HELLENIC PETROLEUM
Holdings SA 
HALF-YEARLY
FINANCIAL REPORT
2022   
FIRST HALF 2022
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
Companies Registration Number 296601000
MAROUSSI, AUGUST 2022
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
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 (IFRS), 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 Holdings S.A. (the
“Company”) and of the subsidiaries that are included in the interim consolidated financial statements of
the HELLENIC PETROLEUM Group (the “Group”). 
The Board of Directors’ half-yearly report accurately represents the information required under
paragraph 6, article 5, Law No. 3556/2007 and the relevant decisions of the Capital Market Commission.
Athens, 25 August 2022
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 2022
(Article 5, Law No. 3556/2007 and Law 4548/2018)
2.1 Introduction
The Board of Directors of the HELLENIC PETROLEUM Holdings SA (“Company”), presents the 1H22
report on the Consolidated Interim Condensed Financial Statements, that has been prepared in
accordance with Law 4548/2018 and article 5 of Law 3556/2007. The Consolidated 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 and the Company,
description of significant events that took place during the first half of the financial year, 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 2022 and their impact
on the Interim Financial Statements
a) The Business Environment
Economic Environment1,2,3,4
At the beginning of 2022, although the economy had not yet fully recovered from the impact of the
COVID-19 pandemic, the outlook had improved significantly, varying among sectors and regions, with
global economic recovery appearing uneven and asymmetrical among different countries. Russia's
invasion of Ukraine at the end of February, in addition to the humanitarian crisis, triggered sanctions
against Russia by the EU, the UK, the US and other countries worldwide, resulting in economic growth
slowdown and higher inflation, under conditions of increased uncertainty and geopolitical and financial
risks.
In addition, frequent and widespread lockdowns in China—including in key manufacturing hubs—have
also slowed economic activity in the respective areas, potentially accentuating the bottlenecks in global
supply chains. Broader, persistent and acute price increases also led to a tightening of monetary policy in
many countries. In 2021, the global GDP grew by 6.1%, after an unprecedented post-war decline of 3.1%
in 2020. According to IMF forecasts (July 2022), the global GDP growth is now estimated at 3.2% in 2022
and 2.9% in 2023, 0.4% and 0.7% lower than April forecasts, respectively.
Even before Russia’s invasion of Ukraine, inflation had soared in many economies due to rising
commodity prices and supply-demand imbalances caused by the pandemic. Because Russia is a major
supplier of oil, gas and metals, and, along with Ukraine, of wheat and corn, the current and anticipated
decline in the supply of these commodities has already driven their prices up sharply. Increases in food
and fuel prices are expected to particularly affect lower-income households worldwide. For 2022,
inflation is projected to reach 6.6% for developed economies, while, in some of them, including the US
and certain European countries, it has reached its highest level in more than 40 years. In the developing
and emerging economies, inflation is forecast to reach 9.5% in 2022.
Growth prospects in the developed economies have been revised down for 2022–23 due to the
aforementioned developments, with GDP growth forecasted at 2.5% for 2022 and 1.4% for 2023 (0.8%
and 1% lower compared to the initial estimates). In the US, according to the IMF, GDP growth is projected
at 2.3% (2021, 5.7%), with the outlook of the US economy affected by faster withdrawal of pandemic-
related economic support, fiscal and monetary policy, and supply chain issues. Growth in the developing
and emerging economies is forecasted at 3.6% for 2022, revised down by 0.2% compared to the April
2022 projection, with higher food and fuel prices significantly increasing the risk of social unrest. For
China the 2022 GDP growth forecast was revised down by 1.1% to 3.3%, in the wake of the strict zero-
COVID policy, which has resulted in supply chain issues as well as a slowdown in investments and exports.
In the Eurozone, GDP increased by 5.3% in 2021, compared to -6.4% in 2020 and 1.6% in 2019. In 1Q22,
Eurozone’s GDP increased by 0.5% yoy, according to Eurostat’s preliminary estimates, which compares
with a growth of 2.1% in 1Q21. In terms of projections, the European Commission expects Eurozone
GDP to grow by 2.6% in 2022 and 1.4% in 2023. Lower growth projections reflect the effects of the
energy crisis on inflationary outlook and eroding purchasing power, with Eurozone economy remaining
vulnerable due to its high reliance on Russian exports of fossil fuels, the disruptions in the supply chain,
1 Bank of Greece, Monetary Policy 2021-2022, July 2022
2 IMF, World Economic Outlook, April 2022 / World Economic Outlook, July 2022
3 Eurostat, Quarterly national accounts - GDP and employment, July 2022
4 European Commission, European Economic Forecast, Summer 2022, paper 183, July 2022
but also the indirect exposure of the Eurozone economy to the evolution of the pandemic in other
countries, mainly in China. In 2023, the economic activity is expected to be affected by the geopolitical
developments, the lifting of temporary income support measures and the monetary policy tightening,
while supported by the easing of bottlenecks in the global supply chain, fiscal support and the likely
easing of energy prices pressure.
The recovery of Greece's economic activity in 2021 was sharp (GDP growth at 8.3%). It was supported by
the improvement in households’ consumption, on the back of an increase in the real disposable income,
the acceleration in public consumption, the increase of investments and the rapid recovery of exports of
goods and services, mainly due to the tourism sector recovery. The economic activity maintained its
momentum in 1Q22 (+7% compared to the corresponding period of 2021 and 3.8% higher than the pre-
pandemic GDP level in 1Q19), despite strong inflationary pressures, the Russian invasion of Ukraine and
the deterioration of the international environment. In 1H22, inflation reached a 25-year high, with its
upward trend starting in mid-2021, as the heightened energy costs were accompanied by increases in
food prices. The European Commission forecasts that Greece’s inflation will reach 8.9% in 2022 and
3.5% in 2023. Accordingly, it forecasts GDP growth of 4% for 2022 and 2.4% for 2023.
The risks surrounding GDP growth forecasts are mostly related to external factors. Thus, the Greek
economy’s growth rate may slow down further in the event of (a) further escalation of the war in Ukraine,
potentially leading to more acute and more persistent inflationary pressures, increased uncertainty and
possible constraints on energy supplies, (b) a new wave of the pandemic or (c) low absorption rate of EU
funds (under the European Recovery and Resilience Facility).
Crude Oil Prices5
Following the major negative effect of the COVID-19 pandemic on oil prices in 2020 and their gradual
recovery in 2021, they continued their upward trend in 2022, with Brent price (Platt's Dated) averaging
$107.5/bbl in 1H22, compared to $64.8/bbl in 1H21, a 66% increase. The sharp increase is attributed to a
supply-demand imbalance, with limited spare capacity due to several years of under-investment,
reduction of supply due to the imposition of official and voluntary sanctions on exports from Russia,
increased demand due to reduced inventory levels and gradual reopening of the economy, but also due
to increased risk because of geopolitical tensions. In addition, the strengthening of the dollar against the
euro resulted in multi-year record crude oil prices in EUR/bbl terms, with the average Brent price for
1H22 shaping at €98.6/bbl vs €53.8/bbl for 1H21.
5 OPEC, monthly oil market report, July 2022
Crude oil price - Brent ($/bbl)
Brent-Urals spread in the first half of 2022 exhibited a particularly upward trend and reached historically
high levels, affected by reduced demand for Urals crude type from European refiners, due to sanctions
imposed on Russia, and averaged $23/bbl in 1H22 vs $1.4/bbl in 1H21.
Brent Differential – Urals ($/bbl)
Refining Margins and Oil Products' Cracks
The benchmark refining margins for the Med refineries reached particularly high levels in 1H22 due to the
increased demand for road and air transport fuels (diesel, jet fuel, gasoline), reduced availability of
refining capacity due to permanent closure of refinery units during the Covid-19 crisis as well as planned
maintenance across a series of refineries ahead of the summer driving season, and tight diesel balances.
Specifically, based on Refinitiv, the FCC (Fluid Catalytic Cracking) benchmark margin averaged $15.6/bbl
in the first half of 2022 vs $3.9/bbl in the first half of 2021, while the Hydroskimming benchmark margin
averaged $4.5/bbl vs $2.0/bbl in the corresponding period last year, despite further declines in HSFO and
naphtha cracks due to lower demand.
