HELLENIC PETROLEUM SA

Companies Registration Number 296601000

HALF-YEARLY FINANCIAL REPORT

FIRST HALF 2021

THIS HALF-YEARLY REPORT HAS BEEN PREPARED IN ACCORDANCE WITH THE PROVISIONS OF ARTICLE 5, LAW 3556/2007 AND THE CAPITAL MARKET COMMISSION'S DECISION AS REFERRED TO BY THE RELEVANT LAW

MAROUSSI, AUGUST 2021

1.	Statements of the Chairman, Chief Executive Officer and Member of the Board of Directors on the true representation of the data contained within this report4
2.	Board of Directors Half-Yearly Report for the Six-Month Period ended 30th of June 2021 (Article 5, Law No. 3556/2007)5
	2.1. Introduction 5
	2.2. Information required as per par. 6, Article 5 of Law No. 3556/2007 6
	2.2.1. Significant Events during the 1st half of 2021 and their impact on the Interim Financial Statements6
	2.2.2. Review per Segment – Performance and Financial Position for the 1st Half of 2021 – Major Risks and Uncertainties in the 2nd Half of 2021 – Prospects for the 2nd half of 2021 14
	2.2.3. Significant Related Party Transactions (Decision No. 1/434/3.7.2007 Article 3) 21
	2.3. Additional Information of the Board of Directors' Half Yearly Financial Report (article 4 of Decision No.7/448/2007) 24
	2.3.1. Other Financial Information 24
	2.3.2. Selected Alternative Performance Measures 25
	2.3.3. Non-Financial Information 28
3.	Certified Auditor – Accountant's Review Report regarding the Half-Yearly Report
4.	Half-Yearly Financial Statements
	4.1. Condensed Interim Consolidated Financial Statements
	4.2. Condensed Interim Financial Statements
5.	Complimentary Information and Data pursuant to the Capital Market Commission's Decision (Government Gazette Β/2092/29.10.2007)
	5.1. Published Summary Financial Statements
	5.2. Website

1. Statements of the Chairman, Chief Executive Officer and Member of the Board of Directors on the true representation of the data contained within this report

Pursuant to the provisions of article 5, par. 2c, Law No. 3556/2007, we state that to the best of our knowledge:

The half-yearly interim condensed financial statements which have been prepared in accordance with International Financial Reporting Standards, as they have been endorsed by the European Union and applied to interim financial reporting (International Accounting Standard "IAS 34"), accurately reflect the assets and liabilities, equity and financial results of HELLENIC PETROLEUM S.A. and of the subsidiaries that are included in the interim consolidated financial statements of the HELLENIC PETROLEUM Group.

The Board of Directors' half-yearly report accurately represents the information required under paragraph 6, article 5, Law No. 3556/2007.

Athens, 26 August 2021

The Chairman of the Board of Directors

The Chief Executive Officer The General Manager Group Strategic Planning & New Activities, Executive Board Member

Ioannis Papathanassiou Andreas Shiamishis Georgios Alexopoulos

2. Board of Directors Half-Yearly Report for the Six-Month Period ended 30th of June 2021 (Article 5, Law No. 3556/2007)

2.1. Introduction

This Board of Directors' report covers the six-month period ending 30.06.2021 (01.01.21-30.06.21). The report on the Consolidated and Company Interim Condensed Financial Statements has been prepared in accordance with Law 4548/2018 and article 5 of Law 3556 / 2007. The Consolidated and Company Interim Condensed Financial Statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), as they have been endorsed by the European Union and applied to interim financial reporting (International Accounting Standard "IAS 34").

This report includes selected financial information and results of the Group (HELLENIC PETROLEUM) and the parent company HELLENIC PETROLEUM SA, description of significant events that took place during the first half of the financial year, a description of anticipated significant risks and uncertainties for the second half of the financial year, a disclosure of material transactions that took place between the Company and the Group and their related parties as well as a presentation of qualitative information and estimates relating to the development of operations of the Company and the Group for the second half of the financial year.

2.2. Information required as per par. 6, Article 5 of Law No. 3556/2007

2.2.1. Significant Events during the 1st half of 2021 and their impact on the Interim Financial Statements

a) Τhe Business Environment

Economic Environment¹²³⁴⁵⁶

More than a year after the WHO declared COVID-19 a pandemic and its materialsocial and economic impact worldwide, uncertainty about the evolution of global health and the economy is still significant. Although the outlook for the global economy has improved significantly, this varies between sectors, economies and economic regions, with global economic recovery appearing unevenly and asymmetrically between different countries. However, the developments in the field of vaccination to increase the protection and strengthen the citizens' immunity along with unprecedented support in some economies (especially in the US) with targeted fiscal policy measures, especially in 2020, further improve the economic outlook.

In 2020, the global economy slowed to the lowest levels after WWII at -3.2% significantly lower compared to the previous year (2.8% in 2019), amid weakening trade and investment. Global growth, according to IMF forecasts (July 2021), is projected at 6% in 2021 and 4.9% in 2022.

Although the 2021 forecast is unchanged from April, there are revisions across advanced economies and emerging market and developing economies reflecting differences in pandemic developments and policy shifts.

Growth prospects in the advanced economy group have been revised up for 2021–22 from expected further normalization in the second half of 2021 as vaccine rollout proceeds as well as additional fiscal support with a forecast of 5.6% in 2021 and 4.4% for 2022. In the US, according to the IMF, GDP growth is projected at 7% (2020, -3.5%) with significantly improved outlook for the US economy deriving from the impact of anticipated legislation boosting infrastructure investment and strengthening the social safety net in the second half of 2021. Growth in the emerging markets and developing economies is forecast for 2021 at 6.3%, revised down 0.4% in 2021 compared with the April WEO, largely because of growth markdowns for emerging Asian economies and accordingly China's 2021 forecast is revised down 0.3% at 8.1%, on a scaling back of public investment and overall fiscal support.

In the Euro Area, economic activity deteriorated significantly in 2020 to -6.5%, compared to 1.3% in 2019 and 1.9% in 2018. Eurozone's GDP in the 2Q21, showed an increase by 2.0% and by 1.9% in the Euro Area compared to the 1Q21 according Eurostat's preliminary estimations. In the 1Q21, GDP declined by -0.3% in Eurozone and 0.1% in Euro Area. The European economy is expected to have moved onto its recovery path at a stronger pace than projected in the Spring Forecast by 2.7% in the 3Q21, on the back of continued easing of containment measures and strong resumption of social activities as well as a sustained rise in consumer spending supported by full market opening combined with strong household

¹ Bank of Greece, Monetary Policy 2020-2021, July 2021

² IMF, World Economic Outlook, April 2021 / World Economic Outlook, July 2021 / Press Release PR 21/218, July 2021

³ Eurostat, Quarterly national accounts - GDP and employment, July 2021

⁴ European Commission, European Economic Forecast, Summer 2021, paper 156, July 2021

⁵ OECD, Economic outlook, volume 2021, issue 1 - Greece, June 2021

⁶ ELSTAT, PR, Labor Research, 12 August 2021

purchasing power supported by resilient disposable income and the large stock of savings accumulated during the lockdown periods. The European Commission expects the economy of the EU and the euro area as a whole to grow by 4.8% in 2021 and 4.5% in 2022 with GDP returning to pre-crisis levels in the last quarter of 2021.

Greece entered the pandemic being on recovery, but it has demonstrated resilience in facing COVID-19. The economy contracted by 8.2% in 2020, better than expected given Greece's high dependence on tourism and pre-existing vulnerabilities. The fiscal stimuli provided, shielded the banking sector and kept financing conditions highly accommodative. OECD projects that Greece's economy will grow by 3.8% in 2021 and 5.0% in 2022. As COVID-19 cases began to stabilize and much of the vulnerable population had been vaccinated, with Greece's overall vaccination rate near the EU average, Greece has gradually lifted containment measures since April 2021, first in education and then in services and tourism. The easing of travel restrictions is also expected to support service activity and exports.

On the other hand, the expected fourth wave of COVID-19 is likely to have an effect on the short-term development prospects as well as the high portfolio of the non-performing loans, unemployment (despite its decline to 15% in June 2021 vs 17.8% in June 2020) and the geopolitical developments, remain the biggest challenges for the Greek economy.

Crude Oil Prices⁷

Following the major negative effect of the COVID-19 pandemic on oil prices in 2020, prices began to recover with Brent price (Platt's Dated) averaged at \$64.9/bbl in the first half of 2021 against \$39.9/bbl in the first half of 2020, recording a 63% increase. For 2021, OPEC predicts that global oil demand will increase by 6 mbpd compared to 2020, with total demand averaging 96.6 mbpd, due to successful pandemic measures and the vaccinations supporting demand recovery.

Crude oil price - Brent (\$/bbl)

⁷ OPEC, monthly oil market report, July 2021

Brent-Urals spread in the first half of 2021 showed an upward trend and was on average higher than 1H20, mainly affected by soft demand for sour crude Urals from European Refiners, leading Brent-Urals spread averaged \$1.4/bbl in 1H121 vs \$0.9/bbl in 1H20.

Brent Differential – Urals (\$/bbl)

Refining Margins

The weak product cracks, with the exception of gasoline, was the key factor shaping the benchmark margins for Med refineries. Based on Reuters, FCC margin averaged \$0.03/bbl in the first half of 2021 vs \$0.6/bbl in the first half of 2020, while Hydroskimmimg amounted to -\$0.9 vs \$0.02 in the corresponding period last year, driven by low FO margins.

Med FCC benchmark margins (\$/bbl) Med Hydroskimming benchmark margins (\$/bbl)

International Product Cracks (\$/bbl)⁸

Exchange Rates

In the first half of 2021, the Euro continued to strengthen against USD, with the average price at \$1.21, 10% higher vs last year with the main factors being the economical political and trade developments in both US and EU. The further Euro strengthening was also favored by the global macroeconomics, as well as the monetary policy directions of the two central banks.

⁸ Based on Brent price

EUR/USD

Developments in the Oil Market⁹

Global oil demand is expected to decrease by 6 mbpd on average in 2021 and to continue its recover by 3.3 mbpd in 2022, an increase of 3.4% mainly due to expectations for global economic growth in addition to improved containment of COVID-19 through the acceleration of vaccination programmes. For the first half of 2021 the average demand is estimated at 94.1 mbpd and for the second half of 2021 is projected at 99 mbpd. Reduced jet and kerosene consumption will affect total oil demand until at least 2022.

Oil supply outside OPEC countries is estimated to decrease in 2021 compared to 2020, by 0.81 mbpd, reaching on average for 2021, 63.76 mbpd and by 2.1 mbpd in 2022 averaging 65.85 mbpd. The oil supply from OPEC countries in 1H21 decreased to 25.3 mbpd on average from 26.9 mbpd in 1H20 (-6%), following the OPEC ++ agreement in the first half of 2020.

Domestic Energy Market

The domestic ground fuels demand in the 1H21 amounted to 2.9m MT, lower by 12% vs 1H20, as the marginal increase in motor fuels demand by 0.7% due to the easing of the restricting measures against COVID-19 was largely offset by the large decrease in heating oil consumption (-40.9%) due to mild weather. The demand for aviation and shipping fuels recovered with a small increase in the first half of 202 by 2.6% and 3.6% respectively.

⁹ OPEC, Oil Market Report, July 2021

b) Financial highlights

Tables below present the main financial and operational Group indicators for 1H 2021:

Operational Data	1H21	1H20
Refinery sales (in million metric tons)	7.47	7.51
Marketing sales (in million metric tons)	1.8	1.9
Refinery production (in million metric tons)	7.1	7.5
Group employees (FTEs)	3,530	3,606

Financial Data (in million €)10	1H21	1H20

Net sales	3,957	2,986
Reported EBITDA10	391	-341
Inventory effect – Loss (gain)10	-195	515
Accrual of CO2 emission deficit10	-71	-
Non-recurring items10	13	17
Adjusted EBITDA10	139	191
Reported net income (attributable to the owners of the Parent Company)10	206	-336
Adjusted net income10	12	21

In the first half of 2021, adjusted EBITDA amounted to €139m (2020: €191m) and adjusted Net Income to €12m (2020: €21m). The weak refining and product margins was the key driver of results as well as the weak demand recovery due to COVID-19 effects and the significant increase in the compliance cost with the European CO² emissions framework, with EUA prices more than doubling compared to first half of 2020. The negative impact of the above was offset due to the historically higher profitability of the petrochemical sector throughout the first half of 2021, as a result both of the high polypropylene margins and the petroleum products' high exports.

Reported results recorded significant recovery, as the crude oil price increased leading to inventory valuation gains (€195m gains vs €515m losses in the first half of 2020); combined with the fact that under IFRS a provision for CO² emissions will only be raised when actual cumulative emissions exceed the amount of allowances held (€71m impact in 1H21), Reported EBITDA amounted to €391m (1H20: - €341m) and Reported Net Income €206m (1H20: -€336m).

¹⁰ The selected alternative performance measure indicators are listed in Chapter 2.3.2

Meanwhile, in April 2021, the Group updated its strategy. The new "Vision 2025" strategy is based on 5 main pillars, considering the accelerating energy transition, clarifying its objectives regarding Environment - Society - Governance (ESG), as well as the levers to achieve them:

Setting clear environmental targets, including a 50% improvement in GHG emissions by 2030, with a commitment to net zero by 2050
Adjusting the strategy to develop an additional line of business in clean energy
Establishment of a fit-for-purpose Group structure that supports this strategy
Upgrading corporate governance, in line with the new legal framework and international best practices
Relaunching of corporate identity, which will highlight the new Group strategy

The transformation of the Group and its shift to New Energy with investments that complement its traditional activities, is already carried out with the construction of the 204 MW PV project in Kozani, which works commenced on November 2020 and are progressing as scheduled, while approximately 55% of the project had been completed in mid-August 2021.

Balance Sheet / Cash Flow (in million €)	30.06.21	30.06.20
Total Assets	7,274	6,597
Total Equity	2,018	1,907
Capital Employed	3,769	3,658
Net Debt	1,751	1,752
Net Cash Flows (operating & investing cash flows)	(17)	(62)
Capital Investments (Cash Flow)	(111)	(79)
Gearing ratio – Net Debt / Capital Employed	46%	48%

Also, at the Annual General Meeting of the Shareholders of the Company, that took place on 30.06.2021, HELLENIC PETROLEUM S.A. approved a total dividend for 2020 of €0.10 per share.

c) COVID-19 pandemic impact, measures and future planning

Since the beginning of the COVID-19 pandemic crisis, the Group immediately responded to the outbreak of the pandemic and since the end of February 2020 has taken various initiatives, primarily focusing on ensuring the health and safety of its employees and all of its stakeholders, as well as the smooth operation of its activities and uninterrupted supply of our markets.

In this environment the Group, in addition to the above, focused on ensuring its liquidity, so that it can both successfully overcome the current situation, as well as plan for the future, taking advantage of the opportunities that will arise. Additionally, the management team continues to closely monitor developments, examine alternative scenarios and their impact on the operation of the Group in order to adjust the planning and the strategy, where required. All actions designed to deal with the pandemic, continue to be strictly adhered to, always adapting to the state's and the competent bodies' instructions, in order to ensure health and smooth operation.

In terms of the business environment, in recent months there has been a recovery in the demand for motor fuels, both globally and in our country, as the travel restriction measures are lifted. Aviation fuels' consumption is still weak. Demand, in the coming period, will be affected mainly by the evolution of the pandemic and specifically by the impact of mutations and vaccination programs and their effectiveness on economic activity.

d) Subsequent events after 1st half of 2021

"HELLENIC PETROLEUM S.A." at 29 July 2021, following a meeting of its Board of Directors, resolved the initiation of the hive-down process by way of a spin-off of its refining, supply & trading, and petrochemicals business and its transfer to a new entity that will be established in accordance with par. 3 of Article 57, Articles 59-74 of L. 4601/2019 and Article 52 of Law 4172/2013, as in force.

The new entity shall be an 100% subsidiary of HELLENIC PETROLEUM SA. HELLENIC PETROLEUM will retain activities and certain assets and liabilities that do not relate to the spin-off business but, mainly, to the provision of administrative services to the companies of HELPE Group and to third parties, while its shares will remain listed on the Main Market of the Athens Exchange.

Moreover, in accordance with the same resolution, the 30th June 2021 has been set as the balance sheet and valuation date of the hive-down business.

The completion of the Hive-Down is subject to the approvals of the Company's Board of Directors and General Meeting of Shareholders, as well as to all other approvals.

In addition, at 13 August 2021, HELLENIC PETROLEUM SA announced that it has notified the Hellenic Hydrocarbon Resources Management Company about its intention not to proceed with further exploration activities in the onshore areas of "Arta - Preveza" and "NW Peloponnese". As a result, the hydrocarbon exploration and production rights that were granted to the HELLENIC PETROLEUM Group subsidiaries, following an international tender, are now returned to the Hellenic Republic. The Group has obtained legal opinion that confirms that the return of these certain licenses is in line with the contractual terms and no additional obligations arise.

At the same time, the Group is now focusing its efforts on identifying potential economically viable hydrocarbon resources in the offshore areas of its portfolio. In this regard, it continues to look for reliable partners with international reputation, technical know-how and expertise, as well as the required financial capabilities for such ventures.

2.2.2. Review per Segment – Performance and Financial Position for the 1 st Half of 2021 – Major Risks and Uncertainties in the 2nd Half of 2021 – Prospects for the 2nd half of 2021

a) Business Activities Review

HELLENIC PETROLEUM Group's main segments of business activity include:

a) Supply, Refining and Trading of oil products
b) Fuels Marketing (Domestic and International)
c) Petrochemicals/Chemicals Production and Trading
d) Renewable Energy Sources
e) Power Generation & Trading
f) Supply, Distribution and Trading of Natural Gas
g) Oil & Gas Exploration and Production

The Group's activities during the first half of 2021 and the outlook for the second half are analysed below:

Refining, Supply and Trading

Refining, Supply and Trading of petroleum products constitute the core activity of the HELLENIC PETROLEUM Group. The Group operates in the refining sector through the parent company, HELLENIC PETROLEUM S.A. In Greece, the company operates three refineries: an FCC refinery in Aspropyrgos, a Hydrocracking refinery in Elefsina, both of them in Attica, and a Hydroskimming refinery in Thessaloniki.

Refinery Annual Nominal Capacity (Κbpd) Crude & Intermediate products processed (ΜΤ'000) Final & Intermediate Products output (MT'000) Αspropyrgos 148 4,061 3,809 Thessaloniki 90 1,637 2,384 Εlefsina 106 2,650 1,587 Inter-refinery (731) (731) Total 7,618 7,049

During the 1st half of 2021, the Group's refining activity is summarized below:

During the first half of 2021 both global and domestic oil consumption continued to be affected by the COVID-19 pandemic and remained lower than the corresponding consumption of 2020. The decrease in HELPE sales in the Greek market was partially offset by the increased exports and total sales amounted to 7.5 m MT.

HELPE benchmark margin stood at \$1.4/bbl, \$0.7/bbl lower than in the first half of last year, due to the pandemic consequences worldwide.

	(MΤ'000)	(MΤ'000)
Domestic Market	1,806	2,091
International Sales	812	780
Εxports	4,840	4,657
Total	7,458	7,528

Refining, supply and trading results are affected by external factors such as:

The evolution of crude oil and product prices during the specific period and the corresponding development of refining margins
EUR/USD exchange rate since refining margins are quoted in USD
CO² emission allowance prices, as traded in the European market, which affect production costs.

The international environment keeps being driven by volatility and increased uncertainty, so both demand and oil production for the second half of the year depend on the pandemic evolution, as well as the decisions of the crude oil producing countries. Additional risk factors that will affect the benchmark margins are developments in the supply of crude oil, the increase in global refinery capacity due to the operation of new refineries and the level of refinery utilisation both globally and regionally.

HELLENIC PETROLEUM is conducting studies and implements investments with the objective of safety improvement, energy efficiency, reduce emissions, optimisation of its refinery units and development of new activities in the renewable energy sources. In addition, particular attention is paid to the use of all the benefits that could potentially arise from synergies between the Group's refineries. Therefore, HELLENIC PETROLEUM is constantly seeking to improve safety and the operational performance of its refineries, as well as the timely transition to the new energy era.

Petrochemicals / Chemicals Production and Trading

The HELLENIC PETROLEUM Group operates in the Petrochemicals sector through a Propylene production unit in the Aspropyrgos refinery, as well as through its Polypropylene (PP) and Solvents production plants in Thessaloniki. Furthermore, the Group owns a ΒΟΡΡ film production unit (through its subsidiary "DIAXON" located in Komotini).

In the first half of 2021, total Petrochemical sales volumes amounted to 138 thousand tones, almost at the same level of the corresponding period in 2020.

Product	st 1 half of 2021 (ΜΤ'000)	st 1 Half of 2020 (ΜΤ'000)
Polypropylene	106.2	114.0
Solvents	15.6	10.0
ΒΟΡΡ film	13.5	14
Traded goods/Others	2.3	2.9
Total sales	137.6	140.9

Petrochemical sales per product are as follows:

International Petrochemicals is a cyclical, capital-intensive industry with capacity surplus. Petrochemicals' margins, which affect the profitability of the industry, are highly volatile and driven by supply/demand conditions as well as the macro environment.

During the first half of 2021, the key performance drivers were as follows:

There were periods with high demand that affected Petrochemicals prices accordingly.
The reduced global Polypropylene production which resulted in very strong international margins with a positive impact on the activity's profitability
Strong export orientation with 75% of sales of polypropylene being directed to selected Mediterranean markets and to high added value products.
BOPP film margins lower compared to 2020, due to increased raw material (Polypropylene) prices.

During the 2nd half of 2021, following international market developments, sales volumes are estimated to remain within the Business Plan range.

Domestic and International Marketing

The Group is active in the marketing of oil products through its subsidiary company EKO in Greece and its subsidiary companies in the Balkans and Cyprus.

During the 1st half of 2021, marketing sales were as follows:

	st 1 Half of 2021 (MT' 000)	st 1 Half of 2020 (MT' 000)
Domestic Market	1,007	1,134
Bunkering and Aviation, Exports	388	330
Domestic Marketing Sales	1,395	1,464

International Marketing Sales	400	400
Total	1,795	1,921

Domestic Marketing

In Greece, EKO total sales of petroleum products amounted to 1,395 thousand MT, in the 1st half of 2021, decreased by -5% compared to the same period last year. The number of petrol stations amounted to 1,688 vs 1,711 in 1H20.

The traffic restrictions imposed during the first five months of the year due to COVID-19 restrained the demand for auto fuels. In June, due to the lifting of most restrictions the market recovered, as a result, total auto fuels sales during the 1st half of 2021 recorded an increase compared to 2020. Heating gasoil sales dropped due to milder weather conditions, the low tax regime derogation and low prices that prevailed during April-May last year that lead to increased demand.

Aviation and bunkering sales increased by +18% in the 1st half of 2021 compared to last year, mainly due to the recovery of tourist traffic in June in coastal shipping and domestic and international flights.

During the second half of 2021 the Group's domestic marketing aims at the further recovery of retail sales as well as the strengthening of Aviation and Marine sales.

EKO will continue implementing its business plan which focuses on increasing market share while further improving operational profitability, as well as developing the value offered to consumers through innovative products & high-quality services at competitive prices.

International Marketing

The number of petrol stations in Cyprus, Montenegro, Serbia and Bulgaria amounted to 288 (vs 286 in 1H20). In 1H21, total sales volumes of International Marketing activities amounted to 400 thousand tones vs 457 thousand tones (-12%), mainly due to the drop in wholesale sales in Bulgaria as a result of the change in the operating model (customers of EKO Bulgaria that used to be served through Thessaloniki and Alexandroupouli are served from HELPE starting from 1/1/2021). Excluding the above, sales have been increased (+5%) driven by the gradual lifting the restrictive measures that have been imposed in order to contain the COVID-19 pandemic.

For the first half of 2021, the International Marketing sector recorded an improvement of profitability due to the recovery in retail volumes and the improved margins.

For the second half of the year a further recovery of the fuel demand is expected, leading to a gradual recovery of performance subject to market conditions.

Renewable Energy Sources

In the renewable energy sources sector, the Group has set as a goal the development of a significant renewable capacity in the next few years, leading to a diversification in the Group's energy portfolio and contributing to balancing its greenhouse gas emissions by reaching 600 MW capacity by 2023-2025 and 2 GW in 2030.

On February 17, 2020, HELPE signed an agreement for the acquisition of a portfolio of photovoltaic projects at final permitting stage, in the area of Kozani, North Greece from the German RES developer and contractor JUWI. The transaction was completed on October 1st, 2020, and the project's construction started in November 2020. The works, despite the delays due to the difficulties from the effects of the pandemic, are continuing according to the schedule, (65% of the project to be completed by the end of August 2021) and its completion is expected in the first quarter of 2022.

The total investment will amount to €130 million and will significantly benefit the economy, particularly in the area of North Macedonia in Greece. Moreover, the construction of a PV project of 2 MW, in Mandra, adjacent to the Elefsina refinery, is expected in 2021. More than 1.3 GW of projects, mainly PV and wind, are currently in various stages of development, including the Kozani PV project. Finally, HELPE Renewables continues to assess investments in Net-metering at the Group's facilities, connected to the LV and MV networks.

Power Generation & Natural Gas

The Group's power and natural gas activities relate to the Group's participations to ELPEDISON BV (50% HELLENIC PETROLEUM S.A., 50% EDISON) and DEPA COMMERCIAL, DEPA INFRASTRUCTURES and DEPA INTERNATIONAL PROJECTS (35% HELLENIC PETROLEUM S.A., 65% Greek State).

Power Generation & Trading

Results of ELPEDISON BV during the first half of 2021 were significantly improved, compared to the same period in 2020, due to higher margins mainly in the electricity generation sector, but also in retail sectors. Domestic demand for electricity remained relatively unchanged (+0.5% vs 1H20).

In the power generation sector, the implementation of Target Model at the end of 2020 offered ELPEDISON new opportunities to manage and optimise its energy portfolio, which the Company successfully exploited, significantly strengthening the profitability margins of electricity generation, despite any problems observed in this first period of application of the new markets. The performance improvement of ELPEDISON's existing plant in Thessaloniki, following its recent upgrade from 400 to 420 MW, an investment of around €20 million, also had a positive impact. On the other hand, the upward trend of natural gas price in the first half of 2021, combined with the particularly high prices of CO² allowances due to the revised EU targets impacted negatively. It is worth noting that the average price of allowances averaged at €43.9 per tonne of CO² in the first half of 2021, an increase of almost 100% compared to the first half of 2020.

In the retail electricity market, the Company's market share was stable at around 4.5%, with an enhancement of retail supply volumes and the expansion of its customer portfolio, mainly in Low Voltage (domestic customers), amid a highly competitive environment from alternative electricity suppliers. In addition to this, in 1H20, ELPEDISON further strengthened its position in the liberalized market of Natural Gas supply, expanding its customer base, as well as its activity in the wholesale market, through imports of significant quantities of Liquefied Natural Gas (LNG).

In the second half of 2020, certain reforms to the existing Target Model are expected to be implemented, which among others, will improve its function, allow new participants to enter, and determine the next steps in the coupling of domestic markets. Concerning the Company, new actions are in place and / or planned to further expand the customer base and market share, both in electricity and in the supply of Natural Gas, but also in the Energy Services sector.

Supply, Transportation and Trading of Natural Gas

In the first half of 2021, domestic Natural Gas consumption increased significantly by 14% compared to the same period of 2020, mainly due to increased demand from electricity producers, who covered more than 60% of total domestic demand. Consumption recorded by domestic consumers and businesses through distribution networks was also enhanced, in relation to the first half of 2020. The high increase in gas prices in the first half of 2021, and in particular LNG, mainly due to limited availability on world markets, led to a 40% decrease in LNG imports to the Rebythousa station. These quantities were replaced by imports of gas through pipelines. The above events positively affected the results of DEPA COMMERCIAL and DEPA INFRASTRUCTURES, who recorded higher sales volumes and increased their contribution to the profits of the Hellenic Petroleum Group compared to the first half of 2020.

Privatization of DEPA INFRASTRUCTURE and DEPA COMMERCIAL

In December 2019, the Hellenic Republic Asset Development Fund (HRADF) launched an international public tender process for the joint sale, along with HELLENIC PETROLEUM SA (HELPE), of the 100% in the share capital of DEPA INFRASTRUCTURE SA. At the same time, HELLENIC PETROLEUM S.A. concluded a Memorandum of Understanding with HRADF S.A. for the joint sale of 100% of DEPA INFRASTRUCTURE S.A. In June 2020, the first phase of the selection of prospective investors was completed, with six (6) investment schemes qualifying to participate in the next phase of the competition. The above preselected investment schemes during the second phase of the competition (submission of Binding Offers) gained access to the Virtual Data Room (VDR), and performed a Due Diligence of the Company. On July 15th, 2021, two (2) Binding Offers were submitted by EP INVESTMENT ADVISORS and ITALGAS SpA. The sellers immediately commenced the review of the offers' documentation to verify compliance with the terms of the Request for Binding Offers, and at a next stage, they will proceed with the unsealing of the financial offers, according to the provisions of the sale process.

In January 2020, the HRADF launched an international public tender process for the sale of 65% in the share capital of DEPA Commercial S.A. HRADF and HELPE have entered into a Memorandum of Understanding (MoU) allowing for the preferred investor to have the option to acquire the remaining 35% of shares in DEPA Commercial S.A. owned by HELPE, leading to an acquisition of 100% of its share capital. With the completion of the first pre-selection phase in June 2020, seven (7) investment schemes qualified to participate in the next phase of the competition. HELLENIC PETROLEUM S.A. was among the candidate investors, in a joint venture with EDISON S.A. The above investment schemes, during the second phase of the competition (submission of Binding Offers), gained access to the Virtual Data Room (VDR) and were in the process of performing a Due Diligence of the Company. On March 2021, due to reasons concerning the unimpeded execution of the Tender Process, HRADF decided to suspend the Binding Offers Phase of the Tender until the end of 3Q21. Following the end of this suspension period, HRADF shall inform accordingly the Shortlisted Parties on the next steps of the Tender Process.

Oil & Gas Exploration and Production

HELLENIC PETROLEUM Group is also engaged in the exploration and production of Hydrocarbons (upstream) sector. Its main activities are focused in Greece:

25% participation in a consortium with Calfrac Well Services Ltd (75%) in the Sea of Thrace Concession, North Aegean Sea, covering a total area of approximately 1,600 sq. km.
Participation as Operator (50%), in Joint Venture, with Energean International E&P SpA (50%, following the acquisition of EDISON E&P from Energean) in the offshore block of Patraikos Gulf (West). Following the completion of a 2D and 3D seismic survey and the seismic interpretation during the First Exploration Phase, numerous prospects and leads have been identified. Offshore works related to the assessment of possible geo-hazards, as well as extensive environmental sampling have been completed
The Group has a 25% interest in Block 2, west of Corfu island, with Energean Hellas Ltd. (50%, Operator, following the acquisition of TOTAL's share) and Energean International E&P SpA (25%, following the acquisition of EDISON E&P from Energean). Geological and environmental studies are ongoing, prior to the execution of the seismic program.

