Number ΑΚ 553436