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The financial statements of the Group and the Company, set out on pages 1 to 105, were approved at the Board of Directors\u2019 Meeting dated on Tuesday 1 of April, 2025.
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1.General Information
The parent company of the MOTOR OIL Group (the Group), under the trade name \u201c Motor Oil (Hellas) Corinth Refineries S.A. \u201d (the Company), is registered in Greece as a public company (Societe Anonyme) according to the provisions of Company Law 2190/1920 (as replaced by Law 4548/2018). The Company has its headquarters in Greece - Maroussi of Attica, 12 \u0391 Irodou Attikou street, 151 24. The Group operates, mainly, in the energy sector. Its main activities are oil refining and oil products marketing, natural gas trading and electricity generation and trading.
As at 31 December 2024, \u201cPetroventure Holdings Limited\u201d was holding 40% of the Company. The length of life for the Company is until 2070.
These financial statements are presented in Euro which is the currency of the primary economic environment in which the Group operates. Amounts in these financial statements are expressed in \u20ac 000\u2019s unless otherwise indicated. Any difference up to \u20ac 1,000 is due to roundings.
As at 31 December 2024, the number of employees, for the Group and the Company, was 3,269 and 1,496 respectively (31/12/2023: Group: 3,098 employees, Company: 1,429 employees).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f193147": { "value": "\u201c Motor Oil (Hellas) Corinth Refineries S.A. \u201d", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f193149": { "value": "Motor Oil (Hellas) Corinth Refineries S.A. ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f193171": { "value": " Greece", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f193174": { "value": "Greece", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f193185": { "value": "Societe Anonyme", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f193228": { "value": "Greece", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f193232": { "value": "Maroussi of Attica, 12 \u0391 Irodou Attikou street, 151 24. ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f193252": { "value": "The Group operates, mainly, in the energy sector. Its main activities are oil refining and oil products marketing, natural gas trading and electricity generation and trading. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f193284": { "value": "Petroventure Holdings Limited", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f193304": { "value": "The length of life for the Company is until 2070. ", "dimensions": { "concept": "ifrs-full:LengthOfLifeOfLimitedLifeEntity", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f193316": { "value": "These financial statements are presented in Euro which is the currency of the primary economic environment in which the Group operates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f193383": { "value": " ", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f193384": { "value": "
As at 31 December 2024, the number of employees, for the Group and the Company, was 3,269 and 1,496 respectively (31/12/2023: Group: 3,098 employees, Company: 1,429 employees).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f193427": { "value": "
2.Adoption of New and Revised International Financial Reporting Standards (IFRS)
New standards, Interpretations and amendments
New standards, amendments to existing standards and interpretations have been issued, which are obligatory for accounting periods beginning during the present fiscal period or at a future time. The beforementioned ones are presented below.
2.1Standards, Amendments and Interpretations mandatory for Fiscal Year 2024
The Group has adopted all the amendments mentioned below which are effective from January 1st, 2024. These amendments did not have a significant impact on the financial statements of the Group.
IAS 1: Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current (Amendments)
The amendments aim to provide guidance for the consistent application of IAS 1 requirements regarding the classification of debt and other liabilities with an uncertain settlement date, as current or non-current in the Statement of Financial Position. The amendments clarify the meaning of a right to defer settlement, the requirement for this right to exist at the end of the reporting period, and that the management\u2019s intention to exercise this right as well as the counterparty\u2019s right to settle the obligation through transfer of own equity instruments of the company, do not affect current or non-current classification. Furthermore, the amendments specify that only covenants with which an entity must comply with on or before the reporting date will affect a liability\u2019s classification. Additional disclosures are also required for non-current liabilities arising from loan arrangements that are subject to covenants to be complied with within twelve months after the reporting period.
The amendments are effective for annual periods beginning on or after January 1st, 2024 (extension was provided compared to January 1st, 2023, that was originally stated) and have also been endorsed by the European Union.
IAS 7: Statement of Cash Flows (Amendments) and IFRS 7: Financial Instruments: Disclosures (Amendments)
The amendments to IAS 7, which state that a company must disclose information about supplier financing arrangements, are intended to inform users of financial statements of these supplier financing arrangements, to assess their effects on the company's liabilities and cash flows and the company's exposure to liquidity risk.
Under the current IFRS 7 guidelines, a company is required to disclose how it manages the liquidity risk arising from financial liabilities. The amendments to IFRS 7 add the factor whether the company has obtained or has access to financing agreements with suppliers that provide it with extended payment terms or provide the company\u2019s suppliers with early payment terms.
The amendments are effective for annual periods beginning on or after January 1st, 2024 and have also been endorsed by the European Union.
IFRS 16: Lease Obligations in Sale and Leaseback Transactions
The amendments add subsequent measurement requirements for sale and leaseback transactions that meet the requirements of IFRS 15 \u201cRevenue from Contracts with Customers\u201d to be accounted for as a sale. The amendments require the seller-lessee to determine \u201clease payments\u201d or \u201crevised lease payments\u201d in such a way that does not recognize a gain or loss associated with the right of use retained, after the commencement date. An entity applies the amendments retrospectively in cases of sale and leaseback transactions entered into after the date of the initial application of IFRS 16.
The amendments are effective for annual periods beginning on or after January 1st, 2024 and have also been endorsed by the European Union.
2.2 New standards, interpretations and amendments effective for periods beginning on or after January 1st, 2025
The following new standards, amendments and interpretations have been issued by the International Accounting Standards Board (IASB) but are not yet effective for annual periods starting January 1st, 2024. The Group is in the process of evaluating their impact on both the consolidated and the Company\u2019s financial statements.
IAS 21: The effects of Changes in Foreign Exchange Rates: Lack of Exchangeability \u2013 Amendments
In August 2023, IASB published amendments to IAS 21 which require companies to provide more useful information in their financial statements when a currency is not exchangeable to another currency. The amendments introduce a definition of the \u201cexchangeability\u201d of a currency and provide guidance on how an entity should estimate a spot exchange rate in cases where a currency is not exchangeable. Also, additional disclosures are required in cases where an entity has estimated a spot exchange rate due to a lack of exchangeability.
The amendments are effective for annual periods beginning on or after January 1st, 2025 and have been endorsed by the European Union. Early application is permitted.
IFRS 7: Financial Instruments: Disclosures (Amendments) and IFRS 9: Financial Instruments (Amendments)
The amendments clarify that a financial liability is derecognized on the \u201csettlement date\u201d and introduce an accounting policy choice to derecognise financial liabilities settled using an electronic payment system before the settlement date, if certain conditions are met. An entity that elects to apply the derecognition option would be required to apply it to all settlements made through the same electronic payment system. Other clarifications include the classification of financial assets with ESG linked features via additional guidance on the assessment of contingent features. Clarifications have been made to non-recourse assets and contractually linked instruments. The amendments require additional disclosures for investments in equity instruments that are measured at fair value with gains or losses presented in other comprehensive income (FVOCI).
The amendments are effective for annual periods beginning on or after January 1st, 2026 and have not yet been endorsed by the European Union. Early application is permitted.
IFRS 18: Presentation and Disclosures in Financial Statements
IFRS 18 was issued in April 2024 and will replace IAS 1 \u201cPresentation of Financial Statements\u201d. The primary objective of the Standard is to improve the assessment of a company's performance by increasing comparability in presentation in an entity\u2019s financial statements, particularly in the statement of profit or loss and in its notes to the financial statements. Specifically, the Standard will improve the quality of financial reporting due to a) the requirement of defined subtotals in the statement of profit or loss, b) the requirement to disclose certain \u2018non-GAAP\u2019 measures \u2013 management performance measures (MPMs) and c) the new principles for aggregation and disaggregation of information.
The new standard has retrospective application and is effective for annual periods beginning on or after January 1st, 2027 while it is not yet endorsed by the European Union.
Annual Improvements to IFRS Standards \u2013 Volume 11
The improvements have been issued in July 2024 by the IASB and provide minor amendments that include clarifications, simplifications, corrections and changes in the following to the following accounting standards: IFRS 1 \u201cFirst-time Adoption of International Financial Reporting Standards\u201d, IFRS 7 \"Financial Instruments: Disclosures\u201d, IFRS 9 \u201cFinancial Instruments\", IFRS 10 \u201cConsolidated Financial Statements\u201d and IAS 7 \u201cStatement of Cash Flows\u201d.
The above amendments are effective for annual periods beginning on or after January 1st, 2026 and have not yet been endorsed by the European Union.
Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity
On 18 December 2024, the IASB published \u201cContracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7\u201d. The objective of the amendments is to better reflect the effects of physical and virtual nature-dependent electricity contracts in the financial statements. More specifically, the amendments clarify the application of the \u2018own-use\u2019 requirements, permit hedge accounting if these contracts are used as hedging instruments and add new disclosure requirements to enable investors to understand the effect of these contracts on a company\u2019s financial performance and cash flows.
The amendments are effective for annual periods beginning on or after January 1st, 2026 and have not yet been endorsed by the European Union. Early application is permitted.
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2.Adoption of New and Revised International Financial Reporting Standards (IFRS)
New standards, Interpretations and amendments
New standards, amendments to existing standards and interpretations have been issued, which are obligatory for accounting periods beginning during the present fiscal period or at a future time. The beforementioned ones are presented below.
2.1Standards, Amendments and Interpretations mandatory for Fiscal Year 2024
The Group has adopted all the amendments mentioned below which are effective from January 1st, 2024. These amendments did not have a significant impact on the financial statements of the Group.
IAS 1: Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current (Amendments)
The amendments aim to provide guidance for the consistent application of IAS 1 requirements regarding the classification of debt and other liabilities with an uncertain settlement date, as current or non-current in the Statement of Financial Position. The amendments clarify the meaning of a right to defer settlement, the requirement for this right to exist at the end of the reporting period, and that the management\u2019s intention to exercise this right as well as the counterparty\u2019s right to settle the obligation through transfer of own equity instruments of the company, do not affect current or non-current classification. Furthermore, the amendments specify that only covenants with which an entity must comply with on or before the reporting date will affect a liability\u2019s classification. Additional disclosures are also required for non-current liabilities arising from loan arrangements that are subject to covenants to be complied with within twelve months after the reporting period.
The amendments are effective for annual periods beginning on or after January 1st, 2024 (extension was provided compared to January 1st, 2023, that was originally stated) and have also been endorsed by the European Union.
IAS 7: Statement of Cash Flows (Amendments) and IFRS 7: Financial Instruments: Disclosures (Amendments)
The amendments to IAS 7, which state that a company must disclose information about supplier financing arrangements, are intended to inform users of financial statements of these supplier financing arrangements, to assess their effects on the company's liabilities and cash flows and the company's exposure to liquidity risk.
Under the current IFRS 7 guidelines, a company is required to disclose how it manages the liquidity risk arising from financial liabilities. The amendments to IFRS 7 add the factor whether the company has obtained or has access to financing agreements with suppliers that provide it with extended payment terms or provide the company\u2019s suppliers with early payment terms.
The amendments are effective for annual periods beginning on or after January 1st, 2024 and have also been endorsed by the European Union.
IFRS 16: Lease Obligations in Sale and Leaseback Transactions
The amendments add subsequent measurement requirements for sale and leaseback transactions that meet the requirements of IFRS 15 \u201cRevenue from Contracts with Customers\u201d to be accounted for as a sale. The amendments require the seller-lessee to determine \u201clease payments\u201d or \u201crevised lease payments\u201d in such a way that does not recognize a gain or loss associated with the right of use retained, after the commencement date. An entity applies the amendments retrospectively in cases of sale and leaseback transactions entered into after the date of the initial application of IFRS 16.
The amendments are effective for annual periods beginning on or after January 1st, 2024 and have also been endorsed by the European Union.
2.2 New standards, interpretations and amendments effective for periods beginning on or after January 1st, 2025
The following new standards, amendments and interpretations have been issued by the International Accounting Standards Board (IASB) but are not yet effective for annual periods starting January 1st, 2024. The Group is in the process of evaluating their impact on both the consolidated and the Company\u2019s financial statements.
IAS 21: The effects of Changes in Foreign Exchange Rates: Lack of Exchangeability \u2013 Amendments
In August 2023, IASB published amendments to IAS 21 which require companies to provide more useful information in their financial statements when a currency is not exchangeable to another currency. The amendments introduce a definition of the \u201cexchangeability\u201d of a currency and provide guidance on how an entity should estimate a spot exchange rate in cases where a currency is not exchangeable. Also, additional disclosures are required in cases where an entity has estimated a spot exchange rate due to a lack of exchangeability.
The amendments are effective for annual periods beginning on or after January 1st, 2025 and have been endorsed by the European Union. Early application is permitted.
IFRS 7: Financial Instruments: Disclosures (Amendments) and IFRS 9: Financial Instruments (Amendments)
The amendments clarify that a financial liability is derecognized on the \u201csettlement date\u201d and introduce an accounting policy choice to derecognise financial liabilities settled using an electronic payment system before the settlement date, if certain conditions are met. An entity that elects to apply the derecognition option would be required to apply it to all settlements made through the same electronic payment system. Other clarifications include the classification of financial assets with ESG linked features via additional guidance on the assessment of contingent features. Clarifications have been made to non-recourse assets and contractually linked instruments. The amendments require additional disclosures for investments in equity instruments that are measured at fair value with gains or losses presented in other comprehensive income (FVOCI).
The amendments are effective for annual periods beginning on or after January 1st, 2026 and have not yet been endorsed by the European Union. Early application is permitted.
IFRS 18: Presentation and Disclosures in Financial Statements
IFRS 18 was issued in April 2024 and will replace IAS 1 \u201cPresentation of Financial Statements\u201d. The primary objective of the Standard is to improve the assessment of a company's performance by increasing comparability in presentation in an entity\u2019s financial statements, particularly in the statement of profit or loss and in its notes to the financial statements. Specifically, the Standard will improve the quality of financial reporting due to a) the requirement of defined subtotals in the statement of profit or loss, b) the requirement to disclose certain \u2018non-GAAP\u2019 measures \u2013 management performance measures (MPMs) and c) the new principles for aggregation and disaggregation of information.
The new standard has retrospective application and is effective for annual periods beginning on or after January 1st, 2027 while it is not yet endorsed by the European Union.
Annual Improvements to IFRS Standards \u2013 Volume 11
The improvements have been issued in July 2024 by the IASB and provide minor amendments that include clarifications, simplifications, corrections and changes in the following to the following accounting standards: IFRS 1 \u201cFirst-time Adoption of International Financial Reporting Standards\u201d, IFRS 7 \"Financial Instruments: Disclosures\u201d, IFRS 9 \u201cFinancial Instruments\", IFRS 10 \u201cConsolidated Financial Statements\u201d and IAS 7 \u201cStatement of Cash Flows\u201d.
The above amendments are effective for annual periods beginning on or after January 1st, 2026 and have not yet been endorsed by the European Union.
Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity
On 18 December 2024, the IASB published \u201cContracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7\u201d. The objective of the amendments is to better reflect the effects of physical and virtual nature-dependent electricity contracts in the financial statements. More specifically, the amendments clarify the application of the \u2018own-use\u2019 requirements, permit hedge accounting if these contracts are used as hedging instruments and add new disclosure requirements to enable investors to understand the effect of these contracts on a company\u2019s financial performance and cash flows.
The amendments are effective for annual periods beginning on or after January 1st, 2026 and have not yet been endorsed by the European Union. Early application is permitted.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f195530": { "value": "
2.3 Reclassifications of figures
There are reclassifications of figures in the comparative period (1/1-31/12/23), in the Statement of Cash Flows, on a Group basis, between the \u201cExchange differences\u201d and \u201cEffect of exchange rate changes deriving from foreign operations\u201d amounting \u20ac 2,955 thousand. These reclassifications aim at a more detailed presentation of cash flows.
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3.Material Accounting Policies
The material accounting policies adopted are consistent with those of the prior year and are set out below:
3.1. Basis of Preparation
The financial statements have been prepared in accordance with International Financial Reporting standards (IFRS), which are effective at the date of preparing these financial statements as issued by the International Accounting Standards Board (IASB) and adopted by the European Union (EU).
The financial statements have been prepared on the historical cost basis, except for the items requiring fair value measurement according to IFRS.
3.2. Basis of Consolidation
The consolidated financial statements incorporate the financial statements of the Company and the entities controlled by the Company (its subsidiaries) at the end of each respective year. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities.
On acquisition, the assets, liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. The consideration transferred to acquire a subsidiary may include cash, other assets and contingent consideration. When there are cases where part of the consideration is deferred, it is recognised and measured at fair value at the acquisition date. When consideration transferred includes a contingent amount, this is measured at fair value on the date of acquisition and subsequently remeasured to fair value at each reporting date with any gain or loss recognised in profit or loss, unless the contingent consideration takes the form of shares where no subsequent remeasurement is required. Any excess of the cost of acquisition over the fair values of the identifiable net assets acquired is recognized as goodwill and is subject to annual impairment test. Any deficiency of the cost of acquisition below the fair values of the identifiable net assets acquired (i.e. discount on acquisition or bargain purchase) is credited to profit and loss in the year of acquisition.
The results of operations of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date that the parent Company obtains control until the date of disposal, which is the date that the parent Company ceases to have control.
Non-controlling interests represent the equity in subsidiaries that is not attributable, directly or indirectly, to the parent Company. Non-controlling interests can be measured at fair value or at the proportionate share of fair value of the identifiable net assets at the acquisition date. The Group has elected to follow the latter approach.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of income, the consolidated statement of comprehensive income, the consolidated statement of changes in equity, and the consolidated balance sheet, respectively.
The accounting policies of the subsidiaries are in line with those used by the parent Company.
All intra-group transactions, balances, income and expenses are eliminated on consolidation, including unrealized profits. Unrealized losses are eliminated, but only to the extent that there is no evidence of impairment.
3.3. Investments in Associates
An associate is an entity over which the Group is able to exercise significant influence, through participation in the financial and operating policy decisions of the investee. The results, assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting.
The share of profit or loss as well as other changes recorded directly in the net assets of the associates are presented in the line item \u201cShare of profit/(loss) in associates\u201d of the Group, whereas the share of other comprehensive income of the associates is presented in the line item \u201cShare of Other Comprehensive Income of associates accounted for using the equity method\u201d of the Group.
Investments in associates are carried in the Statement of Financial Position at cost as adjusted by post-acquisition changes in the Group\u2019s share of the net assets of the associate, less any impairment in the value of individual investments. Group\u2019s share of losses of the associates in excess of its interest in those associates is not recognized.
Unrealized gains or losses arising on transactions among associates and companies included in the consolidated accounts are eliminated to the extent of the Group\u2019s share in the associates. Unrealized losses may be an indication of impairment of the asset, in which case a relevant provision is accounted for.
Investments in associates are stated in the Company\u2019s stand alone Statement of Financial Position at cost and are subject to impairment testing when indications arise.
3.4. Revenue recognition
The Group recognizes revenue mainly from the following sources:
\u2022Sale of Oil and Gas products from the downstream production such as gasoline, diesel, fuel oil, lubricants
\u2022Sale of Electricity and Natural Gas
\u2022Throughput services provided to the Group\u2019s customers via the Fuel Facility located in the Athens International Airport (AIA).
\u2022Fuel storage services
\u2022Royalties in exchange for a license of trademarks
\u2022Construction projects
Revenue is measured based on the consideration to which the Company and the Group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Company and the Group recognizes revenue when it transfers control of a product or service to a customer at an amount that reflects the consideration to which the Company and the Group expects to be entitled in exchange for those goods or services.
The Group is acting as a principal in its revenue transactions in the sense that it controls the goods or services before transferring those to its customers. The same rule applies for the Company as well.
Sale of Oil and Gas products
The Group sells oil and gas products both to the wholesale market and directly to end customers through its own retail network of gas stations.
Recognition
For sales of oil and gas products to the wholesale foreign and domestic market, revenue is recognized at a point of time when control of the products has transferred to the customer, being when the products are delivered at a named place subject to the shipping incoterm rules that are applicable according to the contractual agreement between the counterparties. Following delivery, the buyer has the ability to direct the use of and obtain substantially all of the remaining benefits from the products either by reselling those to end customers or through internal consumption for the production of goods or the provision of services. A trade receivable is recognized by the Company and the Group when the products are delivered to the customer as this represents the point in time at which the right to consideration becomes unconditional, as only the passage of time is required before payment is due.
Subject to the relevant shipping incoterm rules that are applicable at each different case, the freight costs for carriage to the named place of destination might be covered either by the Group or by the buyer. In cases where the Group provides shipping services after the transfer of control of products to the customer, those shipping services are accounted for as a promised service (distinct performance obligation). A portion of the transaction price is therefore allocated to the shipping services based on the stand-alone selling price of those services. The Group transfers control of the shipping services over time, therefore, satisfies that performance obligation and recognizes revenue over time. Whereas, in cases where the Group provides shipping services before the transfer of control to the customer, those shipping services are accounted for as fulfillment activities for the purposes of fulfilling the Group\u2019s promise to transfer the products and not as a promised service to the customer.
For sales of oil and gas products to retail customers, revenue is recognized when control of the products has transferred, being at the point the customer purchases the products at the retail network of gas stations. For the majority of the retail transactions, payment of the transaction price is due immediately at the point the customer purchases the products. The Group has two different customer loyalty schemes for its retail customers, which are analyzed below. The Group operates two Customer Loyalty Programs under the name \u2018Shell Smart Club\u2019 and \u2018AVIN Kerdizo\u2019. Through the aforementioned loyalty schemes, retail customers accumulate points on purchases of oil and gas products and/or services from the retail network of gas stations that entitle them either to get free of charge products listed on specific catalogs or to get a discount on future purchases of oil and gas products. These points provide a material right to customers in the sense that they would not be able to receive those products free of charge or get a discount on future purchases without purchasing oil and gas products and/or services. The promise to provide those products to the customer free of charge or get a discount on future purchases is therefore a separate
performance obligation. The transaction price is allocated between the oil and gas products, the services and the points on a relative stand-alone selling price basis. The stand-alone selling price per point is estimated based on the price of the products to be given free of charge or the amount of discount to be provided on future purchases when the points are redeemed by the customer and the likelihood of redemption, as evidenced by the Group\u2019s historical experience. A contract liability is recognized for revenue relating to the loyalty points at the time of the initial sales transaction. Revenue from the loyalty points is recognized when the points are redeemed by the customer, or when the points are expired.
Measurement
Certain contracts with customers in the wholesale market of oil and gas products provide volume rebates. Additionally, most of the wholesales of oil and gas products in the foreign market are priced based on all the available and published \u2018Platt\u2019s quotations\u2019 during the contractual agreed pricing period which might range between 30 and 90 days from the scheduled time of delivering the products to the customers. In those cases where the published \u2018Platt\u2019s Quotations\u2019 for the whole agreed pricing period is not yet available, a provisional invoice is issued at the date of delivery of the products based on the \u2018Platt\u2019s Quotations\u2019 that are published and available at that point of time. Final sale prices are subject to the changes of the market index price of oil products. When final \u2018Platt\u2019s quotations\u2019 that correspond to the contractual agreed pricing period are published and available, a supplementary final invoice is issued for the purposes of settling out any outstanding balance.
Volume rebates and provisional sale prices subject to the changes of the market index price of oil products give rise to variable consideration. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved.
To estimate the variable consideration for the expected future volume rebates, the Company and the Group applies the most likely amount method for contracts with a single-volume threshold and the expected value method for contracts with more than one volume threshold. The selected method that best predicts the amount of variable consideration is primarily driven by the number of volume thresholds contained in the contract. The Company and the Group then apply the requirements on constraining estimates of variable consideration and recognizes a contract liability for the expected future rebates by adjusting accordingly the amount of revenue.
In general, the period between the Company and the Group transferring a product or service and the customer paying for it is one year or less. In this context, the Company and the Group elected to apply the practical expedient of IFRS 15 par. 63 according to which it is not required to adjust the consideration for the effects of a significant financing component. However, certain contracts that the Group has with some of its dealers contain a significant financing component in the sense that the credit term provided to them is on average 4 to 5 years, whereas the usual credit term that the Group provides to its customers in the domestic markets range from 5 to 30 days. In these cases, the Group recognizes revenue at an amount that reflects the price that a customer would have paid cash for the products when they transfer to the customer (i.e. the cash selling price). The transaction price for such contracts is discounted, using the rate that would be reflected in a separate financing transaction between the Group and its customers at contract inception, to take into consideration the significant financing component. That rate reflects the credit characteristics of the party receiving financing in the contract, as well as any collateral or security provided by the customer.
For the provisional wholesales of oil and gas products where the published \u2018Platt\u2019s Quotations\u2019 for the whole agreed pricing period is not yet available, the Group estimates the transaction price by using the forward commodity pricing curve. Accordingly, revenue is adjusted with the estimated transaction price with a correspondence adjustment either at contract assets or at contract liabilities.
Presentation
Trade receivables
A receivable depicts the Group\u2019s right to consideration that is unconditional. A right to consideration is unconditional if only the passage of time is required before payment of the consideration is due. The Group accounts for its receivables in accordance with IFRS 9 (please refer to Note 3.20.5).
Contract assets
A contract asset depicts the Group\u2019s right to consideration in exchange for products or services that the Group has transferred to its customers, but when the right to payment is still conditional on something other than the passage of time. Whenever, the Group transfers products or services to a customer before invoicing, the Group presents the contract as a contract asset. The Group assesses its contract assets for impairment in accordance with IFRS 9.
Contract liability
A contract liability depicts the Group\u2019s obligation to transfer products or services to its customers for which the Group has received consideration (or an amount of consideration is due) from the customer. Whenever, a customer pays consideration, or the Group has a right to an amount of consideration that is unconditional (i.e. a receivable), before the Group transfers a product or service to the customer, the Group presents the contract as a contract liability when the payment is made or the payment is due (whichever is earlier).
Sale of Electricity and Natural Gas
The Group mainly through the sub-group MORE and its subsidiary \u2018NRG Supply and Trading Single Member Energy S.A.\u2019 is providing electricity and natural gas. Further to that, NRG is engaged in many interconnections of Greece participating in that way in auctions of local and international operators and trading electricity with producers, end-suppliers and other trading houses located overseas.
The Group assessed that the supply of electricity and natural gas are two distinct performance obligations. Given that, the delivery of those products is required over time, the Group concluded that the sale of electricity and natural gas should be treated as two distinct performance obligations satisfied continuously throughout the contract. Revenue for each of the aforementioned two distinct performance obligations is recognized over time, since the customer simultaneously receives and consumes the benefits arising from the supply of electricity or natural gas or both electricity and natural gas as the case may be.
For the renewable energy power plants of subgroup MORE, revenue from the sale of electricity is recognized on the basis of the amount of electricity delivered at market prices for transactions, where all the revenue recognition criteria are met.
For NRG actual metering of the quantity of the products consumed by the customers is made on a standard cyclical sequence, which might be either on a monthly basis or cyclical up to every four months depending on the product and the type of the customer. The Group applies the output measure of progress toward complete satisfaction of each distinct performance obligation and recognizes revenue as progress is made. \u03a4he Group assessed that the output measure of progress, which is based on the quantity of the products delivered, provides a faithful depiction of the Group\u2019s performance towards complete satisfaction of those performance obligations. In particular, the estimation of the quantity of products delivered is based on the utilization of a specific algorithm that consists of the historical consumption data, such as the consumption of the equivalent period of the previous year.
The Group recognizes a contract asset for revenue accrued and not yet invoiced to customers by applying the output measure of progress method described above. A trade receivable is recognized by the Group when the relevant invoice is issued, as this represents the point in time at which the right to consideration becomes unconditional, as only the passage of time is required before payment is due. The normal credit provided by the Group is up to 20 days from the issuance of the relevant invoice.
Certain contracts with customers provide rebates and discounts for prompt payments that give rise to variable consideration. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved.
Construction Projects
The Group mainly through its subsidiary \u2018Thalis Perivallontikes Ypiresies S.A.\u2019 undertakes various construction contracts in Greece which relate to environmental works. Percentage of completion method is used to determine the revenue and expenses that shall be recognized in a specific period. The stage of completion is measured based on the expenses incurred up to the reporting date, compared to the total estimated expenses for each contract. Expenses related to these contracts are recognized when incurred. If the outcome of a construction contract cannot be reliably estimated, only the expenses incurred and expected to be collected are recognized as revenue.
Throughput Services
The Group provide to its customers (through-putters) throughput services, which include the receipt, temporary storage of fuel for the sole purpose to be distributed to the Into-Plane Agents at the Airport (AIA) through the hydrant pits including, and up to, the double block and bleed valve at the fuel loading facility. Into-Plane Agents are those entities that have entered into Into-Plane Fueling Agreements with the Athens International Airport S.A. For the provision of the above-mentioned services, the Group collects a \u2018Throughput Fee\u2019 and an \u2018Airport Fee\u2019 from its customers. The \u2018Throughput Fee\u2019 is calculated as a charge per liter of aviation fuel delivered via the facility while the \u2018Airport Fee\u2019 comprises from two components the \u2018Rental Fee\u2019 and the \u2018Variable Fee\u2019. The amount of the \u2018Variable fee\u2019 is directly affected by the quantity of aviation fuels delivered via the facility.
The individual services described above (i.e.: receipt, temporary storage and fuel distribution) are not distinct since the Group\u2019s customers cannot benefit from each individual service on its own and additionally no other relevant resources are available to its customers in order to be able by using them to distribute the aviation fuels to the Into-Plane Agents at the Airport (AIA). The aforementioned services promised to the Group\u2019s customers are not separately identifiable since they are interdependent and highly interrelated in the sense that the Group cannot fulfil its promise by transferring each of those services independently. In this context, all the services promised in the contracts with the Group\u2019s customers are accounted for as a single performance obligation.
Revenue from throughput services is recognized over time since the Group\u2019s customers simultaneously receive and consume the benefits provided by the Group\u2019s performance as the Group performs.
Fuel storage services
The Group through its own fuel storage facilities provide to its customers storages services, which include the receipt, storage and distribution of fuels in accordance with the customers\u2019 needs and directions. For the provision of the above-mentioned services, the Group collects a fee from its customers that is calculated as a charge per cubic meter of fuels received and stored in the facility.
The individual services described above (i.e.: receipt, storage and fuel distribution) are not distinct and as such all the services promised in the contracts with the Group\u2019s customers are accounted for as a single performance obligation. Revenue from fuel storage services is recognized over time since the Group\u2019s customers simultaneously receive and consume the benefits provided by the Group\u2019s performance as the Group performs.
Royalties in exchange for a license of trademarks
The Group enters into contracts with customers and promises to:
\u2022grant a license that provides its customers the right to use the Group\u2019s trade names,
\u2022provide the right to its customers to control the use of a gas station and
\u2022sell the Group\u2019s products for a predetermined period of time.
The Group assessed that the promises (a) to grant a license, (b) to provide the right to use the gas station and (c) the sale of products are three distinct components. The recognition and measurement criteria for the sale of the Group\u2019s products are in detail analyzed above under the section \u201cSale of Oil and Gas products\u201d. The right to control the use of the gas station constitutes a lease-component and as such is accounted for according to the provisions of IFRS 16 (please refer to Note 3.26 \u2013 The group as a lessor).
In exchange for granting the above-mentioned license for using the Group\u2019s trade names, the Group receives as royalty a monthly fixed fee. The consideration relating to the license is not in the form of a sale or usage-based royalty. The transaction price is allocated between the trademark license, the right to use the gas station and the products on a relative stand-alone selling price basis.
The Group concluded that the nature of its promise is to provide a right to access the Group\u2019s intellectual property. The trade names have limited standalone functionality. Substantially all of the utility inherent in the trade names granted under the license stems from the Group\u2019s past and ongoing activities of establishing, building, and maintaining its trademarks. Consequently, the license provides the customer with a right to access the Group\u2019s intellectual property and the Group\u2019s performance obligation to transfer the license is satisfied over time.
The Group recognizes revenue over time on a straight-line basis because this reasonably depicts the Group\u2019s progress towards complete satisfaction of the trademark license performance obligation.
3.5. Foreign Currencies
Transactions and balances
In preparing the financial statements of the individual entities, transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recorded at the rates of exchange prevailing on the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date.
Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction.
At each Statement of Financial Position date, monetary items denominated in foreign currencies are retranslated at the closing rate.
Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are included in profit or loss for the year.
When a non-monetary item is revalued (and for every revaluation thereon), the arising exchange differences will be taken where the gain/loss on revaluation is taken.
Group companies
On consolidation, the assets and liabilities of the Group entities, which have foreign currencies, are translated at the closing rate, while the income and expenses are translated at the average rate over the reporting period. Any goodwill and fair value adjustments arising on acquisition, are treated as assets and liabilities and translated at the closing rate.
The exchange differences resulting from the translation are recognized in Other Comprehensive Income and accumulated in the translation reserve in equity. On disposal, the accumulated translation differences are reclassified to profit or loss.
3.6. Borrowing Costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.
All other borrowing costs are recognized in profit or loss in the year in which they are incurred.
3.7. Government Grants
Government grants are not recognised until there is reasonable assurance that the entity will comply with the existing conditions and that the grants will be received.
When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. Grants related to emissions allowances are recognized in profit or loss in \u201cOther Income\u201d.
When the grant relates to an asset, the Group has elected to present it in the statement of financial position as deferred income, which is recognised in profit or loss in \u201cOther Income\u201d on a systematic and rational basis over the useful life of the asset.
3.8. Retirement Benefit Costs
Defined contribution plans
Payments to defined contribution retirement plans are charged as an expense as they fall due. Payments made to state-managed retirement benefit schemes are dealt with as payments to defined contribution plans where the Group\u2019s obligations under the plans are equivalent to those arising in a defined contribution retirement benefit plan.
Defined benefit plans
For defined benefit retirement plans, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at each year end. Remeasurements, including actuarial gains and losses, are recognized in Other Comprehensive Income in the year in which they are incurred and are not reclassified to profit or loss in subsequent periods.
Past service cost is recognized immediately in the profit or loss to the extent that the benefits are already vested, and otherwise is amortized on a straight-line basis over the average period until the benefits become vested.
The retirement benefit obligation recognized in the Statement of Financial Position represents the present value of the defined benefit obligation as reduced by the fair value of plan assets.
3.9. Share-Based Payments
Group\u2019s employees (including senior management executives) receive or may receive remuneration in the form of Share-Based Payments. These employees render their services as consideration for equity instruments (\u201cequity settled transactions\u201d). The cost of \u201cequity settled transactions\u201d is measured by reference to the fair value at the date on which they are granted. The fair value is determined at the grant date and is allocated over the period in which the conditions are fulfilled. The cost of equity settled transactions is recognized, together with a corresponding increase to equity over the vesting period. \u03a4he Group revises its estimates about the number of options that are expected to vest in regular intervals (at each reporting period\u2019s publication). When the terms of such an \u201cequity settled transaction\u201d are modified, the minimum expense recognized is the expense as if terms had not been modified, given the fact that the original terms of the program are met. An additional expense, measured at the date of modification, is recognized for any modification occurs that increases the total fair value of the share-based payment or is by any means beneficial to the employee.
3.10. Taxation
The tax expense represents the sum of the current tax expense and deferred tax expense, plus any additional tax from the prior years\u2019 tax audit. It is recognized in profit or loss except to the extent that it relates to a business combination or items recognized in other comprehensive income or directly in equity.
Current Tax
The current tax expense is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Statement of Profit or Loss and Other Comprehensive Income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s current tax expense is calculated using tax rates that have been enacted or will be enacted by the Statement of Financial Position date.
The Group is also required to comply with OECD Pillar II rules which set a minimum tax rate of 15% on profits arising in each jurisdiction and further information is available in Note 11.
Deferred Tax
Deferred tax is recognized on differences, between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the Statement of Financial Position liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries and joint operations, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each Statement of Financial Position date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the year when the liability is settled or the asset is realized.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.
The Group has applied the temporary exemption from deferred tax accounting for the impact of the top-up tax (Pillar II rules) in accordance with IAS 12 amendments issued in May 2023.
3.11. Goodwill
Goodwill arising on the acquisition of a subsidiary represents the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the subsidiary or jointly
controlled entity recognized at the date of acquisition. Goodwill is initially recognized as an asset at cost and is subsequently measured at cost less any accumulated impairment losses.
On an annual basis, all individual goodwill accounts are subject to impairment testing measuring the recoverable amount in accordance with IAS 36. Recoverable amount is the higher of the fair value less cost to sell and the value in use of the cash generating unit.
To measure the recoverable amount of each cash-generating unit, the higher of the value-in-use and fair value models is used. Fair value is measured using the market approach, while the value-in-use model adopts the income approach. In the income approach, the estimated free cash flows derived from the approved business plans of the units, for a period of five years unless they can be predicted for a longer period with accuracy, are discounted using the estimated weighted average cost of capital. Free cash flows, with a duration exceeding the period of the detailed business plan of each cash-generating unit, are discounted using a fixed long-term borrowing rate.
The basic assumptions used to calculate the value in use are that market growth rates will correspond to the public available information, all cash-generating units will maintain their current market shares, gross margins will remain at current levels and their general expenses will increase in line with expected levels of inflation. The above provisions also presuppose that each cash-generating unit will proceed to all necessary expenditures in order for the levels of operation to remain at their current state. For the purposes of sensitivity analysis, growth rates as well as the discount factors are adjusted within realistic levels.
For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment at each Statement of Financial Position date, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized for goodwill is not reversed in a subsequent period.
On disposal of a subsidiary or a jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.
3.12. Internally-generated Intangible Assets-Research and Development Expenditure
Expenditure on research activities is recognized as an expense in the year in which it is incurred.
An internally-generated intangible asset arising from the Group\u2019s development is recognized only if all of the following conditions are met:
\u2022an asset is created that can be identified (such as software and new processes);
\u2022it is probable that the asset created will generate future economic benefits; and
\u2022the development cost of the asset can be measured reliably.
Where no internally-generated intangible asset can be recognized, development expenditure is recognized as an expense in the year in which it is incurred.
Subsequent to initial recognition, internally-generated intangible assets are amortized on a straight-line basis over their useful lives. They are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets acquired separately.
3.13. Other intangible assets
Other intangible assets include the Group\u2019s software and rights, which concern mainly the exploitation rights of the subsidiaries \u201cAVIN OIL SINGLE MEMBER S.A.\u201d, \u201cCORAL S.A.\u201d and \u201cCORAL GAS A.E.B.E.Y.\u201d, the service concession rights for the subsidiary \u201cOFC AVIATION FUEL SERVICES S.A.\u201d, and the clientele, sales commissions and brand name of the subsidiary \u201cNRG SUPPLY AND TRADING SINGLE MEMBER S.A.\u201d. They also include licenses and clientele of the Group subsidiaries which are operating in the renewable energy sector of sub-group MORE and the clientele of subsidiaries \u201cVERD S.A.\u201d and \u201cTHALIS ENVIROMENTAL SERVICES SINGLE MEMBER S.A.\u201d.
Software, licenses of wind parks, clientele and brand name and service concession arrangements are initially recognized at acquisition cost and then amortized through their expected useful lives using the straight-line method.
The useful life of these assets is noted bellow:

Intangible assets

Useful Life (Years)

Software

3-14

Rights - Licenses

3-27

Service Concession Arrangements

10-27

Clientele and Brand Names

10-27

Intangible assets arising from the acquisition of a subsidiary are measured at their fair value at the acquisition date and subsequently recognized at cost less accumulated depreciation and any impairment losses.
The estimated useful lives of intangible assets, residual values if any and depreciation method are reviewed on a frequent basis, with the effect of any changes in estimate to be accounted for on a prospective basis.
3.14. Property, Plant and Equipment
Land and buildings held for use in the production or supply of goods or services, or for administrative purposes, are stated in the Statement of Financial Position at cost less any subsequent accumulated depreciation and accumulated impairment losses.
Assets under construction for production, rental or administrative purposes, or for purposes not yet determined, are carried at cost, less any recognized impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalized in accordance with the Group\u2019s accounting policy. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use.
Fixtures and equipment are stated at cost less accumulated depreciation and any recognized impairment loss.
Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction, over their estimated useful lives, using the straight-line method, on the following bases:

Fixed Assets Category

Useful Life (Years)