The Group has E&P rights, as Operator 100%, in the offshore 'Block 10', Kyparissiakos Gulf. Geological and environmental studies are ongoing, along with the preparation of the seismic campaign.
The Group has also E&P rights, with 20% interest, in two (2) offshore blocks in Crete, 'West Crete' and 'Southwest Crete', together with TOTAL E&P Greece B.V. (40%, operator) and ExxonMobil Exploration & Production Greece (Crete) B.V. (40%). Geological and environmental studies are ongoing, along with the preparation of the seismic campaign.
Additionally, the Group has 50% interest together with Repsol (50%, Operator) in the offshore block 'Ionian', Western Greece. Geological and environmental studies are ongoing, along with the preparation of the seismic campaign.
For the offshore 'Block 1' of the Ionian Sea, north of Corfu, HELPE S.A. has submitted an offer (100%, Operator) and awaits the decision of the Competent Authority.
Finally, regarding the awarded hydrocarbon exploration and production rights for the two (2) onshore blocks of 'Arta-Preveza' and 'NW Peloponnese' (100%), the Group notified on 13 August 2021 the Hellenic Hydrocarbon Resources Management Company about its intention not to proceed with further exploration activities in these onshore areas. As a result, the hydrocarbon exploration and production rights that were granted to the HELLENIC PETROLEUM Group subsidiaries, following an international tender, are now returned to the Hellenic Republic.

Major Risks and Uncertainties of 2H21

The activities of the Group are focused on oil refining, as well as petrochemicals, fuels marketing and Exploration & Production, with participation in electricity generation and trading, natural gas and renewable energy sources. Therefore, the most significant risks that could affect the Group's operations in 2H21 and which are exacerbated by the global crisis from the effects of the COVID-19 pandemic, are the developments that shape the supply of crude oil, fluctuations in crude oil prices, oil products demand, EUR/USD exchange rate volatility, CO² emission price fluctuation, risks of fair value fluctuations due to interest rates variations, changes in refining margins as well as the changes and utilization levels of refining capacity both globally and regionally as well as the developments in the overall macroeconomic environment, not only globally and regionally, but also domestically.

2.2.3. Significant Related Party Transactions (Decision No. 1/434/3.7.2007 Article 3)

The interim condensed consolidated statement of comprehensive income includes transactions between the Group and related parties. Such transactions mainly comprise sales and purchases of goods and services in the ordinary course of business.

Transactions have been carried out with the following related parties:

a) Associates and joint ventures of the Group which are consolidated under the equity method:
- Athens Airport Fuel Pipeline Company S.A. (EAKAA)
- DEPA Commercial S.A. (ex Public Gas Corporation of Greece S.A. DEPA S.A)
- DEPA Infrastructure S.A.
- DEPA International Projects
- Elpedison B.V.
- Spata Aviation Fuel Company S.A. (SAFCO)
- HELPE Thraki S.A.
- D.M.E.P. HOLDCO

	For the six month period ended
	30 June 2021	30 June 2020
Sales of goods and services to related parties
Associates	58.914	425.781
Joint ventures	674	455
Total	59.588	426.236
Purchases of goods and services from related parties
Associates	407.996	181.095
Joint ventures	47.477	23.365
Total	455.473	204.460
	As at
	30 June 2021	31 December 2020
Balances due to related parties
Associates	14.008	8.146
Joint ventures	1.232	17.584
Total	15.240	25.730
Balances due from related parties
Associates	9.458	52.313
Joint ventures	527	614

HELLENIC PETROLEUM S.A. has provided letters of comfort and guarantees in favour of third parties and banks as security for loans granted by them to Elpedison B.V. The outstanding amount of these as at 30 June 2021 was €93 million (31 December 2020: €111 million).

b) Government related entities which are under common control with the Group due to the shareholding and control rights of the Hellenic State and with which the Group has material transactions or balances are:
- Public Power Corporation Hellas S.A.

Hellenic Armed Forces
Road Transport S.A.
Lignitiki Megalopolis S.A.
Lignitiki Melitis S.A.
Hellenic Distribution Network Operator SA (HEDNO)
Hellenic Gas Transmission System Operator S.A. (DESFA)

During the six-month period ended 30 June 2021, transactions and balances with the above government related entities are as follows:

Sales of goods and services amounted to €93 million (30 June 2020: €98 million)
Purchases of goods and services amounted to €37 million (30 June 2020: €30 million)
Receivable balances of €55 million (31 December 2020: €38 million)
Payable balances of €5 million (31 December 2020: €16 million).
c) Key management includes directors (Executive and Non-Executive Members of the board of Hellenic Petroleum S.A.) and General Managers. The compensation paid or payable for the six-month period ended 30 June 2021 to the aforementioned key management is as follows:

		For the six month period ended
	30 June 2021	30 June 2020
Short-term employee benefits	2,850	2,344
Post-employment benefits	95	72
Total	2,945	2,416

d) The Group participates in the following jointly controlled operations with other third parties relating to exploration and production of hydrocarbons in Greece and abroad:
- Edison International SpA (Greece, Patraikos Gulf)
- Calfrac Well Services Ltd (Greece, Sea of Thrace concession)
- Total E&P Greece B.V and Edison International SpA (Greece, Block 2- West of Corfu Island).
- Total E&P Greece B.V., Exxon Mobil Exploration and Production Greece (Crete) B.V. (Greece, Block West Crete).
- Total E&P Greece B.V., Exxon Mobil Exploration and Production Greece (Crete) B.V. (Greece, Block South West Crete).
- Repsol Exploracion (Greece, Block Ionian).

Borrowings

The Group has centralized treasury operations which coordinate and control the funding and cash management activities of all group companies. Within this framework, Hellenic Petroleum Finance plc (HPF) was established in November 2005 in the U.K. as a wholly-owned subsidiary of Hellenic Petroleum S.A. to act as the central treasury vehicle of the Hellenic Petroleum Group.

Borrowings of the Group by maturity as at 30 June 2021 and 31 December 2020 are summarised in the table below (amounts in € million):

			Balance as at
	Company	Maturity		30 June 2021 31 December 2020
Bond loan € 400 million	HELPE S.A.	Jun 2023	396	395
Bond loan € 400 million	HELPE S.A.	Dec 2022	383	384
Bond loan € 400 million	HELPE S.A.	Dec 2023	278	277
Bond loan € 400 million	HELPE S.A.	Nov 2022	338	340
Bond loan € 100 million	HELPE S.A.	Oct 2021	100	100
Bond loan € 100 million	HELPE S.A.	Sep 2022	100	100
European Investment Bank ("EIB") Term loan	HELPE S.A.	Jun 2022	44	67
Eurobond €201 million	HPF Plc	Oct 2021	201	201
Eurobond €599 million	HPF Plc	Oct 2024	593	592
Credit facility €40 million	EKO Bulgaria	Dec 2022	19	21
Bilateral lines	Various	Various	520	400
Total			2,972	2,876

No loans were in default as at 30 June 2021 (none as at 31 December 2020).

The table below presents the changes in Borrowings arising from financing activities:

	1 January 2021	Cash flows - borrowings (inflows)	Cash flows - borrowings (outflows)	Cash flows - fees	Non cash movements	30 June 2021
	€000	€000	€000	€000	€000	€000
Current interest-bearing loans and borrowings	744.561	136.816	(16.037)	-	2	865.342
Non-current interest-bearing loans and borrowings	2.131.371	-	(24.510)	(4.432)	3.867	2.106.296
Total	2.875.932	136.816	(40.547)	(4.432)	3.869	2.971.638

"Cash flows –fees" column includes the finance fees paid and deferred against loans proceeds.

"Non-cash movements" column includes the amortization of deferred borrowing costs.

Certain medium-term credit facility agreements that the Group has concluded, include financial covenants, mainly for the maintenance of certain ratios such as: "Consolidated Net Debt/ Consolidated Adjusted EBITDA", "Consolidated Adjusted EBITDA/ Consolidated Net Interest" and "Consolidated Net Debt/ Consolidated Net Worth". Management monitors the performance of the Group to ensure compliance with the above covenants

2.3. Additional Information of the Board of Directors' Half Yearly Financial Report (article 4 of Decision No.7/448/2007)

2.3.1. Other Financial Information

Share Price Evolution

On June 30, 2021, the Company's share price closed at €6.14, a 13.70% increase compared to December 31, 2020. The average price for the first half of 2021 amounted to €5.85, a 11.36% decrease compared to the same period in 2020. The highest was €6.59 on 15.06.2021 whilst the lowest was €5.28 on 09.02.2021.

The average trading volume in the first half, reached 88,943 shares a day, a decrease of 31.12% from the respective volume of 2020, while the average daily turnover decreased by 37.41% to €522,164.

The table below shows Company's average share closing price and the average daily trading volume per month in the first half of 2021, compared to the same period in 2020.

	Average Closing Price (€)		Average Trading Volume (# shares)
	2021	2020	2021	2020
January	5.62	8.4	109,986	97,591
February	5.41	7.59	56,371	164,119
March	5.65	5.33	101,870	201,275
April	5.81	5.91	88,310	103,038
May	6.18	5.99	108,937	125,246
June	6.42	6.24	70,478	84,709

Share price evolution chart for HELLENIC PETROLEUM S.A.

The following chart shows the share price evolution at the closing of each month and the average trading volume in the Company's shares from 01.01.2021 up until 30.06.2021:

2.3.2. Selected Alternative Performance Measures

This Report includes certain financial measures of historical financial performance, financial position, or cash flows, which are not defined or specified under IFRS ("Alternative Performance Measures"). The Group considers that these measures are relevant and reliable in assessing the Group's financial performance and position, however such measures are not a substitute for financial measures under IFRS and should be read in conjunction with Group published financial statements.

Presentation and Explanation of Use of Alternative Performance Measures

Reported EBITDA

Reported EBITDA is defined as earnings/(loss) before interest, taxes, depreciation and amortisation, and is calculated by adding back depreciation and amortization to operating profit.

Adjusted EBITDA

Adjusted EBITDA is defined as IFRS Reported EBITDA adjusted for: a) Inventory Effect (defined as the effect of the price fluctuation of crude oil and oil product inventories on gross margin and is calculated as the difference between cost of sales in current prices and cost of sales at cost) in the Refining, Supply & Trading segment, b) non-recurring items, which may include but are not limited to costs and expenses related to COVID-19 pandemic, cost of early retirement schemes, write-downs of non-core assets and other one-off and non-operating expenses, in line with the refining industry practice and c)the accrual of the expense for the net deficit of the projected CO² emissions throughout the year (which is calculated by deducting the proportion of allowances received for the full year from the estimated proportion of emission of the refineries for the full year corresponding to the period, multiplied by the EUA price of the period end) vs allowances received compared to the accounting treatment under IFRS according to which a provision is raised when realised cumulative emissions exceed the level of allowances received by the company. It is noted that in 2021 there has been a change in the accounting method of accruing for the cost of CO² emissions in the interim financial statements (as described in Note 2). Comparative APMs are not adjusted, since the effect in 1H20 is not material.

Adjusted EBITDA is intended to provide a proxy of the operating cash flow projection (before any Capex) in an environment with stable oil and products prices.

ΙFRS Reported EBITDA and Adjusted EBITDA are indicators of the Group's underlying cash flow generation capability. The Group's management uses the above alternative performance measures as a significant indicator in determining the Group's earnings performance and operational cash flow generation both for planning purposes as well as past performance appraisal.

Adjusted Net Income

Adjusted Net Income is defined as the IFRS Reported Net Income as derived from the Group's reported financial statements under IFRS, adjusted for post-tax inventory effect (calculated as Inventory Effect times (1- statutory tax rate in Greece) and other post-tax non-recurring items, as well as the adjustment for the period of the net CO² emission deficit, at the consolidated Group financial statements.

Adjusted Net Income is presented in this report because it is considered by the Group and the Group's industry as one of the key measures of its financial performance.

Net Debt

Net Debt is calculated as total borrowings (including "current and non-current borrowings" as shown in the statement of financial position of the Group financial statements) less "Cash & cash equivalents" and "Investment in Equity Instruments", as reflected in the Group's financial statements. It is noted that finance lease obligations are not included in the calculation.

Capital Employed

Capital Employed is calculated as "Total Equity" as shown in the statement of financial position of the relevant financial statements plus Net Debt.

Reconciliation of Alternative Performance Measures to the Group's Financial Statements

The tables below illustrate how the selected alternative performance measures presented in this financial report are reconciled to their most directly reconcilable line item in the financial statements for the corresponding period.

Calculation of Reported EBITDA, Adjusted EBITDA, Adjusted Profit after tax
million €	1H21	1H20
Operating Profit (IFRS)	264,7	-466,4
Depreciation & Amortization (IFRS)	126,4	125,8
Reported EBITDA	391,1	-340,6
Inventory effect	-194,5	514,7
Other non-recurring items*	13,3	16,6
Accrual of CO2 emission deficit**	-70,9
Adjusted EBITDA	139,0	190,7

Profit After Tax (IFRS)	206,5	-335,8
Taxed Inventory effect	-151,7	391,2
Taxed other non-recurring items***	10,7	12,6
Taxed phasing of CO2 emission deficit	-55,3
No recurring items below EBITDA****	2,4	-46,6
Adjusted Profit After Tax	12,4	21,4

Calculation of Net Debt, Capital Employed and Gearing ratio
million €	1H21	1H20
Borrowings LT (IFRS)	2.106,3	1.231,9
Borrowings ST (IFRS)	865,3	1.649,2
Cash & Cash equivalents (IFRS)	1.220,4	1.128,6
Investment in equity instruments (IFRS)	0,4	0,9
Net Debt	1750,8	1751,6
Equity (IFRS)	2018,1	1906,7
Capital Employed	3768,9	3658,3
Gearing ratio (Net Debt / Capital Employed)	46%	48%

* Main items include, a) for 1H21: COVID-19 related expenses of €8.4m (comprise of payroll costs mainly related to required modifications in the working shifts in the refineries, protective measures in all Group's premises and other related expenses), €2.4m revaluation of balance sheet items and €2.4m for other non-recurring items,

b) for 1H20: COVID-19 related expenses of €12m (comprise of payroll costs mainly related to required modifications in the working shifts in the refineries, donations to the health-care system, for protective measures in all Group's premises and for marketing, consulting services and other related expenses) and €4m for other non-recurring items.

** the accrual of the expense for the net deficit of the projected CO² emissions throughout the year vs allowances received, compared to the accounting treatment under IFRS according to which a provision is raised when realised cumulative emissions exceed the level of allowances held by the company received

*** Includes all one-offs post effect of applicable tax rate

****a) for 1H21: Impact of the reduction of the deferred tax due to changes in tax rate, b) for 1H20: Impact of the adjustment of associates' contribution (deferred tax of DESFA sale)

2.3.3. Non-Financial Information

HELLENIC PETROLEUM Group has incorporated Sustainable Development in its strategic development plan and is committed through its respective Policy on Health, Safety, Environment and Sustainable Development. This strategic decision is based on the safe and without accidents, financially sustainable operation, with respect for the environment and society.

At the same time, the Group is already further integrating ESG indicators and targets for the environment, society and corporate governance in accordance to international standards and reporting frameworks in order to provide detailed and targeted information regarding the implementation of its strategy and the associated performance results.

Health, Safety and Environment

Health and Safety

Health and safety across all activities is the most important priority for the HELLENIC PETROLEUM Group. For this reason, all necessary safety measures are taken for employees, partners and visitors in all work areas in line with the Goal for Good Health (Sustainable Development Goal SDG 3).

The Group continuously invests in prevention, infrastructure and staff and partners' training in the field of health and safety to ensure compliance with the strictest criteria on a national and European level. All Group facilities set targets to control and improve their Health and Safety performance, with regular periodic reporting.

As 2020, the first half of 2021 was characterized by addressing the COVID 19 pandemic, which required the continuous monitoring of health developments and State measures for the consequent immediate revision of the company's response Policy when deemed necessary (3 revisions within six months) covering all Group activities. At the same time, relevant instructions were put together for personnel to take special preventive measures and proper use of PPE. and the permit requirements were evaluated for putting installations out of operation. Inspections regarding implementation of pandemic preventive measures continued through specific checklists, as did safety related projects in all facilities.

On the basis of reviewing procedures, 3 new procedures were drafted (evaluation of external partners, training on HSE and a list of control isolation valves for safety inspections. The following diagrams show the trend for Lost Workday Injury Frequency (LWIF), All Injures Frequency (AIF) and Process Safety Event Rate (PSER) indices in comparison to the annual targets but also compared to the European average (CONCAWE).

LWIF index

PSER index

Environment

Regarding the management of environmental issues (air emissions, liquid and solid waste), all planned work in the industrial facilities continued in the first half of the year with the aim of further improving environmental indicators, such as the installation of particulate matter filters in the Fluid Catalytic Cracking Unit (FCC) at Aspropyrgos refinery.

For HELLENIC PETROLEUM, being steadily oriented towards circular economy, the primary objective is to reduce the production of liquid and solid waste at source, maximize recycling and the re-use in the production process for all waste streams possible and then manage them by always prioritizing their valorization by third parties, for purposes such as power production and/or alternative raw materials.

Regarding its participation in the Emissions Trading System (ETS) in the first half of 2020, submission of relevant reports (activity level and CO² emissions verification) and surrender of emission allowances for 2020, the final year of the system's 3rd phase (2013-2020), was completed successfully.

In 2021, the first year of the 4th phase EU ETS 2021-2030, new rules on the allocation of free allowances and emission monitoring were implemented. Based on EU decisions on benchmark values for European refining as well as the cross-sectoral correction factor (CSCF) published in the first half of the year, free allowances for the year 2021 (=2,408,600 EUAs) were allocated in July 2021 to the accounts of the three refineries, which are notably reduced compared to the previous period, (indicatively 20% decrease compared to the year 2015=3,002,264 EUAs after the implementation of the CSCF), due to the significant reduction (=23%) in benchmark value for the refining industry in Europe.

Carbon dioxide (CO2) emissions from the three refineries (Aspropyrgos, Elefsina and Thessaloniki), for the first half of 2021, amounted to 1.74 million tons, presenting a small decrease compared to the same period last year.

According to the Group's strategy on climate change and the reduction of the Group's carbon footprint, in the first half of 2021, the Group announced "Vision 2025", its revised strategy for transformation, which includes ambitious targets to reduce the Group's carbon footprint by 2030. In particular, the target to reduce CO² emissions (Scope 1 and 2) by 30% until 2030 (compared to 2019) was announced, while increasing its RES portfolio by more than 2 GW (contributing to avoiding an additional 20% CO² emissions).

As part of its participation in the CDP evaluation on the management of climate change issues (also maintained in 2020 at Management level B-: "Taking coordinated action on climate issues"), in 2021, for the first time, the Group participated in the Climate & Energy Benchmark for Oil & Gas evaluation as one of the 100 most important companies in the industry worldwide.

Moreover, through its participation in the Hellenic Federation of Enterprises (SEV) and SEV's Council on Sustainable Development, HELPE contributed to the consultation with comments on issues such as the aligning national legislation with the European Waste Management Directive, the European Fit for 55 framework for new climate targets, and the planned European Cross-Border Carbon Adjustment Mechanism – CBAM.

Labour and Social Issues

The industry in which the Group operates requires specialized skills, training and experience. As a result, the ability to attract and retain the right human resources is an important factor in the Group's optimal operation.

Difficulties in finding and employing competent personnel, especially middle and senior management and highly skilled personnel, can adversely affect the Group's operations and financial position.

Providing a safe working environment, that also motivates employees and treats them with respect, giving equal opportunities to all, is a Group priority.

Employee relations are based on the equal treatment principle. Employee placement and advancement within the Group is based on an employee's qualifications, performance and potential, without any discrimination.

The internal operation of the Group's business units is based on specific principles and rules, to ensure consistency and continuity, key blocks of success and development. In this context, the Code of Conduct summarizes the principles governing the internal operation of the Group's Companies and determines its operation, while the Internal Labour Regulation defines the rules governing the relationship between the Company and its employees.

As mentioned, the safety of the Group's facilities is one of the most important priorities. In occupational risk management, emphasis is placed on prevention in order to anticipate and control all possible health and safety risks in accordance with the criteria of the Greek law (Law 3850/2010), the European and international codes and best practices.

In addition, safeguarding the health of our employees and ensuring a safe working environment are core values, reflected in the relevant Health & Safety, and Surveillance of employees' health policies, etc. In this context periodic medical examinations of employees are carried out, taking into account job descriptions, age group and gender.

The Group, in the context of dealing with the COVID-19 pandemic, taking into account its evolution as well as the measures implemented by the State, has applied a series of important and critical measures in all its buildings and facilities. Absolute priority was given to the protection of employees' health, the smooth operation of its activities and the uninterrupted operation of the industrial facilities in order to ensure the supply of the Group's main markets.

Employee training is a continuous Group priority, to ensure that each employee has the required knowledge and experience to effectively fulfill his/her role and develop his/her skills.

The Group monitors all relevant labor law (national, European, ILO), including reports on child labor, respect for human rights and working conditions, and is in full compliance with all collective and relevant international conventions.

The Group is committed to implementing the 17 Sustainable Development Goals and conforms to the international standards on Sustainability Reporting, the CoP requirements of the UN Global Compact, the GRI Standards of Global Reporting Initiative, including the Oil and Gas Sector supplement. The credibility of the information provided is ensured by an independent body. Furthermore, the Group conducts a materiality assessment in order to evaluate the most material ESG topics associated with its activities. Both internal and external stakeholders participate in this assessment.

More specifically, our cooperation with social partners representing the broader society as well as local communities, is constant, multidimensional and material. Initiatives undertaken by the Group are closely linked to the needs of each area and relate to the society, the environment and local economy. Such initiatives are shaped through open stakeholder dialogue, studies, opinion polls, public debates and consultations, in order to identify the material topics. Subsequently, the Group evaluates the results of such practices and redefines actions in order to fully take into account and to meet the needs of all stakeholders.

The Group's contribution and responsible attitude towards the society as a whole, in collaboration with bodies, institutions, voluntary organizations and NGOs, are directed to 4 priority axes: Society (Socially Vulnerable Groups & Health), Youth and Education, Sustainable Cities & Environment, Culture & Sports.

In the first half of 2021, the HELPE Group continued to respond consistently and responsibly to the needs of society due to the pandemic conditions, which are constantly changing. The Group remained a stable provider for the National Health System and undertook important initiatives for the society. Specifically, the donations of medical diagnostic systems, reagents, medical equipment, personal protective equipment, as well as the significant quantities of fuel allocated for covering the extraordinary needs of the State, are part of the donation program of 8 million euros, which the Group is committed to implement.

Corporate Governance

The Company, in the context of the timely implementation of its corporate governance framework with the provisions of L. 4706/2020, as well as the, delegated by the law, decisions of the Hellenic Capital Market Commission, has proceeded by the 28th May 2021 EGM decisions to: (i) the amendment of its Articles of Association with the major change being the provision of an eleven-member composition of the BoD with the appointment of four (4), from seven (7) previously, members by the Greek State and the election of the rest by the General Assembly, as well as the increase of the number of independent members and (ii) the adoption of a Suitability Policy of the Company's BoD Members. Also, until July 15, 2021, the Company updated existing and adopted new policies, procedures and internal regulations regarding its and the Board of Directors' Committees operation.

Specifically, the Company:

updated its Bylaws (Internal Regulations)
adopted the BoD's operating regulations, its members' training policy, their evaluation policy as well as the notification process of any dependence relationships of the independent members.
adopted operating regulations of the Nominations Committee and the Remuneration and Succession Planning Committee and updated the operating regulations of the Audit Committee
adopted procedures for dealing with inside information and the proper investors' information, the compliance of persons discharging managerial responsibilities, in accordance with the provisions of article 19 of Regulation (EU) 596/2014 (transaction's notification)
updated the operating regulations of the General Internal Audit Group Division (GIAGD) and adopted the policy and procedure for the periodic evaluation of the internal audit system

The Company has also adopted and implements the Hellenic Corporate Governance Code of the Hellenic Corporate Governance Council (June 2021 issue).

Following the election of seven members of the Board of Directors by the Annual General Meeting on June 30, 2021, the composition of the new eleven-member Board of Directors of HELLENIC PETROLEUM SA is:

Ioannis Papathanasiou, Chairman, non-executive member
Andreas Shiamishis, Chief Executive Officer-executive member
Georgios Alexopoulos, executive member
Iordanis Aivazis, non-executive member
Theodoros-Achilleas Vardas, non-executive member
Nikolaos Vrettos, independent non-executive member
Anastasia Martseki, non-executive member
Alexandros Metaxas, non-executive member
Lorraine Scaramanga, independent non-executive member
Panayiotis Tridimas, independent non-executive member
Alkiviades- Constantinos Psarras, non-executive member

The term of the office of the above Board of Directors is three years (until 30.06.2024).

Ethics and Transparency - Code of Conduct

In the context of the fundamental obligation of good corporate governance, ever since 2011 and is expected to be revised during 2021, the Company has drafted and adopted the Code of Conduct, approved by the BoD. The Code of Conduct summarizes the principles according to which any person, employee or third party involved in the operation of the Group, as well as any collective body, should act within the framework of their duties. For this reason, the Code constitutes a practical guide of the dayto-day tasks of all Group employees as well as third parties who cooperate with it.

The Code is translated into all the languages of the countries where the Group operates, as well as in English and since its implementation, systematic education and training of executives and employees of companies of the Group has taken place, in the content of the Code and its applications.

3. Certified Auditor – Accountant's Review Report regarding the Half-Yearly Report

ERNST & YOUNG (HELLAS) Certified Auditors-Accountants S.A. 8B Chimarras str., Maroussi 151 25 Athens, Greece

Tel: +30 210 2886 000 Fax:+30 210 2886 905 ey.com

Independent auditor's review report

To the Board of Directors of "Hellenic Petroleum S.A."

Report on review of interim condensed consolidated financial information

Introduction

We have reviewed the accompanying interim condensed consolidated statement of financial position of Hellenic Petroleum S.A. and its subsidiaries, as at 30 June 2021, and the related interim condensed consolidated statements of comprehensive income, changes in equity and cash flows for the six-month period then ended, as well as the selected explanatory notes, that comprise the interim condensed consolidated financial information and which form an integral part of the six-month financial report required by Law 3556/2007.

Management is responsible for the preparation and presentation of this interim condensed consolidated financial information in accordance with International Financial Reporting Standards, as they have been endorsed by the European Union and applied to interim financial reporting (International Accounting Standard "IAS 34"). Our responsibility is to express a conclusion on this interim condensed consolidated financial information based on our review.

Scope of review

We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing as incorporated in Greek Law and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial information is not prepared, in all material respects, in accordance with IAS 34.

Report on other legal and regulatory matters

Our review has not identified any material inconsistency or error in the declarations of the members of Board of Directors and the information contained in the six-month financial report prepared in accordance with article 5 and 5a of Law 3556/2007, compared to the accompanying interim condensed consolidated financial information.

Athens, 26 August 2021

The Certified Auditor Accountant

Christiana Panayidou S.O.E.L. R.N. 62141

ERNST & YOUNG (HELLAS) CERTIFIED AUDITORS ACCOUNTANTS S.A. Chimarras 8B 151 25 Maroussi, Greece COMPANY S.O.E.L. R.N. 107

ERNST & YOUNG (HELLAS) Certified Auditors-Accountants S.A. 8B Chimarras str., Maroussi 151 25 Athens, Greece

Tel: +30 210 2886 000 Fax:+30 210 2886 905 ey.com

Independent auditor's review report

To the Board of Directors of "Hellenic Petroleum S.A."

Report on review of interim condensed financial information

Introduction

We have reviewed the accompanying interim condensed statement of financial position of Hellenic Petroleum S.A. as at 30 June 2021, and the related interim condensed statements of comprehensive income, changes in equity and cash flows for the six-month period then ended, as well as the selected explanatory notes, that comprise the interim condensed financial information and which form an integral part of the six-month financial report required by Law 3556/2007.

Management is responsible for the preparation and presentation of this interim condensed financial information in accordance with International Financial Reporting Standards, asthey have been endorsed by the European Union and applied to interim financial reporting (International Accounting Standard "IAS 34"). Our responsibility is to express a conclusion on this interim condensed financial information based on our review.

Scope of review

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial information is not prepared, in all material respects, in accordance with IAS 34.

Report on other legal and regulatory matters

Athens, 26 August 2021

The Certified Auditor Accountant

Christiana Panayidou S.O.E.L. R.N. 62141

ERNST & YOUNG (HELLAS) CERTIFIED AUDITORS ACCOUNTANTS S.A. Chimarras 8B, 151 25 Maroussi, Greece COMPANY S.O.E.L. R.N. 107

4. Half-Yearly Financial Statements

4.1. Condensed Interim Consolidated Financial Statements

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED

30 JUNE 2021

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

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

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

I. Company Information

Directors	Ioannis Papathanasiou - Chairman of the Board
	Andreas Shiamishis - Chief Executive Officer
	Georgios Alexopoulos - Member
	Theodoros-Achilleas Vardas - Member
	Alexandros Metaxas - Member
	Iordanis Aivazis - Member
	Alkiviadis-Konstantinos Psarras - Member
	Anastasia Martseki - Member (From 17/05/2021)
	Nikolaos Vrettos - Member (From 30/6/2021)
	Lorraine Scaramanga - Member (From 30/6/2021)
	Panagiotis Tridimas - Member (From 30/6/2021)


Other Board Members
during the period	Michail Kefalogiannis - Member (Until 17/05/2021)
	Loukas Papazoglou - Member (Until 17/05/2021)
	Theodoros Pantalakis - Member (Until 30/06/2021)
	Spiridon Pantelias - Member (Until 30/06/2021)
	Georgios Papakonstantinou - Member (Until 30/06/2021)
	Κonstantinos Papagiannopoulos - Member (Until 30/06/2021)
	Anastasia Makarigaki - Member (From 17/05/2021 until 30/06/2021)

Registered Office	8A Chimarras Str
	GR 151 25 - Marousi

General Commercial
Registry	000296601000

These interim condensed consolidated financial statements constitute an integral part of the Interim Financial Report, which can be Found at "annual & interim financial reports" and which incorporates the Independent Auditor's Review Report.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

II. Interim Condensed Consolidated Statement of Financial Position

		As at
	Note	30 June 2021	31 December 2020
ASSETS
Non-current assets
Property, plant and equipment	10	3.382.058	3.379.813
Right-of-use assets	11	232.785	235.541
Intangible assets	12	108.607	105.841
Investments in associates and joint ventures	7	449.169	416.542
Deferred income tax assets		70.892	72.161
Investment in equity instruments	3	419	959
Loans, advances and long term assets		69.879	71.676
		4.313.809	4.282.533
Current assets
Inventories	13	1.077.396	694.410
Trade and other receivables	14	604.581	544.795
Income tax receivables	8	19.940	37.699
Assets held for sale		32	2.466
Derivative financial instruments	3	37.448	9.945
Cash and cash equivalents	15	1.220.416	1.202.900
		2.959.813	2.492.215
Total assets		7.273.622	6.774.748

EQUITY
Share capital and share premium	16	1.020.081	1.020.081
Reserves	17	269.591	273.959
Retained Earnings		666.245	492.457
Equity attributable to equity holders of the parent		1.955.917	1.786.497

Non-controlling interests		62.183	62.340
Total equity		2.018.100	1.848.837
LIABILITIES
Non-current liabilities
Interest bearing loans & borrowings	18	2.106.296	2.131.371
Lease liabilities		174.126	170.896
Deferred income tax liabilities		74.213	32.572
Retirement benefit obligations		195.494	194.887
Provisions		38.264	39.022
Other non-current liabilities		27.589	27.957
		2.615.982	2.596.705
Current liabilities
Trade and other payables	19	1.711.319	1.546.844

Derivative financial instruments Income tax payable	3	858 2.986	4.635 1.673

Interest bearing loans & borrowings	18	865.342	744.561
Lease liabilities		27.455	30.240
Dividends payable		31.581	1.253
		2.639.541	2.329.206
Total liabilities		5.255.523	4.925.911
Total equity and liabilities		7.273.622	6.774.748

The notes on pages 8 to 38 are an integral part of these interim condensed consolidated financial statements.