Med FCC benchmark margins                               
($/bbl)
Med Hydroskimming benchmark margins 
($/bbl)
International Product Cracks ($/bbl)6
Diesel
Unleaded Gasoline
Fuel Oil (HS)
Naphtha
6 Based on Brent price
Exchange Rates
In the first half of 2022, the Euro continued to weaken against the USD, with the average EUR/USD price
at $1.09, 10% lower vs last year, reaching $1.03 at 30 June 2022, affected by the economic, political and
trade developments in both US and EU. Specifically, monetary policy tightening by the US Federal
Reserve takes place at a faster rate than the corresponding monetary policy tightening by the ECB, with
the resulting higher yields on US government bonds attracting more investors to the dollar, while at the
same time, greater dependence of the EU on imports of expensive commodities (oil, natural gas)
increases downside risks to the economy.
EUR/USD
Electricity, Natgas and EUA Prices
Against the background of Russia’s invasion of Ukraine, energy markets are experiencing unprecedented
price developments. The electricity price  (DAM MCP7) averaged €245.3/MWh in 1H22 vs €64.1/MWh in
1H21 (+283%), the TTF Natgas price at €100.3/MWh vs €21.6/MWh in 1H21 (+364%) and  EUA8 prices
averaged €83.3/T in 1H22 vs €43.7/T in the respected period of last year (+91%).
7 EnEx, DAM, MCP data (Day Ahead Market), Market Clearing Price data)
8 Refinitiv, 2022
Electricity Price (€/MWh)
TTF Natgas Price (€/MWh)*
EUA Price (€/T)
*monthly averages, Electricity prices are based on the DAM MCP, which stands for Day Ahead Market, Market Clearing
Price
Developments in the Oil Market9
Global oil demand is expected to increase by 3.4 mbpd on average in 2022, totaling 100.3 mbpd (630 kbpd
higher than the 2019 -pre-COVID- period) and to continue its recovery by further 2.7 mbpd in 2023, an
increase of 2.7%, mainly due to expectations for continuation of the economic recovery, easing of
geopolitical tensions and containment of the COVID-19 pandemic. The average oil demand is estimated
at 98.8 mbpd for the first half of 2022 and it is projected to reach 101.7 mbpd in the second half of the
year. The increased consumption of gasoline and diesel is expected to benefit overall oil demand in the
coming year.
Oil supply outside OPEC countries is estimated to increase by 2.1 mbpd in 2022 compared to 2021,
reaching on average 65.7 mbpd in 2022 and by 1.7 mbpd in 2023 averaging 67.4 mbpd. The oil supply
from OPEC countries in 1H22 increased to 28.5 mbpd on average from 25.3 mbpd in 1H21 (+13%), and is
expected to increase by 648 kbpd in July and August, following a relevant decision by OPEC+ at the end
of June 2022.
Domestic Energy Market
The domestic ground fuels demand in 1H22 amounted to 3.2m MT, higher by 9% vs 1H21, as there was a
10.9% increase in motor fuel demand due to the easing of the restrictive measures against COVID-19, as
well as the outset of the summer season. Accordingly, heating oil consumption had a slight increase of
3.2%. Aviation fuels demand exhibited substantial recovery with an increase in 1H22 of 189.5%
compared to the corresponding period of 2021, while demand for shipping fuels increased by 8.9%.
9 OPEC, Oil Market Report, July 2022
b) Financial highlights
Tables below present the main financial and operational Group indicators for 1H 2022:
Operational Data
1H22
1H21
Refinery sales
(in million metric tons)
6.7
7.5
Marketing sales
(in million metric tons)
2.7
2.1
Refinery production
(in million metric tons)
6.0
7.1
Group employees (FTEs)
3,550
3,530
*To better reflect the way Management monitors the International segment, OKTA AD Skopje balances have been
reclassified from the Refining segment to the International Marketing segment, as compared to the year ended 31
December 2021. The respective change has been applied to the comparatives as well.
Financial Data (in million €)10
1H22
1H21
Net sales
6,777
3,957
Reported EBITDA10
1,239
391
  Inventory effect – Loss (gain)10
-513
-195
  Accrual of CO2 emission deficit10
-126
-71
  Other special items10
33
13
Adjusted EBITDA10
633
139
Reported net income10
872
206
Adjusted net income10
371
12
In the first half of 2022, adjusted EBITDA amounted to €633m (2021: €139m) and adjusted Net Income to
€371m (2021: €12m). Among the key drivers were the historically high refining margins, the robust
exports performance and the higher tourism activity, more than offsetting lower sales volume due to
refineries maintenance at Aspropyrgos and Elefsina, as well as reduced contribution from Petrochemicals
due to normalizing margins.
Reported results recorded significant recovery due to notable inventory valuation gains (€513m gains vs
€195m gains in the first half of 2021) on the back of crude oil’s sharp price increase and the effect of CO2
emission deficit accrual accounting. As a result, Reported EBITDA came in at €1,239m (1H21: €391m) and
Reported Net Income at €872m (1H21: €206m). It is worth noting that the multi-year high oil prices along
with the strengthening of the dollar against the euro had a significant positive impact on turnover, which
reached record highs in 1H22.
Amid the adverse conditions and challenges due to the energy crisis, considering the accelerated energy
transition landscape, the Group is proceeding with the implementation of its strategy, in line with its
“Vision 2025”, based on 5 pillars:
•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 
10 The selected alternative performance measure indicators are listed in Chapter 2.3.2
The Group’s shift to New Energy with investments that complement its traditional activities, is already
under way with the development of 285 MW RES capacity in operation by the end of the first half of 2022,
following the completion of the construction and the start of operation of the 204 MW PV project in
Kozani.
Balance Sheet / Cash Flow (in million €)
30.06.22
30.06.21
Total Assets
9,080
7,274
Total Equity
2,868
2,018
Capital Employed
4,835
3,769
Net Debt
1,967
1,751
Net Cash Flows (operating & investing cash flows)
141
(17)
Capital Investments (Cash Flow)
220
111
Gearing ratio – Net Debt / Capital Employed
41%
46%
The high oil prices resulted in a significant increase in working capital, impacting  funding needs and cash
flow.
c) Company’s corporate events in the first six months of 2022
The Hive Down
On 3rd January 2022, the corporate restructuring was successfully concluded by the demerger by way of
hive-down of the Refining, Supply and Sales of Oil Products and Petrochemicals sector of the Company
and its contribution to a newly established 100% subsidiary company “HELLENIC PETROLEUM Single-
Member Société Anonyme Refining Supply and Sales of Oil Products and Petrochemicals” (“HELPE
RSSOPP”)
More specifically and in accordance with the resolution of the Extraordinary General Meeting of the
Shareholders of 10th December 2021, on 3rd January 2022 the demerger of the Company and the
establishment of HELPE RSSOPP was approved (with GEMI number 296601000 and Tax Registration
Number 996689451) pursuant to the provisions of articles 57 and 59-74 of Law 4601/2019 and Law
4548/2018, as in force.
As a consequence of the Hive Down, HELPE RSSOPP substituted the Company by operation of Greek
law, as universal successor, in all of its assets and liabilities, rights and obligations and in general its legal
relationships within the refining, supply and sales of oil products and petrochemicals sector.
As of 3rd January 2022, the Company maintains the assets and activities not related to the hived down
sector, while its shares remain listed on the Main Market of the Athens Exchange (the “ATHEX”). The
Company maintains direct and indirect participation in all companies that are included in its consolidated
financial statements, while it provides administrative, financial, organizational, and functional support,
facilitation, and information services to affiliates and third parties. In addition, as a listed company on
ATHEX, the Company maintains the investor relations services, the services relating to the shareholders'
unit, and the internal audit services provided by the applicable regulations.
The hive down is an intragroup capital reorganization and, as such, there is no substantial financial change
at a Group level. The hive down had also no impact on the Group’s consolidated financial statements.
Annual General Meeting
Τhe Annual General Meeting which was held on the 9th of June 2022 and in which 169 shareholders,
representing 266,471,754 common registered shares and voting rights, out of a total of 305,635,185
common registered shares, i.e. 87.19% of the paid-up share capital, participated or were legally
represented, adopted the following decisions:
•Approved the annual and consolidated financial statements for the financial year 2021 (1/1-
31/12/2021), the relevant Board of Directors’ and Statutory Auditors’ reports and the
Statement of Corporate Governance, as presented for approval. 
•Approved the appropriation of the results for the financial year 2021 and the distribution of
dividend to the shareholders of the Company in the amount of ten eurocents (€0.10) per share.
Monday 27th June 2022 and Tuesday 28th June 2022 were approved as the ex-dividend date and
beneficiary determination date (Record date) respectively, whereas the payment of the
corresponding amount commenced on Monday 4th of July 2022.   