Land

Indefinite

Buildings\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

10-50

Plant and Machinery

2.6-35

Transportation equipment\u00a0\u00a0\u00a0\u00a0\u00a0

5-20

Fixtures and equipment

2.6-33

Fixed assets of acquisition cost less than \u20ac 1,500 are fully depreciated in the year of their acquisition.
The estimated useful lives, residual values and depreciation method are reviewed on a frequent basis, with the effect of any changes in estimate to be accounted for on a prospective basis.
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss.
3.15. Emission Rights
Emission rights are accounted under the net liability method, based on which the Group recognizes a liability for emissions when the emissions are made and are in excess of the allowances allocated. The Group has chosen to recognize emission rights, which are either used in the production process or held for commercial purposes, as regular inventory in accordance with IAS 2.
Subsequent to the initial recognition, emission rights are measured at the lower of cost and net realizable value, in accordance with IAS 2. Allocated rights are recognized and measured at cost (zero). Additionally, unused emission rights that have expired, are recognised immediately as an expense in the Statement of Profit or Loss and Other Comprehensive Income.
Emission rights used are recognized as expenses within \u201cCost of Sales\u201d during the year, in compliance with IAS 2. The Group may also sell its emission rights on the European Union Emissions Trading System (EU ETS), which is the active market. In this case, the resulting profit or loss of emission rights is recognized in the Statement of Profit or Loss and Other Comprehensive Income.
3.16. Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
The Company is a member of \u0399OPC Fund (International Oil Pollution Compensation Fund) an international organization for the protection of the environment from oil pollution. The Company is obliged to pay contributions to this organization in case of a relevant accident. These liabilities are accounted for according to IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d while any refund is accounted for upon receipt.
3.17. Impairment of non-financial assets
At any reporting date, the Group examines the book value of tangible, intangible and other non-financial assets to determine any impairment of these assets. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized as income immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
3.18. Inventories
Inventories are stated at the lower of cost and net realizable value. Cost comprises of direct materials and where applicable, direct labor costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Cost is calculated using the monthly weighted average.
The Group identifies slow moving inventories when there are items which have not been used in the production process or sold within a substantial period of time. There is an annual review for the existence of such items at each year end in order to determine whether an impairment shall be recognized.
3.19. Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits with original maturity of 3 months or less.
3.20 Financial Instruments
3.20.1 Initial Recognition
Financial assets and financial liabilities are recognized on the Group\u2019s Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument.
3.20.2 Initial Measurement
The Group measures financial assets and liabilities on their initial recognition at their fair value plus/minus transaction cost that it is directly attributable to the acquisition of the financial asset or issue of the financial liability, respectively (other than financial assets and liabilities at FVTPL).
The Group recognizes initially trade receivables without a significant financing component at their transaction price.
3.20.3 Classification and Measurement of financial assets
3.20.3.1 Trade Receivables and Debt instruments
All financial assets that fall within the scope of IFRS 9 are subsequently to their initial recognition measured at amortized cost or fair value. The basis of their measurement depends both on the Group\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. The Group\u2019s assessment of the business model is determined at a higher level of aggregation that reflects how groups of financial assets are managed together to meet the Group\u2019s business objective, rather than on an instrument-by-instrument basis. Financial assets that give rise to cash flows, consisting only of payments of principal and interest, are classified by considering the business model for holding these instruments. Financial assets that are held in a business model with the objective to hold them until maturity and collect the contractual cash flows, are measured at amortized cost. If the business model comprises the intention to hold the financial assets to collect the contractual cash flows but expects to sell these financial assets when this is necessary (e.g. to fulfill a specific need for liquidity), then these instruments are measured at FVTOCI. Financial assets held within a business model other the above are measured at FVTPL.
The Group has one business model for managing its financial assets that reflects how the Group manages those in order to generate cash flows. In particular, the financial assets of the Group are held within a business model whose objective is to hold assets in order to collect contractual cash flows. Following the objective of the aforementioned business model the financial assets of the Group are managed in order to realize cash flows by collecting the corresponding payments over the life of the financial asset.
The Group in making its assessment of whether cash flows are going to be realized by collecting the corresponding payments over the life of the financial asset considers the frequency, value and time of sales in prior periods, the reason of those sales and the group\u2019s expectations about future sales activity. This assessment is not performed in isolation rather than the Group considers the above information as evidence related to the Group\u2019s stated objective for managing the financial asset, particularly how cash flows are realized.
Apart from the above, the Group also considers all relevant information in performing the business model assessment, excluding scenarios that the Group does not reasonably expect to occur, such as so-called \u2018worst case\u2019 or \u2018stress case\u2019 scenarios. In performing this exercise the Group exercises judgement considering all available and relevant information such as but not limited to, how the performance of the assets is measured, monitored and reported to the Group\u2019s key management personnel, how the risks underpinning the performance of the assets are managed and how the managers of the assets are compensated.
At the initial recognition of a financial asset, the Group determines whether it is part of the business model or it reflects the commencement of a new business model. The group reassess its business model each reporting period to determine whether the business model has changed from the previous reporting period. For the reporting periods of the current financial year, the Group has not identified a change in its business model.
3.20.3.2 Equity Instruments
Financial instruments that meets the definition of equity instruments as provided by IAS 32 are subsequently measured to their initial recognition at FVTPL. The Group may apply an irrevocable election to present changes in the fair value of an equity investment in OCI, provided that the equity instrument is not held for trading and it is not a contingent consideration recognized by the Group in a business combination in which IFRS 3.
The Group applies the above irrevocably election on an asset by asset basis.
3.20.3.3 Reclassifications
If the business model under which the Group holds financial assets changes because of external or internal change that are determined to be significant to the Group\u2019s operations and demonstrable to external parties. Following business model change, all the affected financial assets are reclassified. Reclassifications are expected to be very infrequent. Investments in equity instruments that the Group has made the irrevocable election of designation at FVTOCI and any financial assets that has designated at FVTPL at their initial recognition cannot reclassified since
their designation at the time of their initial recognition is irrevocable. During the current financial year, no reclassifications took place since there was not change in the business model within which the Group holds the financial assets.
3.20.4 Classification and Measurement of financial liabilities
Financial liabilities are classified as either financial liabilities at FVTPL or at amortized cost. The Group currently has not classified any of its financial liabilities at FVTPL.
The Group measures financial liabilities, such as, bond loans, Interest-bearing bank loans and overdrafts at amortized cost. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accrual basis to the profit and loss account using effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the year in which they arise.
3.20.5 Measurement of Impairment of Financial Assets
The Group measures the loss allowance on its trade receivables as the estimate of the present value of all cash shortfalls over the life of its trade receivables. A cash shortfall is defined as the difference between the cash flows that are due based on contractual terms and the cash flows that are expected to be received.
The Group have adopted the simplified approach with respect to estimating the Expected Credit Losses (ECL) for its trade receivables. Therefore, the Group as at each reporting date, measures the loss allowance for its trade receivables at an amount equal to their lifetime expected credit losses. Accordingly, all trade receivables of the Group are classified into the following two stages:
Stage 2: Measurement of ECL over the lifetime \u2013 not credit impaired. Financial assets that are not credit impaired, are classified at Stage 2 and measured at lifetime expected credit loss, which is defined as the expected credit loss that results from all possible default events over its expected life.
Stage 3: Measurement of ECL over the lifetime \u2013 credit impaired. If a financial asset is defined as credit impaired, it is transferred to Stage 3 and measured at lifetime expected credit loss. Objective evidence for a credit-impaired financial asset includes ageing more than 90 days past due and other information about significant financial difficulties of the borrower.
The following are the main inputs in the process of applying the Group\u2019s accounting policies with respect to the estimations of ECL of the Group:
Exposure At Default (\u201cEAD\u201d): represents the amount of exposure at the reporting date.
Probability of Default (\u201cPD\u201d): Probability of default is an estimate of the likelihood of default over a given time horizon. The Group calculates probabilities of default utilizing historical data, assumptions and expectations about the future.
Loss given default (\u201cLGD\u201d) represents the estimation of loss that will be incurred at the default date. LGD is calculated as the difference arising between the contractual cash flows of the instrument that are due and the future expected cash flows of the instrument that are expected to be received. The determination of LGD considers also the effect from the recoveries on expected cash flows arising from collaterals held by the Group.
The Group possess collaterals as a mean of mitigating credit risk associated with its trade receivables. The main types of collateral held are:
\u2022Cash
\u2022Commercial and Residential real estate
\u2022Letters of guarantees
\u2022Debt Securities
\u2022Letters of Credit
\u2022Cheques
Central to the measurement of ECL is the definition of default. The Group considers as an event of default when the debtor is either past due more than 90 days or it is unlikely to pay its obligations to the Group due to financial difficulties.
The Group measures ECL on a collective basis for portfolios of trade receivables with similar economic credit characteristics. In particular, the Group estimates the ECL by grouping together receivables based on common risk characteristics and past due days.
In addition, the Group assesses the expected credit losses associated with the financial assets of the Group, considering forward looking information. Forward looking information is incorporated in the ECL model through the consideration of various internal and external sources of actual and forecast economic information.
The Group recognizes the related loss provision at each reporting date.
3.20.6 Derivative financial instruments
The Group enters into derivative financial instruments contracts, such as swaps, options and futures/forwards, to manage market risks arising from its exposure to interest rates, commodity and foreign exchange prices. Those positions are monitored and managed on daily basis.
Derivatives are recognized initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognized as a financial asset whereas a derivative with a negative fair value is recognized as a financial liability. The resulting gain or loss is recognized in profit or loss immediately, unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. Derivatives that do not qualify for hedge accounting are classified as derivatives at fair value through profit or loss and are recognized immediately in the income statement in financial income and costs.
Derivatives are not offset in the financial statements, unless the Group has both a legally enforceable right and intention to offset. When the remaining maturity of the instrument is less than 12 months, the derivative is presented either as current asset or current liability under the account \u201cDerivative Financial Instruments\u201d. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not due to be realized or settled within 12 months.
The Group also enters into power purchase agreements. These contracts involve two parties, an electricity producer (sources may include wind, sun and water) and a customer/buyer (commonly referred as offtaker), where the buyer agrees to purchase the produced energy at fixed price usually for a long-term period.
There are two types of power purchase agreements, physical and virtual. The main difference is that physical PPA entails the actual delivery of the electricity, whereas with virtual PPAs there is just a net settlement of the difference (Contract for Difference \u2013 CfD) between the agreed fixed price and the spot price at which energy could be purchased from the grid.
Physical PPAs are accounted for under IFRS 9, except the cases where they either contain a lease, thus accounted for under IFRS 16, or they meet the own-use exemption and thus treated as an executory contract under IAS 37.
Virtual PPAs are accounted for as derivative financial instruments. At initial recognition, they are measured at fair value and classified at FVTPL for subsequent measurement. Fair value gains or losses are recognized in the line item \u201cOther Gain/(loss)\u201d of Other Statement of Profit or Loss and other Comprehensive Income.
Further details of derivative financial instruments are disclosed in Notes 24.
The Group designates certain derivatives (Interest rate swaps, Commodity futures/forwards and Options) used for risk management purposes as hedging instruments in both fair value and cash flow hedges, in order to hedge the following:
\u2022The exposure of the variability in cash flows attributed to commodity prices and interest rates and exchange rate risks, associated with highly probable forecast transactions.
\u2022The exposure to changes in the fair value of a recognized asset that is attributable to price risk and could affect reported earnings.
At the inception of the hedge relationship, the Group formally documents the hedge designation, including the economic relationship between the hedging instrument and the hedged item, along with its risk management objective and strategy for undertaking the hedge. Furthermore, at the inception of the hedge and on an ongoing basis (at least on each reporting date or upon significant change, whichever comes first), the Group documents whether an economic relationship exists between the hedging instrument and the hedged item.
Therefore, when Group designates a hedge relationship, there must be an expectation that the fair value or the cash flows of the hedging instrument and the value or the cash flows of the hedged item, will \u201csystematically\u201d change in response to movements in the same underlying(s) that are economically related, providing a degree of offset between
the hedged item and the hedging instrument. The assessment relates to expectations about hedge effectiveness and is only forward-looking.
The following compose the hedge effectiveness requirements that must be met before hedge accounting is applied by the Group:
1.There is an economic relationship between the hedged item and the hedging instrument, meaning that the hedging instrument and the hedged item have values that generally move in the opposite direction because of the same hedged risk.
2.The effect of credit risk does not dominate the value changes that result from that economic relationship.
3.The weightings of the hedged item and the hedging instrument, which define the hedge ratio of the hedging relationship, are the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship by rebalancing the hedge, so that it meets the qualifying criteria again.
With respect to futures/forwards type derivatives, the Group may designate to a hedge relationship either the full change in their fair value (including the forward element), or only their spot component, (thus leaving undesignated the forward element), as the hedging instrument of its hedging relationships involves such election.
The Group applies the normal hedge accounting mechanics for the designated spot, depending on the type of the hedge relationship. For the undesignated future/forward element of the forward type derivative, the Group has a choice over how changes in its value are accounted for. This accounting treatment choice is made by the Group on a hedge-by-hedge basis and applies for the term of the designated hedge. The two alternatives are:
\u2022The Group recognizes the changes in value of the undesignated forward element directly in profit or loss or
\u2022The Group recognizes the changes in value of the undesignated forward element (the proportion related to the hedged item) in other comprehensive income (OCI), accumulated in a separate component of equity under \u201ccost of hedging reserve\u201d, which amount is subsequently reclassified or removed from equity and is either recognized in profit or loss or is included directly in the initial cost or other carrying amount of the asset or the liability.
With respects to option type derivatives, the Group designates only the intrinsic value of the option contract as a hedging instrument and excludes its time value. For the change in the designated intrinsic value component of an option, the Group applies the normal hedge accounting mechanics, depending on the type of the hedge. The change in the undesignated time value of the option type designated derivative is recognized in other comprehensive income and accumulated in a separate component of equity under \u201ccost of hedging reserve\u201d.
The mechanics for recognizing the change in the time value of an option in other comprehensive income and accumulated in the cost of hedging reserve (and accordingly the change in forward element-when Group recognizes the changes of the undesignated forward element in OCI) varies depending on:
\u2022How much of the time value relates to the hedged item (i.e., aligned time value and aligned forward points) and
\u2022The nature of the hedged item and whether it is a transaction related item or a time-period related item.
If the hedged item is transaction-related, the time value and/or the forward element are reclassified to profit or loss when the hedged item affects profit or loss. If the hedged item is time-period related, the time value and/or the forward element are reclassified to profit or loss on a rational and systematic basis. In this regard, the Group applies straight line amortization recognized in profit or loss, in the same line item as the hedged item. For non-financial hedged items, the accumulated amount in the cost of hedging reserve is removed directly from equity and is included in the initial carrying amount of the recognized hedged item. Furthermore, if the Group expects that some or all of the loss accumulated in cost of hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss.
The Group discontinues hedge accounting prospectively only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable) or the hedging instrument expires or is sold, terminated or exercised.
Note 24 sets out details of the fair values of the derivative instruments used for hedging purposes. Movements in the cash flow hedge reserve and cost of hedging reserve in equity are depicted in Note 30.
Cash flow hedges
The effective portion of changes in the fair value of the derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income and accumulated in equity under cash flow hedge reserve, limited to the cumulative change in fair value of the hedged item from the inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit and is included in the \u201cOther gains/(losses)\u201d or \u201cFinance Costs\u201d line items for commodity and interest rate hedges respectively.
Amounts previously recognized in other comprehensive income and accumulated in equity are recycled in the Statement of Profit or Loss and Other Comprehensive Income in the periods when the hedged item affects profit or loss (i.e., when the forecast transaction being hedged takes place), in the same line as the recognized hedged item.
However, when the hedged forecast transaction subsequently results in the recognition of a non-financial item or a non-financial liability, the amount accumulated within equity in the cash flow hedge reserve and the cost of hedging reserve, is included directly in the initial cost of the non-financial item when it is recognized. For all other hedged forecast transactions, the amount accumulated in the cash flow hedge reserve and the cost of hedging reserve, is reclassified to profit or loss, in the same period or periods during which the hedged expected future cash flows affect profit or loss. This transfer does not affect other comprehensive income. Furthermore, if the Group expects that some or all of the loss accumulated in the cash flow hedge reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss.
Upon discontinuation of hedge accounting, any gain or loss recognized in other comprehensive income and accumulated in cash flow hedge reserve and cost of hedging reserve at that time, remains in equity and is reclassified to profit or loss when the forecast transaction occurs.
If the hedged highly probable forecast transaction is no longer expected to occur, the hedge relationship ceases to exist, and the amounts that have been accumulated in the cash flow hedge reserve and the cost of hedging reserve are immediately reclassified to the profit or loss.
Fair value hedges
The fair value change on the qualifying hedging instruments is recognized in profit or loss, whereas the carrying amount of a hedged item that is not already measured at fair value, is adjusted for the fair value change attributable to the hedged risk, with a corresponding entry in profit or loss. The Group recognizes the hedging gains or losses from the hedging instrument in profit or loss, in the same line as the hedged item.
Upon discontinuation of hedge accounting, the fair value adjustment to the carrying amount of the hedged item arising from the hedged risk, is amortized to profit or loss from that date, based on how the hedged item impacts profit or loss.
If the hedged item is derecognized, the unamortized fair value hedge adjustment included in the carrying amount of the hedged item is recognized immediately in profit or loss.
3.20.7 Fair Value of Financial Assets and Liabilities
The Group measures fair values in accordance with IFRS 13, which defines fair value as the price that would be received or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Group also uses a fair value hierarchy that categorizes into three levels the inputs to valuation techniques used to measure fair value, which gives highest priority to quoted prices.
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can assess at the measurement date. Assets and liabilities are classified as Level 1 if their fair value is observable in an active market.
Level 2 inputs are inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. A Level 2 input must be observable for substantially the full term of the instrument.
Level 3 inputs are unobservable inputs. Assets and liabilities are classified as Level 3 if their valuation incorporate significant inputs that are not based on observable market data.
The fair value measurement of financial derivatives of the Group is determined based on exchange market quotations as per last business day of the financial year for the derivatives that are classified at Level 1 fair value measurement and based on discounted cash flow techniques for the over-the-counter derivatives, that are classified at Level 2.
3.21. Other Financial Assets
Other Financial assets comprise of financial assets at fair value through other comprehensive income (FVOCI), that refer to listed and unlisted equity securities which are not held for trading purposes and for which the group has irrevocably elected at initial recognition this category.
3.22. Borrowings
Interest-bearing bank loans and overdrafts are recorded according to the amounts received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accrual basis to the profit and loss account using effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the year in which they arise.
3.23. Trade payables
Trade payables are interest free and are stated at their nominal value.
3.24. Provisions
Provisions are recognized when the Group has a present obligation as a result of a past event, and it is probable that the Group will be required to settle that obligation. Provisions are measured at the Group management\u2019s best estimate of the expenditure required to settle the obligation at the Statement of Financial Position date and are discounted to present value where the effect is material.
Provisions for restructuring costs, if any, are recognized only when the entity has developed a detailed formal plan for the restructuring and have announced details of plan to the involved parties. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity.
Also, the Group recognizes provisions for equipment decommissioning and site restoration costs related to wind farms.
3.25. The Group as a lessee
The Group assesses whether a contact is or contains a lease, at inception of a contract. Accordingly, it recognizes a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the leases. If this rate cannot readily be determined, the Group uses its incremental borrowing rate. Lease payment included in the measurement of the lease liability comprise:
\u2022fixed lease payment (including in-substance fixed payments), less any lease incentives;
\u2022variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;
\u2022the amount expected to be payable by the lessee under the residual value guarantees;
\u2022the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and
\u2022payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.
Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognized as an expense in the period in which the event or condition that triggers those payments occur and are included in the captions of \u201cDistribution expenses\u201d and \u201cAdministrative expenses\u201d in the statement of profit or loss and other comprehensive income.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The
Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:
\u2022the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.
\u2022the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is measured by discounting the revised lease payments using the initial discount rate.
\u2022a lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case, the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.
The lease liability is presented as a separate line in the consolidated statement of financial position.
The right-of-use asset comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. The Group applies IAS 36 to determine whether a right-of-use asset is impaired.
Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized and measured under IAS 37. The costs are included in the related right-of-use asset. The Group did not incur any such costs during the periods presented.
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the lease commencement date.
The right-of-use assets are presented as a separate line in the consolidated statement of financial position.
As permitted by IFRS 16, the Group applied the practical expedient according to which a lessee is not required to separate non-lease components, and as such, it accounts for any lease and associated non-lease components as a single arrangement.
3.26. The Group as a lessor
Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.
When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.
Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized on a straight-line basis over the lease term.
Amounts due from lessees under finance leases are recognized as receivables at the amount of the Group\u2019s net investment in the leases. Finance lease income is allocated to reporting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment outstanding in respect of the leases.
When a contract includes lease and non-lease components, the Group applies IFRS 15 to allocate the consideration under the contract to each component.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f195623": { "value": "
3.1. Basis of Preparation
The financial statements have been prepared in accordance with International Financial Reporting standards (IFRS), which are effective at the date of preparing these financial statements as issued by the International Accounting Standards Board (IASB) and adopted by the European Union (EU).
The financial statements have been prepared on the historical cost basis, except for the items requiring fair value measurement according to IFRS.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f195626": { "value": "
The financial statements have been prepared in accordance with International Financial Reporting standards (IFRS), which are effective at the date of preparing these financial statements as issued by the International Accounting Standards Board (IASB) and adopted by the European Union (EU).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f195727": { "value": "
3.2. Basis of Consolidation
The consolidated financial statements incorporate the financial statements of the Company and the entities controlled by the Company (its subsidiaries) at the end of each respective year. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities.
On acquisition, the assets, liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. The consideration transferred to acquire a subsidiary may include cash, other assets and contingent consideration. When there are cases where part of the consideration is deferred, it is recognised and measured at fair value at the acquisition date. When consideration transferred includes a contingent amount, this is measured at fair value on the date of acquisition and subsequently remeasured to fair value at each reporting date with any gain or loss recognised in profit or loss, unless the contingent consideration takes the form of shares where no subsequent remeasurement is required. Any excess of the cost of acquisition over the fair values of the identifiable net assets acquired is recognized as goodwill and is subject to annual impairment test. Any deficiency of the cost of acquisition below the fair values of the identifiable net assets acquired (i.e. discount on acquisition or bargain purchase) is credited to profit and loss in the year of acquisition.
The results of operations of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date that the parent Company obtains control until the date of disposal, which is the date that the parent Company ceases to have control.
Non-controlling interests represent the equity in subsidiaries that is not attributable, directly or indirectly, to the parent Company. Non-controlling interests can be measured at fair value or at the proportionate share of fair value of the identifiable net assets at the acquisition date. The Group has elected to follow the latter approach.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of income, the consolidated statement of comprehensive income, the consolidated statement of changes in equity, and the consolidated balance sheet, respectively.
The accounting policies of the subsidiaries are in line with those used by the parent Company.
All intra-group transactions, balances, income and expenses are eliminated on consolidation, including unrealized profits. Unrealized losses are eliminated, but only to the extent that there is no evidence of impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f195728": { "value": "
3.2. Basis of Consolidation
The consolidated financial statements incorporate the financial statements of the Company and the entities controlled by the Company (its subsidiaries) at the end of each respective year. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities.
On acquisition, the assets, liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. The consideration transferred to acquire a subsidiary may include cash, other assets and contingent consideration. When there are cases where part of the consideration is deferred, it is recognised and measured at fair value at the acquisition date. When consideration transferred includes a contingent amount, this is measured at fair value on the date of acquisition and subsequently remeasured to fair value at each reporting date with any gain or loss recognised in profit or loss, unless the contingent consideration takes the form of shares where no subsequent remeasurement is required. Any excess of the cost of acquisition over the fair values of the identifiable net assets acquired is recognized as goodwill and is subject to annual impairment test. Any deficiency of the cost of acquisition below the fair values of the identifiable net assets acquired (i.e. discount on acquisition or bargain purchase) is credited to profit and loss in the year of acquisition.
The results of operations of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date that the parent Company obtains control until the date of disposal, which is the date that the parent Company ceases to have control.
Non-controlling interests represent the equity in subsidiaries that is not attributable, directly or indirectly, to the parent Company. Non-controlling interests can be measured at fair value or at the proportionate share of fair value of the identifiable net assets at the acquisition date. The Group has elected to follow the latter approach.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of income, the consolidated statement of comprehensive income, the consolidated statement of changes in equity, and the consolidated balance sheet, respectively.
The accounting policies of the subsidiaries are in line with those used by the parent Company.
All intra-group transactions, balances, income and expenses are eliminated on consolidation, including unrealized profits. Unrealized losses are eliminated, but only to the extent that there is no evidence of impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f196401": { "value": "
3.3. Investments in Associates
An associate is an entity over which the Group is able to exercise significant influence, through participation in the financial and operating policy decisions of the investee. The results, assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting.
The share of profit or loss as well as other changes recorded directly in the net assets of the associates are presented in the line item \u201cShare of profit/(loss) in associates\u201d of the Group, whereas the share of other comprehensive income of the associates is presented in the line item \u201cShare of Other Comprehensive Income of associates accounted for using the equity method\u201d of the Group.
Investments in associates are carried in the Statement of Financial Position at cost as adjusted by post-acquisition changes in the Group\u2019s share of the net assets of the associate, less any impairment in the value of individual investments. Group\u2019s share of losses of the associates in excess of its interest in those associates is not recognized.
Unrealized gains or losses arising on transactions among associates and companies included in the consolidated accounts are eliminated to the extent of the Group\u2019s share in the associates. Unrealized losses may be an indication of impairment of the asset, in which case a relevant provision is accounted for.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f196402": { "value": "
3.3. Investments in Associates
An associate is an entity over which the Group is able to exercise significant influence, through participation in the financial and operating policy decisions of the investee. The results, assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting.
The share of profit or loss as well as other changes recorded directly in the net assets of the associates are presented in the line item \u201cShare of profit/(loss) in associates\u201d of the Group, whereas the share of other comprehensive income of the associates is presented in the line item \u201cShare of Other Comprehensive Income of associates accounted for using the equity method\u201d of the Group.
Investments in associates are carried in the Statement of Financial Position at cost as adjusted by post-acquisition changes in the Group\u2019s share of the net assets of the associate, less any impairment in the value of individual investments. Group\u2019s share of losses of the associates in excess of its interest in those associates is not recognized.
Unrealized gains or losses arising on transactions among associates and companies included in the consolidated accounts are eliminated to the extent of the Group\u2019s share in the associates. Unrealized losses may be an indication of impairment of the asset, in which case a relevant provision is accounted for.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f196823": { "value": "
3.4. Revenue recognition
The Group recognizes revenue mainly from the following sources:
\u2022Sale of Oil and Gas products from the downstream production such as gasoline, diesel, fuel oil, lubricants
\u2022Sale of Electricity and Natural Gas
\u2022Throughput services provided to the Group\u2019s customers via the Fuel Facility located in the Athens International Airport (AIA).
\u2022Fuel storage services
\u2022Royalties in exchange for a license of trademarks
\u2022Construction projects
Revenue is measured based on the consideration to which the Company and the Group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Company and the Group recognizes revenue when it transfers control of a product or service to a customer at an amount that reflects the consideration to which the Company and the Group expects to be entitled in exchange for those goods or services.
The Group is acting as a principal in its revenue transactions in the sense that it controls the goods or services before transferring those to its customers. The same rule applies for the Company as well.
Sale of Oil and Gas products
The Group sells oil and gas products both to the wholesale market and directly to end customers through its own retail network of gas stations.
Recognition
For sales of oil and gas products to the wholesale foreign and domestic market, revenue is recognized at a point of time when control of the products has transferred to the customer, being when the products are delivered at a named place subject to the shipping incoterm rules that are applicable according to the contractual agreement between the counterparties. Following delivery, the buyer has the ability to direct the use of and obtain substantially all of the remaining benefits from the products either by reselling those to end customers or through internal consumption for the production of goods or the provision of services. A trade receivable is recognized by the Company and the Group when the products are delivered to the customer as this represents the point in time at which the right to consideration becomes unconditional, as only the passage of time is required before payment is due.
Subject to the relevant shipping incoterm rules that are applicable at each different case, the freight costs for carriage to the named place of destination might be covered either by the Group or by the buyer. In cases where the Group provides shipping services after the transfer of control of products to the customer, those shipping services are accounted for as a promised service (distinct performance obligation). A portion of the transaction price is therefore allocated to the shipping services based on the stand-alone selling price of those services. The Group transfers control of the shipping services over time, therefore, satisfies that performance obligation and recognizes revenue over time. Whereas, in cases where the Group provides shipping services before the transfer of control to the customer, those shipping services are accounted for as fulfillment activities for the purposes of fulfilling the Group\u2019s promise to transfer the products and not as a promised service to the customer.
For sales of oil and gas products to retail customers, revenue is recognized when control of the products has transferred, being at the point the customer purchases the products at the retail network of gas stations. For the majority of the retail transactions, payment of the transaction price is due immediately at the point the customer purchases the products. The Group has two different customer loyalty schemes for its retail customers, which are analyzed below. The Group operates two Customer Loyalty Programs under the name \u2018Shell Smart Club\u2019 and \u2018AVIN Kerdizo\u2019. Through the aforementioned loyalty schemes, retail customers accumulate points on purchases of oil and gas products and/or services from the retail network of gas stations that entitle them either to get free of charge products listed on specific catalogs or to get a discount on future purchases of oil and gas products. These points provide a material right to customers in the sense that they would not be able to receive those products free of charge or get a discount on future purchases without purchasing oil and gas products and/or services. The promise to provide those products to the customer free of charge or get a discount on future purchases is therefore a separate
performance obligation. The transaction price is allocated between the oil and gas products, the services and the points on a relative stand-alone selling price basis. The stand-alone selling price per point is estimated based on the price of the products to be given free of charge or the amount of discount to be provided on future purchases when the points are redeemed by the customer and the likelihood of redemption, as evidenced by the Group\u2019s historical experience. A contract liability is recognized for revenue relating to the loyalty points at the time of the initial sales transaction. Revenue from the loyalty points is recognized when the points are redeemed by the customer, or when the points are expired.
Measurement
Certain contracts with customers in the wholesale market of oil and gas products provide volume rebates. Additionally, most of the wholesales of oil and gas products in the foreign market are priced based on all the available and published \u2018Platt\u2019s quotations\u2019 during the contractual agreed pricing period which might range between 30 and 90 days from the scheduled time of delivering the products to the customers. In those cases where the published \u2018Platt\u2019s Quotations\u2019 for the whole agreed pricing period is not yet available, a provisional invoice is issued at the date of delivery of the products based on the \u2018Platt\u2019s Quotations\u2019 that are published and available at that point of time. Final sale prices are subject to the changes of the market index price of oil products. When final \u2018Platt\u2019s quotations\u2019 that correspond to the contractual agreed pricing period are published and available, a supplementary final invoice is issued for the purposes of settling out any outstanding balance.
Volume rebates and provisional sale prices subject to the changes of the market index price of oil products give rise to variable consideration. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved.
To estimate the variable consideration for the expected future volume rebates, the Company and the Group applies the most likely amount method for contracts with a single-volume threshold and the expected value method for contracts with more than one volume threshold. The selected method that best predicts the amount of variable consideration is primarily driven by the number of volume thresholds contained in the contract. The Company and the Group then apply the requirements on constraining estimates of variable consideration and recognizes a contract liability for the expected future rebates by adjusting accordingly the amount of revenue.
In general, the period between the Company and the Group transferring a product or service and the customer paying for it is one year or less. In this context, the Company and the Group elected to apply the practical expedient of IFRS 15 par. 63 according to which it is not required to adjust the consideration for the effects of a significant financing component. However, certain contracts that the Group has with some of its dealers contain a significant financing component in the sense that the credit term provided to them is on average 4 to 5 years, whereas the usual credit term that the Group provides to its customers in the domestic markets range from 5 to 30 days. In these cases, the Group recognizes revenue at an amount that reflects the price that a customer would have paid cash for the products when they transfer to the customer (i.e. the cash selling price). The transaction price for such contracts is discounted, using the rate that would be reflected in a separate financing transaction between the Group and its customers at contract inception, to take into consideration the significant financing component. That rate reflects the credit characteristics of the party receiving financing in the contract, as well as any collateral or security provided by the customer.
For the provisional wholesales of oil and gas products where the published \u2018Platt\u2019s Quotations\u2019 for the whole agreed pricing period is not yet available, the Group estimates the transaction price by using the forward commodity pricing curve. Accordingly, revenue is adjusted with the estimated transaction price with a correspondence adjustment either at contract assets or at contract liabilities.
Presentation
Trade receivables
A receivable depicts the Group\u2019s right to consideration that is unconditional. A right to consideration is unconditional if only the passage of time is required before payment of the consideration is due. The Group accounts for its receivables in accordance with IFRS 9 (please refer to Note 3.20.5).
Contract assets
A contract asset depicts the Group\u2019s right to consideration in exchange for products or services that the Group has transferred to its customers, but when the right to payment is still conditional on something other than the passage of time. Whenever, the Group transfers products or services to a customer before invoicing, the Group presents the contract as a contract asset. The Group assesses its contract assets for impairment in accordance with IFRS 9.
Contract liability
A contract liability depicts the Group\u2019s obligation to transfer products or services to its customers for which the Group has received consideration (or an amount of consideration is due) from the customer. Whenever, a customer pays consideration, or the Group has a right to an amount of consideration that is unconditional (i.e. a receivable), before the Group transfers a product or service to the customer, the Group presents the contract as a contract liability when the payment is made or the payment is due (whichever is earlier).
Sale of Electricity and Natural Gas
The Group mainly through the sub-group MORE and its subsidiary \u2018NRG Supply and Trading Single Member Energy S.A.\u2019 is providing electricity and natural gas. Further to that, NRG is engaged in many interconnections of Greece participating in that way in auctions of local and international operators and trading electricity with producers, end-suppliers and other trading houses located overseas.
The Group assessed that the supply of electricity and natural gas are two distinct performance obligations. Given that, the delivery of those products is required over time, the Group concluded that the sale of electricity and natural gas should be treated as two distinct performance obligations satisfied continuously throughout the contract. Revenue for each of the aforementioned two distinct performance obligations is recognized over time, since the customer simultaneously receives and consumes the benefits arising from the supply of electricity or natural gas or both electricity and natural gas as the case may be.
For the renewable energy power plants of subgroup MORE, revenue from the sale of electricity is recognized on the basis of the amount of electricity delivered at market prices for transactions, where all the revenue recognition criteria are met.
For NRG actual metering of the quantity of the products consumed by the customers is made on a standard cyclical sequence, which might be either on a monthly basis or cyclical up to every four months depending on the product and the type of the customer. The Group applies the output measure of progress toward complete satisfaction of each distinct performance obligation and recognizes revenue as progress is made. \u03a4he Group assessed that the output measure of progress, which is based on the quantity of the products delivered, provides a faithful depiction of the Group\u2019s performance towards complete satisfaction of those performance obligations. In particular, the estimation of the quantity of products delivered is based on the utilization of a specific algorithm that consists of the historical consumption data, such as the consumption of the equivalent period of the previous year.
The Group recognizes a contract asset for revenue accrued and not yet invoiced to customers by applying the output measure of progress method described above. A trade receivable is recognized by the Group when the relevant invoice is issued, as this represents the point in time at which the right to consideration becomes unconditional, as only the passage of time is required before payment is due. The normal credit provided by the Group is up to 20 days from the issuance of the relevant invoice.
Certain contracts with customers provide rebates and discounts for prompt payments that give rise to variable consideration. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved.
Construction Projects
The Group mainly through its subsidiary \u2018Thalis Perivallontikes Ypiresies S.A.\u2019 undertakes various construction contracts in Greece which relate to environmental works. Percentage of completion method is used to determine the revenue and expenses that shall be recognized in a specific period. The stage of completion is measured based on the expenses incurred up to the reporting date, compared to the total estimated expenses for each contract. Expenses related to these contracts are recognized when incurred. If the outcome of a construction contract cannot be reliably estimated, only the expenses incurred and expected to be collected are recognized as revenue.
Throughput Services
The Group provide to its customers (through-putters) throughput services, which include the receipt, temporary storage of fuel for the sole purpose to be distributed to the Into-Plane Agents at the Airport (AIA) through the hydrant pits including, and up to, the double block and bleed valve at the fuel loading facility. Into-Plane Agents are those entities that have entered into Into-Plane Fueling Agreements with the Athens International Airport S.A. For the provision of the above-mentioned services, the Group collects a \u2018Throughput Fee\u2019 and an \u2018Airport Fee\u2019 from its customers. The \u2018Throughput Fee\u2019 is calculated as a charge per liter of aviation fuel delivered via the facility while the \u2018Airport Fee\u2019 comprises from two components the \u2018Rental Fee\u2019 and the \u2018Variable Fee\u2019. The amount of the \u2018Variable fee\u2019 is directly affected by the quantity of aviation fuels delivered via the facility.
The individual services described above (i.e.: receipt, temporary storage and fuel distribution) are not distinct since the Group\u2019s customers cannot benefit from each individual service on its own and additionally no other relevant resources are available to its customers in order to be able by using them to distribute the aviation fuels to the Into-Plane Agents at the Airport (AIA). The aforementioned services promised to the Group\u2019s customers are not separately identifiable since they are interdependent and highly interrelated in the sense that the Group cannot fulfil its promise by transferring each of those services independently. In this context, all the services promised in the contracts with the Group\u2019s customers are accounted for as a single performance obligation.
Revenue from throughput services is recognized over time since the Group\u2019s customers simultaneously receive and consume the benefits provided by the Group\u2019s performance as the Group performs.
Fuel storage services
The Group through its own fuel storage facilities provide to its customers storages services, which include the receipt, storage and distribution of fuels in accordance with the customers\u2019 needs and directions. For the provision of the above-mentioned services, the Group collects a fee from its customers that is calculated as a charge per cubic meter of fuels received and stored in the facility.
The individual services described above (i.e.: receipt, storage and fuel distribution) are not distinct and as such all the services promised in the contracts with the Group\u2019s customers are accounted for as a single performance obligation. Revenue from fuel storage services is recognized over time since the Group\u2019s customers simultaneously receive and consume the benefits provided by the Group\u2019s performance as the Group performs.
Royalties in exchange for a license of trademarks
The Group enters into contracts with customers and promises to:
\u2022grant a license that provides its customers the right to use the Group\u2019s trade names,
\u2022provide the right to its customers to control the use of a gas station and
\u2022sell the Group\u2019s products for a predetermined period of time.
The Group assessed that the promises (a) to grant a license, (b) to provide the right to use the gas station and (c) the sale of products are three distinct components. The recognition and measurement criteria for the sale of the Group\u2019s products are in detail analyzed above under the section \u201cSale of Oil and Gas products\u201d. The right to control the use of the gas station constitutes a lease-component and as such is accounted for according to the provisions of IFRS 16 (please refer to Note 3.26 \u2013 The group as a lessor).
In exchange for granting the above-mentioned license for using the Group\u2019s trade names, the Group receives as royalty a monthly fixed fee. The consideration relating to the license is not in the form of a sale or usage-based royalty. The transaction price is allocated between the trademark license, the right to use the gas station and the products on a relative stand-alone selling price basis.
The Group concluded that the nature of its promise is to provide a right to access the Group\u2019s intellectual property. The trade names have limited standalone functionality. Substantially all of the utility inherent in the trade names granted under the license stems from the Group\u2019s past and ongoing activities of establishing, building, and maintaining its trademarks. Consequently, the license provides the customer with a right to access the Group\u2019s intellectual property and the Group\u2019s performance obligation to transfer the license is satisfied over time.
The Group recognizes revenue over time on a straight-line basis because this reasonably depicts the Group\u2019s progress towards complete satisfaction of the trademark license performance obligation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f197741": { "value": "The Group has two different customer loyalty schemes for its retail customers, which are analyzed below. The Group operates two Customer Loyalty Programs under the name \u2018Shell Smart Club\u2019 and \u2018AVIN Kerdizo\u2019. Through the aforementioned loyalty schemes, retail customers accumulate points on purchases of oil and gas products and/or services from the retail network of gas stations that entitle them either to get free of charge products listed on specific catalogs or to get a discount on future purchases of oil and gas products. These points provide a material right to customers in the sense that they would not be able to receive those products free of charge or get a discount on future purchases without purchasing oil and gas products and/or services. The promise to provide those products to the customer free of charge or get a discount on future purchases is therefore a separate performance obligation. The transaction price is allocated between the oil and gas products, the services and the points on a relative stand-alone selling price basis. The stand-alone selling price per point is estimated based on the price of the products to be given free of charge or the amount of discount to be provided on future purchases when the points are redeemed by the customer and the likelihood of redemption, as evidenced by the Group\u2019s historical experience. A contract liability is recognized for revenue relating to the loyalty points at the time of the initial sales transaction. Revenue from the loyalty points is recognized when the points are redeemed by the customer, or when the points are expired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact0": { "value": "
Measurement
Certain contracts with customers in the wholesale market of oil and gas products provide volume rebates. Additionally, most of the wholesales of oil and gas products in the foreign market are priced based on all the available and published \u2018Platt\u2019s quotations\u2019 during the contractual agreed pricing period which might range between 30 and 90 days from the scheduled time of delivering the products to the customers. In those cases where the published \u2018Platt\u2019s Quotations\u2019 for the whole agreed pricing period is not yet available, a provisional invoice is issued at the date of delivery of the products based on the \u2018Platt\u2019s Quotations\u2019 that are published and available at that point of time. Final sale prices are subject to the changes of the market index price of oil products. When final \u2018Platt\u2019s quotations\u2019 that correspond to the contractual agreed pricing period are published and available, a supplementary final invoice is issued for the purposes of settling out any outstanding balance.
Volume rebates and provisional sale prices subject to the changes of the market index price of oil products give rise to variable consideration. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved.
To estimate the variable consideration for the expected future volume rebates, the Company and the Group applies the most likely amount method for contracts with a single-volume threshold and the expected value method for contracts with more than one volume threshold. The selected method that best predicts the amount of variable consideration is primarily driven by the number of volume thresholds contained in the contract. The Company and the Group then apply the requirements on constraining estimates of variable consideration and recognizes a contract liability for the expected future rebates by adjusting accordingly the amount of revenue.
Certain contracts with customers provide rebates and discounts for prompt payments that give rise to variable consideration. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact4": { "value": "
Trade receivables
A receivable depicts the Group\u2019s right to consideration that is unconditional. A right to consideration is unconditional if only the passage of time is required before payment of the consideration is due. The Group accounts for its receivables in accordance with IFRS 9 (please refer to Note 3.20.5).
The Group and the Company apply the IFRS 9 simplified model, based on which recognition and classification of the financial asset \u201cTrade and Other Receivables\u201d is performed either at Stage 2 or at Stage 3, according to the days past due, and measures loss allowance at an amount equal to lifetime ECL.
To measure the ECL, Trade and Other Receivables have been grouped based on their credit risk characteristics and their ageing (days past due) at the reporting date. This measurement is based on specific credit risk metrics (i.e. Probability of Default, Loss Given Default), which are calculated based on historical data, existing market conditions as well as forward looking estimates at the end of each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f201870": { "value": "
3.5. Foreign Currencies
Transactions and balances
In preparing the financial statements of the individual entities, transactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recorded at the rates of exchange prevailing on the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date.
Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction.
At each Statement of Financial Position date, monetary items denominated in foreign currencies are retranslated at the closing rate.
Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are included in profit or loss for the year.
When a non-monetary item is revalued (and for every revaluation thereon), the arising exchange differences will be taken where the gain/loss on revaluation is taken.
Group companies
On consolidation, the assets and liabilities of the Group entities, which have foreign currencies, are translated at the closing rate, while the income and expenses are translated at the average rate over the reporting period. Any goodwill and fair value adjustments arising on acquisition, are treated as assets and liabilities and translated at the closing rate.
The exchange differences resulting from the translation are recognized in Other Comprehensive Income and accumulated in the translation reserve in equity. On disposal, the accumulated translation differences are reclassified to profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f202327": { "value": "
3.6. Borrowing Costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.
All other borrowing costs are recognized in profit or loss in the year in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f202477": { "value": "
3.7. Government Grants
Government grants are not recognised until there is reasonable assurance that the entity will comply with the existing conditions and that the grants will be received.
When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. Grants related to emissions allowances are recognized in profit or loss in \u201cOther Income\u201d.
When the grant relates to an asset, the Group has elected to present it in the statement of financial position as deferred income, which is recognised in profit or loss in \u201cOther Income\u201d on a systematic and rational basis over the useful life of the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f202678": { "value": "
3.8. Retirement Benefit Costs
Defined contribution plans
Payments to defined contribution retirement plans are charged as an expense as they fall due. Payments made to state-managed retirement benefit schemes are dealt with as payments to defined contribution plans where the Group\u2019s obligations under the plans are equivalent to those arising in a defined contribution retirement benefit plan.
Defined benefit plans
For defined benefit retirement plans, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at each year end. Remeasurements, including actuarial gains and losses, are recognized in Other Comprehensive Income in the year in which they are incurred and are not reclassified to profit or loss in subsequent periods.
Past service cost is recognized immediately in the profit or loss to the extent that the benefits are already vested, and otherwise is amortized on a straight-line basis over the average period until the benefits become vested.
The retirement benefit obligation recognized in the Statement of Financial Position represents the present value of the defined benefit obligation as reduced by the fair value of plan assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f202948": { "value": "
3.9. Share-Based Payments
Group\u2019s employees (including senior management executives) receive or may receive remuneration in the form of Share-Based Payments. These employees render their services as consideration for equity instruments (\u201cequity settled transactions\u201d). The cost of \u201cequity settled transactions\u201d is measured by reference to the fair value at the date on which they are granted. The fair value is determined at the grant date and is allocated over the period in which the conditions are fulfilled. The cost of equity settled transactions is recognized, together with a corresponding increase to equity over the vesting period. \u03a4he Group revises its estimates about the number of options that are expected to vest in regular intervals (at each reporting period\u2019s publication). When the terms of such an \u201cequity settled transaction\u201d are modified, the minimum expense recognized is the expense as if terms had not been modified, given the fact that the original terms of the program are met. An additional expense, measured at the date of modification, is recognized for any modification occurs that increases the total fair value of the share-based payment or is by any means beneficial to the employee.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f203306": { "value": "
3.10. Taxation
The tax expense represents the sum of the current tax expense and deferred tax expense, plus any additional tax from the prior years\u2019 tax audit. It is recognized in profit or loss except to the extent that it relates to a business combination or items recognized in other comprehensive income or directly in equity.
Current Tax
The current tax expense is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Statement of Profit or Loss and Other Comprehensive Income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s current tax expense is calculated using tax rates that have been enacted or will be enacted by the Statement of Financial Position date.
The Group is also required to comply with OECD Pillar II rules which set a minimum tax rate of 15% on profits arising in each jurisdiction and further information is available in Note 11.
Deferred Tax
Deferred tax is recognized on differences, between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the Statement of Financial Position liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries and joint operations, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each Statement of Financial Position date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the year when the liability is settled or the asset is realized.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.
The Group has applied the temporary exemption from deferred tax accounting for the impact of the top-up tax (Pillar II rules) in accordance with IAS 12 amendments issued in May 2023.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f203598": { "value": "
Deferred Tax
Deferred tax is recognized on differences, between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the Statement of Financial Position liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries and joint operations, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each Statement of Financial Position date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the year when the liability is settled or the asset is realized.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.
The Group has applied the temporary exemption from deferred tax accounting for the impact of the top-up tax (Pillar II rules) in accordance with IAS 12 amendments issued in May 2023.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f204261": { "value": "
3.11. Goodwill
Goodwill arising on the acquisition of a subsidiary represents the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the subsidiary or jointly
controlled entity recognized at the date of acquisition. Goodwill is initially recognized as an asset at cost and is subsequently measured at cost less any accumulated impairment losses.
On an annual basis, all individual goodwill accounts are subject to impairment testing measuring the recoverable amount in accordance with IAS 36. Recoverable amount is the higher of the fair value less cost to sell and the value in use of the cash generating unit.
To measure the recoverable amount of each cash-generating unit, the higher of the value-in-use and fair value models is used. Fair value is measured using the market approach, while the value-in-use model adopts the income approach. In the income approach, the estimated free cash flows derived from the approved business plans of the units, for a period of five years unless they can be predicted for a longer period with accuracy, are discounted using the estimated weighted average cost of capital. Free cash flows, with a duration exceeding the period of the detailed business plan of each cash-generating unit, are discounted using a fixed long-term borrowing rate.
The basic assumptions used to calculate the value in use are that market growth rates will correspond to the public available information, all cash-generating units will maintain their current market shares, gross margins will remain at current levels and their general expenses will increase in line with expected levels of inflation. The above provisions also presuppose that each cash-generating unit will proceed to all necessary expenditures in order for the levels of operation to remain at their current state. For the purposes of sensitivity analysis, growth rates as well as the discount factors are adjusted within realistic levels.
For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment at each Statement of Financial Position date, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized for goodwill is not reversed in a subsequent period.
On disposal of a subsidiary or a jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.
3.12. Internally-generated Intangible Assets-Research and Development Expenditure
Expenditure on research activities is recognized as an expense in the year in which it is incurred.
An internally-generated intangible asset arising from the Group\u2019s development is recognized only if all of the following conditions are met:
\u2022an asset is created that can be identified (such as software and new processes);
\u2022it is probable that the asset created will generate future economic benefits; and
\u2022the development cost of the asset can be measured reliably.
Where no internally-generated intangible asset can be recognized, development expenditure is recognized as an expense in the year in which it is incurred.
Subsequent to initial recognition, internally-generated intangible assets are amortized on a straight-line basis over their useful lives. They are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets acquired separately.
3.13. Other intangible assets
Other intangible assets include the Group\u2019s software and rights, which concern mainly the exploitation rights of the subsidiaries \u201cAVIN OIL SINGLE MEMBER S.A.\u201d, \u201cCORAL S.A.\u201d and \u201cCORAL GAS A.E.B.E.Y.\u201d, the service concession rights for the subsidiary \u201cOFC AVIATION FUEL SERVICES S.A.\u201d, and the clientele, sales commissions and brand name of the subsidiary \u201cNRG SUPPLY AND TRADING SINGLE MEMBER S.A.\u201d. They also include licenses and clientele of the Group subsidiaries which are operating in the renewable energy sector of sub-group MORE and the clientele of subsidiaries \u201cVERD S.A.\u201d and \u201cTHALIS ENVIROMENTAL SERVICES SINGLE MEMBER S.A.\u201d.
Software, licenses of wind parks, clientele and brand name and service concession arrangements are initially recognized at acquisition cost and then amortized through their expected useful lives using the straight-line method.
The useful life of these assets is noted bellow:

Intangible assets

Useful Life (Years)

Software

3-14

Rights - Licenses

3-27

Service Concession Arrangements

10-27

Clientele and Brand Names

10-27

Intangible assets arising from the acquisition of a subsidiary are measured at their fair value at the acquisition date and subsequently recognized at cost less accumulated depreciation and any impairment losses.
The estimated useful lives of intangible assets, residual values if any and depreciation method are reviewed on a frequent basis, with the effect of any changes in estimate to be accounted for on a prospective basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f204262": { "value": "
3.11. Goodwill
Goodwill arising on the acquisition of a subsidiary represents the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the subsidiary or jointly
controlled entity recognized at the date of acquisition. Goodwill is initially recognized as an asset at cost and is subsequently measured at cost less any accumulated impairment losses.
On an annual basis, all individual goodwill accounts are subject to impairment testing measuring the recoverable amount in accordance with IAS 36. Recoverable amount is the higher of the fair value less cost to sell and the value in use of the cash generating unit.
To measure the recoverable amount of each cash-generating unit, the higher of the value-in-use and fair value models is used. Fair value is measured using the market approach, while the value-in-use model adopts the income approach. In the income approach, the estimated free cash flows derived from the approved business plans of the units, for a period of five years unless they can be predicted for a longer period with accuracy, are discounted using the estimated weighted average cost of capital. Free cash flows, with a duration exceeding the period of the detailed business plan of each cash-generating unit, are discounted using a fixed long-term borrowing rate.
The basic assumptions used to calculate the value in use are that market growth rates will correspond to the public available information, all cash-generating units will maintain their current market shares, gross margins will remain at current levels and their general expenses will increase in line with expected levels of inflation. The above provisions also presuppose that each cash-generating unit will proceed to all necessary expenditures in order for the levels of operation to remain at their current state. For the purposes of sensitivity analysis, growth rates as well as the discount factors are adjusted within realistic levels.
For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment at each Statement of Financial Position date, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized for goodwill is not reversed in a subsequent period.
On disposal of a subsidiary or a jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f204263": { "value": "
3.11. Goodwill
Goodwill arising on the acquisition of a subsidiary represents the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the subsidiary or jointly
controlled entity recognized at the date of acquisition. Goodwill is initially recognized as an asset at cost and is subsequently measured at cost less any accumulated impairment losses.
On an annual basis, all individual goodwill accounts are subject to impairment testing measuring the recoverable amount in accordance with IAS 36. Recoverable amount is the higher of the fair value less cost to sell and the value in use of the cash generating unit.
To measure the recoverable amount of each cash-generating unit, the higher of the value-in-use and fair value models is used. Fair value is measured using the market approach, while the value-in-use model adopts the income approach. In the income approach, the estimated free cash flows derived from the approved business plans of the units, for a period of five years unless they can be predicted for a longer period with accuracy, are discounted using the estimated weighted average cost of capital. Free cash flows, with a duration exceeding the period of the detailed business plan of each cash-generating unit, are discounted using a fixed long-term borrowing rate.
The basic assumptions used to calculate the value in use are that market growth rates will correspond to the public available information, all cash-generating units will maintain their current market shares, gross margins will remain at current levels and their general expenses will increase in line with expected levels of inflation. The above provisions also presuppose that each cash-generating unit will proceed to all necessary expenditures in order for the levels of operation to remain at their current state. For the purposes of sensitivity analysis, growth rates as well as the discount factors are adjusted within realistic levels.
For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment at each Statement of Financial Position date, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized for goodwill is not reversed in a subsequent period.
On disposal of a subsidiary or a jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f205111": { "value": "
3.12. Internally-generated Intangible Assets-Research and Development Expenditure
Expenditure on research activities is recognized as an expense in the year in which it is incurred.
An internally-generated intangible asset arising from the Group\u2019s development is recognized only if all of the following conditions are met:
\u2022an asset is created that can be identified (such as software and new processes);
\u2022it is probable that the asset created will generate future economic benefits; and
\u2022the development cost of the asset can be measured reliably.
Where no internally-generated intangible asset can be recognized, development expenditure is recognized as an expense in the year in which it is incurred.
Subsequent to initial recognition, internally-generated intangible assets are amortized on a straight-line basis over their useful lives. They are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets acquired separately.
3.13. Other intangible assets
Other intangible assets include the Group\u2019s software and rights, which concern mainly the exploitation rights of the subsidiaries \u201cAVIN OIL SINGLE MEMBER S.A.\u201d, \u201cCORAL S.A.\u201d and \u201cCORAL GAS A.E.B.E.Y.\u201d, the service concession rights for the subsidiary \u201cOFC AVIATION FUEL SERVICES S.A.\u201d, and the clientele, sales commissions and brand name of the subsidiary \u201cNRG SUPPLY AND TRADING SINGLE MEMBER S.A.\u201d. They also include licenses and clientele of the Group subsidiaries which are operating in the renewable energy sector of sub-group MORE and the clientele of subsidiaries \u201cVERD S.A.\u201d and \u201cTHALIS ENVIROMENTAL SERVICES SINGLE MEMBER S.A.\u201d.
Software, licenses of wind parks, clientele and brand name and service concession arrangements are initially recognized at acquisition cost and then amortized through their expected useful lives using the straight-line method.
The useful life of these assets is noted bellow:

Intangible assets

Useful Life (Years)

Software

3-14

Rights - Licenses

3-27

Service Concession Arrangements

10-27

Clientele and Brand Names

10-27

Intangible assets arising from the acquisition of a subsidiary are measured at their fair value at the acquisition date and subsequently recognized at cost less accumulated depreciation and any impairment losses.
The estimated useful lives of intangible assets, residual values if any and depreciation method are reviewed on a frequent basis, with the effect of any changes in estimate to be accounted for on a prospective basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f205112": { "value": "
3.12. Internally-generated Intangible Assets-Research and Development Expenditure
Expenditure on research activities is recognized as an expense in the year in which it is incurred.
An internally-generated intangible asset arising from the Group\u2019s development is recognized only if all of the following conditions are met:
\u2022an asset is created that can be identified (such as software and new processes);
\u2022it is probable that the asset created will generate future economic benefits; and
\u2022the development cost of the asset can be measured reliably.
Where no internally-generated intangible asset can be recognized, development expenditure is recognized as an expense in the year in which it is incurred.
Subsequent to initial recognition, internally-generated intangible assets are amortized on a straight-line basis over their useful lives. They are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets acquired separately.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f205113": { "value": "
3.12. Internally-generated Intangible Assets-Research and Development Expenditure
Expenditure on research activities is recognized as an expense in the year in which it is incurred.
An internally-generated intangible asset arising from the Group\u2019s development is recognized only if all of the following conditions are met:
\u2022an asset is created that can be identified (such as software and new processes);
\u2022it is probable that the asset created will generate future economic benefits; and
\u2022the development cost of the asset can be measured reliably.
Where no internally-generated intangible asset can be recognized, development expenditure is recognized as an expense in the year in which it is incurred.
Subsequent to initial recognition, internally-generated intangible assets are amortized on a straight-line basis over their useful lives. They are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets acquired separately.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact5": { "value": "Software, licenses of wind parks, clientele and brand name and service concession arrangements are initially recognized at acquisition cost and then amortized through their expected useful lives using the straight-line method.
The useful life of these assets is noted bellow:

Intangible assets

Useful Life (Years)

Software

3-14

Rights - Licenses

3-27

Service Concession Arrangements

10-27

Clientele and Brand Names

10-27

Intangible assets arising from the acquisition of a subsidiary are measured at their fair value at the acquisition date and subsequently recognized at cost less accumulated depreciation and any impairment losses.
The estimated useful lives of intangible assets, residual values if any and depreciation method are reviewed on a frequent basis, with the effect of any changes in estimate to be accounted for on a prospective basis.
Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use.
Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction, over their estimated useful lives, using the straight-line method, on the following bases:

Fixed Assets Category

Useful Life (Years)

Land

Indefinite

Buildings\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

10-50

Plant and Machinery

2.6-35

Transportation equipment\u00a0\u00a0\u00a0\u00a0\u00a0

5-20

Fixtures and equipment

2.6-33

Fixed assets of acquisition cost less than \u20ac 1,500 are fully depreciated in the year of their acquisition.
The estimated useful lives, residual values and depreciation method are reviewed on a frequent basis, with the effect of any changes in estimate to be accounted for on a prospective basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f205637": { "value": "
3.14. Property, Plant and Equipment
Land and buildings held for use in the production or supply of goods or services, or for administrative purposes, are stated in the Statement of Financial Position at cost less any subsequent accumulated depreciation and accumulated impairment losses.
Assets under construction for production, rental or administrative purposes, or for purposes not yet determined, are carried at cost, less any recognized impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalized in accordance with the Group\u2019s accounting policy. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use.
Fixtures and equipment are stated at cost less accumulated depreciation and any recognized impairment loss.
Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction, over their estimated useful lives, using the straight-line method, on the following bases:

Fixed Assets Category

Useful Life (Years)