A. Shiamishis C. Thomas S. Papadimitriou

Chief Executive Officer Chief Financial Officer Accounting Director

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

III. Interim Condensed Consolidated Statement of Comprehensive Income

	Note	For the six month period ended 30 June 2021	30 June 2020	For the three month period ended 30 June 2021	30 June 2020
Revenue from contracts with customers	4	3.957.067	2.986.016	2.234.740	1.067.051
Cost of sales		(3.482.556)	(3.233.578)	(2.057.034)	(946.485)
Gross profit / (loss)		474.511	(247.562)	177.706	120.566
Selling and distribution expenses		(150.058)	(158.445)	(79.368)	(77.599)
Administrative expenses		(64.272)	(67.680)	(32.813)	(33.243)
Exploration and development expenses		(1.662)	(2.337)	(801)	(1.033)
Other operating income and other gains	5	17.170	23.807	11.112	15.748
Other operating expense and other losses	5	(11.029)	(14.218)	(6.988)	(11.828)
Operating profit /(loss)	4	264.660	(466.435)	68.848	12.611
Finance income		1.415	2.725	692	1.664
Finance expense		(50.095)	(54.932)	(25.191)	(28.225)
Finance expense - lease finance cost		(5.130)	(5.435)	(2.580)	(2.687)
Currency exchange gain / (loss)	6	8.217	4.254	3.055	1.992
Share of profit / (loss) of investments in associates and
joint ventures	7	32.481	18.398	12.794	(27.009)
Profit / (loss) before income tax		251.548	(501.425)	57.618	(41.654)
Income tax credit / (expense)	8	(45.103)	165.646	(3.947)	46.571
Profit / (loss) for the period		206.445	(335.779)	53.671	4.917

Profit / (loss) attributable to:
Equity holders of the parent		204.928	(335.841)	52.464	3.966
Non-controlling interests		1.517 206.445	62 (335.779)	1.207 53.671	951 4.917
Other comprehensive income / (loss): Other comprehensive income / (loss) that will not be reclassified to profit or loss (net of tax): Actuarial gains / (losses) on defined benefit pension
plans Share of other comprehensive income / (loss) of	17	(1.280)	-	(1.280)	-
associates	17	146	217	122	441
Changes in the fair value of equity instruments	17	(335)	(348)	(294)	88
Net other comprehensive income / (loss) that will not be reclassified to profit or loss (net of tax):		(1.469)	(131)	(1.452)	529
Other comprehensive income / (loss) that may be reclassified subsequently to profit or loss (net of tax): Recycling of (gains) / losses on hedges through
comprehensive income	17	(31.794)	25.077	(7.806)	25.077
Fair value gains / (losses) on cash flow hedges	17	28.115	(31.140)	3.478	(5.666)
Currency translation differences and other movements	17	(20)	145	(95)	361
Net other comprehensive income / (loss) that may be		(3.699)	(5.918)	(4.423)	19.772
reclassified subsequently to profit or loss (net of tax):
Other comprehensive income / (loss) for the period,
net of tax		(5.168)	(6.049)	(5.875)	20.301
Total comprehensive income / (loss) for the period		201.277	(341.828)	47.796	25.218
Total comprehensive income / (loss) attributable to:
Equity holders of the parent		199.761	(341.855)	46.588	24.249
Non-controlling interests		1.516	27	1.208	969
Basic and diluted earnings / (losses) per share		201.277	(341.828)	47.796	25.218
(expressed in Euro per share)	9	0,67	(1,10)	0,17	0,01

The notes on pages 8 to 38 are an integral part of these interim condensed consolidated financial statements.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

IV. Interim Condensed Consolidated Statement of Changes in Equity

	Attributable to owners of the Parent
	Note	Share Capital	Reserves	Retained Earnings	Total	Non Controlling interests	Total Equity
Balance at 1 January 2020		1.020.081	276.972		964.972 2.262.025		64.548 2.326.573
Changes of the fair value of equity investments	17	-	(352)	-	(352)	4	(348)
Recycling of (gains) / losses on hedges through comprehensive income	17	-	25.077	-	25.077	-	25.077
Fair value gains / (losses) on cash flow hedges Share of other comprehensive income / (loss) of associates	17	- -	(31.140) 217	- -	(31.140) 217	- -	(31.140) 217
Currency translation differences and other movements	17	-	184	-	184	(39)	145
Other comprehensive income / (loss) - (net of tax) Profit / (loss) for the period		- -	(6.014) -	-	(6.014) (335.841) (335.841)	(35) 62	(6.049) (335.779)
Total comprehensive income / (loss) for the period - (net of tax)		-	(6.014)		(335.841) (341.855)	27	(341.828)
Share capital issue expenses Participation of minority holding in share capital increase of		- -	- -	(30) -	(30) -	- 34	(30) 34
subsidiary Tax on intra-group dividends		-	-	(227)	(227)	-	(227)
Dividends to non-controlling interests		-	-	-	-	(1.436)	(1.436)
Dividends	24	-	-	(76.409)	(76.409)	-	(76.409)
Balance at 30 June 2020		1.020.081	270.958		552.464 1.843.504		63.173 1.906.676

Balance at 1 January 2021		1.020.081	273.959		492.457 1.786.497		62.340 1.848.837
Changes of the fair value of equity investments	17	-	336	(673)	(337)	2	(335)
Recycling of (gains) / losses on hedges through comprehensive income	17	-	(31.794)	-	(31.794)	-	(31.794)
Fair value gains / (losses) on cash flow hedges	17	-	28.115	-	28.115	-	28.115
Share of other comprehensive income / (loss) of associates	17		146	-	146		146
Currency translation differences and other movements Actuarial gains / (losses) on defined benefit pension plans	17	- -	(17) (1.280)	- -	(17) (1.280)	(3) -	(20) (1.280)
Other comprehensive income / (loss) - (net of tax)	17	-	(4.494)	(673)	(5.167)	(1)	(5.168)
Profit / (loss) for the period		-	-	204.928	204.928	1.517	206.445
Total comprehensive income / (loss) for the period - (net of tax)		-	(4.494)	204.255	199.761	1.516	201.277
Tax on intra-group dividends		-	-	(88)	(88)	-	(88)
Dividends to non-controlling interests		-	-	-	-	(1.673)	(1.673)
Dividends	24	-	-	(30.564)	(30.564)	-	(30.564)
Other movements		-	126	185	311	-	311
Balance at 30 June 2021		1.020.081	269.591		666.245 1.955.917		62.183 2.018.100

The notes on pages 8 to 38 are an integral part of these interim condensed consolidated financial statements.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

V. Interim Condensed Consolidated Statement of Cash Flows

	For the six month period ended
	Note	30 June 2021	30 June 2020
Cash flows from operating activities
Cash generated from / (used in) operations	20	72.381	16.386
Income tax received / (paid)		16.755	(6.533)
Net cash generated from / (used in) operating activities		89.135	9.853
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets	10,12	(110.548)	(78.583)
Proceeds from disposal of property, plant and equipment & intangible assets		541	3.382
Share capital issue expenses		(4)	(30)
Grants received		56	174
Interest received		1.415	2.725
Prepayments for right-of-use assets		(220)	(218)
Proceeds from disposal of assets held for sale		2.649	-
Proceeds from disposal of investments in equity instruments		360	-
Net cash generated from / (used in) investing activities		(105.751)	(72.550)
Cash flows from financing activities
Interest paid		(43.456)	(47.946)
Dividends paid to shareholders of the Company		(6)	(76.381)
Dividends paid to non-controlling interests		(580)	-
Participation of minority shareholders in share capital increase of subsidiary		-	34
Proceeds from borrowings	18	136.816	267.927
Repayments of borrowings	18	(44.979)	(21.820)
Payment of lease liabilities - principal, net		(16.904)	(16.877)
Payment of lease liabilities - interest		(5.130)	(5.435)
Net cash generated from / (used in) financing activities		25.761	99.502

Net increase / (decrease) in cash and cash equivalents		9.145	36.805
Cash and cash equivalents at the beginning of the period	15	1.202.900	1.088.198
Exchange gain / (loss) on cash and cash equivalents		8.371	3.567
Net increase / (decrease) in cash and cash equivalents		9.145	36.805
Cash and cash equivalents at end of the period	15	1.220.416	1.128.570

The notes on pages 8 to 38 are an integral part of these interim condensed consolidated financial statements.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

Notes to the Interim Condensed Consolidated Financial Statements

1. GENERAL INFORMATION

Hellenic Petroleum S.A. ("the Company or "Hellenic Petroleum") is the parent company of Hellenic Petroleum Group (the "Group"). The Group operates in the energy sector predominantly in Greece, South Eastern Europe and the East Mediterranean. The Group's activities include refining and marketing of oil products, production and marketing of petrochemical products and exploration for hydrocarbons. The Group also provides engineering services. Through its investments in DEPA Commercial, DEPA Infrastructure, DEPA International Projects and Elpedison B.V., the Group also operates in the natural gas sector and in the production and trading of electricity power.

The parent company is incorporated in Greece with an indefinite corporate life and the address of its registered office is 8A Chimarras Str., Marousi, 151 25. The shares of the Company are listed on the Athens Stock Exchange and the London Stock Exchange through GDRs.

2. BASIS OF PREPARATION, ACCOUNTING POLICIES AND ESTIMATES

Basis of preparation of the unaudited interim condensed consolidated financial statements

The interim condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 (IAS 34) – Interim Financial Reporting, and present the financial position, results of operations and cash flows of the Group on a going concern basis.

In determining the appropriate basis of preparation of the consolidated financial statements, the Directors are required to consider whether the Group can continue in operational existence for the foreseeable future.

The Group's business activities, together with factors which the Directors consider are likely to affect its development, financial performance and financial position are set out in the director's report. The material financial and operational risks and uncertainties that may have an impact upon the Group's performance and their mitigation are outlined in note 3 including liquidity risk, market risk, credit risk and capital risk to these consolidated financial statements.

At 30 June 2021, the Group held cash of €1.220 million and has a positive working capital position. Its total interest bearing loans and borrowings amount to €2.972 million, of which an amount of €865 million falls due within the next 12 months. Of its total borrowings, €2.452 million relate to committed term facilities and €520 million to uncommitted facilities repayable on demand. Details of these balances and their maturities are presented in note 18. Based on their assessment, taking into account the above and also their financial forecasts over the next 18 months, Management is satisfied that the Group has sufficient liquidity to meet its current liabilities and working capital requirements.

The future financial performance of the Group is dependent upon the wider economic environment in which it operates. The factors that particularly affect the performance of the Group include economic growth and pace of recovery post pandemic, energy transition and associated compliance costs, which together will affect the demand for fuels and benchmark margins which is a key determinant of profitability.

Covid-19 has heightened the inherent uncertainty in the Group's assessment of these factors. However, in the six month period ended 30 June 2021, worldwide restrictions to mobility have been gradually relaxed as a result of the mass vaccination schemes currently in progress, leading to increased economic activity and improved global macro economic indicators.

Further, the Group's financial forecasts were modelled over an 18 month period, ending 31 December 2022 and reflect the outcomes that the Directors consider most likely, based on the information available at the date of signing of these interim condensed consolidated financial statements. This includes the expectation of demand evolution and benchmark refining margins applicable to the Group. The Group financial forecasts have been prepared with consideration to independent third party data which inter-alia include forecasted international commodity prices

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

used in the calculation of benchmarks refining margins and demand evolution. In the 18 months period assessed the Group expects to generate sufficient cash from operations to serve all liabilities as they fall due. Further details on the Group's actions for financing of operations are included in note 3.

Accordingly, the Directors consider there to be no material uncertainties that may cast significant doubt on the Group's ability to continue to operate as a going concern. They have formed a judgement that, at the time of approving the interim condensed consolidated financial statements there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of issuance of these interim condensed consolidated financial statements. For this reason, they continue to adopt the going concern basis in the preparation of these interim condensed consolidated financial statements.

The interim condensed consolidated financial statements have been prepared in accordance with the historical cost basis, except for the following:

financial instruments some of which are measured at fair value
defined benefit pension plans plan assets measured at fair value
assets held for sale measured at the lower of carrying value and fair value less cost to sell.

Where necessary and as described in relevant Notes, comparative figures have been reclassified to conform to changes in the presentation of the current period.

These interim condensed consolidated financial statements do not include all information and disclosures required for the annual consolidated financial statements and should be read in conjunction with the audited annual consolidated financial statements for the year ended 31 December 2020, which can be found on the Group's website www.helpe.gr.

The interim condensed consolidated financial statements for the six-month period ended 30 June 2021 have been authorised for issue by the Board of Directors on 26 August 2021.

Accounting policies and the use of estimates

The preparation of the interim condensed consolidated financial statements, in accordance with IFRS, requires the use of certain critical accounting estimates and assumptions. It also requires management to exercise its judgment in the process of applying the Group's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the interim condensed consolidated financial statements are disclosed where considered necessary. Estimates and judgements which are discussed in detail in the annual consolidated financial statements for the year ended 31 December 2020, are continuously evaluated and are based on historical experience and other factors, including expectations of future events as assessed to be reasonable under the present circumstances.

The Group has changed the method used to accrue for liabilities for emissions in the interim periods. Commencing from the three month period ended 30 June 2021, the Group will recognize a liability for emissions only to the extent that the cumulative volume of CO2 emitted at the end of each interim reporting period exceed the allowances held by the Group as of that date. The change in the method has been applied in the six month period ended 30 June 2021 and resulted in a €70.9 million increase to profit before tax and a corresponding decrease to liabilities (the effect of this change in the comparative figures has been assessed as not significant). For the three month period ended 30 June 2021 the relevant effect is a decrease of €11.2 million in profit before tax and a corresponding increase to liabilities. Had this method been applied to the first quarter of 2021, the effect would have been an increase to profit before tax of €82.1 million and corresponding decrease to liabilities.

As a result of Covid-19 pandemic and the economic impact thereof, management reviewed its estimates with regards to future cash flows utilized in estimating the recoverable amount of its investments, its fixed assets as well as the estimations for future credit losses on trade receivables.

Estimates in value-in-use calculations

Given the impact of Covid – 19, the Group proceeded with a further assessment of impairment indicators on the various segments it operates. Despite the effect of Covid - 19 during the six-month period, management assessed

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021

(All amounts in Euro thousands unless otherwise stated)

the assumptions used during the impairment tests conducted for the consolidated financial statements for the year ended 31 December 2020 and concluded that they are still valid and thus no impairment charge is required.

However, management will continue to monitor the developments for the rest of the year and adjust their estimates accordingly. (Notes 7, 10 & 12)

Provision for expected credit losses of receivables

Management assessed forward-looking information specific to its trade debtors and the economic environment taking into account the impact of Covid – 19 and recorded additional losses in line with its policies, when needed. (Note 14)

New standards, interpretations and amendments adopted by the Group

The accounting policies and methods of computation used in the preparation of the interim condensed consolidated financial statements are consistent with those applied in the preparation of the consolidated financial statements for the year ended 31 December 2020 and have been consistently applied in all periods presented in this report except for the following IFRS amendments which have been adopted by the Group as of 1 January 2021. Amendments and interpretations that apply for the first time in 2021 did not have a significant impact on the interim condensed consolidated financial statements of the Group for the six-month period ended 30 June 2021. These are also disclosed below.

IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (Amendments) 'Interest rate benchmark reform – Phase 2'. In August 2020, the IASB published Interest Rate Benchmark Reform – Phase 2, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, completing its work in response to IBOR reform. The amendments provide temporary reliefs which address the financial reporting effects when an interbank offered rate (IBOR) is replaced with an alternative nearly risk-free interest rate (RFR). In particular, the amendments provide for a practical expedient when accounting for changes in the basis for determining the contractual cash flows of financial assets and liabilities, to require the effective interest rate to be adjusted, equivalent to a movement in a market rate of interest. Also, the amendments introduce reliefs from discontinuing hedge relationships including a temporary relief from having to meet the separately identifiable requirement when an RFR instrument is designated as a hedge of a risk component. There are also amendments to IFRS 7 Financial Instruments: Disclosures to enable users of financial statements to understand the effect of interest rate benchmark reform on an entity's financial instruments and risk management strategy. While application is retrospective, an entity is not required to restate prior periods.
IFRS 16 (Amendment) 'Covid-19-Related Rent Concessions': The amendment applies, retrospectively, to annual reporting periods beginning on or after 1 June 2020. Earlier application is permitted, including in financial statements not yet authorized for issue at 28 May 2020. IASB amended the standard to provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent concessions arising as a direct consequence of the Covid-19 pandemic. The amendment provides a practical expedient for the lessee to account for any change in lease payments resulting from the Covid-19 related rent concession the same way it would account for the change under IFRS 16, if the change was not a lease modification, only if all of the following conditions are met:
- The change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change.
- Any reduction in lease payments affects only payments originally due on or before 30 June 2021.
- There is no substantive change to other terms and conditions of the lease.

Standards issued but not yet effective and not early adopted

The Group has not early adopted any of the following standards, interpretations or amendments that have been issued but are not yet effective. In addition, the Group assessed all standards, interpretations and amendments issued but not yet effective, and expects that, they will not have any significant impact on the consolidated financial statements.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021

(All amounts in Euro thousands unless otherwise stated)
IFRS 10 (Amendment) Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture: The amendments address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28, in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. In December 2015 the IASB postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method of accounting.
IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets as well as Annual Improvements 2018-2020 (Amendments): The amendments are effective for annual periods beginning on or after 1 January 2022 with earlier application permitted. The IASB has issued narrow-scope amendments to the IFRS Standards as follows:
- IFRS 3 Business Combinations (Amendments) update a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.
- IAS 16 Property, Plant and Equipment (Amendments) prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognise such sales proceeds and related cost in profit or loss.
- IAS 37 Provisions, Contingent Liabilities and Contingent Assets (Amendments) specify which costs a company includes in determining the cost of fulfilling a contract for the purpose of assessing whether a contract is onerous.
- Annual Improvements 2018-2020 make minor amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IAS 41 Agriculture and the Illustrative Examples accompanying IFRS 16 Leases.
IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Disclosure of Accounting policies (Amendments): The Amendments are effective for annual periods beginning on or after January 1, 2023 with earlier application permitted. The amendments provide guidance on the application of materiality judgements to accounting policy disclosures. In particular, the amendments to IAS 1 replace the requirement to disclose 'significant' accounting policies with a requirement to disclose 'material' accounting policies. Also, guidance and illustrative examples are added in the Practice Statement to assist in the application of the materiality concept when making judgements about accounting policy disclosures. The Amendments have not yet been endorsed by the EU.
IAS 1 (Amendment) 'Classification of liabilities as current or non-current' (effective for annual periods beginning on or after 1 January 2023): The amendments are effective for annual reporting periods beginning on or after January 1, 2022 with earlier application permitted. However, in response to the Covid-19 pandemic, the Board has deferred the effective date by one year, i.e. 1 January 2023, to provide companies with more time to implement any classification changes resulting from the amendments. The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current or non-current. The amendments affect the presentation of liabilities in the statement of financial position and do not change existing requirements around measurement or timing of recognition of any asset, liability, income or expenses, nor the information that entities disclose about those items. Also, the amendments clarify the classification requirements for debt which may be settled by the company issuing own equity instruments. These Amendments have not yet been endorsed by the EU.
IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (Amendments): The amendments become effective for annual reporting periods beginning on or after January 1, 2023 with earlier application permitted and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. The amendments introduce a new definition of accounting estimates, defined as monetary amounts in financial statements that are subject to measurement uncertainty.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

Also, the amendments clarify what changes in accounting estimates are and how these differ from changes in accounting policies and corrections of errors. The Amendments have not yet been endorsed by the EU.

IFRS 16 'Leases-Cοvid 19 Related Rent Concessions beyond 30 June 2021 (Amendment)': The Amendment applies to annual reporting periods beginning on or after 1 April 2021, with earlier application permitted, including in financial statements not yet authorized for issue at the date the amendment is issued. In March 2021, the Board amended the conditions of the practical expedient in IFRS 16 that provides relief to lessees from applying the IFRS 16 guidance on lease modifications to rent concessions arising as a direct consequence of the covid-19 pandemic. Following the amendment, the practical expedient now applies to rent concessions for which any reduction in lease payments affects only payments originally due on or before 30 June 2022, provided the other conditions for applying the practical expedient are met. The Amendment has not yet been endorsed by the EU.
IAS 12 Income taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments): The amendments are effective for annual periods beginning on or after January 1, 2023 with earlier application permitted. In May 2021, the Board issued amendments to IAS 12, which narrow the scope of the initial recognition exception under IAS 12 and specify how companies should account for deferred tax on transactions such as leases and decommissioning obligations. Under the amendments, the initial recognition exception does not apply to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. It only applies if the recognition of a lease asset and lease liability (or decommissioning liability and decommissioning asset component) give rise to taxable and deductible temporary differences that are not equal. The Amendments have not yet been endorsed by the EU.
Attributing Benefit to Periods of Service (IAS 19 Employee Benefits) – IFRS Interpretation Committee (IFRS IC or IFRIC) Agenda Decision issued May 2021: The International Financial Reporting Interpretations Committee issued the final agenda decision in May 2021, under the title "Attributing Benefits to Periods of Service" (IAS 19), which includes explanatory material regarding the way of distribution of benefits in periods of service following a specific defined benefit plan proportionate to that defined in Article 8 of Law 3198/1955 regarding provision of compensation due to retirement (the "Labor Law Defined Benefit Plan"). This explanatory information differentiates the way in which the basic principles and regulations of IAS 19 have been applied in Greece in the previous years, and therefore, according to what is defined in the "IASB Due Process Handbook (par 8.6)", entities that prepare their financial statements in accordance with IFRS are required to amend their Accounting Policy accordingly. Based on the above, the aforementioned final decision of the Committee's agenda will be treated as a Change in Accounting Policy. The aforementioned decision will be implemented in accordance with paragraphs 19-22 of IAS 8. The Group is currently attributing retirement benefit over the period from employment to retirement age for its employees. The Group is in the process of assessing the effect of this IFRIC AD with the completion date to be determined by the end of the year in order to reflect the impact and retrospectively amend its financial statements to apply the IFRIC AD before 31 December 2021 reporting.

3. FINANCIAL RISK MANAGEMENT

The Group's activities are primarily centred on Downstream Refining (incl. Petrochemicals) & Marketing of petroleum products; with secondary activities relating to exploration of hydrocarbons and power generation and trading. As such, the Group is exposed to a variety of financial and commodity markets' risks including foreign exchange and commodity price risk, credit risk, liquidity risk, cash flow risk and interest-rate risk. In line with international best practices and within the context of local markets and legislative framework, the Group's overall risk management policies aim at reducing possible exposure to market volatility and / or mitigating its adverse effects on the financial position of the Group to the extent possible. In general, the key factors that impact the Group's operations are summarised as follows:

Covid-19: The outbreak of the Covid 19 pandemic during 2020 and the measures adopted subsequently in order to contain its spread, affected significantly the global and Greek economy and disrupted the global financial stability. The oil refining and trading of petroleum products sectors were materially impacted from the pandemic.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021

(All amounts in Euro thousands unless otherwise stated)

However, the commencement of the vaccination programmes as well as the gradual relaxation of the strict containment measures during May have led to a partial recovery of the domestic demand.

During the first half of the year, although the refining margins and the Greek market demand remained low compared to the pre-Covid level, the reported profitability of the Group was high mainly as a result of the crude oil price recovery recorded. The evolution of the pandemic, in Greece and globally, is expected to affect the financial results and financial position for at least 2021. While a strong global economic recovery in the second half of 2021 remains very likely, the impact on the global economy and overall business activities cannot be estimated, due to the high level of the associated uncertainties.

The Group immediately responded to the outbreak of the pandemic and took various initiatives to this end primarily focusing on ensuring the health and safety of its employees and all of its stakeholders and securing its uninterrupted operation and supply of the markets.

These initiatives include:

Adopting a timely and successful new remote working model (teleworking) where possible, remotely supporting information systems and modifying shift programs.
Utilizing digital technology and upgrading teleworking infrastructures.
Drafting a Policy addressing how to prevent and manage issues arising from the Covid-19 pandemic, including detailed prevention guidelines and testing response under various scenarios, planning for and implementing procedures for handling any suspected Covid-19 cases.
Continuously keeping employees up to date, along with ongoing health support (medical network, psychological support line).
Regular disinfection in all workplaces and appropriate disposal of personal protection equipment (PPE).

Management continually adjusts the abovementioned procedures to ensure that all necessary actions and measures are taken in order to minimize the impact on the Group's operations.

Management will continue to monitor the situation closely and assess any potential further impact on the Group's financial position and performance, including the recoverable amount of its investments, in case the period of disruption becomes prolonged.

Currency: The Group's business is naturally hedged against a functional currency risk. All petroleum industry transactions are referenced to international benchmark quotes for crude oil and oil products in USD. All international purchases and sales of crude oil and products are conducted in USD and all sales into local markets are either in USD prices or converted to local currency for accounting and settlement reasons using the USD reference on the date of the transaction. As a result, the Group's operations are mainly exposed to the risk of fluctuating the dollar exchange rate against the euro. The strengthening of the US Dollar against the Euro has a positive effect on the Group's financial results while in the opposite event, both the financial results and balance sheet items (inventory, investments, receivables in US dollar) would be valued at lower levels.

Prices: The Group is exposed to the risk of fluctuations in prevailing market prices. Commodity price risk management is supervised by the Supply and Trading Department. Non-commodity price risk management is carried out by the Finance Department under policies approved by the Board of Directors. The Finance Department identifies and evaluates financial risks in close co-operation with the Group's operating units. During the six-month period ended on 30 June 2021 the Group entered into certain derivatives to hedge cash flows related to purchases and sales of crude oil and petroleum products. The Group has also entered into derivative transactions to hedge the cash flow risk arising from the re-acquisition of the CO2 certificates it has presold during the six month 30 June 2021, in time to fulfill its obligation as part of the EUA scheme.

Continuous crude oil supplies: The Group procures crude oil from a number of suppliers, including national oil companies and international traders primarily in, but not limited to, the Middle East, North Africa and Black Sea region. The process of sourcing of crude oil is coordinated by the Supply and Trading department in line with production plans. The Group's three coastal refineries location provide access to a wide range of feedstock sourcing

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021

(All amounts in Euro thousands unless otherwise stated)

opportunities which enables the Group to respond to supply shortages of certain crude grades without materially affecting its operations and financial performance.

Financing of operations: The key priorities of the Group have been the management of the 'Assets and Liabilities' maturity profile, funding in accordance with its strategic investment plan and ensuring liquidity for its operational needs. As a result of these key priority initiatives and in line with its medium term financing plan, the Group has maintained a mix of committed long term credit facilities and uncommitted short term credit facilities by taking into consideration bank and debt capital markets' credit capacity as well as cash flow planning and commercial requirements.

As of 30 June 2021, approximately 83% of total debt (approximately 86% as of 31 December 2020) is financed by long-term committed credit lines while the remaining debt is being financed by short term credit facilities (bilateral lines). Further details of the relevant loans are provided in Note 18, "Interest bearing loans and borrowings".

The Group's plans with respect to facilities expiring within the next 12 months are presented below in million Euros.

Contractual Repayments	H2 2021	H1 2022	Total	Scheduled for Repayment	Scheduled for Refinancing
Bond loan €100 million	100	-	100	-	100
Eurobond €201m	201	-	201	201	-
European Investment Bank ("EIB") Term loan	22	22	44	44	-
Total	323	22	345	245	100

The Group expects that the refinancing of the bond loan will be completed in due time before maturity, while the Eurobond, will be repaid. The Group's bilateral lines, are uncommitted credit facilities with various banks to finance general corporate needs, which have been consistently renewed in the last 20 years in accordance with the Group's finance needs. The Group expects it will be able to continue to renew these in the future or will refinance part of them with term loans.

The interim condensed consolidated financial statements do not include all financial risk management information and disclosures that are required in the annual consolidated financial statements and should be read in conjunction with the group's annual consolidated financial statements as at 31 December 2020.

There have been no changes in the risk management or in any risk management policies since 31 December 2020.

Capital management

Another key priority of the Group has been the management of its Assets. Overall the Group has approximately €4 billion of capital employed which is driven from working capital, investment in fixed assets and its investment in its associates and joint ventures. Current assets are mainly funded with current liabilities (incl. short term bank debt) which are used to finance working capital (inventories and receivables). 47% of total capital employed is financed through net debt excluding leases, while the remaining 53% is financed through shareholders equity.