•Approved in accordance with the provisions of article 112 par 3 of Law 4548/2018 the Board of
Directors’ remuneration report for 2021.
•Approved the overall management of the Board of Directors for the fiscal year 2021
(1/1/-31/12/2021) in accordance with article 108 of law 4548/2018 and discharged the statutory
auditors of the Company from any liability for damages for the audit of the financial statements
for the same fiscal year.
•Elected the audit firm “ERNST & YOUNG (HELLAS) CERTIFIED AUDITORS ACCOUNTANTS
S.A.”, based in Maroussi, Chimarras 8B str., registered with the Special Register of article 13 par 5
of Presidential Decree (P.D.) 226/1992 under SOEL Reg. No. 107 to carry out the regular audit of
the Company’s individual and consolidated financial statements for the current fiscal year
(1/1/-31/12/2022) and determined their remuneration to €70,000 plus VAT.
•Approved the distribution of part of the profit of the financial year 2021 of an amount up to one
million seven hundred fifty thousand euros (€1,750,000) as bonus to 2,522 employees of the
Company and its subsidiaries, excluding the manager level officers who receive variable
remuneration, in recognition of their contribution to the successful implementation of the
strategic plan “Vision 2025”. In addition, authorization was granted to Company’s officers to
take all necessary actions in order to manage, specify and implement the decision.
d) 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.
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. The Group strictly adheres to all actions designed to deal with the pandemic, continuously
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, accompanied
by a significant increase in the aviation fuels’ consumption. Demand, in the coming period, is expected to
be affected mainly by the geopolitical developments and their impact on energy prices, as well as the
evolution of the pandemic and specifically by the impact of mutations on economic activity.
e) Geopolitical events
On 24 February 2022, Russia initiated a military invasion of Ukraine, following a period of tension between
the two countries. The invasion resulted in economic and non-economic sanctions by the European
Union, the USA and other countries, that affected global energy markets and economic developments, in
general. Before the imposition of sanctions, Russia’s crude oil production accounted for around 10% of
global output, while it is the second largest natural gas producer worldwide. The reduction of the supply
of crude oil or natural gas, as a result of the above, has an impact on availability and pricing. Furthermore,
the impact on economic growth, interest and foreign exchange rates, as well as other economic
indicators, that could affect the Group’s business, is already evident. In 2H21, Russian crude accounted
for 15-17% of the total crude feed of the Group’s refineries and since the end of February 2022 it was
fully replaced by other grades, without affecting the refineries’ operation. Furthermore, over the last few
months and following the increase in natural gas prices, the Group’s refineries have minimized use of
natural gas as a feed, substituting it with oil products to a significant extent. The Group follows closely
the developments around the crisis and adjusts its operations accordingly.
f) Subsequent events after 1st half of 202211
On 4 July 2022, Company’s subsidiary HELPE Renewables S.A. and RWE Renewables GmbH, a subsidiary
of RWE, have signed Heads of Terms (50-50 partnership) for the development, operation and
management of offshore wind parks in Greece, as well as their joint participation in tender procedures
that the Greek State intends to initiate.
On 12 July 2022, the Company and Aegean Airlines signed a strategic agreement, for the use of
sustainable aviation fuel (SAF). The Company through its subsidiary EKO, will initially supply Thessaloniki
airport with SAF, expanding the agreement to the AIA airport at a later stage. According to EU
Legislation, the use of SAF, starting with 2% in 2025 and reaching 5% in 2030, in all EU airports, is
mandatory. Moreover, in order to meet EU’s climate objectives, it is expected that by 2050, at least 63%
of all aviation fuel used for flights departing from EU airports should be SAF.
On July 19 2022, the Company announced that, following the withdrawal decision announcement of
ΤotalEnergies, the co-lessees of the Lease Agreements for the right to explore and exploit hydrocarbons
in the offshore areas of “West Crete” (Law 4631/2019) and “Southwest Crete” (Law 4628/2019)
negotiated the settlement of the issues deriving from such withdrawal. The parties agreed that the 40%
interest held by “TotalEnergies EP Greece B.V.” in the Lease Agreements would be assumed by
ExxonMobil Exploration and Production Greece (Crete) B.V. (taking 75% of the 40%) and by the
Company’s subsidiaries “HELLENIC PETROLEUM EXPLORATION AND PRODUCTION WEST CRETE
SINGLE MEMBER S.A.” and “HELLENIC PETROLEUM EXPLORATION AND PRODUCTION SOUTHWEST
CRETE SINGLE MEMBER S.A.” (taking 25% of the 40%), with TotalEnergies EP Greece B.V. fulfilling its
financial and other obligations. Following completion of the transaction, the interests in each of the
respective Lease Agreements would be formed as follows: ExxonMobil Exploration and Production
Greece (Crete) B.V: 70%, which will also assume the Operatorship and The Company’s subsidiaries: 30%.
On 28 July 2022, the Company announced, in the context of the implementation of its growth strategy in
RES, the signing of a share purchase agreement for the acquisition of “MAKRYLAKKOMA S.A.” and
“SAGIAS S.A.”, both owned by Copelouzos Group and International Constructional S.A. Group, by
“HELLENIC PETROLEUM RENEWABLE WIND FARMS OF MANI S.A.”, a wholly owned subsidiary of HELPE
RENEWABLES S.A.. The wind farms, with a total installed capacity of 55.2 MW, are located in Eastern
Mani, Laconia, Greece and have been in commercial operation since December 2019.
11 Subsequent events that would have a financial impact in the near future periods are additionally disclosed in the respective note of the
half-yearly financial statements
2.2.2. Review per Segment – Performance and Financial Position for
the 1st Half of 2022 – Major Risks and Uncertainties in the 2nd
Half of 2022 – Prospects for the 2nd half of 2022
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 2022 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. In Greece, the Group operates three refineries: an FCC refinery in Aspropyrgos, a
Hydrocracking refinery in Elefsina, both of them in Attica, and a Hydroskimming refinery in Thessaloniki.
During the 1st half of 2022, the Group’s refining activity is summarized below:
Refinery
Annual Nominal Capacity
(Κbpd)
Crude & Intermediate
Products Processed
(ΜΤ’000)
Final & Intermediate
Products Output
(MT’000)
Αspropyrgos
148
3,847
3,576
Thessaloniki
90
1,819
1,756
Εlefsina
106
1,523
1,345
Inter-refinery
(663)
(663)
Total
6,525
6,013
During the first half of 2022 the recovery of both global and domestic oil consumption from COVID-19
pandemic continued, with the consumption increasing compared to 2021 levels. HELPE total sales
amounted to 6.7 m MT, with strong export performance, despite the scheduled general turnaround of
the Elefsina refinery and the FCC unit maintenance at the Aspropyrgos refinery.
HELPE benchmark margin stood at $10.7/bbl, $9.6/bbl higher than in the first half of last year.
Sales
1H2022
(MΤ’000)
1H2021
(MΤ’000)
Domestic Market
2,111
1,806
International Sales
1,166
812
Εxports
3,433
4,840
Total
6,710
7,458
Refining, supply and trading results are greatly affected by external factors such as:
•The evolution of crude oil and product prices during the specific period and their corresponding
impact on 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 cost.
•Natural gas and electricity prices, which greatly affect production costs.
The international environment keeps being driven by volatility and increased uncertainty, consequently
both demand and oil production for the second half of the year depend on the pandemic evolution, the
situation in Ukraine, E.U. sanctions on Russia as well as supply policy of crude oil producing countries.
Additional risk factors that may affect the benchmark margins are new developments in crude oil supply,
the increase of global refining capacity due to the operation of new refineries and the level of refinery
production, both regionally and globally.
The Company is conducting studies and implements investments with the objectives of continuous
safety improvement, energy efficiency, emissions reduction, optimization of its refinery units and the
development of new activities in the renewable energy sector. In addition, particular attention is paid to
the use of all the benefits that could potentially arise from synergies between the Group’s refineries. The
Group’s primary goals are operational excellence and a timely transition to the new energy era.
Petrochemicals / Chemicals Production and Trading
The Group operates in the Petrochemicals sector through a Propylene production unit at the
Aspropyrgos refinery, as well as through its Polypropylene (PP) and Solvents production plants in
Thessaloniki. Furthermore, the Group owns a BOPP film production unit (through its subsidiary
“DIAXON” located in Komotini).
In the first half of 2022, total Petrochemical sales volumes amounted to 135 thousand tones, down 2%
compared with the corresponding period in 2021.