Land

Indefinite

Buildings\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

10-50

Plant and Machinery

2.6-35

Transportation equipment\u00a0\u00a0\u00a0\u00a0\u00a0

5-20

Fixtures and equipment

2.6-33

Fixed assets of acquisition cost less than \u20ac 1,500 are fully depreciated in the year of their acquisition.
The estimated useful lives, residual values and depreciation method are reviewed on a frequent basis, with the effect of any changes in estimate to be accounted for on a prospective basis.
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f205712": { "value": "
Assets under construction for production, rental or administrative purposes, or for purposes not yet determined, are carried at cost, less any recognized impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalized in accordance with the Group\u2019s accounting policy. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f205984": { "value": "
3.15. Emission Rights
Emission rights are accounted under the net liability method, based on which the Group recognizes a liability for emissions when the emissions are made and are in excess of the allowances allocated. The Group has chosen to recognize emission rights, which are either used in the production process or held for commercial purposes, as regular inventory in accordance with IAS 2.
Subsequent to the initial recognition, emission rights are measured at the lower of cost and net realizable value, in accordance with IAS 2. Allocated rights are recognized and measured at cost (zero). Additionally, unused emission rights that have expired, are recognised immediately as an expense in the Statement of Profit or Loss and Other Comprehensive Income.
Emission rights used are recognized as expenses within \u201cCost of Sales\u201d during the year, in compliance with IAS 2. The Group may also sell its emission rights on the European Union Emissions Trading System (EU ETS), which is the active market. In this case, the resulting profit or loss of emission rights is recognized in the Statement of Profit or Loss and Other Comprehensive Income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f206335": { "value": "
3.16. Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
The Company is a member of \u0399OPC Fund (International Oil Pollution Compensation Fund) an international organization for the protection of the environment from oil pollution. The Company is obliged to pay contributions to this organization in case of a relevant accident. These liabilities are accounted for according to IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d while any refund is accounted for upon receipt.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1": { "value": "
3.16. Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
The Company is a member of \u0399OPC Fund (International Oil Pollution Compensation Fund) an international organization for the protection of the environment from oil pollution. The Company is obliged to pay contributions to this organization in case of a relevant accident. These liabilities are accounted for according to IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d while any refund is accounted for upon receipt.
Also, the Group recognizes provisions for equipment decommissioning and site restoration costs related to wind farms.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f206464": { "value": "
3.17. Impairment of non-financial assets
At any reporting date, the Group examines the book value of tangible, intangible and other non-financial assets to determine any impairment of these assets. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized as income immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2": { "value": "
3.17. Impairment of non-financial assets
At any reporting date, the Group examines the book value of tangible, intangible and other non-financial assets to determine any impairment of these assets. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized as income immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
3.20.5 Measurement of Impairment of Financial Assets
The Group measures the loss allowance on its trade receivables as the estimate of the present value of all cash shortfalls over the life of its trade receivables. A cash shortfall is defined as the difference between the cash flows that are due based on contractual terms and the cash flows that are expected to be received.
The Group have adopted the simplified approach with respect to estimating the Expected Credit Losses (ECL) for its trade receivables. Therefore, the Group as at each reporting date, measures the loss allowance for its trade receivables at an amount equal to their lifetime expected credit losses. Accordingly, all trade receivables of the Group are classified into the following two stages:
Stage 2: Measurement of ECL over the lifetime \u2013 not credit impaired. Financial assets that are not credit impaired, are classified at Stage 2 and measured at lifetime expected credit loss, which is defined as the expected credit loss that results from all possible default events over its expected life.
Stage 3: Measurement of ECL over the lifetime \u2013 credit impaired. If a financial asset is defined as credit impaired, it is transferred to Stage 3 and measured at lifetime expected credit loss. Objective evidence for a credit-impaired financial asset includes ageing more than 90 days past due and other information about significant financial difficulties of the borrower.
The following are the main inputs in the process of applying the Group\u2019s accounting policies with respect to the estimations of ECL of the Group:
Exposure At Default (\u201cEAD\u201d): represents the amount of exposure at the reporting date.
Probability of Default (\u201cPD\u201d): Probability of default is an estimate of the likelihood of default over a given time horizon. The Group calculates probabilities of default utilizing historical data, assumptions and expectations about the future.
Loss given default (\u201cLGD\u201d) represents the estimation of loss that will be incurred at the default date. LGD is calculated as the difference arising between the contractual cash flows of the instrument that are due and the future expected cash flows of the instrument that are expected to be received. The determination of LGD considers also the effect from the recoveries on expected cash flows arising from collaterals held by the Group.
The Group possess collaterals as a mean of mitigating credit risk associated with its trade receivables. The main types of collateral held are:
\u2022Cash
\u2022Commercial and Residential real estate
\u2022Letters of guarantees
\u2022Debt Securities
\u2022Letters of Credit
\u2022Cheques
Central to the measurement of ECL is the definition of default. The Group considers as an event of default when the debtor is either past due more than 90 days or it is unlikely to pay its obligations to the Group due to financial difficulties.
The Group measures ECL on a collective basis for portfolios of trade receivables with similar economic credit characteristics. In particular, the Group estimates the ECL by grouping together receivables based on common risk characteristics and past due days.
In addition, the Group assesses the expected credit losses associated with the financial assets of the Group, considering forward looking information. Forward looking information is incorporated in the ECL model through the consideration of various internal and external sources of actual and forecast economic information.
The Group recognizes the related loss provision at each reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f206982": { "value": "
3.18. Inventories
Inventories are stated at the lower of cost and net realizable value. Cost comprises of direct materials and where applicable, direct labor costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Cost is calculated using the monthly weighted average.
The Group identifies slow moving inventories when there are items which have not been used in the production process or sold within a substantial period of time. There is an annual review for the existence of such items at each year end in order to determine whether an impairment shall be recognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f207143": { "value": "3.19. Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits with original maturity of 3 months or less.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f207144": { "value": "3.19. Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits with original maturity of 3 months or less.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f207151": { "value": "
3.20 Financial Instruments
3.20.1 Initial Recognition
Financial assets and financial liabilities are recognized on the Group\u2019s Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument.
3.20.2 Initial Measurement
The Group measures financial assets and liabilities on their initial recognition at their fair value plus/minus transaction cost that it is directly attributable to the acquisition of the financial asset or issue of the financial liability, respectively (other than financial assets and liabilities at FVTPL).
The Group recognizes initially trade receivables without a significant financing component at their transaction price.
3.20.3 Classification and Measurement of financial assets
3.20.3.1 Trade Receivables and Debt instruments
All financial assets that fall within the scope of IFRS 9 are subsequently to their initial recognition measured at amortized cost or fair value. The basis of their measurement depends both on the Group\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. The Group\u2019s assessment of the business model is determined at a higher level of aggregation that reflects how groups of financial assets are managed together to meet the Group\u2019s business objective, rather than on an instrument-by-instrument basis. Financial assets that give rise to cash flows, consisting only of payments of principal and interest, are classified by considering the business model for holding these instruments. Financial assets that are held in a business model with the objective to hold them until maturity and collect the contractual cash flows, are measured at amortized cost. If the business model comprises the intention to hold the financial assets to collect the contractual cash flows but expects to sell these financial assets when this is necessary (e.g. to fulfill a specific need for liquidity), then these instruments are measured at FVTOCI. Financial assets held within a business model other the above are measured at FVTPL.
The Group has one business model for managing its financial assets that reflects how the Group manages those in order to generate cash flows. In particular, the financial assets of the Group are held within a business model whose objective is to hold assets in order to collect contractual cash flows. Following the objective of the aforementioned business model the financial assets of the Group are managed in order to realize cash flows by collecting the corresponding payments over the life of the financial asset.
The Group in making its assessment of whether cash flows are going to be realized by collecting the corresponding payments over the life of the financial asset considers the frequency, value and time of sales in prior periods, the reason of those sales and the group\u2019s expectations about future sales activity. This assessment is not performed in isolation rather than the Group considers the above information as evidence related to the Group\u2019s stated objective for managing the financial asset, particularly how cash flows are realized.
Apart from the above, the Group also considers all relevant information in performing the business model assessment, excluding scenarios that the Group does not reasonably expect to occur, such as so-called \u2018worst case\u2019 or \u2018stress case\u2019 scenarios. In performing this exercise the Group exercises judgement considering all available and relevant information such as but not limited to, how the performance of the assets is measured, monitored and reported to the Group\u2019s key management personnel, how the risks underpinning the performance of the assets are managed and how the managers of the assets are compensated.
At the initial recognition of a financial asset, the Group determines whether it is part of the business model or it reflects the commencement of a new business model. The group reassess its business model each reporting period to determine whether the business model has changed from the previous reporting period. For the reporting periods of the current financial year, the Group has not identified a change in its business model.
3.20.3.2 Equity Instruments
Financial instruments that meets the definition of equity instruments as provided by IAS 32 are subsequently measured to their initial recognition at FVTPL. The Group may apply an irrevocable election to present changes in the fair value of an equity investment in OCI, provided that the equity instrument is not held for trading and it is not a contingent consideration recognized by the Group in a business combination in which IFRS 3.
The Group applies the above irrevocably election on an asset by asset basis.
3.20.3.3 Reclassifications
If the business model under which the Group holds financial assets changes because of external or internal change that are determined to be significant to the Group\u2019s operations and demonstrable to external parties. Following business model change, all the affected financial assets are reclassified. Reclassifications are expected to be very infrequent. Investments in equity instruments that the Group has made the irrevocable election of designation at FVTOCI and any financial assets that has designated at FVTPL at their initial recognition cannot reclassified since
their designation at the time of their initial recognition is irrevocable. During the current financial year, no reclassifications took place since there was not change in the business model within which the Group holds the financial assets.
3.20.4 Classification and Measurement of financial liabilities
Financial liabilities are classified as either financial liabilities at FVTPL or at amortized cost. The Group currently has not classified any of its financial liabilities at FVTPL.
The Group measures financial liabilities, such as, bond loans, Interest-bearing bank loans and overdrafts at amortized cost. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accrual basis to the profit and loss account using effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the year in which they arise.
3.20.5 Measurement of Impairment of Financial Assets
The Group measures the loss allowance on its trade receivables as the estimate of the present value of all cash shortfalls over the life of its trade receivables. A cash shortfall is defined as the difference between the cash flows that are due based on contractual terms and the cash flows that are expected to be received.
The Group have adopted the simplified approach with respect to estimating the Expected Credit Losses (ECL) for its trade receivables. Therefore, the Group as at each reporting date, measures the loss allowance for its trade receivables at an amount equal to their lifetime expected credit losses. Accordingly, all trade receivables of the Group are classified into the following two stages:
Stage 2: Measurement of ECL over the lifetime \u2013 not credit impaired. Financial assets that are not credit impaired, are classified at Stage 2 and measured at lifetime expected credit loss, which is defined as the expected credit loss that results from all possible default events over its expected life.
Stage 3: Measurement of ECL over the lifetime \u2013 credit impaired. If a financial asset is defined as credit impaired, it is transferred to Stage 3 and measured at lifetime expected credit loss. Objective evidence for a credit-impaired financial asset includes ageing more than 90 days past due and other information about significant financial difficulties of the borrower.
The following are the main inputs in the process of applying the Group\u2019s accounting policies with respect to the estimations of ECL of the Group:
Exposure At Default (\u201cEAD\u201d): represents the amount of exposure at the reporting date.
Probability of Default (\u201cPD\u201d): Probability of default is an estimate of the likelihood of default over a given time horizon. The Group calculates probabilities of default utilizing historical data, assumptions and expectations about the future.
Loss given default (\u201cLGD\u201d) represents the estimation of loss that will be incurred at the default date. LGD is calculated as the difference arising between the contractual cash flows of the instrument that are due and the future expected cash flows of the instrument that are expected to be received. The determination of LGD considers also the effect from the recoveries on expected cash flows arising from collaterals held by the Group.
The Group possess collaterals as a mean of mitigating credit risk associated with its trade receivables. The main types of collateral held are:
\u2022Cash
\u2022Commercial and Residential real estate
\u2022Letters of guarantees
\u2022Debt Securities
\u2022Letters of Credit
\u2022Cheques
Central to the measurement of ECL is the definition of default. The Group considers as an event of default when the debtor is either past due more than 90 days or it is unlikely to pay its obligations to the Group due to financial difficulties.
The Group measures ECL on a collective basis for portfolios of trade receivables with similar economic credit characteristics. In particular, the Group estimates the ECL by grouping together receivables based on common risk characteristics and past due days.
In addition, the Group assesses the expected credit losses associated with the financial assets of the Group, considering forward looking information. Forward looking information is incorporated in the ECL model through the consideration of various internal and external sources of actual and forecast economic information.
The Group recognizes the related loss provision at each reporting date.
3.20.6 Derivative financial instruments
The Group enters into derivative financial instruments contracts, such as swaps, options and futures/forwards, to manage market risks arising from its exposure to interest rates, commodity and foreign exchange prices. Those positions are monitored and managed on daily basis.
Derivatives are recognized initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognized as a financial asset whereas a derivative with a negative fair value is recognized as a financial liability. The resulting gain or loss is recognized in profit or loss immediately, unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. Derivatives that do not qualify for hedge accounting are classified as derivatives at fair value through profit or loss and are recognized immediately in the income statement in financial income and costs.
Derivatives are not offset in the financial statements, unless the Group has both a legally enforceable right and intention to offset. When the remaining maturity of the instrument is less than 12 months, the derivative is presented either as current asset or current liability under the account \u201cDerivative Financial Instruments\u201d. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not due to be realized or settled within 12 months.
The Group also enters into power purchase agreements. These contracts involve two parties, an electricity producer (sources may include wind, sun and water) and a customer/buyer (commonly referred as offtaker), where the buyer agrees to purchase the produced energy at fixed price usually for a long-term period.
There are two types of power purchase agreements, physical and virtual. The main difference is that physical PPA entails the actual delivery of the electricity, whereas with virtual PPAs there is just a net settlement of the difference (Contract for Difference \u2013 CfD) between the agreed fixed price and the spot price at which energy could be purchased from the grid.
Physical PPAs are accounted for under IFRS 9, except the cases where they either contain a lease, thus accounted for under IFRS 16, or they meet the own-use exemption and thus treated as an executory contract under IAS 37.
Virtual PPAs are accounted for as derivative financial instruments. At initial recognition, they are measured at fair value and classified at FVTPL for subsequent measurement. Fair value gains or losses are recognized in the line item \u201cOther Gain/(loss)\u201d of Other Statement of Profit or Loss and other Comprehensive Income.
Further details of derivative financial instruments are disclosed in Notes 24.
The Group designates certain derivatives (Interest rate swaps, Commodity futures/forwards and Options) used for risk management purposes as hedging instruments in both fair value and cash flow hedges, in order to hedge the following:
\u2022The exposure of the variability in cash flows attributed to commodity prices and interest rates and exchange rate risks, associated with highly probable forecast transactions.
\u2022The exposure to changes in the fair value of a recognized asset that is attributable to price risk and could affect reported earnings.
At the inception of the hedge relationship, the Group formally documents the hedge designation, including the economic relationship between the hedging instrument and the hedged item, along with its risk management objective and strategy for undertaking the hedge. Furthermore, at the inception of the hedge and on an ongoing basis (at least on each reporting date or upon significant change, whichever comes first), the Group documents whether an economic relationship exists between the hedging instrument and the hedged item.
Therefore, when Group designates a hedge relationship, there must be an expectation that the fair value or the cash flows of the hedging instrument and the value or the cash flows of the hedged item, will \u201csystematically\u201d change in response to movements in the same underlying(s) that are economically related, providing a degree of offset between
the hedged item and the hedging instrument. The assessment relates to expectations about hedge effectiveness and is only forward-looking.
The following compose the hedge effectiveness requirements that must be met before hedge accounting is applied by the Group:
1.There is an economic relationship between the hedged item and the hedging instrument, meaning that the hedging instrument and the hedged item have values that generally move in the opposite direction because of the same hedged risk.
2.The effect of credit risk does not dominate the value changes that result from that economic relationship.
3.The weightings of the hedged item and the hedging instrument, which define the hedge ratio of the hedging relationship, are the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship by rebalancing the hedge, so that it meets the qualifying criteria again.
With respect to futures/forwards type derivatives, the Group may designate to a hedge relationship either the full change in their fair value (including the forward element), or only their spot component, (thus leaving undesignated the forward element), as the hedging instrument of its hedging relationships involves such election.
The Group applies the normal hedge accounting mechanics for the designated spot, depending on the type of the hedge relationship. For the undesignated future/forward element of the forward type derivative, the Group has a choice over how changes in its value are accounted for. This accounting treatment choice is made by the Group on a hedge-by-hedge basis and applies for the term of the designated hedge. The two alternatives are:
\u2022The Group recognizes the changes in value of the undesignated forward element directly in profit or loss or
\u2022The Group recognizes the changes in value of the undesignated forward element (the proportion related to the hedged item) in other comprehensive income (OCI), accumulated in a separate component of equity under \u201ccost of hedging reserve\u201d, which amount is subsequently reclassified or removed from equity and is either recognized in profit or loss or is included directly in the initial cost or other carrying amount of the asset or the liability.
With respects to option type derivatives, the Group designates only the intrinsic value of the option contract as a hedging instrument and excludes its time value. For the change in the designated intrinsic value component of an option, the Group applies the normal hedge accounting mechanics, depending on the type of the hedge. The change in the undesignated time value of the option type designated derivative is recognized in other comprehensive income and accumulated in a separate component of equity under \u201ccost of hedging reserve\u201d.
The mechanics for recognizing the change in the time value of an option in other comprehensive income and accumulated in the cost of hedging reserve (and accordingly the change in forward element-when Group recognizes the changes of the undesignated forward element in OCI) varies depending on:
\u2022How much of the time value relates to the hedged item (i.e., aligned time value and aligned forward points) and
\u2022The nature of the hedged item and whether it is a transaction related item or a time-period related item.
If the hedged item is transaction-related, the time value and/or the forward element are reclassified to profit or loss when the hedged item affects profit or loss. If the hedged item is time-period related, the time value and/or the forward element are reclassified to profit or loss on a rational and systematic basis. In this regard, the Group applies straight line amortization recognized in profit or loss, in the same line item as the hedged item. For non-financial hedged items, the accumulated amount in the cost of hedging reserve is removed directly from equity and is included in the initial carrying amount of the recognized hedged item. Furthermore, if the Group expects that some or all of the loss accumulated in cost of hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss.
The Group discontinues hedge accounting prospectively only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable) or the hedging instrument expires or is sold, terminated or exercised.
Note 24 sets out details of the fair values of the derivative instruments used for hedging purposes. Movements in the cash flow hedge reserve and cost of hedging reserve in equity are depicted in Note 30.
Cash flow hedges
The effective portion of changes in the fair value of the derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income and accumulated in equity under cash flow hedge reserve, limited to the cumulative change in fair value of the hedged item from the inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit and is included in the \u201cOther gains/(losses)\u201d or \u201cFinance Costs\u201d line items for commodity and interest rate hedges respectively.
Amounts previously recognized in other comprehensive income and accumulated in equity are recycled in the Statement of Profit or Loss and Other Comprehensive Income in the periods when the hedged item affects profit or loss (i.e., when the forecast transaction being hedged takes place), in the same line as the recognized hedged item.
However, when the hedged forecast transaction subsequently results in the recognition of a non-financial item or a non-financial liability, the amount accumulated within equity in the cash flow hedge reserve and the cost of hedging reserve, is included directly in the initial cost of the non-financial item when it is recognized. For all other hedged forecast transactions, the amount accumulated in the cash flow hedge reserve and the cost of hedging reserve, is reclassified to profit or loss, in the same period or periods during which the hedged expected future cash flows affect profit or loss. This transfer does not affect other comprehensive income. Furthermore, if the Group expects that some or all of the loss accumulated in the cash flow hedge reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss.
Upon discontinuation of hedge accounting, any gain or loss recognized in other comprehensive income and accumulated in cash flow hedge reserve and cost of hedging reserve at that time, remains in equity and is reclassified to profit or loss when the forecast transaction occurs.
If the hedged highly probable forecast transaction is no longer expected to occur, the hedge relationship ceases to exist, and the amounts that have been accumulated in the cash flow hedge reserve and the cost of hedging reserve are immediately reclassified to the profit or loss.
Fair value hedges
The fair value change on the qualifying hedging instruments is recognized in profit or loss, whereas the carrying amount of a hedged item that is not already measured at fair value, is adjusted for the fair value change attributable to the hedged risk, with a corresponding entry in profit or loss. The Group recognizes the hedging gains or losses from the hedging instrument in profit or loss, in the same line as the hedged item.
Upon discontinuation of hedge accounting, the fair value adjustment to the carrying amount of the hedged item arising from the hedged risk, is amortized to profit or loss from that date, based on how the hedged item impacts profit or loss.
If the hedged item is derecognized, the unamortized fair value hedge adjustment included in the carrying amount of the hedged item is recognized immediately in profit or loss.
3.20.7 Fair Value of Financial Assets and Liabilities
The Group measures fair values in accordance with IFRS 13, which defines fair value as the price that would be received or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Group also uses a fair value hierarchy that categorizes into three levels the inputs to valuation techniques used to measure fair value, which gives highest priority to quoted prices.
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can assess at the measurement date. Assets and liabilities are classified as Level 1 if their fair value is observable in an active market.
Level 2 inputs are inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. A Level 2 input must be observable for substantially the full term of the instrument.
Level 3 inputs are unobservable inputs. Assets and liabilities are classified as Level 3 if their valuation incorporate significant inputs that are not based on observable market data.
The fair value measurement of financial derivatives of the Group is determined based on exchange market quotations as per last business day of the financial year for the derivatives that are classified at Level 1 fair value measurement and based on discounted cash flow techniques for the over-the-counter derivatives, that are classified at Level 2.
3.21. Other Financial Assets
Other Financial assets comprise of financial assets at fair value through other comprehensive income (FVOCI), that refer to listed and unlisted equity securities which are not held for trading purposes and for which the group has irrevocably elected at initial recognition this category.
3.22. Borrowings
Interest-bearing bank loans and overdrafts are recorded according to the amounts received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accrual basis to the profit and loss account using effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the year in which they arise.
3.23. Trade payables
Trade payables are interest free and are stated at their nominal value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact8": { "value": "
3.20.1 Initial Recognition
Financial assets and financial liabilities are recognized on the Group\u2019s Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument.
3.20.2 Initial Measurement
The Group measures financial assets and liabilities on their initial recognition at their fair value plus/minus transaction cost that it is directly attributable to the acquisition of the financial asset or issue of the financial liability, respectively (other than financial assets and liabilities at FVTPL).
The Group recognizes initially trade receivables without a significant financing component at their transaction price.
3.20.4 Classification and Measurement of financial liabilities
Financial liabilities are classified as either financial liabilities at FVTPL or at amortized cost. The Group currently has not classified any of its financial liabilities at FVTPL.
The Group measures financial liabilities, such as, bond loans, Interest-bearing bank loans and overdrafts at amortized cost. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accrual basis to the profit and loss account using effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the year in which they arise.
3.20.6 Derivative financial instruments
The Group enters into derivative financial instruments contracts, such as swaps, options and futures/forwards, to manage market risks arising from its exposure to interest rates, commodity and foreign exchange prices. Those positions are monitored and managed on daily basis.
Derivatives are recognized initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognized as a financial asset whereas a derivative with a negative fair value is recognized as a financial liability. The resulting gain or loss is recognized in profit or loss immediately, unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. Derivatives that do not qualify for hedge accounting are classified as derivatives at fair value through profit or loss and are recognized immediately in the income statement in financial income and costs.
Derivatives are not offset in the financial statements, unless the Group has both a legally enforceable right and intention to offset. When the remaining maturity of the instrument is less than 12 months, the derivative is presented either as current asset or current liability under the account \u201cDerivative Financial Instruments\u201d. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not due to be realized or settled within 12 months.
The Group also enters into power purchase agreements. These contracts involve two parties, an electricity producer (sources may include wind, sun and water) and a customer/buyer (commonly referred as offtaker), where the buyer agrees to purchase the produced energy at fixed price usually for a long-term period.
There are two types of power purchase agreements, physical and virtual. The main difference is that physical PPA entails the actual delivery of the electricity, whereas with virtual PPAs there is just a net settlement of the difference (Contract for Difference \u2013 CfD) between the agreed fixed price and the spot price at which energy could be purchased from the grid.
Physical PPAs are accounted for under IFRS 9, except the cases where they either contain a lease, thus accounted for under IFRS 16, or they meet the own-use exemption and thus treated as an executory contract under IAS 37.
Virtual PPAs are accounted for as derivative financial instruments. At initial recognition, they are measured at fair value and classified at FVTPL for subsequent measurement. Fair value gains or losses are recognized in the line item \u201cOther Gain/(loss)\u201d of Other Statement of Profit or Loss and other Comprehensive Income.
Further details of derivative financial instruments are disclosed in Notes 24.
The Group designates certain derivatives (Interest rate swaps, Commodity futures/forwards and Options) used for risk management purposes as hedging instruments in both fair value and cash flow hedges, in order to hedge the following:
\u2022The exposure of the variability in cash flows attributed to commodity prices and interest rates and exchange rate risks, associated with highly probable forecast transactions.
\u2022The exposure to changes in the fair value of a recognized asset that is attributable to price risk and could affect reported earnings.
At the inception of the hedge relationship, the Group formally documents the hedge designation, including the economic relationship between the hedging instrument and the hedged item, along with its risk management objective and strategy for undertaking the hedge. Furthermore, at the inception of the hedge and on an ongoing basis (at least on each reporting date or upon significant change, whichever comes first), the Group documents whether an economic relationship exists between the hedging instrument and the hedged item.
Therefore, when Group designates a hedge relationship, there must be an expectation that the fair value or the cash flows of the hedging instrument and the value or the cash flows of the hedged item, will \u201csystematically\u201d change in response to movements in the same underlying(s) that are economically related, providing a degree of offset between
the hedged item and the hedging instrument. The assessment relates to expectations about hedge effectiveness and is only forward-looking.
The following compose the hedge effectiveness requirements that must be met before hedge accounting is applied by the Group:
1.There is an economic relationship between the hedged item and the hedging instrument, meaning that the hedging instrument and the hedged item have values that generally move in the opposite direction because of the same hedged risk.
2.The effect of credit risk does not dominate the value changes that result from that economic relationship.
3.The weightings of the hedged item and the hedging instrument, which define the hedge ratio of the hedging relationship, are the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship by rebalancing the hedge, so that it meets the qualifying criteria again.
With respect to futures/forwards type derivatives, the Group may designate to a hedge relationship either the full change in their fair value (including the forward element), or only their spot component, (thus leaving undesignated the forward element), as the hedging instrument of its hedging relationships involves such election.
The Group applies the normal hedge accounting mechanics for the designated spot, depending on the type of the hedge relationship. For the undesignated future/forward element of the forward type derivative, the Group has a choice over how changes in its value are accounted for. This accounting treatment choice is made by the Group on a hedge-by-hedge basis and applies for the term of the designated hedge. The two alternatives are:
\u2022The Group recognizes the changes in value of the undesignated forward element directly in profit or loss or
\u2022The Group recognizes the changes in value of the undesignated forward element (the proportion related to the hedged item) in other comprehensive income (OCI), accumulated in a separate component of equity under \u201ccost of hedging reserve\u201d, which amount is subsequently reclassified or removed from equity and is either recognized in profit or loss or is included directly in the initial cost or other carrying amount of the asset or the liability.
With respects to option type derivatives, the Group designates only the intrinsic value of the option contract as a hedging instrument and excludes its time value. For the change in the designated intrinsic value component of an option, the Group applies the normal hedge accounting mechanics, depending on the type of the hedge. The change in the undesignated time value of the option type designated derivative is recognized in other comprehensive income and accumulated in a separate component of equity under \u201ccost of hedging reserve\u201d.
The mechanics for recognizing the change in the time value of an option in other comprehensive income and accumulated in the cost of hedging reserve (and accordingly the change in forward element-when Group recognizes the changes of the undesignated forward element in OCI) varies depending on:
\u2022How much of the time value relates to the hedged item (i.e., aligned time value and aligned forward points) and
\u2022The nature of the hedged item and whether it is a transaction related item or a time-period related item.
If the hedged item is transaction-related, the time value and/or the forward element are reclassified to profit or loss when the hedged item affects profit or loss. If the hedged item is time-period related, the time value and/or the forward element are reclassified to profit or loss on a rational and systematic basis. In this regard, the Group applies straight line amortization recognized in profit or loss, in the same line item as the hedged item. For non-financial hedged items, the accumulated amount in the cost of hedging reserve is removed directly from equity and is included in the initial carrying amount of the recognized hedged item. Furthermore, if the Group expects that some or all of the loss accumulated in cost of hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss.
The Group discontinues hedge accounting prospectively only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable) or the hedging instrument expires or is sold, terminated or exercised.
Note 24 sets out details of the fair values of the derivative instruments used for hedging purposes. Movements in the cash flow hedge reserve and cost of hedging reserve in equity are depicted in Note 30.
3.20.7 Fair Value of Financial Assets and Liabilities
The Group measures fair values in accordance with IFRS 13, which defines fair value as the price that would be received or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Group also uses a fair value hierarchy that categorizes into three levels the inputs to valuation techniques used to measure fair value, which gives highest priority to quoted prices.
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can assess at the measurement date. Assets and liabilities are classified as Level 1 if their fair value is observable in an active market.
Level 2 inputs are inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. A Level 2 input must be observable for substantially the full term of the instrument.
Level 3 inputs are unobservable inputs. Assets and liabilities are classified as Level 3 if their valuation incorporate significant inputs that are not based on observable market data.
The fair value measurement of financial derivatives of the Group is determined based on exchange market quotations as per last business day of the financial year for the derivatives that are classified at Level 1 fair value measurement and based on discounted cash flow techniques for the over-the-counter derivatives, that are classified at Level 2.
3.22. Borrowings
Interest-bearing bank loans and overdrafts are recorded according to the amounts received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accrual basis to the profit and loss account using effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the year in which they arise.
3.23. Trade payables
Trade payables are interest free and are stated at their nominal value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact6": { "value": "
3.20.1 Initial Recognition
Financial assets and financial liabilities are recognized on the Group\u2019s Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument.
3.20.2 Initial Measurement
The Group measures financial assets and liabilities on their initial recognition at their fair value plus/minus transaction cost that it is directly attributable to the acquisition of the financial asset or issue of the financial liability, respectively (other than financial assets and liabilities at FVTPL).
The Group recognizes initially trade receivables without a significant financing component at their transaction price.
3.20.3 Classification and Measurement of financial assets
3.20.3.1 Trade Receivables and Debt instruments
All financial assets that fall within the scope of IFRS 9 are subsequently to their initial recognition measured at amortized cost or fair value. The basis of their measurement depends both on the Group\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. The Group\u2019s assessment of the business model is determined at a higher level of aggregation that reflects how groups of financial assets are managed together to meet the Group\u2019s business objective, rather than on an instrument-by-instrument basis. Financial assets that give rise to cash flows, consisting only of payments of principal and interest, are classified by considering the business model for holding these instruments. Financial assets that are held in a business model with the objective to hold them until maturity and collect the contractual cash flows, are measured at amortized cost. If the business model comprises the intention to hold the financial assets to collect the contractual cash flows but expects to sell these financial assets when this is necessary (e.g. to fulfill a specific need for liquidity), then these instruments are measured at FVTOCI. Financial assets held within a business model other the above are measured at FVTPL.
The Group has one business model for managing its financial assets that reflects how the Group manages those in order to generate cash flows. In particular, the financial assets of the Group are held within a business model whose objective is to hold assets in order to collect contractual cash flows. Following the objective of the aforementioned business model the financial assets of the Group are managed in order to realize cash flows by collecting the corresponding payments over the life of the financial asset.
The Group in making its assessment of whether cash flows are going to be realized by collecting the corresponding payments over the life of the financial asset considers the frequency, value and time of sales in prior periods, the reason of those sales and the group\u2019s expectations about future sales activity. This assessment is not performed in isolation rather than the Group considers the above information as evidence related to the Group\u2019s stated objective for managing the financial asset, particularly how cash flows are realized.
Apart from the above, the Group also considers all relevant information in performing the business model assessment, excluding scenarios that the Group does not reasonably expect to occur, such as so-called \u2018worst case\u2019 or \u2018stress case\u2019 scenarios. In performing this exercise the Group exercises judgement considering all available and relevant information such as but not limited to, how the performance of the assets is measured, monitored and reported to the Group\u2019s key management personnel, how the risks underpinning the performance of the assets are managed and how the managers of the assets are compensated.
At the initial recognition of a financial asset, the Group determines whether it is part of the business model or it reflects the commencement of a new business model. The group reassess its business model each reporting period to determine whether the business model has changed from the previous reporting period. For the reporting periods of the current financial year, the Group has not identified a change in its business model.
3.20.3.2 Equity Instruments
Financial instruments that meets the definition of equity instruments as provided by IAS 32 are subsequently measured to their initial recognition at FVTPL. The Group may apply an irrevocable election to present changes in the fair value of an equity investment in OCI, provided that the equity instrument is not held for trading and it is not a contingent consideration recognized by the Group in a business combination in which IFRS 3.
The Group applies the above irrevocably election on an asset by asset basis.
3.20.3.3 Reclassifications
If the business model under which the Group holds financial assets changes because of external or internal change that are determined to be significant to the Group\u2019s operations and demonstrable to external parties. Following business model change, all the affected financial assets are reclassified. Reclassifications are expected to be very infrequent. Investments in equity instruments that the Group has made the irrevocable election of designation at FVTOCI and any financial assets that has designated at FVTPL at their initial recognition cannot reclassified since
their designation at the time of their initial recognition is irrevocable. During the current financial year, no reclassifications took place since there was not change in the business model within which the Group holds the financial assets.
3.20.5 Measurement of Impairment of Financial Assets
The Group measures the loss allowance on its trade receivables as the estimate of the present value of all cash shortfalls over the life of its trade receivables. A cash shortfall is defined as the difference between the cash flows that are due based on contractual terms and the cash flows that are expected to be received.
The Group have adopted the simplified approach with respect to estimating the Expected Credit Losses (ECL) for its trade receivables. Therefore, the Group as at each reporting date, measures the loss allowance for its trade receivables at an amount equal to their lifetime expected credit losses. Accordingly, all trade receivables of the Group are classified into the following two stages:
Stage 2: Measurement of ECL over the lifetime \u2013 not credit impaired. Financial assets that are not credit impaired, are classified at Stage 2 and measured at lifetime expected credit loss, which is defined as the expected credit loss that results from all possible default events over its expected life.
Stage 3: Measurement of ECL over the lifetime \u2013 credit impaired. If a financial asset is defined as credit impaired, it is transferred to Stage 3 and measured at lifetime expected credit loss. Objective evidence for a credit-impaired financial asset includes ageing more than 90 days past due and other information about significant financial difficulties of the borrower.
The following are the main inputs in the process of applying the Group\u2019s accounting policies with respect to the estimations of ECL of the Group:
Exposure At Default (\u201cEAD\u201d): represents the amount of exposure at the reporting date.
Probability of Default (\u201cPD\u201d): Probability of default is an estimate of the likelihood of default over a given time horizon. The Group calculates probabilities of default utilizing historical data, assumptions and expectations about the future.
Loss given default (\u201cLGD\u201d) represents the estimation of loss that will be incurred at the default date. LGD is calculated as the difference arising between the contractual cash flows of the instrument that are due and the future expected cash flows of the instrument that are expected to be received. The determination of LGD considers also the effect from the recoveries on expected cash flows arising from collaterals held by the Group.
The Group possess collaterals as a mean of mitigating credit risk associated with its trade receivables. The main types of collateral held are:
\u2022Cash
\u2022Commercial and Residential real estate
\u2022Letters of guarantees
\u2022Debt Securities
\u2022Letters of Credit
\u2022Cheques
Central to the measurement of ECL is the definition of default. The Group considers as an event of default when the debtor is either past due more than 90 days or it is unlikely to pay its obligations to the Group due to financial difficulties.
The Group measures ECL on a collective basis for portfolios of trade receivables with similar economic credit characteristics. In particular, the Group estimates the ECL by grouping together receivables based on common risk characteristics and past due days.
In addition, the Group assesses the expected credit losses associated with the financial assets of the Group, considering forward looking information. Forward looking information is incorporated in the ECL model through the consideration of various internal and external sources of actual and forecast economic information.
The Group recognizes the related loss provision at each reporting date.
3.20.6 Derivative financial instruments
The Group enters into derivative financial instruments contracts, such as swaps, options and futures/forwards, to manage market risks arising from its exposure to interest rates, commodity and foreign exchange prices. Those positions are monitored and managed on daily basis.
Derivatives are recognized initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognized as a financial asset whereas a derivative with a negative fair value is recognized as a financial liability. The resulting gain or loss is recognized in profit or loss immediately, unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. Derivatives that do not qualify for hedge accounting are classified as derivatives at fair value through profit or loss and are recognized immediately in the income statement in financial income and costs.
Derivatives are not offset in the financial statements, unless the Group has both a legally enforceable right and intention to offset. When the remaining maturity of the instrument is less than 12 months, the derivative is presented either as current asset or current liability under the account \u201cDerivative Financial Instruments\u201d. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not due to be realized or settled within 12 months.
The Group also enters into power purchase agreements. These contracts involve two parties, an electricity producer (sources may include wind, sun and water) and a customer/buyer (commonly referred as offtaker), where the buyer agrees to purchase the produced energy at fixed price usually for a long-term period.
There are two types of power purchase agreements, physical and virtual. The main difference is that physical PPA entails the actual delivery of the electricity, whereas with virtual PPAs there is just a net settlement of the difference (Contract for Difference \u2013 CfD) between the agreed fixed price and the spot price at which energy could be purchased from the grid.
Physical PPAs are accounted for under IFRS 9, except the cases where they either contain a lease, thus accounted for under IFRS 16, or they meet the own-use exemption and thus treated as an executory contract under IAS 37.
Virtual PPAs are accounted for as derivative financial instruments. At initial recognition, they are measured at fair value and classified at FVTPL for subsequent measurement. Fair value gains or losses are recognized in the line item \u201cOther Gain/(loss)\u201d of Other Statement of Profit or Loss and other Comprehensive Income.
Further details of derivative financial instruments are disclosed in Notes 24.
The Group designates certain derivatives (Interest rate swaps, Commodity futures/forwards and Options) used for risk management purposes as hedging instruments in both fair value and cash flow hedges, in order to hedge the following:
\u2022The exposure of the variability in cash flows attributed to commodity prices and interest rates and exchange rate risks, associated with highly probable forecast transactions.
\u2022The exposure to changes in the fair value of a recognized asset that is attributable to price risk and could affect reported earnings.
At the inception of the hedge relationship, the Group formally documents the hedge designation, including the economic relationship between the hedging instrument and the hedged item, along with its risk management objective and strategy for undertaking the hedge. Furthermore, at the inception of the hedge and on an ongoing basis (at least on each reporting date or upon significant change, whichever comes first), the Group documents whether an economic relationship exists between the hedging instrument and the hedged item.
Therefore, when Group designates a hedge relationship, there must be an expectation that the fair value or the cash flows of the hedging instrument and the value or the cash flows of the hedged item, will \u201csystematically\u201d change in response to movements in the same underlying(s) that are economically related, providing a degree of offset between
the hedged item and the hedging instrument. The assessment relates to expectations about hedge effectiveness and is only forward-looking.
The following compose the hedge effectiveness requirements that must be met before hedge accounting is applied by the Group:
1.There is an economic relationship between the hedged item and the hedging instrument, meaning that the hedging instrument and the hedged item have values that generally move in the opposite direction because of the same hedged risk.
2.The effect of credit risk does not dominate the value changes that result from that economic relationship.
3.The weightings of the hedged item and the hedging instrument, which define the hedge ratio of the hedging relationship, are the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship by rebalancing the hedge, so that it meets the qualifying criteria again.
With respect to futures/forwards type derivatives, the Group may designate to a hedge relationship either the full change in their fair value (including the forward element), or only their spot component, (thus leaving undesignated the forward element), as the hedging instrument of its hedging relationships involves such election.
The Group applies the normal hedge accounting mechanics for the designated spot, depending on the type of the hedge relationship. For the undesignated future/forward element of the forward type derivative, the Group has a choice over how changes in its value are accounted for. This accounting treatment choice is made by the Group on a hedge-by-hedge basis and applies for the term of the designated hedge. The two alternatives are:
\u2022The Group recognizes the changes in value of the undesignated forward element directly in profit or loss or
\u2022The Group recognizes the changes in value of the undesignated forward element (the proportion related to the hedged item) in other comprehensive income (OCI), accumulated in a separate component of equity under \u201ccost of hedging reserve\u201d, which amount is subsequently reclassified or removed from equity and is either recognized in profit or loss or is included directly in the initial cost or other carrying amount of the asset or the liability.
With respects to option type derivatives, the Group designates only the intrinsic value of the option contract as a hedging instrument and excludes its time value. For the change in the designated intrinsic value component of an option, the Group applies the normal hedge accounting mechanics, depending on the type of the hedge. The change in the undesignated time value of the option type designated derivative is recognized in other comprehensive income and accumulated in a separate component of equity under \u201ccost of hedging reserve\u201d.
The mechanics for recognizing the change in the time value of an option in other comprehensive income and accumulated in the cost of hedging reserve (and accordingly the change in forward element-when Group recognizes the changes of the undesignated forward element in OCI) varies depending on:
\u2022How much of the time value relates to the hedged item (i.e., aligned time value and aligned forward points) and
\u2022The nature of the hedged item and whether it is a transaction related item or a time-period related item.
If the hedged item is transaction-related, the time value and/or the forward element are reclassified to profit or loss when the hedged item affects profit or loss. If the hedged item is time-period related, the time value and/or the forward element are reclassified to profit or loss on a rational and systematic basis. In this regard, the Group applies straight line amortization recognized in profit or loss, in the same line item as the hedged item. For non-financial hedged items, the accumulated amount in the cost of hedging reserve is removed directly from equity and is included in the initial carrying amount of the recognized hedged item. Furthermore, if the Group expects that some or all of the loss accumulated in cost of hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss.
The Group discontinues hedge accounting prospectively only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable) or the hedging instrument expires or is sold, terminated or exercised.
Note 24 sets out details of the fair values of the derivative instruments used for hedging purposes. Movements in the cash flow hedge reserve and cost of hedging reserve in equity are depicted in Note 30.
3.20.7 Fair Value of Financial Assets and Liabilities
The Group measures fair values in accordance with IFRS 13, which defines fair value as the price that would be received or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Group also uses a fair value hierarchy that categorizes into three levels the inputs to valuation techniques used to measure fair value, which gives highest priority to quoted prices.
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can assess at the measurement date. Assets and liabilities are classified as Level 1 if their fair value is observable in an active market.
Level 2 inputs are inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. A Level 2 input must be observable for substantially the full term of the instrument.
Level 3 inputs are unobservable inputs. Assets and liabilities are classified as Level 3 if their valuation incorporate significant inputs that are not based on observable market data.
The fair value measurement of financial derivatives of the Group is determined based on exchange market quotations as per last business day of the financial year for the derivatives that are classified at Level 1 fair value measurement and based on discounted cash flow techniques for the over-the-counter derivatives, that are classified at Level 2.
3.21. Other Financial Assets
Other Financial assets comprise of financial assets at fair value through other comprehensive income (FVOCI), that refer to listed and unlisted equity securities which are not held for trading purposes and for which the group has irrevocably elected at initial recognition this category.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f208337": { "value": "
3.20.3.3 Reclassifications
If the business model under which the Group holds financial assets changes because of external or internal change that are determined to be significant to the Group\u2019s operations and demonstrable to external parties. Following business model change, all the affected financial assets are reclassified. Reclassifications are expected to be very infrequent. Investments in equity instruments that the Group has made the irrevocable election of designation at FVTOCI and any financial assets that has designated at FVTPL at their initial recognition cannot reclassified since
their designation at the time of their initial recognition is irrevocable. During the current financial year, no reclassifications took place since there was not change in the business model within which the Group holds the financial assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact7": { "value": "
3.20.5 Measurement of Impairment of Financial Assets
The Group measures the loss allowance on its trade receivables as the estimate of the present value of all cash shortfalls over the life of its trade receivables. A cash shortfall is defined as the difference between the cash flows that are due based on contractual terms and the cash flows that are expected to be received.
The Group have adopted the simplified approach with respect to estimating the Expected Credit Losses (ECL) for its trade receivables. Therefore, the Group as at each reporting date, measures the loss allowance for its trade receivables at an amount equal to their lifetime expected credit losses. Accordingly, all trade receivables of the Group are classified into the following two stages:
Stage 2: Measurement of ECL over the lifetime \u2013 not credit impaired. Financial assets that are not credit impaired, are classified at Stage 2 and measured at lifetime expected credit loss, which is defined as the expected credit loss that results from all possible default events over its expected life.
Stage 3: Measurement of ECL over the lifetime \u2013 credit impaired. If a financial asset is defined as credit impaired, it is transferred to Stage 3 and measured at lifetime expected credit loss. Objective evidence for a credit-impaired financial asset includes ageing more than 90 days past due and other information about significant financial difficulties of the borrower.
The following are the main inputs in the process of applying the Group\u2019s accounting policies with respect to the estimations of ECL of the Group:
Exposure At Default (\u201cEAD\u201d): represents the amount of exposure at the reporting date.
Probability of Default (\u201cPD\u201d): Probability of default is an estimate of the likelihood of default over a given time horizon. The Group calculates probabilities of default utilizing historical data, assumptions and expectations about the future.
Loss given default (\u201cLGD\u201d) represents the estimation of loss that will be incurred at the default date. LGD is calculated as the difference arising between the contractual cash flows of the instrument that are due and the future expected cash flows of the instrument that are expected to be received. The determination of LGD considers also the effect from the recoveries on expected cash flows arising from collaterals held by the Group.
The Group possess collaterals as a mean of mitigating credit risk associated with its trade receivables. The main types of collateral held are:
\u2022Cash
\u2022Commercial and Residential real estate
\u2022Letters of guarantees
\u2022Debt Securities
\u2022Letters of Credit
\u2022Cheques
Central to the measurement of ECL is the definition of default. The Group considers as an event of default when the debtor is either past due more than 90 days or it is unlikely to pay its obligations to the Group due to financial difficulties.
The Group measures ECL on a collective basis for portfolios of trade receivables with similar economic credit characteristics. In particular, the Group estimates the ECL by grouping together receivables based on common risk characteristics and past due days.
In addition, the Group assesses the expected credit losses associated with the financial assets of the Group, considering forward looking information. Forward looking information is incorporated in the ECL model through the consideration of various internal and external sources of actual and forecast economic information.
The Group recognizes the related loss provision at each reporting date.
The Group and the Company apply the IFRS 9 simplified model, based on which recognition and classification of the financial asset \u201cTrade and Other Receivables\u201d is performed either at Stage 2 or at Stage 3, according to the days past due, and measures loss allowance at an amount equal to lifetime ECL.
To measure the ECL, Trade and Other Receivables have been grouped based on their credit risk characteristics and their ageing (days past due) at the reporting date. This measurement is based on specific credit risk metrics (i.e. Probability of Default, Loss Given Default), which are calculated based on historical data, existing market conditions as well as forward looking estimates at the end of each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f209340": { "value": "
The Group possess collaterals as a mean of mitigating credit risk associated with its trade receivables. The main types of collateral held are:
\u2022Cash
\u2022Commercial and Residential real estate
\u2022Letters of guarantees
\u2022Debt Securities
\u2022Letters of Credit
\u2022Cheques
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f209640": { "value": "
3.20.6 Derivative financial instruments
The Group enters into derivative financial instruments contracts, such as swaps, options and futures/forwards, to manage market risks arising from its exposure to interest rates, commodity and foreign exchange prices. Those positions are monitored and managed on daily basis.
Derivatives are recognized initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognized as a financial asset whereas a derivative with a negative fair value is recognized as a financial liability. The resulting gain or loss is recognized in profit or loss immediately, unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. Derivatives that do not qualify for hedge accounting are classified as derivatives at fair value through profit or loss and are recognized immediately in the income statement in financial income and costs.
Derivatives are not offset in the financial statements, unless the Group has both a legally enforceable right and intention to offset. When the remaining maturity of the instrument is less than 12 months, the derivative is presented either as current asset or current liability under the account \u201cDerivative Financial Instruments\u201d. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not due to be realized or settled within 12 months.
The Group also enters into power purchase agreements. These contracts involve two parties, an electricity producer (sources may include wind, sun and water) and a customer/buyer (commonly referred as offtaker), where the buyer agrees to purchase the produced energy at fixed price usually for a long-term period.
There are two types of power purchase agreements, physical and virtual. The main difference is that physical PPA entails the actual delivery of the electricity, whereas with virtual PPAs there is just a net settlement of the difference (Contract for Difference \u2013 CfD) between the agreed fixed price and the spot price at which energy could be purchased from the grid.
Physical PPAs are accounted for under IFRS 9, except the cases where they either contain a lease, thus accounted for under IFRS 16, or they meet the own-use exemption and thus treated as an executory contract under IAS 37.
Virtual PPAs are accounted for as derivative financial instruments. At initial recognition, they are measured at fair value and classified at FVTPL for subsequent measurement. Fair value gains or losses are recognized in the line item \u201cOther Gain/(loss)\u201d of Other Statement of Profit or Loss and other Comprehensive Income.
Further details of derivative financial instruments are disclosed in Notes 24.
The Group designates certain derivatives (Interest rate swaps, Commodity futures/forwards and Options) used for risk management purposes as hedging instruments in both fair value and cash flow hedges, in order to hedge the following:
\u2022The exposure of the variability in cash flows attributed to commodity prices and interest rates and exchange rate risks, associated with highly probable forecast transactions.
\u2022The exposure to changes in the fair value of a recognized asset that is attributable to price risk and could affect reported earnings.
At the inception of the hedge relationship, the Group formally documents the hedge designation, including the economic relationship between the hedging instrument and the hedged item, along with its risk management objective and strategy for undertaking the hedge. Furthermore, at the inception of the hedge and on an ongoing basis (at least on each reporting date or upon significant change, whichever comes first), the Group documents whether an economic relationship exists between the hedging instrument and the hedged item.
Therefore, when Group designates a hedge relationship, there must be an expectation that the fair value or the cash flows of the hedging instrument and the value or the cash flows of the hedged item, will \u201csystematically\u201d change in response to movements in the same underlying(s) that are economically related, providing a degree of offset between
the hedged item and the hedging instrument. The assessment relates to expectations about hedge effectiveness and is only forward-looking.
The following compose the hedge effectiveness requirements that must be met before hedge accounting is applied by the Group:
1.There is an economic relationship between the hedged item and the hedging instrument, meaning that the hedging instrument and the hedged item have values that generally move in the opposite direction because of the same hedged risk.
2.The effect of credit risk does not dominate the value changes that result from that economic relationship.
3.The weightings of the hedged item and the hedging instrument, which define the hedge ratio of the hedging relationship, are the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship by rebalancing the hedge, so that it meets the qualifying criteria again.
With respect to futures/forwards type derivatives, the Group may designate to a hedge relationship either the full change in their fair value (including the forward element), or only their spot component, (thus leaving undesignated the forward element), as the hedging instrument of its hedging relationships involves such election.
The Group applies the normal hedge accounting mechanics for the designated spot, depending on the type of the hedge relationship. For the undesignated future/forward element of the forward type derivative, the Group has a choice over how changes in its value are accounted for. This accounting treatment choice is made by the Group on a hedge-by-hedge basis and applies for the term of the designated hedge. The two alternatives are:
\u2022The Group recognizes the changes in value of the undesignated forward element directly in profit or loss or
\u2022The Group recognizes the changes in value of the undesignated forward element (the proportion related to the hedged item) in other comprehensive income (OCI), accumulated in a separate component of equity under \u201ccost of hedging reserve\u201d, which amount is subsequently reclassified or removed from equity and is either recognized in profit or loss or is included directly in the initial cost or other carrying amount of the asset or the liability.
With respects to option type derivatives, the Group designates only the intrinsic value of the option contract as a hedging instrument and excludes its time value. For the change in the designated intrinsic value component of an option, the Group applies the normal hedge accounting mechanics, depending on the type of the hedge. The change in the undesignated time value of the option type designated derivative is recognized in other comprehensive income and accumulated in a separate component of equity under \u201ccost of hedging reserve\u201d.
The mechanics for recognizing the change in the time value of an option in other comprehensive income and accumulated in the cost of hedging reserve (and accordingly the change in forward element-when Group recognizes the changes of the undesignated forward element in OCI) varies depending on:
\u2022How much of the time value relates to the hedged item (i.e., aligned time value and aligned forward points) and
\u2022The nature of the hedged item and whether it is a transaction related item or a time-period related item.
If the hedged item is transaction-related, the time value and/or the forward element are reclassified to profit or loss when the hedged item affects profit or loss. If the hedged item is time-period related, the time value and/or the forward element are reclassified to profit or loss on a rational and systematic basis. In this regard, the Group applies straight line amortization recognized in profit or loss, in the same line item as the hedged item. For non-financial hedged items, the accumulated amount in the cost of hedging reserve is removed directly from equity and is included in the initial carrying amount of the recognized hedged item. Furthermore, if the Group expects that some or all of the loss accumulated in cost of hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss.
The Group discontinues hedge accounting prospectively only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable) or the hedging instrument expires or is sold, terminated or exercised.
Note 24 sets out details of the fair values of the derivative instruments used for hedging purposes. Movements in the cash flow hedge reserve and cost of hedging reserve in equity are depicted in Note 30.
Cash flow hedges
The effective portion of changes in the fair value of the derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income and accumulated in equity under cash flow hedge reserve, limited to the cumulative change in fair value of the hedged item from the inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit and is included in the \u201cOther gains/(losses)\u201d or \u201cFinance Costs\u201d line items for commodity and interest rate hedges respectively.
Amounts previously recognized in other comprehensive income and accumulated in equity are recycled in the Statement of Profit or Loss and Other Comprehensive Income in the periods when the hedged item affects profit or loss (i.e., when the forecast transaction being hedged takes place), in the same line as the recognized hedged item.
However, when the hedged forecast transaction subsequently results in the recognition of a non-financial item or a non-financial liability, the amount accumulated within equity in the cash flow hedge reserve and the cost of hedging reserve, is included directly in the initial cost of the non-financial item when it is recognized. For all other hedged forecast transactions, the amount accumulated in the cash flow hedge reserve and the cost of hedging reserve, is reclassified to profit or loss, in the same period or periods during which the hedged expected future cash flows affect profit or loss. This transfer does not affect other comprehensive income. Furthermore, if the Group expects that some or all of the loss accumulated in the cash flow hedge reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss.
Upon discontinuation of hedge accounting, any gain or loss recognized in other comprehensive income and accumulated in cash flow hedge reserve and cost of hedging reserve at that time, remains in equity and is reclassified to profit or loss when the forecast transaction occurs.
If the hedged highly probable forecast transaction is no longer expected to occur, the hedge relationship ceases to exist, and the amounts that have been accumulated in the cash flow hedge reserve and the cost of hedging reserve are immediately reclassified to the profit or loss.
Fair value hedges
The fair value change on the qualifying hedging instruments is recognized in profit or loss, whereas the carrying amount of a hedged item that is not already measured at fair value, is adjusted for the fair value change attributable to the hedged risk, with a corresponding entry in profit or loss. The Group recognizes the hedging gains or losses from the hedging instrument in profit or loss, in the same line as the hedged item.
Upon discontinuation of hedge accounting, the fair value adjustment to the carrying amount of the hedged item arising from the hedged risk, is amortized to profit or loss from that date, based on how the hedged item impacts profit or loss.
If the hedged item is derecognized, the unamortized fair value hedge adjustment included in the carrying amount of the hedged item is recognized immediately in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f209642": { "value": "
3.20.6 Derivative financial instruments
The Group enters into derivative financial instruments contracts, such as swaps, options and futures/forwards, to manage market risks arising from its exposure to interest rates, commodity and foreign exchange prices. Those positions are monitored and managed on daily basis.
Derivatives are recognized initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognized as a financial asset whereas a derivative with a negative fair value is recognized as a financial liability. The resulting gain or loss is recognized in profit or loss immediately, unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. Derivatives that do not qualify for hedge accounting are classified as derivatives at fair value through profit or loss and are recognized immediately in the income statement in financial income and costs.
Derivatives are not offset in the financial statements, unless the Group has both a legally enforceable right and intention to offset. When the remaining maturity of the instrument is less than 12 months, the derivative is presented either as current asset or current liability under the account \u201cDerivative Financial Instruments\u201d. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not due to be realized or settled within 12 months.
The Group also enters into power purchase agreements. These contracts involve two parties, an electricity producer (sources may include wind, sun and water) and a customer/buyer (commonly referred as offtaker), where the buyer agrees to purchase the produced energy at fixed price usually for a long-term period.
There are two types of power purchase agreements, physical and virtual. The main difference is that physical PPA entails the actual delivery of the electricity, whereas with virtual PPAs there is just a net settlement of the difference (Contract for Difference \u2013 CfD) between the agreed fixed price and the spot price at which energy could be purchased from the grid.
Physical PPAs are accounted for under IFRS 9, except the cases where they either contain a lease, thus accounted for under IFRS 16, or they meet the own-use exemption and thus treated as an executory contract under IAS 37.
Virtual PPAs are accounted for as derivative financial instruments. At initial recognition, they are measured at fair value and classified at FVTPL for subsequent measurement. Fair value gains or losses are recognized in the line item \u201cOther Gain/(loss)\u201d of Other Statement of Profit or Loss and other Comprehensive Income.
Further details of derivative financial instruments are disclosed in Notes 24.
The Group designates certain derivatives (Interest rate swaps, Commodity futures/forwards and Options) used for risk management purposes as hedging instruments in both fair value and cash flow hedges, in order to hedge the following:
\u2022The exposure of the variability in cash flows attributed to commodity prices and interest rates and exchange rate risks, associated with highly probable forecast transactions.
\u2022The exposure to changes in the fair value of a recognized asset that is attributable to price risk and could affect reported earnings.
At the inception of the hedge relationship, the Group formally documents the hedge designation, including the economic relationship between the hedging instrument and the hedged item, along with its risk management objective and strategy for undertaking the hedge. Furthermore, at the inception of the hedge and on an ongoing basis (at least on each reporting date or upon significant change, whichever comes first), the Group documents whether an economic relationship exists between the hedging instrument and the hedged item.
Therefore, when Group designates a hedge relationship, there must be an expectation that the fair value or the cash flows of the hedging instrument and the value or the cash flows of the hedged item, will \u201csystematically\u201d change in response to movements in the same underlying(s) that are economically related, providing a degree of offset between
the hedged item and the hedging instrument. The assessment relates to expectations about hedge effectiveness and is only forward-looking.
The following compose the hedge effectiveness requirements that must be met before hedge accounting is applied by the Group:
1.There is an economic relationship between the hedged item and the hedging instrument, meaning that the hedging instrument and the hedged item have values that generally move in the opposite direction because of the same hedged risk.
2.The effect of credit risk does not dominate the value changes that result from that economic relationship.
3.The weightings of the hedged item and the hedging instrument, which define the hedge ratio of the hedging relationship, are the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship by rebalancing the hedge, so that it meets the qualifying criteria again.
With respect to futures/forwards type derivatives, the Group may designate to a hedge relationship either the full change in their fair value (including the forward element), or only their spot component, (thus leaving undesignated the forward element), as the hedging instrument of its hedging relationships involves such election.
The Group applies the normal hedge accounting mechanics for the designated spot, depending on the type of the hedge relationship. For the undesignated future/forward element of the forward type derivative, the Group has a choice over how changes in its value are accounted for. This accounting treatment choice is made by the Group on a hedge-by-hedge basis and applies for the term of the designated hedge. The two alternatives are:
\u2022The Group recognizes the changes in value of the undesignated forward element directly in profit or loss or
\u2022The Group recognizes the changes in value of the undesignated forward element (the proportion related to the hedged item) in other comprehensive income (OCI), accumulated in a separate component of equity under \u201ccost of hedging reserve\u201d, which amount is subsequently reclassified or removed from equity and is either recognized in profit or loss or is included directly in the initial cost or other carrying amount of the asset or the liability.
With respects to option type derivatives, the Group designates only the intrinsic value of the option contract as a hedging instrument and excludes its time value. For the change in the designated intrinsic value component of an option, the Group applies the normal hedge accounting mechanics, depending on the type of the hedge. The change in the undesignated time value of the option type designated derivative is recognized in other comprehensive income and accumulated in a separate component of equity under \u201ccost of hedging reserve\u201d.
The mechanics for recognizing the change in the time value of an option in other comprehensive income and accumulated in the cost of hedging reserve (and accordingly the change in forward element-when Group recognizes the changes of the undesignated forward element in OCI) varies depending on:
\u2022How much of the time value relates to the hedged item (i.e., aligned time value and aligned forward points) and
\u2022The nature of the hedged item and whether it is a transaction related item or a time-period related item.
If the hedged item is transaction-related, the time value and/or the forward element are reclassified to profit or loss when the hedged item affects profit or loss. If the hedged item is time-period related, the time value and/or the forward element are reclassified to profit or loss on a rational and systematic basis. In this regard, the Group applies straight line amortization recognized in profit or loss, in the same line item as the hedged item. For non-financial hedged items, the accumulated amount in the cost of hedging reserve is removed directly from equity and is included in the initial carrying amount of the recognized hedged item. Furthermore, if the Group expects that some or all of the loss accumulated in cost of hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss.
The Group discontinues hedge accounting prospectively only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable) or the hedging instrument expires or is sold, terminated or exercised.
Note 24 sets out details of the fair values of the derivative instruments used for hedging purposes. Movements in the cash flow hedge reserve and cost of hedging reserve in equity are depicted in Note 30.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f209643": { "value": "
3.20.6 Derivative financial instruments
The Group enters into derivative financial instruments contracts, such as swaps, options and futures/forwards, to manage market risks arising from its exposure to interest rates, commodity and foreign exchange prices. Those positions are monitored and managed on daily basis.
Derivatives are recognized initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. A derivative with a positive fair value is recognized as a financial asset whereas a derivative with a negative fair value is recognized as a financial liability. The resulting gain or loss is recognized in profit or loss immediately, unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. Derivatives that do not qualify for hedge accounting are classified as derivatives at fair value through profit or loss and are recognized immediately in the income statement in financial income and costs.
Derivatives are not offset in the financial statements, unless the Group has both a legally enforceable right and intention to offset. When the remaining maturity of the instrument is less than 12 months, the derivative is presented either as current asset or current liability under the account \u201cDerivative Financial Instruments\u201d. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not due to be realized or settled within 12 months.
The Group also enters into power purchase agreements. These contracts involve two parties, an electricity producer (sources may include wind, sun and water) and a customer/buyer (commonly referred as offtaker), where the buyer agrees to purchase the produced energy at fixed price usually for a long-term period.
There are two types of power purchase agreements, physical and virtual. The main difference is that physical PPA entails the actual delivery of the electricity, whereas with virtual PPAs there is just a net settlement of the difference (Contract for Difference \u2013 CfD) between the agreed fixed price and the spot price at which energy could be purchased from the grid.
Physical PPAs are accounted for under IFRS 9, except the cases where they either contain a lease, thus accounted for under IFRS 16, or they meet the own-use exemption and thus treated as an executory contract under IAS 37.
Virtual PPAs are accounted for as derivative financial instruments. At initial recognition, they are measured at fair value and classified at FVTPL for subsequent measurement. Fair value gains or losses are recognized in the line item \u201cOther Gain/(loss)\u201d of Other Statement of Profit or Loss and other Comprehensive Income.
Further details of derivative financial instruments are disclosed in Notes 24.
The Group designates certain derivatives (Interest rate swaps, Commodity futures/forwards and Options) used for risk management purposes as hedging instruments in both fair value and cash flow hedges, in order to hedge the following:
\u2022The exposure of the variability in cash flows attributed to commodity prices and interest rates and exchange rate risks, associated with highly probable forecast transactions.
\u2022The exposure to changes in the fair value of a recognized asset that is attributable to price risk and could affect reported earnings.
At the inception of the hedge relationship, the Group formally documents the hedge designation, including the economic relationship between the hedging instrument and the hedged item, along with its risk management objective and strategy for undertaking the hedge. Furthermore, at the inception of the hedge and on an ongoing basis (at least on each reporting date or upon significant change, whichever comes first), the Group documents whether an economic relationship exists between the hedging instrument and the hedged item.
Therefore, when Group designates a hedge relationship, there must be an expectation that the fair value or the cash flows of the hedging instrument and the value or the cash flows of the hedged item, will \u201csystematically\u201d change in response to movements in the same underlying(s) that are economically related, providing a degree of offset between
the hedged item and the hedging instrument. The assessment relates to expectations about hedge effectiveness and is only forward-looking.
The following compose the hedge effectiveness requirements that must be met before hedge accounting is applied by the Group:
1.There is an economic relationship between the hedged item and the hedging instrument, meaning that the hedging instrument and the hedged item have values that generally move in the opposite direction because of the same hedged risk.
2.The effect of credit risk does not dominate the value changes that result from that economic relationship.
3.The weightings of the hedged item and the hedging instrument, which define the hedge ratio of the hedging relationship, are the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship by rebalancing the hedge, so that it meets the qualifying criteria again.
With respect to futures/forwards type derivatives, the Group may designate to a hedge relationship either the full change in their fair value (including the forward element), or only their spot component, (thus leaving undesignated the forward element), as the hedging instrument of its hedging relationships involves such election.
The Group applies the normal hedge accounting mechanics for the designated spot, depending on the type of the hedge relationship. For the undesignated future/forward element of the forward type derivative, the Group has a choice over how changes in its value are accounted for. This accounting treatment choice is made by the Group on a hedge-by-hedge basis and applies for the term of the designated hedge. The two alternatives are:
\u2022The Group recognizes the changes in value of the undesignated forward element directly in profit or loss or
\u2022The Group recognizes the changes in value of the undesignated forward element (the proportion related to the hedged item) in other comprehensive income (OCI), accumulated in a separate component of equity under \u201ccost of hedging reserve\u201d, which amount is subsequently reclassified or removed from equity and is either recognized in profit or loss or is included directly in the initial cost or other carrying amount of the asset or the liability.
With respects to option type derivatives, the Group designates only the intrinsic value of the option contract as a hedging instrument and excludes its time value. For the change in the designated intrinsic value component of an option, the Group applies the normal hedge accounting mechanics, depending on the type of the hedge. The change in the undesignated time value of the option type designated derivative is recognized in other comprehensive income and accumulated in a separate component of equity under \u201ccost of hedging reserve\u201d.
The mechanics for recognizing the change in the time value of an option in other comprehensive income and accumulated in the cost of hedging reserve (and accordingly the change in forward element-when Group recognizes the changes of the undesignated forward element in OCI) varies depending on:
\u2022How much of the time value relates to the hedged item (i.e., aligned time value and aligned forward points) and
\u2022The nature of the hedged item and whether it is a transaction related item or a time-period related item.
If the hedged item is transaction-related, the time value and/or the forward element are reclassified to profit or loss when the hedged item affects profit or loss. If the hedged item is time-period related, the time value and/or the forward element are reclassified to profit or loss on a rational and systematic basis. In this regard, the Group applies straight line amortization recognized in profit or loss, in the same line item as the hedged item. For non-financial hedged items, the accumulated amount in the cost of hedging reserve is removed directly from equity and is included in the initial carrying amount of the recognized hedged item. Furthermore, if the Group expects that some or all of the loss accumulated in cost of hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss.
The Group discontinues hedge accounting prospectively only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable) or the hedging instrument expires or is sold, terminated or exercised.
Note 24 sets out details of the fair values of the derivative instruments used for hedging purposes. Movements in the cash flow hedge reserve and cost of hedging reserve in equity are depicted in Note 30.
Cash flow hedges
The effective portion of changes in the fair value of the derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income and accumulated in equity under cash flow hedge reserve, limited to the cumulative change in fair value of the hedged item from the inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit and is included in the \u201cOther gains/(losses)\u201d or \u201cFinance Costs\u201d line items for commodity and interest rate hedges respectively.
Amounts previously recognized in other comprehensive income and accumulated in equity are recycled in the Statement of Profit or Loss and Other Comprehensive Income in the periods when the hedged item affects profit or loss (i.e., when the forecast transaction being hedged takes place), in the same line as the recognized hedged item.
However, when the hedged forecast transaction subsequently results in the recognition of a non-financial item or a non-financial liability, the amount accumulated within equity in the cash flow hedge reserve and the cost of hedging reserve, is included directly in the initial cost of the non-financial item when it is recognized. For all other hedged forecast transactions, the amount accumulated in the cash flow hedge reserve and the cost of hedging reserve, is reclassified to profit or loss, in the same period or periods during which the hedged expected future cash flows affect profit or loss. This transfer does not affect other comprehensive income. Furthermore, if the Group expects that some or all of the loss accumulated in the cash flow hedge reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss.
Upon discontinuation of hedge accounting, any gain or loss recognized in other comprehensive income and accumulated in cash flow hedge reserve and cost of hedging reserve at that time, remains in equity and is reclassified to profit or loss when the forecast transaction occurs.
If the hedged highly probable forecast transaction is no longer expected to occur, the hedge relationship ceases to exist, and the amounts that have been accumulated in the cash flow hedge reserve and the cost of hedging reserve are immediately reclassified to the profit or loss.
Fair value hedges
The fair value change on the qualifying hedging instruments is recognized in profit or loss, whereas the carrying amount of a hedged item that is not already measured at fair value, is adjusted for the fair value change attributable to the hedged risk, with a corresponding entry in profit or loss. The Group recognizes the hedging gains or losses from the hedging instrument in profit or loss, in the same line as the hedged item.
Upon discontinuation of hedge accounting, the fair value adjustment to the carrying amount of the hedged item arising from the hedged risk, is amortized to profit or loss from that date, based on how the hedged item impacts profit or loss.
If the hedged item is derecognized, the unamortized fair value hedge adjustment included in the carrying amount of the hedged item is recognized immediately in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f209938": { "value": "
Derivatives are not offset in the financial statements, unless the Group has both a legally enforceable right and intention to offset. When the remaining maturity of the instrument is less than 12 months, the derivative is presented either as current asset or current liability under the account \u201cDerivative Financial Instruments\u201d. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not due to be realized or settled within 12 months.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f212020": { "value": "
Cash flow hedges
The effective portion of changes in the fair value of the derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income and accumulated in equity under cash flow hedge reserve, limited to the cumulative change in fair value of the hedged item from the inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit and is included in the \u201cOther gains/(losses)\u201d or \u201cFinance Costs\u201d line items for commodity and interest rate hedges respectively.
Amounts previously recognized in other comprehensive income and accumulated in equity are recycled in the Statement of Profit or Loss and Other Comprehensive Income in the periods when the hedged item affects profit or loss (i.e., when the forecast transaction being hedged takes place), in the same line as the recognized hedged item.
However, when the hedged forecast transaction subsequently results in the recognition of a non-financial item or a non-financial liability, the amount accumulated within equity in the cash flow hedge reserve and the cost of hedging reserve, is included directly in the initial cost of the non-financial item when it is recognized. For all other hedged forecast transactions, the amount accumulated in the cash flow hedge reserve and the cost of hedging reserve, is reclassified to profit or loss, in the same period or periods during which the hedged expected future cash flows affect profit or loss. This transfer does not affect other comprehensive income. Furthermore, if the Group expects that some or all of the loss accumulated in the cash flow hedge reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss.
Upon discontinuation of hedge accounting, any gain or loss recognized in other comprehensive income and accumulated in cash flow hedge reserve and cost of hedging reserve at that time, remains in equity and is reclassified to profit or loss when the forecast transaction occurs.
If the hedged highly probable forecast transaction is no longer expected to occur, the hedge relationship ceases to exist, and the amounts that have been accumulated in the cash flow hedge reserve and the cost of hedging reserve are immediately reclassified to the profit or loss.
Fair value hedges
The fair value change on the qualifying hedging instruments is recognized in profit or loss, whereas the carrying amount of a hedged item that is not already measured at fair value, is adjusted for the fair value change attributable to the hedged risk, with a corresponding entry in profit or loss. The Group recognizes the hedging gains or losses from the hedging instrument in profit or loss, in the same line as the hedged item.
Upon discontinuation of hedge accounting, the fair value adjustment to the carrying amount of the hedged item arising from the hedged risk, is amortized to profit or loss from that date, based on how the hedged item impacts profit or loss.
If the hedged item is derecognized, the unamortized fair value hedge adjustment included in the carrying amount of the hedged item is recognized immediately in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f212948": { "value": "
3.20.7 Fair Value of Financial Assets and Liabilities
The Group measures fair values in accordance with IFRS 13, which defines fair value as the price that would be received or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Group also uses a fair value hierarchy that categorizes into three levels the inputs to valuation techniques used to measure fair value, which gives highest priority to quoted prices.
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can assess at the measurement date. Assets and liabilities are classified as Level 1 if their fair value is observable in an active market.
Level 2 inputs are inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. A Level 2 input must be observable for substantially the full term of the instrument.
Level 3 inputs are unobservable inputs. Assets and liabilities are classified as Level 3 if their valuation incorporate significant inputs that are not based on observable market data.
The fair value measurement of financial derivatives of the Group is determined based on exchange market quotations as per last business day of the financial year for the derivatives that are classified at Level 1 fair value measurement and based on discounted cash flow techniques for the over-the-counter derivatives, that are classified at Level 2.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f213397": { "value": "
3.22. Borrowings
Interest-bearing bank loans and overdrafts are recorded according to the amounts received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accrual basis to the profit and loss account using effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the year in which they arise.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f213434": { "value": "Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accrual basis to the profit and loss account using effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the year in which they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f213435": { "value": "Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accrual basis to the profit and loss account using effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the year in which they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f213512": { "value": "
3.23. Trade payables
Trade payables are interest free and are stated at their nominal value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f213520": { "value": "
3.24. Provisions
Provisions are recognized when the Group has a present obligation as a result of a past event, and it is probable that the Group will be required to settle that obligation. Provisions are measured at the Group management\u2019s best estimate of the expenditure required to settle the obligation at the Statement of Financial Position date and are discounted to present value where the effect is material.
Provisions for restructuring costs, if any, are recognized only when the entity has developed a detailed formal plan for the restructuring and have announced details of plan to the involved parties. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f213743": { "value": "
3.25. The Group as a lessee
The Group assesses whether a contact is or contains a lease, at inception of a contract. Accordingly, it recognizes a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the leases. If this rate cannot readily be determined, the Group uses its incremental borrowing rate. Lease payment included in the measurement of the lease liability comprise:
\u2022fixed lease payment (including in-substance fixed payments), less any lease incentives;
\u2022variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;
\u2022the amount expected to be payable by the lessee under the residual value guarantees;
\u2022the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and
\u2022payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.
Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognized as an expense in the period in which the event or condition that triggers those payments occur and are included in the captions of \u201cDistribution expenses\u201d and \u201cAdministrative expenses\u201d in the statement of profit or loss and other comprehensive income.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The
Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:
\u2022the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.
\u2022the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is measured by discounting the revised lease payments using the initial discount rate.
\u2022a lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case, the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.
The lease liability is presented as a separate line in the consolidated statement of financial position.
The right-of-use asset comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. The Group applies IAS 36 to determine whether a right-of-use asset is impaired.
Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized and measured under IAS 37. The costs are included in the related right-of-use asset. The Group did not incur any such costs during the periods presented.
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the lease commencement date.
The right-of-use assets are presented as a separate line in the consolidated statement of financial position.
As permitted by IFRS 16, the Group applied the practical expedient according to which a lessee is not required to separate non-lease components, and as such, it accounts for any lease and associated non-lease components as a single arrangement.
3.26. The Group as a lessor
Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.
When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.
Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized on a straight-line basis over the lease term.
Amounts due from lessees under finance leases are recognized as receivables at the amount of the Group\u2019s net investment in the leases. Finance lease income is allocated to reporting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment outstanding in respect of the leases.
When a contract includes lease and non-lease components, the Group applies IFRS 15 to allocate the consideration under the contract to each component.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f215304": { "value": "
3.27 Joint Arrangements
Joint Operation
A joint operation arises where the Group (through a subsidiary company) has rights to the assets and obligations of the operation. The Group, under IFRS 11, recognizes its share of the assets, obligations, revenue and expenses of
the jointly controlled operation, including its share of those held or incurred jointly, in each respective line of its\u2019 financial statements.
Joint Venture
A joint venture is an arrangement in which the Group has joint control and rights to the net assets of the arrangement. Interests in joint ventures are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs, and subsequently adjusted reflecting the Group\u2019s share of profit or loss and other comprehensive income of the joint venture. Unrealized gains and losses are eliminated against the Group\u2019s investment, but regarding the losses only to the extent that there is no evidence of impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInJointArrangementsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact9": { "value": "
Joint Operation
A joint operation arises where the Group (through a subsidiary company) has rights to the assets and obligations of the operation. The Group, under IFRS 11, recognizes its share of the assets, obligations, revenue and expenses of
the jointly controlled operation, including its share of those held or incurred jointly, in each respective line of its\u2019 financial statements.
The Joint Operations, of which the Group consolidates proportionally the assets, liabilities, revenues and expenses, are the following:

Name

Place of incorporation and operation

% of ownership interest

Principal Activity

J/V THALIS ES SA - \u039d\u0391\u039fU\u039c ATE

Greece, Athens of Attica

30

Environmental Projects

J/V THALIS E.S. S.A. - KARTAS GEORGIOS TOU STAUROU

Greece, Athens of Attica

51.97

Environmental Projects

J/V THALIS PERIVALLONTIKES YPIRESIES A.E. - AAGIS A.E.