Fair value estimation

The table below analyses financial instruments carried at fair value, categorised within the fair value hierarchy based on the lowest level input that is significant to the fair value measurement as a whole. The different levels are defined as follows:

Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).
Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).
Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021

(All amounts in Euro thousands unless otherwise stated)

The following table presents the Group's assets and liabilities that are measured at fair value at 30 June 2021:

	Level 1	Level 2	Level 3	Total balance
Assets
Derivatives at fair value through the income statement	-	34.846	-	34.846
Derivatives used for hedging	-	2.602	-	2.602
Investment in equity instruments	419	-	-	419
Assets held for sale	32	-	-	32
	451	37.448	-	37.899
Liabilities
Derivatives at fair value through the income statement		858	-	858
	-	858	-	858

The following table presents the Group's assets and liabilities that are measured at fair value at 31 December 2020:

	Level 1	Level 2	Level 3	Total balance
Assets
Derivatives at fair value through the income statement	-	2.433	-	2.433
Derivatives used for hedging	-	7.512	-	7.512
Investment in equity instruments	959	-	-	959
Assets held for sale	2.466	-	-	2.466
	3.425	9.945	-	13.370
Liabilities
Derivatives at fair value through the income statement	-	4.635	-	4.635
	-	4.635	-	4.635

The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry Group, pricing service, or regulatory agency. These financial instruments are included in level 1.

The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3.

Specific valuation techniques used to value financial instruments include:

Quoted market prices or dealer quotes for similar instruments.
The fair value of commodity swaps is calculated as the present value of the estimated future cash flows based on observable yield curves.

There were no changes in valuation techniques during the period. There were no transfers between levels during the period ended on 30 June 2021.

The fair value of Euro denominated Eurobonds as at 30 June 2021 was €805 million (31 December 2020: €802 million), compared to its book value of €794 million (31 December 2020: €792 million). The fair value of the remaining borrowings approximates their carrying value. The fair values of borrowings are within level 2 of the fair value hierarchy.

The fair value of the following financial assets and liabilities approximate their carrying amount due to their short term nature:

Trade receivables
Cash and cash equivalents
Trade and other payables

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

4. ANALYSIS BY OPERATING SEGMENT

All critical decision are ratified by the Group's board of directors. Group's Executive Committee reviews the Group's internal reporting in order to assess performance and allocate resources. Management has determined the operating segments based on these reports. The committee assesses performance taking into account 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 provided to the committee is measured in a manner consistent with that of the financial statements.

Financial information regarding the Group's operating segments for the six-month periods ended 30 June 2021 and 30 June 2020 is presented below:

		For the six month period ended 30 June 2021 Exploration
			Refining Marketing	& Production	Petro chemicals	Gas & Power	Other	Total
Gross Sales		3.451.132 1.105.726		-	187.769	2.102		8.391 4.755.120
Inter-segmental Sales		(788.814)	(1.757)	-	-	-		(7.483) (798.053)
Revenue from contracts with customers		2.662.318 1.103.969		-	187.769	2.102		908 3.957.067
EBITDA**		275.098	42.674	(4.734)	81.311	946	(4.244)	391.051
Depreciation & Amortisation (PPE & Intangibles)	10,12	(81.197)	(20.792)	(323)	(2.689)	(550)		(258) (105.809)
Depreciation of Right-of-Use assets	11	(3.185)	(16.111)	(26)	(1.577)	(119)	436	(20.582)
Operating profit / (loss)		190.716	5.771	(5.083)	77.045	277	(4.066)	264.660
Currency exchange gains / (losses)	6	7.970	250	-	-	-	(3)	8.217
Share of profit / (loss) of investments in associates & joint ventures	7	1.496	262	-	-	30.723	-	32.481
Finance (expense) / income - net		(27.554)	(4.902)	(482)	33	(735)	(15.040)	(48.680)
Lease finance cost		(569)	(4.563)	(3)	(27)	(68)	100	(5.130)
Profit / (loss) before income tax		172.059	(3.182)	(5.568)	77.051	30.197	(19.009)	251.548
Income tax expense	8							(45.103)
Profit / (loss) for the period								206.445
Profit / (loss) attributable to non-controlling interests								(1.517)
Profit / (loss) for the period attributable to the owners of the parent								204.928

For the six month period ended 30 June 2020

			Refining Marketing	Exploration & Production	Petro chemicals	Gas & Power	Other	Total
Gross Sales		2.563.544	997.935	-	132.630	2.013		5.031 3.701.153
Inter-segmental Sales		(708.058)	(2.423)	-	-	(8)		(4.649) (715.137)
Revenue from contracts with customers		1.855.486	995.512	-	132.630	2.005		382 2.986.016
EBITDA**		(393.595)	26.117	(5.651)	34.139	1.767		(3.369) (340.592)
Depreciation & Amortisation (PPE & Intangibles)	10,12	(81.904)	(19.569)	(453)	(2.096)	(553)		(230) (104.805)
Depreciation of Right-of-Use assets 11		(2.941)	(16.541)	(25)	(1.808)	(5)	282	(21.038)
Operating profit / (loss)		(478.440)	(9.993)	(6.129)	30.235	1.209		(3.317) (466.435)
Currency exchange gains / (losses) 6		4.342	(83)	-	(5)	-	-	4.254
Share of profit of investments in associates & joint ventures 7		(892)	1.288	-	-	18.002	-	18.398
Finance (expense) / income - net		(29.019)	(5.807)	-	31	(142)	(17.270)	(52.207)
Lease finance cost		(662)	(4.782)	(11)	(39)	(1)	60	(5.435)
Profit / (loss) before income tax		(504.671)	(19.377)	(6.140)	30.223	6.620		(8.079) (501.425)
Income tax expense 8								165.646
Profit / (loss) for the period								(335.779)
Profit / (loss) attributable to non-controlling interests								(62)
Profit / (loss) for the period attributable to the owners of the parent								(335.841)

* Other segment relates to Group entities, which provide treasury, consulting and engineering services and includes inter-segment eliminations for depreciation of right of use assets and lease finance cost.

** EBITDA is calculated as Operating profit/(loss) per the statement of comprehensive income plus depreciation and amortisation

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021

(All amounts in Euro thousands unless otherwise stated)

Inter-segment sales primarily relate to sales from the refining segment to other operating segments.

There were no changes in the basis of segmentation or in the basis of measurement of segment profit or loss, as compared to the consolidated annual financial statements for the year ended 31 December 2020.

There has been no material change in the definition of segments or the segmental analysis of total assets or total liabilities from the amounts disclosed in the consolidated annual financial statements for the year ended 31 December 2020.

An analysis of the Group's revenue from contracts with customers by type of market (domestic, aviation & bunkering, exports and international activities) and business unit is presented below:

	For the six month period ended 30 June 2021
Revenue from contracts with customers	Refining	Marketing	Petro-chemicals	Gas & Power	Other	Total
Domestic	445.930	843.409	61.596	2.102	683	1.353.720
Aviation & Bunkering	166.996	163.743	-	-	-	330.739
Exports	1.890.351	824	126.173	-	226	2.017.575
International activities	159.041	95.994	-	-	-	255.034
Total	2.662.318	1.103.969	187.769	2.102	909	3.957.067

	For the six month period ended 30 June 2020
Revenue from contracts with customers	Refining	Marketing	Petro-chemicals	Gas & Power	Other	Total
Domestic	374.944	674.092	47.303	2.005	378	1.098.722
Aviation & Bunkering	151.252	119.884	-	-	-	271.136
Exports	1.203.134	6.668	85.327	-	4	1.295.133
International activities	126.156	194.868	-	-	-	321.024
Total	1.855.486	995.512	132.630	2.005	382	2.986.015

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

5. OTHER OPERATING INCOME / (EXPENSES) AND OTHER GAINS / (LOSSES)

	Note	For the six month period ended		For the three month period ended
		30 June 2021	30 June 2020	30 June 2021	30 June 2020
Other operating income and other gains
Income from Grants		395	520	175	272
Services to 3rd Parties		1.442	1.127	792	316
Rental income		2.624	3.438	1.721	1.274
Insurance compensation		53	143	53	(17)
Gains on disposal of non-current assets		731	2.539	182	1.883
Unwinding of discounted long-term receivables		2.195	2.001	829	449
Other		9.729	14.039	7.360	11.571
Total		17.170	23.807	11.112	15.748
Other operating expenses and other losses
Covid-19 related expenses		(8.482)	(12.002)	(4.839)	(12.002)
Loss on disposal of non-current assets		(298)	(344)	(94)	(50)
Impairment of fixed assets	10,12	(1.293)	(85)	(1.293)	(37)
Discounting of long-term receivables		(352)	(583)	(159)	(419)
Other		(604)	(1.204)	(603)	680
Total		(11.029)	(14.218)	(6.988)	(11.828)
Other operating income / (expenses) and
other gains / (losses) - Net		6.141	9.589	4.124	3.920

Other operating income / (expenses) and other gains / (losses) include amounts which do not relate to the principal trading activities of the Group.

Reclassification: In current period the net amount above is shown gross as "Other operating income and other gains" and "Other operating expense and other losses" in the Interim Condensed Consolidated Statement of Comprehensive Income. The comparative net respective amount is also shown gross in the two categories aforementioned, while in prior period ended on 30 June 2020 was shown net in the Interim Condensed Consolidated Statement of Comprehensive Income as "Other operating income / (expenses) and other gains / (losses) – net".

Other category of other operating income and other gains mainly includes reversal of unutilised provisions.

Covid-19 related expenses of €8,5 million (30 June 2020 €12 million) comprise of €3,7 million (30 June 2020 €4,3 million) payroll costs mainly related to required modifications in the working shifts in the refineries, €3,7 million for protective measures in Group's premises (30 June 2020 €2,2 million) and €1,1 million related to other expenses related to Covid-19 (30 June 2020 €2,2 million). In Addition, an amount of €3,2 million relate to donations to the health-care system during the period ended on 30 June 2020.

Rental income relates to long term rental of petrol stations, let to dealers.

6. CURRENCY EXCHANGE GAINS / (LOSSES)

Foreign currency exchange gains of €8,2 million reported for the six-month period ended 30 June 2021, mainly relate to unrealized gains arising from the valuation of bank accounts denominated in foreign currency (mostly USD). The corresponding amount for the six month period ended 30 June 2020 was a gain of €4,3 million.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

7. SHARE OF PROFIT / (LOSS) OF INVESTMENTS IN ASSOCIATES & JOINT VENTURES

The amounts represent the Group's share of the net profit / (losses) from associated companies and joint ventures accounted for on an equity accounting basis, which are analysed as follows:

	For the six month period ended	For the three month period ended
	30 June 2021	30 June 2020	30 June 2021	30 June 2020
DEPA Commercial SA	7.948	14.823	3.882	(29.007)
DEPA Infrastructure SA	7.187	(949)	(19)	(949)
DEPA International Projects S.A	(302)	-	(73)	-
ELPEDISON B.V.	15.890	5.554	7.889	1.495
DMEP	1.647	(523)	973	1.930
Other associates	111	(507)	142	(478)
Total	32.481	18.398	12.794	(27.009)

The Group is active in power generation, trading and supply in Greece through its 50% shareholding in Elpedison B.V., a joint venture entity with EDISON S.p.A.. The Group accounts for Elpedison B.V. using the equity method and as such, the Group's 50% share of the consolidated results of Elpedison B.V. appear under "Share of profit of investments in associates and joint ventures" and its 50% share of net assets under "Investment in associates and joint ventures". Based on the improved results of Elpedison during the six-month period ended on 30 June 2021 there is no indication of impairment.

The Group's subsidiary company, Hellenic Petroleum International AG, participates in the shareholding of DMEP Holdco Ltd (48% shareholding). DMEP HoldCo Ltd is incorporated in the UK and ultimately owns 100% of "OTSM S.A. of Maintenance Compulsory Stocks and Trading of Crude Oil and Petroleum Products" (OTSM). OTSM is established under Greek law and is fully permitted to provide crude oil and petroleum products stock keeping and management services. The Group has delegated part of its compulsory stock keeping obligations to OTSM, reducing its stock holding by approximately 42 kMT (31 December 2020: 66 kMT), at a fee calculated in line with the legal framework. All Group's transactions with OTSM are included in Note 21.

In December 2019, the Hellenic Republic Asset Development Fund ("HRADF" or "Fund") launched an international public tender process for the joint sale, along with HELLENIC PETROLEUM SA (HELPE), of 100% in the share capital of DEPA INFRASTRUCTURE SA. In June 2020, Phase A of the tender process was completed, with six interested parties meeting the criteria to participate in Phase B (Binding Offers Phase). In July 2021 two binding offers were received as announced by the privatisation agency, which are to be checked for criteria set in the tender before they are unsealed.

In January 2020, the HRADF launched an international public tender process for the sale of 65% in the share capital of DEPA Commercial S.A. Hellenic Petroleum S.A., in a joint venture with EDISON S.p.A., is among the interested parties. In June 2020, Phase A of the tender process was completed, with seven interested parties meeting the criteria to participate in Phase B (Binding Offers Phase). The Fund and HELPE have entered into a Memorandum of Understanding (MoU) in the event that HELPE is not selected as preferred bidder, the granting by HELPE to the preferred bidder of a call option and the granting by the preferred bidder to Hellenic Petroleum S.A. of a put option respectively, regarding Hellenic Petroleum S.A.'s shareholding in DEPA Commercial, which will enable Hellenic Petroleum S.A exit from a minority participation. The privatisation procedure was suspended until the 3rd quarter of 2021.

In accordance with Law 4001/ 2011 as amended by Law 4643/2019 a partial demerger of DEPA's distribution gas branch took place on 30 April 2020 and a new entity named DEPA Infrastructure was created. The new company includes the participation in the entities acting as operators of Natural Gas Distribution Networks, i.e. EDA Attikis SA, EDA Thessalonikis – Thessalias SA and DEDA SA. The surviving entity (ex DEPA S.A.) was renamed as DEPA Commercial SA and will include all current wholesale and retail gas activities of DEPA through the 100% participation in EPA Attikis.

The completion of the sale process for DEPA Infrastructure and the completion of the sale or acquisition of controlling stake in DEPA Commercial are subject to a number of conditions including regulatory approval. Given that the transaction can only be completed upon receiving the approval of the relevant competent authorities, DEPA Commercial and DEPA Infrastructure, as they currently stand, continue to be accounted for and included in these consolidated financial statements as associates.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021

(All amounts in Euro thousands unless otherwise stated)

On 11 May 2020, DEPA Commercial S.A. established DEPA International Projects S.A. a 100% subsidiary in order to transfer and then demerge the international business sector through its 50% shareholding in IGI Poseidon S.A. (Joint Venture between DEPA Commercial S.A. and Edison S.p.A.), which is engaged in the development of gas infrastructure projects in South East Europe. On 12 November 2020, DEPA Commercial S.A. concluded the partial demerger of its international sector. The official legal procedure of transfer of 35% of shares of DEPA International Projects S.A. to the Company was completed on 29 January 2021 when the Group commenced consolidating DEPA International group.

The table below shows the Group's carrying value of its investment in DEPA Commercial S.A. as at 31 January 2021 and the subsequent allocation between the two new groups.

	DEPA International
	DEPA Commercial SA	Projects SA
Investment as accounted in Helpe Group 31 January 2021	168.630	-
Investment as accounted in Helpe Group 1 February 2021 after demerger	143.463	25.167

In the period up to 30 April 2020, the Group consolidated using the equity method of accounting 35% of the net asset value of ex DEPA as it was before the spin offs. Following the partial demergers of DEPA Infrastructure and DEPA International Projects on 30 April 2020 and 29 January 2021 respectively, the Group separately consolidates the DEPA Commercial group, DEPA Infrastructure group and DEPA International group, using the equity method of accounting. The carrying value of the investments in the consolidated financial statements reflects HELPE's 35% share of the net asset value of the DEPA Commercial, DEPA Infrastructure and DEPA International groups.

8. INCOME TAX

The income tax (expense) / credit relating to components of comprehensive income, is as follows:

			For the six month period ended For the three month period ended
	30 June 2021	30 June 2020	30 June 2021	30 June 2020
Current tax	(3.351)	(2.904)	(1.907)	(1.318)
Prior year tax	3.058	(605)	483	(802)
Deferred tax	(44.810)	169.155	(2.523)	48.691
Income tax (expense) / credit	(45.103)	165.646	(3.947)	46.571

The corporate income tax rate of legal entities in Greece for the period ended 30 June 2021 is 22% (30 June 2020: 24%). This was enforced according to the provisions of Law 4799/2021, issued in May 2021, where the corporation income tax rate was amended to 22%, effective from tax year 2021 onwards.

The deferred tax charge of €44,8 million included within income taxes mainly relates to the utilization of tax losses that arose during previous years and carried forward. As at 30 June 2021 the deferred tax asset on tax losses carried forward amounts to €104,7 million (31 December 2020: €137,6 million). The majority of the tax losses carried forward can be utilized up to 2025.

In accordance with thin capitalization rules the net interest expense is deductible up to a certain percentage of tax EBITDA. This resulted in a deferred tax asset of €33,7 million as at 30 June 2021 (31 December 2020: €24,8 million), which can be offset against future taxable profits without time constraints following relevant conditions.

In accordance with the applicable tax provisions, tax audits in Group companies are conducted as follows:

a. Audits by Certified Auditors - Tax Compliance Report

Effective from fiscal years ending 31 December 2011 onwards, Greek companies meeting certain criteria can obtain an "Annual Tax Compliance Report" as provided for by par. 5, article 82 of L.2238/1994 and article 65A of L. 4174/2013, as of 2014, from their statutory auditor in respect of compliance with tax law. The issuance of a Tax Compliance Report under certain conditions, substitutes the full tax audit by the tax authorities, however the tax authorities reserve the right of future tax audit taking into consideration the statute of limitation provisions.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021

(All amounts in Euro thousands unless otherwise stated)

All Group companies based in Greece have received unqualified Tax Compliance Reports by their respective statutory auditor for fiscal years up to 2019 inclusive. The management expects that the same will also apply for the year ended 31 December 2020.

b. Audits by Tax Authorities

Income tax years of the parent company and its most significant subsidiaries audited by the tax authorities are set out below:

Company name

HELLENIC PETROLEUM SA Financial years up to (and including) 2011 and financial year 2014 EKO SA Financial years up to (and including) 2010 HELLENIC FUELS & Lubricants SA (former HELLENIC FUELS SA) Financial years up to (and including) 2011

According to the general provisions, fiscal years up to (and including) 2014 are time-barred.

It is also noted that EKO S.A. and Hellenic Fuels & Lubricants S.A. (former Hellenic Fuels S.A.) were merged in 2016 (transformation balance sheet as on 31/12/2015).

Notwithstanding the possibility of future tax audits, Group 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 consolidated financial statements as of 30 June 2021 (Note 23).

As of 30 June 2021, the income tax receivables include an amount of €13,7 million advanced by the Group, relating to uncertain tax positions (as explained in Note 23) relating to income taxes and related interest and penalties (31 December 2020: €32,1 million). The timing of the finalization of these disputes cannot be estimated and the Group has classified these amounts as current assets.

9. EARNINGS / (LOSSES) PER SHARE

Basic earnings / (losses) per share are calculated by dividing the net profit / (loss) attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period, excluding the weighted average number of treasury shares. As of 30 June 2021 and 30 June 2020, there were no treasury shares. Diluted earnings / (losses) per share equal basic earnings (losses) per share.

	For the six month period ended		For the three month period ended
	30 June 2021	30 June 2020		30 June 2021 30 June 2020
Earnings / (losses) per share attributable to the Company
Shareholders (expressed in Euro per share):	0,67	(1,10)	0,17	0,01
Net income / (loss) attributable to ordinary shares
(Euro in thousands)	204.928	(335.841)	52.464	3.966
Weighted average number of ordinary shares	305.635.185	305.635.185	305.635.185	305.635.185

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

10. PROPERTY, PLANT AND EQUIPMENT

	Land	Buildings	Plant & Machinery	Transportation means	Furniture and fixtures	Assets Under Con-struction	Total
Cost
As at 1 January 2020	308.826	924.515	4.947.527	87.472	202.682	148.576	6.619.598
Additions	-	626	5.285	439	1.974	66.830	75.154
Capitalised projects	-	2.997	43.615	-	113	(46.725)	-
Disposals	(867)	(2.804)	(3.531)	(11.121)	(634)	-	(18.957)
Currency translation effects	(13)	(172)	(325)	(4)	(19)	(2)	(535)
Transfers and other movements	-	333	1.598	-	-	(1.383)	548
As at 30 June 2020	307.946	925.495	4.994.169	76.786	204.116	167.296	6.675.808
Accumulated Depreciation
As at 1 January 2020	-	509.186	2.588.552	59.423	164.769	-	3.321.930
Charge for the period	-	13.075	81.256	1.708	5.141	-	101.180
Disposals	-	(2.803)	(3.279)	(11.121)	(567)	-	(17.770)
Impairment	-	44	41	-	-	-	85
Currency translation effects	-	(162)	(277)	(4)	(17)	-	(460)
As at 30 June 2020	-	519.340	2.666.293	50.006	169.326	-	3.404.965
Net Book Value at 30 June 2020	307.946	406.155	2.327.876	26.780	34.790	167.296	3.270.843
Cost
As at 1 January 2021	310.882	939.647	5.139.976	76.613	225.168	161.614	6.853.900
Additions	1.757	2.908	4.309	77	2.886	96.184	108.121
Capitalised projects	-	3.513	9.847	25	84	(13.469)	-
Disposals	(15)	(418)	(3.937)	(234)	(437)	-	(5.042)
Currency translation effects	4	5	1	-	1	(3)	8
Transfers and other movements	(1)	402	1.017	0	0	(5.886)	(4.468)
As at 30 June 2021	312.626	946.057	5.151.213	76.481	227.702	238.441	6.952.519
Accumulated Depreciation
As at 1 January 2021	3.114	527.148	2.719.189	52.664	170.421	1.551	3.474.087
Charge for the period	0	12.964	80.835	1.370	6.374	0	101.543
Disposals	-	(349)	(3.886)	(208)	(373)	-	(4.816)
Impairment	-	87	-	-	-	20	107
Currency translation effects	-	3	1	-	-	-	4
Transfers and other movements	-	-	2	(465)	-	-	(463)
As at 30 June 2021	3.114	539.854	2.796.140	53.361	176.422	1.571	3.570.461
Net Book Value at 30 June 2021	309.512	406.203	2.355.072	23.121	51.281	236.870	3.382.058

Reclassification: For the year ending 31 December 2020, the Group reconsidered the presentation of "Impairment / write offs" and now includes such balances' carrying value (net amount) in the caption "Impairment" which is now present only in accumulated depreciation section. Previously, such balances were presented gross in cost and accumulated depreciation. Following the reconsideration, an adjustment was applied retrospectively to the 2020 comparative balances.

Transfers and other movements' for the six-month period ended on 30 June 2021 include the transfer of computer software development costs (Cost of €5,8 million) to intangible assets (Note 12) and the transfer of spare parts for the refinery units between inventories and fixed assets.

Plant and machinery include the pipeline connecting Thessaloniki and Skopje, which is an asset of the Group's subsidiary Vardax S.A. and has been tested for impairment according to the requirements of IAS 36 in the financial statements for the year ended 31 December 2020. Although the commencement date may be delayed due to Covid-19 pandemic, the impairment test included a sensitivity analysis assuming 2 years delay in operation commencement. Based on this impairment test, the Group concluded that the carrying amount of the asset should be written down by a further €3,2m during 2020 (included in "Impairment / write offs") to its recoverable amount. This amount is recorded in the consolidated statement of comprehensive income in "other operating expenses and other losses" for the year ended 31 December 2020. The accumulated impairment as of 30 June 2021 is €11,5 million.

Management proceeded with an impairment test in the financial statements for the year ended 31 December 2020 for the fixed assets of the Group's main segments of Domestic Refining and Petrochemicals, which have been

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021

(All amounts in Euro thousands unless otherwise stated)

considered as one CGU for the purposes of IAS 36 impairment testing, based on the synergies and interdependence between them. For the purposes of June 2021 interim condensed consolidated financial statements, management updated its assessment on the 2020 year-end testing by applying actual results for the first half of 2021 and 2 scenarios for the planned results of the second half of 2021. Management concluded that value in use estimated is significantly higher than the carrying value and no impairment charge is required.

As at 31 December 2020, HFL's S.A. management carried out an impairment test according to the requirements of IAS 36, based on the post-tax cash flows produced by the entity. The valuation analysis considered HFL S.A. (the Group's marketing activities in Greece, and part of the Marketing segment) as a single cash generation unit (CGU). For the purposes of the June 2021 Interim Condensed Financial Statements, management re-assessed the testing for impairment performed in December 2020. Based on this impairment test, management concluded that the carrying amount of the net assets of its marketing activities in Greece is recoverable and consequently no impairment charge was recorded.

11. RIGHT OF USE ASSETS

Stations 219.969 9.630 -	Properties 31.321 11 (24)	Machinery 8.909 1.043	25.714	-	285.913


			309	26	11.019
		-	-	-	(24)
					(50)
					3.740
					(8)
					3
233.083	31.549	9.982	25.953	26	300.593

					42.979
					21.038
					(16)
					(50)
					(6)
45.360	8.148	2.070	8.362	4	63.945
187.722	23.401	7.912	17.591	22	236.648

	- 3.468 - 15 31.576 13.784 - - -	- 242 - - 5.887 2.278 (16) - - Petrol station Commercial	- 30 - - 1.150 920 - - Plant &	(50) - (8) (12) 4.366 4.052 - (50) (6)	- - - - - 4 - -

	properties	Properties	Machinery	Motor Vehicles	Other	Total
Cost
As at 1 January 2021	241.083	32.199	13.840	31.546	1.033	319.701
Additions	2.512	8.667	-	386	135	11.699
Derecognition	(1.600)	-	-	(15)	-	(1.615)
Modification	6.920	585	1	(62)	-	7.444
Currency translation effects	1	-	-	2	-	3
As at 30 June 2021	248.916	41.450	13.841	31.857	1.168	337.233
Accumulated Depreciation
As at 1 January 2021	58.088	10.428	2.930	12.691	23	84.160
Charge for the period	13.240	2.346	1.002	3.968	27	20.582
Derecognition	(239)	-	-	(3)	-	(242)
Modification	-	(47)	-	(6)	-	(53)
As at 30 June 2021	71.089	12.727	3.932	16.650	50	104.448
Net Book Value at 30 June 2021	177.827	28.724	9.909	15.207	1.118	232.785

The Group leases a variety of assets in the course of its activities. Through the marketing segment the Group enters into lease agreements whereby it leases land on which it constructs petrol stations. Furthermore, the Group leases operational petrol stations, large complexes which may include other commercial properties such as highway service stations.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021

(All amounts in Euro thousands unless otherwise stated)

Commercial Properties include an addition of €7,5 million which relates to leased land used to construct a photovoltaic park.

12. INTANGIBLE ASSETS

		Retail Service
		Station Usage	Computer	Licences and
	Goodwill	Rights	software	Rights	Other	Total
Cost
As at 1 January 2020	138.588	6.993	123.404	40.222	74.596	383.803
Additions	-	-	2.912	444	73	3.429
Disposals	-	-	(6)	-	-	(6)
Currency translation effects	-	-	(3)	(2)	1	(4)
Other movements	-	-	1.045	-	-	1.045
As at 30 June 2020	138.588	6.993	127.352	40.664	74.670	388.266
Accumulated Amortisation
As at 1 January 2020	71.829	-	112.349	30.574	64.625	279.377
Charge for the period	-	-	2.943	450	232	3.625
Disposals	-	-	(6)	-	-	(6)
Currency translation effects	-	-	(2)	(2)	-	(4)
As at 30 June 2020	71.829	-	115.285	31.022	64.857	282.993
Net Book Value at 30 June 2020	66.759	6.993	12.067	9.642	9.812	105.274

Cost
As at 1 January 2021	138.588	7.541	131.944	41.091	75.163	394.327
Additions	-	-	2.277	150	-	2.427
Disposals	-	-	(29)	-	(5)	(34)
Currency translation effects	-	-	0	-	1	1
Other movements	-	-	5.809	-	11	5.820
As at 30 June 2021	138.588	7.541	140.001	41.241	75.169	402.540
Accumulated Amortisation
As at 1 January 2021	71.829	-	119.501	31.621	65.535	288.486
Charge for the period	-	-	3.643	381	241	4.266
Impairment	-	-	-	1.186	-	1.186
Disposals	-	-	-	-	(3)	(3)
Currency translation effects	-	-	(1)	-	-	(1)
As at 30 June 2021	71.829	-	123.143	33.188	65.774	293.934
Net Book Value at 30 June 2021	66.759	7.541	16.858	8.053	9.395	108.607

'Licenses and Rights' include net exploration license costs relating to the exploration & production of hydrocarbons' concessions in Greece. As stated in Note 22, the Group intends to return certain licenses to the Hellenic Republic. Consequently, an impairment of €1,2 million has been recorded.

'Other movements' in computer software include the transfer of computer software development costs between assets under construction and intangible assets (Note 10), of which an amount of €4,3 million relates to a digital transformation project of the Group.

The majority of the remaining balance of goodwill as at 30 June 2021 relates to unamortised goodwill arising on the acquisition of Hellenic Petroleum Cyprus Ltd in 2003 which is treated in line with the accounting policy in Note 2.10 of the consolidated financial statements for 31 December 2020. Based on the impairment test performed for the year-ended 2020 and the accompanied sensitivity analysis, the recoverable values were estimated well in excess of the carrying value, additionally there are no indicators of impairment in the six month period ended 30 June 2021.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021

(All amounts in Euro thousands unless otherwise stated)

13. INVENTORIES

	As at
	30 June 2021	31 December 2020
Crude oil	450.498	84.772
Refined products and semi-finished products	535.215	519.428
Petrochemicals	19.803	17.412
Consumable materials and other spare parts	105.171	105.103
- Less: Provision for consumables and spare parts	(33.291)	(32.305)
Total	1.077.396	694.410

The cost of inventories recognised as an expense and included in Cost of sales amounted to €3,1 billion (30 June 2020: €2,8 billion). As at 30 June 2021, the Group wrote down inventories to their net realisable value, recording a loss of €0,1 million (30 June 2020: loss of €14,7 million included in Cost of Sales in the statement of comprehensive income).

Under IEA and EU regulations, Greece is obliged to hold crude oil and refined product stocks in order to fulfil the EU requirement for compulsory stock obligations (90 days stock directive), as legislated by Greek Law 3054/2002. This responsibility is passed on to all companies, including Hellenic Petroleum S.A., which import and sell in the domestic market and who have the responsibility to maintain and finance the appropriate stock levels. Such stocks are part of the operating stocks and are valued on the same basis. The Group has delegated part of compulsory stock obligations to OTSM (Note 7).