Petrochemical sales per product are as follows:
Product
1H22
(ΜΤ’000)
1H21
(ΜΤ’000)
Polypropylene
110.5
106.2
Solvents
9.8
15.6
ΒΟΡΡ film
12.7
13.5
Traded goods/Others
2
2.3
Total sales
135
137.6
The international Petrochemicals industry is a cyclical, capital-intensive one with capacity surplus. The
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 2022, the key performance drivers were as follows:
•The impact of the war in Ukraine and the subsequent geopolitical conditions negatively affected
the global business environment as well as the petrochemicals demand.
•Polypropylene price margins were shaped at much lower levels compared to 1H21 (down by
more than 40%). However, it should be noted that 1H21 margins shaped at  robust levels.
•Strong export orientation, with 72% of sales of polypropylene being directed to selected
Mediterranean markets and to high added value products.
•BOPP film margins increased notably compared to the respective period in 2021. This is due to
the demand curve lag in relation to that of polypropylene, despite the rising energy production
cost.
During the 2nd half of 2022, subject to 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, as well as in RNM.
During the 1st half of 2022, marketing sales were as follows:
1H22
(MT’ 000)
1H21
(MT’ 000)
Domestic Market
1,150
1,007
Bunkering and Aviation, Exports
602
388
Domestic Marketing Sales
1,752
1,395
International Marketing Sales
930
729
Total
2,682
2,124
Domestic Marketing
In Greece, EKO’s total fuels sales amounted to 1,752 thousand MT, in the first half of 2022, +26%
compared to the same period last year. The number of petrol stations amounted to 1,677 vs 1,688 last
year.
The significant increase in total sales comes mainly from aviation and bunkering sales that increased by
55% compared to the first half of 2021, mainly due to higher tourism traffic. Bunkering sales exceeded
the corresponding sales of 1H19, the last year of normalcy without restrictions due to COVID-19.
Domestic market fuel sales increased by 14% as a result of the higher demand for auto fuels on the back
of increased tourism and economic activity, as well as industrial fuels. The increase in demand is due to
the fact that consumption in the first half of 2021 had been negatively affected by travel restrictions due
to COVID-19.
The continuous rise of international oil and oil products prices resulted in retail fuel prices reaching the
highest levels in recent years.
During the second half of 2022, EKO aims to further increase retail sales as well as strengthen its position
in Aviation and Bunkering sales.
EKO will continue to implement its business plan which focuses on increasing market share while further
improving operational profitability, as well as improving 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,  Bulgaria and RNM amounted to 316 (vs
315 in 1H21). In 1H22, total sales volumes of International Marketing activities amounted to 930
thousand tones vs 729 thousand tones in the same period last year (+28%). The sales increase is mainly
attributed to the rebound in fuel demand driven by the gradual lifting of the restrictive measures that
have been imposed in order to contain the COVID-19 pandemic, despite the unfavorable market
conditions due to the global energy crisis and geopolitical turbulence in Eastern Europe.
For the first half of 2022, the International Marketing sector recorded an improvement of profitability
mainly due to the recovery in retail volumes which more than offset operating expenses pressure.
For the second half of 2022, 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 (RES) sector, the Group has set as a goal the development or acquisition
of a diversified portfolio of RES projects of an installed capacity of over 1 GW by 2026 and 2 GW by 2030,
that would contribute to the reduction of its carbon footprint.
HELPE Renewables S.A.’s portfolio consists of more than 2 GW of RES projects under development and
285 MW of RES projects (Wind and PV) in operation. In addition, the Group continues to assess the
development and construction of new Net-metering projects at the Group’s facilities.
Regarding the development of a portfolio of 18 photovoltaic projects of 204 MW in Kozani Municipality
Area, construction of the project began in November 2020, its mechanical installation was completed in
December 2021 and the commencement of its trial operation took place in April 2022. The total
investment amounts to €130 million, with a significant benefit for the economy, especially in the region of
Western Macedonia. The project is currently the largest RES unit in operation in Greece and one of the
largest photovoltaic parks in Europe.
In December 2021, the PV project Soures Mandras (2 MW installed capacity), adjacent to the Elefsina
refinery in Attica region, was electrified and two wind parks in operation in Evoia island were acquired
(Trikorfo -19.2 MW- and Megalo Vouno -18 MW-). In February 2022, the acquisition of 22 PV projects in
operation (16.1 MW installed capacity) in Viotia region was also completed. Finally, in March 2022, the
acquisition of a portfolio of 323 MW of PV projects in Florina was completed and at the same time a
development agreement was signed.
At the beginning of 2H22, the Company announced the signing of a binding agreement for the
acquisition, through its subsidiary "HELPE RENEWABLE WIND PARK MANIS S.A.", of wind farms with a
total capacity of 55.2 MW, in Eastern Mani Laconia, which have been in operation since December 2019.
Power Generation & Natural Gas
The Group's power and natural gas activities relate to the Group’s participations to ELPEDISON BV (50%
HELLENIC PETROLEUM Holdings S.A., 50% EDISON) and DEPA COMMERCIAL, DEPA
INFRASTRUCTURES and DEPA INTERNATIONAL PROJECTS (35% HELLENIC PETROLEUM Holdings
S.A., 65% Greek State).
Power Generation & Trading
The results of ELPEDISON during the first half of 2022 were  improved, compared to the same period in
2021, due to optimization of supply mix and natgas trading operations, as well as ELPEDISON's
production units flexibility. At the same time, domestic demand for electricity exhibited an increase of
5% compared to the first half of 2021.
During the first half of 2022, the power generation sector was characterized by historically high prices,
intense volatility and geopolitical tensions. The consequences of the pre-existing energy crisis and the
effects of the energy transition towards cleaner forms of energy, were amplified by the Russian invasion
of Ukraine in February 2022. This sparked fears of disruption to the security of gas supply and further
increased gas and electricity prices, impacting negatively both domestic and industrial consumers.
As a result of the above, during the first half of 2022 the average price of CO2 allowances stood at €83.5
per ton of CO2, higher by almost 90% compared to the first half of 2021. Also, the price of natural gas
followed an upward trend during the same period, with the indicative average price of TTF benchmark gas
standing at €102/MWhg, almost five times the price compared to the same period last year, significantly
burdening working capital and correspondingly, financing costs of both generation and retail divisions. In
this highly volatile environment, ELPEDISON successfully utilized the opportunities presented due to the
market developments, optimizing its energy portfolio and increasing the contribution of its CCGT units
to the domestic energy mix.
In the retail electricity market, ELPEDISON's market share reached 6.20% (1H 2021: 4.53%, Source:
Hellenic Energy Exchange), with an enhancement of retail supply volumes and expansion of its customer
portfolio, mainly in Low Voltage (residential customers), amid a highly competitive environment from
alternative electricity suppliers. ELPEDISON supplied approximately 310,000 customers at the end of the
first half of 2022, with sales of around 1.6 TWh. In addition to this, in 1H 2022, ELPEDISON further
strengthened its position in the Natural Gas supply market, expanding its customer base, as well as its
activity in the wholesale market by importing high volumes of Liquefied Natural Gas (LNG) at the
Revithoussa Terminal (1H 2022: 2.5 TWh).
In the second half of 2022, strong volatility in the electricity market is expected to persist, as a result of
the energy crisis. It is worth noting that in May 2022, the EU adopted the REPowerEU plan, outlining
measures to phase out Russian fossil fuel imports, strengthen the security of energy supply with LNG
imports and support the green energy transition. The impact of the REPowerEU plan will become
apparent to the market in the coming period.
In the electricity generation sector, licensing procedures as well as preparatory technical works for the
construction of the new 860 MW Combined Cycle Gas Turbine (CCGT) power plant in Thessaloniki are
underway. The final decision on the realization of the investment and the implementation timetable is
expected during the second half of 2022. Regarding the electricity supply sector, new initiatives are in
place and / or planned to further expand the customer base and market share, both in the supply of
electricity and Natural Gas, but also in the Energy Services sector.
Supply, Transportation and Trading of Natural Gas
Natural Gas domestic consumption in the first half of 2022 decreased by 10.3% (1H 2022: 30.31 TWh),
compared to the corresponding period of last year, mainly due to increased prices that led to a significant
decrease in consumption by domestic industrial consumers (1H 2022: 1.67 TWh, -71%). Electricity
producers continued to record the highest consumption, remaining at the same levels as last year's
period and covering 67% of domestic demand. Household consumers and businesses increased their
consumption through distribution networks by 8% compared to the first half of 2021, mainly due to the
weather conditions.