Greece, Dafni of Attica

70

Environmental Projects

J/V MICHANIKI PERIVALLONTOS A.E. - THALIS E.S. S.A.

Greece, Thessaloniki

50

Environmental Projects

J/V THALIS E.S. S.A. - MICHANIKI PERIVALLONTOS A.E. EEL POLYGYROU

Greece, Thessaloniki

50

Environmental Projects

J/V THALIS E.S S.A. - NAOUM S.Th. A.T.E. 2

Greece, Athens of Attica

50

Environmental Projects

J/V ZIORIS SA - THALIS ES SA

Greece, Arta of Epiros

50

Environmental Projects

J/V EKMETALEUSIS VIOAERIOU DYTIKIS MAKEDONIAS ILEKTOR A.E - THALIS E.S S.A

Greece, Athens of Attica

40

Environmental Projects

J/V THALIS ES SA - MICHANIKI PERIVALLONTOS SA - MESOGEOS SA

Greece, Athens of Attica

31

Environmental Projects

J/V MESOGEIOS A.E.- THALIS E.S. S.A. (EEL METAGGITSI)

Greece, Athens of Attica

70

Environmental Projects

J/V THALIS E.S S.A- MESOGEIOS A.E. (LYMATA N. PLAGION)

Greece, Athens of Attica

70

Environmental Projects

J/V THALIS E.S. S.A. - MICHANIKI PERIVALLONTOS A.E.

Greece, Athens of Attica

66.44

Environmental Projects

J/V MICHANIKI PERIVALLONTOS A.E. - THALIS E.S. S.A.

Greece, Thessaloniki

15.74

Environmental Projects

J/V THALIS E.S. S.A. \u2013 TALOS ATE

Greece, Athens of Attica

65.42

Environmental Projects

J/V MICHANIKI PERIVALLONTOS A.E. - THALIS E.S. S.A.

Greece, Thessaloniki

50

Environmental Projects

J/V NAOUM ATE - THALIS ES SA

Greece, Chania of Crete

4.68

Environmental Projects

J/V NAOUM S.Th. ATE \u2013 THALIS E.S. S.A. DIKTYA GEORGIOUPOLIS

Greece, Athens of Attica

50

Environmental Projects

J/V THALIS E.S. S.A. \u2013 MICHANIKI PERIVALLONTOS A.E. MELIKI

Greece, Athens of Attica

50

Environmental Projects

J/V THALIS E.S. S.A. - GKOLIOPOULOS A.T.E.

Greece, Athens of Attica

50

Environmental Projects

J/V NRG SUPPLY AND TRADING S.A.-GLOBILED LTD-GLOBITEL S.A.

Greece, Ag. Dimitrios of Attica

50

Provision of energy saving and energy upgrading services

J/V MICHANIKI PERIVALLONTOS A.E. - THALIS E.S. S.A. - DIKTYO YDREUSIS

Greece, Thessaloniki

50

Environmental Projects

J/V ILECTOR S.A. - THALIS E.S. S.A.

Greece, Kifissia of Attica

50

Environmental Projects

J/V THALIS E.S. S.A. - DIALYNAS A.E. - ANAVATHMISI YFISTAMENIS EEL CHIOU

Greece, Athens of Attica

70

Environmental Projects

J/V ILEKTOR A.E. \u2013 THALIS E.S. S.A. XIRANSI ILYOS EEL CHANION

Greece, Kifissia of Attica

30

Environmental Projects

J/V THALIS E.S. S.A.-ILEKTOR A.E. EPEXERGASIA ILYON E.E.L. FODISA V. PEDIADAS

Greece, Athens of Attica

50

Environmental Projects

J/V THALIS E.S. S.A. \u2013 ENVIN S.A. - GOUMENISSA

Greece, Athens of Attica

50

Environmental Projects

J/V THALIS ES SA \u2013 TERNA A.E. \u2013 KONSTANTINIDIS A.E.

Greece, Athens of Attica

50

Environmental Projects

ELTEPE JOINT VENTURE

Greece, Aspropyrgos of Attica

100

Collection and Trading of used Lubricants

J/V MEA VOLOU MESOGEIOS A.E.-THALIS ES SA

Greece, Athens of Attica

50

Environmental Projects

J/V POLYZOIS NIKOS A.E. - THALIS E.S S.A. - BEN NAOUSAS

Greece, Thessaloniki

50

Environmental Projects

", "dimensions": { "concept": "ifrs-full:DisclosureOfJointOperationsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f215440": { "value": "
Joint Venture
A joint venture is an arrangement in which the Group has joint control and rights to the net assets of the arrangement. Interests in joint ventures are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs, and subsequently adjusted reflecting the Group\u2019s share of profit or loss and other comprehensive income of the joint venture. Unrealized gains and losses are eliminated against the Group\u2019s investment, but regarding the losses only to the extent that there is no evidence of impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f215585": { "value": "3.28. Main sources of uncertainty in accounting estimations The preparation of the financial statements presumes that various estimations and assumptions concerning the future are made by the Group\u2019s management which may affect the carrying values of assets and liabilities and the required disclosures for contingent assets and liabilities as well as the amounts of income and expenses recognized. The application of sufficient information and various judgments made by the Group\u2019s management may significantly impact the valuation and presentation of assets and liabilities. The areas requiring the most significant judgments, estimates and assumptions in the preparation of the financial statements are: \u2022 interests in subsidiaries, joint operations and associates \u2013 judgements in the determination of control, joint control or significant influence \u2022 fair values of assets acquired and liabilities assumed on acquisition \u2013 estimates in their measurement and determination of goodwill \u2022 recoverability of asset carrying amounts \u2013 estimations about future operating results and determination of discount rate \u2022 right of use assets and lease liabilities \u2013 judgment about the existence of lease and its term in contracts with renewal and termination options, as well as the discount rate \u2022 taxation \u2013 judgements in the recognition of deferred tax assets and the availability of future taxable profits, as well as the financial years not audited by tax authorities \u2022 provisions \u2013 estimations about the likelihood and magnitude of outflow of resources such as legal cases \u2022 retirement benefit obligations \u2013 estimates based on inflation rate, mortality rate, payroll increase and appropriate discount rate \u2022 impairment of receivables \u2013 estimations about forward looking information \u2022 valuation of financial instruments \u2013 estimates and assumptions in valuation techniques and their inputs The above estimations and assumptions are based on the most recent information available to the management and are reassessed so as to be up to date with the current market conditions. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f215586": { "value": "
3.28. Main sources of uncertainty in accounting estimations
The preparation of the financial statements presumes that various estimations and assumptions concerning the future are made by the Group\u2019s management which may affect the carrying values of assets and liabilities and the required disclosures for contingent assets and liabilities as well as the amounts of income and expenses recognized. The application of sufficient information and various judgments made by the Group\u2019s management may significantly impact the valuation and presentation of assets and liabilities.
The areas requiring the most significant judgments, estimates and assumptions in the preparation of the financial statements are:
\u2022 interests in subsidiaries, joint operations and associates \u2013 judgements in the determination of control, joint control or significant influence
\u2022 fair values of assets acquired and liabilities assumed on acquisition \u2013 estimates in their measurement and determination of goodwill
\u2022 recoverability of asset carrying amounts \u2013 estimations about future operating results and determination of discount rate
\u2022 right of use assets and lease liabilities \u2013 judgment about the existence of lease and its term in contracts with renewal and termination options, as well as the discount rate
\u2022 taxation \u2013 judgements in the recognition of deferred tax assets and the availability of future taxable profits, as well as the financial years not audited by tax authorities
\u2022 provisions \u2013 estimations about the likelihood and magnitude of outflow of resources such as legal cases
\u2022 retirement benefit obligations \u2013 estimates based on inflation rate, mortality rate, payroll increase and appropriate discount rate
\u2022 impairment of receivables \u2013 estimations about forward looking information
\u2022 valuation of financial instruments \u2013 estimates and assumptions in valuation techniques and their inputs
The above estimations and assumptions are based on the most recent information available to the management and are reassessed so as to be up to date with the current market conditions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f216022": { "value": "
4.Revenue
Sales revenue is analyzed below:

\u00a0

\u00a0

GROUP

\u00a0

COMPANY

(In 000's Euros)

\u00a0

01/01-31/12/24

01/01-31/12/23

\u00a0

01/01-31/12/24

01/01-31/12/23

Sales

\u00a0

12,187,917

13,316,742

\u00a0

8,412,789

9,320,638

The following tables provide an analysis of the sales by geographical market (domestic \u2013 bunkering \u2013 export) and by category of goods sold (products - merchandise - services):

GROUP

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(In 000's Euros)

01/01-31/12/24

\u00a0

01/01-31/12/23

SALES:

DOMESTIC

BUNKERING

EXPORT

TOTAL

\u00a0

DOMESTIC

BUNKERING

EXPORT

TOTAL

Products

1,809,378

735,859

5,144,498

7,689,735

\u00a0

1,835,973

655,834

6,043,598

8,535,405

Merchandise

2,483,328

361,650

651,199

3,496,177

\u00a0

2,780,292

324,270

752,268

3,856,830

Services

919,502

3,421

79,082

1,002,005

\u00a0

889,518

3,221

31,768

924,507

Total

5,212,208

1,100,930

5,874,779

12,187,917

\u00a0

5,505,783

983,325

6,827,634

13,316,742

COMPANY

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(In 000's Euros)

01/01-31/12/24

\u00a0

01/01-31/12/23

SALES:

DOMESTIC

BUNKERING

EXPORT

TOTAL

\u00a0

DOMESTIC

BUNKERING

EXPORT

TOTAL

Products

1,805,083

720,259

5,079,325

7,604,667

\u00a0

1,809,258

641,078

5,972,909

8,423,245

Merchandise

166,492

181,960

410,359

758,811

\u00a0

202,257

287,673

357,186

847,116

Services

29,550

3,209

16,552

49,311

\u00a0

26,881

3,058

20,338

50,277

Total

2,001,125

905,428

5,506,236

8,412,789

\u00a0

2,038,396

931,809

6,350,433

9,320,638

Based on historical information of the Company and the Group, the percentage of quarterly sales volume varies from 23% to 28% on annual sales volume and thus there is no material seasonality on the total sales volume.
The Sales Breakdown by product category for the Company is as follows:

(In 000s)

01/01-31/12/24

01/01-31/12/23

Sales /Product

Metric Tons

Amount \u20ac

Metric Tons

Amount \u20ac

Asphalt

942

382,506

1,336

547,808

Fuel Oil

2,128

918,725

2,085

907,431

Diesel (Automotive - Heating)

3,880

2,833,935

4,073

3,259,692

Jet Fuel

1,891

1,433,792

1,771

1,516,507

Gasoline

2,622

2,133,802

2,560

2,209,522

LPG

216

133,894

206

132,820

Lubricants

227

203,862

254

214,299

Other

291

116,329

477

216,966

Total (Products)

12,197

8,156,845

12,762

9,005,045

Other Sales

428

206,633

476

265,316

Services

\u00a0

49,311

\u00a0

50,277

Total

12,625

8,412,789

13,238

9,320,638

The category Other includes sales of 845 Metric Tons (12,881 MWh) of natural gas in Bulgaria (gas trading license) amounting to \u20ac 434 thousand for 2024 and 50 Metric Tons (760 MWh) amounting to \u20ac 28 thousand for 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f216132": { "value": "

GROUP

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(In 000's Euros)

01/01-31/12/24

\u00a0

01/01-31/12/23

SALES:

DOMESTIC

BUNKERING

EXPORT

TOTAL

\u00a0

DOMESTIC

BUNKERING

EXPORT

TOTAL

Products

1,809,378

735,859

5,144,498

7,689,735

\u00a0

1,835,973

655,834

6,043,598

8,535,405

Merchandise

2,483,328

361,650

651,199

3,496,177

\u00a0

2,780,292

324,270

752,268

3,856,830

Services

919,502

3,421

79,082

1,002,005

\u00a0

889,518

3,221

31,768

924,507

Total

5,212,208

1,100,930

5,874,779

12,187,917

\u00a0

5,505,783

983,325

6,827,634

13,316,742

", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact10": { "value": "
5.Operating Segments
The Group is mainly operating in Greece, given that most Group companies included in the consolidation are based in Greece.
Group management regularly reviews internal financial reports in order to allocate resources to the segments and assess their performance. Operating segments have been determined based on certain criteria of aggregation, as set by management. Sections aggregated into a single operating segment have similar economic characteristics (more specifically, similar nature of products and services, similar nature of the production process and similar type of customers). Information provided for management purposes is measured in a manner consistent with that of the financial statements.
The Group is active in four main operating business segments: a) Refining Activity, b) Fuels\u2019 Marketing Activity, c) Power and Gas and d) Other.
\u201cOther\u201d segment relates mainly to Group entities which provide services and holding companies.
Inter-segment sales primarily relate to sales from the refining segment to other operating segments.
Segment information is presented in the following tables.

STATEMENT OF COMPEHENSIVE INCOME

\u00a0

\u00a0

\u00a0

01/01-31/12/24

\u00a0

\u00a0

\u00a0

(In 000's Euros)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Business Operations

\u00a0

Refining

Fuels Marketing

Power and Gas

Other

Eliminations/ Adjustments

Total

Sales to third parties

\u00a0

6,591,722

4,705,320

775,745

115,130

0

12,187,917

Inter-segment sales

\u00a0

2,344,503

96,726

19,064

15,423

(2,475,716)

0

Total revenue

\u00a0

8,936,225

4,802,046

794,809

130,553

(2,475,716)

12,187,917

Cost of Sales

\u00a0

(8,291,740)

(4,451,129)

(703,033)

(107,158)

2,461,559

(11,091,501)

Gross profit

\u00a0

644,485

350,917

91,776

23,395

(14,157)

1,096,416

Distribution expenses

\u00a0

(46,585)

(278,686)

(40,799)

(2,540)

19,911

(348,699)

Administrative expenses

\u00a0

(98,800)

(27,993)

(24,626)

(11,467)

(2,097)

(164,983)

Other Income*

\u00a0

48,411

8,199

5,643

191

(1,033)

61,411

Other Gain/(loss)

\u00a0

56,493

2,200

3,989

2,034

(3,115)

61,601

Segment result from operations

\u00a0

604,004

54,637

35,983

11,613

(491)

705,746

Finance income

\u00a0

147,007

1,664

31,246

4,767

(19,611)

165,073

Finance cost

\u00a0

(124,953)

(43,229)

(57,596)

(1,425)

4,216

(222,987)

Share of profit/(loss) in associates

\u00a0

0

5,707

12,570

(880)

(17,990)

(593)

Gain/(loss) on fixed assets from significant incident

\u00a0

(6,097)

0

0

0

0

(6,097)

Profit/(loss) before tax

\u00a0

619,961

18,779

22,203

14,075

(33,876)

641,142

Other information

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Additions attributable to acquisition of subsidiaries

\u00a0

0

1,703

16,242

0

0

17,945

Capital additions

\u00a0

215,277

99,836

70,882

31,985

(44,524)

373,456

Depreciation/amortization and other impair. for the year

\u00a0

100,652

62,708

95,017

3,957

(1,485)

260,849

FINANCIAL POSITION

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Segment assets (excluding investments)

\u00a0

3,481,159

1,185,804

2,060,413

234,355

(144,472)

6,817,259

Investments in subsidiaries and associates

\u00a0

1,172,131

19,259

101,778

43,300

(986,063)

350,405

Other financial assets

\u00a0

1,930

19

845

107,537

0

110,331

Total assets

\u00a0

4,655,220

1,205,082

2,163,036

385,192

(1,130,535)

7,277,995

Liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total liabilities

\u00a0

2,312,947

875,235

1,415,538

66,656

(151,168)

4,519,208

Total liabilities

\u00a0

2,312,947

875,235

1,415,538

66,656

(151,168)

4,519,208

*\u201cOther income\u201d includes a subsidy revenue, for the compensation of the indirect cost of CO2 emissions, amount \u20ac 43,868 thousand (Note 6).

STATEMENT OF COMPEHENSIVE INCOME

\u00a0

\u00a0

\u00a0

01/01-31/12/23

\u00a0

\u00a0

\u00a0

(In 000's Euros)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Business Operations

\u00a0

Refining

Fuels Marketing

Power and Gas

Other

Eliminations/ Adjustments

Total

Sales to third parties

\u00a0

7,646,031

4,798,695

798,588

73,428

0

13,316,742

Inter-segment sales

\u00a0

1,883,238

131,981

19,096

12,141

(2,046,456)

0

Total revenue

\u00a0

9,529,269

4,930,676

817,684

85,569

(2,046,456)

13,316,742

Cost of Sales

\u00a0

(8,385,351)

(4,611,718)

(693,992)

(67,324)

2,029,285

(11,729,100)

Gross profit

\u00a0

1,143,918

318,958

123,692

18,245

(17,171)

1,587,642

Distribution expenses

\u00a0

(44,978)

(264,905)

(42,177)

(791)

17,089

(335,762)

Administrative expenses

\u00a0

(92,405)

(28,531)

(28,376)

(8,819)

(283)

(158,414)

Other Income*

\u00a0

25,687

8,281

6,496

195

(886)

39,773

Other Gain/(loss)

\u00a0

(11,695)

6,010

15,368

(1,002)

(5,806)

2,875

Segment result from operations

\u00a0

1,020,527

39,813

75,003

7,828

(7,057)

1,136,114

Finance income

\u00a0

130,437

1,266

16,494

2,076

(24,422)

125,851

Finance cost

\u00a0

(126,931)

(39,391)

(64,988)

(1,120)

3,023

(229,407)

Share of profit/(loss) in associates

\u00a0

0

5,278

(9,998)

(3,401)

14,034

5,913

Profit/(loss) before tax

\u00a0

1,024,033

6,966

16,511

5,383

(14,422)

1,038,471

Other information

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Additions attributable to acquisition of subsidiaries

\u00a0

0

82

26,367

29,939

(928)

55,460

Capital additions

\u00a0

224,633

103,447

42,287

17,616

(13,267)

374,716

Depreciation/amortization and other impair. for the year

\u00a0

92,517

59,283

94,546

1,996

(1,230)

247,112

FINANCIAL POSITION

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Assets

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Segment assets (excluding investments)

\u00a0

3,770,455

1,234,345

2,086,258

168,833

(185,325)

7,074,566

Investments in subsidiaries and associates

\u00a0

1,107,892

16,359

90,881

44,252

(835,745)

423,639

Other financial assets

\u00a0

1,430

345

0

73,175

0

74,950

Total assets

\u00a0

4,879,777

1,251,049

2,177,139

286,260

(1,021,070)

7,573,155

Liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Total liabilities

\u00a0

2,607,042

921,919

1,420,173

45,907

(193,214)

4,801,827

Total liabilities

\u00a0

2,607,042

921,919

1,420,173

45,907

(193,214)

4,801,827

*\u201cOther income\u201d includes a subsidy revenue, for the compensation of the indirect cost of CO2 emissions, amount \u20ac 21,119 thousand (Note 6).

Business Operations

\u00a0

\u00a0

01/01-31/12/24

\u00a0

(In 000's Euros)

\u00a0

Refining

Fuels Marketing

Power and Gas

Other

Total

At a point in time

\u00a0

6,591,722

4,705,320

0

0

11,297,042

Over time

\u00a0

0

0

775,745

115,130

890,875

Total Revenue

\u00a0

6,591,722

4,705,320

775,745

115,130

12,187,917

Business Operations

\u00a0

\u00a0

01/01-31/12/23

\u00a0

(In 000's Euros)

\u00a0

Refining

Fuels Marketing

Power and Gas

Other

Total

At a point in time

\u00a0

7,646,031

4,798,695

0

0

12,444,726

Over time

\u00a0

0

0

798,588

73,428

872,016

Total Revenue

\u00a0

7,646,031

4,798,695

798,588

73,428

13,316,742

For the year 2024 and the respective one 2023, no Group customer exceeded the 10% sales benchmark. For the year 2024, Company\u2019s customer and subsidiary Coral S.A. exceeded the 10% sales benchmark (13%) in contrast to year 2023 that no Company\u2019s customer exceeded the aforementioned benchmark.
Group revenue per country is depicted in the following table:

\u00a0

01/01-31/12/24

01/01-31/12/23

Country

Revenue %

Revenue %

Greece

51.8%

48.7%

Libya

7.3%

7.9%

Gibraltar

5.4%

5.6%

Egypt*

5.0%

1.1%

U.S.A.

3.8%

2.5%

Cyprus

3.6%

3.2%

Italy

3.2%

5.9%

Croatia*

2.9%

2.0%

Turkiye

2.3%

2.4%

Lebanon

2.1%

3.0%

Saudi Arabia

0.8%

0.5%

Other Countries*

11.8%

17.2%

*The specific countries\u2019 percentage was included for prior year\u2019s period 01/01-31/12/23 in \u201cOther Countries\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f216824": { "value": "5.Operating Segments
The Group is mainly operating in Greece, given that most Group companies included in the consolidation are based in Greece.
Group management regularly reviews internal financial reports in order to allocate resources to the segments and assess their performance. Operating segments have been determined based on certain criteria of aggregation, as set by management. Sections aggregated into a single operating segment have similar economic characteristics (more specifically, similar nature of products and services, similar nature of the production process and similar type of customers). Information provided for management purposes is measured in a manner consistent with that of the financial statements.
The Group is active in four main operating business segments: a) Refining Activity, b) Fuels\u2019 Marketing Activity, c) Power and Gas and d) Other.
\u201cOther\u201d segment relates mainly to Group entities which provide services and holding companies.
Inter-segment sales primarily relate to sales from the refining segment to other operating segments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f219100": { "value": "
6.Other Income

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

01/01-31/12/24

01/01-31/12/23

\u00a0

01/01-31/12/24

01/01-31/12/23

Rental Income

\u00a0

3,427

3,193

\u00a0

1,617

1,731

Commisions

\u00a0

1,636

2,019

\u00a0

0

0

Subsidy Revenue for the compensation of the indirect cost for CO2 emissions

\u00a0

43,868

21,119

\u00a0

43,473

20,905

Amortization of Grants received for assets

\u00a0

3,787

5,149

\u00a0

349

487

Other

\u00a0

8,693

8,293

\u00a0

1,548

1,649

Total

\u00a0

61,411

39,773

\u00a0

46,987

24,772

Under \"Other\" are included mainly income from the use of trademarks of the subsidiaries of Company along with other grants. The \u201cSubsidy Revenue for the compensation of the indirect cost of CO2 emissions\u201d concerns the years 2023 and 2024. The Subsidy Revenue is granted in accordance with the EU rules by the responsible body for the state aid, DAPEEP SA.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f219106": { "value": "

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

01/01-31/12/24

01/01-31/12/23

\u00a0

01/01-31/12/24

01/01-31/12/23

Rental Income

\u00a0

3,427

3,193

\u00a0

1,617

1,731

Commisions

\u00a0

1,636

2,019

\u00a0

0

0

Subsidy Revenue for the compensation of the indirect cost for CO2 emissions

\u00a0

43,868

21,119

\u00a0

43,473

20,905

Amortization of Grants received for assets

\u00a0

3,787

5,149

\u00a0

349

487

Other

\u00a0

8,693

8,293

\u00a0

1,548

1,649

Total

\u00a0

61,411

39,773

\u00a0

46,987

24,772

", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f219392": { "value": "
7.Other gains / (losses)

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

01/01-31/12/24

01/01-31/12/23

\u00a0

01/01-31/12/24

01/01-31/12/23

Foreign exchange differences

\u00a0

15,149

972

\u00a0

19,005

(6,998)

Fixed assets sales

\u00a0

102

(2,223)

\u00a0

(1,788)

(33)

Impairment of Investment in subsidiaries

\u00a0

0

0

\u00a0

0

(6,065)

Impairment of goodwill

\u00a0

0

(389)

\u00a0

0

0

Income from business interruption insurance claim

\u00a0

39,853

0

\u00a0

39,853

0

Other

\u00a0

6,497

4,515

\u00a0

1,259

(10,535)

Total

\u00a0

61,601

2,875

\u00a0

58,329

(23,631)

The financial performance of the Company for the year 2023 was affected from the impairment of Investment in subsidiary \u201cMOTOR OIL VEGAS UPSTREAM\u201d with a total amount of \u20ac6,065 thousand.
The economic results of the Group for the year 2023 were impacted from goodwill impairment of the subsidiary \u201cPHARMON SINGLE MEMBER PRIVATE COMPANY\u201d with a total amount of \u20ac389 thousand.
On September 17, 2024, a fire broke out at the Company's southern refinery in Agioi Theodoroi. It is noted that the Company is insured for loss of operating profits due to business interruption, in accordance with usual practice, and the amount of the related compensation recognized as revenue in the current year is \u20ac 39,853 thousand.
Furthermore, the subcategory \u201cOther\u201d for the Group, includes the effect of fair value through Profit and Loss measurement of Power Purchase Agreements, amounting to \u20ac 7,860 thousand (profit). The respective figure for 2023 amounted to \u20ac 9,897 thousand (profit).
", "dimensions": { "concept": "moh:DisclosureOfOtherGainsOrLossesTextBlock", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact11": { "value": "

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

01/01-31/12/24

01/01-31/12/23

\u00a0

01/01-31/12/24

01/01-31/12/23

Foreign exchange differences

\u00a0

15,149

972

\u00a0

19,005

(6,998)

Fixed assets sales

\u00a0

102

(2,223)

\u00a0

(1,788)

(33)

Impairment of Investment in subsidiaries

\u00a0

0

0

\u00a0

0

(6,065)

Impairment of goodwill

\u00a0

0

(389)

\u00a0

0

0

Income from business interruption insurance claim

\u00a0

39,853

0

\u00a0

39,853

0

Other

\u00a0

6,497

4,515

\u00a0

1,259

(10,535)

Total

\u00a0

61,601

2,875

\u00a0

58,329

(23,631)

The financial performance of the Company for the year 2023 was affected from the impairment of Investment in subsidiary \u201cMOTOR OIL VEGAS UPSTREAM\u201d with a total amount of \u20ac6,065 thousand.
The economic results of the Group for the year 2023 were impacted from goodwill impairment of the subsidiary \u201cPHARMON SINGLE MEMBER PRIVATE COMPANY\u201d with a total amount of \u20ac389 thousand.
On September 17, 2024, a fire broke out at the Company's southern refinery in Agioi Theodoroi. It is noted that the Company is insured for loss of operating profits due to business interruption, in accordance with usual practice, and the amount of the related compensation recognized as revenue in the current year is \u20ac 39,853 thousand.
Goodwill is allocated to cash-generating units and is tested annually for impairment. As of December 31, 2024, goodwill was tested for impairment using the higher of the value-in-use and fair value models, in accordance with IAS 36. Fair value was measured using the market approach, while the value-in-use model adopted the income approach. The calculation of the value in use involved employing cash flow projections based on financial budgets approved by management for the planning horizon. For cash flows after the planning horizon, an estimated growth rate was used reflecting management's forecasts in line with GDP growth projections. Management established annual volume growth rates and gross margins based on historical performance and future market expectations.
As at 31 December 2024, there was no write down of goodwill due to impairment.
Inventories are measured at the lower of cost and net realizable value (NRV). The cost of inventories may not be recoverable if their selling prices have decreased, if these inventories have been damaged, or if they have become completely or partially obsolete. For the current and prior year period, certain inventories were measured at their net realizable value, resulting in charges of the Statement of Profit or Loss and Other Comprehensive Income (\u201cCost of Sales\u201d) for the Group, amounting to \u20ac 11,549 thousand for the period 01/01-31/12/2024 and \u20ac 18,623 thousand for the prior year\u2019s period (Company: 01/01-31/12/2024: \u20ac 11,325 thousand, 01/01-31/12/2023: \u20ac 18,128 thousand). During the current and the prior year\u2019s period, there was no reversal of the amount resulting from the write down to net realizable value charged on Group and Company level.
The charge per inventory category is as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Raw materials

\u00a0

1,154

15,767

\u00a0

1,154

15,767

Merchandise

\u00a0

485

234

\u00a0

261

217

Products

\u00a0

9,910

1,177

\u00a0

9,910

699

CO2 Emission Allowances

\u00a0

0

1,445

\u00a0

0

1,445

Total

\u00a0

11,549

18,623

\u00a0

11,325

18,128

", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f219830": { "value": "
8.Profit from Operations
Profit from operations for the Company and the Group includes as well the following figures:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

01/01-31/12/24

01/01-31/12/23

\u00a0

01/01-31/12/24

01/01-31/12/23

Amortization of intangible assets

\u00a0

62,256

58,074

\u00a0

3,658

1,773

Depreciation of property, plant and equipment

\u00a0

162,494

155,193

\u00a0

87,878

82,304

Depreciation of Right of Use Assets

\u00a0

35,486

33,844

\u00a0

5,199

5,168

Total depreciation / amortization

\u00a0

260,236

247,111

\u00a0

96,735

89,245

Government grants amortisation

\u00a0

3,787

5,149

\u00a0

349

487

Impairment loss recognized on trade receivables (note 21)

\u00a0

10,494

14,343

\u00a0

1,184

127

Personnel salaries and other benefits

\u00a0

203,759

211,438

\u00a0

130,073

136,146

Employer's contribution

\u00a0

35,879

34,802

\u00a0

21,359

21,592

Defined Benefit Plans' expenses (note 38)

\u00a0

6,040

6,584

\u00a0

4,877

4,909

Total payroll costs

\u00a0

245,678

252,824

\u00a0

156,309

162,647

", "dimensions": { "concept": "moh:DisclosureOfProfitFromOperationsTextBlock", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact13": { "value": "

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

01/01-31/12/24

01/01-31/12/23

\u00a0

01/01-31/12/24

01/01-31/12/23

Amortization of intangible assets

\u00a0

62,256

58,074

\u00a0

3,658

1,773

Depreciation of property, plant and equipment

\u00a0

162,494

155,193

\u00a0

87,878

82,304

Depreciation of Right of Use Assets

\u00a0

35,486

33,844

\u00a0

5,199

5,168

Total depreciation / amortization

\u00a0

260,236

247,111

\u00a0

96,735

89,245

Government grants amortisation

\u00a0

3,787

5,149

\u00a0

349

487

Impairment loss recognized on trade receivables (note 21)

\u00a0

10,494

14,343

\u00a0

1,184

127

Personnel salaries and other benefits

\u00a0

203,759

211,438

\u00a0

130,073

136,146

Employer's contribution

\u00a0

35,879

34,802

\u00a0

21,359

21,592

Defined Benefit Plans' expenses (note 38)

\u00a0

6,040

6,584

\u00a0

4,877

4,909

Total payroll costs

\u00a0

245,678

252,824

\u00a0

156,309

162,647

\u00a0

\u00a0

GROUP

(In 000's Euros)

\u00a0

Software

Rights

Other

Assets under construction

Total

COST

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

As at 1 January 2023

\u00a0

52,282

736,660

29,803

0

818,745

Additions attributable to acquisition of subsidiaries

\u00a0

12

36,076

0

0

36,088

Additions

\u00a0

4,138

18,521

85

4,790

27,534

Disposals/Write-off

\u00a0

(6,096)

(38,405)

0

0

(44,501)

Transfers

\u00a0

7,385

466

47

0

7,898

As at 31 December 2023

\u00a0

57,721

753,318

29,935

4,790

845,764

Additions attributable to acquisition of subsidiaries

\u00a0

2

15,679

542

0

16,223

Additions

\u00a0

5,090

17,599

123

10,883

33,695

Disposals/Write-off

\u00a0

(34)

(1,156)

(15)

0

(1,205)

Transfers

\u00a0

6,322

2,742

(2,061)

(6,388)

615

As at 31 December 2024

\u00a0

69,101

788,182

28,524

9,285

895,092

AMORTIZATION

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

As at 1 January 2023

\u00a0

36,805

86,444

9,820

0

133,069

Additions attributable to acquisition of subsidiaries

\u00a0

10

8

0

0

18

Amortization charge for the year

\u00a0

4,718

50,444

2,912

0

58,074

Transfers

\u00a0

(193)

22

160

0

(11)

Disposals/Write-off

\u00a0

(5,988)

(38,309)

0

0

(44,297)

As at 31 December 2023

\u00a0

35,352

98,609

12,892

0

146,853

Amortization charge for the year

\u00a0

6,992

52,359

2,905

0

62,256

Disposals/Write-off

\u00a0

(15)

(17)

0

0

(32)

Transfers

\u00a0

(16)

1,833

(1,805)

0

12

As at 31 December 2024

\u00a0

42,313

152,784

13,992

0

209,089

CARRYING AMOUNT

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

As at 31 December 2023

\u00a0

22,369

654,709

17,043

4,790

698,911

As at 31 December 2024

\u00a0

26,788

635,398

14,532

9,285

686,003

\u00a0

\u00a0

COMPANY

(In 000's Euros)

\u00a0

Software

Assets under construction

Total

COST

\u00a0

\u00a0

\u00a0

\u00a0

As at 1 January 2023

\u00a0

18,431

0

18,431

Additions

\u00a0

587

3,756

4,343

Disposals/Write-off

\u00a0

(6,024)

0

(6,024)

Transfers

\u00a0

6,707

0

6,707

As at 31 December 2023

\u00a0

19,701

3,756

23,457

Additions

\u00a0

692

5,611

6,303

Transfers

\u00a0

5,323

(4,890)

433

As at 31 December 2024

\u00a0

25,716

4,477

30,193

AMORTIZATION

\u00a0

\u00a0

\u00a0

\u00a0

As at 1 January 2023

\u00a0

15,249

0

15,249

Amortization charge for the year

\u00a0

1,773

0

1,773

Disposals/Write-off

\u00a0

(5,987)

0

(5,987)

As at 31 December 2023

\u00a0

11,035

0

11,035

Amortization charge for the year

\u00a0

3,658

0

3,658

As at 31 December 2024

\u00a0

14,693

0

14,693

CARRYING AMOUNT

\u00a0

\u00a0

\u00a0

\u00a0

As at 31 December 2023

\u00a0

8,666

3,756

12,422

As at 31 December 2024

\u00a0

11,023

4,477

15,500

GROUP

Land and buildings

Plant and machinery / Transportation means

Fixtures and equipment

Assets under construction

Total

\u00a0

(In 000's Euros)

COST

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

As at 1 January 2023

843,132

2,936,848

140,325

206,740

4,127,045

Additions attributable to acquisition of subsidiaries

4,706

3,295

280

12,192

20,473

Additions

21,238

17,445

8,430

243,408

290,521

Disposals/Write-off

(4,714)

(12,080)

(2,669)

(440)

(19,903)

Transfers

53,247

49,128

3,747

(114,020)

(7,898)

As at 31 December 2023

917,609

2,994,636

150,113

347,880

4,410,238

Additions attributable to acquisition of subsidiaries

5

1,624

251

563

2,443

Additions

10,375

27,065

9,823

234,063

281,326

Disposals/Write-off

(758)

(24,026)

(1,534)

(1,768)

(28,086)

Transfers

43,544

212,701

11,251

(268,111)

(615)

As at 31 December 2024

970,775

3,212,000

169,904

312,627

4,665,306

DEPRECIATION

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

As at 1 January 2023

253,997

1,444,587

87,438

0

1,786,022

Additions attributable to acquisition of subsidiaries

503

755

247

0

1,505

Additions

20,515

125,885

8,793

0

155,193

Disposals/Write-off

(1,553)

(10,489)

(2,540)

0

(14,582)

Transfers

73

(1,921)

1,859

0

11

As at 31 December 2023

273,535

1,558,817

95,797

0

1,928,149

Additions attributable to acquisition of subsidiaries

0

638

192

0

830

Additions

21,671

130,949

9,874

0

162,494

Disposals/Write-off

(459)

(14,814)

(1,308)

0

(16,581)

Transfers

840

(794)

(58)

0

(12)

As at 31 December 2024

295,587

1,674,796

104,497

0

2,074,880

CARRYING AMOUNT

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

As at 31 December 2023

644,074

1,435,819

54,316

347,880

2,482,089

As at 31 December 2024

675,188

1,537,204

65,407

312,627

2,590,426

COMPANY

Land and buildings

Plant and machinery / Transportation means

Fixtures and equipment

Assets under construction

Total

\u00a0

(In 000's Euros)

COST

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

As at 1 January 2023

299,370

1,884,986

38,517

112,649

2,335,522

Additions

6,681

552

2,248

193,925

203,406

Disposals/Write-off

(7)

(8,805)

(1,092)

0

(9,904)

Transfers

34,491

45,885

426

(87,509)

(6,707)

As at 31 December 2023

340,535

1,922,618

40,099

219,065

2,522,317

Additions

1,701

1,499

4,121

182,407

189,728

Disposals/Write-off

(7,782)

(52,782)

(349)

0

(60,913)

Transfers

15,366

153,267

2,769

(171,835)

(433)

As at 31 December 2024

349,820

2,024,602

46,640

229,637

2,650,699

DEPRECIATION

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

As at 1 January 2023

68,711

1,181,568

30,304

0

1,280,583

Additions

6,836

73,178

2,290

0

82,304

Disposals/Write-off

(4)

(8,794)

(1,090)

0

(9,888)

Transfers

62

(62)

0

0

0

As at 31 December 2023

75,605

1,245,890

31,504

0

1,352,999

Additions

7,400

77,643

2,835

0

87,878

Disposals/Write-off

(1,273)

(37,208)

(348)

0

(38,829)

As at 31 December 2024

81,732

1,286,325

33,991

0

1,402,048

CARRYING AMOUNT

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

As at 31 December 2023

264,930

676,728

8,595

219,065

1,169,318

As at 31 December 2024

268,088

738,277

12,649

229,637

1,248,651

", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact14": { "value": "

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

01/01-31/12/24

01/01-31/12/23

\u00a0

01/01-31/12/24

01/01-31/12/23

Amortization of intangible assets

\u00a0

62,256

58,074

\u00a0

3,658

1,773

Depreciation of property, plant and equipment

\u00a0

162,494

155,193

\u00a0

87,878

82,304

Depreciation of Right of Use Assets

\u00a0

35,486

33,844

\u00a0

5,199

5,168

Total depreciation / amortization

\u00a0

260,236

247,111

\u00a0

96,735

89,245

Government grants amortisation

\u00a0

3,787

5,149

\u00a0

349

487

Impairment loss recognized on trade receivables (note 21)

\u00a0

10,494

14,343

\u00a0

1,184

127

Personnel salaries and other benefits

\u00a0

203,759

211,438

\u00a0

130,073

136,146

Employer's contribution

\u00a0

35,879

34,802

\u00a0

21,359

21,592

Defined Benefit Plans' expenses (note 38)

\u00a0

6,040

6,584

\u00a0

4,877

4,909

Total payroll costs

\u00a0

245,678

252,824

\u00a0

156,309

162,647

To measure the ECL, Trade and Other Receivables have been grouped based on their credit risk characteristics and their ageing (days past due) at the reporting date. This measurement is based on specific credit risk metrics (i.e. Probability of Default, Loss Given Default), which are calculated based on historical data, existing market conditions as well as forward looking estimates at the end of each reporting period.
There has been no change in the estimation techniques or significant assumptions made during the current reporting period.
The following tables depict the risk profile of trade receivables and other receivables based on the Group\u2019s and Company\u2019s provision matrix:

\u00a0

GROUP

(In 000's Euros)

Maturity analysis

31 December 2024

Not past due

0-30 days

30-60 days

60-90 days

90+ days

Total

Expected credit loss rate

1.00%

0.36%

4.19%

4.42%

70.30%

13.08%

Estimated total gross carrying amount at default

730,123

80,627

15,160

12,129

176,335

1,014,374

Lifetime ECL

7,296

287

635

536

123,971

132,725

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

881,649

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

GROUP

(In 000's Euros)

Maturity analysis

31 December 2023

Not past due

0-30 days

30-60 days

60-90 days

90+ days

Total

Expected credit loss rate

0.20%

0.51%

2.40%

6.06%

73.97%

11.10%

Estimated total gross carrying amount at default

772,092

140,723

18,688

9,867

160,939

1,102,309

Lifetime ECL

1,517

713

449

598

119,048

122,325

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

979,984

Since the Group\u2019s historical credit loss experience does not show significantly different loss patterns for different customer segments, the provision for loss allowance based on past due status is not further distinguished between the Group\u2019s different customer base.
Movement in the allowance for doubtful debts

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Balance as at the beginning of the year

\u00a0

122,325

108,129

\u00a0

726

600

Attributable to acquisition of subsidiary

\u00a0

10

0

\u00a0

0

0

Impairment losses recognized on receivables

\u00a0

11,805

14,920

\u00a0

1,307

126

Amounts used to write-off of receivables

\u00a0

(104)

(146)

\u00a0

0

0

Unused amount reversed

\u00a0

(1,311)

(578)

\u00a0

(123)

0

Balance at year end

\u00a0

132,725

122,325

\u00a0

1,910

726

At the Group Level the concentration of credit risk is limited due to the customers\u2019 wide base.
The Group and the Company apply the IFRS 9 simplified model to estimate the ECL of trade and other receivables, classifying them either at Stage 2 or at Stage 3 and measuring lifetime ECL.

(In 000's Euros)

\u00a0

GROUP

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

\u00a0

Stage 2

Stage 3

Stage 2

Stage 3

Expected credit loss rate

\u00a0

1.04%

70.30%

0.35%

73.97%

Estimated total gross carrying amount at default

\u00a0

838,039

176,335

941,370

160,939

Lifetime ECL

\u00a0

8,754

123,971

3,277

119,048

", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact12": { "value": "

Personnel salaries and other benefits

\u00a0

203,759

211,438

\u00a0

130,073

136,146

Employer's contribution

\u00a0

35,879

34,802

\u00a0

21,359

21,592

Defined Benefit Plans' expenses (note 38)

\u00a0

6,040

6,584

\u00a0

4,877

4,909

Total payroll costs

\u00a0

245,678

252,824

\u00a0

156,309

162,647

38.Retirement Benefit Plans
The Group \u00b4s obligations to its employees in relation to the future payment of benefits in proportion to their time of service are based on an actuarial study. This liability is measured and presented in the Statement of Financial Position date based on the expected vested benefit of every employee. The vested benefit is presented at its present value based on expected date of payment.
The Group operates defined benefit plans for eligible employees of \u201cMOTOR OIL (HELLAS) S.A.\u201d and the sub-group \u201cL.P.C.\u201d. According to the terms of plans, the employees are entitled to retirement benefits as a lump sum which depend on each employee\u2019s final salary upon retirement and the years of service with the Group. There are also defined contribution plans at \u201cMOTOR OIL (HELLAS) S.A.\u201d and the subsidiaries \u201cCORAL S.A.\u201d, \u201cCORAL GAS A.E.B.E.Y\u201d, \u201cAVIN OIL SINGLE MEMBER S.A.\u201d, \u201cBUILDING FACILITY SERVICES SINGLE MEMBER S.A.\u201d, \u201cCORE INNOVATIONS SINGLE MEMBER S.A.\u201d, \u201cL.P.C. S.A.\u201d, \u201cCYTOP S.A.\u201d, \u201cHELLENIC HYDROGEN S.A.\u201d, \u201cNRG SUPPLY AND TRADING SINGLE MEMBER ENERGY S.A.\u201d, \u201cMOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.\u201d, \u201cVERD SINGLE MEMBER S.A.\u201d, \u201cPRASINO LADI S.A.\u201d, \u201cMORE ANALYTICS SINGLE MEMBER S.A.\u201d and \u201cANEMOS RES SINGLE-MEMBER S.A.\u201d. In addition, the Group is obligated to pay retirement compensation to its employees in accordance with Law 2112/1920, based on the above mentioned rights and retirement age limits. No other post-retirement benefits are provided.
The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation as well as of the obligation for retirement compensation to personnel were carried out at 31 December 2024 by an independent certified actuary. The present value of the defined benefit obligations, and the related current service cost, were measured using the projected unit credit method. The surplus of the funded defined benefit obligation was tested in accordance with IFRIC 14 and the asset ceiling test.