14. TRADE AND OTHER RECEIVABLES

	As at
	30 June 2021	31 December 2020
Trade receivables	595.273	549.072
- Less: Provision for impairment of receivables	(263.177)	(261.580)
Trade receivables net	332.096	287.492
Other receivables	284.479	277.929
- Less: Provision for impairment of receivables	(37.615)	(45.416)
Other receivables net	246.864	232.513
Deferred charges and prepayments	25.621	24.790
Total	604.581	544.795

As part of its working capital management the Group utilises factoring facilities to accelerate the collection of cash from its customers in Greece. Non-recourse factoring, is excluded from balances shown above, since all risks and rewards of the relevant invoices have been transferred to the factoring institution.

Other receivables include balances in respect of advances to suppliers, advances to personnel, VAT, withholding taxes and taxes paid (other than income taxes which are shown separately on the statement of financial position), as a result of tax audit assessments from the tax authorities during previous years. The Group has disputed the relevant assessments and has commenced legal proceedings. The timing of the finalization of these disputes cannot be estimated and the Group has classified the amounts as current assets.

This balance as at 30 June 2021 also includes an amount of €54 million (31 December 2020: €54 million) of VAT approved refunds which has been withheld by the customs authorities due to a dispute relating to stock shortages. The Group has filed a specific legal objection and claim against this action and expects to fully recover this amount following the conclusion of the relevant legal proceedings (Note 23).

The Group recognized additional provisions for impairment losses on trade receivables, included in the statement of comprehensive income, amounting to €1,7 million and €6,4 million for the six months ended 30 June 2021 and 2020, respectively.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021

(All amounts in Euro thousands unless otherwise stated)

15. CASH AND CASH EQUIVALENTS

	As at
	30 June 2021	31 December 2020
Cash at Bank and in Hand	1.220.416	1.202.900
Cash and Cash Equivalents	1.220.416	1.202.900

The balance of US Dollars included in Cash at bank as at 30 June 2021 was \$ 650 million (euro equivalent €547 million). The respective amount for the period ended 31 December 2020 was \$ 708 million (euro equivalent €577 million).

16. SHARE CAPITAL

	Number of Shares (authorised and issued)	Share Capital	Share premium	Total
As at 1 January & 31 December 2020	305.635.185	666.285	353.796	1.020.081
As at 30 June 2021	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 2020: €2,18).

17. RESERVES

		Tax-free &
	Statutory reserve	Special reserves	Hedging reserve	Incentive Law reserves	Other Reserves	Total
Balance at 1 January 2020	160.656	86.495	2.640	71.335	(44.155)	276.972
Changes of the fair value of equity investments	-	-	-	-	(352)	(352)
Recycling of (gains) / losses on hedges through comprehensive income	-	-	25.077	-	-	25.077
Fair value gains / (losses) on cash flow hedges	-	-	(31.140)	-	-	(31.140)
Share of other comprehensive income of associates	-	-	-	-	217	217
Currency translation differences and other movements	-	-	-	-	185	184
Balance at 30 June 2020	160.656	86.495	(3.423)	71.335	(44.105)	270.958
						-
Balance at 1 January 2021	160.656	86.495	5.709	71.335	(50.237)	273.959
Changes of the fair value of equity investments	-	-	-	-	336	336
Recycling of (gains) / losses on hedges through comprehensive income	-	-	(31.794)	-	-	(31.794)
Actuarial gains / (losses) on defined benefit pension plans	-	-	-	-	(1.280)	(1.280)
Fair value gains / (losses) on cash flow hedges	-	-	28.115	-	-	28.115
Currency translation differences and other movements	-	-	-	-	(17)	(17)
Share of other comprehensive income / (loss) of associates	-	-	-	-	146	146
Other movements	-	-	-	-	126	126
As at 30 June 2021	160.656	86.495	2.030	71.335	(50.926)	269.591

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 this reserve is equal to one third of the 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 parent company accounts in accordance with the relevant legislation in prior years.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

Tax free and Incentive Law reserves

These reserves relate to retained earnings that have not been taxed with the prevailing corporate income tax rate as allowed by Greek law under various statutes and include reserves relating to investments under incentive laws. These reserves will become liable to tax at the rate prevailing at the time of distribution to shareholders or conversion to share capital under certain conditions.

Hedging reserve

The hedging reserve is used to record gains or losses on derivatives that are designated and qualify as cash flow hedges and that are recognised in other comprehensive income. Amounts are reclassified to profit or loss when the associated hedged transaction affects profit or loss within cost of sales. As at 30 June 2021 the fair value result in hedging reserve relates to transactions described in Note 3 for commodity price risk management.

Other reserves

Other reserves are almost entirely comprised of actuarial losses.

Other reserves include:

(i) Actuarial gains / (losses) on defined benefit plans resulting from a) experience adjustments (the effects of differences between the previous actuarial assumptions and what has actually occurred) and b) the effects of changes in actuarial assumptions.
(ii) Changes in the fair value of investments that are classified as investments in equity instruments.
(iii) Exchange differences arising on translation of foreign controlled entities, which are recognised in other comprehensive income. The cumulative amount is reclassified to the profit or loss when the net investment is disposed of.

18. INTEREST BEARING LOANS AND BORROWINGS

	As at
	30 June 2021	31 December 2020
Non-current interest bearing loans and borrowings
Bank borrowings	1.513.661	1.539.796
Eurobonds	592.635	591.574
Total non-current interest bearing loans and borrowings	2.106.296	2.131.371
Current interest bearing loans and borrowings
Short term bank borrowings	619.946	499.399
Eurobonds	200.952	200.718
Current portion of long-term bank borrowings	44.444	44.444
Total current interest bearing loans and borrowings	865.342	744.561
Total interest bearing loans and borrowings	2.971.638	2.875.932

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021

(All amounts in Euro thousands unless otherwise stated)

Borrowings of the Group by maturity as at 30 June 2021 and 31 December 2020 are summarised in the table below (amounts in € million):

			Balance as at
	Company	Maturity		30 June 2021 31 December 2020
Bond loan € 400 million	HELPE S.A.	Jun 2023	396	395
Bond loan € 400 million	HELPE S.A.	Dec 2022	383	384
Bond loan € 400 million	HELPE S.A.	Dec 2023	278	277
Bond loan € 400 million	HELPE S.A.	Nov 2022	338	340
Bond loan € 100 million	HELPE S.A.	Oct 2021	100	100
Bond loan € 100 million	HELPE S.A.	Sep 2022	100	100
European Investment Bank ("EIB") Term loan	HELPE S.A.	Jun 2022	44	67
Eurobond €201 million	HPF Plc	Oct 2021	201	201
Eurobond €599 million	HPF Plc	Oct 2024	593	592
Credit facility €40 million	EKO Bulgaria	Dec 2022	19	21
Bilateral lines	Various	Various	520	400
Total			2.972	2.876

No loans were in default as at 30 June 2021 (none as at 31 December 2020).

The table below presents the changes in Borrowings arising from financing activities:

	1 January 2021	Cash flows - borrowings (inflows)	Cash flows - borrowings (outflows)	Cash flows - fees	Non cash movements	30 June 2021
	€000	€000	€000	€000	€000	€000
Current interest-bearing loans and borrowings	744.561	136.816	(16.037)	-	2	865.342
Non-current interest-bearing loans and borrowings	2.131.371	-	(24.510)	(4.432)	3.867	2.106.296
Total	2.875.932	136.816	(40.547)	(4.432)	3.869	2.971.638

"Cash flows –fees" column includes the finance fees paid and deferred against loans proceeds.

"Non-cash movements" column includes the amortization of deferred borrowing costs.

19. TRADE AND OTHER PAYABLES

	As at
	30 June 2021	31 December 2020
Trade payables	1.439.428	1.280.228
Accrued expenses	200.509	174.998
Other payables	71.382	91.618
Total	1.711.319	1.546.844

Trade payables comprise amounts payable or accrued in respect of supplies of crude oil, products, and services.

Trade payables, as at 30 June 2021 and 31 December 2020, include amounts in respect of crude oil imports from Iran, which were received between December 2011 and March 2012 as part of a long term contract with NIOC. Despite repeated attempts to settle the payment for these cargoes through the international banking system between January and June 2012, it was not possible to do so. In the period from 16 January 2016 up to 8 May 2018, when sanctions were suspended, the Group successfully made several payments against a significant part of these amounts. Following the re-imposition of relevant sanctions by the United States, no deliveries of Iranian crude oil or payments have taken place since 8 May 2018.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021

(All amounts in Euro thousands unless otherwise stated)

Accrued expenses as of 30 June 2021 mainly relate to a provision for liabilities arising from a presale agreement with a third party of €82 million (Note 3). As at 31 December 2020, accrued expenses mainly comprise of a provision for CO2 emissions (30 June 2021 nil). Further accrued interest, payroll related accruals and accruals for operating expenses not yet invoiced are included within this category.

Other payables include amounts in respect of payroll related liabilities, social security obligations and sundry taxes.

20. CASH GENERATED FROM / (USED IN) OPERATIONS

	For the six month period ended
	Note	30 June 2021	30 June 2020
Profit/ (Loss) before tax		251.548	(501.425)
Adjustments for:
Depreciation and impairment of property, plant and equipment and right-of-use assets	10,11	123.593	122.303
Amortisation and impairment of intangible assets	12	5.452	3.625
Amortisation of grants	5	(395)	(520)
Financial expenses / (income) - net		53.810	57.642
Share of operating (profit) / loss of associates	7	(32.481)	(18.398)
Provisions for expenses and valuation charges		46.785	28.684
Foreign exchange (gains) / losses	6	(8.216)	(4.254)
Unwinding / discounting of long-term receivables - net	5	(1.843)	(1.418)
(Gain) / loss on assets held for sale		(205)	302
(Gain) / loss on disposal of property, plant and equipment	5	(433)	(2.195)
		437.615	(315.654)
Changes in working capital
(Increase) / decrease in inventories		(385.389)	377.322
(Ιncrease) / decrease in trade and other receivables		(49.758)	144.743
Increase / (decrease) in trade and other payables		69.912	(190.025)
		(365.234)	332.040
Net cash generated from / (used in) operating activities		72.381	16.386

21. RELATED PARTY TRANSACTIONS

The interim condensed consolidated statement of comprehensive income includes transactions between the Group and related parties. Such transactions are mainly comprised of sales and purchases of goods and services in the ordinary course of business.

Transactions have been carried out with the following related parties:

a) Associates and joint ventures of the Group which are consolidated under the equity method:
- Athens Airport Fuel Pipeline Company S.A. (EAKAA)
- DEPA Commercial S.A. (ex Public Gas Corporation of Greece S.A. DEPA S.A)
- DEPA Infrastructure S.A.
- DEPA International Projects S.A.
- Elpedison B.V.
- Spata Aviation Fuel Company S.A. (SAFCO)
- HELPE Thraki S.A.
- D.M.E.P. HOLDCO

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021

(All amounts in Euro thousands unless otherwise stated)

	For the six month period ended
	30 June 2021	30 June 2020
Sales of goods and services to related parties
Associates	58.914	425.781
Joint ventures	674	455
Total	59.588	426.236
Purchases of goods and services from related parties
Associates	407.996	181.095
Joint ventures	47.477	23.365
Total	455.473	204.460
	As at
	30 June 2021	31 December 2020
Balances due to related parties
Associates	14.008	8.146
Joint ventures	1.232	17.584
Total	15.240	25.730
Balances due from related parties
Associates	9.458	52.313
Joint ventures	527	614
Total	9.985	52.927

Hellenic Petroleum S.A. has provided guarantees in favour of third parties and banks as security for loans granted by them to Elpedison B.V. The outstanding amount of these as at 30 June 2021 was €93 million (31 December 2020: €111 million).

b) Government related entities which are under common control with the Group due to the shareholding and control rights of the Hellenic State and with which the Group has material transactions or balances are:
- Public Power Corporation Hellas S.A.
- Hellenic Armed Forces
- Road Transport S.A.
- Lignitiki Megalopolis S.A.
- Lignitiki Melitis S.A.
- Hellenic Distribution Network Operator SA (HEDNO)
- Hellenic Gas Transmission System Operator S.A. (DESFA)

During the six-month period ended 30 June 2021, transactions and balances with the above government related entities are as follows:

Sales of goods and services amounted to €93 million (30 June 2020: €98 million)
Purchases of goods and services amounted to €37 million (30 June 2020: €30 million)
Receivable balances of €55 million (31 December 2020: €38 million)
Payable balances of €5 million (31 December 2020: €16 million).
c) Key management includes directors (Executive and Non-Executive Members of the board of Hellenic Petroleum S.A.) and General Managers. The compensation paid or payable for the six-month period ended 30 June 2021 to the aforementioned key management is as follows:

		For the six month period ended
	30 June 2021	30 June 2020
Short-term employee benefits	2.850	2.344
Post-employment benefits	95	72
Total	2.945	2.416

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

d) The Group participates in the following jointly controlled operations with other third parties relating to exploration and production of hydrocarbons in Greece and abroad:
- Energean International E&P SpA (Greece, Patraikos Gulf).
- Calfrac Well Services Ltd (Greece, Sea of Thrace concession)
- Energean Hellas LTD, Energean International E&P SpA (Greece, Block 2).
- Total E&P Greece B.V., Exxon Mobil Exploration and Production Greece (Crete) B.V. (Greece, Block West Crete).
- Total E&P Greece B.V., Exxon Mobil Exploration and Production Greece (Crete) B.V. (Greece, Block South West Crete).
- Repsol Exploration (Greece, Block Ionian).

22. COMMITMENTS

(a) Capital commitments

Significant contractual commitments of the Group amount to €116 million as at 30 June 2021 (31 December 2020: €154 million), which mainly relate to the photovoltaic project in the wider Kozani region and to improvements in refining assets.

(b) Exploration costs

Contractual commitments of the Group for exploration costs amount to €5 million as at 30 June 2021 (31 December 2020: €24,5 million). The Group intends not to proceed with further exploration activities in certain onshore areas and to return the respective hydrocarbon exploration and production rights to the Hellenic Republic. The Group has obtained legal opinion that confirms that the return of these certain licenses is in line with the contractual terms and no additional obligations arise, thus these amounts are not included in the contractual commitments disclosed above as of 30 June 2021.

The Group may be requested to provide bank letters of credit to suppliers in order to obtain better commercial and credit terms. To the extent that such items are already recorded as liabilities in the financial statements there is no additional commitment to be disclosed. In cases where the underlying transaction occurs after the period end, the Group is not liable to settle the letter of credit and hence no such liability exists as at the period end.

(d) Put and call option

Hellenic Petroleum S.A. is counterparty to outstanding put and call option agreements to purchase oil stock from its associate OTSM. The put and call options may be exercised by either counterparty at any time before maturity under certain conditions. The value of these two options (put and call) is immaterial due to the fact that the terms of the agreements are such that the transactions will be market priced resulting in zero payoff at any time of exercise.

23. 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, the most significant of which are disclosed below:

(a) Business issues

(i) Unresolved legal claims

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 legal counsel, management believes that the final outcome will not have a significant effect on the Group's operating results or financial position and that no additional provisions over and above provisions already reflected in the interim condensed consolidated financial statements are required.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

Municipalities

During the preceding years, a number of Municipalities proceeded with the imposition of duties and fines relating to the rights of way occupied by underground pipelines operated by the Group within the boundaries of each respective municipality. As at 30 June 2021, the total amounts imposed amount to € 39,4 million (31 December 2020: €39,4 million). In order to appeal against these, and in accordance with the legislation, the Group has paid an amount of €14 million, which is included in Trade and other Receivables in the Financial Statements. The Group has exercised all available legal recourse relating to these cases and Group Management have assessed that it is most probable that the outcome of all appeals will be favorable.

During the preceding years, the Municipality of Aspropyrgos proceeded with the imposition of duties and fines relating to the rights of way occupied by underground pipelines operated by EAKAA in which HELPE SA owns 50% of the share capital and consolidates through the equity method. As at 30 June 2021, the total amounts imposed amount to € 6,7 million (31 December 2020: €6,7 million). EAKAA has exercised all available legal recourses relating to these cases and the company's Management have assessed that it is most probable that the outcome of the current process will be favorable.

Competition commission

In 2008, the Competition Commission (CC) imposed a penalty to BP Hellas S.A. (BP) amounting to € 30 million. On 24 December 2008, BP appealed against the CC Decision before the Athens Appellate Administrative Court and obtained suspension of enforcement for the amount of €28 million. Said Court, by virtue of Decision No. 1494/2011 sustained the appeal and cancelled the penalty. On 26 October 2011 the CC appealed against the above Decision before the Supreme Administrative Court (Conseil d' Etat), which rendered its Decision No. 1770/2019, by virtue of which it has sustained the appeal of the CC and annulled the Decision of the Appellate Court, before which the case is tried anew. The relevant hearing took place, after postponement, on 22 October 2020. The decision is pending.

Moreover, on 20 October 2020, the First Instance Administrative Court sustained the Company's petition for the temporary suspension of the registration or an amount of 30 million in the accounts of the Tax Office and the (temporary) prohibition of set-off or withholding of monetary claims of the Company against the Greek State, until the hearing of a Petition of Suspension, which has not been determined yet. The Group's legal advisors firm view since the beginning of the Court proceedings in 2008 is that the Company did not violate Law 703/1977 and their view still remains unchanged.

Therefore, Group management believes that there is sufficient defense against the above penalty of the CC, which will be ultimately cancelled and no probable loss is expected to arise for the Company. Therefore, no provision has been made in the financial statements in relation to this claim.

Other business issues

During 2020, the Group received a credit note from DEPA S.A., amounting to € 7,3 million, following a court decision on its action against Botas Petroleum Pipeline Corporation ("Botas") and subject to the condition that if the outcome of Botas appeal against the above decision is favourable for the counterparty the above amount will be recalled by DEPA S.A. Group believes that the likelihood of such an event is less than probable and therefore has not raised a respective provision.

(ii) Guarantees

The parent Company has provided guarantees in favour of banks as security for loans granted by them to subsidiaries and associates of the Group. The outstanding amount of these as at 30 June 2021 was the equivalent of €977 million (31 December 2020: €1,006 million). Out of these, €888 million (31 December 2020: €903 million) are included in consolidated borrowings of the Group and are presented as such in the consolidated financial statements.

(iii) International operations

Τhe Group's international operations face a number of legal issues related mainly to changes in local permits and fines imposed by Independent Regulatory Agencies, however it is considered that they do not present any material impact on the consolidated financial statements. Such cases include a dispute in connection with the local tank depots of Jugopetrol AD in Montenegro. The likelihood for an outflow of resources as a result of this case is assessed as remote. Management believes that no additional material liabilities will arise as a result of the above case over and

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

above those recognised in the consolidated financial statements. On the re-opening of the Commission for the Protection of Competition in Cyprus' investigation against the Petroleum companies operating there (wholesale), for the period from 1 October 2004 to 22 December 2006, on 15 November 2017 the Commission for the Protection of Competition in Cyprus imposed a fine amounting to €5 million against Hellenic Petroleum Cyprus Ltd. (HPC). On 29 April 2021 the competent Court has sustained the appeal of HPC and has annulled the fine. The Commission for the Protection of Competition has appealed the decision, yet the legal advisors of HPC view is that such appeal will be rejected by the competent Court.

(b) Taxation and customs

The tax framework and practices in Greece, which determine the tax base for the transactions of the Group's main entities, may result in inherent uncertainties, due to its complexity and it being subject to changes and alternative interpretation by relevant authorities at different points in time and across different entities. As a result, there may be types of expenses or treatments for which a company may be assessed on a different basis than the one adopted during preparation of its tax return and the financial statements. Based on past experience tax audits were carried out by tax authorities on average 5-7 years after the filing of the tax return. In addition, where a tax audit results in a different view to the one adopted by a Group entity, the process for resolving the issue is usually through a court of law proceeding, which has many stages and can take a considerable number of years to reach its final and irrevocable ruling. For an entity to engage in this process, a minimum down payment of 50% of the total tax and surcharges assessed is required.

All of the above result in inherent difficulties in the determination and accounting of tax liabilities. As a result, management aims to determine its policy based on specific legislation available at the time of accounting for a transaction, obtain specialist legal and tax advice on individual cases, if required, and utilize prior tax audits experience and rulings, including relevant court decisions. This process ensures that the financial statements reflect any material tax and customs liabilities as accurately and completely as possible.

(i) Open tax years – Litigation tax cases

As disclosed in Note 8, tax audits for the Group's most important Greek legal entities have been completed by the Tax Authorities as follows:

Hellenic Petroleum S.A. has been audited up to and including the financial year ended 31 December 2014. The Tax audit reports for years ended 31 December 2010 and 31 December 2011 were received in December 2017 and they are subject to legal dispute by the Company. In summary, the reports assess additional taxes of € 22,5 million and penalties of €23,5 million, for items relating to stamp duty, various non-deductible expenses and other income tax adjustments. Following a detailed review of the Tax Audit Report, the Company has disputed the additional taxes imposed (which are over and above the amounts already included in the Companies' normal tax returns) and proceeded with all possible legal means and actions to appeal against these additional taxes and surcharges imposed.

Even though the Company disputed the additional taxes and surcharges imposed, it was obliged to pay 50% of the assessed amounts (taxes and surcharges) to the Tax Authorities in order to appeal the results of the tax audits. This was paid within the applicable deadline, while the remaining amounts have been fully offset by the Authorities, with tax and other State receivables of the Company, within 2018. These amounts are included in the Income Tax Receivable balance if they relate to income tax, or in Trade and Other Receivables balance if they relate to other taxes, as the Company assesses that it will succeed in its appeals. As far as surcharges are concerned, the report has assessed amounts at 120% of the original tax instead of the applicable 50%; this is also being legally challenged by the Company.

The relevant decisions of the Athens Administrative Court of Appeals were issued in March 2021, according to which: various non-deductible expenses and additional charges are annulled and the amount of € 18.2 mil. is returned to the Company, whereas, with regards to the stamp duty, the relevant appeals are partially accepted and the amount of € 3.8 mil. is also returned to the Company.

The Company has filed cassation recourses to the extent that its appeals are not accepted and believes that the final outcome will be in its favor.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

Notification for audit has been received for the year ended 31 December 2012, which according to the general provisions is time-barred.

During March 2020, a notification for audit was received, for the years 2014 up to and inclusive 2017. The audit is related to specific tax subjects and the final Tax Audit Report was received in February 2021 without findings. Moreover, during July 2020, a new notification for full audit was received for the year 2014 regarding all tax subjects. The audit is finalized and the Tax audit Reports were received in December 2020. The reports assess additional amounts of € 16.2 million, penalties of € 8.1 million and surcharges of € 9.5 million for alleged stamp duty, while various non-deductible expenses and other income tax adjustments have no payment impact, since in 2014 the Company has tax losses. Following a detailed review of the Tax Audit Reports, the Company disputes the additional amounts imposed. In January 2021 the Company followed the relevant administrative procedure against the tax assessment paying the minimum required amount of 50% of the total tax and surcharges, amounting to € 16.9 million while the remaining 50% was offset in April 2021, therefore the full charged amount is now paid.

The Company expects that it will succeed in its appeals and the relevant amounts will be fully recovered.

The two main retail subsidiaries in Greece, which merged during 2016, have been audited as follows:

Former Hellenic Fuels S.A. has been audited up to and including the financial year ended 31 December 2011, while notifications for audit have been received for subsequent years up to and including 31 December 2013, which according to the general provisions are time–barred. The most recent Tax audit reports for 2010 and 2011 were delivered in December 2017, and assess additional taxes of € 1,6 million and surcharges of € 1,9 million for similar reasons as Hellenic Petroleum. The process followed is identical to the one described above for Hellenic Petroleum and the subsidiary has already proceeded with the relevant legal actions.

Following the court hearing, the relevant Decisions were issued in Q3 2019. With regards to the Stamp duty cases amounting to € 3,4 million, the decisions were in favor of the company and the relevant amounts were refunded to the company, whereas for the Real Estate tax dispute of 2010 amounting to € 100 thousand, which was not in favor, the company continues the legal procedure.

EKO S.A. has been audited up to and including 31 December 2010, while notification for audit has been received for the fiscal year 2012, which according to the general provisions is time-barred. The most recent Tax audit reports for 2008, 2009 and 2010 were delivered in February 2018 and assess additional stamp duty of € 4,1 million and surcharges of € 3,5 million. The process followed is identical to the one described above for Hellenic Petroleum and the subsidiary has already proceeded with the relevant legal actions.

Following the court hearing, the relevant Decisions were issued in Q1 2020, the decisions were in favor of the company and the relevant amounts are refunded to the company.

As indicated above, even though the Companies dispute the additional taxes and surcharges imposed, they were obliged to pay 50% of the assessed amounts (taxes and surcharges) to the Tax Authorities in order to appeal the results of the tax audits. These were paid within the applicable deadlines, while the remaining amounts have been fully offset by the Authorities, with tax and other State receivables of the Companies, within 2018. The amounts paid and/or offset are included in the Income Tax Receivable balance if they relate to income tax or in the Trade and Other Receivable balance if they relate to other taxes, as the Group assesses that it will succeed in its appeals.

Management believes that no additional material liability will arise either as a result of open tax years or from the outcome of current litigation cases over and above the tax liabilities and provisions already recognized in the consolidated financial statements as at 30 June 2021. The Group has recorded down payments made for taxes and penalties assessed in previous disputes with the tax authorities in income tax receivable, to the extent that the Group has assessed that the amounts will be ultimately recoverable.

It is noted that for financial years ending 31 December 2011 up to and including 31 December 2019, the Group's Greek legal entities obtained unqualified "Annual Tax Compliance Reports" from their Statutory Auditors, as provided for by par. 5, article 82 of L.2238/1994 and article 65A of L. 4174/2013. The management expects that the same will also apply for the year ended 31 December 2020.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

(ii) Assessments of customs and fines

Customs and stock shortages

In 2008, Customs authorities assessed additional customs duties and penalties amounting to approximately €40 million for alleged "stock shortages" during the years 2001-2005. Τhe Group has duly filed contestations before the Administrative Court of First Instance, and Management believes that this case will have a positive outcome when the legal procedure will be concluded.

Notwithstanding the filing of the above contestations, the Customs office withheld an amount of €54 million (full payment plus surcharges) of established VAT refunds (Note 14), an action against which the Company filed two Contestations before the Administrative Courts of Athens and Piraeus. The Administrative Court of Athens ruled that the withholding effected by the Tax Office was unlawful. The appeal against the Customs Act No 935/2008 amounting at € 3.5 million, was heard at first instance, was dismissed and the Company has appealed to the Supreme Administrative Court against the decision, the hearing was set for 9 June 2021 and is postponed to 15 December 2021. In November 2020 the hearing of the Customs Act No 989/2008, amounting at € 35.7 million, took place before the Administrative Court of Piraeus, the relevant decision is pending.

The Company considers that the above amounts will be recovered.

Customs – other

As at 30 June 2021 there are pending appeals against court decisions that have been filed against the Group by the State, concerning customs violations that have been carried out by petrol stations dealers and whereby the Group is considered to be jointly liable. Furthermore, a number of decisions have been issued by the Supreme Administrative Court in similar cases, which either reject the Group's appeals, or accept the State's appeals and redirect them to the Administrative Appeals Court. The total amounts imposed amount to €13,9 million of which €13,3 million have been paid and recognized in Other Receivables in the Financial Statements (31 December 2020: € 13,3 million).

With regards to EKO S.A.'s cases, the Group has filed an appeal to the European Court of Human Rights as it assesses that the above Court decisions contradict the provisions of the European Convention on Human Rights. The European Court has notified EKO that its appeal is admissible and will be heard. In this context, Group Management assesses that the probability of a favorable outcome from the European Courts is more likely than not, which may as a result change the Supreme Administrative Court's position, which will subsequently result in a favorable outcome for the Group. For the reasons mentioned above, the Group has not raised a provision with regards to these cases.

In 2019, the customs authorities in North Macedonia, conducted an audit in OKTA, with regards to excise duties of eurodiesel imports, for the fiscal years 2014 - 2018. They are of the opinion that, excise duties related to these imports, were not correctly calculated and they issued relevant decisions for the fiscal year 2014, imposing additional amounts of € 380 thousands, which were paid in 2020. OKTA filed lawsuits within 2019, initiating administrative disputes, seeking full annulment, on grounds of substantial violations of procedural rules from the customs authorities' side, their failure to completely and correctly establish the facts of the case and to correctly apply substantive laws. From July 2020 until June 2021, the customs authorities issued new decisions for the fiscal years 2015, 2016 and 2017, imposing additional amounts of € 8.2 million. OKTA is filing lawsuits, within the relevant deadlines, seeking full annulment, for the same reasons. As at 30 June 2021, the respective provision included in the consolidated statement of financial position was € 12.7 million (31 December 2020: € 12.7 million), representing the Group's best estimate of potential future cash outflows, against its exposure for these uncertain tax position. The maximum amount, which can potentially be imposed by the customs, is estimated at € 17.1 million, comprising of excise duty, VAT and interest. The Group retains its position that it has acted in full compliance with all relevant laws, also as per expert's opinions received and intents to contest such decision to the ultimate judicial level, in both local and if possible, international level.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

24. DIVIDENDS

At its meeting held on 5 November 2019, the Board of Directors decided to distribute an interim dividend of €0,25 per share for the financial year 2019. The total dividend amounted to €76,4 million and was paid during the first quarter of 2020.

On 27 February 2020, the Board of Directors proposed to the AGM the distribution of a final dividend of €0,25 per share for the financial year 2019, which was approved by the AGM on 24 June 2020. The total final dividend for 2019, amounts to €76,4 million and was paid in July 2020.

On 25 February 2021, the Board of Directors proposed to the AGM the distribution of a final dividend €0,10 per share for the financial year 2020, which was approved by AGM on 30 June 2021. The dividend amounts to €30,6 million and is included in the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2021. The whole amount was paid in July 2021.