Regarding natural gas imports (1H 2022: 38.91 TWh, + 3.7%), the Russian invasion of Ukraine resulted in
the LNG Terminal of Revithoussa (entry point of Agia Triada) becoming the main gateway for natural gas
entering the country. Revithoussa covered 45% of total imports (1H 2022: 17.33 TWh), recording a
significant increase compared to the first half of 2021 (+ 47%), at the expense of imports of Russian gas
from the Sidirokastro terminal (1H 2022: 13.33 TWh, -21%). The USA remain the largest exporter of LNG
in Greece, with a percentage of 59% among all LNG cargoes.
It is worth noting that natural gas exports increased in the first half of 2022 by 134% (8.60 TWh), and were
directed mainly to Bulgaria, through the interconnection point in Sidirokastro, but also to Italy, through
Nea Messimvria and the TAP pipeline.
In this volatile and highly competitive environment, DEPA COMMERCIAL enhanced its profitability
through an efficient commercial policy, an effective portfolio and contract mix management, all
combined with a high increase in natural gas prices, increasing its contribution to the profits of the
Company, compared to the first half of 2021.
Privatization of DEPA INFRASTRUCTURE and DEPA COMMERCIAL
In the context of the 100% sale of the share capital of the company "DEPA INFRASTRUCTURE S.A." by
HRADF S.A. (65%) and HELLENIC PETROLEUM Holdings S.A. (35%), and after the declaration of
ITALGAS SpA as the Preferred Investor at a financial consideration of €733 million (€256.5 million the
consideration attributable to HELLENIC PETROLEUM Group), the Share Purchase Agreement was signed
on December 10, 2021. Completion of the transaction is expected within 2H 2022.
The sale process of 100% of the share capital of the company "DEPA COMMERCIAL S.A." by HRADF S.A.
(65%) and HELLENIC PETROLEUM Holdings S.A. (35%), which commenced in January 2020, was
suspended in March 2021 by HRADF, for reasons related to the unhindered implementation of the
Tender Procedure. HELLENIC PETROLEUM Holdings S.A. was among the candidate investment schemes
in a joint venture with EDISON S.A. The sellers HRADF and HELLENIC PETROLEUM Holdings are in the
process of examining alternative exploitation scenarios for DEPA COMMERCIAL, in light of international
developments and legal entanglements.
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.
•The Group has E&P rights, as Operator (100%), in the offshore ‘Block 10’, Kyparissiakos Gulf. In
January 2022, a 2D seismic campaign of 1,200 km was performed, as part of the minimum work
program of the 1st Exploration Phase. Seismic operations were successful, with zero environmental
footprint and full respect to the local communities, taking all the essential protection measures,
based on the EU and national legislation, as well as good industry practices. Processing of the new
seismic data is in progress with the interpretation to follow.
•The Group has also E&P rights, as Operator (100%), in the offshore “Ionian” block, in Western
Greece, following the withdrawal of Repsol from the license and the transfer of interest (50%) and
operatorship to the Group, through its subsidiary. In February 2022, a 2D seismic campaign of 1,600
km was performed, as part of the minimum work program of the 1st Exploration Phase. Seismic
operations were successful, with zero environmental footprint and full respect to the local
communities, taking all the essential protection measures, based on the EU and national legislation,
as well as good industry practices. Processing of the new seismic data is in progress with the
interpretation to follow.
•The Group has a 25% interest in the offshore “Block 2”, West of Corfu island, in a JV with Energean
Hellas Ltd. (75%, Operator). Tendering procedure for the contractor of the 3D seismic acquisition is
in progress by the operator, with the seismic operations expected within the winter period 2022-23.
•The Group has also E&P rights, with 20% interest, in two (2) offshore blocks in Crete, ‘West Crete’
and ‘Southwest Crete’, together with TOTALENERGIES EP Greece B.V. (40%, operator) and
ExxonMobil Exploration & Production Greece (Crete) B.V. (40%). Following the withdrawal decision
announcement of ΤotalEnergies, the co-lessees of the Lease Agreements for the two areas in Crete,
have negotiated the settlement of the issues deriving from such withdrawal. Following the
completion of the transaction, the interests in each of the respective Lease Agreements will be
formed as follows:
◦ExxonMobil Exploration & Production Greece (Crete) B.V: 70%, which will also assume the
Operatorship
◦The Group’s subsidiaries: 30%.
It is noted that the transaction is subject to consents from competent authorities.
•For the offshore ‘Block 1’ of the Ionian Sea, north of Corfu, the Group. has submitted an offer (100%,
Operator) and awaits the decision of the Competent Authority.
Major Risks and Uncertainties of Second-Half of 2022
The Group’s activities are focused on oil refining, as well as petrochemicals, fuels marketing and
renewable energy sources, with participation in electricity generation and trading, natural gas, as well as
Exploration & Production of hydrocarbons. Therefore, the most significant risks that could affect the
Group's operations in 2H22 and which are exacerbated by the effects of the COVID-19 pandemic, the
geopolitical developments and the energy crisis, 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
costs, natural gas and electricity prices 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.
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)
•D.M.E.P. HOLDCO
For the six-month period ended
30 June 2022
30 June 2021
Sales of goods and services to related parties
Associates
48,465
58,914
Joint ventures
2,137
674
Total
50,602
59,588
Purchases of goods and services from related parties
Associates
91,777
407,996
Joint ventures
85,794
47,477
Total
177,571
455,473
As at
30 June 2022
31 December 2021
Balances due to related parties
Associates
9,241
15,768
Joint ventures
45
134
Total
9,286
15,902
Balances due from related parties
Associates
9,751
9,609
Joint ventures
14,073
48,349
Total
23,824
57,958
The Company 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 2022 was €107 million (31
December 2021: €106 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. Following the harmonisation of the Company’s Articles of Association in accordance
with the provisions of law L. 4706/2020 in June 2021 and the subsequent amendments of the Board
of Directors composition, some of the entities below do not meet the criteria of related parties as
per IAS 24 as from July 2021.
•Public Power Corporation Hellas S.A. -  (up to 30 June 2021)
•Hellenic Armed Forces
•Road Transport S.A.
•Lignitiki Megalopolis S.A. -  (up to 30 June 2021)
•Lignitiki Melitis S.A. -  (up to 30 June 2021)
•Hellenic Distribution Network Operator SA (HEDNO) -  (up to 30 June 2021)
•Hellenic Gas Transmission System Operator S.A. (DESFA) -  (up to 30 June 2021)
During the six-month period ended 30 June 2022, transactions and balances with the above government
related entities are as follows:
•Sales of goods and services amounted to  €111 million (30 June 2021: €93 million)
•No purchases of goods and services (30 June 2021: €37 million)
•Receivable balances of €60 million (31 December 2021: €37 million)
•No payable balances (31 December 2021: No payable balances).
c)Key management includes directors (Executive and Non-Executive Members of the board of
HELLENIC PETROLEUM Holdings S.A.) and General Managers. The compensation paid or payable for
the six-month period ended 30 June 2022 to the aforementioned key management is as follows:
For the six-month period ended
30 June 2022
30 June 2021
Short-term employee benefits
3,704
2,850
Post-employment benefits
104
95
Termination benefits
172
0
Total
3,980
2,945
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 (Greece, Block 2).
•TotalEnergies E&P Greece B.V., Exxon Mobil Exploration and Production Greece (Crete) B.V.
(Greece, Block West Crete).
•TotalEnergies E&P Greece B.V., Exxon Mobil Exploration and Production Greece (Crete) B.V.
(Greece, Block South West Crete).
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 Holdings S.A. to act as the main treasury vehicle of the HELLENIC PETROLEUM Group
Borrowings of the Group by maturity as at 30 June 2022 and 31 December 2021 are summarised in the
table below (amounts in € million):
Balance as at
Company
Maturity
30 June 2022
31 December 2021
Bond loan € 400 million
Hellenic Petroleum R.S.S.O.P.P. S.A.
Jun. 2023
398
397
Bond loan € 400 million
Hellenic Petroleum R.S.S.O.P.P. S.A.
Dec. 2022
384
384
Bond loan € 400 million
Hellenic Petroleum R.S.S.O.P.P. S.A.
Dec. 2023
399
398
Bond loan € 400 million
Hellenic Petroleum R.S.S.O.P.P. S.A.