\u00a0

Valuation at:

\u00a0

31/12/2024

31/12/2023

Key assumptions used:

\u00a0

\u00a0

Discount rate

2,93%-3,40%

3,44%-3,58%

Expected return on plan assets

2,93%-3,40%

3,44%-3,58%

Expected rate of salary increases

0,00%-2,00%

0,00%-2,10%

The amount recognized in the Statement of Financial Position in respect of the defined benefit retirement benefit plans are as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Present value of unfunded plan obligation

\u00a0

27,595

28,465

\u00a0

21,314

22,082

Present value of funded defined benefit obligation

\u00a0

47,603

45,392

\u00a0

45,672

43,361

Fair value of plan assets

\u00a0

(49,259)

(50,238)

\u00a0

(47,941)

(48,667)

Deficit/ (Surplus)

\u00a0

(1,656)

(4,845)

\u00a0

(2,269)

(5,306)

Net liability recognized in the Statement of Financial Position

\u00a0

25,939

23,620

\u00a0

19,045

16,776

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Current provision for retirement benefit

\u00a0

3,163

1,707

\u00a0

2,847

1,402

Non-current provision for retirement benefit

\u00a0

22,776

21,913

\u00a0

16,198

15,374

Total

\u00a0

25,939

23,620

\u00a0

19,045

16,776

Amounts recognized in the Statement of Comprehensive Income in respect of these defined benefit schemes are as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Service cost

\u00a0

5,201

5,683

\u00a0

4,281

4,289

Interest cost less Expected return on plan assets

\u00a0

839

901

\u00a0

596

620

Net expense recognized in the Statement of Comprehensive Income

\u00a0

6,040

6,584

\u00a0

4,877

4,909

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Actuarial (gains) / losses PVDBO

\u00a0

5,476

4,732

\u00a0

5,106

4,062

Net (gain) / loss recognized in Total Comprehensive Income

\u00a0

11,516

11,316

\u00a0

9,983

8,971

The above recognized expense is included into the Group\u2019s and the Company\u2019s operating expenses as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Cost of Sales

\u00a0

3,653

4,105

\u00a0

3,385

3,663

Distribution expenses

\u00a0

658

945

\u00a0

92

86

Administration expenses

\u00a0

1,729

1,534

\u00a0

1,400

1,160

Total

\u00a0

6,040

6,584

\u00a0

4,877

4,909

Movements in the present value of the defined benefit obligations in the current year are as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Opening Defined benefit obligation

\u00a0

73,857

70,661

\u00a0

65,443

62,640

Acquisition/ Sale of subsidiary

\u00a0

6

41

\u00a0

0

0

Service cost

\u00a0

5,201

5,683

\u00a0

4,281

4,289

Interest cost

\u00a0

2,635

2,792

\u00a0

2,338

2,506

Actuarial (Gains) / Losses PVDBO

\u00a0

4,886

3,224

\u00a0

4,584

2,558

Benefits paid

\u00a0

(11,387)

(8,544)

\u00a0

(9,660)

(6,550)

Closing Defined benefit obligation

\u00a0

75,198

73,857

\u00a0

66,986

65,443

Movements in the present value of the plan assets in the current year were as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Opening fair value of plan assets

\u00a0

50,238

47,241

\u00a0

48,667

47,138

Expected return on plan assets

\u00a0

1,796

1,890

\u00a0

1,742

1,886

Contributions from the employer

\u00a0

2,160

5,208

\u00a0

2,160

3,660

Benefits paid

\u00a0

(4,345)

(2,593)

\u00a0

(4,106)

(2,513)

Remeasurement gains/ (losses)

\u00a0

(590)

(1,508)

\u00a0

(522)

(1,504)

Closing fair value of plan assets

\u00a0

49,259

50,238

\u00a0

47,941

48,667

The sensitivity analysis of the Present Value of the Defined Benefit Obligation (PVDBO) for the compensation due to retirement as well as for the obligation of the private program for service termination is as follows:

(In 000's Euros)

GROUP

COMPANY

\u00a0

31/12/2024

31/12/2024

\u00a0

Present value of unfunded plan obligation

Present value of funded defined benefit obligation

Present value of unfunded plan obligation

Present value of funded defined benefit obligation

\u00a0

+/-0,3%

+/-0,5%

+/-0,3%

+/-0,5%

PVDBO

27,595

47,603

21,314

45,672

Calculation with a discounting rate

27,275

45,497

21,076

43,609

Calculation with a discounting rate

27,923

49,874

21,557

47,898

The asset class allocation based on their nature and associated risk as at 31/12/2024 is presented in the following table:

Asset Class Allocation as at 31/12/24

Asset Class

% Invested

Government and supranational bonds

40.7%

Corporate bonds

51.6%

Bond and equity funds

5.1%

Liquidity

2.6%

Total

100.0%

Under the Government and supranational bonds category, sovereign bonds are mainly French (11.5%), bonds of the German, Netherlands, Spanish and Italian Governments (2.7%), Agency Bonds (21.4%) and Supranational Bonds (5.2%). Under the Corporate bonds category are mainly bonds of the Finance sector (28.1%), with a lower participation (23.5%) into bonds from the consumer, communications, basic, technologies, utilities and industrial sectors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f220115": { "value": "
9.Finance Income
Finance income is analyzed as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

01/01-31/12/24

01/01-31/12/23

\u00a0

01/01-31/12/24

01/01-31/12/23

Interest income

\u00a0

61,607

49,835

\u00a0

36,001

37,012

Dividend income

\u00a0

3,322

654

\u00a0

32,221

26,657

Realised gains of derivatives accounted at FVTPL

\u00a0

88,698

65,635

\u00a0

78,684

60,296

Gains from valuation of derivatives accounted at FVTPL

\u00a0

11,446

9,727

\u00a0

10,530

9,216

Total Finance Income

\u00a0

165,073

125,851

\u00a0

157,436

133,181

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact15": { "value": "
9.Finance Income
Finance income is analyzed as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

01/01-31/12/24

01/01-31/12/23

\u00a0

01/01-31/12/24

01/01-31/12/23

Interest income

\u00a0

61,607

49,835

\u00a0

36,001

37,012

Dividend income

\u00a0

3,322

654

\u00a0

32,221

26,657

Realised gains of derivatives accounted at FVTPL

\u00a0

88,698

65,635

\u00a0

78,684

60,296

Gains from valuation of derivatives accounted at FVTPL

\u00a0

11,446

9,727

\u00a0

10,530

9,216

Total Finance Income

\u00a0

165,073

125,851

\u00a0

157,436

133,181

10.Finance Cost
Finance cost is analyzed as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

01/01-31/12/24

01/01-31/12/23

\u00a0

01/01-31/12/24

01/01-31/12/23

Interest on borrowings*

\u00a0

112,881

113,228

\u00a0

44,038

45,473

Interest on leases

\u00a0

8,825

7,335

\u00a0

742

294

Realised losses from derivatives accounted at FVTPL

\u00a0

78,576

65,336

\u00a0

68,779

53,278

Losses from valuation of derivatives accounted at FVTPL

\u00a0

3,086

26,047

\u00a0

421

22,696

Bank commissions

\u00a0

14,177

12,704

\u00a0

979

494

Commitment fees

\u00a0

2,869

2,983

\u00a0

2,463

2,601

Other interest expenses

\u00a0

2,573

1,774

\u00a0

94

0

Total Finance Cost

\u00a0

222,987

229,407

\u00a0

117,516

124,836

*It includes fees arising from revolving credit facilities that are amortized and recognized in profit or loss over the period of the facility using the straight-line method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f220117": { "value": "
9.Finance Income
Finance income is analyzed as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

01/01-31/12/24

01/01-31/12/23

\u00a0

01/01-31/12/24

01/01-31/12/23

Interest income

\u00a0

61,607

49,835

\u00a0

36,001

37,012

Dividend income

\u00a0

3,322

654

\u00a0

32,221

26,657

Realised gains of derivatives accounted at FVTPL

\u00a0

88,698

65,635

\u00a0

78,684

60,296

Gains from valuation of derivatives accounted at FVTPL

\u00a0

11,446

9,727

\u00a0

10,530

9,216

Total Finance Income

\u00a0

165,073

125,851

\u00a0

157,436

133,181

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact16": { "value": "
9.Finance Income
Finance income is analyzed as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

01/01-31/12/24

01/01-31/12/23

\u00a0

01/01-31/12/24

01/01-31/12/23

Interest income

\u00a0

61,607

49,835

\u00a0

36,001

37,012

Dividend income

\u00a0

3,322

654

\u00a0

32,221

26,657

Realised gains of derivatives accounted at FVTPL

\u00a0

88,698

65,635

\u00a0

78,684

60,296

Gains from valuation of derivatives accounted at FVTPL

\u00a0

11,446

9,727

\u00a0

10,530

9,216

Total Finance Income

\u00a0

165,073

125,851

\u00a0

157,436

133,181

10.Finance Cost
Finance cost is analyzed as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

01/01-31/12/24

01/01-31/12/23

\u00a0

01/01-31/12/24

01/01-31/12/23

Interest on borrowings*

\u00a0

112,881

113,228

\u00a0

44,038

45,473

Interest on leases

\u00a0

8,825

7,335

\u00a0

742

294

Realised losses from derivatives accounted at FVTPL

\u00a0

78,576

65,336

\u00a0

68,779

53,278

Losses from valuation of derivatives accounted at FVTPL

\u00a0

3,086

26,047

\u00a0

421

22,696

Bank commissions

\u00a0

14,177

12,704

\u00a0

979

494

Commitment fees

\u00a0

2,869

2,983

\u00a0

2,463

2,601

Other interest expenses

\u00a0

2,573

1,774

\u00a0

94

0

Total Finance Cost

\u00a0

222,987

229,407

\u00a0

117,516

124,836

*It includes fees arising from revolving credit facilities that are amortized and recognized in profit or loss over the period of the facility using the straight-line method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f220300": { "value": "
10.Finance Cost
Finance cost is analyzed as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

01/01-31/12/24

01/01-31/12/23

\u00a0

01/01-31/12/24

01/01-31/12/23

Interest on borrowings*

\u00a0

112,881

113,228

\u00a0

44,038

45,473

Interest on leases

\u00a0

8,825

7,335

\u00a0

742

294

Realised losses from derivatives accounted at FVTPL

\u00a0

78,576

65,336

\u00a0

68,779

53,278

Losses from valuation of derivatives accounted at FVTPL

\u00a0

3,086

26,047

\u00a0

421

22,696

Bank commissions

\u00a0

14,177

12,704

\u00a0

979

494

Commitment fees

\u00a0

2,869

2,983

\u00a0

2,463

2,601

Other interest expenses

\u00a0

2,573

1,774

\u00a0

94

0

Total Finance Cost

\u00a0

222,987

229,407

\u00a0

117,516

124,836

*It includes fees arising from revolving credit facilities that are amortized and recognized in profit or loss over the period of the facility using the straight-line method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f220301": { "value": "
10.Finance Cost
Finance cost is analyzed as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

01/01-31/12/24

01/01-31/12/23

\u00a0

01/01-31/12/24

01/01-31/12/23

Interest on borrowings*

\u00a0

112,881

113,228

\u00a0

44,038

45,473

Interest on leases

\u00a0

8,825

7,335

\u00a0

742

294

Realised losses from derivatives accounted at FVTPL

\u00a0

78,576

65,336

\u00a0

68,779

53,278

Losses from valuation of derivatives accounted at FVTPL

\u00a0

3,086

26,047

\u00a0

421

22,696

Bank commissions

\u00a0

14,177

12,704

\u00a0

979

494

Commitment fees

\u00a0

2,869

2,983

\u00a0

2,463

2,601

Other interest expenses

\u00a0

2,573

1,774

\u00a0

94

0

Total Finance Cost

\u00a0

222,987

229,407

\u00a0

117,516

124,836

*It includes fees arising from revolving credit facilities that are amortized and recognized in profit or loss over the period of the facility using the straight-line method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact17": { "value": "
11.Income Tax Expenses

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

01/01-31/12/24

01/01-31/12/23

\u00a0

01/01-31/12/24

01/01-31/12/23

Current corporate tax for the year

\u00a0

99,550

247,292

\u00a0

73,467

225,205

Temporary solidarity contribution

\u00a0

255,424

0

\u00a0

255,424

0

Tax audit differences from prior years

\u00a0

(435)

(4,658)

\u00a0

31

335

Total

\u00a0

354,539

242,634

\u00a0

328,922

225,540

Deferred Tax on Comprehensive Income

\u00a0

(711)

(10,847)

\u00a0

2,883

(12,759)

Deferred Tax on Other Comprehensive Income

\u00a0

(1,171)

(151)

\u00a0

(1,123)

12

Deferred Tax

\u00a0

(1,882)

(10,998)

\u00a0

1,760

(12,747)

Total

\u00a0

352,657

231,636

\u00a0

330,682

212,793

Income tax, on a Company level, is calculated at 22% on the taxable profits, plus temporary solidarity contribution. In determining the taxable profits, the contribution is a deductible expense for the tax year of 2024, in accordance with the Income Tax Code.
In July 2024, Law 5122/19.7.2024 was issued that imposes a Temporary Solidarity Contribution on refineries, based on the surplus profits, as defined in the EU Regulation 2022/1854, of the fiscal year 2023, i.e. 33% on the taxable profits of the fiscal year 2023 that exceed 20% of the average taxable profits of the fiscal years 2018 until 2021.
Additionally, the Council Directive (EU) 2022/2523, known as Pillar II-Global Tax, set a 15% minimum tax for multinational and large domestic business groups earning over 750 million Euros annually. For the fiscal years beginning on or after January 1, 2024, an additional tax is applicable if the effective rate is below 15%. Additional tax is calculated based on the analytical calculations as described by the Pillar II legislation (L. 5100/2024).
In Greece, where the Company\u2019s headquarters reside, this law was passed on April 5, 2024, while other countries where the Group operates are in various stages of adopting corresponding laws.
The Group has evaluated the tax expense under the Pillar II rules of the OECD\u2019s global minimum tax framework. There are three key steps in the assessment:
1. Identification of In-Scope Entities \u2013 Determining which entities within the Group fall under the Pillar II regulations.
2. Safe Harbor Assessment \u2013 Evaluating whether entities in certain jurisdictions qualify for the Country-by-Country Reporting (CbCR) Safe Harbor, meaning no Pillar II liability is expected.
3. Liability Calculation \u2013 Estimating the tax liability for entities that do not qualify for Safe Harbor and are subject to Pillar II taxation.
As a result, the Group has recognized an expense of \u20ac 136 thousand in \u201cCurrent corporate tax for the year\u201d, which relates to Cyprus and United Arab Emirates.
Furthermore, the Group applied the temporary exemption from the accounting requirements for deferred taxation, as provided for in the amendments of IAS 12 issued in May 2023, so that it neither recognizes nor discloses information about deferred tax assets and liabilities related to Pillar II income taxes.
The Group\u00b4s and the Company\u00b4s total income tax rate for the year also includes the effect from the temporary solidarity contribution.
Income tax can be reconciled to the accounting profit as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

01/01-31/12/24

01/01-31/12/23

\u00a0

01/01-31/12/24

01/01-31/12/23

Tax at the corporate income tax rate

\u00a0

22.0%

22.0%

\u00a0

22.0%

22.0%

Tax effects from:

Temporary solidarity contribution

\u00a0

31.1%

0.0%

\u00a0

32.8%

0.0%

Tax audit differences

\u00a0

-0.1%

-0.4%

\u00a0

0.0%

0.0%

Tax effect of non-tax deductible expenses

\u00a0

1.2%

-1.3%

\u00a0

0.9%

-0.2%

Tax effect of tax free income

\u00a0

0.0%

-1.0%

\u00a0

-1.2%

-0.6%

Other effects

\u00a0

1.0%

2.5%

\u00a0

0.0%

0.0%

Effective tax rate for the year

\u00a0

55.2%

21.8%

\u00a0

54.5%

21.2%

", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact18": { "value": "
Furthermore, the Group applied the temporary exemption from the accounting requirements for deferred taxation, as provided for in the amendments of IAS 12 issued in May 2023, so that it neither recognizes nor discloses information about deferred tax assets and liabilities related to Pillar II income taxes.
26.Deferred Tax
The following are the main deferred tax assets and liabilities recognised by the Group and the Company, and their movements thereon, during fiscal years 2023 and 2024:

(In 000's Euros)

\u00a0

GROUP

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

1/1/2023

Statement of Comprehensive Income expense/(income)

Other/

Attributable to acquisition or sale of subsidiaries

31/12/2023

Statement of Comprehensive Income expense/(income)

Other/

Attributable to acquisition or sale of subsidiaries

31/12/2024

Deferred tax arising from:

Tangible assets

103,066

8,658

8

111,732

952

0

112,684

Intangible assets

138,270

(9,620)

7,446

136,096

(5,884)

2,836

133,048

Exchange differences

(1,068)

1,593

0

525

(15)

0

510

Retirement benefit obligations

(4,795)

(406)

(10)

(5,211)

(489)

(1)

(5,701)

Capitalized borrowing cost

(386)

(784)

0

(1,170)

(1,981)

0

(3,151)

Tax loss carried (brought) forward for settlement

(9,714)

4,711

(117)

(5,120)

(5,955)

0

(11,075)

Other temporary differences between tax and accounting basis

(1,246)

(22,650)

1,021

(22,875)

8,559

(4)

(14,320)

Total

224,127

(18,498)

8,348

213,977

(4,813)

2,831

211,995

(In 000's Euros)

\u00a0

COMPANY

\u00a0

\u00a0

\u00a0

\u00a0

1/1/2023

Statement of Comprehensive Income expense/(income)

31/12/2023

Statement of Comprehensive Income expense/(income)

31/12/2024

Deferred tax arising from:

Tangible assets

30,262

333

30,595

329

30,924

Intangible assets

0

(199)

(199)

(126)

(325)

Exchange differences

(1,016)

1,314

298

248

546

Retirement benefit obligations

(3,367)

(324)

(3,691)

(499)

(4,190)

Capitalized borrowing cost

(480)

480

0

0

0

Tax loss carried (brought) forward for settlement

0

0

0

0

0

Other temporary differences between tax and accounting basis

5,827

(18,327)

(12,500)

(72)

(12,572)

Total

31,226

(16,723)

14,503

(120)

14,383

On both Group and Company basis, \u201cOther temporary differences\u201d includes differences arising from derivative financial instruments.
Furthermore, on a Group basis, the amount of \u20ac 4,813 thousand (on a Company basis \u20ac 120 thousand) includes deferred tax totaling to \u20ac 2,931 thousand (for the Company \u20ac 1,880 thousand) which is netted off in Other Comprehensive Income.
Certain deferred tax assets and liabilities have been offset. Deferred taxes are analyzed as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Deferred tax liabilities

\u00a0

246,242

248,353

\u00a0

31,470

30,893

Deferred tax assets

\u00a0

(34,247)

(34,376)

\u00a0

(17,087)

(16,390)

Total

\u00a0

211,995

213,977

\u00a0

14,383

14,503

", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f221609": { "value": "
12.Dividends
Dividends to shareholders are proposed by the management, at the end of each financial year and are subject to the approval of the Annual General Meeting. The Management of the Company will propose to the coming Annual General Assembly Meeting, held in June 2025, the distribution of total gross dividend for 2024 of Euro 155,096,172 (Euro 1.40 per share).
It is noted that a gross interim dividend of Euro 33,234,894 (Euro 0.30 per share) for 2023 has been accounted for in October 2024 and paid in January 2025, while the remaining amount (Euro 1.10 per share) will be paid and accounted for in 2025.
It is noted, that based on L. 4646/2019 profits distributed by legal entities, from fiscal year 2020 onwards, are subject to withholding tax at a tax rate of 5%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f221722": { "value": "155096172.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f221726": { "value": "1.4", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f221754": { "value": "0.3", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f221869": { "value": "
13.Earnings per Share

\u00a0

\u00a0

GROUP

\u00a0

COMPANY

(In 000's Euros)

\u00a0

01/01-31/12/24

01/01-31/12/23

\u00a0

01/01-31/12/24

01/01-31/12/23

Earnings attributable to Company Shareholders from continued operations

\u00a0

283,401

805,714

\u00a0

277,146

786,588

Earnings attributable to Company Shareholders from continued and discontinued operations

\u00a0

283,401

805,714

\u00a0

277,146

786,588

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Weighted average number of ordinary shares for the purposes of basic earnings per share

\u00a0

108,030,081

108,496,010

\u00a0

108,030,081

108,496,010

Basic earnings per share in \u20ac from continued operations

\u00a0

2.62

7.43

\u00a0

2.57

7.25

Basic earnings per share in \u20ac from continued and discontinued operations

\u00a0

2.62

7.43

\u00a0

2.57

7.25

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Weighted average number of ordinary shares for the purposes of diluted earnings per share

\u00a0

108,249,238

108,567,734

\u00a0

108,249,238

108,567,734

Diluted earnings per share in \u20ac from continued operations

\u00a0

2.62

7.42

\u00a0

2.56

7.25

Diluted earnings per share in \u20ac from continued and discontinued operations

\u00a0

2.62

7.42

\u00a0

2.56

7.25

", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f222152": { "value": "
14.Goodwill
The carrying amount of Goodwill for the Group as at 31 December 2024 is \u20ac 183,039 thousand and is allocated to the Cash Generating Units as follows:

(In 000's Euros)

Goodwill as at 31/12/2023

Additions

Impairment

Goodwill as at 31/12/2024

GROUP

AVIN OIL SINGLE MEMBER S.A.

16,200

0

0

16,200

CORAL GAS A.E.V.E.Y.

3,105

0

0

3,105

GROUP NRG

1,919

0

0

1,919

L.P.C. S.A.

467

0

0

467

VERD SINGLE-MEMBER S.A.

1,905

0

0

1,905

THALIS ES SINGLE MEMBER S.A.

3,870

0

0

3,870

GROUP MORE

155,018

555

0

155,573

Total

182,484

555

0

183,039

The amount of \u20ac 555 thousand, shown in the above table as additions, relates to the definite measurement of \u201cSOLAR ENERGY PRODUCTION S.R.L.\u201d, acquired in December 2024.
Goodwill is allocated to cash-generating units and is tested annually for impairment. As of December 31, 2024, goodwill was tested for impairment using the higher of the value-in-use and fair value models, in accordance with IAS 36. Fair value was measured using the market approach, while the value-in-use model adopted the income approach. The calculation of the value in use involved employing cash flow projections based on financial budgets approved by management for the planning horizon. For cash flows after the planning horizon, an estimated growth rate was used reflecting management's forecasts in line with GDP growth projections. Management established annual volume growth rates and gross margins based on historical performance and future market expectations.
As at 31 December 2024, there was no write down of goodwill due to impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact19": { "value": "
14.Goodwill
The carrying amount of Goodwill for the Group as at 31 December 2024 is \u20ac 183,039 thousand and is allocated to the Cash Generating Units as follows:

(In 000's Euros)

Goodwill as at 31/12/2023

Additions

Impairment

Goodwill as at 31/12/2024

GROUP

AVIN OIL SINGLE MEMBER S.A.

16,200

0

0

16,200

CORAL GAS A.E.V.E.Y.

3,105

0

0

3,105

GROUP NRG

1,919

0

0

1,919

L.P.C. S.A.

467

0

0

467

VERD SINGLE-MEMBER S.A.

1,905

0

0

1,905

THALIS ES SINGLE MEMBER S.A.

3,870

0

0

3,870

GROUP MORE

155,018

555

0

155,573

Total

182,484

555

0

183,039

The amount of \u20ac 555 thousand, shown in the above table as additions, relates to the definite measurement of \u201cSOLAR ENERGY PRODUCTION S.R.L.\u201d, acquired in December 2024.
Goodwill is allocated to cash-generating units and is tested annually for impairment. As of December 31, 2024, goodwill was tested for impairment using the higher of the value-in-use and fair value models, in accordance with IAS 36. Fair value was measured using the market approach, while the value-in-use model adopted the income approach. The calculation of the value in use involved employing cash flow projections based on financial budgets approved by management for the planning horizon. For cash flows after the planning horizon, an estimated growth rate was used reflecting management's forecasts in line with GDP growth projections. Management established annual volume growth rates and gross margins based on historical performance and future market expectations.
As at 31 December 2024, there was no write down of goodwill due to impairment.
15.Other Intangible Assets
Other intangible assets include the Group\u2019s software and rights, which concern mainly the exploitation rights of the subsidiaries \u201cAVIN OIL SINGLE MEMBER S.A.\u201d, \u201cCORAL S.A.\u201d and \u201cCORAL GAS A.E.V.E.Y.\u201d, the service concession rights for the subsidiary \u201cOFC AVIATION FUEL SERVICES S.A.\u201d, and the clientele, sales commissions and brand name of the subsidiaries \u201cNRG SUPPLY AND TRADING SINGLE MEMBER S.A.\u201d and \"TARESSO I.K.E\". They also include licenses and clientele of the Group subsidiaries which are operating in the renewable energy sector of sub-group MORE and the clientele of subsidiaries \u201cVERD SINGLE MEMBER S.A.\u201d and \u201cTHALIS ENVIROMENTAL SERVICES SINGLE MEMBER S.A.\u201d.
At the Group level, during the current year, additions attributed to the acquisition of subsidiaries mainly concern rights, and more specifically the brand name of the company \"TARESSO I.K.E\", as well as the licenses of the companies \" DMX AIOLIKI MARMARIOU - RIGANI MEPE.\", \" DMX AIOLIKI MARMARIOU - AGKATHI MEPE\", and \"SOLAR ENERGY PRODUCTION SRL\". During the previous year, additions attributed to the acquisition of subsidiaries mainly concerned rights and more specifically the clientele of the companies \" THALIS PERIVALLONTIKES YPIRESIES S.A.\", \" BALIAGA S.A.\", \" TEICHIO S.A.\", and \" PIVOT SOLAR S.A..\"
On a Group level and on the Entity level, the amounts of Disposals/Write-offs during the year 01/01-31/12/2023 are primarily attributable to the derecognition of fully amortized assets.

\u00a0

\u00a0

GROUP

(In 000's Euros)

\u00a0

Software

Rights

Other

Assets under construction

Total

COST

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

As at 1 January 2023

\u00a0

52,282

736,660

29,803

0

818,745

Additions attributable to acquisition of subsidiaries

\u00a0

12

36,076

0

0

36,088

Additions

\u00a0

4,138

18,521

85

4,790

27,534

Disposals/Write-off

\u00a0

(6,096)

(38,405)

0

0

(44,501)

Transfers

\u00a0

7,385

466

47

0

7,898

As at 31 December 2023

\u00a0

57,721

753,318

29,935

4,790

845,764

Additions attributable to acquisition of subsidiaries

\u00a0

2

15,679

542

0

16,223

Additions

\u00a0

5,090

17,599

123

10,883

33,695

Disposals/Write-off

\u00a0

(34)

(1,156)

(15)

0

(1,205)

Transfers

\u00a0

6,322

2,742

(2,061)

(6,388)

615

As at 31 December 2024

\u00a0

69,101

788,182

28,524

9,285

895,092

AMORTIZATION

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

As at 1 January 2023

\u00a0

36,805

86,444

9,820

0

133,069

Additions attributable to acquisition of subsidiaries

\u00a0

10

8

0

0

18

Amortization charge for the year

\u00a0

4,718

50,444

2,912

0

58,074

Transfers

\u00a0

(193)

22

160

0

(11)

Disposals/Write-off

\u00a0

(5,988)

(38,309)

0

0

(44,297)

As at 31 December 2023

\u00a0

35,352

98,609

12,892

0

146,853

Amortization charge for the year

\u00a0

6,992

52,359

2,905

0

62,256

Disposals/Write-off

\u00a0

(15)

(17)

0

0

(32)

Transfers

\u00a0

(16)

1,833

(1,805)

0

12

As at 31 December 2024

\u00a0

42,313

152,784

13,992

0

209,089

CARRYING AMOUNT

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

As at 31 December 2023

\u00a0

22,369

654,709

17,043

4,790

698,911

As at 31 December 2024

\u00a0

26,788

635,398

14,532

9,285

686,003

\u00a0

\u00a0

COMPANY

(In 000's Euros)

\u00a0

Software

Assets under construction

Total

COST

\u00a0

\u00a0

\u00a0

\u00a0

As at 1 January 2023

\u00a0

18,431

0

18,431

Additions

\u00a0

587

3,756

4,343

Disposals/Write-off

\u00a0

(6,024)

0

(6,024)

Transfers

\u00a0

6,707

0

6,707

As at 31 December 2023

\u00a0

19,701

3,756

23,457

Additions

\u00a0

692

5,611

6,303

Transfers

\u00a0

5,323

(4,890)

433

As at 31 December 2024

\u00a0

25,716

4,477

30,193

AMORTIZATION

\u00a0

\u00a0

\u00a0

\u00a0

As at 1 January 2023

\u00a0

15,249

0

15,249

Amortization charge for the year

\u00a0

1,773

0

1,773

Disposals/Write-off

\u00a0

(5,987)

0

(5,987)

As at 31 December 2023

\u00a0

11,035

0

11,035

Amortization charge for the year

\u00a0

3,658

0

3,658

As at 31 December 2024

\u00a0

14,693

0

14,693

CARRYING AMOUNT

\u00a0

\u00a0

\u00a0

\u00a0

As at 31 December 2023

\u00a0

8,666

3,756

12,422

As at 31 December 2024

\u00a0

11,023

4,477

15,500

", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f222610": { "value": "
15.Other Intangible Assets
Other intangible assets include the Group\u2019s software and rights, which concern mainly the exploitation rights of the subsidiaries \u201cAVIN OIL SINGLE MEMBER S.A.\u201d, \u201cCORAL S.A.\u201d and \u201cCORAL GAS A.E.V.E.Y.\u201d, the service concession rights for the subsidiary \u201cOFC AVIATION FUEL SERVICES S.A.\u201d, and the clientele, sales commissions and brand name of the subsidiaries \u201cNRG SUPPLY AND TRADING SINGLE MEMBER S.A.\u201d and \"TARESSO I.K.E\". They also include licenses and clientele of the Group subsidiaries which are operating in the renewable energy sector of sub-group MORE and the clientele of subsidiaries \u201cVERD SINGLE MEMBER S.A.\u201d and \u201cTHALIS ENVIROMENTAL SERVICES SINGLE MEMBER S.A.\u201d.
At the Group level, during the current year, additions attributed to the acquisition of subsidiaries mainly concern rights, and more specifically the brand name of the company \"TARESSO I.K.E\", as well as the licenses of the companies \" DMX AIOLIKI MARMARIOU - RIGANI MEPE.\", \" DMX AIOLIKI MARMARIOU - AGKATHI MEPE\", and \"SOLAR ENERGY PRODUCTION SRL\". During the previous year, additions attributed to the acquisition of subsidiaries mainly concerned rights and more specifically the clientele of the companies \" THALIS PERIVALLONTIKES YPIRESIES S.A.\", \" BALIAGA S.A.\", \" TEICHIO S.A.\", and \" PIVOT SOLAR S.A..\"
On a Group level and on the Entity level, the amounts of Disposals/Write-offs during the year 01/01-31/12/2023 are primarily attributable to the derecognition of fully amortized assets.

\u00a0

\u00a0

GROUP

(In 000's Euros)

\u00a0

Software

Rights

Other

Assets under construction

Total

COST

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

As at 1 January 2023

\u00a0

52,282

736,660

29,803

0

818,745

Additions attributable to acquisition of subsidiaries

\u00a0

12

36,076

0

0

36,088

Additions

\u00a0

4,138

18,521

85

4,790

27,534

Disposals/Write-off

\u00a0

(6,096)

(38,405)

0

0

(44,501)

Transfers

\u00a0

7,385

466

47

0

7,898

As at 31 December 2023

\u00a0

57,721

753,318

29,935

4,790

845,764

Additions attributable to acquisition of subsidiaries

\u00a0

2

15,679

542

0

16,223

Additions

\u00a0

5,090

17,599

123

10,883

33,695

Disposals/Write-off

\u00a0

(34)

(1,156)

(15)

0

(1,205)

Transfers

\u00a0

6,322

2,742

(2,061)

(6,388)

615

As at 31 December 2024

\u00a0

69,101

788,182

28,524

9,285

895,092

AMORTIZATION

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

As at 1 January 2023

\u00a0

36,805

86,444

9,820

0

133,069

Additions attributable to acquisition of subsidiaries

\u00a0

10

8

0

0

18

Amortization charge for the year

\u00a0

4,718

50,444

2,912

0

58,074

Transfers

\u00a0

(193)

22

160

0

(11)

Disposals/Write-off

\u00a0

(5,988)

(38,309)

0

0

(44,297)

As at 31 December 2023

\u00a0

35,352

98,609

12,892

0

146,853

Amortization charge for the year

\u00a0

6,992

52,359

2,905

0

62,256

Disposals/Write-off

\u00a0

(15)

(17)

0

0

(32)

Transfers

\u00a0

(16)

1,833

(1,805)

0

12

As at 31 December 2024

\u00a0

42,313

152,784

13,992

0

209,089

CARRYING AMOUNT

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

As at 31 December 2023

\u00a0

22,369

654,709

17,043

4,790

698,911

As at 31 December 2024

\u00a0

26,788

635,398

14,532

9,285

686,003

\u00a0

\u00a0

COMPANY

(In 000's Euros)

\u00a0

Software

Assets under construction

Total

COST

\u00a0

\u00a0

\u00a0

\u00a0

As at 1 January 2023

\u00a0

18,431

0

18,431

Additions

\u00a0

587

3,756

4,343

Disposals/Write-off

\u00a0

(6,024)

0

(6,024)

Transfers

\u00a0

6,707

0

6,707

As at 31 December 2023

\u00a0

19,701

3,756

23,457

Additions

\u00a0

692

5,611

6,303

Transfers

\u00a0

5,323

(4,890)

433

As at 31 December 2024

\u00a0

25,716

4,477

30,193

AMORTIZATION

\u00a0

\u00a0

\u00a0

\u00a0

As at 1 January 2023

\u00a0

15,249

0

15,249

Amortization charge for the year

\u00a0

1,773

0

1,773

Disposals/Write-off

\u00a0

(5,987)

0

(5,987)

As at 31 December 2023

\u00a0

11,035

0

11,035

Amortization charge for the year

\u00a0

3,658

0

3,658

As at 31 December 2024

\u00a0

14,693

0

14,693

CARRYING AMOUNT

\u00a0

\u00a0

\u00a0

\u00a0

As at 31 December 2023

\u00a0

8,666

3,756

12,422

As at 31 December 2024

\u00a0

11,023

4,477

15,500

", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f223987": { "value": "
16.Property, Plant and Equipment
The movement in the fixed assets for the Group and the Company during the year 01/01\u201331/12/2023 and the year 01/01\u201331/12/2024 is presented in the tables below:

GROUP

Land and buildings

Plant and machinery / Transportation means

Fixtures and equipment

Assets under construction

Total

\u00a0

(In 000's Euros)

COST

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

As at 1 January 2023

843,132

2,936,848

140,325

206,740

4,127,045

Additions attributable to acquisition of subsidiaries

4,706

3,295

280

12,192

20,473

Additions

21,238

17,445

8,430

243,408

290,521

Disposals/Write-off

(4,714)

(12,080)

(2,669)

(440)

(19,903)

Transfers

53,247

49,128

3,747

(114,020)

(7,898)

As at 31 December 2023

917,609

2,994,636

150,113

347,880

4,410,238

Additions attributable to acquisition of subsidiaries

5

1,624

251

563

2,443

Additions

10,375

27,065

9,823

234,063

281,326

Disposals/Write-off

(758)

(24,026)

(1,534)

(1,768)

(28,086)

Transfers

43,544

212,701

11,251

(268,111)

(615)

As at 31 December 2024

970,775

3,212,000

169,904

312,627

4,665,306

DEPRECIATION

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

As at 1 January 2023

253,997

1,444,587

87,438

0

1,786,022

Additions attributable to acquisition of subsidiaries

503

755

247

0

1,505

Additions

20,515

125,885

8,793

0

155,193

Disposals/Write-off

(1,553)

(10,489)

(2,540)

0

(14,582)

Transfers

73

(1,921)

1,859

0

11

As at 31 December 2023

273,535

1,558,817

95,797

0

1,928,149

Additions attributable to acquisition of subsidiaries

0

638

192

0

830

Additions

21,671

130,949

9,874

0

162,494

Disposals/Write-off

(459)

(14,814)

(1,308)

0

(16,581)

Transfers

840

(794)

(58)

0

(12)

As at 31 December 2024

295,587

1,674,796

104,497

0

2,074,880

CARRYING AMOUNT

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

As at 31 December 2023

644,074

1,435,819

54,316

347,880

2,482,089

As at 31 December 2024

675,188

1,537,204

65,407

312,627

2,590,426

COMPANY

Land and buildings

Plant and machinery / Transportation means

Fixtures and equipment

Assets under construction

Total

\u00a0

(In 000's Euros)

COST

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

As at 1 January 2023

299,370

1,884,986

38,517

112,649

2,335,522

Additions

6,681

552

2,248

193,925

203,406

Disposals/Write-off

(7)

(8,805)

(1,092)

0

(9,904)

Transfers

34,491

45,885

426

(87,509)

(6,707)

As at 31 December 2023

340,535

1,922,618

40,099

219,065

2,522,317

Additions

1,701

1,499

4,121

182,407

189,728

Disposals/Write-off

(7,782)

(52,782)

(349)

0

(60,913)

Transfers

15,366

153,267

2,769

(171,835)

(433)

As at 31 December 2024

349,820

2,024,602

46,640

229,637

2,650,699

DEPRECIATION

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

As at 1 January 2023

68,711

1,181,568

30,304

0

1,280,583

Additions

6,836

73,178

2,290

0

82,304

Disposals/Write-off

(4)

(8,794)

(1,090)

0

(9,888)

Transfers

62

(62)

0

0

0

As at 31 December 2023

75,605

1,245,890

31,504

0

1,352,999

Additions

7,400

77,643

2,835

0

87,878

Disposals/Write-off

(1,273)

(37,208)

(348)

0

(38,829)

As at 31 December 2024

81,732

1,286,325

33,991

0

1,402,048

CARRYING AMOUNT

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

As at 31 December 2023

264,930

676,728

8,595

219,065

1,169,318

As at 31 December 2024

268,088

738,277

12,649

229,637

1,248,651

The additions to the assets under construction and the transfers as well, for the Group during the year 01/01-31/12/2023 and the year 01/01-31/12/2024, mainly refer to the construction of a new Propylene splitter complex at the Refinery, the project for the construction of a new high efficiency Combined Heat and Power (CHP) unit of 57 MW capacity, infrastructure and improvement projects of the Refinery, gas stations\u2019 additions and the construction of wind and photovoltaic parks.
On September 17th of 2024, in the area of the refining units of the Company\u2019s southern refinery in Agioi Theodoroi, a fire broke out, causing damage to the Company\u2019s fixed assets, which is currently estimated at \u20ac9,417 thousand and is shown in the above table under the category \"Plant and machinery/ Transportation means\" in the movement of Reductions/Write-offs. In the \"Statement of Profit or Loss and Other Comprehensive Income,\" the above impact is shown under the line \"Gain/(loss) on fixed assets from significant incident.\" It is noted that the Company is insured for damages to its facilities, in accordance with the usual practice. The above impact of the damage in the refinery, including the related expenses and the compensation up to 31.12.2024, amounts to Euro 6,097 thousand.
The tangible assets included in the Statement of Financial Position, both of the parent company and its subsidiaries, are in full productive operation. There are no events of natural disaster, abandonment, or indications of technological obsolescence or other impairment indicators as defined by IAS 36.
Some of the above Property, Plant and Equipment has been pledged as security for liabilities of the Group (as referred to Note 23).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact22": { "value": "
17.Investments in Subsidiaries, Associates and Joint Operations
The Investments in Subsidiaries of the Group that are consolidated with the full consolidation method are the following:

Name

Place of incorporation and operation

% of ownership interest

Principal Activity

OFC AVIATION FUEL SERVICES S.A.

Greece, Spata of Attica

97.07

Aviation Fueling Systems

AUTOMOTIVE SOLUTIONS S.A.

Greece, Metamorfosi of Attica

60

Motor/ Electric Vehicle Trading

BUILDING FACILITY SERVICES SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Facilities Management Services

NRG SUPPLY AND TRADING SINGLE MEMBER ENERGY S.A.

Greece, Maroussi of Attica

100

Trading of Electricity and Natural Gas

IREON AKINITA SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Real Estate

MOTOR OIL VEGAS UPSTREAM LTD

Cyprus, Nicosia

65

Crude oil research, exploration and trading (upstream)

MVU BRAZOS CORP.

USA, Delaware

65

Crude oil research, exploration and trading (upstream)

VEGAS WEST OBAYED LTD

Cyprus, Nicosia

65

Crude oil research, exploration and trading (upstream)

CORINTHIAN OIL LTD

United Kingdom, London

100

Petroleum Products

MOTOR OIL FINANCE PLC

United Kingdom, London

100

Financial Services

IREON INVESTMENTS LTD

Cyprus, Nicosia

100

Investments and Commerce

MOTOR OIL MIDDLE EAST DMCC

United Arab Emirates, Dubai

100

Petroleum Products

DIORIGA GAS SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Natural Gas

IREON VENTURES LTD

Cyprus, Nicosia

100

Holding Company

MOTOR OIL TRADING S.A.

Greece, Maroussi of Attica

100

Petroleum Products

ELETAKO LTD

Cyprus, Nicosia

100

Investments

MANETIAL LTD

Cyprus, Nicosia

100

Investments

OFC TECHNICAL S.A.

Greece, Maroussi of Attica

97.8

Airport Technical Consulting Services

CORE INNOVATIONS SINGLE MEMBER S.A.

Greece, Nea Ionia of Attica

100

Trading and Services

MEDIAMAX HOLDINGS LTD

Cyprus, Nicosia

100

Holding Company

VERD SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

PRASINO LADI S.A.

Greece, Kifissia of Attica

96.67

Collection and Trading of used frying oil

IREON REALTY I SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Real Estate

IREON REALTY II SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Real Estate

IREON REALTY III SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Real Estate

HELLENIC HYDROGEN S.A.

Greece, Maroussi of Attica

51

Production and storage of Hydrogen

THALIS PERIVALLONTIKES YPIRESIES S.A.

Greece, Athens of Attica

100

Enviromental Services

PHARMON SINGLE MEMBER PRIVATE COMPANY

Greece, Maroussi of Attica

100

Holding Company

CIPHARMA ONE PRIVATE COMPANY

Greece, Maroussi of Attica

99

Pharmacy

TARESSO \u0399.\u039a.\u0395.

Greece, Corinth

60

Wholesale and Retail of Cofffee

AVIN OIL SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Petroleum Products

MAKREON SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Petroleum Products

CORAL\u00a0 S.A.

Greece, Maroussi of Attica

100

Petroleum Products

MYRTEA S.A.

Greece, Maroussi of Attica

100

Petroleum Products

ERMIS A.E.M.E.E.

Greece, Maroussi of Attica

100

Petroleum Products

CORAL PRODUCTS AND TRADING S.A.

Greece, Maroussi of Attica

100

Petroleum Products

MEDSYMPAN LTD

Cyprus, Nicosia

100

Holding Company

CORAL ALBANIA SH.A.

Albania, Tirana

100

Petroleum Products

CORAL SRB DOO BEOGRAD

Serbia, Beograd

100

Petroleum Products

CORAL-FUELS DOOEL SKOPJE

North Macedonia, Skopje

100

Petroleum Products

CORAL MONTENEGRO DOO PODGORICA

Montenegro, Podgorica

100

Petroleum Products

MEDPROFILE LTD

Cyprus, Nicosia

75

Holding Company

CORAL ENERGY PRODUCTS (CYPRUS) LTD

Cyprus, Nicosia

75

Petroleum Products

CORAL CROATIA D.O.O.

Croatia, Zagreb

75

Petroleum Products

CORAL DVA D.O.O.

Croatia, Zagreb

75

Petroleum Products

L.P.C. S.A.

Greece, Aspropyrgos Attica

100

Processing and trading of lubricants and petroleum products

KEPED S.A.

Greece, Aspropyrgos of Attica

100

Management of Waste Lubricants Packaging

EN.DI.A.L.E. S.A.

Greece, Aspropyrgos of Attica

100

Alternative Waste Lubricant Oils Treatment

CYTOP S.A.

Greece, Aspropyrgos of Attica

100

Collection and Trading of used Lubricants

AL DERAA AL AFRIQUE JV FOR ENVIRONMENTAL SERVICES

Libya, Tripoli

60

Collection and Trading of used Lubricating Oils

ARCELIA HOLDINGS LTD

Cyprus, Nicosia

100

Holding Company

CYCLON LUBRICANTS DOO BEOGRAD

Serbia, Belgrade

100

Marketing of Lubricants

CYROM PETROTRADING COMPANY

Romania, Ilfov-Glina

100

Marketing of Lubricants

BULVARIA AUTOMOTIVE PRODUCTS LTD

Bulgaria, Sofia

100

Marketing of Lubricants

CORAL GAS A.E.V.E.Y.

Greece, Aspropyrgos of Attica

100

Liquefied Petroleum Gas

CORAL GAS CYPRUS LTD

Cyprus, Nicosia

100

Liquefied Petroleum Gas

MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

TEFORTO HOLDING LTD

Cyprus, Nicosia

100

Holding Company

STEFANER ENERGY S.A.

Greece, Maroussi of Attica

85

Energy

SELEFKOS ENERGEIAKI\u00a0 S.M.S.A.

Greece, Maroussi of Attica

100

Energy

WIRED RES S.A.

Greece, Maroussi of Attica

99.65

Energy

KELLAS WIND PARK S.A.

Greece, Maroussi of Attica

100

Energy

OPOUNTIA ECO WIND PARK SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

STRATEGIC ENERGY TRADING ENERGIAKI S.A.

Greece, Neo Psychiko of Attica

100

Energy

SENTRADE RS DOO BEOGRAD

Serbia, Belgrade

100

Energy

MORE DOOEL SKOPJE (ex SENTRADE DOOEL SKOPJE)

North Macedonia, Skopje

100

Energy

MS FLORINA I SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

MS FOKIDA I SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

MS ILEIA I SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

MS VIOTIA I SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

MS KASTORIA I SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

MS KORINTHOS I SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

MS KOMOTINI I SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

AIOLIKA PARKA VOREIODYTIKIS ELLADAS SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

ARGOLIKOS ANEMOS SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

UNAGI S.A.

Greece, Maroussi of Attica

75

Energy

BALIAGA S.A.

Greece, Maroussi of Attica

38.25

Energy

TEICHIO S.A.

Greece, Maroussi of Attica

38.25

Energy

PIVOT SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

AIOLIKI THRAKIS SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

AIOLIKI ENERGEIAKI EVVOIAS SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

VERD SOLAR PARKS S.M.P.C.

Greece, Maroussi of Attica

100

Energy

DMX AIOLIKI MARMARIOU - AGKATHI MEPE

Greece, Maroussi of Attica

100

Energy

DMX AIOLIKI MARMARIOU - RIGANI MEPE

Greece, Maroussi of Attica

100

Energy

MAGOULA SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

EVRYNOMI SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

PTOLEMAIOS SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

PTELEOS SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

SPILAIO SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

ALYSTRATI SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

ARSINOI SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

ATLAS SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

FOIVOS SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

THERMES SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

KORMISTA SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

MESAIO SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

NIKOPOLI SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

MORE ROMANIA S.R.L.

Romania, Bucharest

100

Energy

SOLAR ENERGY PRODUCTION S.R.L.

Romania, Buzau

80

Energy

AIOLIKI ELLAS ENERGEIAKI SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

AIOLIKO PARKO FOXWIND FARM LTD-EVROS 1 LP

Greece, Maroussi of Attica

100

Energy

GR AIOLIKO PARKO FLORINA 10 LP

Greece, Maroussi of Attica

100

Energy

GR AIOLIKO PARKO PREVEZA 1 LP

Greece, Maroussi of Attica

100

Energy

AIOLIKO PARKO DYLOX WIND - RODOPI 4 LP

Greece, Maroussi of Attica

100

Energy

AIOLIKO PARKO PORTSIDE WIND ENERGY LTD RODOPI 5 LP

Greece, Maroussi of Attica

100

Energy

AIOLIKO PARKO PORTSIDE WIND ENERGY LTD THRAKI 1 LP

Greece, Maroussi of Attica

100

Energy

DMX AIOLIKI MARMARIOU - AGIOI APOSTOLOI MEPE

Greece, Maroussi of Attica

100

Energy

DMX AIOLIKI MARMARIOU RIZA MEPE

Greece, Maroussi of Attica

100

Energy

DYLOX WIND PARK LTD

Cyprus, Nicosia

100

Holding Company

FOXWIND FARM LTD

Cyprus, Nicosia

100

Holding Company

GUSTAFF LTD

Cyprus, Nicosia

100

Holding Company

LAGIMITE LTD

Cyprus, Nicosia

100

Holding Company

PORTSIDE WIND ENERGY LTD

Cyprus, Nicosia

100

Holding Company

POTRYLA LTD

Cyprus, Nicosia

100

Holding Company

ANEMOS RES SINGLE-MEMBER S.A.*

Greece, Maroussi of Attica

100

Energy

MYIS SMIXIOTIKOU S.A. (ex PPC RENEWABLES - ELLINIKI TECHNODOMIKI S.A.)*

Greece, Maroussi of Attica

51

Energy

EOLIKI KARPASTONIOU S.A.*

Greece, Maroussi of Attica

51

Energy

MORE ANALYTICS SINGLE MEMBER S.A. (ex ELLINIKI TECHNODOMIKI ENERGIAKI SINGLE MEMBER S.A.)*

Greece, Maroussi of Attica

100

Energy

HELLENIC ENERGY AND DEVELOPMENT - RENEWABLES SINGLE MEMBER S.A.*

Greece, Nea Kifissia of Attica

100

Energy

AEOLIKI KANDILIOU SINGLE MEMBER S.A.*

Greece, Maroussi of Attica

100

Energy

EOLIKI OLYMPOU EVIAS SINGLE MEMBER S.A.*

Greece, Maroussi of Attica

100

Energy

ANEMOS ATALANTIS SINGLE MEMBER S.A.*

Greece, Maroussi of Attica

100

Energy

*In January 2024, the acquisition of 100% stake of ANEMOS RES (the Renewable sector of ELLAKTOR) was completed by MORE for \u20ac 123,521 thousands. Consequently, there is a reduction in the non-controlling interest amounting to 78.254 million, as also included in the Statement of Changes in Equity of the Group.
In February 2024, the companies \u201cPIGADIA AIOLOS SINGLE MEMBER S.A.\u201d, \u201cAIOLIKO PARKO ARTAS-VOLOS LP\u201d and \u201cGR AIOLIKO PARKO KOZANI 1 LP\u201d were liquidated.
In March 2024, the companies \u201cMAGOULA SOLAR S.A.\u201d, \u201cEVRYNOMI SOLAR S.A.\u201d and \u201cPTOLEMAIOS SOLAR S.A.\u201d were established by \u201cUNAGI S.A.\u201d, subsidiary of \u201cMOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.\u201d. The newly established entities are active in the field of production and trading of electricity from renewable sources of energy.
In April 2024, \u201cAIOLIKI ENERGEIAKI EVVOIAS SINGLE MEMBER S.A.\u201d, subsidiary of \u201cMOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.\u201d, acquired 100% shareholding in the companies \u201cDMX AIOLIKI MARMARIOU - AGKATHI MEPE\u201d and \u201cDMX AIOLIKI MARMARIOU - RIGANI MEPE\u201d.
In May and June 2024, the companies \u201cARGOS AIOLOS ENERGY PRODUCTION AND EXPLOITATION SINGLE MEMBER S.A.\u201d and \u201cDMX AIOLIKI KARYSTOU - DISTRATA LTD\u201d were liquidated.
In June 2024, the companies \u201cPTELEOS SOLAR S.A.\u201d, \u201cSPILAIO SOLAR S.A.\u201d, \u201cALYSTRATI SOLAR S.A.\u201d, \u201cARSINOI SOLAR S.A.\u201d, \u201cATLAS SOLAR S.A.\u201d, \u201cFOIVOS SOLAR S.A.\u201d, \u201cTHERMES SOLAR S.A.\u201d, \u201cKORMISTA SOLAR S.A.\u201d, \u201cMESAIO SOLAR S.A.\u201d and \u201cNIKOPOLI SOLAR S.A.\u201d were established by \u201cUNAGI S.A.\u201d, subsidiary of \u201cMOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.\u201d. The newly established entities are active in the field of production and trading of electricity from renewable sources of energy.
In September 2024, the company \u201cTHIVAIKOS ANEMOS SINGLE MEMBER S.A.\u201d was merged through absorption by \u201cANEMOS RES SINGLE-MEMBER S.A\u201d. In the same month, \u201cANTILION AIOLOS SINGLE MEMBER S.A.\u201d was merged through absorption by \u201cAIOLIKI ELLAS ENERGEIAKI SINGLE MEMBER S.A.\u201d.
In October 2024, \"MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.\" established the company \"MORE ROMANIA S.R.L.\". The primary activities of this new company will be the production and trading of electricity generated from renewable energy sources. Additionally, during the same month, following increases in share capital, the Group's ownership stakes in the following companies were adjusted as follows: \"WIRED RES S.A.\" increased from 75% to 99.65%, \"OFC AVIATION FUEL SERVICES S.A.\" from 95% to 97.07%, and \"OFC TECHNICAL S.A.\" from 96.25% to 97.8%.
In December 2024, the companies \u201cDMX AIOLIKI MARMARIOU AGIOI TAXIARCHES LTD\u201d, \u201cDMX AIOLIKI MARMARIOU LIAPOURTHI LTD\u201d, \u201cDMX AIOLIKI MARMARIOU PLATANOS LTD\u201d, \u201cDMX AIOLIKI MARMARIOU TRIKORFO LTD\u201d and \u201cAJINKAM LTD\u201d were liquidated. Additionally, \u201cMOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A\u201d acquired 80% shareholding in the company \u201cSOLAR ENERGY PRODUCTION S.R.L.\u201d, an entity that operates in the sector of production and trading of electricity from renewable energy sources. Furthermore, \u201cCORE INNOVATIONS SINGLE MEMBER S.A.\u201d acquired 60% shareholding in the company \u201cTARESSO \u0399.\u039a.\u0395.\u201d, which operates in the retail sector.
The aforesaid companies are consolidated with the Full consolidation method from that date of acquisition/establishment.
The Group companies that are consolidated using the Equity method are the following:

Name

Place of incorporation and operation

% of ownership interest

Principal Activity

KORINTHOS POWER S.A.

Greece, Maroussi of Attica

35

Energy

GROUP SHELL AND MOH AVIATION FUELS

Greece, Maroussi of Attica

49

Aviation Fuels

RHODES-ALEXANDROUPOLIS PETROLEUM INSTALLATION S.A.

Greece, Maroussi of Attica

37.49

Aviation Fuels

TALLON COMMODITIES LTD

United Kingdom, London

30

Risk management and Commodities Hedging

THERMOILEKTRIKI KOMOTINIS S.A.

Greece, Maroussi of Attica

50

Energy

TALLON PTE LTD

Singapore

30

Risk management and Commodities Hedging

NEVINE HOLDINGS LTD

Cyprus, Nicosia

50

Holding Company

ALPHA SATELITE TELEVISION S.A.

Greece, Pallini of Attica

50

TV channel

GROUP ELLAKTOR

Greece, Kifissia of Attica

23.89

Construction

EVOIKOS BOREAS S.A.*

Greece, Nea Kifissia of Attica

49

Energy

HELLENIC FAST CHARGING SERVICES S.A.

Greece, Maroussi of Attica

50

Energy

SOFRANO S.A.*

Greece, Nea Kifissia of Attica

49

Energy

*In January 2024, the acquisition of 100% stake of ANEMOS RES (the Renewable sector of ELLAKTOR) was completed by MORE.
The Joint Operations, of which the Group consolidates proportionally the assets, liabilities, revenues and expenses, are the following:

Name

Place of incorporation and operation

% of ownership interest

Principal Activity

J/V THALIS ES SA - \u039d\u0391\u039fU\u039c ATE

Greece, Athens of Attica

30

Environmental Projects

J/V THALIS E.S. S.A. - KARTAS GEORGIOS TOU STAUROU

Greece, Athens of Attica

51.97

Environmental Projects

J/V THALIS PERIVALLONTIKES YPIRESIES A.E. - AAGIS A.E.

Greece, Dafni of Attica

70

Environmental Projects

J/V MICHANIKI PERIVALLONTOS A.E. - THALIS E.S. S.A.

Greece, Thessaloniki

50

Environmental Projects

J/V THALIS E.S. S.A. - MICHANIKI PERIVALLONTOS A.E. EEL POLYGYROU

Greece, Thessaloniki

50

Environmental Projects

J/V THALIS E.S S.A. - NAOUM S.Th. A.T.E. 2

Greece, Athens of Attica

50

Environmental Projects

J/V ZIORIS SA - THALIS ES SA

Greece, Arta of Epiros

50

Environmental Projects

J/V EKMETALEUSIS VIOAERIOU DYTIKIS MAKEDONIAS ILEKTOR A.E - THALIS E.S S.A

Greece, Athens of Attica

40

Environmental Projects

J/V THALIS ES SA - MICHANIKI PERIVALLONTOS SA - MESOGEOS SA

Greece, Athens of Attica

31

Environmental Projects

J/V MESOGEIOS A.E.- THALIS E.S. S.A. (EEL METAGGITSI)

Greece, Athens of Attica

70

Environmental Projects

J/V THALIS E.S S.A- MESOGEIOS A.E. (LYMATA N. PLAGION)

Greece, Athens of Attica

70

Environmental Projects

J/V THALIS E.S. S.A. - MICHANIKI PERIVALLONTOS A.E.

Greece, Athens of Attica

66.44

Environmental Projects

J/V MICHANIKI PERIVALLONTOS A.E. - THALIS E.S. S.A.

Greece, Thessaloniki

15.74

Environmental Projects

J/V THALIS E.S. S.A. \u2013 TALOS ATE

Greece, Athens of Attica

65.42

Environmental Projects

J/V MICHANIKI PERIVALLONTOS A.E. - THALIS E.S. S.A.

Greece, Thessaloniki

50

Environmental Projects

J/V NAOUM ATE - THALIS ES SA

Greece, Chania of Crete

4.68

Environmental Projects

J/V NAOUM S.Th. ATE \u2013 THALIS E.S. S.A. DIKTYA GEORGIOUPOLIS

Greece, Athens of Attica

50

Environmental Projects

J/V THALIS E.S. S.A. \u2013 MICHANIKI PERIVALLONTOS A.E. MELIKI

Greece, Athens of Attica

50

Environmental Projects

J/V THALIS E.S. S.A. - GKOLIOPOULOS A.T.E.

Greece, Athens of Attica

50

Environmental Projects

J/V NRG SUPPLY AND TRADING S.A.-GLOBILED LTD-GLOBITEL S.A.

Greece, Ag. Dimitrios of Attica

50

Provision of energy saving and energy upgrading services

J/V MICHANIKI PERIVALLONTOS A.E. - THALIS E.S. S.A. - DIKTYO YDREUSIS

Greece, Thessaloniki

50

Environmental Projects

J/V ILECTOR S.A. - THALIS E.S. S.A.

Greece, Kifissia of Attica

50

Environmental Projects

J/V THALIS E.S. S.A. - DIALYNAS A.E. - ANAVATHMISI YFISTAMENIS EEL CHIOU

Greece, Athens of Attica

70

Environmental Projects

J/V ILEKTOR A.E. \u2013 THALIS E.S. S.A. XIRANSI ILYOS EEL CHANION

Greece, Kifissia of Attica

30

Environmental Projects

J/V THALIS E.S. S.A.-ILEKTOR A.E. EPEXERGASIA ILYON E.E.L. FODISA V. PEDIADAS

Greece, Athens of Attica

50

Environmental Projects

J/V THALIS E.S. S.A. \u2013 ENVIN S.A. - GOUMENISSA

Greece, Athens of Attica

50

Environmental Projects

J/V THALIS ES SA \u2013 TERNA A.E. \u2013 KONSTANTINIDIS A.E.

Greece, Athens of Attica

50

Environmental Projects

ELTEPE JOINT VENTURE

Greece, Aspropyrgos of Attica

100

Collection and Trading of used Lubricants

J/V MEA VOLOU MESOGEIOS A.E.-THALIS ES SA

Greece, Athens of Attica

50

Environmental Projects

J/V POLYZOIS NIKOS A.E. - THALIS E.S S.A. - BEN NAOUSAS

Greece, Thessaloniki

50

Environmental Projects

The amounts of the Investments in Subsidiaries and Associates of the Group are the following:

Name

\u00a0

GROUP

\u00a0

COMPANY

(In 000's Euros)

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

AVIN OIL SINGLE MEMBER S.A.

\u00a0

0

0

\u00a0

53,013

53,013

CORAL S.A.

\u00a0

0

0

\u00a0

63,141

63,141

CORAL GAS A.E.V.E.Y.

\u00a0

0

0

\u00a0

26,585

26,585

L.P.C. S.A.

\u00a0

0

0

\u00a0

11,827

11,827

IREON INVESTMENTS LTD

\u00a0

0

0

\u00a0

114,350

114,350

BUILDING FACILITY SERVICES SINGLE MEMBER S.A.

\u00a0

0

0

\u00a0

600

600

MOTOR OIL FINANCE PLC

\u00a0

0

0

\u00a0

61

61

CORINTHIAN OIL LTD

\u00a0

0

0

\u00a0

100

100

MOTOR OIL VEGAS UPSTREAM LTD

\u00a0

0

0

\u00a0

2,125

2,125

NRG SUPPLY AND TRADING SINGLE MEMBER ENERGY S.A.

\u00a0

0

0

\u00a0

66,500

66,500

OFC AVIATION FUEL SERVICES S.A.

\u00a0

0

0

\u00a0

7,196

4,618

MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.

\u00a0

0

0

\u00a0

598,201

498,201

KORINTHOS POWER S.A.

\u00a0

82,107

72,339

\u00a0

0

0

GROUP SHELL AND MOH AVIATION FUELS

\u00a0

11,073

10,836

\u00a0

0

0

RHODES-ALEXANDROUPOLIS PETROLEUM INSTALLATION S.A.