The Board did not approve a change in dividend policy overall and will re-evaluate the payment of an additional dividend or an additional special dividend during 2021.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

25. LIST OF PRINCIPAL CONSOLIDATED SUBSIDIARIES AND ASSOCIATES INCLUDED IN THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

			EFFECTIVE
		COUNTRY OF	PARTICIPATION	METHOD OF
COMPANY NAME	ACTIVITY	REGISTRATION	PERCENTAGE	CONSOLIDATION
HELLENIC FUELS AND LUBRICANTS INDUSTRIAL AND COMMERCIAL S.A	Marketing	GREECE	100,00%	FULL
ΕΚΟΤΑ KO S.A.	Marketing	GREECE	49,00%	FULL
ΕΚΟ KALYPSO M.E.P.E.	Marketing	GREECE	100,00%	FULL
EKO ATHINA MARITIME COMPANY	Vessel owning / Marketing	GREECE	100,00%	FULL
EKO ARTEMIS MARITIME COMPANY	Vessel owning / Marketing	GREECE	100,00%	FULL
EKO DIMITRA MARITIME COMPANY	Vessel owning / Marketing	GREECE	100,00%	FULL
EKO IRA MARITIME COMPANY	Vessel owning / Marketing	GREECE	100,00%	FULL
EKO AFRODITI MARITIME COMPANY	Vessel owning / Marketing	GREECE	100,00%	FULL
EKO BULGARIA EAD	Marketing	BULGARIA	100,00%	FULL
EKO SERBIA AD	Marketing	SERBIA	100,00%	FULL
HELLENIC PETROLEUM INTERNATIONAL S.A.	Holding	AUSTRIA	100,00%	FULL
HELLENIC PETROLEUM CYPRUS LTD	Marketing	U.K	100,00%	FULL
R.A.M.OIL Cyprus LTD	Marketing	CYPRUS	100,00%	FULL
YUGEN LTD	Marketing	CYPRUS	100,00%	FULL
HELPE COMPANY HOLDING LTD	Marketing	CYPRUS	100,00%	FULL
HELLENIC PETROLEUM BULGARIA (HOLDINGS) LTD	Holding	CYPRUS	100,00%	FULL
HELLENIC PETROLEUM SERBIA (HOLDINGS) LTD	Holding	CYPRUS	100,00%	FULL
JUGOPETROL AD	Marketing	ΜONTENEGRO	54,35%	FULL
GLOBAL ALBANIA S.A	Marketing	ΑLBANIA	99,96%	FULL
ELPET BALKANIKI S.A.	Holding	GREECE	100,00%	FULL
VARDAX S.A	Pipeline	GREECE	80,00%	FULL
OKTA CRUDE OIL REFINERY A.D	Refining	FYROM	81,51%	FULL
ASPROFOS S.A	Engineering	GREECE	100,00%	FULL
DIAXON S.A.	Petrochemicals	GREECE	100,00%	FULL
POSEIDON MARITIME COMPANY	Vessel owning / Petrochemicals	GREECE	100,00%	FULL
APOLLON MARITIME COMPANY	Vessel owning / Refining	GREECE	100,00%	FULL
HELLENIC PETROLEUM FINANCE PLC	Treasury services	U.K	100,00%	FULL
HELLENIC PETROLEUM CONSULTING	Consulting services	GREECE	100,00%	FULL
HELLENIC PETROLEUM R.E.S S.A.	Energy	GREECE	100,00%	FULL
HELPE-LARCO ENERGIAKI SERVION S.A.	Energy	GREECE	51,00%	FULL
HELPE-LARCO ENERGIAKI KOKKINOU S.A.	Energy	GREECE	51,00%	FULL
ENERGIAKI PYLOY METHONIS S.A.	Energy	GREECE	100,00%	FULL
ATEN ENERGY S.A.	Energy	GREECE	100,00%	FULL
KOZILIO 1	Energy	GREECE	100,00%	FULL
KOZILIO 2	Energy	GREECE	100,00%	FULL
CHRONUS 2	Energy	GREECE	100,00%	FULL
CHRONUS 3	Energy	GREECE GREECE	100,00% 100,00%	FULL
CHRONUS 4	Energy			FULL
CHRONUS 5	Energy	GREECE	100,00%	FULL
CHRONUS 6	Energy	GREECE	100,00%	FULL
CHRONUS 7	Energy	GREECE	100,00%	FULL
CHRONUS 8	Energy	GREECE	100,00%	FULL
CHRONUS 9	Energy	GREECE	100,00%	FULL
CHRONUS 10	Energy	GREECE	100,00%	FULL
CHRONUS 11	Energy	GREECE	100,00%	FULL
CHRONUS 12	Energy	GREECE	100,00%	FULL
CHRONUS 13	Energy	GREECE	100,00%	FULL
CHRONUS 14	Energy	GREECE	100,00%	FULL
CHRONUS 15	Energy	GREECE	100,00%	FULL
CHRONUS 16	Energy	GREECE	100,00%	FULL
CHRONUS 17	Energy	GREECE	100,00%	FULL
CHRONUS 18	Energy	GREECE	100,00%	FULL
CHRONUS 19	Energy	GREECE	100,00%	FULL
HELPE E&P HOLDINGS S.A	E&P of hydrocarbons	GREECE	100,00%	FULL
HELPE ARTA PREVEZA SA	E&P of hydrocarbons	GREECE	100,00%	FULL
HELPE NW PELOPONISSOS SA	E&P of hydrocarbons	GREECE	100,00%	FULL
HELPE WEST KERKYRA SA	E&P of hydrocarbons	GREECE	100,00%	FULL
HELPE SEA OF THRACE SA	E&P of hydrocarbons	GREECE	100,00%	FULL
HELPE IONIO SA	E&P of hydrocarbons	GREECE	100,00%	FULL
HELPE KIPARISSIAKOS GULF SA	E&P of hydrocarbons	GREECE	100,00%	FULL
HELPE WEST CRETE SA	E&P of hydrocarbons	GREECE	100,00%	FULL
HELPE SW CRETE SA	E&P of hydrocarbons	GREECE	100,00%	FULL
HELPE PATRAIKOS S.A.	E&P of hydrocarbons	GREECE	100,00%	FULL
HELPE UPSTREAM S.A	E&P of hydrocarbons	GREECE	100,00%	FULL
SUPERLUBE LTD	Lubricants	CYPRUS	100,00%	FULL
BLUE CIRCLE ENGINEERING LIMITED	Marketing	CYPRUS	100,00%	FULL
ELPEFUTURE	Energy	GREECE	100,00%	FULL
HELLENIC PETROLEUM (UK) LIMITED	Dormant	UK	100,00%	FULL
ELPEDISON B.V.	Power Generation	NETHERLANDS	50,00%	EQUITY
SAFCO S.A.	Airplane Fuelling	GREECE	33,33%	EQUITY
DEPA COMMERCIAL S.A. (ex DEPA S.A.)	Natural Gas	GREECE	35,00%	EQUITY
DEPA INFRASTRUCTURE S.A.	Natural Gas	GREECE	35,00%	EQUITY
DEPA INTERNATIONAL PROJECTS S.A	Natural Gas	GREECE	35,00%	EQUITY
Ε.Α.Κ.Α.Α S.A.	Pipeline	GREECE	50,00%	EQUITY
HELPE THRAKI S.A (Liquidated on April 2020)	Pipeline	GREECE	25,00%	EQUITY
DMEP HOLDCO LTD	Trade of crude/products	U.K	48,00%	EQUITY

On 29 January 2021, DEPA Commercial S.A. concluded the partial demerger of its international sector. Following the demerger, the company DEPA International Projects S.A. was established. (Note 7)

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

26. EVENTS OCCURING AFTER THE REPORTING PERIOD

Other than the events already disclosed in Note 7, the below events took place after the end of the reporting period and up to the date of the publication of the financial statements:

On July 2021, the Company announced that its Board of Directors resolved the initiation of the hive-down process by way of a spin-off of its refining, supply & trading, and petrochemicals business and its transfer to a new entity that will be established.

4.2. Condensed Interim Financial Statements

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED

30 June 2021

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

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

Directors	Ioannis Papathanasiou - Chairman of the Board
	Andreas Shiamishis - Chief Executive Officer
	Georgios Alexopoulos - Member
	Theodoros-Achilleas Vardas - Member

	Alexandros Metaxas - Member
	Iordanis Aivazis - Member
	Alkiviadis-Konstantinos Psarras - Member
	Anastasia Martseki - Member (From 17/05/2021)
	Nikolaos Vrettos - Member (From 30/6/2021)
	Lorraine Scaramanga - Member (From 30/6/2021)
	Panagiotis Tridimas - Member (From 30/6/2021)

Other Board Members
during the period	Michail Kefalogiannis - Member (Until 17/05/2021)
	Loukas Papazoglou - Member (Until 17/05/2021)
	Theodoros Pantalakis - Member (Until 30/06/2021)
	Spiridon Pantelias - Member (Until 30/06/2021)
	Georgios Papakonstantinou - Member (Until 30/06/2021)
	Konstantinos Papagiannopoulos - Member (Until 30/06/2021)
	Anastasia Makarigaki - Member (From 17/05/2021 until 30/06/2021)
Registered Office	8A Chimarras Str
	GR 151 25 - Marousi
General Commercial
Registry	000296601000

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

II. Interim Condensed Statement of Financial Position

	As at
	Note	30 June 2021	31 December 2020
ASSETS
Non-current assets
Property, plant and equipment	9	2.733.425	2.766.635
Right-of-use assets	10	27.593	32.157
Intangible assets	11	12.981	8.094
Investments in subsidiaries, associates and joint ventures		1.039.048	1.064.566
Investment in equity instruments	3	37	587
Loans, advances and long-term assets		43.419	42.956
		3.856.503	3.914.995
Current assets
Inventories	12	968.074	599.613
Trade and other receivables	13	571.037	489.979
Income tax receivables	7	15.660	33.830
Derivative financial instruments	3	37.448	9.945
Cash and cash equivalents	14	989.581	992.748
		2.581.800	2.126.115
Total assets		6.438.303	6.041.110

EQUITY
Share capital and share premium	15	1.020.081	1.020.081
Reserves	16	275.062	279.576
Retained Earnings		642.215	520.475
Total equity		1.937.358	1.820.132
LIABILITIES
Non-current liabilities
Interest bearing loans and borrowings	17	1.878.856	2.064.808
Lease liabilities		18.271	21.279
Deferred income tax liabilities		47.299	2.773
Retirement benefit obligations		160.002	159.782
Provisions		22.240	22.287
Other non-current liabilities		12.316	12.685
		2.138.984	2.283.614
Current liabilities
Trade and other payables	18	1.572.370	1.427.067
Derivative financial instruments	3	858	4.635
Income tax payable		645	450
Interest bearing loans and borrowings	17	749.320	494.675
Lease liabilities		7.187	9.284
Dividends payable		31.581	1.253
		2.361.961	1.937.364
Total liabilities		4.500.945	4.220.978
Total equity and liabilities		6.438.303	6.041.110

The notes on pages 8 to 30 are an integral part of these interim condensed financial statements.

A. Shiamishis C. Thomas S. Papadimitriou

I. II. IIII III.

Chief Executive Officer Chief Financial Officer Accounting Director

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

III. Interim Condensed Statement of Comprehensive Income

	For the six-month period endedFor the three-month period ended
	Note	30 June 2021	30 June 2020	30 June 2021	30 June 2020
Revenue from contracts with customers	4	3.625.199	2.690.940	2.052.735	950.340
Cost of sales		(3.286.733)	(3.036.594)	(1.949.526)	(862.662)
Gross profit / (loss)		338.466	(345.654)	103.209	87.678
Selling and distribution expenses		(46.214)	(51.922)	(25.434)	(24.369)
Administrative expenses		(38.270)	(41.058)	(19.617)	(20.446)
Exploration and development expenses		(54)	(1.066)	(24)	(49)
Other operating income and other gains	5	12.462	19.979	8.624	14.965
Other operating expense and other losses	5	(33.605)	(12.697)	(31.006)	(12.147)
Operating profit/(loss)		232.785	(432.418)	35.752	45.632
Finance income		2.930	4.910	1.419	2.690
Finance expense		(45.753)	(52.066)	(22.965)	(26.674)
Finance expense - Lease finance cost		(589)	(692)	(284)	(334)
Currency exchange gains/(losses)	6	8.041	4.316	2.943	2.021
Profit/(Loss) before income tax	4	197.414	(475.950)	16.865	23.335
Income tax credit / (expense)	7	(44.437)	158.114	(289)	39.472
Profit/(Loss) for the period		152.977	(317.836)	16.576	62.807
Other comprehensive income/(loss):
Other comprehensive income/(loss), that will not be
reclassified to profit or loss (net of tax):
Actuarial losses on defined benefit pension plans	16	(1.163)	-	(1.163)	-
Changes in the fair value of equity instruments	16	(345)	(331)	(306)	7
Net other comprehensive income / (loss) that will not be reclassified to profit or loss (net of tax):		(1.508)	(331)	(1.469)	7
Other comprehensive income/(loss), that may be reclassified
subsequently to profit or loss (net of tax):
Fair value gains/(losses) on cash flow hedges	16	28.115	(31.140)	3.478	(5.666)
Recycling of (gains)/losses on hedges through comprehensive
income	16	(31.794)	25.077	(7.806)	25.077
Net other comprehensive income / (loss) that may be		(3.679)	(6.063)	(4.328)	19.411
reclassified subsequently to profit or loss (net of tax):
Other Comprehensive income/(loss) for the period, net of tax		(5.187)	(6.394)	(5.797)	19.418
Total comprehensive income/(loss) for the period		147.790	(324.230)	10.779	82.225
Basic and diluted earnings/(losses) per share (expressed in Euro per share)	8	0,50	(1,04)	0,05	0,21

The notes on pages 8 to 30 are an integral part of these interim condensed financial statements.

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

IV. Interim Condensed Statement of Changes in Equity

	Note	Share Capital	Reserves	Retained Earnings	Total Equity
Balance at 1 January 2020		1.020.081	283.106	935.648	2.238.835
Changes in the fair value of equity instruments	16	-	(331)	-	(331)
Fair value gains/(losses) on cash flow hedges	16	-	(31.140)	-	(31.140)
Recycling of (gains)/losses on hedges through comprehensive
income	16	-	25.077	-	25.077
Other comprehensive income/(loss)		-	(6.394)	-	(6.394)
Profit/(Loss) for the period		-	-	(317.836)	(317.836)
Total comprehensive income/(loss) for the period		-	(6.394)	(317.836)	(324.230)
Dividends		-	-	(76.409)	(76.409)
Balance at 30 June 2020		1.020.081	276.712	541.403	1.838.196
Balance at 1 January 2021		1.020.081	279.576	520.475	1.820.132
Movement - 1 January 2021 to 30 June 2021
Actuarial losses on defined benefit pension plans	16	-	(1.163)	-	(1.163)
Changes in the fair value of equity instruments	16	-	328	(673)	(345)
Fair value gains/(losses) on cash flow hedges	16	-	28.115	-	28.115
Recycling of (gains)/losses on hedges through comprehensive
income	16	-	(31.794)	-	(31.794)
Other comprehensive income/(loss)		-	(4.514)	(673)	(5.187)
Profit/(Loss) for the period		-	-	152.977	152.977
Total comprehensive income/(loss) for the period		-	(4.514)	152.304	147.790
Dividends	23	-	-	(30.564)	(30.564)
Balance at 30 June 2021		1.020.081	275.062	642.215	1.937.358

The notes on pages 8 to 30 are an integral part of these interim condensed financial statements.

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

V. Interim Condensed Statement of Cash Flows

		For the six-month period ended
	Note	30 June 2021	30 June 2020
Cash flows from operating activities
Cash generated from / (used in) operations	19	(445)	(13.243)
Income tax received / (paid)		18.135	(4.843)
Net cash generated from / (used in) operating activities		17.690	(18.086)
Cash flows from investing activities
Purchase of property, plant and equipment & intangible assets	9,11	(51.323)	(58.706)
Proceeds from disposal of property, plant and equipment & intangible assets		33	4.846
Dividends received		-	150.000
Interest received		2.930	4.910
Participation in share capital increase of subsidiaries, associates and joint ventures		(1.482)	(10.000)
Proceeds from disposal of equity instruments		361	-
Net cash generated from / (used in) investing activities		(49.481)	91.050
Cash flows from financing activities
Interest paid		(39.471)	(49.633)
Dividends paid		(6)	(76.385)
Proceeds from borrowings	17	130.000	265.010
Repayments of borrowings	17	(64.348)	(168.278)
Payment of lease liabilities - principal		(5.004)	(4.866)
Payment of lease liabilities - interest		(589)	(692)
Net cash generated from /(used in) financing activities		20.583	(34.844)
Net increase / (decrease) in cash and cash equivalents		(11.208)	38.120
Cash and cash equivalents at the beginning of the period	14	992.748	888.564
Exchange gains / (losses) on cash and cash equivalents		8.041	3.587
Net increase / (decrease) in cash and cash equivalents		(11.208)	38.120
Cash and cash equivalents at end of the period	14	989.581	930.271

The notes on pages 8 to 30 are an integral part of these interim condensed financial statements.

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

Notes to the Interim Condensed Financial Statements

1. GENERAL INFORMATION

Hellenic Petroleum S.A. (the "Company" or "Hellenic Petroleum") operates in the energy sector in Greece. The Company's activities include refining and marketing of oil products and production and marketing of petrochemical products.

The Company is incorporated in Greece, with an indefinite corporate life and the address of its registered office is 8A Chimarras str., Maroussi, 15125 Greece. The shares of the Company are listed on the Athens Stock Exchange and the London Stock Exchange through GDRs.

2. BASIS OF PREPARATION, ACCOUNTING POLICIES AND ESTIMATES

Basis of preparation of the unaudited interim condensed financial statements

These interim condensed financial statements are separate financial statements. The consolidated financial statements are available on the Company's website and also include a list of significant investments in subsidiaries, joint ventures and associates.

The interim condensed financial statements are prepared in accordance with International Accounting Standard 34 (IAS 34) – Interim Financial Reporting, and present the financial position, results of operations and cash flows of the Company on a going concern basis.

In determining the appropriate basis of preparation of the financial statements, the Directors are required to consider whether the Company can continue in operational existence for the foreseeable future.

The Company's business activities, together with factors which the Directors consider are likely to affect its development, financial performance and financial position are set out in the directors' report. The material financial and operational risks and uncertainties that may have an impact upon the Company's performance and their mitigation are outlined in note 3 including liquidity risk, market risk, credit risk and capital risk to these financial statements.

At 30 June 2021, the Company held cash of €990 million and has a positive working capital position. Its total loans and borrowings amount to €2.628 million, of which an amount of €749 million falls due within the next 12 months. Of its total borrowings, €2.191 million relate to committed term facilities and €437 million to uncommitted facilities repayable on demand. Details of these balances and their maturities are presented in note 17. Based on their assessment, taking into account the above and also their financial forecasts over the next 18 months, Management is satisfied that the Company has sufficient liquidity to meet its current liabilities and working capital requirements.

The future financial performance of the Company is dependent upon the wider economic environment in which it operates. The factors that particularly affect the performance of the Company include economic growth and pace of recovery post pandemic, energy transition and associated compliance costs, which together will affect the demand for fuels and benchmark margins which is a key determinant of profitability.

Covid-19 has heightened the inherent uncertainty in the Company's assessment of these factors. However, in the sixmonth period ended 30 June 2021, worldwide restrictions to mobility have been gradually relaxed as a result of the mass vaccination schemes currently in progress, leading to increased economic activity and improved global macroeconomic indicators

Further, the Company's financial forecasts were modelled over an 18 month period, ending 31 December 2022 and reflect the outcomes that the Directors consider most likely, based on the information available at the date of signing of these interim condensed financial statements. This includes the expectation of demand evolution and benchmark refining margins applicable to the Company. The Company financial forecasts have been prepared with consideration to independent third-party data which inter-alia include forecasted international commodity prices used in the calculation of benchmarks refining margins and demand evolution. In the 18 months period assessed the Company expects to generate sufficient cash from operations to serve all liabilities as they fall due. Further details on the Company's actions for financing of operations are included in note 3.

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

Accordingly, the Directors consider there to be no material uncertainties that may cast significant doubt on the Company's ability to continue to operate as a going concern. They have formed a judgement that, at the time of approving the interim condensed financial statements there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of issuance of these interim condensed financial statements. For this reason, they continue to adopt the going concern basis in the preparation of these interim condensed financial statements.

The interim condensed financial statements have been prepared in accordance with the historical cost basis, except for the following:

Financial instruments some of which are measured at fair value;
Defined benefit pension plans plan assets measured at fair value;

Where necessary and as described in relevant notes, comparative figures have been reclassified to conform to changes in the presentation of the current period.

These interim condensed financial statements do not include all information and disclosures required for the annual financial statements and should be read in conjunction with the audited annual financial statements for the year ended 31 December 2020, which can be found on the Company's website www.helpe.gr.

The interim condensed financial statements for the six-month period ended 30 June 2021 have been authorised for issue by the Board of Directors on 26 August 2021.

Accounting policies and the use of estimates

The preparation of the interim condensed financial statements, in accordance with IFRS, requires the use of certain critical accounting estimates and assumptions. It also requires management to exercise its judgment in the process of applying the Company's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the interim condensed financial statements are disclosed where considered necessary. Estimates and judgements which are discussed in detail in the annual financial statements for the year ended 31 December 2020, are continuously evaluated and are based on historical experience and other factors, including expectations of future events as assessed to be reasonable under the present circumstances.

The Company has changed the method used to accrue for liabilities for emissions in the interim periods. Commencing from the three-month period ended 30 June 2021, the Company will recognize a liability for emissions only to the extent that the cumulative volume of CO2 emitted at the end of each interim reporting period exceed the allowances held by the Company as of that date. The change in the approach has been effected in the six month period ended 30 June 2021 and resulted in a €70.9 million increase to profit before tax and a corresponding decrease to liabilities, the effect of this change in the comparative figures has been assessed as not significant . For the three-month period ended 30 June 2021 the relevant effect is a decrease of €11.2 million in profit before tax and a corresponding increase to liabilities. Had this method been applied to the first quarter of 2021, the effect would have been an increase to profit before tax of €82.1 million and corresponding decrease to liabilities.

Estimates in value-in-use calculations

Given the impact of Covid – 19, the Company proceeded with a further assessment of impairment indicators on the various segments it operates. Despite the effect of Covid-19 during the six-month period, management assessed the assumptions used during the impairment tests conducted for financial statements for the year ended 31 December 2020 and concluded that they are still valid and thus no impairment charge is required.

However, management will continue to monitor the developments for the rest of the year and adjust their estimates accordingly (Notes 9 & 11)

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

Provision for expected credit losses of receivables

Management assessed forward-looking information specific to its trade debtors and the economic environment taking into account the impact of Covid-19 and recorded additional losses in line with its policies, when needed (Note 13).

New standards, interpretations and amendments adopted by the Company:

The accounting policies and methods of computation used in the preparation of the interim condensed financial statements are consistent with those applied in the preparation of the financial statements for the year ended 31 December 2020 and have been consistently applied in all periods presented in this report except for the following IFRS amendments which have been adopted by the Company as of 1 January 2021. Amendments and interpretations that apply for the first time in 2021 did not have a significant impact on the interim condensed financial statements of the Company for the six-month period ended 30 June 2021. These are also disclosed below.

IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (Amendments) 'Interest rate benchmark reform Phase 2' . In August 2020, the IASB published Interest Rate Benchmark Reform – Phase 2, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, completing its work in response to IBOR reform. The amendments provide temporary reliefs which address the financial reporting effects when an interbank offered rate (IBOR) is replaced with an alternative nearly risk-free interest rate (RFR). In particular, the amendments provide for a practical expedient when accounting for changes in the basis for determining the contractual cash flows of financial assets and liabilities, to require the effective interest rate to be adjusted, equivalent to a movement in a market rate of interest. Also, the amendments introduce reliefs from discontinuing hedge relationships including a temporary relief from having to meet the separately identifiable requirement when an RFR instrument is designated as a hedge of a risk component.. There are also amendments to IFRS 7 Financial Instruments: Disclosures to enable users of financial statements to understand the effect of interest rate benchmark reform on an entity's financial instruments and risk management strategy. While application is retrospective, an entity is not required to restate prior periods.
IFRS 16 (Amendment) 'Covid-19-Related Rent Concessions'. The amendment applies, retrospectively, to annual reporting periods beginning on or after 1 June 2020. Earlier application is permitted, including in financial statements not yet authorized for issue at 28 May 2020. IASB amended the standard to provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent concessions arising as a direct consequence of the Covid-19 pandemic. The amendment provides a practical expedient for the lessee to account for any change in lease payments resulting from the Covid-19 related rent concession the same way it would account for the change under IFRS 16, if the change was not a lease modification, only if all of the following conditions are met:
- The change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change.
- Any reduction in lease payments affects only payments originally due on or before 30 June 2021.
- There is no substantive change to other terms and conditions of the lease.

Standards issued but not yet effective and not early adopted:

The Company has not early adopted any of the following standards, interpretations or amendments that have been issued, but is not yet effective. In addition, the Company assessed all standards, interpretations and amendments issued, but are not yet effective, and expects that they will not have any significant impact on the financial statements.

IFRS 10 (Amendment) Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture: The amendments address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28, in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. In December 2015 the IASB postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method of accounting.

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets as well as Annual Improvements 2018-2020 (Amendments). The amendments are effective for annual periods beginning on or after 1 January 2022 with earlier application permitted. The IASB has issued narrow-scope amendments to the IFRS Standards as follows:
- IFRS 3 Business Combinations (Amendments), update a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.
- IAS 16 Property, Plant and Equipment (Amendments), prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognise such sales proceeds and related cost in profit or loss.
- IAS 37 Provisions, Contingent Liabilities and Contingent Assets (Amendments), specify which costs a company includes in determining the cost of fulfilling a contract for the purpose of assessing whether a contract is onerous.
- Annual Improvements 2018-2020, make minor amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IAS 41 Agriculture and the Illustrative Examples accompanying IFRS 16 Leases.
IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies (Amendments). The Amendments are effective for annual periods beginning on or after 1 January 2023, with earlier application permitted. The amendments provide guidance on the application of materiality judgements to accounting policy disclosures. In particular, the amendments to IAS 1 replace the requirement to disclose 'significant' accounting policies with a requirement to disclose 'material' accounting policies. Also, guidance and illustrative examples are added in the Practice Statement to assist in the application of the materiality concept when making judgements about accounting policy disclosures. The Amendments have not yet been endorsed by the EU.
IAS 1 (Amendment) 'Classification of liabilities as current or non-current' (effective for annual periods beginning on or after 1 January 2023): The amendments are effective for annual reporting periods beginning on or after January 1, 2022 with earlier application permitted. However, in response to the Covid-19 pandemic, the Board has deferred the effective date by one year, i.e. 1 January 2023, to provide companies with more time to implement any classification changes resulting from the amendments. The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current or non-current. The amendments affect the presentation of liabilities in the statement of financial position and do not change existing requirements around measurement or timing of recognition of any asset, liability, income or expenses, nor the information that entities disclose about those items. Also, the amendments clarify the classification requirements for debt which may be settled by the company issuing own equity instruments. These Amendments have not yet been endorsed by the EU.
IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (Amendments). The amendments become effective for annual reporting periods beginning on or after January 1, 2023 with earlier application permitted and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. The amendments introduce a new definition of accounting estimates, defined as monetary amounts in financial statements that are subject to measurement uncertainty. Also, the amendments clarify what changes in accounting estimates are and how these differ from changes in accounting policies and corrections of errors. The Amendments have not yet been endorsed by the EU.
IFRS 16 'Leases-Cοvid 19 Related Rent Concessions beyond 30 June 2021 (Amendment)': The Amendment applies to annual reporting periods beginning on or after 1 April 2021, with earlier application permitted, including in financial statements not yet authorized for issue at the date the amendment is issued. In March 2021, the Board amended the conditions of the practical expedient in IFRS 16 that provides relief to lessees from applying the IFRS 16 guidance on lease modifications to rent concessions arising as a direct consequence of the covid-19 pandemic. Following the amendment, the practical expedient now applies to rent concessions for which any reduction in lease payments affects only payments originally due on or before 30 June 2022, provided the other conditions for applying the practical expedient are met. The Amendment has not yet been endorsed by the EU.

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

IAS 12 Income taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments): The amendments are effective for annual periods beginning on or after January 1, 2023 with earlier application permitted. In May 2021, the Board issued amendments to IAS 12, which narrow the scope of the initial recognition exception under IAS 12 and specify how companies should account for deferred tax on transactions such as leases and decommissioning obligations. Under the amendments, the initial recognition exception does not apply to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. It only applies if the recognition of a lease asset and lease liability (or decommissioning liability and decommissioning asset component) give rise to taxable and deductible temporary differences that are not equal. The Amendments have not yet been endorsed by the EU.
Attributing Benefit to Periods of Service (IAS 19 Employee Benefits) IFRS Interpretation Committee (IFRS IC or IFRIC) Agenda Decision issued May 2021: The International Financial Reporting Interpretations Committee issued the final agenda decision in May 2021, under the title "Attributing Benefits to Periods of Service" (IAS 19), which includes explanatory material regarding the way of distribution of benefits in periods of service following a specific defined benefit plan proportionate to that defined in Article 8 of Law 3198/1955 regarding provision of compensation due to retirement (the "Labor Law Defined Benefit Plan"). This explanatory information differentiates the way in which the basic principles and regulations of IAS 19 have been applied in Greece in the previous years, and therefore, according to what is defined in the "IASB Due Process Handbook (par 8.6)", entities that prepare their financial statements in accordance with IFRS are required to amend their Accounting Policy accordingly. Based on the above, the aforementioned final decision of the Committee's agenda will be treated as a Change in Accounting Policy. The aforementioned decision will be implemented in accordance with paragraphs 19-22 of IAS 8. The Company is currently attributing retirement benefit over the period from employment to retirement age for its employees. The Company is in the process of assessing the effect of this IFRIC AD with the completion date to be determined by the end of the year in order to reflect the impact and retrospectively amend its financial statements to apply the IFRIC AD before 31 December 2021 reporting.

3. FINANCIAL RISK MANAGEMENT

Financial risk factors

The Company's activities are centred on Downstream Refining (incl. Petrochemicals) & Marketing of petroleum products. As such, the Company is exposed to a variety of financial and commodity markets' risks including foreign exchange and commodity price risk, credit risk, liquidity risk, cash flow risk and interest-rate risk. In line with international best practices and within the context of local markets and legislative framework, the Company's overall risk management policies aim at reducing possible exposure to market volatility and / or mitigating its adverse effects on the financial position of the Company to the extent possible. In general, the key factors that impact the Company's operations are summarised as follows:

As a result of the considerable rise in the number of infections and the new virus variants emerging during the final months of 2020, the Greek government announced strict measures, including lockdowns, in order to control the spread of the pandemic and ensure public health. These measures, remained in force during the first quarter of 2021. However, the commencement of the vaccination programmes as well as the gradual relaxation of the strict containment measures during May have led to a partial recovery of the domestic demand.

During the first half of the year, although the refining margins and the Greek market demand remained low compared to the pre-Covid level, the reported profitability of the Company was high mainly as a result of the crude oil price recovery recorded. The evolution of the pandemic, in Greece and globally, is expected to affect the financial results and financial position for at least 2021. While a strong global economic recovery in the second half of 2021 remains very likely, the impact on the global economy and overall business activities cannot be estimated, due to the high level of the associated uncertainties.

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

The Company immediately responded to the outbreak of the pandemic and took various initiatives to this end primarily focusing on ensuring the health and safety of its employees and all of its stakeholders and securing its uninterrupted operation and supply of the markets.