Nov. 2022
400
399
Bond loan € 100 million
Hellenic Petroleum R.S.S.O.P.P. S.A.
Sep. 2022
100
100
Bond loan € 100 million
Hellenic Petroleum R.S.S.O.P.P. S.A.
Oct. 2024
100
100
Bond loan € 150 million
Hellenic Petroleum R.S.S.O.P.P. S.A.
Oct. 2023
150
0
Eurobond €599m
HPF Plc
Oct. 2024
595
594
Project Finance 1
Aioliki Energeiaki Evoias S.A.
Dec. 2033
11
12
Project Finance 2
Aioliki Energeiaki Achladotopos S.A.
Dec. 2030
18
19
Credit facility €30m
EKO Bulgaria
Dec. 2022
15
11
Bilateral lines
Various
Various
793
578
Total
3,362
2,991
No loans were in default as at 30 June 2022 (none as at 31 December 2021).
The table below presents the changes in Borrowings arising from financing activities:
1 January 2022
Cash flows -
borrowings
(inflows)
Cash flows -
borrowings
(outflows)
Cash flows -
fees
Non cash
movements
30 June 2022
€000
€000
€000
€000
€000
€000
Current interest-
bearing loans and
borrowings
1,474,493
226,400
-12,261
404,243
2,092,876
Non-current interest-
bearing loans and
borrowings
1,516,530
150,000
-1,730
-395,379
1,269,421
Total
2,991,023
376,400
-13,991
0
8,864
3,362,297
“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.
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, 2022, the Company’s share price closed at €6.27, a 0.80% increase compared to December
31, 2021. The average price for the first half of 2022 amounted to €6.84, a 16.92% increase compared to
the same period in 2021. The highest closing price was €7.70 on 20.04.2022 while the lowest closing price
was €6.23 on 29.06.2022.
The average daily trading volume in the first half of 2022 reached 100,033 shares, an increase of 12.5% vs
the respective volume of 2021, while the average daily turnover increased by 31.7% to €687,714.
The table below shows the average closing price of the Company’s share and the average daily trading
volume per month in the first half of 2022, as well as the respective period in 2021.
 
Average Closing Price
Average Trading Volume
 
(€)
(# shares)
 
2022
2021
2022
2021
January
6.58
5.62
88,085
109,986
February
6.66
5.41
114,696
56,371
March
6.97
5.65
135,292
101,870
April
7.44
5.81
88,373
88,310
May
6.82
6.18
93,095
108,937
June
6.68
6.42
78,566
70,478
Share price evolution chart for HELLENIC PETROLEUM Holdings 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 01.01.2022 up until 30.06.2022:
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 at current prices and cost of sales at cost) in the Refining, Supply &
Trading segment, b) special 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.
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 special items, as well as the adjustment for the
period of the net CO2 emission deficit, at the consolidated  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 €
1H22
1H21
Operating Profit/(Loss) -IFRS-
1,088.1
264.7
Depreciation & Amortization -IFRS-
151.3
126.4
Reported EBITDA
1,239.4
391.1
Inventory effect
-513.1
-194.5
Other special items*
32.7
13.3
Accrual of CO2 emission deficit**
-125.6
-70.9
Adjusted EBITDA
633.5
139.0
Profit/(Loss) After Tax -IFRS-
872.3
206.5
Taxed Inventory effect
-400.2
-151.7
Taxed other special items***
25.5
10.7
Taxed phasing of CO2 emission deficit
-97.9
-55.3
Special items below EBITDA****
-28.9
2.4
Adjusted Profit/(Loss) After Tax
370.8
12.4
Calculation of Net Debt, Capital Employed and Gearing ratio
million €
1H22
1H21
Borrowings LT -IFRS-
1,269.4
2,106.3
Borrowings ST -IFRS-
2,092.9
865.3
Cash & Cash equivalents -IFRS-
1,394.8
1,220.4
Investment in equity instruments -IFRS-
0.5
0.4
Net Debt
1,967.0
1,750.8
Equity -IFRS-
2,868.1
2,018.1
Capital Employed
4,835.1
3,768.9
Gearing ratio (Net Debt / Capital Employed)
41%
46%
* Main items include,
a) for 1H22: COVID-19 related expenses of €3.8m (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), €6.5m cost
of voluntary retirement scheme, €3.6m one-off impact of CO2 emission, €9m of refineries' principally decontamination
and other special items expenses, €4.3m VARDAX pipeline impairment and €5.5m for other special items
b) 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), €2.8m
revaluation of balance sheet items and €2.1m for other special 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 special items post effect of applicable tax rate
****a) for 1H22: Adjustment for BOTAS arbitration, b) for 1H21: Impact of the reduction of the deferred tax due to
changes in tax rate
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 to 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 with 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, Environment and Climate Change
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.
In the first half of 2022, general turnaround of the Elefsina refinery was successfully implemented, while
immediately after its completion, maintenance was carried out for the FCC unit at the Aspropyrgos
refinery. During turnaround, all relevant preventive measures were implemented and works were
completed as planned, without any significant personnel safety incidents. Inspections regarding
implementation of pandemic preventive measures continued through specific checklists, as did safety
related projects in all facilities.
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).
LWIF12 index
ΑIF13 index
12 Lost workday injury frequency: (LWIs)/ 1 million man-hours
13 All injury frequency: Total Fatality + LWI + Restricted Workday Injury + Medical Treatment Case/1 million man-hours
PSER14 index
Environment and Climate Change
In the context of implementing the Group's strategy for transformation and reduction of its carbon
footprint by 2030, the most important event of the first half of the year was the inauguration of the
Group's Photovoltaic Park in Kozani, one of the largest photovoltaic parks in Europe with a total installed
capacity of 204.3 MW, which is estimated to produce 350 GWh of energy per year, or enough to meet the
needs of 75,000 households with zero-emission energy.
In addition, and with the aim of improving the Group's performance in environmental management issues
(air emissions, liquid and solid waste), all planned work in the industrial facilities continued in the first half
of the year, with the most important being the installation and fully operational particulate matter filters
in the Fluid Catalytic Cracking Unit (FCC) at Aspropyrgos refinery.
For the HELLENIC PETROLEUM Group, 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 the refineries’ activities and their participation in the Emissions Trading System (ETS) in the
first half of 2022, submission of relevant reports (activity level and CO2 emissions verification) and
emission allowances delivery for 2021 was successfully completed, as well as the submission of the
revised emission monitoring plans for the Aspropyrgos and Elefsina refineries (the revised emission
monitoring plan for the Thessaloniki refinery was approved in January).
The implementation of the new rules for the allocation of free allowances for the 4th phase ETS
2021-2030 resulted in the allocation of additional free allowances for the Thessaloniki refinery (37,783
EUAs) due to the significant change in its activity level in 2021 compared to the historical level. As a
result, a total of 2,446,383 free emission allowances (EUAs) were allocated to the accounts of the three
refineries for the year 2022. 
Carbon dioxide (CO2) emissions from the three refineries (Aspropyrgos, Elefsina and Thessaloniki), for
the first half of 2022, amounted to 1.53 million tons, presenting an evident decrease compared to the
same period last year, mainly due to the Elefsina refinery turnaround.
In addition, as part of its participation in the CDP evaluation on the management of climate change
issues, the Group arose to Management level B "Taking coordinated action on climate issues"), an
14 Process Safety Event Rate: Number of process safety incidents/1 million man-hours
improvement compared to the previous year (B-), while based on its business performance according to
ESG criteria, it remained as one of The Most Sustainable Companies in Greece in 2022 (31 companies).
Finally, the Group’s comments contribution to the Hellenic Federation of Enterprises (SEV) and SEV’s
Council on Sustainable Development continued on critical issues such as the national climate law, the
European Fit for 55 framework for new climate targets and the revision of the ETS, combined with the
planned European Cross-Border Carbon Adjustment Mechanism – CBAM and Sustainable Finance issues
as well as, the Directive and the referenced standards on a European level.
Labour 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, considering job descriptions,
age group and gender.
The Group, in the context of dealing with the COVID-19 pandemic, considering 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.
Society
Through the ‘Vision 2025’ strategic plan and considering the issues that have been identified as material
by its stakeholders, the Group seeks to further strengthen the best practices that it applies to the ESG
(Environment – Society - Governance) pillars, actively demonstrating in practice its commitment to
Sustainable Development. In early 2022, it conducted an ESG materiality study (Environment - Social -
Governance) issues related to the Group's activities, involving both internal and external stakeholders,
through focus groups, meetings and an online questionnaire. The results of the materiality analysis are
presented in detail in the 2021 Sustainability and Corporate Responsibility Report (https://
sustainabilityreport2021.helpe.gr/en/).