\u00a0

1,279

1,149

\u00a0

0

0

MEDIAMAX HOLDINGS LTD

\u00a0

0

0

\u00a0

32,454

32,454

MANETIAL LTD

\u00a0

0

0

\u00a0

51,010

22,010

ELETAKO LTD

\u00a0

0

0

\u00a0

0

110

TALLON COMMODITIES LTD

\u00a0

1,544

1,420

\u00a0

632

632

TALLON PTE LTD

\u00a0

130

147

\u00a0

9

9

THERMOILEKTRIKI KOMOTINIS S.A.

\u00a0

12,368

1,602

\u00a0

22,813

12,040

ELLAKTOR GROUP

\u00a0

176,958

271,384

\u00a0

104,000

182,000

DIORYGA GAS SINGLE MEMBER S.A.

\u00a0

0

0

\u00a0

7,800

7,800

VERD SINGLE-MEMBER S.A.

\u00a0

0

0

\u00a0

15,400

15,400

ALPHA SATELITE TELEVISION S.A.

\u00a0

17,457

17,907

\u00a0

0

0

NEVINE HOLDINGS LTD

\u00a0

17,373

17,874

\u00a0

0

0

SOFRANO S.A.

\u00a0

18,612

17,808

\u00a0

0

0

EVOIKOS BOREAS S.A.

\u00a0

10,248

9,882

\u00a0

0

0

HELLENIC FAST CHARGING SERVICES S.A.

\u00a0

1,256

1,291

\u00a0

0

0

HELLENIC HYDROGEN S.A.

\u00a0

0

0

\u00a0

6,732

6,732

Total

\u00a0

350,405

423,639

\u00a0

1,184,549

1,120,308

The investment of the Company in MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A. has been increased by \u20ac 100 million following the participation in the share capital increase held in January 2024.
In addition, the Company increased its investment in MANETIAL LTD by \u20ac 29 million for the increase in share capital of the subsidiary THALIS PERIVALLONTIKES YPIRESIES S.A.
Furthermore, the Company has reduced its investment in Ellaktor Group due to the partial exercises of call options by REGGEBORGH INVEST B.V. by \u20ac 18.2 million in June 2024 and by \u20ac 13 million in December 2024 (see note 24). Apart from these events, a share capital return amount of \u20ac 46.8 million was completed in July 2024.
Summarized financial information in respect of the Group\u2019s associates is set out below:

(In 000's Euros)

31/12/2024

31/12/2023

Acquisition cost

210,877

283,021

Share of profits (loss)

139,528

140,618

Investments in associates

350,405

423,639

\u00a0

\u00a0

\u00a0

Associates

\u00a0

\u00a0

Total assets

2,646,656

3,044,555

Total liabilities

(1,530,317)

(1,752,580)

Net assets

1,116,339

1,291,975

Group's share of associates' net assets

350,405

423,639

Group\u2019s results from associates, are as follows:

(In 000's Euros)

31/12/2024

31/12/2023

Sales

1,161,858

1,559,471

Profit after tax

105,644

70,278

Other Comprehensive Income

5,844

19,810

Total Comprehensive Income

111,488

90,088

\u00a0

\u00a0

\u00a0

Group's share of associates' Profit for the year

(593)

5,914

Group's share of associates' Other Comprehensive Income

2,172

9,078

Total Group Share

1,579

14,992

37.Significant Associates

Company Name

Principal Activity

Proportion of ownership interest

\u00a0

\u00a0

31/12/2024

31/12/2023

GROUP SHELL AND MOH AVIATION FUELS

Aviation Fuels

49%

49%

KORINTHOS POWER S.A.

Energy

35%

35%

THERMOILEKTRIKI KOMOTINIS S.A.

Energy

50%

50%

GROUP ELLAKTOR

Construction

23.89%

29.87%

SOFRANO S.A.

Energy

49%

40.41%

EVOIKOS BOREAS S.A.

Energy

49%

40.41%

GROUP SHELL AND MOH AVIATION FUELS

\u00a0

\u00a0

In 000's Euros

31/12/2024

31/12/2023

Non-Current Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

5,881

5,405

Current Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

46,199

51,275

Non-Current Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

848

1,027

Current Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

28,633

33,540

\u00a0

\u00a0

\u00a0

In 000's Euros

31/12/2024

31/12/2023

Turnover

487,430

502,907

Profit/(Loss) before taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

15,309

13,317

Profit/(Loss) after taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

11,383

10,439

Total comprehensive income\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

11,485

10,208

KORINTHOS POWER S.A.

\u00a0

\u00a0

In 000's Euros

31/12/2024

31/12/2023

Non-Current Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

241,238

210,097

Current Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

141,801

116,407

Non-Current Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

36,215

38,491

Current Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

112,231

81,334

\u00a0

\u00a0

\u00a0

In 000's Euros

31/12/2024

31/12/2023

Turnover

232,811

164,197

Profit/(Loss) before taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

48,797

2,872

Profit/(Loss) after taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

37,956

2,029

Total comprehensive income\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

37,955

2,011

THERMOILEKTRIKI KOMOTINIS S.A.

\u00a0

\u00a0

In 000's Euros

31/12/2024

31/12/2023

Non-Current Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

411,786

339,729

Current Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

17,068

22,721

Non-Current Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

340,387

336,757

Current Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

63,731

22,490

\u00a0

\u00a0

\u00a0

In 000's Euros

31/12/2024

31/12/2023

Turnover

0

0

Profit/(Loss) before taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

1,064

(21,338)

Profit/(Loss) after taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

470

(16,858)

Total comprehensive income\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

51

(20,600)

ELLAKTOR GROUP

\u00a0

\u00a0

In 000's Euros

31/12/2024

31/12/2023

Non-Current Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

941,422

1,119,984

Current Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

560,738

878,803

Non-Current Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

602,202

741,771

Current Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

140,344

270,696

\u00a0

\u00a0

\u00a0

In 000's Euros

31/12/2024

31/12/2023

Turnover

355,647

808,465

Profit/(Loss) before taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

85,699

110,359

Profit/(Loss) after taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

56,223

79,263

Total comprehensive income\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

62,470

103,115

SOFRANO S.A.

\u00a0

\u00a0

In 000's Euros

31/12/2024

31/12/2023

Non-Current Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

2,176

1,844

Current Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

2,107

790

Non-Current Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

0

0

Current Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

302

517

\u00a0

\u00a0

\u00a0

In 000's Euros

31/12/2024

31/12/2023

Turnover

0

0

Profit/(Loss) before taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

(611)

(308)

Profit/(Loss) after taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

(611)

(308)

Total comprehensive income\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

(611)

(308)

EVOIKOS BOREAS S.A.

\u00a0

\u00a0

In 000's Euros

31/12/2024

31/12/2023

Non-Current Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

1,472

1,362

Current Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

1,385

1,104

Non-Current Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

0

0

Current Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

326

499

\u00a0

\u00a0

\u00a0

In 000's Euros

31/12/2024

31/12/2023

Turnover

0

0

Profit/(Loss) before taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

(1,163)

(416)

Profit/(Loss) after taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

(1,163)

(416)

Total comprehensive income\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

(1,163)

(416)

31 December 2024

GROUP SHELL AND MOH AVIATION FUELS

KORINTHOS POWER S.A.

THERMOILEKTRIKI KOMOTINIS S.A.

ELLAKTOR GROUP

SOFRANO S.A.

EVOIKOS BOREAS S.A.

OTHER

Net assets

22,599

234,593

24,736

740,533

3,982

2,531

68,469

MOH ownership

49%

35%

50%

23.89%

49%

49%

-

MOH share

11,073

82,107

12,368

176,913

1,951

1,240

32,964

Fair value and other adjustments

0

0

0

45

16,661

9,007

6,075

Balance

11,073

82,107

12,368

176,958

18,612

10,248

39,039

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact20": { "value": "
The Investments in Subsidiaries of the Group that are consolidated with the full consolidation method are the following:

Name

Place of incorporation and operation

% of ownership interest

Principal Activity

OFC AVIATION FUEL SERVICES S.A.

Greece, Spata of Attica

97.07

Aviation Fueling Systems

AUTOMOTIVE SOLUTIONS S.A.

Greece, Metamorfosi of Attica

60

Motor/ Electric Vehicle Trading

BUILDING FACILITY SERVICES SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Facilities Management Services

NRG SUPPLY AND TRADING SINGLE MEMBER ENERGY S.A.

Greece, Maroussi of Attica

100

Trading of Electricity and Natural Gas

IREON AKINITA SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Real Estate

MOTOR OIL VEGAS UPSTREAM LTD

Cyprus, Nicosia

65

Crude oil research, exploration and trading (upstream)

MVU BRAZOS CORP.

USA, Delaware

65

Crude oil research, exploration and trading (upstream)

VEGAS WEST OBAYED LTD

Cyprus, Nicosia

65

Crude oil research, exploration and trading (upstream)

CORINTHIAN OIL LTD

United Kingdom, London

100

Petroleum Products

MOTOR OIL FINANCE PLC

United Kingdom, London

100

Financial Services

IREON INVESTMENTS LTD

Cyprus, Nicosia

100

Investments and Commerce

MOTOR OIL MIDDLE EAST DMCC

United Arab Emirates, Dubai

100

Petroleum Products

DIORIGA GAS SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Natural Gas

IREON VENTURES LTD

Cyprus, Nicosia

100

Holding Company

MOTOR OIL TRADING S.A.

Greece, Maroussi of Attica

100

Petroleum Products

ELETAKO LTD

Cyprus, Nicosia

100

Investments

MANETIAL LTD

Cyprus, Nicosia

100

Investments

OFC TECHNICAL S.A.

Greece, Maroussi of Attica

97.8

Airport Technical Consulting Services

CORE INNOVATIONS SINGLE MEMBER S.A.

Greece, Nea Ionia of Attica

100

Trading and Services

MEDIAMAX HOLDINGS LTD

Cyprus, Nicosia

100

Holding Company

VERD SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

PRASINO LADI S.A.

Greece, Kifissia of Attica

96.67

Collection and Trading of used frying oil

IREON REALTY I SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Real Estate

IREON REALTY II SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Real Estate

IREON REALTY III SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Real Estate

HELLENIC HYDROGEN S.A.

Greece, Maroussi of Attica

51

Production and storage of Hydrogen

THALIS PERIVALLONTIKES YPIRESIES S.A.

Greece, Athens of Attica

100

Enviromental Services

PHARMON SINGLE MEMBER PRIVATE COMPANY

Greece, Maroussi of Attica

100

Holding Company

CIPHARMA ONE PRIVATE COMPANY

Greece, Maroussi of Attica

99

Pharmacy

TARESSO \u0399.\u039a.\u0395.

Greece, Corinth

60

Wholesale and Retail of Cofffee

AVIN OIL SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Petroleum Products

MAKREON SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Petroleum Products

CORAL\u00a0 S.A.

Greece, Maroussi of Attica

100

Petroleum Products

MYRTEA S.A.

Greece, Maroussi of Attica

100

Petroleum Products

ERMIS A.E.M.E.E.

Greece, Maroussi of Attica

100

Petroleum Products

CORAL PRODUCTS AND TRADING S.A.

Greece, Maroussi of Attica

100

Petroleum Products

MEDSYMPAN LTD

Cyprus, Nicosia

100

Holding Company

CORAL ALBANIA SH.A.

Albania, Tirana

100

Petroleum Products

CORAL SRB DOO BEOGRAD

Serbia, Beograd

100

Petroleum Products

CORAL-FUELS DOOEL SKOPJE

North Macedonia, Skopje

100

Petroleum Products

CORAL MONTENEGRO DOO PODGORICA

Montenegro, Podgorica

100

Petroleum Products

MEDPROFILE LTD

Cyprus, Nicosia

75

Holding Company

CORAL ENERGY PRODUCTS (CYPRUS) LTD

Cyprus, Nicosia

75

Petroleum Products

CORAL CROATIA D.O.O.

Croatia, Zagreb

75

Petroleum Products

CORAL DVA D.O.O.

Croatia, Zagreb

75

Petroleum Products

L.P.C. S.A.

Greece, Aspropyrgos Attica

100

Processing and trading of lubricants and petroleum products

KEPED S.A.

Greece, Aspropyrgos of Attica

100

Management of Waste Lubricants Packaging

EN.DI.A.L.E. S.A.

Greece, Aspropyrgos of Attica

100

Alternative Waste Lubricant Oils Treatment

CYTOP S.A.

Greece, Aspropyrgos of Attica

100

Collection and Trading of used Lubricants

AL DERAA AL AFRIQUE JV FOR ENVIRONMENTAL SERVICES

Libya, Tripoli

60

Collection and Trading of used Lubricating Oils

ARCELIA HOLDINGS LTD

Cyprus, Nicosia

100

Holding Company

CYCLON LUBRICANTS DOO BEOGRAD

Serbia, Belgrade

100

Marketing of Lubricants

CYROM PETROTRADING COMPANY

Romania, Ilfov-Glina

100

Marketing of Lubricants

BULVARIA AUTOMOTIVE PRODUCTS LTD

Bulgaria, Sofia

100

Marketing of Lubricants

CORAL GAS A.E.V.E.Y.

Greece, Aspropyrgos of Attica

100

Liquefied Petroleum Gas

CORAL GAS CYPRUS LTD

Cyprus, Nicosia

100

Liquefied Petroleum Gas

MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

TEFORTO HOLDING LTD

Cyprus, Nicosia

100

Holding Company

STEFANER ENERGY S.A.

Greece, Maroussi of Attica

85

Energy

SELEFKOS ENERGEIAKI\u00a0 S.M.S.A.

Greece, Maroussi of Attica

100

Energy

WIRED RES S.A.

Greece, Maroussi of Attica

99.65

Energy

KELLAS WIND PARK S.A.

Greece, Maroussi of Attica

100

Energy

OPOUNTIA ECO WIND PARK SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

STRATEGIC ENERGY TRADING ENERGIAKI S.A.

Greece, Neo Psychiko of Attica

100

Energy

SENTRADE RS DOO BEOGRAD

Serbia, Belgrade

100

Energy

MORE DOOEL SKOPJE (ex SENTRADE DOOEL SKOPJE)

North Macedonia, Skopje

100

Energy

MS FLORINA I SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

MS FOKIDA I SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

MS ILEIA I SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

MS VIOTIA I SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

MS KASTORIA I SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

MS KORINTHOS I SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

MS KOMOTINI I SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

AIOLIKA PARKA VOREIODYTIKIS ELLADAS SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

ARGOLIKOS ANEMOS SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

UNAGI S.A.

Greece, Maroussi of Attica

75

Energy

BALIAGA S.A.

Greece, Maroussi of Attica

38.25

Energy

TEICHIO S.A.

Greece, Maroussi of Attica

38.25

Energy

PIVOT SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

AIOLIKI THRAKIS SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

AIOLIKI ENERGEIAKI EVVOIAS SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

VERD SOLAR PARKS S.M.P.C.

Greece, Maroussi of Attica

100

Energy

DMX AIOLIKI MARMARIOU - AGKATHI MEPE

Greece, Maroussi of Attica

100

Energy

DMX AIOLIKI MARMARIOU - RIGANI MEPE

Greece, Maroussi of Attica

100

Energy

MAGOULA SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

EVRYNOMI SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

PTOLEMAIOS SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

PTELEOS SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

SPILAIO SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

ALYSTRATI SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

ARSINOI SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

ATLAS SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

FOIVOS SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

THERMES SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

KORMISTA SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

MESAIO SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

NIKOPOLI SOLAR S.A.

Greece, Maroussi of Attica

38.25

Energy

MORE ROMANIA S.R.L.

Romania, Bucharest

100

Energy

SOLAR ENERGY PRODUCTION S.R.L.

Romania, Buzau

80

Energy

AIOLIKI ELLAS ENERGEIAKI SINGLE MEMBER S.A.

Greece, Maroussi of Attica

100

Energy

AIOLIKO PARKO FOXWIND FARM LTD-EVROS 1 LP

Greece, Maroussi of Attica

100

Energy

GR AIOLIKO PARKO FLORINA 10 LP

Greece, Maroussi of Attica

100

Energy

GR AIOLIKO PARKO PREVEZA 1 LP

Greece, Maroussi of Attica

100

Energy

AIOLIKO PARKO DYLOX WIND - RODOPI 4 LP

Greece, Maroussi of Attica

100

Energy

AIOLIKO PARKO PORTSIDE WIND ENERGY LTD RODOPI 5 LP

Greece, Maroussi of Attica

100

Energy

AIOLIKO PARKO PORTSIDE WIND ENERGY LTD THRAKI 1 LP

Greece, Maroussi of Attica

100

Energy

DMX AIOLIKI MARMARIOU - AGIOI APOSTOLOI MEPE

Greece, Maroussi of Attica

100

Energy

DMX AIOLIKI MARMARIOU RIZA MEPE

Greece, Maroussi of Attica

100

Energy

DYLOX WIND PARK LTD

Cyprus, Nicosia

100

Holding Company

FOXWIND FARM LTD

Cyprus, Nicosia

100

Holding Company

GUSTAFF LTD

Cyprus, Nicosia

100

Holding Company

LAGIMITE LTD

Cyprus, Nicosia

100

Holding Company

PORTSIDE WIND ENERGY LTD

Cyprus, Nicosia

100

Holding Company

POTRYLA LTD

Cyprus, Nicosia

100

Holding Company

ANEMOS RES SINGLE-MEMBER S.A.*

Greece, Maroussi of Attica

100

Energy

MYIS SMIXIOTIKOU S.A. (ex PPC RENEWABLES - ELLINIKI TECHNODOMIKI S.A.)*

Greece, Maroussi of Attica

51

Energy

EOLIKI KARPASTONIOU S.A.*

Greece, Maroussi of Attica

51

Energy

MORE ANALYTICS SINGLE MEMBER S.A. (ex ELLINIKI TECHNODOMIKI ENERGIAKI SINGLE MEMBER S.A.)*

Greece, Maroussi of Attica

100

Energy

HELLENIC ENERGY AND DEVELOPMENT - RENEWABLES SINGLE MEMBER S.A.*

Greece, Nea Kifissia of Attica

100

Energy

AEOLIKI KANDILIOU SINGLE MEMBER S.A.*

Greece, Maroussi of Attica

100

Energy

EOLIKI OLYMPOU EVIAS SINGLE MEMBER S.A.*

Greece, Maroussi of Attica

100

Energy

ANEMOS ATALANTIS SINGLE MEMBER S.A.*

Greece, Maroussi of Attica

100

Energy

*In January 2024, the acquisition of 100% stake of ANEMOS RES (the Renewable sector of ELLAKTOR) was completed by MORE for \u20ac 123,521 thousands. Consequently, there is a reduction in the non-controlling interest amounting to 78.254 million, as also included in the Statement of Changes in Equity of the Group.
In February 2024, the companies \u201cPIGADIA AIOLOS SINGLE MEMBER S.A.\u201d, \u201cAIOLIKO PARKO ARTAS-VOLOS LP\u201d and \u201cGR AIOLIKO PARKO KOZANI 1 LP\u201d were liquidated.
In March 2024, the companies \u201cMAGOULA SOLAR S.A.\u201d, \u201cEVRYNOMI SOLAR S.A.\u201d and \u201cPTOLEMAIOS SOLAR S.A.\u201d were established by \u201cUNAGI S.A.\u201d, subsidiary of \u201cMOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.\u201d. The newly established entities are active in the field of production and trading of electricity from renewable sources of energy.
In April 2024, \u201cAIOLIKI ENERGEIAKI EVVOIAS SINGLE MEMBER S.A.\u201d, subsidiary of \u201cMOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.\u201d, acquired 100% shareholding in the companies \u201cDMX AIOLIKI MARMARIOU - AGKATHI MEPE\u201d and \u201cDMX AIOLIKI MARMARIOU - RIGANI MEPE\u201d.
In May and June 2024, the companies \u201cARGOS AIOLOS ENERGY PRODUCTION AND EXPLOITATION SINGLE MEMBER S.A.\u201d and \u201cDMX AIOLIKI KARYSTOU - DISTRATA LTD\u201d were liquidated.
In June 2024, the companies \u201cPTELEOS SOLAR S.A.\u201d, \u201cSPILAIO SOLAR S.A.\u201d, \u201cALYSTRATI SOLAR S.A.\u201d, \u201cARSINOI SOLAR S.A.\u201d, \u201cATLAS SOLAR S.A.\u201d, \u201cFOIVOS SOLAR S.A.\u201d, \u201cTHERMES SOLAR S.A.\u201d, \u201cKORMISTA SOLAR S.A.\u201d, \u201cMESAIO SOLAR S.A.\u201d and \u201cNIKOPOLI SOLAR S.A.\u201d were established by \u201cUNAGI S.A.\u201d, subsidiary of \u201cMOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.\u201d. The newly established entities are active in the field of production and trading of electricity from renewable sources of energy.
In September 2024, the company \u201cTHIVAIKOS ANEMOS SINGLE MEMBER S.A.\u201d was merged through absorption by \u201cANEMOS RES SINGLE-MEMBER S.A\u201d. In the same month, \u201cANTILION AIOLOS SINGLE MEMBER S.A.\u201d was merged through absorption by \u201cAIOLIKI ELLAS ENERGEIAKI SINGLE MEMBER S.A.\u201d.
In October 2024, \"MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.\" established the company \"MORE ROMANIA S.R.L.\". The primary activities of this new company will be the production and trading of electricity generated from renewable energy sources. Additionally, during the same month, following increases in share capital, the Group's ownership stakes in the following companies were adjusted as follows: \"WIRED RES S.A.\" increased from 75% to 99.65%, \"OFC AVIATION FUEL SERVICES S.A.\" from 95% to 97.07%, and \"OFC TECHNICAL S.A.\" from 96.25% to 97.8%.
In December 2024, the companies \u201cDMX AIOLIKI MARMARIOU AGIOI TAXIARCHES LTD\u201d, \u201cDMX AIOLIKI MARMARIOU LIAPOURTHI LTD\u201d, \u201cDMX AIOLIKI MARMARIOU PLATANOS LTD\u201d, \u201cDMX AIOLIKI MARMARIOU TRIKORFO LTD\u201d and \u201cAJINKAM LTD\u201d were liquidated. Additionally, \u201cMOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A\u201d acquired 80% shareholding in the company \u201cSOLAR ENERGY PRODUCTION S.R.L.\u201d, an entity that operates in the sector of production and trading of electricity from renewable energy sources. Furthermore, \u201cCORE INNOVATIONS SINGLE MEMBER S.A.\u201d acquired 60% shareholding in the company \u201cTARESSO \u0399.\u039a.\u0395.\u201d, which operates in the retail sector.
The aforesaid companies are consolidated with the Full consolidation method from that date of acquisition/establishment.
The amounts of the Investments in Subsidiaries and Associates of the Group are the following:

Name

\u00a0

GROUP

\u00a0

COMPANY

(In 000's Euros)

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

AVIN OIL SINGLE MEMBER S.A.

\u00a0

0

0

\u00a0

53,013

53,013

CORAL S.A.

\u00a0

0

0

\u00a0

63,141

63,141

CORAL GAS A.E.V.E.Y.

\u00a0

0

0

\u00a0

26,585

26,585

L.P.C. S.A.

\u00a0

0

0

\u00a0

11,827

11,827

IREON INVESTMENTS LTD

\u00a0

0

0

\u00a0

114,350

114,350

BUILDING FACILITY SERVICES SINGLE MEMBER S.A.

\u00a0

0

0

\u00a0

600

600

MOTOR OIL FINANCE PLC

\u00a0

0

0

\u00a0

61

61

CORINTHIAN OIL LTD

\u00a0

0

0

\u00a0

100

100

MOTOR OIL VEGAS UPSTREAM LTD

\u00a0

0

0

\u00a0

2,125

2,125

NRG SUPPLY AND TRADING SINGLE MEMBER ENERGY S.A.

\u00a0

0

0

\u00a0

66,500

66,500

OFC AVIATION FUEL SERVICES S.A.

\u00a0

0

0

\u00a0

7,196

4,618

MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.

\u00a0

0

0

\u00a0

598,201

498,201

KORINTHOS POWER S.A.

\u00a0

82,107

72,339

\u00a0

0

0

GROUP SHELL AND MOH AVIATION FUELS

\u00a0

11,073

10,836

\u00a0

0

0

RHODES-ALEXANDROUPOLIS PETROLEUM INSTALLATION S.A.

\u00a0

1,279

1,149

\u00a0

0

0

MEDIAMAX HOLDINGS LTD

\u00a0

0

0

\u00a0

32,454

32,454

MANETIAL LTD

\u00a0

0

0

\u00a0

51,010

22,010

ELETAKO LTD

\u00a0

0

0

\u00a0

0

110

TALLON COMMODITIES LTD

\u00a0

1,544

1,420

\u00a0

632

632

TALLON PTE LTD

\u00a0

130

147

\u00a0

9

9

THERMOILEKTRIKI KOMOTINIS S.A.

\u00a0

12,368

1,602

\u00a0

22,813

12,040

ELLAKTOR GROUP

\u00a0

176,958

271,384

\u00a0

104,000

182,000

DIORYGA GAS SINGLE MEMBER S.A.

\u00a0

0

0

\u00a0

7,800

7,800

VERD SINGLE-MEMBER S.A.

\u00a0

0

0

\u00a0

15,400

15,400

ALPHA SATELITE TELEVISION S.A.

\u00a0

17,457

17,907

\u00a0

0

0

NEVINE HOLDINGS LTD

\u00a0

17,373

17,874

\u00a0

0

0

SOFRANO S.A.

\u00a0

18,612

17,808

\u00a0

0

0

EVOIKOS BOREAS S.A.

\u00a0

10,248

9,882

\u00a0

0

0

HELLENIC FAST CHARGING SERVICES S.A.

\u00a0

1,256

1,291

\u00a0

0

0

HELLENIC HYDROGEN S.A.

\u00a0

0

0

\u00a0

6,732

6,732

Total

\u00a0

350,405

423,639

\u00a0

1,184,549

1,120,308

The investment of the Company in MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A. has been increased by \u20ac 100 million following the participation in the share capital increase held in January 2024.
In addition, the Company increased its investment in MANETIAL LTD by \u20ac 29 million for the increase in share capital of the subsidiary THALIS PERIVALLONTIKES YPIRESIES S.A.
Furthermore, the Company has reduced its investment in Ellaktor Group due to the partial exercises of call options by REGGEBORGH INVEST B.V. by \u20ac 18.2 million in June 2024 and by \u20ac 13 million in December 2024 (see note 24). Apart from these events, a share capital return amount of \u20ac 46.8 million was completed in July 2024.
33.Establishment/Acquisition of Subsidiaries/Associates
22.1 \u201cMAGOULA SOLAR S.A.\u201d, \u201cEVRYNOMI SOLAR S.A.\u201d, \u201cPTOLEMAIOS SOLAR S.A.\u201d, \u201cALYSTRATI SOLAR S.A.\u201d, \u201cATLAS SOLAR S.A.\u201d, \u201cPTELEOS SOLAR S.A.\u201d, \u201cARSINOI SOLAR S.A.\u201d, \u201cSPILAIO SOLAR S.A.\u201d, \u201cFOIVOS SOLAR S.A.\u201d, \u201cTHERMES SOLAR S.A.\u201d, \u201cKORMISTA SOLAR S.A.\u201d, \u201cMESAIO SOLAR S.A.\u201d, \u201cNIKOPOLI SOLAR S.A.\u201d
In March 2024, \u201cUNAGI S.A.\u201d along with \u201cPPCR S.M.S.A.\u201d founded the companies \u201cMAGOULA SOLAR S.A.\u201d, \u201cEVRYNOMI SOLAR S.A.\u201d and \u201cPTOLEMAIOS SOLAR S.A.\u201d. Their shareholder structure is: UNAGI S.A. \u2013 51%, PPCR S.M.S.A. \u2013 49%. In June 2024, \u201cUNAGI S.A.\u201d and \u201cPPCR S.M.S.A\u201d also founded the companies \u201cALYSTRATI SOLAR S.A.\u201d, \u201cATLAS SOLAR S.A.\u201d, \u201cPTELEOS SOLAR S.A.\u201d, \u201cARSINOI SOLAR S.A.\u201d, \u201cSPILAIO SOLAR S.A.\u201d, \u201cFOIVOS SOLAR S.A.\u201d, \u201cTHERMES SOLAR S.A.\u201d, \u201cKORMISTA SOLAR S.A.\u201d, \u201cMESAIO SOLAR S.A.\u201d and \u201cNIKOPOLI SOLAR S.A.\u201d with the same shareholder structure. The above companies\u2019 main operations will be the production and trading of electricity from Renewable Energy Sources.
22.2 \u201cDMX AIOLIKI MARMARIOU \u2013 AGKATHI MEPE\u201d
In April 2024, \u201cAIOLIKI ENERGEIAKI EVVOIAS SINGLE MEMBER S.A.\u201d, subsidiary of subgroup of \u201cMOTOR OIL RENEWABLE ENERGY\u201d, acquired 100% shareholding in the company \u201cDMX AIOLIKI MARMARIOU - AGKATHI MEPE\u201d.
The definitive book values of the above at the date of the acquisition as well as the fair values recognized, in accordance with IFRS 3, are analyzed below:

(In 000's Euros)

Fair value recognized on acquisition

\u00a0

Carrying value on acquisition

Cash and cash equivalents

\u00a0

20

\u00a0

\u00a0

20

Total assets

\u00a0

2,276

\u00a0

\u00a0

63

Liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Non-current liabilities

\u00a0

487

\u00a0

\u00a0

0

Current Liabilities

\u00a0

176

\u00a0

\u00a0

176

Total Liabilities

\u00a0

663

\u00a0

\u00a0

176

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Fair value of assets acquired

\u00a0

1,613

\u00a0

\u00a0

\u00a0

Cash Paid

\u00a0

783

\u00a0

\u00a0

\u00a0

Due Consideration

\u00a0

525

\u00a0

\u00a0

\u00a0

Bargain purchase

\u00a0

305

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cash flows for the acquisition:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cash Paid

\u00a0

783

\u00a0

\u00a0

\u00a0

Cash and cash equivalent acquired

\u00a0

(20)

\u00a0

\u00a0

\u00a0

Net cash outflow from the acquisition

\u00a0

763

\u00a0

\u00a0

\u00a0

22.3 \u201cDMX AIOLIKI MARMARIOU \u2013 RIGANI MEPE\u201d
In April 2024, \u201cAIOLIKI ENERGEIAKI EVVOIAS SINGLE MEMBER S.A.\u201d, subsidiary of subgroup of \u201cMOTOR OIL RENEWABLE ENERGY\u201d, acquired 100% shareholding in the company \u201cDMX AIOLIKI MARMARIOU - RIGANI MEPE\u201d.
The definitive book values of the above at the date of the acquisition as well as the fair values recognized, in accordance with IFRS 3, are analyzed below:

(In 000's Euros)

Fair value recognized on acquisition

\u00a0

Carrying value on acquisition

Cash and cash equivalents

\u00a0

18

\u00a0

\u00a0

18

Total assets

\u00a0

1,669

\u00a0

\u00a0

77

Liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Non-current liabilities

\u00a0

350

\u00a0

\u00a0

0

Current Liabilities

\u00a0

180

\u00a0

\u00a0

180

Total Liabilities

\u00a0

530

\u00a0

\u00a0

180

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Fair value of assets acquired

\u00a0

1,139

\u00a0

\u00a0

\u00a0

Cash Paid

\u00a0

810

\u00a0

\u00a0

\u00a0

Due Consideration

\u00a0

225

\u00a0

\u00a0

\u00a0

Bargain purchase

\u00a0

104

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cash flows for the acquisition:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cash Paid

\u00a0

810

\u00a0

\u00a0

\u00a0

Cash and cash equivalent acquired

\u00a0

(18)

\u00a0

\u00a0

\u00a0

Net cash outflow from the acquisition

\u00a0

792

\u00a0

\u00a0

\u00a0

22.4 \u201cMORE ROMANIA S.R.L.\u201d
In October 2024, \u201cMOTOR OIL RENEWABLE ENERGY\u201d, founded the company \u201cMORE ROMANIA S.R.L.\u201d. The new company\u2019s main operations will be the production and trading of electricity from Renewable Energy Sources.
22.5 \u201cTARESSO I.K.E.\u201d
In December 2024, \u201cCORE INNOVATIONS SINGLE MEMBER S.A.\u201d acquired 60% shareholding in the company \u201cTARESSO I.K.E.\u201d.
The definitive book values of the above at the date of the acquisition as well as the fair values recognized, in accordance with IFRS 3, are analyzed below:

(In 000's Euros)

Fair value recognized on acquisition

\u00a0

Carrying value on acquisition

Inventories

\u00a0

600

\u00a0

\u00a0

600

Trade and other receivables

\u00a0

561

\u00a0

\u00a0

561

Cash and cash equivalents

\u00a0

653

\u00a0

\u00a0

653

Total assets

\u00a0

3,535

\u00a0

\u00a0

3,013

Liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Non-current liabilities

\u00a0

184

\u00a0

\u00a0

69

Current Liabilities

\u00a0

1,345

\u00a0

\u00a0

1,345

Total Liabilities

\u00a0

1,529

\u00a0

\u00a0

1,414

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Fair value of assets acquired

\u00a0

2,006

\u00a0

\u00a0

\u00a0

Cash Paid

\u00a0

1,033

\u00a0

\u00a0

\u00a0

Due Consideration

\u00a0

273

\u00a0

\u00a0

\u00a0

Non-controlling interest

\u00a0

697

\u00a0

\u00a0

\u00a0

Bargain purchase

\u00a0

3

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cash flows for the acquisition:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cash Paid

\u00a0

1,033

\u00a0

\u00a0

\u00a0

Cash and cash equivalent acquired

\u00a0

(653)

\u00a0

\u00a0

\u00a0

Net cash outflow from the acquisition

\u00a0

380

\u00a0

\u00a0

\u00a0

22.6 \u201cSOLAR ENERGY PRODUCTION S.R.L.\u201d
In December 2024, \u201cMOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.\u201d acquired 80% shareholding in the company \u201cSOLAR ENERGY PRODUCTION S.R.L.\u201d.
The definitive book values of the above at the date of the acquisition as well as the fair values recognized, in accordance with IFRS 3, are analyzed below:

(In 000's Euros)

Fair value recognized on acquisition

\u00a0

Carrying value on acquisition

Trade and other receivables

\u00a0

101

\u00a0

\u00a0

101

Cash and cash equivalents

\u00a0

1

\u00a0

\u00a0

1

Total assets

\u00a0

12,438

\u00a0

\u00a0

665

Liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Non-current liabilities

\u00a0

2,286

\u00a0

\u00a0

402

Current Liabilities

\u00a0

268

\u00a0

\u00a0

268

Total Liabilities

\u00a0

2,553

\u00a0

\u00a0

670

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Fair value of assets acquired

\u00a0

9,885

\u00a0

\u00a0

\u00a0

Cash Paid

\u00a0

5,355

\u00a0

\u00a0

\u00a0

Due Consideration

\u00a0

3,109

\u00a0

\u00a0

\u00a0

Non-controlling interest

\u00a0

1,977

\u00a0

\u00a0

\u00a0

Goodwill

\u00a0

555

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cash flows for the acquisition:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cash Paid

\u00a0

5,355

\u00a0

\u00a0

\u00a0

Cash and cash equivalent acquired

\u00a0

(1)

\u00a0

\u00a0

\u00a0

Net cash outflow from the acquisition

\u00a0

5,354

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact23": { "value": "
The Group companies that are consolidated using the Equity method are the following:

Name

Place of incorporation and operation

% of ownership interest

Principal Activity

KORINTHOS POWER S.A.

Greece, Maroussi of Attica

35

Energy

GROUP SHELL AND MOH AVIATION FUELS

Greece, Maroussi of Attica

49

Aviation Fuels

RHODES-ALEXANDROUPOLIS PETROLEUM INSTALLATION S.A.

Greece, Maroussi of Attica

37.49

Aviation Fuels

TALLON COMMODITIES LTD

United Kingdom, London

30

Risk management and Commodities Hedging

THERMOILEKTRIKI KOMOTINIS S.A.

Greece, Maroussi of Attica

50

Energy

TALLON PTE LTD

Singapore

30

Risk management and Commodities Hedging

NEVINE HOLDINGS LTD

Cyprus, Nicosia

50

Holding Company

ALPHA SATELITE TELEVISION S.A.

Greece, Pallini of Attica

50

TV channel

GROUP ELLAKTOR

Greece, Kifissia of Attica

23.89

Construction

EVOIKOS BOREAS S.A.*

Greece, Nea Kifissia of Attica

49

Energy

HELLENIC FAST CHARGING SERVICES S.A.

Greece, Maroussi of Attica

50

Energy

SOFRANO S.A.*

Greece, Nea Kifissia of Attica

49

Energy

*In January 2024, the acquisition of 100% stake of ANEMOS RES (the Renewable sector of ELLAKTOR) was completed by MORE.
The amounts of the Investments in Subsidiaries and Associates of the Group are the following:

Name

\u00a0

GROUP

\u00a0

COMPANY

(In 000's Euros)

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

AVIN OIL SINGLE MEMBER S.A.

\u00a0

0

0

\u00a0

53,013

53,013

CORAL S.A.

\u00a0

0

0

\u00a0

63,141

63,141

CORAL GAS A.E.V.E.Y.

\u00a0

0

0

\u00a0

26,585

26,585

L.P.C. S.A.

\u00a0

0

0

\u00a0

11,827

11,827

IREON INVESTMENTS LTD

\u00a0

0

0

\u00a0

114,350

114,350

BUILDING FACILITY SERVICES SINGLE MEMBER S.A.

\u00a0

0

0

\u00a0

600

600

MOTOR OIL FINANCE PLC

\u00a0

0

0

\u00a0

61

61

CORINTHIAN OIL LTD

\u00a0

0

0

\u00a0

100

100

MOTOR OIL VEGAS UPSTREAM LTD

\u00a0

0

0

\u00a0

2,125

2,125

NRG SUPPLY AND TRADING SINGLE MEMBER ENERGY S.A.

\u00a0

0

0

\u00a0

66,500

66,500

OFC AVIATION FUEL SERVICES S.A.

\u00a0

0

0

\u00a0

7,196

4,618

MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.

\u00a0

0

0

\u00a0

598,201

498,201

KORINTHOS POWER S.A.

\u00a0

82,107

72,339

\u00a0

0

0

GROUP SHELL AND MOH AVIATION FUELS

\u00a0

11,073

10,836

\u00a0

0

0

RHODES-ALEXANDROUPOLIS PETROLEUM INSTALLATION S.A.

\u00a0

1,279

1,149

\u00a0

0

0

MEDIAMAX HOLDINGS LTD

\u00a0

0

0

\u00a0

32,454

32,454

MANETIAL LTD

\u00a0

0

0

\u00a0

51,010

22,010

ELETAKO LTD

\u00a0

0

0

\u00a0

0

110

TALLON COMMODITIES LTD

\u00a0

1,544

1,420

\u00a0

632

632

TALLON PTE LTD

\u00a0

130

147

\u00a0

9

9

THERMOILEKTRIKI KOMOTINIS S.A.

\u00a0

12,368

1,602

\u00a0

22,813

12,040

ELLAKTOR GROUP

\u00a0

176,958

271,384

\u00a0

104,000

182,000

DIORYGA GAS SINGLE MEMBER S.A.

\u00a0

0

0

\u00a0

7,800

7,800

VERD SINGLE-MEMBER S.A.

\u00a0

0

0

\u00a0

15,400

15,400

ALPHA SATELITE TELEVISION S.A.

\u00a0

17,457

17,907

\u00a0

0

0

NEVINE HOLDINGS LTD

\u00a0

17,373

17,874

\u00a0

0

0

SOFRANO S.A.

\u00a0

18,612

17,808

\u00a0

0

0

EVOIKOS BOREAS S.A.

\u00a0

10,248

9,882

\u00a0

0

0

HELLENIC FAST CHARGING SERVICES S.A.

\u00a0

1,256

1,291

\u00a0

0

0

HELLENIC HYDROGEN S.A.

\u00a0

0

0

\u00a0

6,732

6,732

Total

\u00a0

350,405

423,639

\u00a0

1,184,549

1,120,308

The investment of the Company in MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A. has been increased by \u20ac 100 million following the participation in the share capital increase held in January 2024.
In addition, the Company increased its investment in MANETIAL LTD by \u20ac 29 million for the increase in share capital of the subsidiary THALIS PERIVALLONTIKES YPIRESIES S.A.
Furthermore, the Company has reduced its investment in Ellaktor Group due to the partial exercises of call options by REGGEBORGH INVEST B.V. by \u20ac 18.2 million in June 2024 and by \u20ac 13 million in December 2024 (see note 24). Apart from these events, a share capital return amount of \u20ac 46.8 million was completed in July 2024.
Summarized financial information in respect of the Group\u2019s associates is set out below:

(In 000's Euros)

31/12/2024

31/12/2023

Acquisition cost

210,877

283,021

Share of profits (loss)

139,528

140,618

Investments in associates

350,405

423,639

\u00a0

\u00a0

\u00a0

Associates

\u00a0

\u00a0

Total assets

2,646,656

3,044,555

Total liabilities

(1,530,317)

(1,752,580)

Net assets

1,116,339

1,291,975

Group's share of associates' net assets

350,405

423,639

Group\u2019s results from associates, are as follows:

(In 000's Euros)

31/12/2024

31/12/2023

Sales

1,161,858

1,559,471

Profit after tax

105,644

70,278

Other Comprehensive Income

5,844

19,810

Total Comprehensive Income

111,488

90,088

\u00a0

\u00a0

\u00a0

Group's share of associates' Profit for the year

(593)

5,914

Group's share of associates' Other Comprehensive Income

2,172

9,078

Total Group Share

1,579

14,992

", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact21": { "value": "
The Group companies that are consolidated using the Equity method are the following:

Name

Place of incorporation and operation

% of ownership interest

Principal Activity

KORINTHOS POWER S.A.

Greece, Maroussi of Attica

35

Energy

GROUP SHELL AND MOH AVIATION FUELS

Greece, Maroussi of Attica

49

Aviation Fuels

RHODES-ALEXANDROUPOLIS PETROLEUM INSTALLATION S.A.

Greece, Maroussi of Attica

37.49

Aviation Fuels

TALLON COMMODITIES LTD

United Kingdom, London

30

Risk management and Commodities Hedging

THERMOILEKTRIKI KOMOTINIS S.A.

Greece, Maroussi of Attica

50

Energy

TALLON PTE LTD

Singapore

30

Risk management and Commodities Hedging

NEVINE HOLDINGS LTD

Cyprus, Nicosia

50

Holding Company

ALPHA SATELITE TELEVISION S.A.

Greece, Pallini of Attica

50

TV channel

GROUP ELLAKTOR

Greece, Kifissia of Attica

23.89

Construction

EVOIKOS BOREAS S.A.*

Greece, Nea Kifissia of Attica

49

Energy

HELLENIC FAST CHARGING SERVICES S.A.

Greece, Maroussi of Attica

50

Energy

SOFRANO S.A.*

Greece, Nea Kifissia of Attica

49

Energy

*In January 2024, the acquisition of 100% stake of ANEMOS RES (the Renewable sector of ELLAKTOR) was completed by MORE.
The Joint Operations, of which the Group consolidates proportionally the assets, liabilities, revenues and expenses, are the following:

Name

Place of incorporation and operation

% of ownership interest

Principal Activity

J/V THALIS ES SA - \u039d\u0391\u039fU\u039c ATE

Greece, Athens of Attica

30

Environmental Projects

J/V THALIS E.S. S.A. - KARTAS GEORGIOS TOU STAUROU

Greece, Athens of Attica

51.97

Environmental Projects

J/V THALIS PERIVALLONTIKES YPIRESIES A.E. - AAGIS A.E.

Greece, Dafni of Attica

70

Environmental Projects

J/V MICHANIKI PERIVALLONTOS A.E. - THALIS E.S. S.A.

Greece, Thessaloniki

50

Environmental Projects

J/V THALIS E.S. S.A. - MICHANIKI PERIVALLONTOS A.E. EEL POLYGYROU

Greece, Thessaloniki

50

Environmental Projects

J/V THALIS E.S S.A. - NAOUM S.Th. A.T.E. 2

Greece, Athens of Attica

50

Environmental Projects

J/V ZIORIS SA - THALIS ES SA

Greece, Arta of Epiros

50

Environmental Projects

J/V EKMETALEUSIS VIOAERIOU DYTIKIS MAKEDONIAS ILEKTOR A.E - THALIS E.S S.A

Greece, Athens of Attica

40

Environmental Projects

J/V THALIS ES SA - MICHANIKI PERIVALLONTOS SA - MESOGEOS SA

Greece, Athens of Attica

31

Environmental Projects

J/V MESOGEIOS A.E.- THALIS E.S. S.A. (EEL METAGGITSI)

Greece, Athens of Attica

70

Environmental Projects

J/V THALIS E.S S.A- MESOGEIOS A.E. (LYMATA N. PLAGION)

Greece, Athens of Attica

70

Environmental Projects

J/V THALIS E.S. S.A. - MICHANIKI PERIVALLONTOS A.E.

Greece, Athens of Attica

66.44

Environmental Projects

J/V MICHANIKI PERIVALLONTOS A.E. - THALIS E.S. S.A.

Greece, Thessaloniki

15.74

Environmental Projects

J/V THALIS E.S. S.A. \u2013 TALOS ATE

Greece, Athens of Attica

65.42

Environmental Projects

J/V MICHANIKI PERIVALLONTOS A.E. - THALIS E.S. S.A.

Greece, Thessaloniki

50

Environmental Projects

J/V NAOUM ATE - THALIS ES SA

Greece, Chania of Crete

4.68

Environmental Projects

J/V NAOUM S.Th. ATE \u2013 THALIS E.S. S.A. DIKTYA GEORGIOUPOLIS

Greece, Athens of Attica

50

Environmental Projects

J/V THALIS E.S. S.A. \u2013 MICHANIKI PERIVALLONTOS A.E. MELIKI

Greece, Athens of Attica

50

Environmental Projects

J/V THALIS E.S. S.A. - GKOLIOPOULOS A.T.E.

Greece, Athens of Attica

50

Environmental Projects

J/V NRG SUPPLY AND TRADING S.A.-GLOBILED LTD-GLOBITEL S.A.

Greece, Ag. Dimitrios of Attica

50

Provision of energy saving and energy upgrading services

J/V MICHANIKI PERIVALLONTOS A.E. - THALIS E.S. S.A. - DIKTYO YDREUSIS

Greece, Thessaloniki

50

Environmental Projects

J/V ILECTOR S.A. - THALIS E.S. S.A.

Greece, Kifissia of Attica

50

Environmental Projects

J/V THALIS E.S. S.A. - DIALYNAS A.E. - ANAVATHMISI YFISTAMENIS EEL CHIOU

Greece, Athens of Attica

70

Environmental Projects

J/V ILEKTOR A.E. \u2013 THALIS E.S. S.A. XIRANSI ILYOS EEL CHANION

Greece, Kifissia of Attica

30

Environmental Projects

J/V THALIS E.S. S.A.-ILEKTOR A.E. EPEXERGASIA ILYON E.E.L. FODISA V. PEDIADAS

Greece, Athens of Attica

50

Environmental Projects

J/V THALIS E.S. S.A. \u2013 ENVIN S.A. - GOUMENISSA

Greece, Athens of Attica

50

Environmental Projects

J/V THALIS ES SA \u2013 TERNA A.E. \u2013 KONSTANTINIDIS A.E.

Greece, Athens of Attica

50

Environmental Projects

ELTEPE JOINT VENTURE

Greece, Aspropyrgos of Attica

100

Collection and Trading of used Lubricants

J/V MEA VOLOU MESOGEIOS A.E.-THALIS ES SA

Greece, Athens of Attica

50

Environmental Projects

J/V POLYZOIS NIKOS A.E. - THALIS E.S S.A. - BEN NAOUSAS

Greece, Thessaloniki

50

Environmental Projects

The amounts of the Investments in Subsidiaries and Associates of the Group are the following:

Name

\u00a0

GROUP

\u00a0

COMPANY

(In 000's Euros)

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

AVIN OIL SINGLE MEMBER S.A.

\u00a0

0

0

\u00a0

53,013

53,013

CORAL S.A.

\u00a0

0

0

\u00a0

63,141

63,141

CORAL GAS A.E.V.E.Y.

\u00a0

0

0

\u00a0

26,585

26,585

L.P.C. S.A.

\u00a0

0

0

\u00a0

11,827

11,827

IREON INVESTMENTS LTD

\u00a0

0

0

\u00a0

114,350

114,350

BUILDING FACILITY SERVICES SINGLE MEMBER S.A.

\u00a0

0

0

\u00a0

600

600

MOTOR OIL FINANCE PLC

\u00a0

0

0

\u00a0

61

61

CORINTHIAN OIL LTD

\u00a0

0

0

\u00a0

100

100

MOTOR OIL VEGAS UPSTREAM LTD

\u00a0

0

0

\u00a0

2,125

2,125

NRG SUPPLY AND TRADING SINGLE MEMBER ENERGY S.A.

\u00a0

0

0

\u00a0

66,500

66,500

OFC AVIATION FUEL SERVICES S.A.

\u00a0

0

0

\u00a0

7,196

4,618

MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.

\u00a0

0

0

\u00a0

598,201

498,201

KORINTHOS POWER S.A.

\u00a0

82,107

72,339

\u00a0

0

0

GROUP SHELL AND MOH AVIATION FUELS

\u00a0

11,073

10,836

\u00a0

0

0

RHODES-ALEXANDROUPOLIS PETROLEUM INSTALLATION S.A.

\u00a0

1,279

1,149

\u00a0

0

0

MEDIAMAX HOLDINGS LTD

\u00a0

0

0

\u00a0

32,454

32,454

MANETIAL LTD

\u00a0

0

0

\u00a0

51,010

22,010

ELETAKO LTD

\u00a0

0

0

\u00a0

0

110

TALLON COMMODITIES LTD

\u00a0

1,544

1,420

\u00a0

632

632

TALLON PTE LTD

\u00a0

130

147

\u00a0

9

9

THERMOILEKTRIKI KOMOTINIS S.A.

\u00a0

12,368

1,602

\u00a0

22,813

12,040

ELLAKTOR GROUP

\u00a0

176,958

271,384

\u00a0

104,000

182,000

DIORYGA GAS SINGLE MEMBER S.A.

\u00a0

0

0

\u00a0

7,800

7,800

VERD SINGLE-MEMBER S.A.

\u00a0

0

0

\u00a0

15,400

15,400

ALPHA SATELITE TELEVISION S.A.

\u00a0

17,457

17,907

\u00a0

0

0

NEVINE HOLDINGS LTD

\u00a0

17,373

17,874

\u00a0

0

0

SOFRANO S.A.

\u00a0

18,612

17,808

\u00a0

0

0

EVOIKOS BOREAS S.A.

\u00a0

10,248

9,882

\u00a0

0

0

HELLENIC FAST CHARGING SERVICES S.A.

\u00a0

1,256

1,291

\u00a0

0

0

HELLENIC HYDROGEN S.A.

\u00a0

0

0

\u00a0

6,732

6,732

Total

\u00a0

350,405

423,639

\u00a0

1,184,549

1,120,308

The investment of the Company in MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A. has been increased by \u20ac 100 million following the participation in the share capital increase held in January 2024.
In addition, the Company increased its investment in MANETIAL LTD by \u20ac 29 million for the increase in share capital of the subsidiary THALIS PERIVALLONTIKES YPIRESIES S.A.
Furthermore, the Company has reduced its investment in Ellaktor Group due to the partial exercises of call options by REGGEBORGH INVEST B.V. by \u20ac 18.2 million in June 2024 and by \u20ac 13 million in December 2024 (see note 24). Apart from these events, a share capital return amount of \u20ac 46.8 million was completed in July 2024.
Summarized financial information in respect of the Group\u2019s associates is set out below:

(In 000's Euros)

31/12/2024

31/12/2023

Acquisition cost

210,877

283,021

Share of profits (loss)

139,528

140,618

Investments in associates

350,405

423,639

\u00a0

\u00a0

\u00a0

Associates

\u00a0

\u00a0

Total assets

2,646,656

3,044,555

Total liabilities

(1,530,317)

(1,752,580)

Net assets

1,116,339

1,291,975

Group's share of associates' net assets

350,405

423,639

Group\u2019s results from associates, are as follows:

(In 000's Euros)

31/12/2024

31/12/2023

Sales

1,161,858

1,559,471

Profit after tax

105,644

70,278

Other Comprehensive Income

5,844

19,810

Total Comprehensive Income

111,488

90,088

\u00a0

\u00a0

\u00a0

Group's share of associates' Profit for the year

(593)

5,914

Group's share of associates' Other Comprehensive Income

2,172

9,078

Total Group Share

1,579

14,992

37.Significant Associates

Company Name

Principal Activity

Proportion of ownership interest

\u00a0

\u00a0

31/12/2024

31/12/2023

GROUP SHELL AND MOH AVIATION FUELS

Aviation Fuels

49%

49%

KORINTHOS POWER S.A.

Energy

35%

35%

THERMOILEKTRIKI KOMOTINIS S.A.

Energy

50%

50%

GROUP ELLAKTOR

Construction

23.89%

29.87%

SOFRANO S.A.

Energy

49%

40.41%

EVOIKOS BOREAS S.A.

Energy

49%

40.41%

GROUP SHELL AND MOH AVIATION FUELS

\u00a0

\u00a0

In 000's Euros

31/12/2024

31/12/2023

Non-Current Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

5,881

5,405

Current Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

46,199

51,275

Non-Current Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

848

1,027

Current Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

28,633

33,540

\u00a0

\u00a0

\u00a0

In 000's Euros

31/12/2024

31/12/2023

Turnover

487,430

502,907

Profit/(Loss) before taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

15,309

13,317

Profit/(Loss) after taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

11,383

10,439

Total comprehensive income\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

11,485

10,208

KORINTHOS POWER S.A.

\u00a0

\u00a0

In 000's Euros

31/12/2024

31/12/2023

Non-Current Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

241,238

210,097

Current Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

141,801

116,407

Non-Current Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

36,215

38,491

Current Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

112,231

81,334

\u00a0

\u00a0

\u00a0

In 000's Euros

31/12/2024

31/12/2023

Turnover

232,811

164,197

Profit/(Loss) before taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

48,797

2,872

Profit/(Loss) after taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

37,956

2,029

Total comprehensive income\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

37,955

2,011

THERMOILEKTRIKI KOMOTINIS S.A.

\u00a0

\u00a0

In 000's Euros

31/12/2024

31/12/2023

Non-Current Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

411,786

339,729

Current Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

17,068

22,721

Non-Current Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

340,387

336,757

Current Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

63,731

22,490

\u00a0

\u00a0

\u00a0

In 000's Euros

31/12/2024

31/12/2023

Turnover

0

0

Profit/(Loss) before taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

1,064

(21,338)

Profit/(Loss) after taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

470

(16,858)

Total comprehensive income\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

51

(20,600)

ELLAKTOR GROUP

\u00a0

\u00a0

In 000's Euros

31/12/2024

31/12/2023

Non-Current Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

941,422

1,119,984

Current Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

560,738

878,803

Non-Current Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

602,202

741,771

Current Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

140,344

270,696

\u00a0

\u00a0

\u00a0

In 000's Euros

31/12/2024

31/12/2023

Turnover

355,647

808,465

Profit/(Loss) before taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

85,699

110,359

Profit/(Loss) after taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

56,223

79,263

Total comprehensive income\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

62,470

103,115

SOFRANO S.A.

\u00a0

\u00a0

In 000's Euros

31/12/2024

31/12/2023

Non-Current Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

2,176

1,844

Current Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

2,107

790

Non-Current Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

0

0

Current Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

302

517

\u00a0

\u00a0

\u00a0

In 000's Euros

31/12/2024

31/12/2023

Turnover

0

0

Profit/(Loss) before taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

(611)

(308)

Profit/(Loss) after taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

(611)

(308)

Total comprehensive income\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

(611)

(308)

EVOIKOS BOREAS S.A.

\u00a0

\u00a0

In 000's Euros

31/12/2024

31/12/2023

Non-Current Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

1,472

1,362

Current Assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

1,385

1,104

Non-Current Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

0

0

Current Liabilities\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

326

499

\u00a0

\u00a0

\u00a0

In 000's Euros

31/12/2024

31/12/2023

Turnover

0

0

Profit/(Loss) before taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

(1,163)

(416)

Profit/(Loss) after taxes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

(1,163)

(416)

Total comprehensive income\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

(1,163)

(416)

31 December 2024

GROUP SHELL AND MOH AVIATION FUELS

KORINTHOS POWER S.A.

THERMOILEKTRIKI KOMOTINIS S.A.

ELLAKTOR GROUP

SOFRANO S.A.