These initiatives include:

Adopting a timely and successful new remote working model (teleworking) where possible, remotely supporting information systems and modifying shift programs.
Utilizing digital technology and upgrading teleworking infrastructures.
Drafting a Policy addressing how to prevent and manage issues arising from the Covid-19 pandemic, including detailed prevention guidelines and testing response under various scenarios, planning for and implementing procedures for handling any suspected Covid-19 cases.
Continuously keeping employees up to date, along with ongoing health support (medical network, psychological support line).
Regular disinfection in all workplaces and appropriate disposal of personal protection equipment (PPE).

Management continually adjusts the abovementioned procedures to ensure that all necessary actions and measures are taken in order to minimize the impact on the Company's operations

Management will continue to monitor the situation closely and will assess any potential further impact on the Company's financial position and performance, including the recoverable amount of its investments, in case the period of disruption becomes prolonged.

Currency: The Company's business is naturally hedged against a functional currency risk. All petroleum industry transactions are referenced to international benchmark quotes for crude oil and oil products in USD. All international purchases and sales of crude oil and products are conducted in USD and all sales into local markets are either in USD prices or converted to local currency for accounting and settlement reasons using the USD reference on the date of the transaction. As a result, the Company's operations are mainly exposed to the risk of fluctuating the dollar exchange rate against the euro. The strengthening of the US Dollar against the Euro has a positive effect on the Company's financial results while in the opposite event, both the financial results and balance sheet items (inventory, investments, receivables in US dollar) would be valued at lower levels.

Prices: The Company is exposed to the risk of fluctuations in prevailing market prices. Commodity price risk management is supervised by the supply and trading department. Non-commodity price risk management is carried out by the finance department under policies approved by the Board of Directors. The finance department identifies and evaluates financial risks in close co-operation with the Company's operating units. During the six-month period ended on 30 June 2021 the Company entered into certain derivatives to hedge cash flows related to purchases and sales of crude oil and petroleum products. The Company has also entered into derivative transactions to hedge the cash flow risk arising from the re-acquisition of the CO2 certificates it has presold during the six-month period ended 30 June 2021, in time to fulfill its obligation as part of the EUA scheme.

Continuous crude oil supplies: The Company procures crude oil from a number of suppliers, including national oil companies and international traders primarily in, but not limited to, the Middle East, North Africa and Black Sea region. The process of sourcing of crude oil is coordinated by the Supply and Trading department in line with production plans. The Company's three coastal refineries location provide access to a wide range of feedstock sourcing opportunities, which enables the Company to respond to supply shortages of certain crude grades, without materially affecting its operations and financial performance.

Financing of operations: The key priorities of the Company have been the management of the 'Assets and Liabilities' maturity profile, funding in accordance with its strategic investment plan and ensuring the liquidity risk management for its operational needs. As a result of these key priority initiatives and in line with its medium-term financing plan, Hellenic Petroleum has maintained a mix of committed long term credit facilities and uncommitted short-term credit facilities by taking into consideration banks and debt capital markets' credit capacity, as well as cash flow planning and commercial requirements.

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

As of 30 June 2021, approximately 72% of total debt (approximately 81% as of 31 December 2020) is financed by long-term committed credit lines while the remaining debt is being financed by short term credit facilities (bilateral lines). Further details of the relevant loans are provided in Note 17, "Interest bearing loans and borrowings".

The Company's plans with respect to facilities expiring within the next 12 months are presented below in million Euros:

(€ million)	2H21	1H22	Total	Scheduled for repayment	Scheduled for refinancing
Contractual Repayments
Bond loan €100 million	100	-	100	-	100
HPF Loan, October 2016	201	-	201	201	-
European Investment Bank ("EIB") Term loan	22	22	44	44	-
Total	323	22	345	245	100

The Company expects that the refinancing of the bond loan will be completed in due time before maturity, while the HPF Loan, will be repaid. The Company's bilateral lines, are uncommitted credit facilities with various banks to finance general corporate needs, which have been consistently renewed in the last 20 years in accordance with the Company's finance needs. The Company expects it will be able to continue to renew these in the future or will refinance part of them with term loans.

The interim condensed financial statements do not include all financial risk management information and disclosures that are required in the annual financial statements and should be read in conjunction with the annual financial statements as at 31 December 2020.

There have been no changes in the risk management or in any risk management policies since 31 December 2020.

Capital management

Another key priority of the Company has been the management of its Assets. Overall the Company has approximately €4 billion of capital employed which is driven from working capital, investment in fixed assets and its investments in subsidiaries, associates and joint ventures. Current assets are mainly funded with current liabilities (incl. short-term bank debt) which are used to finance working capital (inventories and receivables). 45% of total capital employed is financed through net debt, excluding leases, while the remaining is financed through shareholders equity.

Fair value estimation

Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).
Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).
Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).

The following table presents the Company's assets and liabilities that are measured at fair value at 30 June 2021:

	Level 1	Level 2	Level 3	Total balance
Assets
Derivatives at fair value through the income statement	-	34.846	-	34.846
Derivatives used for hedging	-	2.602	-	2.602
Investment in equity instruments	37	-	-	37
	37	37.448	-	37.485
Liabilities
Derivatives at fair value through the income statement	-	858	-	858
	-	858	-	858

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

The following table presents the Company's assets and liabilities that are measured at fair value at 31 December 2020:

	Level 1	Level 2	Level 3	Total balance
Assets
Derivatives at fair value through the income statement	-	2.433	-	2.433
Derivatives used for hedging	-	7.512	-	7.512
Investment in equity instruments	587	-	-	587
	587	9.945	-	10.532
Liabilities
Derivatives at fair value through the income statement	-	4.635	-	4.635
	-	4.635	-	4.635

The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency. These instruments are included in level 1.

If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3.

Specific valuation techniques used to value financial instruments include:

Quoted market prices or dealer quotes for similar instruments.
The fair value of commodity swaps is calculated as the present value of the estimated future cash flows based on observable yield curves.

There were no changes in valuation techniques during the period. There were no transfers between levels during the six-month period ended 30 June 2021.

The fair value of the following financial assets and liabilities approximate their carrying amount, due to their shortterm nature:

Trade receivables
Cash and cash equivalents
Trade and other payables
Borrowings

4. ANALYSIS BY OPERATING SEGMENT

All critical decisions are ratified by the Company's board of directors. The Company's Executive 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 taking into account 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 provided to the committee is measured in a manner consistent with that of the financial statements.

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

Financial information regarding the Company's operating segments for the six-month period ended 30 June 2021 is presented below:

		For the six-month period ended 30 June 2021
	Note	Refining	Petro chemicals	Exploration & Production	Other	Total
Revenue from contracts with customers		3.437.431	187.768	-	-	3.625.199
EBITDA *		266.146	79.595	219	(27.504)	318.456
Depreciation and amortisation (PPE & Intangible assets)	9,11	(78.637)	(2.299)	(45)	-	(80.981)
Depreciation of right-of-use assets	10	(3.111)	(1.571)	(2)	(6)	(4.690)
Operating profit/(loss)		184.398	75.725	172	(27.510)	232.785
Finance (expense)/income - net		(27.428)	(889)	-	(14.506)	(42.823)
Lease finance cost		(562)	(27)	-	-	(589)
Currency exchange gains/(losses)	6	8.041	-	-	-	8.041
Profit/(Loss) before income tax		164.449	74.809	172	(42.016)	197.414
Income tax credit / (expense)	7					(44.437)
Profit/(Loss) for the period						152.977

* EBITDA is calculated as Operating profit/(loss) per the statement of comprehensive income plus depreciation and amortisation

Financial information regarding the Company's operating segments for the six-month period ended 30 June 2020 is presented below:

		For the six-month period ended 30 June 2020
	Note	Refining	Petro chemicals	Exploration & Production	Other	Total
Revenue from contracts with customers		2.558.309	132.631	-	-	2.690.940
EBITDA *		(378.600)	31.856	2.145	(2.424)	(347.023)
Depreciation and amortisation (PPE & Intangible assets)	9,11	(78.780)	(1.779)	(179)	-	(80.738)
Depreciation of right-of-use assets	10	(2.844)	(1.802)	(5)	(6)	(4.657)
Operating profit/(loss)		(460.224)	28.275	1.961	(2.430)	(432.418)
Finance (expense)/income - net		(28.960)	(899)	-	(17.297)	(47.156)
Lease finance cost		(654)	(38)	-	-	(692)
Currency exchange gains/(losses)	6	4.316	-	-	-	4.316
Profit/(Loss) before income tax		(485.522)	27.338	1.961	(19.727)	(475.950)
Income tax credit / (expense)	7					158.114
Profit/(Loss) for the period						(317.836)

* EBITDA is calculated as Operating profit/(loss) per the statement of comprehensive income plus depreciation and amortisation

There were no changes in the basis of segmentation or in the basis of measurement of segmental profit or loss, as compared to the annual financial statements for the year ended 31 December 2020.

There has been no material change in the definition of segments or the segmental analysis of total assets or total liabilities from the amounts disclosed in the annual financial statements for the year ended 31 December 2020.

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

An analysis of the Company's revenue from contracts with customers by type of market (domestic, aviation & bunkering, exports) and business unit, is presented below:

For the six-month period ended 30 June 2021
	Refining	Petro-chemicals	Total
Domestic	965.041	58.774	1.023.815
Aviation & Bunkering	314.573	-	314.573
Exports	2.157.817	128.994	2.286.811
Revenue from contracts with customers	3.437.431	187.768	3.625.199

For the six-month period ended 30 June 2020

	Refining	Petro-chemicals	Total
Domestic	840.251	45.616	885.867
Aviation & Bunkering	256.015	-	256.015
Exports	1.462.043	87.015	1.549.058
Revenue from contracts with customers	2.558.309	132.631	2.690.940

5. OTHER OPERATING INCOME / (EXPENSES) AND OTHER GAINS / (LOSSES)

	For the six-month period ended		For the three-month period ended
	30 June 2021	30 June 2020	30 June 2021	30 June 2020
Other operating income and other gains
Income from grants	288	348	144	149
Services to third parties	3.616	2.640	1.659	1.251
Rental income	783	777	393	386
Ιnsurance compensation	53	143	53	-
Gains on disposal of non-current assets	4	3.518	4	3.518
Gains from unwinding of discounted of long-term receivables	1.373	1.328	418	112
Other	6.345	11.225	5.953	9.549
Total	12.462	19.979	8.624	14.965
Other operating expenses and other losses
Covid-19 related expenses	(6.108)	(8.107)	(3.855)	(7.772)
Impairment of investments	(27.000)	(2.000)	(27.000)	(2.000)
Other	(497)	(2.590)	(151)	(2.375)
Total	(33.605)	(12.697)	(31.006)	(12.147)

Other operating income / (expenses) and other gains / (losses), include amounts, which do not relate to the trading activities of the Company.

Other category of other operating income and other gains mainly includes reversal of unutilised provisions.

Covid-19 related expenses of €6,1 million (30 June 2020 €8 million) comprise €3,6 million payroll costs mainly related to required modifications in the working shifts in the refineries (30 June 2020 €4,1 million) and €2,5 million for protective measures in all Company's premises (30 June 2020 €0,6 million). In addition, an amount of €3,1 million relates to donations to the health-care system and an amount €0,3 million relates to marketing, consulting services and other Covid-19-related expenses during the period ended on 30 June 2020.

The Company's E&P subsidiaries intend not to proceed with further exploration activities in certain onshore areas and to return the respective hydrocarbon exploration and production rights to the Hellenic Republic. The Company has obtained legal opinion that confirms that the return of these certain licenses is in line with the contractual terms and no obligations arise. Consequently, the Company recognized an impairment provision of €27 million in the statement of comprehensive income which was included in other income and expenses.

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

6. CURRENCY EXCHANGE GAINS / (LOSSES)

Foreign currency exchange gains of €8,0 million for the six-month period ended 30 June 2021, mainly relate to unrealized gains arising from the valuation of bank accounts denominated in foreign currency (mostly US\$). The corresponding amount for the six-month period ended 30 June 2020 was a gain of €4,3 million.

7. INCOME TAX EXPENSE

The tax (charge) / credit relating to components of comprehensive income, is as follows:

		For the six-month period ended		For the three-month period ended
	30 June 2021	30 June 2020	30 June 2021	30 June 2020
Current tax	-	(673)	-	(673)
Deferred tax	(44.437)	158.787	(289)	40.145
Income tax (expense) / credit	(44.437)	158.114	(289)	39.472

The deferred tax charge of €44,4 million included within income taxes mainly relates to the utilization of tax losses that arose during previous years and carried forward. As at 30 June 2021 the deferred tax asset on tax loss carryforwards amounts to €81 million (31 December 2020: €132 million). The tax losses carried forward can be utilised up to 2025.

In accordance with thin capitalization rules the net interest expense is deductible up to a certain percentage of tax EBITDA. This resulted in a deferred tax asset of €29 million as at 30 June 2021 (31 December 2020: €20 million), which can be offset against future taxable profits without time constraints, following relevant conditions.

In accordance with the applicable tax provisions, tax audits are conducted as follows:

a. Audits by Certified Auditors – Tax Compliance Report

Effective from fiscal years ending 31 December 2011 onwards, Greek companies meeting certain criteria can obtain an "Annual Tax Compliance Report" as provided for by par.5, article 82 of L.2238/1994 and article 65A of L.4174/2013, from their statutory auditor in respect of compliance with tax law. The issuance of a Tax Compliance Report, under certain conditions, substitutes the full tax audit by the tax authorities; however, the tax authorities reserve the right of future tax audit, taking into consideration the statute of limitation provisions.

The Company has received unqualified Tax Compliance Reports by its statutory auditor for fiscal years up to 2019 (inclusive). Management expects that the same will also apply for the year ended 31 December 2020.

b. Audits by Tax Authorities

The Company has undergone full tax audits for the financial years ended up to and including 2011 and for financial year 2014. It is noted that, according to the general provisions, fiscal years 2012 and 2013 are time-barred.

Notwithstanding the possibility of future tax audits, 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 condensed financial statements as of 30 June 2021 (Note 22).

As of 30 June 2021, the income tax receivables include amounts of €13,6 million advanced by the Company, relating to uncertain tax positions (as explained in Note 22), relating to income taxes and related interest and penalties (31 December 2020: €31,8 million). The timing of the finalization of these disputes cannot be estimated and the Company has classified these amounts as current assets.

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

8. EARNINGS/(LOSSES) PER SHARE

Basic earnings/(losses) per share are calculated by dividing the net profit/(loss) attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period, excluding the weighted average number of treasury shares. As of 30 June 2021, and 30 June 2020, there were no treasury shares. Diluted earnings/(losses) per share equal basic earnings/(losses) per share.

	For the six-month period ended		For the three-month period ended
	30 June 2021	30 June 2020	30 June 2021	30 June 2020
Earnings/(Losses) per share attributable to the
Company Shareholders (expressed in Euro per
share):	0,50	(1,04)	0,05	0,21
Net income / (loss) attributable to ordinary shares
(Euro in thousands)	152.977	(317.836)	16.576	62.807
Weighted average number of ordinary shares	305.635.185	305.635.185	305.635.185	305.635.185

9. PROPERTY, PLANT AND EQUIPMENT

	Land	Buildings	Plant & Machinery	Motor vehicles	Furniture and fixtures	Assets Under Construction	Total
Cost
As at 1 January 2020 Additions	142.850 -	546.816 -	4.105.313 853	15.699 6	94.480 1.088	115.448 54.653	5.020.606 56.600
Capitalised projects	-	1.049	39.899	-	37	(40.985)	-
Disposals	-	-	-	-	(15)	-	(15)
Transfers and other movements	-	-	1.594	-	-	(804)	790
As at 30 June 2020	142.850	547.865	4.147.659	15.705	95.590	128.312	5.077.981
Accumulated Depreciation
As at 1 January 2020	-	247.468	1.983.400	11.615	83.074	1.255	2.326.812
Charge for the period	-	7.382	69.406	206	1.325	-	78.319
Disposals	-	-	-	-	(14)	-	(14)
As at 30 June 2020	-	254.850	2.052.806	11.821	84.385	1.255	2.405.117
Net Book Value at 30 June 2020	142.850	293.015	2.094.853	3.884	11.205	127.057	2.672.864
Cost
As at 1 January 2021	142.850	550.144	4.305.949	15.804	97.370	131.965	5.244.082
Additions	-	56	491	13	940	47.878	49.378
Capitalised projects	-	1.132	8.452	-	75	(9.659)	-
Disposals	-	-	-	(181)	(11)	(52)	(244)
Transfers and other movements	-	-	1.417	-	-	(5.809)	(4.392)
As at 30 June 2021	142.850	551.332	4.316.309	15.636	98.374	164.323	5.288.824
Accumulated Depreciation
As at 1 January 2021	-	262.227	2.115.940	12.032	85.782	1.466	2.477.447
Charge for the period	-	7.332	69.141	210	1.460	-	78.143
Disposals	-	-	-	(181)	(9)	-	(190)
As at 30 June 2021	-	269.559	2.185.081	12.061	87.233	1.466	2.555.400
Net Book Value at 30 June 2021	142.850	281.773	2.131.228	3.575	11.141	162.857	2.733.424

Reclassification: During the year ended 31 December 2020, the Company reconsidered the presentation of "Impairment / write offs" and now includes the net carrying value of such amounts in the caption "Impairment" in accumulated depreciation. Previously, such balances were presented gross in both cost and accumulated depreciation.

'Transfers and other movements' for the six-month period on 30 June 2021 include the transfer of computer software development costs €5,8 million to intangible assets (Note 11) and the transfer of spare parts for the refinery units between inventories and fixed assets.

Management proceeded with an impairment test in the financial statements for the year ended 31 December 2020 for the fixed assets of the Company's main segments of Refining and Petrochemicals, which have been considered as one CGU for the purposes of IAS 36 impairment testing, based on the synergies and interdependence between them.

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

For the purposes of June 2021 interim condensed financial statements, management updated its assessment on the 2020 year-end testing by applying actual results for the first half of 2021 and 2 scenarios for the planned results of the second half of 2021. Management concluded that value in use estimated is significantly higher than the carrying value, in both scenarios, and thus, no impairment charge is required.

10. RIGHT OF USE ASSETS

	Commercial Properties	Plant & Machinery	Motor vehicles	Total
Cost
As at 1 January 2020	23.363	8.869	6.645	38.877
Additions	-	1.043	171	1.214
Modification	17	30	(4)	43
As at 30 June 2020	23.380	9.942	6.812	40.134
Accumulated Depreciation
As at 1 January 2020	4.644	1.134	1.015	6.793
Charge for the period	1.677	915	2.065	4.657
As at 30 June 2020	6.321	2.049	3.080	11.450
Net Book Value at 30 June 2020	17.059	7.893	3.732	28.684
Cost
As at 1 January 2021	23.381	13.772	11.340	48.493
Additions	-	-	200	200
Modification	(22)	1	(53)	(74)
As at 30 June 2021	23.359	13.773	11.487	48.619
Accumulated Depreciation
As at 1 January 2021	7.999	2.921	5.416	16.336
Charge for the period	1.676	998	2.016	4.690
As at 30 June 2021	9.675	3.919	7.432	21.026
Net Book Value at 30 June 2021	13.684	9.854	4.055	27.593

11. INTANGIBLE ASSETS

	Computer software	Licences & Rights	Total
Cost
As at 1 January 2020	105.334	25.536	130.870
Additions	1.662	444	2.106
Disposals	-	(1.681)	(1.681)
Transfers and other movements	804	-	804
As at 30 June 2020	107.800	24.299	132.099
Accumulated Amortisation
As at 1 January 2020	97.602	24.564	122.166
Charge for the period	2.333	86	2.419
Disposals	-	(354)	(354)
As at 30 June 2020	99.935	24.296	124.231
Net Book Value at 30 June 2020	7.865	3	7.868
Cost
As at 1 January 2021	111.479	24.299	135.778
Additions	1.945	-	1.945
Disposals	(29)	-	(29)
Transfers and other movements	5.809	-	5.809
As at 30 June 2021	119.204	24.299	143.503
Accumulated Amortisation
As at 1 January 2021	103.388	24.296	127.684
Charge for the period	2.838	-	2.838
As at 30 June 2021	106.226	24.296	130.522
Net Book Value at 30 June 2021	12.978	3	12.981

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

'Licenses & Rights' include net exploration license costs relating to the exploration & production of hydrocarbons' concessions in Greece. During April 2020 they were transferred to other group entities.

'Transfers and other movements' in computer software mainly relate to the transfer of computer software development costs between assets under construction and intangible assets, of which an amount of €4,3 million relates to a digital transformation project of the Company (Note 9).

12. INVENTORIES

	As at
	30 June 2021	31 December 2020
Crude oil	450.393	84.514
Refined products and semi-finished products	440.587	437.025
Petrochemicals	19.803	17.412
Consumable materials, spare parts and other	90.303	92.688
- Less: Impairment provision for consumables and spare parts	(33.012)	(32.026)
Total	968.074	599.613

The cost of inventories recognised as an expense and included in "Cost of sales" amounted to €3,1 billion (30 June 2020: €2,7 billion). As at 30 June 2021, the Company has reported a loss of €0,1 million, arising from inventory valuation which is reflected in a write-down of the period-end values (30 June 2020: loss of 14,7 million). This was recognised as an expense, in the six-month period ended 30 June 2021 and included in 'Cost of Sales' in the statement of comprehensive income.

Under IEA and EU regulations Greece is obliged to hold crude oil and refined product stocks in order to fulfil the EU requirement for compulsory Stock obligations (90 days stock directive), as legislated by Greek Law 3054/2002. This responsibility is passed on to all companies, including Hellenic Petroleum S.A., which import and sell in the domestic market and who have the responsibility to maintain and finance the appropriate stock levels. Such stocks are part of the operating stocks and are valued on the same basis.

13. TRADE AND OTHER RECEIVABLES

	As at
	30 June 2021	31 December 2020
Trade receivables	346.743	279.982
- Less: Provision for impairment of receivables	(101.174)	(100.590)
Trade receivables net	245.569	179.392
Other receivables	322.067	308.871
- Less: Provision for impairment of receivables	(6.371)	(14.171)
Other receivables net	315.696	294.700
Deferred charges and prepayments	9.772	15.887
Total	571.037	489.979

As part of its working capital management, the Company utilises factoring facilities to accelerate the collection of cash from its customers in Greece. Non-recourse factoring, is excluded from balances shown above, since all risks and rewards of the relevant invoices have been transferred to the factoring institution.

Other receivables include balances in respect of advances to suppliers, advances to personnel, VAT, withholding taxes and taxes paid (other than income taxes which are shown separately on the statement of financial position), as a result of tax audit assessments from the tax authorities during previous years. The Company has disputed the relevant assessments and has commenced legal proceedings. The timing of the finalization of these disputes cannot be estimated and the Company has classified the amounts as current assets (Note 22).

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

Other receivables as at 30 June 2021 include, among others, the following:

a) €54m of VAT approved refunds (31 December 2020: €54 million), which in previous years, has been withheld by the customs authorities due to a dispute relating to stock shortages. The Company has filed a specific legal objection and claim against this action and expects to fully recover this amount, following the conclusion of the relevant legal proceedings (see Note 22).
b) €40 million dividends receivable from HPI, a Group company (31 December 2020: €40 million).
c) A one-year bond loan of €100 million (31 December 2020: €100 million) to EKO ABEE, a Group company (Note 20).
d) Restricted cash amounting to €18 million (31 December 2020: €18 million).

The Company recognized additional impairment losses on trade receivables for the six-month period ended 30 June 2021 amounting to €0,6 million (six-month period ended 30 June 2020: additional impairment loss of €1,4 million).

14. CASH AND CASH EQUIVALENTS

	As at
	30 June 2021	31 December 2020
Cash at Bank and in Hand	989.581	943.562
Short term bank deposits	-	49.186
Total cash and cash equivalents	989.581	992.748

The balance of US Dollars included in Cash at bank as at 30 June 2021 was US\$631 million (Euro equivalent €531 million). The respective amount for the year ended 31 December 2020 was US\$ 704 million (Euro equivalent €573 million).

15. SHARE CAPITAL

	Number of Shares
	(authorised and issued)	Share Capital	Share premium	Total
As at 1 January & 31 December 2020	305.635.185	666.285	353.796	1.020.081
As at 30 June 2021	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 2020: €2,18).

16. RESERVES

Balance at 1 January 2020	Statutory reserve 160.656	Special reserves 86.495	Tax-free & Incentive law reserves 71.255	Hedging reserve 2.640	Actuarial gains/ (losses) (37.900)	Equity instruments FVOCI gains/ (losses) (40)	Total 283.106
- Fair value gains/(losses) on cash flow hedges - Recycling of (gains)/losses on hedges through	-	-	-	(31.140)	-	-	(31.140)
comprehensive income Changes in the fair value of equity instruments Balance at 30 June 2020	- - 160.656	- - 86.495	- - 71.255	25.077 - (3.423)	- - (37.900)	- (331) (371)	25.077 (331) 276.712
Balance at 1 January 2021	160.656	86.495	71.255	5.709	(44.211)	(328)	279.576
- Fair value gains/(losses) on cash flow hedges - Recycling of (gains)/losses on hedges through comprehensive income	- -	- -	- -	28.115 (31.794)	- -	- -	28.115 (31.794)
Actuarial losses on defined benefit pension plans Changes in the fair value of equity instruments	- -	- -	- -	- -	(1.163) -	- 328	(1.163) 328
Balance at 30 June 2021	160.656	86.495	71.255	2.030	(45.374)	-	275.062

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

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 this reserve is equal to one third of the outstanding share capital. This reserve cannot be distributed during the existence of the entity, but can be used to offset accumulated losses.

Special reserves

Special reserves primarily relate to reserves arising from tax revaluations in accordance with the relevant legislation in prior years.

Tax-free and incentive law reserves

Hedging reserve

The hedging reserve is used to record gains or losses on derivatives that are designated and qualify as cash flow hedges and that are recognised in other comprehensive income. Amounts are reclassified to profit or loss, when the associated hedged transaction affects profit or loss, within cost of sales. As at 30 June 2021 the fair value result in hedging reserve relates to transactions described in Note 3 for commodity price risk management.

Other reserves

These include:

(i) Actuarial gains / (losses) on defined benefit plans resulting from a) experience adjustments (the effects of differences between the previous actuarial assumptions and what has actually occurred) and b) the effects of changes in actuarial assumptions.
(ii) Changes in the fair value of investments that are classified as investments in equity instruments.

17. INTEREST-BEARING LOANS AND BORROWINGS

	As at
	30 June 2021	31 December 2020
Non-current interest bearing loans and borrowings
Bank borrowings	-	22.222
Intercompany borrowings	384.261	546.500
Bond loans	1.494.595	1.496.086
Total non-current interest bearing loans and borrowings	1.878.856	2.064.808
Current interest bearing loans and borrowings
Short-term bank borrowings	503.787	376.231
Intercompany borrowings	201.089	74.000
Current portion of long-term bank borrowings	44.444	44.444
Total current interest bearing loans and borrowings	749.320	494.675
Total borrowings	2.628.176	2.559.483

Hellenic Petroleum and its subsidiaries (the "Group") has centralised treasury operations which coordinate and control the funding and cash management activities of all group companies. Within this framework, Hellenic Petroleum Finance plc ("HPF") was established in November 2005 in the U.K. as a wholly-owned subsidiary of Hellenic Petroleum S.A. to act as the central treasury vehicle of the Hellenic Petroleum Group.

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

Borrowings by maturity as at 30 June 2021 and 31 December 2020 are summarised in the table below (amounts in € million):

	As at
		30 June 2021	31 December 2020
	Maturity	(millions)	(millions)
Bond loan €400 million	Dec 2023	278	277
Bond loan €400 million	Jun 2023	396	395
Bond loan €400 million	Dec 2022	383	384
Bond loan €400 million	Nov 2022	338	340
Bond loan €100 million	Sep 2022	100	99
Bond loan €100 million	Oct 2021	100	100
European Investment Bank ("EIB") Term loan	Jun 2022	44	67
HPF Loan, October 2016	Oct 2021	201	74
HPF Loan, October 2019	Oct 2024	351	514
Bilateral lines	Various	437	309
Total		2.628	2.559

No loans were in default as at 30 June 2021 (same as at 31 December 2020).

The table below presents the changes in Borrowings arising from financing activities:

	1 January 2021	Cash flows - borrowings (inflows)	Cash flows - borrowings (outflows)	Cash flows - fees	Non cash movements	30 June 2021
Current interest-bearing loans and borrowings	494.675	130.000	(2.677)	0	127.322	749.320
Non-current interest-bearing loans and borrowings	2.064.808	0	(57.240)	(4.432)	(124.280)	1.878.856
Total	2.559.483	130.000	(59.917)	(4.432)	3.042	2.628.176

"Cash flows –fees" column includes the finance fees paid and deferred against loan proceeds.

"Non-cash movements" column includes the amortization of deferred borrowing costs.

Certain medium-term credit facility agreements include financial covenants, mainly for the maintenance of certain ratios at Group level, such as: "Consolidated Net Debt/ Consolidated Adjusted EBITDA", "Consolidated Adjusted EBITDA/ Consolidated Net Interest" and "Consolidated Net Debt/ Consolidated Net Worth". Management monitors the Group's performance to ensure compliance with the above covenants.

18. TRADE AND OTHER PAYABLES

	As at
	30 June 2021	31 December 2020
Trade payables	1.380.601	1.223.902
Accrued expenses	176.762	157.673
Other payables	15.007	45.492
Total	1.572.370	1.427.067

Trade payables are comprised of amounts payable or accrued in respect of supplies of crude oil, products and services.

Trade payables, as at 30 June 2021 and 31 December 2020, include amounts in respect of crude oil imports from Iran, which were received between December 2011 and March 2012 as part of a long term contract with NIOC. Despite repeated attempts to settle the payment for these cargoes through the international banking system between January and June 2012, it was not possible to do so. In the period from 16 January 2016 up to 8 May 2018, when sanctions were suspended, the Company successfully made several payments against a significant part of these amounts. Following the re-imposition of relevant sanctions by the United States, no deliveries of Iranian crude oil or payments have taken place since 8 May 2018.

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

Accrued expenses as of June 2021 mainly relate to a provision of €82 million for liabilities arising from a presale agreement with a third party (Note 3). As at 31 December 2020, accrued expenses mainly comprise of a provision for CO2 emissions (30 June 2021 nil). Further accrued interest, payroll related accruals and accruals for operating expenses not yet invoiced are included within this category.

Other payables include amounts in respect of payroll-related liabilities, social security obligations and sundry taxes.