Moreover, the Group is committed to and implements the 17 Sustainable Development Goals, while it
aligns with the international standards on Sustainability Reporting, the 10 Principles and CoP criteria of
the UN Global Compact and the Global Reporting Initiative's GRI Standards 2021, including the sector
indicators, GRI 11 Oil and Gas Sector Standards. It is worth noting that the reliability of the information
provided is assured by an independent third party.
In the first half of 2022, through its corporate responsibility program, "Proud of Youth", the HELLENIC
PETROLEUM Group, for the tenth consecutive year, awarded outstanding students and University
graduates who wish to continue their studies in prestigious Greek and International University
Institutions.
At the same time, the Group, committed to its vision of contributing to society with actions aimed at
improving the quality of life, by fulfilling basic social needs. Specifically, in the first half of the year, the
Group provided heating oil to 100 public educational institutions in the neighboring municipalities of
Thriasio and Western Thessaloniki, while supporting various organizations that support vulnerable social
groups.
Environment protection and infrastructure projects implementation for sustainable cities are key
strategic pillars of Group’s Corporate Responsibility.
In this context, aiming to environment protection, the Group undertook the implementation of erosion
control projects to shield the affected areas in Varymbobi, Attica, and Gerania Mountains, in the area of
Schino, with a total budget of €3 million. These are 100% ecological works, with the construction
materials coming exclusively from the burnt trees of the area.
With the aim of properly informing the new generation about climate change, the Group became a Major
Sponsor of the first interactive exhibition on climate change that is carried out by the Goulandris Natural
History Museum-GAIA Center.
Additionally, as an active member of the local communities in which it operates, aiming at sustainable
development, the HELLENIC PETROLEUM Group implemented actions on informing and raising
awareness among the student community on issues related to the coasts’ protection, coastal
ecosystems and landscape and climate change issues. In cooperation with the local municipalities in
Thriasio and Western Thessaloniki along with the environmental organization We4All, over 1,000 primary
school students participated in organized clean-ups of areas totaling over thirty kilometers, where over
1.5 ton of waste was collected. At the same time, the Group contributed to the regeneration of part of
Aspropyrgos beach, in cooperation with the local authorities, by a voluntary clean-up action of the
Aspropyrgos Municipality beach, with the participation of 130 volunteers comprised by Group's
employees and their families.
In addition, in collaboration with the Athens Concert Hall, the Group implemented one of the largest
electric vehicle charging centers in Greece, with a total of 10 charging stations in the underground
parking area of the Concert Hall. The project will improve the existing infrastructure of the capital's iconic
building, supporting the sustainable mobility of its visitors and employees.
Corporate Governance
The institutional framework governing the Company’s operation and obligations is L. 4548/2018 on the
reform of the law of sociétés anonymes and L. 4706/2020 on corporate governance. The Company’s
Articles of Association, are available via the Company’s website at: https://www.helpe.gr/investor-
relations/corporate-governance/articles-of-association-data.
The Company has adopted the Hellenic Corporate Governance Code (June 2021 edition) of the Hellenic
Corporate Governance Council (HCGC) (hereinafter referred to as the “Code”). This Code can be found
on the HCGC’s website, at the following e-address: https://www.esed.org.gr/web/guest/code-listed.
The Company’s Board of Directors comprises the following 11 members:
•Ioannis Papathanasiou, Chairman, non-executive member
•Andreas Shiamishis, Chief Executive Officer-executive member
•Georgios Alexopoulos, executive member
•Iordanis Aivazis, independent 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
Ethics and Transparency - Code of Conduct
Given the Group’s harmonization with values and principles embedded in its business model and shaped
by adherence to laws, respect for human rights, focus on environmental protection and transparency,
the Company has drafted and adopted the Code of Conduct, approved by the BoD (Board of Directors).
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 day-to-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.
Independent Certified Auditor –
Accountant’s Review
Report regarding
the Half-Yearly Report
ERNST & YOUNG (HELLAS)
Certified Auditors-Accountants S.A.
8B Chimarras str., Marousi
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 Holdings S.A.”
Report on review of interim financial information
Introduction
We have reviewed the accompanying interim condensed separate and consolidated statement
of financial position of HELLENIC PETROLEUM Holdings S.A., as at 30 June 2022, and the
related interim condensed separate and 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 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, 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 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 financial information is not prepared, in all material respects,
in accordance with IAS 34.
A member firm of Ernst & Young Global Limited
ERNST & YOUNG (HELLAS)
Certified Auditors-Accountants S.A.
8B Chimarras str., Marousi
151 25 Athens, Greece
Tel.: +30 210 2886 000
Fax: +30 210 2886 905
ey.com
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-monthly report of the
Board of Directors prepared in accordance with article 5 and 5a of Law 3556/2007, compared to
the accompanying interim condensed separate and consolidated financial information.
Athens, 25 August 2022
The Certified Auditor Accountant
Andreas Hadjidamianou
S.O.E.L. R.N. 61391
ERNST & YOUNG (HELLAS)
Certified Auditors-Accountants S.A.
Chimarras 8B Maroussi,
151 25, Greece
Company S.O.E.L. R.N. 107
A member firm of Ernst & Young Global Limited
4.
Half-Yearly
Financial Statements
4.1 Interim Condensed Consolidated
Financial Statements
HELLENIC PETROLEUM
Holdings S.A.
INTERIM CONDENSED
CONSOLIDATED AND COMPANY
FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD
ENDED
30 JUNE 2022
CONTENTS
 
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 Skaramaga - Member (From 30/6/2021)
Panagiotis Tridimas - Member (From 30/6/2021)
Other Board Members
during the
comparative 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
II. Authorised signatories
The interim condensed consolidated and Company financial statements for the six-month period ended
30 June, 2022 from page 47 to page 97 are presented in €'000, unless otherwise stated, and have been
approved by the Board of Directors of HELLENIC PETROLEUM Holdings S.A. on 25 August 2022.
A. Shiamishis
V. Tsaitas
S. Papadimitriou
  Chief Executive Officer
Group CFO
Accounting Director
III.Interim Condensed Consolidated Statement of Financial Position
As at
Note
30 June 2022
31 December 2021
ASSETS
Non-current assets
Property, plant and equipment
10
3,543,661
3,484,805
Right-of-use assets
11
209,036
228,375
Intangible assets
12
226,172
228,659
Investments in associates and joint ventures
7
369,831
313,723
Deferred income tax assets
98,074
75,702
Investment in equity instruments
3
483
504
Loans, advances and long term assets
65,485
73,910
4,512,742
4,405,678
Current assets
Inventories
14
2,006,956
1,379,135
Trade and other receivables
15
938,037
694,606
Income tax receivables
16,444
16,479
Derivative financial instruments
3
17,008
92,143
Cash and cash equivalents
16
1,394,831
1,052,618
4,373,276
3,234,981
Assets held for sale
193,993
191,577
Total assets
9,080,011
7,832,236
EQUITY
Share capital and share premium
17
1,020,081
1,020,081
Reserves
18
240,434
249,104
Retained Earnings
1,542,290
795,468
Equity attributable to equity holders of  the
parent
2,802,805
2,064,653
Non-controlling  interests
65,342
64,402
Total equity
2,868,147
2,129,055
LIABILITIES
Non-current liabilities
Interest bearing loans & borrowings
19
1,269,420
1,516,531
Lease liabilities
159,906
172,296
Deferred income tax liabilities
197,579
89,478
Retirement benefit obligations
211,908
210,736
Derivative financial instruments
245
860
Provisions
32,711
26,959
Other non-current liabilities
27,317
27,801
1,899,086
2,044,661
Current liabilities
Trade and other payables
20
2,016,160
2,146,559
Derivative financial instruments
374
2,214
Income tax payable
146,461
4,488
Interest bearing loans & borrowings
19
2,092,876
1,474,493
Lease liabilities
25,313
29,499
Dividends payable
25
31,594
1,267
4,312,778
3,658,520
Total liabilities
6,211,864
5,703,181
Total equity and liabilities
9,080,011
7,832,236
The notes on pages 55 to 97 are an integral part of these interim condensed consolidated and Company
financial statements.