EVOIKOS BOREAS S.A.

OTHER

Net assets

22,599

234,593

24,736

740,533

3,982

2,531

68,469

MOH ownership

49%

35%

50%

23.89%

49%

49%

-

MOH share

11,073

82,107

12,368

176,913

1,951

1,240

32,964

Fair value and other adjustments

0

0

0

45

16,661

9,007

6,075

Balance

11,073

82,107

12,368

176,958

18,612

10,248

39,039

", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact24": { "value": "
18.Other Financial Assets

Name

Place of incorporation

Cost as at

Cost as at

Principal Activity

(In 000's Euros)

\u00a0

31/12/2024

31/12/2023

\u00a0

ATHENS AIRPORT FUEL PIPELINE CO. S.A.

Athens

927

927

Aviation Fueling Systems

HELLENIC ASSOCIATION OF INDEPENDENT POWER COMPANIES

Athens

10

10

Promotion of Electric Power Issues

VIPANOT

Aspropyrgos

293

293

Establishment of Industrial Park

HELLAS DIRECT LTD

Cyprus

0

345

Insurance Company

ENVIROMENTAL TECHNOLOGIES FUND

London

5,272

5,778

Investment Company

EMERALD INDUSTRIAL INNOVATION FUND

Guernsey

2,915

2,594

Investment Company

FREEWIRE TECHNOLOGIES

California

0

2,396

Renewable energy power generation (Electric Vehicle Chargers)

PHASE CHANGE ENERGY SOLUTIONS Inc.

Delaware

1,546

1,546

Energy-saving materials

ACTNANO INC

Delaware

2,122

1,374

Waterproof coatings

MISSION SECURE INC

Delaware

0

927

Cyber security services

OPTIMA BANK S.A.

Athens

85,432

51,497

Bank

KS INVESTMENT VEHICLE LLC

Delaware

616

615

Investment Company

HUMA THERAPEUTICS S.A.

London

1,440

1,440

Innovation and Technology

REAL CONSULTING S.A

Athens

700

632

Consulting Services

ENERGY COMPETENCE CENTER P.C.

Athens

186

186

Innovation and Technology\u00a0 Services in the Energy and Environment Sectors

SKION WATER UK LTD

London

2,284

931

Global water and waste water technology solution provider

ENVIROMENTAL TECHNOLOGIES FUND 4 LP

London

1,999

578

Investment in sustainable innovative companies

BIO-BASED ENERGY TECHNOLOGIES P.C.

Thessaloniki

0

15

Bio-based Energy Technologies

ZEELO LTD

London

681

681

Smart bus platform for organisations

PANCRETA BANK S.A.

Heraklion

0

10

Bank

COOPERATIVE BANK OF CHANIA

Chania

10

10

Bank

BLUE BEAR CAPITAL PARTNERS III,LP

Delaware

1,016

471

Investment Company

OPEN COSMOS LTD

Harwell

1,518

1,518

Space Technology

EAGLE GENOMICS LIMITED

Cambridge

0

176

Software Solutions

SUSTAINABLE FORWARD CAPITAL FUND 1 A.K.E.S.

Kifissia

500

0

Investment Company

DEVELOPMENT POWER SOLAR ENERGY S.R.L.

Buzau

845

0

Renewable Energy Power Generation

BANK OF CYPRUS HOLDINGS P.L.C.

Nicosia

19

0

Investment Company

\u00a0

\u00a0

110,331

74,950

\u00a0

The increase in the cost of investment in OPTIMA BANK S.A., as indicated in the above table, is attributed to the share price change from \u20ac 7.8 as at 31 December 2023 to \u20ac 12.94 as at 31 December 2024.
The participation stake on the above investments is below 20% and they are measured at their fair value through other comprehensive income (level 1 and 3 in fair value hierarchy).
23.Borrowings

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Borrowings

\u00a0

2,647,603

2,639,965

\u00a0

1,305,539

1,321,196

Unamortized balance of capitalized profits from loan agreements modifications*

\u00a0

(12,942)

0

\u00a0

(581)

0

Unamortized balance of capitalized loan expenses

\u00a0

(18,462)

(22,894)

\u00a0

(8,843)

(11,931)

Total Borrowings

\u00a0

2,616,199

2,617,071

\u00a0

1,296,115

1,309,265

*The loans that were modified during the year concern mainly MORE subgroup.
The borrowings are repayable as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

On demand or within one year

\u00a0

210,564

187,985

\u00a0

64,516

58,516

In the second year

\u00a0

620,741

234,737

\u00a0

453,766

144,516

From the third to fifth year inclusive

\u00a0

1,332,690

1,300,115

\u00a0

720,081

734,063

After five years

\u00a0

483,608

917,128

\u00a0

67,176

384,101

Unamortized balance of capitalized profits from loan agreements modifications

\u00a0

(12,942)

0

\u00a0

(581)

0

Unamortized balance of capitalized loan expenses

\u00a0

(18,462)

(22,894)

\u00a0

(8,843)

(11,931)

Total Borrowings

\u00a0

2,616,199

2,617,071

\u00a0

1,296,115

1,309,265

Less: Amount payable within 12 months (shown under current liabilities)

\u00a0

210,564

187,985

\u00a0

64,516

58,516

Amount payable after 12 months

\u00a0

2,405,635

2,429,086

\u00a0

1,231,599

1,250,749

Analysis of borrowings by currency on 31/12/2024 and 31/12/2023 is:

(In 000's Euros )

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Loans' currency

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

EURO

\u00a0

2,616,199

2,600,920

\u00a0

1,296,115

1,309,265

SERBIAN DINAR

\u00a0

0

16,151

\u00a0

0

0

Total Borrowings

\u00a0

2,616,199

2,617,071

\u00a0

1,296,115

1,309,265

The fair value of the above borrowings is \u20ac2,633,040 thousand and \u20ac1,290,977 thousand at Group and Company level respectively.
The Group has the following borrowings:
i.\u201cMOTOR OIL\u201d has been granted the following loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan \u20ac400,000

(traded atEuronext Dublin Stock Exchange)

July

2026

\u20ac 400,000

\u20ac 400,000

Bond Loan \u20ac200,000

(traded atAthens Stock Exchange)

March

2028

\u20ac 200,000

\u20ac 200,000

\u00a0\u00a0 Bond Loan

\u20ac200,000

July

2031

\u20ac 50,000

\u20ac 70,000

\u00a0\u00a0 Bond Loan

\u20ac100,000

July

2028

\u20ac 100,000

\u20ac 100,000

\u00a0 Bond Loan

\u20ac20,000

September

2025

\u20ac 8,000

\u20ac 12,000

\u00a0 Bond Loan

\u20ac10,000

September

2025

\u20ac 4,000

\u20ac 6,000

\u00a0 Bond Loan

\u20ac200,000

November 2027

\u20ac 120,000

\u20ac 160,000

\u00a0 Bond Loan

\u20ac10,584

January

2027

\u20ac 6,615

\u20ac 9,261

\u00a0 Bond Loan

\u20ac10,680

January

2027

\u20ac 6,675

\u20ac 9,345

\u00a0 Bond Loan

\u20ac90,000

July

2030

\u20ac 43,200

\u20ac 50,400

Bond Loan

\u20ac300,000

February

2029

\u20ac 300.000

\u20ac 0

Bond Loan

\u20ac250,000

July

2030*

\u20ac 0

\u20ac 250,000

\u00a0 Bond Loan

\u20ac32,612

December

2035

\u20ac 7,049

\u20ac 4,190

\u00a0 Bank Loan

\u20ac40,000

June

2034

\u20ac 10,000

\u20ac 10,000

\u00a0\u00a0 Bond Loan

\u20ac100,000

July

2031

\u20ac 0

\u20ac 40,000

Bond Loan

\u20ac300,000

June 2027

(4-year extension)

\u20ac 50,000

\u20ac 0

*The specific loan was fully repaid earlier than the original maturity date (repaid fully on first quarter of 2024).
The total short-term loans (including short-term portion of long-term loans) with duration up to one-year amount to \u20ac 64,516 thousand.
ii.\u201cAVIN OIL SINGLE MEMBER S.A.\u201d has been granted the following loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac17,500

March

2028

\u20ac 4,000

\u20ac 8,000

Bond Loan

\u20ac873

August

2033

\u20ac 158

\u20ac 0

Bond Loan

\u20ac140,000

September

2028

\u20ac 125,000

\u20ac 103,000

Total short-term loans (including short-term portion of long-term loans) with duration up to one year amount to \u20ac 6,018 thousand.
iii.\u201cCORAL\u201d subgroup has been granted the following loans as analyzed in the below table (in thousands \u20ac/$/RSD):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac35,000

\u039cay

2028

\u20ac 35,000

\u20ac 30,000

Bond Loan

\u20ac54,000**

August 2027

(3 year-extension)

\u20ac 0

\u20ac 54,000

Bond Loan

\u20ac15,000**

\u039cay

2028

\u20ac 0

\u20ac 15,000

Bond Loan

\u20ac80,000

December

2029

\u20ac 80,000

\u20ac 0

Bond Loan

\u20ac100,000

November

2029

\u20ac 100,000

\u20ac 0

Bond Loan

\u20ac70,000**

April

2028

\u20ac 0

\u20ac 60,000

Bond Loan

\u20ac3,798**

June

2033

\u20ac 0

\u20ac 769

Bond Loan

\u20ac35,000

February

2028

\u20ac 35

\u20ac 10,000\u00a0

Bond Loan

\u20ac30,000

\u039cay

2028

\u20ac 0

\u20ac 30,000

Bond Loan

$17,000*

February

2028

$ 0

$ 0

Bond Loan

$17,000*

February

2028

\u20ac 17

\u20ac 6,000

Bond Loan

\u20ac16,000

June

2027

\u20ac 0

\u20ac 5,000

Bank Loan

RSD940,144**

October

2027

RSD 0

RSD 940,144

Bank Loan

RSD1,180,000**

June

2027

RSD 0

RSD 960,071

Bank Loan

\u20ac2,307

October

2029

\u20ac 1,268

\u20ac 1,496

Bank Loan

\u20ac1,530

October

2028

\u20ac 663

\u20ac 795

Bank Loan

\u20ac1,350

February

2030

\u20ac 753

\u20ac 871

Bank Loan

\u20ac987

April

2029

\u20ac 491

\u20ac 613

Bank Loan

\u20ac1,125

August

2030

\u20ac 655

\u20ac 763

Bank Loan

\u20ac918

June

2031

\u20ac 585

\u20ac 682

Bank Loan

\u20ac271

November

2025

\u20ac 31

\u20ac 65

Bank Loan

\u20ac800

February

2027

\u20ac 217

\u20ac 325

*This particular loan can be withdrawn in both currencies.
**The specific loans were fully repaid earlier than the original maturity date.
Total short-term loans (including short-term portion of long-term loans) with duration up to one-year amount to \u20ac 39,135 thousand.
iv.\u201cL.P.C. S.A.\u201d has been granted the following loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac18,000

August 2024

(2 years extension)

\u20ac 0

\u20ac 3,500

Bond Loan

\u20ac5,000

June

2029

\u20ac 5,000

\u20ac 0

Total short-term loans (including short-term portion of long-term loans) with duration up to one year amount to \u20ac 15 thousand.
v.\u201cCORAL GAS A.E.V.E.Y.\u201d has been granted the following loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac15,000

July

2028

\u20ac 8,500

\u20ac 8,000

Total short-term loans (including short-term portion of long-term loans) with duration up to one year amount to \u20ac 500 thousand.
vi.\u201cNRG\u201d subgroup has been granted the following loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac100,000

October

2026

\u20ac 100,000

\u20ac 73,000

Bank Loan

\u20ac200

September

2025

\u20ac 34

\u20ac 76

Bank Loan

\u20ac250

June

2025

\u20ac 30

\u20ac 102

Total short-term loans (including short-term portion of long-term loans) with duration up to one year amount to \u20ac 22,443 thousand.
vii.\u201cMOTOR OIL RENEWABLE ENERGY\u201d subgroup has been granted the following loans as analyzed in the below tables (in thousands \u20ac):
\u201cMOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.\u201d

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac100,000

December

2029

\u20ac 100,000

\u20ac 100,000

Bond Loan

\u20ac25,000

December

2034

\u20ac 25,000

\u20ac 0

\u201cSELEFKOS ENERGEIAKI S.M.S.A.\u201d

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bank Loan

\u20ac28,800

June

2035

\u20ac 20,864

\u20ac 26,400

\u201cSTEFANER ENERGY S.A.\u201d

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan Series A

\u20ac12,300

December

2032

\u20ac 8,097

\u20ac 9,430

\u201cWIRED RES S.A.\u201d

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bank Loan

\u20ac13,500

March

2025

\u20ac 13,500

\u20ac 0

\u201cVERD SOLAR PARKS S.M.P.C.\u201d

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bank Loan

\u20ac500

February

2033

\u20ac 344

\u20ac 386

\u201cAIOLIKI HELLAS SINGLE MEMBER S.A.\u201d
The companies \u201cAIOLIKI HELLAS SINGLE MEMBER S.A.\u201d, \u201cAIOLOS ANAPTYXIAKI AND SIA FTHIOTIDAS SINGLE MEMBER S.A.\u201d, \u201cANEMOS MAKEDONIAS SINGLE MEMBER S.A.\u201d and \u201cAIOLIKO PARKO KATO LAKOMATA M.A.E.E.\u201d have been granted loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Company

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Loan\u00a0\u00a0

\u20ac39,800

Aioliko Parko Kato Lakomata \u039c.\u0391.\u0395.\u0395.*

December

2034

\u20ac 0

\u20ac 34,148

Loan\u00a0\u00a0

\u20ac28,212

Aioliko Parko Kato Lakomata \u039c.\u0391.\u0395.\u0395.*

December

2028

\u20ac 0

\u20ac 8,875

Loan\u00a0

\u20ac13,225

Anemos Makedonias Single Member S.A.*

December

2034

\u20ac 10,355

\u20ac 11,347

Loan\u00a0

\u20ac3,500

Aiolos Anaptyxiaki and Sia Fthiotidas Single Member S.A.*

December

2034

\u20ac 0

\u20ac 3,003

Loan\u00a0\u00a0

\u20ac204,000

Aioliki Ellas Energeiaki Single Member S.A.

December

2036

\u20ac 166,977

\u20ac 133,955

*In December 2022, the merger through absorption of the entities \u201cAIOLIKI HELLAS SINGLE MEMBER S.A.\u201d, \u201cAIOLOS ANAPTYKSIAKI AND SIA FTHIOTIDA SINGLE MEMBER S.A.\u201d, \u201cANEMOS MAKEDONIAS SINGLE MEMBER S.A.\u201d and \u201cAIOLIKO PARKO KATO LAKOMATA \u039c.\u0391.\u0395.\u0395.\u201d, by \u201cAIOLIKI ELLAS ENERGEIAKI SINGLE MEMBER S.A.\u201d was completed. Thus, the company liable for the above borrowings is \u201cAIOLIKI ELLAS ENERGEIAKI SINGLE MEMBER S.A.\u201d.
There are pledges on the company\u2019s stocks and on the machinery to secure the above loans.
The company \u201cANEMOS RES SINGLE-MEMBER S.A.\u201d has been granted loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Company

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac520,000*

ANEMOS RES SINGLE-MEMBER S.A.

June

2038

\u20ac 440,750

\u20ac 473,599

*The specific loan consists of Series A \u20ac310,000, Series B \u20ac190,000 and Series C \u20ac20,000, all with the same expiration date.
There are pledges on the company\u2019s stocks and on the machinery to secure the above loan.
Total short-term loans (including the short-term part of long-term loans) with duration up to one year amount to \u20ac 71,696 thousand for the MORE sub-group.
viii.\u201cVERD\u201d subgroup has been granted the following loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac10,200

December

2028

\u20ac 10,200

\u20ac 10,200

Bond Loan

\u20ac500

June

2025

\u20ac 60

\u20ac 170

Total short-term loans (including the short-term part of long-term loans) with duration up to one year amount to \u20ac 3,038 thousand for the VERD sub-group.
ix.\u201cTHALIS ENVIRONMENTAL SERVICES S.A\u201d has been granted the following loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bank Loan

\u20ac500

July

2025

\u20ac 103

\u20ac 205

Bank Loan

\u20ac750

December

2024

\u20ac 0

\u20ac 116

Bank Loan

\u20ac1,350

November

2028

\u20ac 870

\u20ac 1,088

Total short-term loans (including the short-term part of long-term loans) with duration up to one year amount to \u20ac 413 thousand.
x.\u201cOFC AVIATION FUEL SERVICES S.A.\u201d has been granted the following loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac3,000

April

2033

\u20ac 2,684

\u20ac 3,000

Total short-term loans (including the short-term part of long-term loans) with duration up to one year amount to \u20ac 316 thousand.
Changes in liabilities arising from financing activities
The tables below detail changes in the Group\u2019s and Company\u2019s liabilities arising from financing activities, including both cash and non-cash changes:

GROUP

31/12/2023

Additions attributable to acquisition of subsidiaries

Financing Cash Flows

Foreign Exchange Movement

Additions

Other

31/12/2024

(In 000's Euros)

Borrowings

2,617,071

713

3,577

12

0

(5,174)

2,616,199

Lease Liabilities

222,693

113

(32,704)

65

58,434

(7,434)

241,167

Total

2,839,764

826

(29,127)

77

58,434

(12,608)

2,857,366

COMPANY

31/12/2023

Financing Cash Flows

Additions

Other

31/12/2024

(In 000's Euros)

Borrowings

1,309,265

(16,557)

0

3,407

1,296,115

Lease Liabilities

17,374

(5,035)

13,412

(2,637)

23,114

Total

1,326,639

(21,592)

13,412

770

1,319,229

The Group classifies interest paid as cash flows from operating activities.
24.Fair Value of Financial Instruments
Financial instruments measured at fair value
The tables below present the fair values of those financial assets and liabilities presented on the Group\u2019s and the Company's Statement of Financial Position measured at fair value. These items are classified by fair value measurement hierarchy level at 31 December 2024 and 31 December 2023.
Fair value hierarchy levels are based on the degree to which the fair value is observable and are the following:
Level 1 are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 1 inputs provide the most reliable indication of fair value and are used without adjustments.
Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 2 inputs need some degree of adjustment to determine fair value.
Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are based on unobservable inputs. An entity develops unobservable inputs using the best information available in each case and can be based on internal data.

(Amounts in 000's Euros)

GROUP

\u00a0

31/12/2024

Financial instruments measured at fair value

Level 1

Level 2

Level 3

Total

Derivative Financial Assets

Derivatives that are designated and effective as hedging instruments

Interest Rate Swaps

0

7,806

0

7,806

Commodity Futures

239

0

0

239

Derivatives that are not designated in hedging relationships

Interest Rate Swaps

0

3,474

0

3,474

Commodity Futures

1,785

0

0

1,785

Commodity Options

13,262

0

0

13,262

Commodity Swaps

0

9

0

9

Stock Options

0

0

0

0

Foreign Exchange Forwards

0

0

0

0

Power Purchase Agreements (PPA)

0

0

14,628

14,628

Total

15,286

11,289

14,628

41,203

\u00a0

Derivative Financial Liabilities

Derivatives that are designated and effective as hedging instruments

Interest Rate Swaps

0

(13,554)

0

(13,554)

Commodity Futures

(1,387)

0

0

(1,387)

Derivatives that are not designated in hedging relationships

Commodity Futures

(6,692)

0

0

(6,692)

Commodity Options

(6,529)

0

0

(6,529)

Commodity Swaps

0

(12)

0

(12)

Stock Options

0

(5,149)

0

(5,149)

Power Purchase Agreements (PPA)

0

0

(6,768)

(6,768)

Total

(14,608)

(18,715)

(6,768)

(40,091)

(Amounts in 000's Euros)

GROUP

\u00a0

31/12/2023

Financial instruments measured at fair value

Level 1

Level 2

Level 3

Total

Derivative Financial Assets

Derivatives that are designated and effective as hedging instruments

Interest Rate Swaps

0

14,789

0

14,789

Commodity Futures

390

0

0

390

Derivatives that are not designated in hedging relationships

Interest Rate Swaps

0

4,991

0

4,991

Commodity Futures

4,121

0

0

4,121

Commodity Options

6,215

0

0

6,215

Power Purchase Agreements (PPA)

0

0

9,897

9,897

Total

10,726

19,780

9,897

40,403

\u00a0

Derivative Financial Liabilities

Derivatives that are designated and effective as hedging instruments

Interest Rate Swaps

0

(8,708)

0

(8,708)

Commodity Futures

(569)

0

0

(569)

Derivatives that are not designated in hedging relationships

Commodity Futures

(4,453)

0

0

(4,453)

Commodity Options

(6,146)

0

0

(6,146)

Stock Options

0

(21,994)

0

(21,994)

Foreign Exchange Forwards

0

(16)

0

(16)

Total

(11,167)

(30,718)

0

(41,885)

(Amounts in 000's Euros)

COMPANY

\u00a0

31/12/2024

Financial instruments measured at fair value

Level 1

Level 2

Level 3

Total

Derivative Financial Assets

Derivatives that are designated and effective as hedging instruments

Interest Rate Swaps

0

7,806

0

7,806

Commodity Futures

80

0

0

80

Derivatives that are not designated in hedging relationships

Commodity Futures

1,098

0

0

1,098

Commodity Options

13,042

0

0

13,042

Total

14,220

7,806

0

22,026

\u00a0

Derivative Financial Liabilities

Derivatives that are designated and effective as hedging instruments

Commodity Futures

(1,333)

0

0

(1,333)

Derivatives that are not designated in hedging relationships

Commodity Futures

(5,703)

0

0

(5,703)

Commodity Options

(6,404)

0

0

(6,404)

Stock Options

0

(5,149)

0

(5,149)

Total

(13,440)

(5,149)

0

(18,589)

(Amounts in 000's Euros)

COMPANY

\u00a0

31/12/2023

Financial instruments measured at fair value

Level 1

Level 2

Level 3

Total

Derivative Financial Assets

Derivatives that are designated and effective as hedging instruments

Interest Rate Swaps

0

14,789

0

14,789

Commodity Futures

390

0

0

390

Derivatives that are not designated in hedging relationships

Commodity Futures

2,992

0

0

2,992

Commodity Options

6,215

0

0

6,215

Total

9,597

14,789

0

24,386

\u00a0

Derivative Financial Liabilities

Derivatives that are designated and effective as hedging instruments

Commodity Futures

(569)

0

0

(569)

Derivatives that are not designated in hedging relationships

Commodity Futures

(3,788)

0

0

(3,788)

Commodity Options

(6,146)

0

0

(6,146)

Stock Options

0

(21,994)

0

(21,994)

Total

(10,503)

(21,994)

0

(32,497)

There were no transfers between Level 1 and Level 2 fair value measurements and no transfers into and out of Level 3 fair value measurements during the current and prior period.
The fair value measurement of financial derivatives is determined based on exchange market quotations as per last business day of the reporting period and are classified at Level 1 fair value measurements. The fair values of financial instruments that are not quoted in active markets (Level 2), are determined by using valuation techniques. These include present value models and other models based on observable input parameters. Valuation models are used primarily to value derivatives transacted over-the-counter, including interest rate swaps, foreign exchange forwards and stock options. Accordingly, their fair value is derived either from option valuation models (Cox-Ross Rubinstein binomial methodology) or from discounted cash flow models, being the present value of the estimated future cash flows, discounted using the appropriate interest rate or foreign exchange curve.
Where the fair value derives from a combination of different levels of inputs, in order to determine the level at which the fair value measurement should be categorized, the Company aggregates the inputs to the measurement by level and determines the lowest level of inputs that are significant for the fair value measurement as a whole. In particular, fair value measurements of financial instruments which include inputs that have a significant effect derived from different levels of inputs, are classified in their entirety at the lowest level of input with a significant effect. Regarding this assessment, with respect to stock options, no significant impact was derived from the use of a Level 3 input in the valuation model (historical volatility) on their overall measurement, therefore these are classified at Level 2. The above stock options (Call and Put) have originated from the framework agreement between MOH and Reggeborgh Invest B.V. , expiring in May 2025. In particular, the Company has a put option to ask REGGEBORGH INVEST B.V. to buy the 26,000,000 issued shares of ELLAKTOR S.A. at the pre-agreed price of Euro 1.75 and REGGEBORGH INVEST B.V. has a call option to request from the Company the sale of the above 26,000,000 shares issued by ELLAKTOR S.A. at the pre-agreed price of Euro 1.75. In June 2024, REGGEBORGH INVEST B.V. partially exercised the option (Call Option) it owns and purchased 10,400,000 shares issued by ELLAKTOR S.A. In addition, in July 2024, due to the return of capital that took place, based on the decision of the General Assembly of the company ELLAKTOR S.A., the pre-agreed purchase/sale price of the Share Options (Strike Price of Call/Put Options) was reduced to Euro 1.25 following what was defined in the original framework agreement. In December 2024, the Company received from REGGEBORGH INVEST B.V. official letter for the partial exercise of the option (Call Option) it owns, which led to sell additional 10,400,000 shares issued by ELLAKTOR S.A. and held from the Company.
During the current period, there are active vPPAs (Virtual Power Purchase Agreements). One of them was signed, during the previous period, between the subsidiary company MORE and the associate company Thermoilektriki SA. The duration of this agreement is 10 years. For the derivative in consideration, a loss of \u20ac 1,885 thousand has been recognized in the current period in \"Other gain/(loss)\" with an equal amount recognized as a gain, in \"Share of profit/ (loss) in associates\". The rest are between Group Companies and third parties with an average duration of 5-7 years. These vPPAs are considered as financial instruments similar to a CFD (Contract for Differences), as there is an
exchange of a fixed-price cashflow for a variable-priced cash flow, based on the difference between an agreed Fixed rate and Floating rates of Energy Markets. By entering these type of contracts, risk arising from price volatility in Energy Markets is being hedged.
Regarding Fair Value measurement of vPPAs, and more specific, for the determination of future cash flows, a non-liquid curve is being used. It is being calculated based on operational and financial forecasts of the counterparty in the transaction, as well as price forecasts of Energy market indices (such as Natural Gas, CO2, Electricity Price indices) as defined by the contract. The discounting of future cash flows is based on the use of an Interest Rate Curve (EUR-Swaps), Counterparty Credit-Risk assumptions and other adjustments due to Market Risk. Therefore, we have classified them at Level 3 in Fair Value hierarchy.
All transfers between Fair value hierarchy levels are assumed to take place at the end of the reporting period, upon occurrence.
2. Credit risk
The Group\u2019s credit risk is primarily attributable to its trade and other receivables. The Group\u2019s trade receivables are characterized by a high degree of concentration, due to a limited number of customers comprising the clientele of the parent Company. Most of the customers are international well-known oil companies. In addition, petroleum transactions are generally cleared within a very short period of time. Consequently, the credit risk is limited to a great extent. The Group companies have signed contracts with their clients, based on the course of the international oil prices. In addition, the Company, as a policy, obtains letters of guarantee from its clients or registers mortgages to secure its receivables, which as at 31/12/2024 amounted to \u20ac 246.6 million. As far as receivables of the subsidiaries \u201cAVIN OIL SINGLE MEMBER S.A.\u201d, \u201cCORAL S.A.\u201d, \u201cCORAL GAS A.E.B.E.Y.\u201d, \u201cL.P.C. S.A.\u201d and \u201cNRG SUPPLY AND TRADING SINGLE MEMBER S.A.\u201d are concerned, these are spread in a wide range of customers and consequently there is no material concentration, and the credit risk is limited. The Group manages its domestic credit policy in a way to limit accordingly the credit days granted in the local market, in order to minimise any probable domestic credit risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact25": { "value": "
19.Other Non-Current Assets

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Cheques receivable

\u00a0

1,686

1,672

\u00a0

0

0

Prepaid expenses

\u00a0

489

382

\u00a0

0

0

Related Parties

\u00a0

66,465

64,215

\u00a0

107,189

96,609

Dealers loans

\u00a0

4,127

4,048

\u00a0

0

0

Guarantees

\u00a0

8,868

7,489

\u00a0

5,390

3,698

Other

\u00a0

9,099

14,837

\u00a0

2,390

2,235

Total

\u00a0

90,734

92,643

\u00a0

114,969

102,542

The accounts \u201cCheques Receivable\u201d and \u201cDealers loans\u201d have been discounted for their entire duration, using the interest rate of business loans of over 5 years duration, as this is becoming available from the Bank of Greece during the period of preparation of the financial statements. The interest rate used for the preparation of 2024 financial statements was 5.1% (2023: 6.43%).
Category \u201cOther\u201d of the Group and the Company includes amount of \u20ac 5,710 thousand and \u20ac 8,176 thousand for the year 2024 and 2023 respectively that derive from the subsidiary ANEMOS RES. The rest amount relates mainly to Restricted Cash.
\u0391mount of \u20ac 59,385 thousand and \u20ac 37,872 thousand of the \u201cRelated Parties\u201d accounts for the Company as at 31/12/2024, correspond to a long-term loan receivable from \u201cThermoilektriki Komotinis S.A.\u201d and \u201cKellas Wind Park S.A.\u201d respectively which are interest bearing and they are also presented at its nominal value. The relevant amounts as at 31/12/2023 were \u20ac 55,935 thousand and \u20ac 39,149 thousand respectively.
21.Trade and Other Receivables
Trade receivables and other receivables at the Statement of Financial Position date comprise mainly from amounts receivable from the sale of goods.
The Group holds the trade and other receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest method. Trade and other receivables that are interest free are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts, whereas those with a significant financing component are initially recognized at their fair value.
Analysis of the trade and other receivable is as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Trade receivables

\u00a0

696,950

810,904

\u00a0

146,980

214,063

Allowance for doubtful debts

\u00a0

(125,754)

(115,002)

\u00a0

(7)

(130)

Related parties

\u00a0

14,576

14,845

\u00a0

91,748

107,014

\u00a0

\u00a0

585,772

710,747

\u00a0

238,721

320,947

Debtors

\u00a0

157,151

110,702

\u00a0

72,683

54,722

Allowance for doubtful debts

\u00a0

(6,343)

(5,101)

\u00a0

(1,903)

(597)

Related parties

\u00a0

77,452

103,364

\u00a0

72,193

98,005

\u00a0

\u00a0

228,260

208,965

\u00a0

142,973

152,130

Prepayments

\u00a0

23,355

11,920

\u00a0

9,059

4,080

Allowance for doubtful debts

\u00a0

(500)

(500)

\u00a0

0

0

Related parties

\u00a0

144

142

\u00a0

139

143

\u00a0

\u00a0

22,999

11,562

\u00a0

9,198

4,223

Other

\u00a0

43,080

50,427

\u00a0

1,296

2,136

Allowance for doubtful debts

\u00a0

(129)

(1,721)

\u00a0

0

0

Related parties

\u00a0

1,667

4

\u00a0

0

0

\u00a0

\u00a0

44,618

48,710

\u00a0

1,296

2,136

Total

\u00a0

881,649

979,984

\u00a0

392,188

479,436

The average credit period on sales of goods for the Company is 10 days and for the Group is 18 days while for 2023 was 13 days and 19 days respectively. After the specified credit period, interest is charged depending on the payment currency on the outstanding balance.
The Group and the Company apply the IFRS 9 simplified model, based on which recognition and classification of the financial asset \u201cTrade and Other Receivables\u201d is performed either at Stage 2 or at Stage 3, according to the days past due, and measures loss allowance at an amount equal to lifetime ECL.
To measure the ECL, Trade and Other Receivables have been grouped based on their credit risk characteristics and their ageing (days past due) at the reporting date. This measurement is based on specific credit risk metrics (i.e. Probability of Default, Loss Given Default), which are calculated based on historical data, existing market conditions as well as forward looking estimates at the end of each reporting period.
Before accepting any new customer, the Group uses an external credit scoring system to assess the potential customer\u2019s credit quality and defines credit limits by customer. Limits and scoring attributes to customers are reviewed on a permanent basis.
There has been no change in the estimation techniques or significant assumptions made during the current reporting period.
The following tables depict the risk profile of trade receivables and other receivables based on the Group\u2019s and Company\u2019s provision matrix:

\u00a0

GROUP

(In 000's Euros)

Maturity analysis

31 December 2024

Not past due

0-30 days

30-60 days

60-90 days

90+ days

Total

Expected credit loss rate

1.00%

0.36%

4.19%

4.42%

70.30%

13.08%

Estimated total gross carrying amount at default

730,123

80,627

15,160

12,129

176,335

1,014,374

Lifetime ECL

7,296

287

635

536

123,971

132,725

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

881,649

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

GROUP

(In 000's Euros)

Maturity analysis

31 December 2023

Not past due

0-30 days

30-60 days

60-90 days

90+ days

Total

Expected credit loss rate

0.20%

0.51%

2.40%

6.06%

73.97%

11.10%

Estimated total gross carrying amount at default

772,092

140,723

18,688

9,867

160,939

1,102,309

Lifetime ECL

1,517

713

449

598

119,048

122,325

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

979,984

\u00a0

COMPANY

(In 000's Euros)

Maturity analysis

31 December 2024

Not past due

0-30 days

30-60 days

60-90 days

90+ days

Total

Expected credit loss rate

0.15%

0.09%

11.40%

0.60%

6.36%

0.48%

Estimated total gross carrying amount at default

315,619

54,358

1,999

4,368

17,754

394,098

Lifetime ECL

478

49

228

26

1,129

1,910

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

392,188

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

COMPANY

(In 000's Euros)

Maturity analysis

31 December 2023

Not past due

0-30 days

30-60 days

60-90 days

90+ days

Total

Expected credit loss rate

0.10%

0.34%

0.01%

0.02%

3.63%

0.15%

Estimated total gross carrying amount at default

380,850

95,357

571

2,784

600

480,162

Lifetime ECL

383

321

0

0

22

726

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

479,436

Since the Group\u2019s historical credit loss experience does not show significantly different loss patterns for different customer segments, the provision for loss allowance based on past due status is not further distinguished between the Group\u2019s different customer base.
Movement in the allowance for doubtful debts

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Balance as at the beginning of the year

\u00a0

122,325

108,129

\u00a0

726

600

Attributable to acquisition of subsidiary

\u00a0

10

0

\u00a0

0

0

Impairment losses recognized on receivables

\u00a0

11,805

14,920

\u00a0

1,307

126

Amounts used to write-off of receivables

\u00a0

(104)

(146)

\u00a0

0

0

Unused amount reversed

\u00a0

(1,311)

(578)

\u00a0

(123)

0

Balance at year end

\u00a0

132,725

122,325

\u00a0

1,910

726

At the Group Level the concentration of credit risk is limited due to the customers\u2019 wide base.
The Group and the Company apply the IFRS 9 simplified model to estimate the ECL of trade and other receivables, classifying them either at Stage 2 or at Stage 3 and measuring lifetime ECL.

(In 000's Euros)

\u00a0

GROUP

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

\u00a0

Stage 2

Stage 3

Stage 2

Stage 3

Expected credit loss rate

\u00a0

1.04%

70.30%

0.35%

73.97%

Estimated total gross carrying amount at default

\u00a0

838,039

176,335

941,370

160,939

Lifetime ECL

\u00a0

8,754

123,971

3,277

119,048

(In 000's Euros)

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

\u00a0

Stage 2

Stage 3

Stage 2

Stage 3

Expected credit loss rate

\u00a0

0.21%

6.36%

0.15%

3.67%

Estimated total gross carrying amount at default

\u00a0

376,344

17,754

479,562

600

Lifetime ECL

\u00a0

781

1,129

704

22

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f230475": { "value": "
19.Other Non-Current Assets

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Cheques receivable

\u00a0

1,686

1,672

\u00a0

0

0

Prepaid expenses

\u00a0

489

382

\u00a0

0

0

Related Parties

\u00a0

66,465

64,215

\u00a0

107,189

96,609

Dealers loans

\u00a0

4,127

4,048

\u00a0

0

0

Guarantees

\u00a0

8,868

7,489

\u00a0

5,390

3,698

Other

\u00a0

9,099

14,837

\u00a0

2,390

2,235

Total

\u00a0

90,734

92,643

\u00a0

114,969

102,542

The accounts \u201cCheques Receivable\u201d and \u201cDealers loans\u201d have been discounted for their entire duration, using the interest rate of business loans of over 5 years duration, as this is becoming available from the Bank of Greece during the period of preparation of the financial statements. The interest rate used for the preparation of 2024 financial statements was 5.1% (2023: 6.43%).
Category \u201cOther\u201d of the Group and the Company includes amount of \u20ac 5,710 thousand and \u20ac 8,176 thousand for the year 2024 and 2023 respectively that derive from the subsidiary ANEMOS RES. The rest amount relates mainly to Restricted Cash.
\u0391mount of \u20ac 59,385 thousand and \u20ac 37,872 thousand of the \u201cRelated Parties\u201d accounts for the Company as at 31/12/2024, correspond to a long-term loan receivable from \u201cThermoilektriki Komotinis S.A.\u201d and \u201cKellas Wind Park S.A.\u201d respectively which are interest bearing and they are also presented at its nominal value. The relevant amounts as at 31/12/2023 were \u20ac 55,935 thousand and \u20ac 39,149 thousand respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f230983": { "value": "
20.Inventories

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Raw materials

\u00a0

547,322

481,610

\u00a0

526,824

464,406

Merchandise

\u00a0

197,941

217,846

\u00a0

5,395

6,293

Products

\u00a0

209,402

313,216

\u00a0

187,028

288,814

CO2 Emission Allowances

\u00a0

950

18,540

\u00a0

950

18,540

Total Inventories

\u00a0

955,615

1,031,212

\u00a0

720,197

778,053

Inventories are measured at the lower of cost and net realizable value (NRV). The cost of inventories may not be recoverable if their selling prices have decreased, if these inventories have been damaged, or if they have become completely or partially obsolete. For the current and prior year period, certain inventories were measured at their net realizable value, resulting in charges of the Statement of Profit or Loss and Other Comprehensive Income (\u201cCost of Sales\u201d) for the Group, amounting to \u20ac 11,549 thousand for the period 01/01-31/12/2024 and \u20ac 18,623 thousand for the prior year\u2019s period (Company: 01/01-31/12/2024: \u20ac 11,325 thousand, 01/01-31/12/2023: \u20ac 18,128 thousand). During the current and the prior year\u2019s period, there was no reversal of the amount resulting from the write down to net realizable value charged on Group and Company level.
The charge per inventory category is as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Raw materials

\u00a0

1,154

15,767

\u00a0

1,154

15,767

Merchandise

\u00a0

485

234

\u00a0

261

217

Products

\u00a0

9,910

1,177

\u00a0

9,910

699

CO2 Emission Allowances

\u00a0

0

1,445

\u00a0

0

1,445

Total

\u00a0

11,549

18,623

\u00a0

11,325

18,128

The total cost of inventories recognized as an expense in the \u201cCost of Sales\u201d for the Group was \u20ac 10,908,786 thousand and \u20ac 11,542,692 thousand for the period 01/01-31/12/2024 and 01/01-31/12/2023, respectively (Company: 01/01-31/12/2024: \u20ac 7,718,727 thousand, 01/01-31/12/2023: \u20ac 8,112,113 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f231540": { "value": "
The total cost of inventories recognized as an expense in the \u201cCost of Sales\u201d for the Group was \u20ac 10,908,786 thousand and \u20ac 11,542,692 thousand for the period 01/01-31/12/2024 and 01/01-31/12/2023, respectively (Company: 01/01-31/12/2024: \u20ac 7,718,727 thousand, 01/01-31/12/2023: \u20ac 8,112,113 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f231623": { "value": "
21.Trade and Other Receivables
Trade receivables and other receivables at the Statement of Financial Position date comprise mainly from amounts receivable from the sale of goods.
The Group holds the trade and other receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest method. Trade and other receivables that are interest free are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts, whereas those with a significant financing component are initially recognized at their fair value.
Analysis of the trade and other receivable is as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Trade receivables

\u00a0

696,950

810,904

\u00a0

146,980

214,063

Allowance for doubtful debts

\u00a0

(125,754)

(115,002)

\u00a0

(7)

(130)

Related parties

\u00a0

14,576

14,845

\u00a0

91,748

107,014

\u00a0

\u00a0

585,772

710,747

\u00a0

238,721

320,947

Debtors

\u00a0

157,151

110,702

\u00a0

72,683

54,722

Allowance for doubtful debts

\u00a0

(6,343)

(5,101)

\u00a0

(1,903)

(597)

Related parties

\u00a0

77,452

103,364

\u00a0

72,193

98,005

\u00a0

\u00a0

228,260

208,965

\u00a0

142,973

152,130

Prepayments

\u00a0

23,355

11,920

\u00a0

9,059

4,080

Allowance for doubtful debts

\u00a0

(500)

(500)

\u00a0

0

0

Related parties

\u00a0

144

142

\u00a0

139

143

\u00a0

\u00a0

22,999

11,562

\u00a0

9,198

4,223

Other

\u00a0

43,080

50,427

\u00a0

1,296

2,136

Allowance for doubtful debts

\u00a0

(129)

(1,721)

\u00a0

0

0

Related parties

\u00a0

1,667

4

\u00a0

0

0

\u00a0

\u00a0

44,618

48,710

\u00a0

1,296

2,136

Total

\u00a0

881,649

979,984

\u00a0

392,188

479,436

The average credit period on sales of goods for the Company is 10 days and for the Group is 18 days while for 2023 was 13 days and 19 days respectively. After the specified credit period, interest is charged depending on the payment currency on the outstanding balance.
The Group and the Company apply the IFRS 9 simplified model, based on which recognition and classification of the financial asset \u201cTrade and Other Receivables\u201d is performed either at Stage 2 or at Stage 3, according to the days past due, and measures loss allowance at an amount equal to lifetime ECL.
To measure the ECL, Trade and Other Receivables have been grouped based on their credit risk characteristics and their ageing (days past due) at the reporting date. This measurement is based on specific credit risk metrics (i.e. Probability of Default, Loss Given Default), which are calculated based on historical data, existing market conditions as well as forward looking estimates at the end of each reporting period.
Before accepting any new customer, the Group uses an external credit scoring system to assess the potential customer\u2019s credit quality and defines credit limits by customer. Limits and scoring attributes to customers are reviewed on a permanent basis.
There has been no change in the estimation techniques or significant assumptions made during the current reporting period.
The following tables depict the risk profile of trade receivables and other receivables based on the Group\u2019s and Company\u2019s provision matrix:

\u00a0

GROUP

(In 000's Euros)

Maturity analysis

31 December 2024

Not past due

0-30 days

30-60 days

60-90 days

90+ days

Total

Expected credit loss rate

1.00%

0.36%

4.19%

4.42%

70.30%

13.08%

Estimated total gross carrying amount at default

730,123

80,627

15,160

12,129

176,335

1,014,374

Lifetime ECL

7,296

287

635

536

123,971

132,725

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

881,649

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

GROUP

(In 000's Euros)

Maturity analysis

31 December 2023

Not past due

0-30 days

30-60 days

60-90 days

90+ days

Total

Expected credit loss rate

0.20%

0.51%

2.40%

6.06%

73.97%

11.10%

Estimated total gross carrying amount at default

772,092

140,723

18,688

9,867

160,939

1,102,309

Lifetime ECL

1,517

713

449

598

119,048

122,325

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

979,984

\u00a0

COMPANY

(In 000's Euros)

Maturity analysis

31 December 2024

Not past due

0-30 days

30-60 days

60-90 days

90+ days

Total

Expected credit loss rate

0.15%

0.09%

11.40%

0.60%

6.36%

0.48%

Estimated total gross carrying amount at default

315,619

54,358

1,999

4,368

17,754

394,098

Lifetime ECL

478

49

228

26

1,129

1,910

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

392,188

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

COMPANY

(In 000's Euros)

Maturity analysis

31 December 2023

Not past due

0-30 days

30-60 days

60-90 days

90+ days

Total

Expected credit loss rate

0.10%

0.34%

0.01%

0.02%

3.63%

0.15%

Estimated total gross carrying amount at default

380,850

95,357

571

2,784

600

480,162

Lifetime ECL

383

321

0

0

22

726

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

479,436

Since the Group\u2019s historical credit loss experience does not show significantly different loss patterns for different customer segments, the provision for loss allowance based on past due status is not further distinguished between the Group\u2019s different customer base.
Movement in the allowance for doubtful debts

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Balance as at the beginning of the year

\u00a0

122,325

108,129

\u00a0

726

600

Attributable to acquisition of subsidiary

\u00a0

10

0

\u00a0

0

0

Impairment losses recognized on receivables

\u00a0

11,805

14,920

\u00a0

1,307

126

Amounts used to write-off of receivables

\u00a0

(104)

(146)

\u00a0

0

0

Unused amount reversed

\u00a0

(1,311)

(578)

\u00a0

(123)

0

Balance at year end

\u00a0

132,725

122,325

\u00a0

1,910

726

At the Group Level the concentration of credit risk is limited due to the customers\u2019 wide base.
The Group and the Company apply the IFRS 9 simplified model to estimate the ECL of trade and other receivables, classifying them either at Stage 2 or at Stage 3 and measuring lifetime ECL.

(In 000's Euros)

\u00a0

GROUP

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

\u00a0

Stage 2

Stage 3

Stage 2

Stage 3

Expected credit loss rate

\u00a0

1.04%

70.30%

0.35%

73.97%

Estimated total gross carrying amount at default

\u00a0

838,039

176,335

941,370

160,939

Lifetime ECL

\u00a0

8,754

123,971

3,277

119,048

(In 000's Euros)

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

\u00a0

Stage 2

Stage 3

Stage 2

Stage 3

Expected credit loss rate

\u00a0

0.21%

6.36%

0.15%

3.67%

Estimated total gross carrying amount at default

\u00a0

376,344

17,754

479,562

600

Lifetime ECL

\u00a0

781

1,129

704

22

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f231624": { "value": "
21.Trade and Other Receivables
Trade receivables and other receivables at the Statement of Financial Position date comprise mainly from amounts receivable from the sale of goods.
The Group holds the trade and other receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest method. Trade and other receivables that are interest free are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts, whereas those with a significant financing component are initially recognized at their fair value.
Analysis of the trade and other receivable is as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Trade receivables

\u00a0

696,950

810,904

\u00a0

146,980

214,063

Allowance for doubtful debts

\u00a0

(125,754)

(115,002)

\u00a0

(7)

(130)

Related parties

\u00a0

14,576

14,845

\u00a0

91,748

107,014

\u00a0

\u00a0

585,772

710,747

\u00a0

238,721

320,947

Debtors

\u00a0

157,151

110,702

\u00a0

72,683

54,722

Allowance for doubtful debts

\u00a0

(6,343)

(5,101)

\u00a0

(1,903)

(597)

Related parties

\u00a0

77,452

103,364

\u00a0

72,193

98,005

\u00a0

\u00a0

228,260

208,965

\u00a0

142,973

152,130

Prepayments

\u00a0

23,355

11,920

\u00a0

9,059

4,080

Allowance for doubtful debts

\u00a0

(500)

(500)

\u00a0

0

0

Related parties

\u00a0

144

142

\u00a0

139

143

\u00a0

\u00a0

22,999

11,562

\u00a0

9,198

4,223

Other

\u00a0

43,080

50,427

\u00a0

1,296

2,136

Allowance for doubtful debts

\u00a0

(129)

(1,721)

\u00a0

0

0

Related parties

\u00a0

1,667

4

\u00a0

0

0

\u00a0

\u00a0

44,618

48,710

\u00a0

1,296

2,136

Total

\u00a0

881,649

979,984

\u00a0

392,188

479,436

The average credit period on sales of goods for the Company is 10 days and for the Group is 18 days while for 2023 was 13 days and 19 days respectively. After the specified credit period, interest is charged depending on the payment currency on the outstanding balance.
The Group and the Company apply the IFRS 9 simplified model, based on which recognition and classification of the financial asset \u201cTrade and Other Receivables\u201d is performed either at Stage 2 or at Stage 3, according to the days past due, and measures loss allowance at an amount equal to lifetime ECL.
To measure the ECL, Trade and Other Receivables have been grouped based on their credit risk characteristics and their ageing (days past due) at the reporting date. This measurement is based on specific credit risk metrics (i.e. Probability of Default, Loss Given Default), which are calculated based on historical data, existing market conditions as well as forward looking estimates at the end of each reporting period.
Before accepting any new customer, the Group uses an external credit scoring system to assess the potential customer\u2019s credit quality and defines credit limits by customer. Limits and scoring attributes to customers are reviewed on a permanent basis.
There has been no change in the estimation techniques or significant assumptions made during the current reporting period.
The following tables depict the risk profile of trade receivables and other receivables based on the Group\u2019s and Company\u2019s provision matrix:

\u00a0

GROUP

(In 000's Euros)

Maturity analysis

31 December 2024

Not past due

0-30 days

30-60 days

60-90 days

90+ days

Total

Expected credit loss rate

1.00%

0.36%

4.19%

4.42%

70.30%

13.08%

Estimated total gross carrying amount at default

730,123

80,627

15,160

12,129

176,335

1,014,374

Lifetime ECL

7,296

287

635

536

123,971

132,725

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

881,649

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

GROUP

(In 000's Euros)

Maturity analysis

31 December 2023

Not past due

0-30 days

30-60 days

60-90 days

90+ days

Total

Expected credit loss rate

0.20%

0.51%

2.40%

6.06%

73.97%

11.10%

Estimated total gross carrying amount at default

772,092

140,723

18,688

9,867

160,939

1,102,309

Lifetime ECL

1,517

713

449

598

119,048

122,325

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

979,984

\u00a0

COMPANY

(In 000's Euros)

Maturity analysis

31 December 2024

Not past due

0-30 days

30-60 days

60-90 days

90+ days

Total

Expected credit loss rate

0.15%

0.09%

11.40%

0.60%

6.36%

0.48%

Estimated total gross carrying amount at default

315,619

54,358

1,999

4,368

17,754

394,098

Lifetime ECL

478

49

228

26

1,129

1,910

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

392,188

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

COMPANY

(In 000's Euros)

Maturity analysis

31 December 2023

Not past due

0-30 days

30-60 days

60-90 days

90+ days

Total

Expected credit loss rate

0.10%

0.34%

0.01%

0.02%

3.63%

0.15%

Estimated total gross carrying amount at default

380,850

95,357

571

2,784

600

480,162

Lifetime ECL

383

321

0

0

22

726

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

479,436

Since the Group\u2019s historical credit loss experience does not show significantly different loss patterns for different customer segments, the provision for loss allowance based on past due status is not further distinguished between the Group\u2019s different customer base.
Movement in the allowance for doubtful debts

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Balance as at the beginning of the year

\u00a0

122,325

108,129

\u00a0

726

600

Attributable to acquisition of subsidiary

\u00a0

10

0

\u00a0

0

0

Impairment losses recognized on receivables

\u00a0

11,805

14,920

\u00a0

1,307

126

Amounts used to write-off of receivables

\u00a0

(104)

(146)

\u00a0

0

0

Unused amount reversed

\u00a0

(1,311)

(578)

\u00a0

(123)

0

Balance at year end

\u00a0

132,725

122,325

\u00a0

1,910

726

At the Group Level the concentration of credit risk is limited due to the customers\u2019 wide base.
The Group and the Company apply the IFRS 9 simplified model to estimate the ECL of trade and other receivables, classifying them either at Stage 2 or at Stage 3 and measuring lifetime ECL.

(In 000's Euros)

\u00a0

GROUP

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

\u00a0

Stage 2

Stage 3

Stage 2

Stage 3

Expected credit loss rate

\u00a0

1.04%

70.30%

0.35%

73.97%

Estimated total gross carrying amount at default

\u00a0

838,039

176,335

941,370

160,939

Lifetime ECL

\u00a0

8,754

123,971

3,277

119,048

(In 000's Euros)

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

\u00a0

Stage 2

Stage 3

Stage 2

Stage 3

Expected credit loss rate

\u00a0

0.21%

6.36%

0.15%

3.67%

Estimated total gross carrying amount at default

\u00a0

376,344

17,754

479,562

600

Lifetime ECL

\u00a0

781

1,129

704

22

", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f231625": { "value": "
21.Trade and Other Receivables
Trade receivables and other receivables at the Statement of Financial Position date comprise mainly from amounts receivable from the sale of goods.
The Group holds the trade and other receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest method. Trade and other receivables that are interest free are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts, whereas those with a significant financing component are initially recognized at their fair value.
Analysis of the trade and other receivable is as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Trade receivables

\u00a0

696,950

810,904

\u00a0

146,980

214,063

Allowance for doubtful debts

\u00a0

(125,754)

(115,002)

\u00a0

(7)

(130)

Related parties

\u00a0

14,576

14,845

\u00a0

91,748

107,014

\u00a0

\u00a0

585,772

710,747

\u00a0

238,721

320,947

Debtors

\u00a0

157,151

110,702

\u00a0

72,683

54,722

Allowance for doubtful debts

\u00a0

(6,343)

(5,101)

\u00a0

(1,903)

(597)

Related parties

\u00a0

77,452

103,364

\u00a0

72,193

98,005

\u00a0

\u00a0

228,260

208,965

\u00a0

142,973

152,130

Prepayments

\u00a0

23,355

11,920

\u00a0

9,059

4,080

Allowance for doubtful debts

\u00a0

(500)

(500)

\u00a0

0

0

Related parties

\u00a0

144

142

\u00a0

139

143

\u00a0

\u00a0

22,999

11,562

\u00a0

9,198

4,223

Other

\u00a0

43,080

50,427

\u00a0

1,296

2,136

Allowance for doubtful debts

\u00a0

(129)

(1,721)

\u00a0

0

0

Related parties

\u00a0

1,667

4

\u00a0

0

0

\u00a0

\u00a0

44,618

48,710

\u00a0

1,296

2,136

Total

\u00a0

881,649

979,984

\u00a0

392,188

479,436

The average credit period on sales of goods for the Company is 10 days and for the Group is 18 days while for 2023 was 13 days and 19 days respectively. After the specified credit period, interest is charged depending on the payment currency on the outstanding balance.
The Group and the Company apply the IFRS 9 simplified model, based on which recognition and classification of the financial asset \u201cTrade and Other Receivables\u201d is performed either at Stage 2 or at Stage 3, according to the days past due, and measures loss allowance at an amount equal to lifetime ECL.
To measure the ECL, Trade and Other Receivables have been grouped based on their credit risk characteristics and their ageing (days past due) at the reporting date. This measurement is based on specific credit risk metrics (i.e. Probability of Default, Loss Given Default), which are calculated based on historical data, existing market conditions as well as forward looking estimates at the end of each reporting period.
Before accepting any new customer, the Group uses an external credit scoring system to assess the potential customer\u2019s credit quality and defines credit limits by customer. Limits and scoring attributes to customers are reviewed on a permanent basis.
There has been no change in the estimation techniques or significant assumptions made during the current reporting period.
The following tables depict the risk profile of trade receivables and other receivables based on the Group\u2019s and Company\u2019s provision matrix:

\u00a0

GROUP

(In 000's Euros)

Maturity analysis

31 December 2024

Not past due

0-30 days

30-60 days

60-90 days

90+ days

Total

Expected credit loss rate

1.00%

0.36%

4.19%

4.42%

70.30%

13.08%

Estimated total gross carrying amount at default

730,123

80,627

15,160

12,129

176,335

1,014,374

Lifetime ECL

7,296

287

635

536

123,971

132,725

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

881,649

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

GROUP

(In 000's Euros)

Maturity analysis

31 December 2023

Not past due

0-30 days

30-60 days

60-90 days

90+ days

Total

Expected credit loss rate

0.20%

0.51%

2.40%

6.06%

73.97%

11.10%

Estimated total gross carrying amount at default

772,092

140,723

18,688

9,867

160,939

1,102,309

Lifetime ECL

1,517

713

449

598

119,048

122,325

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

979,984

\u00a0

COMPANY

(In 000's Euros)

Maturity analysis

31 December 2024

Not past due

0-30 days

30-60 days

60-90 days

90+ days

Total

Expected credit loss rate

0.15%

0.09%

11.40%

0.60%

6.36%

0.48%

Estimated total gross carrying amount at default

315,619

54,358

1,999

4,368

17,754

394,098

Lifetime ECL

478

49

228

26

1,129

1,910

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

392,188

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

COMPANY

(In 000's Euros)

Maturity analysis

31 December 2023

Not past due

0-30 days

30-60 days

60-90 days

90+ days

Total

Expected credit loss rate

0.10%

0.34%

0.01%

0.02%

3.63%

0.15%

Estimated total gross carrying amount at default

380,850

95,357

571

2,784

600

480,162

Lifetime ECL

383

321

0

0

22

726

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

479,436

Since the Group\u2019s historical credit loss experience does not show significantly different loss patterns for different customer segments, the provision for loss allowance based on past due status is not further distinguished between the Group\u2019s different customer base.
Movement in the allowance for doubtful debts

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Balance as at the beginning of the year

\u00a0

122,325

108,129

\u00a0

726

600

Attributable to acquisition of subsidiary

\u00a0

10

0

\u00a0

0

0

Impairment losses recognized on receivables

\u00a0

11,805

14,920

\u00a0

1,307

126

Amounts used to write-off of receivables

\u00a0

(104)

(146)

\u00a0

0

0

Unused amount reversed

\u00a0

(1,311)

(578)

\u00a0

(123)

0

Balance at year end

\u00a0

132,725

122,325

\u00a0

1,910

726

At the Group Level the concentration of credit risk is limited due to the customers\u2019 wide base.
The Group and the Company apply the IFRS 9 simplified model to estimate the ECL of trade and other receivables, classifying them either at Stage 2 or at Stage 3 and measuring lifetime ECL.