19. CASH GENERATED FROM OPERATIONS

		For the six-month period ended
Profit / (Loss) before tax	Note	30 June 2021 197.414	30 June 2020 (475.950)
Adjustments for:
Depreciation and impairment of property, plant and equipment and right of use assets	9,10	82.834	82.976
Amortisation and impairment of intangible assets	11	2.838	2.419
Amortisation of grants	5	(288)	(348)
Financial expenses / (income) - net		43.412	47.848
Provisions for expenses and valuation charges		73.559	8.021
Gains from discounting of long-term receivables	5	(1.373)	(1.328)
(Gain)/Loss on disposal of property, plant and equipment		49	(3.518)
Foreign exchange (gains) / losses	6	(8.041)	(4.316)
		390.404	(344.196)
Changes in working capital
(Increase) / Decrease in inventories		(369.544)	360.704
(Increase) / Decrease in trade and other receivables		(72.932)	129.431
Increase / (Decrease) in trade and other payables		51.627	(159.182)
		(390.849)	330.953
Net cash generated from / (used in) operating activities		(445)	(13.243)

20. RELATED PARTY TRANSACTIONS

The interim condensed statement of comprehensive income includes proceeds, costs and expenses, which arise from transactions between the Company and related parties. Such transactions are mainly comprised of sales and purchases of goods and services in the ordinary course of business.

	For the six-month period ended
	30 June 2021	30 June 2020
Sales of goods and services to related parties
Group entities	934.153	828.978
Associates	58.697	425.627
Joint ventures	333	271
Total	993.183	1.254.876
Purchases of goods and services from related parties
Group entities	20.403	21.090
Associates	405.957	179.490
Joint ventures	46.442	22.284
Total	472.802	222.864

Other operating income/(expenses) & other gains/(losses) for the six-month period to 30 June 2021 include income from subsidiaries, amounting to €3,0 million (30 June 2020: €2,4 million).

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

The statement of financial position includes balances, which derive from sales / purchases of goods and services in the ordinary course of business.

	As at
	30 June 2021	31 December 2020
Balances due to related parties
(Trade and other creditors)
Group entities	18.572	23.086
Associates	13.547	8.049
Joint ventures	1.216	17.301
Total	33.335	48.436
Balances due from related parties
(Trade and other debtors)
Group entities	160.763	101.433
Associates	5.286	48.286
Joint ventures	126	394
Total	166.175	150.113

Transactions have been carried out with the following related parties:

a) Hellenic Petroleum Group companies

b) Associates and joint ventures of the Group, which are consolidated under the equity method.
- Athens Airport Fuel Pipeline Company S.A. (EAKAA)
- DEPA Commercial S.A. (previously Public Gas Corporation of Greece S.A. DEPA S.A.)
- DEPA Infrastructure S.A.
- DEPA International Projects S.A.
- Elpedison B.V.
- Spata Aviation Fuel Company S.A. (SAFCO)
- HELPE Thraki S.A.
- D.M.E.P. HoldCo

The Company has provided letters of comfort and guarantees in favor of banks as security for loans granted by them to Elpedison B.V. The outstanding amount of these as at 30 June 2021 was €89 million (31 December 2020: €102 million).

DMEP HoldCo Ltd was incorporated in 2011 in the UK and ultimately owns 100% of "OTSM S.A. of Maintenance Compulsory Stocks and Trading of Crude Oil and Petroleum Products" ("OTSM"). OTSM is established under Greek law and is fully permitted to provide crude oil and petroleum products stock keeping and management services. The Company has delegated part of its compulsory stock keeping obligations to OTSM, reducing its stock holding by approximately 66 kMT (31 December 2020: 66 kMT), at a fee calculated in line with the legal framework. All transactions with OTSM are included in the current note.

c) Government related entities which are under common control with the Company due to the shareholding and control rights of the Hellenic State and with which the Company has material transactions or balances:
- Public Power Corporation Hellas S.A.
- Hellenic Armed Forces
- Hellenic Distribution Network Operator S.A. (HEDNO)
- Hellenic Gas Transmission System Operator S.A. (DESFA)

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

During the six-month period ended 30 June 2021, transactions and balances with the above government related entities are as follows:

Sales of goods and services amounted to €34 million (30 June 2020: €44 million);
Purchases of goods and services amounted to €37 million (30 June 2020: €30 million);
Receivable balances of €19 million (31 December 2020: €8 million);
Payable balances of €5 million (31 December 2020: €16 million).
d) Key management includes directors (Executive and non -Executive Members of the Board of Hellenic Petroleum S.A.) and General Managers. The compensation paid or payable for the six-month period ended 30 June 2021 to the aforementioned key management amounted as follows:

	For the six-month period ended
	30 June 2021	30 June 2020
Short-term employee benefits	2.809	2.298
Post-employment benefits	95	72
Total	2.904	2.370

e) The Company participates in the following jointly controlled operations with other third parties relating to exploration and production of hydrocarbons in Greece, either directly or indirectly, through its subsidiaries:
- Energean International E&P SpA, HELPE Patraikos SA (subsidiary of the HELPE Group) Greece, Patraikos Gulf
- Energean International E&P SpA, HELPE West Kerkyra SA (subsidiary of the HELPE Group) Greece, Block 2, West of Corfu Island
- Total E&P Greece BV, Exxon Mobil Exploration and Production Greece (Crete) BV, HELPE West Crete SA (subsidiary of the HELPE Group) – Greece, Block West Crete
- Total E&P Greece BV, Exxon Mobil Exploration and Production Greece (Crete) BV, HELPE South West Crete SA (subsidiary of the HELPE Group) – Greece, Block South West Crete
- Repsol Exploracion, HELPE Ionian SA (subsidiary of the HELPE Group) Greece, Block Ionian
- Calfrac Well Services Ltd, HELPE Sea of Thrace SA, a group company Greece, Sea of Thrace concession

f) The Company has extended loans to its subsidiaries. The outstanding balance of these loans as at 30 June 2021 was €105,1 million (31 December 2020: €104,3 million). Interest income for the six-month period ended 30 June 2021 was €2,0 million (30 June 2020: €2,8 million). All loans are at variable interest rates. The average interest rate on inter-company loans due was 3,57%.

g) The Company has also received loans from its subsidiaries. The outstanding balance of these loans as at 30 June 2021 was €585,4 million (31 December 2020: €620,5 million). Interest expense for the six-month period ended 30 June 2021 was €11,2 million (30 June 2020: €11,5 million). All loans are at variable interest rates. The average interest rate on inter-company loans during the six-month period ended 30 June 2021 was 3,66%.

21. COMMITMENTS

a) Capital commitments

Significant contractual commitments of the Company, amount to €44 million as at 30 June 2021 (31 December 2020: €41 million), which mainly relate to improvements in refining assets.

b) Letters of Credit

The Company may be requested to provide bank letters of credit to suppliers in order to obtain better commercial and credit terms. To the extent that such items are already recorded as liabilities in the financial statements there is no additional commitment to be disclosed. In cases where the underlying transaction occurs after the year end, the Company is not liable to settle the letter of credit and hence no such liability exists as at the year end.

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

c) Put and call option

22. CONTINGENCIES AND LITIGATION

The Company has contingent liabilities in respect of bank and other guarantees and other matters arising in the ordinary course of business, the most significant of which are disclosed below:

a) Business issues

(i) Unresolved legal claims:

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 and the opinion of legal counsel, management believes that the final outcome will not have a significant effect on the Company's operating results or financial position and that no additional provisions, over and above provisions already reflected in the interim condensed financial statements, are required.

Municipalities

During the preceding years, a number of Municipalities proceeded with the imposition of duties and fines relating to the rights of way occupied by underground pipelines operated by the Company within the boundaries of each respective municipality. As at 30 June 2021, the total amounts imposed amount to €39,4 million (31 December 2020: €39,4 million). In order to appeal against these, and in accordance with the legislation, the Company has paid an amount of €14 million (31 December 2020: €14 million), which is included in "Trade and other receivables" line of the Financial Statements in the interim condensed financial statements. The Company has exercised all available legal recourse relating to these cases and Company Management have assessed that it is most probable that the outcome of all appeals will be favorable.

Other business issues

During the year ended 31 December 2020, the Company received credit notes from DEPA S.A., amounting to €7,3 million, following a court decision on its action against Botas Petroleum Pipeline Corporation ("Botas") and subject to the condition that if the outcome of Botas appeal against the above decision is favorable for the counterparty the above amount will be recalled by DEPA S.A. Management believes that the likelihood of such an event is less than probable and therefore has not raised a respective provision.

(ii) Guarantees:

The Company has provided guarantees in favor of banks as security for loans granted by them to subsidiaries and associates of the Group. The outstanding amount of these as at 30 June 2021 was the equivalent of €979 million (31 December 2020: €1.006 million).

b) Taxation and customs

The tax framework and practices in Greece, which determine the tax base for the Company's transactions, entail inherent uncertainties, due to its complexity and it being subject to changes and alternative interpretation by relevant authorities at different points in time and across different entities. As a result, there may be types of expenses or treatments for which a company may be assessed on a different basis than the one adopted during the preparation of its tax return and the financial statements. Based on past experience tax audits were carried out by tax authorities on average 5-7 years after the filing of the tax return. In addition, where a tax audit results in a different view to the one adopted by the Company, the process for resolving the issue is usually through a court of law proceeding, which has many stages and can take a considerable number of years to reach its final and irrevocable ruling. For an entity to engage in this process, a minimum down payment of 50% of the total tax and surcharges assessed is required.

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

All of the above result in inherent difficulties in the determination and accounting of tax liabilities. As a result, management aims to determine its policy based on specific legislation available at the time of accounting for a transaction, obtain specialist legal and tax advice on individual cases, if required, and utilise prior tax audits experience and rulings, including relevant court decisions. This process ensures that the financial statements reflect any material tax and customs liabilities as accurately and completely as possible.

(i) Open tax years – Litigation tax cases:

As disclosed in Note 7, tax audits have been completed by the Tax Authorities up to and including the financial year ended 31 December 2014. The Tax audit reports for years ended 31 December 2010 and 2011 were received in December 2017 and they are subject to legal dispute by the Company. In summary, the reports assess additional taxes of €22,5 million and penalties of €23,5 million for items relating to stamp duty, various non-deductible expenses and other income tax adjustments. Following a detailed review of the Tax Audit Report, the Company has disputed the additional taxes imposed (which are over and above the amounts already included in the Company's normal tax returns) and proceeded with all possible legal means and actions to appeal against these additional taxes and surcharges imposed.

Even though the Company disputed the additional taxes and surcharges imposed, it was obliged to pay 50% of the assessed amounts (taxes and surcharges) to the Tax Authorities, in order to appeal the results of the tax audits. This was paid within the applicable deadline, while the remaining amounts have been fully offset by the Authorities, with tax and other State receivables of the Company, within 2018. Such amounts are included in 'Income tax receivable', if they relate to income tax, or in 'Trade and other receivables', if they relate to other taxes, as the Company assesses that it will succeed in its appeals. As far as surcharges are concerned, the report has assessed amounts at 120% of the original tax instead of the applicable 50%; this is also being legally challenged by the Company.

The relevant decisions of the Athens Administrative Court of Appeals were issued in March 2021, according to which: various non-deductible expenses and additional charges are annulled and the amount of €18,2 million is returned to the Company, whereas, with regards to stamp duty, the relevant appeals are partially accepted and the amount of €3,8 million is also returned to the Company.

The Company has filed cassation recourses to the extent that its appeals are not accepted and believes that the final outcome will be in its favor

Notification for audit has been received for the year ended 31 December 2012, which, according to the general provisions is time-barred (Note 7).

During March 2020, a notification for audit was received, for the years 2014 up to and including 2017. The audit is related to specific tax subjects and the final Tax Audit Report was received in February 2021 without findings. Moreover, during July 2020, a notification for full audit was received for the year 2014 regarding all tax subjects. The audit was finalized and the Tax audit Reports were received in December 2020. The reports assess additional amounts of €16,2 million, penalties of €8,1 million and surcharges of €9,5 million for alleged stamp duty, while various nondeductible expenses and other income tax adjustments have no payment impact, since in 2014 the Company had tax losses. Following a detailed review of the Tax Audit Reports, the Company disputes the additional amounts imposed. In January 2021 the Company followed the relevant administrative procedure against the tax assessment paying the minimum required amount of 50% of the total tax and surcharges, amounting to €16,9 million while the remaining 50% was offset in April 2021, therefore the full charged amount is now paid.

The Company expects that it will succeed in its appeals and the relevant amounts will be fully recovered.

Management believes that no additional material liability will arise either as a result of open tax years or from the outcome of current litigation cases over and above the tax liabilities and provisions already recognised in the financial statements as at 30 June 2021. The Company has recorded down payments made for income taxes and penalties assessed in previous disputes with the tax authorities in income tax receivable, to the extent that the Company has assessed that the amounts will be ultimately recoverable.

It is noted that for financial years ending 31 December 2011 up to and including 31 December 2019, the Company obtained unqualified "Annual Tax Compliance Reports" from their Statutory Auditors, as provided for by par. 5, article 82 of L.2238/1994 and article 65A of L. 4174/2013. Μanagement expects that the same will also apply for the year ended 31 December 2020.

INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

(ii) Assessments of customs and fines:

In 2008, Customs authorities assessed additional customs duties and penalties amounting to approximately €40 million for alleged "stock shortages" during the years 2001-2005. The Company has duly filed contestations before the Administrative Court of First Instance and Management believes that this case will have a positive outcome when the legal procedure will be concluded.

Notwithstanding the filing of the above contestations, the Customs office withheld an amount of €54 million (full payment plus surcharges) of established VAT refunds (Note 13), an action against which the Company filed two Contestations before the Administrative Courts of Athens and Piraeus. The Administrative Court of Athens ruled that the withholding effected by the Tax Office was unlawful. The appeal against the Customs Act No 935/2008 amounting to €3,5 million, was heard at first instance, was dismissed and the Company has appealed to the Supreme Administrative Court against the decision, the hearing was set for 9 June 2021 and was postponed to 15 December 2021. In November 2020 the hearing of the Customs Act No 989/2008, amounting at € 35,7 million, took place before the Administrative Court of Piraeus and the relevant decision is pending.

The Company considers that the above amounts will be recovered.

23. DIVIDENDS

THE END

On 27 February 2020, the Board of Directors proposed to the AGM the distribution of a final dividend of €0,25 per share for the year ended 2019, which was approved by the AGM on 24 June 2020. The total final dividend for 2019, amounts to €76,4 million and was paid in July 2020.

On 25 February 2021, the Board of Directors proposed to the AGM the distribution of a final dividend €0,10 per share for the financial year 2020, which was approved by AGM on 30 June 2021. The dividend amounts to €30,6 million and is included in the interim condensed financial statements for the six-month period ended 30 June 2021. The whole amount was paid in July 2021.

The Board did not approve a change in dividend policy overall and will re-evaluate the payment of an additional dividend, or an additional special dividend during 2021.

24. EVENTS OCCURING AFTER THE REPORTING PERIOD

In addition, at 13 August 2021, the Company announced that it has notified the Hellenic Hydrocarbon Resources Management Company about its intention not to proceed with further exploration activities in certain onshore areas (Note 5).

5. Complimentary Information and Data pursuant to the Capital Market Commission's Decision (Government Gazette Β/2092/29.10.2007)

5.1. Published Summary Financial Statements

					H E L L E N I C P E T R O L E U M S.A. General Commercial Registry 000296601000 (A.R.M.A.E. 2443/06/B/86/23)

FINANCIAL DATA AND INFORMATION FOR THE PERIOD FROM 1 JANUARY 2021 TO 30 JUNE 2021 (Published in compliance to L.4/507/28.4.2009 for						The following financial data and information are only for general information purposes with regard to the financial position 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			results of HELLENIC PETROLEUM Group and
companies that prepare annual financial statements in accordance with IFRS) COMPANY Head office Address:	A 8				company's internet address, where the interim financial statements in accordance with International Financial Reporting Standards are available, together with the auditors' report. Board of Directors :
Website : Approval date of the annual financial statements by the Board of Directors:	, CHIMARRAS STR. - 15125 MAROUSI http://www.helpe.gr 26 August 2021
					Other Board Members during the year
STATEMENT OF FINANCIAL POSITION (Amounts in thousands €)	GROUP 30/06/2021	31/12/2020	COMPANY 30/06/2021	31/12/2020	STATEMENT OF CASH FLOW (Amounts in thousands €)		1/1/2021-	GROUP 1/1/2020-	COMPANY 1/1/2021-	1/1/2020-
ASSETS Property, plant and equipment Right-of-use assets	3.382.058 232.785	3.379.813 235.541	2.733.425 27.593	2.766.635 32.157	Cash flows from operating activities (Loss) / Profit before Tax		30/06/2021 251.548	30/06/2020 (501.425)	30/06/2021 197.414	30/06/2020 (475.950)
Intangible assets Other non-current assets Inventories Trade and other receivables	108.607 589.940 1.077.396 604.581	105.841 560.379 694.410 544.795	12.981 1.082.467 968.074 571.037	8.094 1.107.522 599.613 489.979	Adjustments for: Amortisation and impairment of intangible assets	Depreciation and impairment of property, plant and equipment and right-of-use assets	123.593 5.452	122.303 3.625	82.834 2.838	82.976 2.419
Income tax receivable Assets held for sale Derivative financial instruments Cash, cash equivalents and restricted cash Investment in equity instruments	19.940 32 37.448 1.220.416 419	37.699 2.466 9.945 1.202.900 959	15.660 - 37.448 989.581 37	33.830 - 9.945 992.748 587	Amortisation of grants Financial expense / (income) - net Share of operating profit of associates Provisions for expenses and valuation charges (Gain)/Loss from disposal of available for sale financial assets		(395) 53.810 (32.481) 46.785 (205)	(520) 57.642 (18.398) 28.684 302	(288) 43.412 - 73.559 -	(348) 47.848 - 8.021 -
TOTAL ASSETS	7.273.622	6.774.748	6.438.303	6.041.110	Foreign exchange (gains) / losses (Unwinding) / Discounting of long term receivables - net (Gain)/Loss from disposal of PPE		(8.216) (1.843) (433) 437.615	(4.254) (1.418) (2.195) (315.654)	(8.041) (1.373) 49 390.404	(4.316) (1.328) (3.518) (344.196)
EQUITY AND LIABILITIES Share capital Share premium Retained earnings and other reserves	666.285 353.797 935.835	666.285 353.797 766.415	666.285 353.796 917.277	666.285 353.796 800.051
Equity attributable to equity holders of the parent Non-controlling interests TOTAL EQUITY Interest bearing loans and borrowings	1.955.917 62.183 2.018.100 2.106.296	1.786.497 62.340 1.848.837 2.131.371	1.937.358 - 1.937.358 1.878.856	1.820.132 - 1.820.132 2.064.808	Changes in working capital (Increase) / decrease in inventories (Increase) / decrease in trade and other receivables		(385.389) (49.758)	377.322 144.743	(369.544) (72.932)	360.704 129.431
Lease liabilities Provisions and other long term liabilities Short-term Interest bearing loans and borrowings Other short-term liabilities	201.581 335.560 865.342 1.746.743	201.136 294.438 744.561 1.554.405	25.458 241.857 749.320 1.605.454	30.563 197.527 494.675 1.433.405	Increase / (decrease) in payables Less: Income tax paid Net cash generated from / (used in) operating activities		69.912 16.755 89.135	(190.025) (6.533) 9.853	51.627 18.135 17.690	(159.182) (4.843) (18.086)
Total liabilities TOTAL EQUITY AND LIABILITIES	5.255.522 7.273.622	4.925.911 6.774.748	4.500.945 6.438.303	4.220.978 6.041.110
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD (Amounts in thousands €)	GROUP 1/1/2021- 30/06/2021	1/1/2020- 30/06/2020	COMPANY 1/1/2021- 30/06/2021	1/1/2020- 30/06/2020	Cash flows from investing activities Purchase of property,plant and equipment & intangible assets Cash from sale of property, plant and equipment & tangible assets Grants received Interest received Dividends received Investment in associates - net			(110.548) (78.583) 541 3.382 56 174 1.415 2.725 - - - -	(51.323) 33 - 2.930 - (1.482)	(58.706) 4.846 - 4.910 150.000 (10.000)
Revenue from contracts with customers Gross profit / (loss) Operating profit / (loss)	3.957.067 474.511 264.660	2.986.016 (247.562) (466.435)	3.625.199 338.466 232.785	2.690.940 (345.654) (432.418)	Share capital issue expenses Proceeds from disposal of assets held for sale Prepayments for right-of-use assets Proceeds from disposal of investments in equity instruments		2.649 (220) 360	(4) (30) - (218) -	- - - 361	- - - -
Profit / (loss) before Income Tax Less : Taxes Profit / (loss) for the year	251.548 (45.103) 206.445	(501.425) 165.646 (335.779)	197.414 (44.437) 152.977	(475.950) 158.114 (317.836)	Net cash used in investing activities		(105.751)	(72.550)	(49.481)	91.050
Profit / (loss) attributable to: Owners of the parent	204.928	(335.841)
Non-controlling interests Other comprehensive income / (loss) for the year, net of tax Total comprehensive income / (loss) for the year	1.517 206.445 (5.168) 201.277	62 (335.779) (6.049) (341.828)	(5.187) 149.298	(6.394) (323.899)	Cash flows from financing activities Interest paid Dividends paid to shareholders of the Company Dividends paid to non-controlling interests Participation of minority shareholders in share capital increase of subsidiary		(43.456) (580)	(47.946) (6) (76.381) - - 34	(39.468) (6) - -	(49.633) (76.385) - -
Total comprehensive income / (loss) attributable to: Owners of the parent Non-controlling interests	199.761 1.516	(341.855) 27			Proceeds from borrowings Payment of lease liabilities Repayments of borrowings Net cash generated from / (used in ) financing activities		136.816 (22.034) (44.979) 25.761	267.927 (22.312) (21.820) 99.502	130.000 (5.593) (64.348) 20.585	265.010 (5.558) (168.278) (34.844)
Basic and diluted earnings / (losses) per share (in Euro per share)	201.277 0,67	(341.828) (1,10)	0,50	(1,04)
Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA)	391.051	(340.592)	318.455	(347.023)	Net (decrease) / increase in cash & cash equivalents		9.145	36.805	(11.206)	38.120
STATEMENT OF CHANGES IN EQUITY (Amounts in thousands €)	GROUP 30/06/2021	30/06/2020	COMPANY 30/06/2021	30/06/2020
Total equity at beginning of the year 1/1/2021 & 1/1/2020 Total comprehensive (loss) / income for the year	1.848.837 201.277	2.326.573 (341.829)	1.820.132 147.790	2.238.835 (324.230)	Cash and cash equivalents at the beginning of the year Exchange gains / (losses) on cash and cash equivalents		1.202.900 8.371	1.088.198 3.567	992.748 8.039	888.564 3.587
Dividends to shareholders of the parent Dividends to non-controlling interests Share based payments Tax on intra-group dividends	(30.564) (1.673) - (88)	(76.409) (1.436) 0 (227)	(30.564) - - -	(76.409) - - -	Net (decrease) / increase in cash and cash equivalents		9.145	36.805	(11.206)	38.120
Share capital issue expenses Acquisition of non-controlling interests Other Movements Total equity at the end of the year	- - 311 2.018.100	(30) 34 - 1.906.676	- - - 1.937.358	- - - 1.838.196
					Cash and cash equivalents at end of the year		1.220.416	1.128.570	989.581	930.271
ADDITIONAL INFORMATION 1. Νοte No. 25 of the interim consolidated financial statements includes all subsidiary and associated companies and their related information.			2. No company			10. The amount of provisions included in the Statement of Financial Position are as follows:
shares, (treasury shares), are owned either by the parent company or any of the subsidiaries as at the end of the period 3. 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 2019 (inclusive). With regards to tax audits carried out by the Tax Authorities, tax audits have been completed as follows: a) for Petroleum S.A for years up to and including 2011 and 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 consolidated financial			Hellenic 2014, b) for former Hellenic Fuels SA for years up to and including 2011, c) for EKO S.A for years up to statements for the period ended		a) for pending legal cases β) for tax matters c) for SLI d) for other provisions relating to expenses		GROUP 25.183 2.401 195.494 72.974	COMPANY 7.287 155 160.002 72.974
30 June 2021 (Note 23 of the interim consolidated financial statements). 4. The interim consolidated financial statements of Hellenic Petroleum S.A. for the period ended 30 June 2021 have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board ("IASB"), as adopted by the European Union ("EU"), as outlined in Note 2 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 consolidated financial statements. Where necessary,	of the interim		11. Other comprehensive income for the period, net of tax, for the Group and the parent company is as follows:	30/06/2021	GROUP 30/06/2020	COMPANY 30/06/2021	30/06/2020
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 that no additional material liability will arise over and above the tax liabilities and provisions already recognised in the interim consolidated financial statements as at 30 June 2021. 6. 2021 in Greece: Company: 2,118, Group: 2,933 (31/12/2020: Company: 2,148, Group: 2,956).			Number of employees at 30 June		Changes of the fair value of equity investment Currency translation differences and other movements Actuarial losses on defined benefit pension plans Fair value gains on cash flow hedges Derecognition of gains on hedges through comprehensive income Share of other comprehensive income of associates Net income/(expense) recognised directly in equity		(335) (20) (1.280) 28.115 (31.794) 146 (5.168)	(348) 145 - (31.140) 25.077 217 (6.049)	(345) - (1.163) 28.115 (31.794) - (5.187)	(306) - - (31.140) 25.077 - (6.369)
					Sales of goods and services Purchases of goods and services Receivables Payables Board members and senior management remuneration & other benefits Amounts due to/(from) Board members and senior management	12. Transactions and balances with related parties for the Group and the parent company (in thousands of €) are as follows:	GROUP 152.423 492.562 65.095 20.179 2.945	COMPANY 1.026.904 509.881 184.765 38.185 2.904 - -
					Athens, 26th of August 2021
CHIEF EXECUTIVE OFFICER					CHIEF FINANCIAL OFFICER		ACCOUNTING DIRECTOR
ANDREAS N. SHIAMISHIS ID. Number ΑΑ 010147				C. THOMAS	ID. Number Π 062606		STEFANOS I. PAPADIMITRIOU ID. Number ΑΚ 553436

ADDITIONAL INFORMATION

-
-
(31.140)
25.077
-
(6.369)

	GROUP	COMPANY
Sales of goods and services	152.423	1.026.904
Purchases of goods and services	492.562	509.881
Receivables	65.095	184.765
Payables	20.179	38.185
Board members and senior management remuneration & other benefits	2.945	2.904
Amounts due to/(from) Board members and senior management	-	-

Athens, 26th of August 2021

General Commercial Registry 000296601000 (A.R.M.A.E. 2443/06/B/86/23)

ANDREAS N. SHIAMISHIS C. THOMAS STEFANOS I. PAPADIMITRIOU ID. Number ΑΑ 010147 ID. Number Π 062606 ID. Number ΑΚ 553436

5.2. Website

The annual and interim financial statements of the HELLENIC PETROLEUM Group and the parent company on a consolidated and non-consolidated basis, the Independent Auditors' Report and the Annual Report of the Board of Directors are available on the internet at www.helpe.gr.

The financial statements of the consolidated companies under EKO S.A. are available online at www.eko.gr.

On HELLENIC PETROLEUM's website https://www.helpe.gr/investor-relations/quarterly results/financial-statements/financial-statements-of-subsidiary-companies/, there is a list of subsidiaries that are fully consolidated in the Group's financial statements; these companies also have their own website through which their financial statements can be accessed. The financial statements of the other subsidiaries can be viewed at the above address.

AI Terminal

Hellenic Petroleum Holdings S.A.

2720_ir_2021-08-26_9ee71286-0120-45a1-846d-465d9149a3d2.pdf

HELLENIC PETROLEUM SA

HALF-YEARLY FINANCIAL REPORT

FIRST HALF 2021

TABLE OF CONTENTS

1. Statements of the Chairman, Chief Executive Officer and Member of the Board of Directors on the true representation of the data contained within this report

2. Board of Directors Half-Yearly Report for the Six-Month Period ended 30th of June 2021 (Article 5, Law No. 3556/2007)

2.1. Introduction

2.2. Information required as per par. 6, Article 5 of Law No. 3556/2007

2.2.1. Significant Events during the 1st half of 2021 and their impact on the Interim Financial Statements

a) Τhe Business Environment

Economic Environment123456

Crude Oil Prices7

Crude oil price - Brent (\$/bbl)

Brent Differential – Urals (\$/bbl)

Refining Margins

Med FCC benchmark margins (\$/bbl) Med Hydroskimming benchmark margins (\$/bbl)

Exchange Rates

Developments in the Oil Market9

Domestic Energy Market

b) Financial highlights

c) COVID-19 pandemic impact, measures and future planning

d) Subsequent events after 1st half of 2021

2.2.2. Review per Segment – Performance and Financial Position for the 1 st Half of 2021 – Major Risks and Uncertainties in the 2nd Half of 2021 – Prospects for the 2nd half of 2021

a) Business Activities Review

Refining, Supply and Trading

Petrochemicals / Chemicals Production and Trading

Domestic and International Marketing

Domestic Marketing

International Marketing

Renewable Energy Sources

Power Generation & Natural Gas

Power Generation & Trading

Supply, Transportation and Trading of Natural Gas

Oil & Gas Exploration and Production

Major Risks and Uncertainties of 2H21

2.2.3. Significant Related Party Transactions (Decision No. 1/434/3.7.2007 Article 3)

Borrowings

2.3. Additional Information of the Board of Directors' Half Yearly Financial Report (article 4 of Decision No.7/448/2007)

2.3.1. Other Financial Information

Share Price Evolution

Share price evolution chart for HELLENIC PETROLEUM S.A.

2.3.2. Selected Alternative Performance Measures

Presentation and Explanation of Use of Alternative Performance Measures

Reported EBITDA

Adjusted EBITDA

Adjusted Net Income

Net Debt

Capital Employed

Reconciliation of Alternative Performance Measures to the Group's Financial Statements

2.3.3. Non-Financial Information

Health, Safety and Environment

Health and Safety

Labour and Social Issues

Corporate Governance

Ethics and Transparency - Code of Conduct

3. Certified Auditor – Accountant's Review Report regarding the Half-Yearly Report

Independent auditor's review report

Report on review of interim condensed consolidated financial information

Introduction

Scope of review

Conclusion

Report on other legal and regulatory matters

Independent auditor's review report

Report on review of interim condensed financial information

Introduction

Scope of review

Conclusion

Report on other legal and regulatory matters

4. Half-Yearly Financial Statements

4.1. Condensed Interim Consolidated Financial Statements

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED

CONTENTS

I. Company Information

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

II. Interim Condensed Consolidated Statement of Financial Position

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2021 (All amounts in Euro thousands unless otherwise stated)

III. Interim Condensed Consolidated Statement of Comprehensive Income

Economic Environment¹²³⁴⁵⁶

Crude Oil Prices⁷

Developments in the Oil Market⁹