IV.Interim Condensed Statement of Financial Position of the Company
As at
Note
30 June 2022
31 December 2021
ASSETS
Non-current assets
Property, plant and equipment
1,388
2,707,520
Right-of-use assets
11
7,770
26,547
Intangible assets
207
1,111
Investments in subsidiaries,associates and joint ventures
7
1,627,528
933,596
Deferred income tax assets
10,940
—
Investment in equity instruments
38
37
Loans, advances and long term assets
13
120,348
143,172
1,768,219
3,811,983
Current assets
Inventories
—
1,240,774
Trade and other receivables
9,072
569,077
Income tax receivables
—
13,898
Derivative financial instruments
—
92,143
Cash and cash equivalents
47,389
843,493
56,461
2,759,385
Assets held for sale
122,301
122,301
Total assets
1,946,981
6,693,669
EQUITY
Share capital and share premium
17
1,020,081
1,020,081
Reserves
18
260,642
260,642
Retained Earnings
593,770
714,744
Total equity
1,874,493
1,995,467
LIABILITIES
Non-current liabilities
Interest bearing loans & borrowings
—
1,149,696
Lease liabilities
5,471
16,532
Deferred income tax liabilities
—
60,807
Retirement benefit obligations
8,868
174,211
Provisions
—
22,248
Other non-current liabilities
5,219
11,956
19,558
1,435,450
Current liabilities
Trade and other payables
18,704
1,901,339
Derivative financial instruments
—
2,214
Income tax payable
8
377
416
Interest bearing loans & borrowings
—
1,349,300
Lease liabilities
2,293
8,216
Dividends payable
25
31,556
1,267
52,930
3,262,752
Total liabilities
72,488
4,698,202
Total equity and liabilities
1,946,981
6,693,669
Comparable balances of 31 December 2021 relate to HELLENIC PETROLEUM  S.A., prior to the demerger
on 3 January 2022 (Notes 1 and 7).
The notes on pages 55 to 97  are an integral part of these interim condensed consolidated and Company
financial statements. 
V.Interim Condensed Consolidated Statement of Comprehensive Income
 
For the six month period
ended
For the three month
period ended
Note
30 June 2022
30 June 2021
30 June 2022
30 June 2021
Revenue from contracts with customers
4
6,777,314
3,957,067
3,974,379
2,234,740
Cost of sales
(5,422,183)
(3,482,556)
(3,163,977)
(2,057,034)
Gross profit / (loss)
1,355,131
474,511
810,402
177,706
Selling and distribution expenses
(169,684)
(150,058)
(87,296)
(79,368)
Administrative expenses
(85,592)
(64,272)
(48,942)
(32,813)
Exploration and development expenses
(7,332)
(1,662)
(957)
(801)
Other operating income and other gains
5
14,332
17,170
9,141
11,112
Other operating expense and other losses
5
(18,720)
(11,029)
(14,042)
(6,988)
Operating profit /(loss)
1,088,135
264,660
668,306
68,848
Finance income
1,105
1,415
567
692
Finance expense
(51,052)
(50,095)
(26,498)
(25,191)
Finance expense - lease finance cost
(4,704)
(5,130)
(2,342)
(2,580)
Currency exchange gain / (loss)
6
1,239
8,217
5,509
3,055
Share of profit / (loss) of investments in associates and
joint ventures
7
68,161
32,481
21,809
12,794
Profit / (loss)  before income tax
1,102,884
251,548
667,351
57,618
Income tax credit / (expense)
8
(230,571)
(45,103)
(141,668)
(3,947)
Profit / (loss) for the period
872,313
206,445
525,683
53,671
Profit / (loss) attributable to:
    Equity holders of the parent
869,117
204,928
523,912
52,464
    Non-controlling interests
3,196
1,517
1,771
1,207
872,313
206,445
525,683
53,671
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
18
—
(1,280)
—
(1,280)
Share of other comprehensive income / (loss) of
associates
18
—
146
—
122
Changes in the fair value of equity instruments
18
(13)
(335)
3
(294)
Net other comprehensive income / (loss) that will not be
reclassified to profit or loss (net of tax):
(13)
(1,469)
3
(1,452)
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
18
(4,941)
(31,794)
—
(7,806)
Share of other comprehensive income / (loss) of
associates
18
(9,636)
—
8,091
—
Fair value gains / (losses) on cash flow hedges
18
5,844
28,115
(4,363)
3,478
Currency translation differences and other movements
18
66
(20)
233
(95)
Net other comprehensive income / (loss) that may be
reclassified subsequently to profit or loss (net of tax):
(8,667)
(3,699)
3,961
(4,423)
Other comprehensive income / (loss)  for the period, net of
tax
(8,680)
(5,168)
3,964
(5,875)
Total comprehensive income / (loss) for the period
863,633
201,277
529,647
47,796
Total comprehensive income / (loss) attributable to:
    Equity holders of the parent
860,447
199,761
527,875
46,588
    Non-controlling interests
3,186
1,516
1,772
1,208
863,633
201,277
529,647
47,796
Basic and diluted earnings / (losses) per share
(expressed in Euro per share)
9
2.8
0.7
1.7
0.2
The notes on pages 55 to 97  are an integral part of these interim condensed consolidated and Company
financial statements.
VI.Interim Condensed Statement of Comprehensive Income of the Company
For the six month period
ended
For the three month period
ended
Note
30 June 2022
30 June 2021
30 June 2022
30 June 2021
Continuing Operations
Revenue from contracts with customers
15,162
—
9,122
—
Cost of sales
(13,785)
—
(8,294)
—
Gross profit / (loss)
1,377
—
828
—
Administrative expenses
(3,407)
(1,058)
(1,992)
(529)
Other operating income and other gains
5
11,044
851
7,359
427
Other operating expense and other losses
5
(9,245)
(753)
(5,894)
(753)
Operating profit /(loss)
(231)
(959)
301
(854)
Finance income
2,738
2,046
1,323
1,022
Finance expense
(509)
—
(4)
(166)
Finance expense - lease finance cost
(264)
(325)
(129)
—
Profit / (loss)  before income tax from continuing
operations
1,734
762
1,491
1
Income tax credit / (expense)
8
(432)
(168)
(401)
(83)
Profit / (loss) for the period from continuing
operations
1,302
595
1,090
(82)
Discontinued operations
Total comprehensive income after tax for the
period from discontinued operations
7
—
147,195
—
10,861
Total comprehensive income / (loss) for the
period
1,302
147,790
1,090
10,779
The notes on pages 55 to 97  are an integral part of these interim condensed consolidated and Company
financial statements.
VII. Interim Condensed Consolidated Statement of Changes in Equity
Note
Share
Capital
Reserves
Retained 
Earnings
Total
Non-
Controling
interests
Total
Equity
Balance at 1 January 2021
1,020,081
273,959
492,457
1,786,497
62,340
1,848,837
Other comprehensive income / (loss)
18
—
(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
—
(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)
Other movements
—
126
185
311
—
311
Dividends
—
—
(30,564)
(30,564)
—
(30,564)
Balance at 30 June 2021
1,020,081
269,591
666,245
1,955,917
62,183
2,018,100
Balance at 1 January 2022
1,020,081
249,104
795,468
2,064,653
64,402
2,129,055
Other comprehensive income / (loss)
18
—
(8,670)
—
(8,670)
(10)
(8,680)
Profit / (loss) for the period
—
—
869,117
869,117
3,196
872,313
Total comprehensive income / (loss) for
the period
—
(8,670)
869,117
860,447
3,186
863,633
Other equity movements
—
—
(17)
(17)
—
(17)
Dividends to non-controlling interests
—
—
—
—
(2,246)
(2,246)
Dividends
—
—
(122,278)
(122,278)
—
(122,278)
Balance at 30 June 2022
1,020,081
240,434
1,542,290
2,802,805
65,342
2,868,147
The notes on pages 55 to 97  are an integral part of these interim condensed consolidated and Company
financial statements.
VIII.Interim Condensed Statement of Changes in Equity of the Company
Note
Share
Capital
Reserves
Retained 
Earnings
Total
Balance at 1 January 2021
1,020,081
279,576
520,475
1,820,132
Other comprehensive income / (loss)
17
—
(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
—
—
(30,564)
(30,564)
Balance at 30 June 2021
1,020,081
275,062
642,215
1,937,358
Balance at 1 January 2022
1,020,081
260,642
714,744
1,995,467
Profit / (loss) for the period
—
—
1,302
1,302
Total comprehensive income / (loss) for the
period
—
—
1,302
1,302
Dividends
—
—
(122,278)
(122,278)
Other equity movements
—
—
2
2
Balance at 30 June 2022