(In 000's Euros)

\u00a0

GROUP

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

\u00a0

Stage 2

Stage 3

Stage 2

Stage 3

Expected credit loss rate

\u00a0

1.04%

70.30%

0.35%

73.97%

Estimated total gross carrying amount at default

\u00a0

838,039

176,335

941,370

160,939

Lifetime ECL

\u00a0

8,754

123,971

3,277

119,048

(In 000's Euros)

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

\u00a0

Stage 2

Stage 3

Stage 2

Stage 3

Expected credit loss rate

\u00a0

0.21%

6.36%

0.15%

3.67%

Estimated total gross carrying amount at default

\u00a0

376,344

17,754

479,562

600

Lifetime ECL

\u00a0

781

1,129

704

22

", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f233705": { "value": "
22.Cash and Cash Equivalents
Cash and cash equivalents consist from cash and short-term deposits of initial duration of three months or less. The book value for cash and cash equivalents approximates their fair value.

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Cash at bank

\u00a0

1,123,795

1,314,787

\u00a0

771,621

901,723

Cash on hand

\u00a0

4,658

7,469

\u00a0

84

105

Total

\u00a0

1,128,453

1,322,256

\u00a0

771,705

901,828

", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f233857": { "value": "
23.Borrowings

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Borrowings

\u00a0

2,647,603

2,639,965

\u00a0

1,305,539

1,321,196

Unamortized balance of capitalized profits from loan agreements modifications*

\u00a0

(12,942)

0

\u00a0

(581)

0

Unamortized balance of capitalized loan expenses

\u00a0

(18,462)

(22,894)

\u00a0

(8,843)

(11,931)

Total Borrowings

\u00a0

2,616,199

2,617,071

\u00a0

1,296,115

1,309,265

*The loans that were modified during the year concern mainly MORE subgroup.
The borrowings are repayable as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

On demand or within one year

\u00a0

210,564

187,985

\u00a0

64,516

58,516

In the second year

\u00a0

620,741

234,737

\u00a0

453,766

144,516

From the third to fifth year inclusive

\u00a0

1,332,690

1,300,115

\u00a0

720,081

734,063

After five years

\u00a0

483,608

917,128

\u00a0

67,176

384,101

Unamortized balance of capitalized profits from loan agreements modifications

\u00a0

(12,942)

0

\u00a0

(581)

0

Unamortized balance of capitalized loan expenses

\u00a0

(18,462)

(22,894)

\u00a0

(8,843)

(11,931)

Total Borrowings

\u00a0

2,616,199

2,617,071

\u00a0

1,296,115

1,309,265

Less: Amount payable within 12 months (shown under current liabilities)

\u00a0

210,564

187,985

\u00a0

64,516

58,516

Amount payable after 12 months

\u00a0

2,405,635

2,429,086

\u00a0

1,231,599

1,250,749

Analysis of borrowings by currency on 31/12/2024 and 31/12/2023 is:

(In 000's Euros )

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Loans' currency

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

EURO

\u00a0

2,616,199

2,600,920

\u00a0

1,296,115

1,309,265

SERBIAN DINAR

\u00a0

0

16,151

\u00a0

0

0

Total Borrowings

\u00a0

2,616,199

2,617,071

\u00a0

1,296,115

1,309,265

The fair value of the above borrowings is \u20ac2,633,040 thousand and \u20ac1,290,977 thousand at Group and Company level respectively.
The Group has the following borrowings:
i.\u201cMOTOR OIL\u201d has been granted the following loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan \u20ac400,000

(traded atEuronext Dublin Stock Exchange)

July

2026

\u20ac 400,000

\u20ac 400,000

Bond Loan \u20ac200,000

(traded atAthens Stock Exchange)

March

2028

\u20ac 200,000

\u20ac 200,000

\u00a0\u00a0 Bond Loan

\u20ac200,000

July

2031

\u20ac 50,000

\u20ac 70,000

\u00a0\u00a0 Bond Loan

\u20ac100,000

July

2028

\u20ac 100,000

\u20ac 100,000

\u00a0 Bond Loan

\u20ac20,000

September

2025

\u20ac 8,000

\u20ac 12,000

\u00a0 Bond Loan

\u20ac10,000

September

2025

\u20ac 4,000

\u20ac 6,000

\u00a0 Bond Loan

\u20ac200,000

November 2027

\u20ac 120,000

\u20ac 160,000

\u00a0 Bond Loan

\u20ac10,584

January

2027

\u20ac 6,615

\u20ac 9,261

\u00a0 Bond Loan

\u20ac10,680

January

2027

\u20ac 6,675

\u20ac 9,345

\u00a0 Bond Loan

\u20ac90,000

July

2030

\u20ac 43,200

\u20ac 50,400

Bond Loan

\u20ac300,000

February

2029

\u20ac 300.000

\u20ac 0

Bond Loan

\u20ac250,000

July

2030*

\u20ac 0

\u20ac 250,000

\u00a0 Bond Loan

\u20ac32,612

December

2035

\u20ac 7,049

\u20ac 4,190

\u00a0 Bank Loan

\u20ac40,000

June

2034

\u20ac 10,000

\u20ac 10,000

\u00a0\u00a0 Bond Loan

\u20ac100,000

July

2031

\u20ac 0

\u20ac 40,000

Bond Loan

\u20ac300,000

June 2027

(4-year extension)

\u20ac 50,000

\u20ac 0

*The specific loan was fully repaid earlier than the original maturity date (repaid fully on first quarter of 2024).
The total short-term loans (including short-term portion of long-term loans) with duration up to one-year amount to \u20ac 64,516 thousand.
ii.\u201cAVIN OIL SINGLE MEMBER S.A.\u201d has been granted the following loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac17,500

March

2028

\u20ac 4,000

\u20ac 8,000

Bond Loan

\u20ac873

August

2033

\u20ac 158

\u20ac 0

Bond Loan

\u20ac140,000

September

2028

\u20ac 125,000

\u20ac 103,000

Total short-term loans (including short-term portion of long-term loans) with duration up to one year amount to \u20ac 6,018 thousand.
iii.\u201cCORAL\u201d subgroup has been granted the following loans as analyzed in the below table (in thousands \u20ac/$/RSD):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac35,000

\u039cay

2028

\u20ac 35,000

\u20ac 30,000

Bond Loan

\u20ac54,000**

August 2027

(3 year-extension)

\u20ac 0

\u20ac 54,000

Bond Loan

\u20ac15,000**

\u039cay

2028

\u20ac 0

\u20ac 15,000

Bond Loan

\u20ac80,000

December

2029

\u20ac 80,000

\u20ac 0

Bond Loan

\u20ac100,000

November

2029

\u20ac 100,000

\u20ac 0

Bond Loan

\u20ac70,000**

April

2028

\u20ac 0

\u20ac 60,000

Bond Loan

\u20ac3,798**

June

2033

\u20ac 0

\u20ac 769

Bond Loan

\u20ac35,000

February

2028

\u20ac 35

\u20ac 10,000\u00a0

Bond Loan

\u20ac30,000

\u039cay

2028

\u20ac 0

\u20ac 30,000

Bond Loan

$17,000*

February

2028

$ 0

$ 0

Bond Loan

$17,000*

February

2028

\u20ac 17

\u20ac 6,000

Bond Loan

\u20ac16,000

June

2027

\u20ac 0

\u20ac 5,000

Bank Loan

RSD940,144**

October

2027

RSD 0

RSD 940,144

Bank Loan

RSD1,180,000**

June

2027

RSD 0

RSD 960,071

Bank Loan

\u20ac2,307

October

2029

\u20ac 1,268

\u20ac 1,496

Bank Loan

\u20ac1,530

October

2028

\u20ac 663

\u20ac 795

Bank Loan

\u20ac1,350

February

2030

\u20ac 753

\u20ac 871

Bank Loan

\u20ac987

April

2029

\u20ac 491

\u20ac 613

Bank Loan

\u20ac1,125

August

2030

\u20ac 655

\u20ac 763

Bank Loan

\u20ac918

June

2031

\u20ac 585

\u20ac 682

Bank Loan

\u20ac271

November

2025

\u20ac 31

\u20ac 65

Bank Loan

\u20ac800

February

2027

\u20ac 217

\u20ac 325

*This particular loan can be withdrawn in both currencies.
**The specific loans were fully repaid earlier than the original maturity date.
Total short-term loans (including short-term portion of long-term loans) with duration up to one-year amount to \u20ac 39,135 thousand.
iv.\u201cL.P.C. S.A.\u201d has been granted the following loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac18,000

August 2024

(2 years extension)

\u20ac 0

\u20ac 3,500

Bond Loan

\u20ac5,000

June

2029

\u20ac 5,000

\u20ac 0

Total short-term loans (including short-term portion of long-term loans) with duration up to one year amount to \u20ac 15 thousand.
v.\u201cCORAL GAS A.E.V.E.Y.\u201d has been granted the following loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac15,000

July

2028

\u20ac 8,500

\u20ac 8,000

Total short-term loans (including short-term portion of long-term loans) with duration up to one year amount to \u20ac 500 thousand.
vi.\u201cNRG\u201d subgroup has been granted the following loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac100,000

October

2026

\u20ac 100,000

\u20ac 73,000

Bank Loan

\u20ac200

September

2025

\u20ac 34

\u20ac 76

Bank Loan

\u20ac250

June

2025

\u20ac 30

\u20ac 102

Total short-term loans (including short-term portion of long-term loans) with duration up to one year amount to \u20ac 22,443 thousand.
vii.\u201cMOTOR OIL RENEWABLE ENERGY\u201d subgroup has been granted the following loans as analyzed in the below tables (in thousands \u20ac):
\u201cMOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.\u201d

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac100,000

December

2029

\u20ac 100,000

\u20ac 100,000

Bond Loan

\u20ac25,000

December

2034

\u20ac 25,000

\u20ac 0

\u201cSELEFKOS ENERGEIAKI S.M.S.A.\u201d

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bank Loan

\u20ac28,800

June

2035

\u20ac 20,864

\u20ac 26,400

\u201cSTEFANER ENERGY S.A.\u201d

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan Series A

\u20ac12,300

December

2032

\u20ac 8,097

\u20ac 9,430

\u201cWIRED RES S.A.\u201d

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bank Loan

\u20ac13,500

March

2025

\u20ac 13,500

\u20ac 0

\u201cVERD SOLAR PARKS S.M.P.C.\u201d

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bank Loan

\u20ac500

February

2033

\u20ac 344

\u20ac 386

\u201cAIOLIKI HELLAS SINGLE MEMBER S.A.\u201d
The companies \u201cAIOLIKI HELLAS SINGLE MEMBER S.A.\u201d, \u201cAIOLOS ANAPTYXIAKI AND SIA FTHIOTIDAS SINGLE MEMBER S.A.\u201d, \u201cANEMOS MAKEDONIAS SINGLE MEMBER S.A.\u201d and \u201cAIOLIKO PARKO KATO LAKOMATA M.A.E.E.\u201d have been granted loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Company

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Loan\u00a0\u00a0

\u20ac39,800

Aioliko Parko Kato Lakomata \u039c.\u0391.\u0395.\u0395.*

December

2034

\u20ac 0

\u20ac 34,148

Loan\u00a0\u00a0

\u20ac28,212

Aioliko Parko Kato Lakomata \u039c.\u0391.\u0395.\u0395.*

December

2028

\u20ac 0

\u20ac 8,875

Loan\u00a0

\u20ac13,225

Anemos Makedonias Single Member S.A.*

December

2034

\u20ac 10,355

\u20ac 11,347

Loan\u00a0

\u20ac3,500

Aiolos Anaptyxiaki and Sia Fthiotidas Single Member S.A.*

December

2034

\u20ac 0

\u20ac 3,003

Loan\u00a0\u00a0

\u20ac204,000

Aioliki Ellas Energeiaki Single Member S.A.

December

2036

\u20ac 166,977

\u20ac 133,955

*In December 2022, the merger through absorption of the entities \u201cAIOLIKI HELLAS SINGLE MEMBER S.A.\u201d, \u201cAIOLOS ANAPTYKSIAKI AND SIA FTHIOTIDA SINGLE MEMBER S.A.\u201d, \u201cANEMOS MAKEDONIAS SINGLE MEMBER S.A.\u201d and \u201cAIOLIKO PARKO KATO LAKOMATA \u039c.\u0391.\u0395.\u0395.\u201d, by \u201cAIOLIKI ELLAS ENERGEIAKI SINGLE MEMBER S.A.\u201d was completed. Thus, the company liable for the above borrowings is \u201cAIOLIKI ELLAS ENERGEIAKI SINGLE MEMBER S.A.\u201d.
There are pledges on the company\u2019s stocks and on the machinery to secure the above loans.
The company \u201cANEMOS RES SINGLE-MEMBER S.A.\u201d has been granted loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Company

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac520,000*

ANEMOS RES SINGLE-MEMBER S.A.

June

2038

\u20ac 440,750

\u20ac 473,599

*The specific loan consists of Series A \u20ac310,000, Series B \u20ac190,000 and Series C \u20ac20,000, all with the same expiration date.
There are pledges on the company\u2019s stocks and on the machinery to secure the above loan.
Total short-term loans (including the short-term part of long-term loans) with duration up to one year amount to \u20ac 71,696 thousand for the MORE sub-group.
viii.\u201cVERD\u201d subgroup has been granted the following loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac10,200

December

2028

\u20ac 10,200

\u20ac 10,200

Bond Loan

\u20ac500

June

2025

\u20ac 60

\u20ac 170

Total short-term loans (including the short-term part of long-term loans) with duration up to one year amount to \u20ac 3,038 thousand for the VERD sub-group.
ix.\u201cTHALIS ENVIRONMENTAL SERVICES S.A\u201d has been granted the following loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bank Loan

\u20ac500

July

2025

\u20ac 103

\u20ac 205

Bank Loan

\u20ac750

December

2024

\u20ac 0

\u20ac 116

Bank Loan

\u20ac1,350

November

2028

\u20ac 870

\u20ac 1,088

Total short-term loans (including the short-term part of long-term loans) with duration up to one year amount to \u20ac 413 thousand.
x.\u201cOFC AVIATION FUEL SERVICES S.A.\u201d has been granted the following loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac3,000

April

2033

\u20ac 2,684

\u20ac 3,000

Total short-term loans (including the short-term part of long-term loans) with duration up to one year amount to \u20ac 316 thousand.
Changes in liabilities arising from financing activities
The tables below detail changes in the Group\u2019s and Company\u2019s liabilities arising from financing activities, including both cash and non-cash changes:

GROUP

31/12/2023

Additions attributable to acquisition of subsidiaries

Financing Cash Flows

Foreign Exchange Movement

Additions

Other

31/12/2024

(In 000's Euros)

Borrowings

2,617,071

713

3,577

12

0

(5,174)

2,616,199

Lease Liabilities

222,693

113

(32,704)

65

58,434

(7,434)

241,167

Total

2,839,764

826

(29,127)

77

58,434

(12,608)

2,857,366

COMPANY

31/12/2023

Financing Cash Flows

Additions

Other

31/12/2024

(In 000's Euros)

Borrowings

1,309,265

(16,557)

0

3,407

1,296,115

Lease Liabilities

17,374

(5,035)

13,412

(2,637)

23,114

Total

1,326,639

(21,592)

13,412

770

1,319,229

The Group classifies interest paid as cash flows from operating activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f233858": { "value": "
23.Borrowings

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Borrowings

\u00a0

2,647,603

2,639,965

\u00a0

1,305,539

1,321,196

Unamortized balance of capitalized profits from loan agreements modifications*

\u00a0

(12,942)

0

\u00a0

(581)

0

Unamortized balance of capitalized loan expenses

\u00a0

(18,462)

(22,894)

\u00a0

(8,843)

(11,931)

Total Borrowings

\u00a0

2,616,199

2,617,071

\u00a0

1,296,115

1,309,265

*The loans that were modified during the year concern mainly MORE subgroup.
The borrowings are repayable as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

On demand or within one year

\u00a0

210,564

187,985

\u00a0

64,516

58,516

In the second year

\u00a0

620,741

234,737

\u00a0

453,766

144,516

From the third to fifth year inclusive

\u00a0

1,332,690

1,300,115

\u00a0

720,081

734,063

After five years

\u00a0

483,608

917,128

\u00a0

67,176

384,101

Unamortized balance of capitalized profits from loan agreements modifications

\u00a0

(12,942)

0

\u00a0

(581)

0

Unamortized balance of capitalized loan expenses

\u00a0

(18,462)

(22,894)

\u00a0

(8,843)

(11,931)

Total Borrowings

\u00a0

2,616,199

2,617,071

\u00a0

1,296,115

1,309,265

Less: Amount payable within 12 months (shown under current liabilities)

\u00a0

210,564

187,985

\u00a0

64,516

58,516

Amount payable after 12 months

\u00a0

2,405,635

2,429,086

\u00a0

1,231,599

1,250,749

Analysis of borrowings by currency on 31/12/2024 and 31/12/2023 is:

(In 000's Euros )

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Loans' currency

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

EURO

\u00a0

2,616,199

2,600,920

\u00a0

1,296,115

1,309,265

SERBIAN DINAR

\u00a0

0

16,151

\u00a0

0

0

Total Borrowings

\u00a0

2,616,199

2,617,071

\u00a0

1,296,115

1,309,265

The fair value of the above borrowings is \u20ac2,633,040 thousand and \u20ac1,290,977 thousand at Group and Company level respectively.
The Group has the following borrowings:
i.\u201cMOTOR OIL\u201d has been granted the following loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan \u20ac400,000

(traded atEuronext Dublin Stock Exchange)

July

2026

\u20ac 400,000

\u20ac 400,000

Bond Loan \u20ac200,000

(traded atAthens Stock Exchange)

March

2028

\u20ac 200,000

\u20ac 200,000

\u00a0\u00a0 Bond Loan

\u20ac200,000

July

2031

\u20ac 50,000

\u20ac 70,000

\u00a0\u00a0 Bond Loan

\u20ac100,000

July

2028

\u20ac 100,000

\u20ac 100,000

\u00a0 Bond Loan

\u20ac20,000

September

2025

\u20ac 8,000

\u20ac 12,000

\u00a0 Bond Loan

\u20ac10,000

September

2025

\u20ac 4,000

\u20ac 6,000

\u00a0 Bond Loan

\u20ac200,000

November 2027

\u20ac 120,000

\u20ac 160,000

\u00a0 Bond Loan

\u20ac10,584

January

2027

\u20ac 6,615

\u20ac 9,261

\u00a0 Bond Loan

\u20ac10,680

January

2027

\u20ac 6,675

\u20ac 9,345

\u00a0 Bond Loan

\u20ac90,000

July

2030

\u20ac 43,200

\u20ac 50,400

Bond Loan

\u20ac300,000

February

2029

\u20ac 300.000

\u20ac 0

Bond Loan

\u20ac250,000

July

2030*

\u20ac 0

\u20ac 250,000

\u00a0 Bond Loan

\u20ac32,612

December

2035

\u20ac 7,049

\u20ac 4,190

\u00a0 Bank Loan

\u20ac40,000

June

2034

\u20ac 10,000

\u20ac 10,000

\u00a0\u00a0 Bond Loan

\u20ac100,000

July

2031

\u20ac 0

\u20ac 40,000

Bond Loan

\u20ac300,000

June 2027

(4-year extension)

\u20ac 50,000

\u20ac 0

*The specific loan was fully repaid earlier than the original maturity date (repaid fully on first quarter of 2024).
The total short-term loans (including short-term portion of long-term loans) with duration up to one-year amount to \u20ac 64,516 thousand.
ii.\u201cAVIN OIL SINGLE MEMBER S.A.\u201d has been granted the following loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac17,500

March

2028

\u20ac 4,000

\u20ac 8,000

Bond Loan

\u20ac873

August

2033

\u20ac 158

\u20ac 0

Bond Loan

\u20ac140,000

September

2028

\u20ac 125,000

\u20ac 103,000

Total short-term loans (including short-term portion of long-term loans) with duration up to one year amount to \u20ac 6,018 thousand.
iii.\u201cCORAL\u201d subgroup has been granted the following loans as analyzed in the below table (in thousands \u20ac/$/RSD):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac35,000

\u039cay

2028

\u20ac 35,000

\u20ac 30,000

Bond Loan

\u20ac54,000**

August 2027

(3 year-extension)

\u20ac 0

\u20ac 54,000

Bond Loan

\u20ac15,000**

\u039cay

2028

\u20ac 0

\u20ac 15,000

Bond Loan

\u20ac80,000

December

2029

\u20ac 80,000

\u20ac 0

Bond Loan

\u20ac100,000

November

2029

\u20ac 100,000

\u20ac 0

Bond Loan

\u20ac70,000**

April

2028

\u20ac 0

\u20ac 60,000

Bond Loan

\u20ac3,798**

June

2033

\u20ac 0

\u20ac 769

Bond Loan

\u20ac35,000

February

2028

\u20ac 35

\u20ac 10,000\u00a0

Bond Loan

\u20ac30,000

\u039cay

2028

\u20ac 0

\u20ac 30,000

Bond Loan

$17,000*

February

2028

$ 0

$ 0

Bond Loan

$17,000*

February

2028

\u20ac 17

\u20ac 6,000

Bond Loan

\u20ac16,000

June

2027

\u20ac 0

\u20ac 5,000

Bank Loan

RSD940,144**

October

2027

RSD 0

RSD 940,144

Bank Loan

RSD1,180,000**

June

2027

RSD 0

RSD 960,071

Bank Loan

\u20ac2,307

October

2029

\u20ac 1,268

\u20ac 1,496

Bank Loan

\u20ac1,530

October

2028

\u20ac 663

\u20ac 795

Bank Loan

\u20ac1,350

February

2030

\u20ac 753

\u20ac 871

Bank Loan

\u20ac987

April

2029

\u20ac 491

\u20ac 613

Bank Loan

\u20ac1,125

August

2030

\u20ac 655

\u20ac 763

Bank Loan

\u20ac918

June

2031

\u20ac 585

\u20ac 682

Bank Loan

\u20ac271

November

2025

\u20ac 31

\u20ac 65

Bank Loan

\u20ac800

February

2027

\u20ac 217

\u20ac 325

*This particular loan can be withdrawn in both currencies.
**The specific loans were fully repaid earlier than the original maturity date.
Total short-term loans (including short-term portion of long-term loans) with duration up to one-year amount to \u20ac 39,135 thousand.
iv.\u201cL.P.C. S.A.\u201d has been granted the following loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac18,000

August 2024

(2 years extension)

\u20ac 0

\u20ac 3,500

Bond Loan

\u20ac5,000

June

2029

\u20ac 5,000

\u20ac 0

Total short-term loans (including short-term portion of long-term loans) with duration up to one year amount to \u20ac 15 thousand.
v.\u201cCORAL GAS A.E.V.E.Y.\u201d has been granted the following loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac15,000

July

2028

\u20ac 8,500

\u20ac 8,000

Total short-term loans (including short-term portion of long-term loans) with duration up to one year amount to \u20ac 500 thousand.
vi.\u201cNRG\u201d subgroup has been granted the following loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac100,000

October

2026

\u20ac 100,000

\u20ac 73,000

Bank Loan

\u20ac200

September

2025

\u20ac 34

\u20ac 76

Bank Loan

\u20ac250

June

2025

\u20ac 30

\u20ac 102

Total short-term loans (including short-term portion of long-term loans) with duration up to one year amount to \u20ac 22,443 thousand.
vii.\u201cMOTOR OIL RENEWABLE ENERGY\u201d subgroup has been granted the following loans as analyzed in the below tables (in thousands \u20ac):
\u201cMOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.\u201d

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac100,000

December

2029

\u20ac 100,000

\u20ac 100,000

Bond Loan

\u20ac25,000

December

2034

\u20ac 25,000

\u20ac 0

\u201cSELEFKOS ENERGEIAKI S.M.S.A.\u201d

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bank Loan

\u20ac28,800

June

2035

\u20ac 20,864

\u20ac 26,400

\u201cSTEFANER ENERGY S.A.\u201d

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan Series A

\u20ac12,300

December

2032

\u20ac 8,097

\u20ac 9,430

\u201cWIRED RES S.A.\u201d

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bank Loan

\u20ac13,500

March

2025

\u20ac 13,500

\u20ac 0

\u201cVERD SOLAR PARKS S.M.P.C.\u201d

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bank Loan

\u20ac500

February

2033

\u20ac 344

\u20ac 386

\u201cAIOLIKI HELLAS SINGLE MEMBER S.A.\u201d
The companies \u201cAIOLIKI HELLAS SINGLE MEMBER S.A.\u201d, \u201cAIOLOS ANAPTYXIAKI AND SIA FTHIOTIDAS SINGLE MEMBER S.A.\u201d, \u201cANEMOS MAKEDONIAS SINGLE MEMBER S.A.\u201d and \u201cAIOLIKO PARKO KATO LAKOMATA M.A.E.E.\u201d have been granted loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Company

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Loan\u00a0\u00a0

\u20ac39,800

Aioliko Parko Kato Lakomata \u039c.\u0391.\u0395.\u0395.*

December

2034

\u20ac 0

\u20ac 34,148

Loan\u00a0\u00a0

\u20ac28,212

Aioliko Parko Kato Lakomata \u039c.\u0391.\u0395.\u0395.*

December

2028

\u20ac 0

\u20ac 8,875

Loan\u00a0

\u20ac13,225

Anemos Makedonias Single Member S.A.*

December

2034

\u20ac 10,355

\u20ac 11,347

Loan\u00a0

\u20ac3,500

Aiolos Anaptyxiaki and Sia Fthiotidas Single Member S.A.*

December

2034

\u20ac 0

\u20ac 3,003

Loan\u00a0\u00a0

\u20ac204,000

Aioliki Ellas Energeiaki Single Member S.A.

December

2036

\u20ac 166,977

\u20ac 133,955

*In December 2022, the merger through absorption of the entities \u201cAIOLIKI HELLAS SINGLE MEMBER S.A.\u201d, \u201cAIOLOS ANAPTYKSIAKI AND SIA FTHIOTIDA SINGLE MEMBER S.A.\u201d, \u201cANEMOS MAKEDONIAS SINGLE MEMBER S.A.\u201d and \u201cAIOLIKO PARKO KATO LAKOMATA \u039c.\u0391.\u0395.\u0395.\u201d, by \u201cAIOLIKI ELLAS ENERGEIAKI SINGLE MEMBER S.A.\u201d was completed. Thus, the company liable for the above borrowings is \u201cAIOLIKI ELLAS ENERGEIAKI SINGLE MEMBER S.A.\u201d.
There are pledges on the company\u2019s stocks and on the machinery to secure the above loans.
The company \u201cANEMOS RES SINGLE-MEMBER S.A.\u201d has been granted loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Company

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac520,000*

ANEMOS RES SINGLE-MEMBER S.A.

June

2038

\u20ac 440,750

\u20ac 473,599

*The specific loan consists of Series A \u20ac310,000, Series B \u20ac190,000 and Series C \u20ac20,000, all with the same expiration date.
There are pledges on the company\u2019s stocks and on the machinery to secure the above loan.
Total short-term loans (including the short-term part of long-term loans) with duration up to one year amount to \u20ac 71,696 thousand for the MORE sub-group.
viii.\u201cVERD\u201d subgroup has been granted the following loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac10,200

December

2028

\u20ac 10,200

\u20ac 10,200

Bond Loan

\u20ac500

June

2025

\u20ac 60

\u20ac 170

Total short-term loans (including the short-term part of long-term loans) with duration up to one year amount to \u20ac 3,038 thousand for the VERD sub-group.
ix.\u201cTHALIS ENVIRONMENTAL SERVICES S.A\u201d has been granted the following loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bank Loan

\u20ac500

July

2025

\u20ac 103

\u20ac 205

Bank Loan

\u20ac750

December

2024

\u20ac 0

\u20ac 116

Bank Loan

\u20ac1,350

November

2028

\u20ac 870

\u20ac 1,088

Total short-term loans (including the short-term part of long-term loans) with duration up to one year amount to \u20ac 413 thousand.
x.\u201cOFC AVIATION FUEL SERVICES S.A.\u201d has been granted the following loans as analyzed in the below table (in thousands \u20ac):

\u00a0

Expiration Date

Balance as at
31.12.2024

Balance as at
31.12.2023

Bond Loan

\u20ac3,000

April

2033

\u20ac 2,684

\u20ac 3,000

Total short-term loans (including the short-term part of long-term loans) with duration up to one year amount to \u20ac 316 thousand.
Changes in liabilities arising from financing activities
The tables below detail changes in the Group\u2019s and Company\u2019s liabilities arising from financing activities, including both cash and non-cash changes:

GROUP

31/12/2023

Additions attributable to acquisition of subsidiaries

Financing Cash Flows

Foreign Exchange Movement

Additions

Other

31/12/2024

(In 000's Euros)

Borrowings

2,617,071

713

3,577

12

0

(5,174)

2,616,199

Lease Liabilities

222,693

113

(32,704)

65

58,434

(7,434)

241,167

Total

2,839,764

826

(29,127)

77

58,434

(12,608)

2,857,366

COMPANY

31/12/2023

Financing Cash Flows

Additions

Other

31/12/2024

(In 000's Euros)

Borrowings

1,309,265

(16,557)

0

3,407

1,296,115

Lease Liabilities

17,374

(5,035)

13,412

(2,637)

23,114

Total

1,326,639

(21,592)

13,412

770

1,319,229

The Group classifies interest paid as cash flows from operating activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f237084": { "value": "
Financial instruments measured at fair value
The tables below present the fair values of those financial assets and liabilities presented on the Group\u2019s and the Company's Statement of Financial Position measured at fair value. These items are classified by fair value measurement hierarchy level at 31 December 2024 and 31 December 2023.
Fair value hierarchy levels are based on the degree to which the fair value is observable and are the following:
Level 1 are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 1 inputs provide the most reliable indication of fair value and are used without adjustments.
Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 2 inputs need some degree of adjustment to determine fair value.
Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are based on unobservable inputs. An entity develops unobservable inputs using the best information available in each case and can be based on internal data.

(Amounts in 000's Euros)

GROUP

\u00a0

31/12/2024

Financial instruments measured at fair value

Level 1

Level 2

Level 3

Total

Derivative Financial Assets

Derivatives that are designated and effective as hedging instruments

Interest Rate Swaps

0

7,806

0

7,806

Commodity Futures

239

0

0

239

Derivatives that are not designated in hedging relationships

Interest Rate Swaps

0

3,474

0

3,474

Commodity Futures

1,785

0

0

1,785

Commodity Options

13,262

0

0

13,262

Commodity Swaps

0

9

0

9

Stock Options

0

0

0

0

Foreign Exchange Forwards

0

0

0

0

Power Purchase Agreements (PPA)

0

0

14,628

14,628

Total

15,286

11,289

14,628

41,203

\u00a0

Derivative Financial Liabilities

Derivatives that are designated and effective as hedging instruments

Interest Rate Swaps

0

(13,554)

0

(13,554)

Commodity Futures

(1,387)

0

0

(1,387)

Derivatives that are not designated in hedging relationships

Commodity Futures

(6,692)

0

0

(6,692)

Commodity Options

(6,529)

0

0

(6,529)

Commodity Swaps

0

(12)

0

(12)

Stock Options

0

(5,149)

0

(5,149)

Power Purchase Agreements (PPA)

0

0

(6,768)

(6,768)

Total

(14,608)

(18,715)

(6,768)

(40,091)

(Amounts in 000's Euros)

GROUP

\u00a0

31/12/2023

Financial instruments measured at fair value

Level 1

Level 2

Level 3

Total

Derivative Financial Assets

Derivatives that are designated and effective as hedging instruments

Interest Rate Swaps

0

14,789

0

14,789

Commodity Futures

390

0

0

390

Derivatives that are not designated in hedging relationships

Interest Rate Swaps

0

4,991

0

4,991

Commodity Futures

4,121

0

0

4,121

Commodity Options

6,215

0

0

6,215

Power Purchase Agreements (PPA)

0

0

9,897

9,897

Total

10,726

19,780

9,897

40,403

\u00a0

Derivative Financial Liabilities

Derivatives that are designated and effective as hedging instruments

Interest Rate Swaps

0

(8,708)

0

(8,708)

Commodity Futures

(569)

0

0

(569)

Derivatives that are not designated in hedging relationships

Commodity Futures

(4,453)

0

0

(4,453)

Commodity Options

(6,146)

0

0

(6,146)

Stock Options

0

(21,994)

0

(21,994)

Foreign Exchange Forwards

0

(16)

0

(16)

Total

(11,167)

(30,718)

0

(41,885)

(Amounts in 000's Euros)

COMPANY

\u00a0

31/12/2024

Financial instruments measured at fair value

Level 1

Level 2

Level 3

Total

Derivative Financial Assets

Derivatives that are designated and effective as hedging instruments

Interest Rate Swaps

0

7,806

0

7,806

Commodity Futures

80

0

0

80

Derivatives that are not designated in hedging relationships

Commodity Futures

1,098

0

0

1,098

Commodity Options

13,042

0

0

13,042

Total

14,220

7,806

0

22,026

\u00a0

Derivative Financial Liabilities

Derivatives that are designated and effective as hedging instruments

Commodity Futures

(1,333)

0

0

(1,333)

Derivatives that are not designated in hedging relationships

Commodity Futures

(5,703)

0

0

(5,703)

Commodity Options

(6,404)

0

0

(6,404)

Stock Options

0

(5,149)

0

(5,149)

Total

(13,440)

(5,149)

0

(18,589)

(Amounts in 000's Euros)

COMPANY

\u00a0

31/12/2023

Financial instruments measured at fair value

Level 1

Level 2

Level 3

Total

Derivative Financial Assets

Derivatives that are designated and effective as hedging instruments

Interest Rate Swaps

0

14,789

0

14,789

Commodity Futures

390

0

0

390

Derivatives that are not designated in hedging relationships

Commodity Futures

2,992

0

0

2,992

Commodity Options

6,215

0

0

6,215

Total

9,597

14,789

0

24,386

\u00a0

Derivative Financial Liabilities

Derivatives that are designated and effective as hedging instruments

Commodity Futures

(569)

0

0

(569)

Derivatives that are not designated in hedging relationships

Commodity Futures

(3,788)

0

0

(3,788)

Commodity Options

(6,146)

0

0

(6,146)

Stock Options

0

(21,994)

0

(21,994)

Total

(10,503)

(21,994)

0

(32,497)

There were no transfers between Level 1 and Level 2 fair value measurements and no transfers into and out of Level 3 fair value measurements during the current and prior period.
The fair value measurement of financial derivatives is determined based on exchange market quotations as per last business day of the reporting period and are classified at Level 1 fair value measurements. The fair values of financial instruments that are not quoted in active markets (Level 2), are determined by using valuation techniques. These include present value models and other models based on observable input parameters. Valuation models are used primarily to value derivatives transacted over-the-counter, including interest rate swaps, foreign exchange forwards and stock options. Accordingly, their fair value is derived either from option valuation models (Cox-Ross Rubinstein binomial methodology) or from discounted cash flow models, being the present value of the estimated future cash flows, discounted using the appropriate interest rate or foreign exchange curve.
Where the fair value derives from a combination of different levels of inputs, in order to determine the level at which the fair value measurement should be categorized, the Company aggregates the inputs to the measurement by level and determines the lowest level of inputs that are significant for the fair value measurement as a whole. In particular, fair value measurements of financial instruments which include inputs that have a significant effect derived from different levels of inputs, are classified in their entirety at the lowest level of input with a significant effect. Regarding this assessment, with respect to stock options, no significant impact was derived from the use of a Level 3 input in the valuation model (historical volatility) on their overall measurement, therefore these are classified at Level 2. The above stock options (Call and Put) have originated from the framework agreement between MOH and Reggeborgh Invest B.V. , expiring in May 2025. In particular, the Company has a put option to ask REGGEBORGH INVEST B.V. to buy the 26,000,000 issued shares of ELLAKTOR S.A. at the pre-agreed price of Euro 1.75 and REGGEBORGH INVEST B.V. has a call option to request from the Company the sale of the above 26,000,000 shares issued by ELLAKTOR S.A. at the pre-agreed price of Euro 1.75. In June 2024, REGGEBORGH INVEST B.V. partially exercised the option (Call Option) it owns and purchased 10,400,000 shares issued by ELLAKTOR S.A. In addition, in July 2024, due to the return of capital that took place, based on the decision of the General Assembly of the company ELLAKTOR S.A., the pre-agreed purchase/sale price of the Share Options (Strike Price of Call/Put Options) was reduced to Euro 1.25 following what was defined in the original framework agreement. In December 2024, the Company received from REGGEBORGH INVEST B.V. official letter for the partial exercise of the option (Call Option) it owns, which led to sell additional 10,400,000 shares issued by ELLAKTOR S.A. and held from the Company.
During the current period, there are active vPPAs (Virtual Power Purchase Agreements). One of them was signed, during the previous period, between the subsidiary company MORE and the associate company Thermoilektriki SA. The duration of this agreement is 10 years. For the derivative in consideration, a loss of \u20ac 1,885 thousand has been recognized in the current period in \"Other gain/(loss)\" with an equal amount recognized as a gain, in \"Share of profit/ (loss) in associates\". The rest are between Group Companies and third parties with an average duration of 5-7 years. These vPPAs are considered as financial instruments similar to a CFD (Contract for Differences), as there is an
exchange of a fixed-price cashflow for a variable-priced cash flow, based on the difference between an agreed Fixed rate and Floating rates of Energy Markets. By entering these type of contracts, risk arising from price volatility in Energy Markets is being hedged.
Regarding Fair Value measurement of vPPAs, and more specific, for the determination of future cash flows, a non-liquid curve is being used. It is being calculated based on operational and financial forecasts of the counterparty in the transaction, as well as price forecasts of Energy market indices (such as Natural Gas, CO2, Electricity Price indices) as defined by the contract. The discounting of future cash flows is based on the use of an Interest Rate Curve (EUR-Swaps), Counterparty Credit-Risk assumptions and other adjustments due to Market Risk. Therefore, we have classified them at Level 3 in Fair Value hierarchy.
All transfers between Fair value hierarchy levels are assumed to take place at the end of the reporting period, upon occurrence.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact26": { "value": "
Fair value hierarchy levels are based on the degree to which the fair value is observable and are the following:
Level 1 are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 1 inputs provide the most reliable indication of fair value and are used without adjustments.
Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 2 inputs need some degree of adjustment to determine fair value.
Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are based on unobservable inputs. An entity develops unobservable inputs using the best information available in each case and can be based on internal data.
The fair value measurement of financial derivatives is determined based on exchange market quotations as per last business day of the reporting period and are classified at Level 1 fair value measurements. The fair values of financial instruments that are not quoted in active markets (Level 2), are determined by using valuation techniques. These include present value models and other models based on observable input parameters. Valuation models are used primarily to value derivatives transacted over-the-counter, including interest rate swaps, foreign exchange forwards and stock options. Accordingly, their fair value is derived either from option valuation models (Cox-Ross Rubinstein binomial methodology) or from discounted cash flow models, being the present value of the estimated future cash flows, discounted using the appropriate interest rate or foreign exchange curve.
Where the fair value derives from a combination of different levels of inputs, in order to determine the level at which the fair value measurement should be categorized, the Company aggregates the inputs to the measurement by level and determines the lowest level of inputs that are significant for the fair value measurement as a whole. In particular, fair value measurements of financial instruments which include inputs that have a significant effect derived from different levels of inputs, are classified in their entirety at the lowest level of input with a significant effect. Regarding this assessment, with respect to stock options, no significant impact was derived from the use of a Level 3 input in the valuation model (historical volatility) on their overall measurement, therefore these are classified at Level 2. The above stock options (Call and Put) have originated from the framework agreement between MOH and Reggeborgh Invest B.V. , expiring in May 2025. In particular, the Company has a put option to ask REGGEBORGH INVEST B.V. to buy the 26,000,000 issued shares of ELLAKTOR S.A. at the pre-agreed price of Euro 1.75 and REGGEBORGH INVEST B.V. has a call option to request from the Company the sale of the above 26,000,000 shares issued by ELLAKTOR S.A. at the pre-agreed price of Euro 1.75. In June 2024, REGGEBORGH INVEST B.V. partially exercised the option (Call Option) it owns and purchased 10,400,000 shares issued by ELLAKTOR S.A. In addition, in July 2024, due to the return of capital that took place, based on the decision of the General Assembly of the company ELLAKTOR S.A., the pre-agreed purchase/sale price of the Share Options (Strike Price of Call/Put Options) was reduced to Euro 1.25 following what was defined in the original framework agreement. In December 2024, the Company received from REGGEBORGH INVEST B.V. official letter for the partial exercise of the option (Call Option) it owns, which led to sell additional 10,400,000 shares issued by ELLAKTOR S.A. and held from the Company.
During the current period, there are active vPPAs (Virtual Power Purchase Agreements). One of them was signed, during the previous period, between the subsidiary company MORE and the associate company Thermoilektriki SA. The duration of this agreement is 10 years. For the derivative in consideration, a loss of \u20ac 1,885 thousand has been recognized in the current period in \"Other gain/(loss)\" with an equal amount recognized as a gain, in \"Share of profit/ (loss) in associates\". The rest are between Group Companies and third parties with an average duration of 5-7 years. These vPPAs are considered as financial instruments similar to a CFD (Contract for Differences), as there is an
exchange of a fixed-price cashflow for a variable-priced cash flow, based on the difference between an agreed Fixed rate and Floating rates of Energy Markets. By entering these type of contracts, risk arising from price volatility in Energy Markets is being hedged.
Regarding Fair Value measurement of vPPAs, and more specific, for the determination of future cash flows, a non-liquid curve is being used. It is being calculated based on operational and financial forecasts of the counterparty in the transaction, as well as price forecasts of Energy market indices (such as Natural Gas, CO2, Electricity Price indices) as defined by the contract. The discounting of future cash flows is based on the use of an Interest Rate Curve (EUR-Swaps), Counterparty Credit-Risk assumptions and other adjustments due to Market Risk. Therefore, we have classified them at Level 3 in Fair Value hierarchy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact27": { "value": "

(Amounts in 000's Euros)

GROUP

\u00a0

31/12/2024

Financial instruments measured at fair value

Level 1

Level 2

Level 3

Total

Derivative Financial Assets

Derivatives that are designated and effective as hedging instruments

Interest Rate Swaps

0

7,806

0

7,806

Commodity Futures

239

0

0

239

Derivatives that are not designated in hedging relationships

Interest Rate Swaps

0

3,474

0

3,474

Commodity Futures

1,785

0

0

1,785

Commodity Options

13,262

0

0

13,262

Commodity Swaps

0

9

0

9

Stock Options

0

0

0

0

Foreign Exchange Forwards

0

0

0

0

Power Purchase Agreements (PPA)

0

0

14,628

14,628

Total

15,286

11,289

14,628

41,203

\u00a0

Derivative Financial Liabilities

Derivatives that are designated and effective as hedging instruments

Interest Rate Swaps

0

(13,554)

0

(13,554)

Commodity Futures

(1,387)

0

0

(1,387)

Derivatives that are not designated in hedging relationships

Commodity Futures

(6,692)

0

0

(6,692)

Commodity Options

(6,529)

0

0

(6,529)

Commodity Swaps

0

(12)

0

(12)

Stock Options

0

(5,149)

0

(5,149)

Power Purchase Agreements (PPA)

0

0

(6,768)

(6,768)

Total

(14,608)

(18,715)

(6,768)

(40,091)

(Amounts in 000's Euros)

GROUP

\u00a0

31/12/2023

Financial instruments measured at fair value

Level 1

Level 2

Level 3

Total

Derivative Financial Assets

Derivatives that are designated and effective as hedging instruments

Interest Rate Swaps

0

14,789

0

14,789

Commodity Futures

390

0

0

390

Derivatives that are not designated in hedging relationships

Interest Rate Swaps

0

4,991

0

4,991

Commodity Futures

4,121

0

0

4,121

Commodity Options

6,215

0

0

6,215

Power Purchase Agreements (PPA)

0

0

9,897

9,897

Total

10,726

19,780

9,897

40,403

\u00a0

Derivative Financial Liabilities

Derivatives that are designated and effective as hedging instruments

Interest Rate Swaps

0

(8,708)

0

(8,708)

Commodity Futures

(569)

0

0

(569)

Derivatives that are not designated in hedging relationships

Commodity Futures

(4,453)

0

0

(4,453)

Commodity Options

(6,146)

0

0

(6,146)

Stock Options

0

(21,994)

0

(21,994)

Foreign Exchange Forwards

0

(16)

0

(16)

Total

(11,167)

(30,718)

0

(41,885)

There were no transfers between Level 1 and Level 2 fair value measurements and no transfers into and out of Level 3 fair value measurements during the current and prior period.
The fair value measurement of financial derivatives is determined based on exchange market quotations as per last business day of the reporting period and are classified at Level 1 fair value measurements. The fair values of financial instruments that are not quoted in active markets (Level 2), are determined by using valuation techniques. These include present value models and other models based on observable input parameters. Valuation models are used primarily to value derivatives transacted over-the-counter, including interest rate swaps, foreign exchange forwards and stock options. Accordingly, their fair value is derived either from option valuation models (Cox-Ross Rubinstein binomial methodology) or from discounted cash flow models, being the present value of the estimated future cash flows, discounted using the appropriate interest rate or foreign exchange curve.
Where the fair value derives from a combination of different levels of inputs, in order to determine the level at which the fair value measurement should be categorized, the Company aggregates the inputs to the measurement by level and determines the lowest level of inputs that are significant for the fair value measurement as a whole. In particular, fair value measurements of financial instruments which include inputs that have a significant effect derived from different levels of inputs, are classified in their entirety at the lowest level of input with a significant effect. Regarding this assessment, with respect to stock options, no significant impact was derived from the use of a Level 3 input in the valuation model (historical volatility) on their overall measurement, therefore these are classified at Level 2. The above stock options (Call and Put) have originated from the framework agreement between MOH and Reggeborgh Invest B.V. , expiring in May 2025. In particular, the Company has a put option to ask REGGEBORGH INVEST B.V. to buy the 26,000,000 issued shares of ELLAKTOR S.A. at the pre-agreed price of Euro 1.75 and REGGEBORGH INVEST B.V. has a call option to request from the Company the sale of the above 26,000,000 shares issued by ELLAKTOR S.A. at the pre-agreed price of Euro 1.75. In June 2024, REGGEBORGH INVEST B.V. partially exercised the option (Call Option) it owns and purchased 10,400,000 shares issued by ELLAKTOR S.A. In addition, in July 2024, due to the return of capital that took place, based on the decision of the General Assembly of the company ELLAKTOR S.A., the pre-agreed purchase/sale price of the Share Options (Strike Price of Call/Put Options) was reduced to Euro 1.25 following what was defined in the original framework agreement. In December 2024, the Company received from REGGEBORGH INVEST B.V. official letter for the partial exercise of the option (Call Option) it owns, which led to sell additional 10,400,000 shares issued by ELLAKTOR S.A. and held from the Company.
During the current period, there are active vPPAs (Virtual Power Purchase Agreements). One of them was signed, during the previous period, between the subsidiary company MORE and the associate company Thermoilektriki SA. The duration of this agreement is 10 years. For the derivative in consideration, a loss of \u20ac 1,885 thousand has been recognized in the current period in \"Other gain/(loss)\" with an equal amount recognized as a gain, in \"Share of profit/ (loss) in associates\". The rest are between Group Companies and third parties with an average duration of 5-7 years. These vPPAs are considered as financial instruments similar to a CFD (Contract for Differences), as there is an
exchange of a fixed-price cashflow for a variable-priced cash flow, based on the difference between an agreed Fixed rate and Floating rates of Energy Markets. By entering these type of contracts, risk arising from price volatility in Energy Markets is being hedged.
Regarding Fair Value measurement of vPPAs, and more specific, for the determination of future cash flows, a non-liquid curve is being used. It is being calculated based on operational and financial forecasts of the counterparty in the transaction, as well as price forecasts of Energy market indices (such as Natural Gas, CO2, Electricity Price indices) as defined by the contract. The discounting of future cash flows is based on the use of an Interest Rate Curve (EUR-Swaps), Counterparty Credit-Risk assumptions and other adjustments due to Market Risk. Therefore, we have classified them at Level 3 in Fair Value hierarchy.
All transfers between Fair value hierarchy levels are assumed to take place at the end of the reporting period, upon occurrence.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f238513": { "value": "
The fair value measurement of financial derivatives is determined based on exchange market quotations as per last business day of the reporting period and are classified at Level 1 fair value measurements. The fair values of financial instruments that are not quoted in active markets (Level 2), are determined by using valuation techniques. These include present value models and other models based on observable input parameters. Valuation models are used primarily to value derivatives transacted over-the-counter, including interest rate swaps, foreign exchange forwards and stock options. Accordingly, their fair value is derived either from option valuation models (Cox-Ross Rubinstein binomial methodology) or from discounted cash flow models, being the present value of the estimated future cash flows, discounted using the appropriate interest rate or foreign exchange curve.
Where the fair value derives from a combination of different levels of inputs, in order to determine the level at which the fair value measurement should be categorized, the Company aggregates the inputs to the measurement by level and determines the lowest level of inputs that are significant for the fair value measurement as a whole. In particular, fair value measurements of financial instruments which include inputs that have a significant effect derived from different levels of inputs, are classified in their entirety at the lowest level of input with a significant effect. Regarding this assessment, with respect to stock options, no significant impact was derived from the use of a Level 3 input in the valuation model (historical volatility) on their overall measurement, therefore these are classified at Level 2. The above stock options (Call and Put) have originated from the framework agreement between MOH and Reggeborgh Invest B.V. , expiring in May 2025. In particular, the Company has a put option to ask REGGEBORGH INVEST B.V. to buy the 26,000,000 issued shares of ELLAKTOR S.A. at the pre-agreed price of Euro 1.75 and REGGEBORGH INVEST B.V. has a call option to request from the Company the sale of the above 26,000,000 shares issued by ELLAKTOR S.A. at the pre-agreed price of Euro 1.75. In June 2024, REGGEBORGH INVEST B.V. partially exercised the option (Call Option) it owns and purchased 10,400,000 shares issued by ELLAKTOR S.A. In addition, in July 2024, due to the return of capital that took place, based on the decision of the General Assembly of the company ELLAKTOR S.A., the pre-agreed purchase/sale price of the Share Options (Strike Price of Call/Put Options) was reduced to Euro 1.25 following what was defined in the original framework agreement. In December 2024, the Company received from REGGEBORGH INVEST B.V. official letter for the partial exercise of the option (Call Option) it owns, which led to sell additional 10,400,000 shares issued by ELLAKTOR S.A. and held from the Company.
During the current period, there are active vPPAs (Virtual Power Purchase Agreements). One of them was signed, during the previous period, between the subsidiary company MORE and the associate company Thermoilektriki SA. The duration of this agreement is 10 years. For the derivative in consideration, a loss of \u20ac 1,885 thousand has been recognized in the current period in \"Other gain/(loss)\" with an equal amount recognized as a gain, in \"Share of profit/ (loss) in associates\". The rest are between Group Companies and third parties with an average duration of 5-7 years. These vPPAs are considered as financial instruments similar to a CFD (Contract for Differences), as there is an
exchange of a fixed-price cashflow for a variable-priced cash flow, based on the difference between an agreed Fixed rate and Floating rates of Energy Markets. By entering these type of contracts, risk arising from price volatility in Energy Markets is being hedged.
Regarding Fair Value measurement of vPPAs, and more specific, for the determination of future cash flows, a non-liquid curve is being used. It is being calculated based on operational and financial forecasts of the counterparty in the transaction, as well as price forecasts of Energy market indices (such as Natural Gas, CO2, Electricity Price indices) as defined by the contract. The discounting of future cash flows is based on the use of an Interest Rate Curve (EUR-Swaps), Counterparty Credit-Risk assumptions and other adjustments due to Market Risk. Therefore, we have classified them at Level 3 in Fair Value hierarchy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact28": { "value": "
25.Leases
The Group leases several types of assets including land and buildings, transportation means and machinery. The Group leases land and buildings for the purposes of constructing and operating its own network of gas stations, fuel storage facilities (oil depots), warehouses and retail stores, as well as for its office space. Meanwhile, it leases land and buildings for the purpose of the construction and operation of wind and photovoltaic parks, the installation and exploitation of electricity storage and production units and the use of these as warehouses. Furthermore, the Group leases trucks and vessels for distribution of its oil and gas products as well as cars for management and other operational needs.
Lease contracts are negotiated on an individual basis and contain a wide range of different terms and conditions.
The Group subleases some of its right-of-use assets that concern premises suitable to operate gas stations and other interrelated activities including office space under operating lease. Additionally, the Group leases out part of its own fuel storage facilities to third parties under operating lease.
Right of Use Assets
Set out below are the carrying amounts of right-of-use assets recognized and their movements during the year 01/01\u2013 31/12/2023 and the year 01/01\u201331/12/2024:

\u00a0

GROUP

\u00a0

COMPANY

(In 000's Euros)

Land and buildings

Plant and machinery/ Transportation means

Total

\u00a0

Land and buildings

Plant and machinery/ Transportation means

Total

Balance as at 1 January 2023

192,503

12,539

205,042

\u00a0

8,401

2,764

11,165

Depreciation charge for the year

(27,793)

(6,051)

(33,844)

\u00a0

(3,940)

(1,228)

(5,168)

Additions to right-of-use assets

49,617

7,044

56,661

\u00a0

9,769

1,562

11,331

Additions attributable to acquisition of subsidiaries

267

156

423

\u00a0

0

0

0

Derecognition of right-of-use assets

(1,292)

(278)

(1,570)

\u00a0

(8)

(158)

(166)

Other

0

0

0

\u00a0

(1)

1

0

Balance as at 31 December 2023

213,302

13,410

226,712

\u00a0

14,221

2,941

17,162

Depreciation charge for the year

(28,866)

(6,620)

(35,486)

\u00a0

(3,812)

(1,387)

(5,199)

Additions to right-of-use assets

52,639

5,795

58,434

\u00a0

10,994

2,425

13,419

Additions attributable to acquisition of subsidiaries

104

6

110

\u00a0

0

0

0

Derecognition of right-of-use assets

(6,998)

(425)

(7,423)

\u00a0

(2,563)

(68)

(2,631)

Other

(24)

27

3

\u00a0

0

0

0

Balance as at 31 December 2024

230,157

12,193

242,350

\u00a0

18,840

3,911

22,751

The derecognition of right-of-use assets for the Group and the Company during the year 01/01 \u2013 31/12/2024 mainly refers to termination of lease contracts for office spaces.
Lease Liabilities
Set out below are the carrying amounts of lease liabilities and their movements for the Group and the Company during the year 01/01- 31/12/2023 and the year 01/01- 31/12/2024:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

As at 1st January 2023

\u00a0

197,751

\u00a0

11,468

Additions attributable to acquisition of subsidiaries

\u00a0

423

\u00a0

0

Additions

\u00a0

56,661

\u00a0

11,331

Accretion of Interest

\u00a0

7,335

\u00a0

294

Payments

\u00a0

(37,425)

\u00a0

(5,552)

Foreign Exchange Differences

\u00a0

11

\u00a0

0

Other

\u00a0

(2,063)

\u00a0

(167)

Balance as at 31 December 2023

\u00a0

222,693

\u00a0

17,374

Additions attributable to acquisition of subsidiaries

\u00a0

113

\u00a0

0

Additions

\u00a0

58,434

\u00a0

13,412

Accretion of Interest

\u00a0

8,825

\u00a0

742

Payments

\u00a0

(41,529)

\u00a0

(5,777)

Foreign Exchange Differences

\u00a0

65

\u00a0

0

Other

\u00a0

(7,434)

\u00a0

(2,637)

Balance as at 31 December 2024

\u00a0

241,167

\u00a0

23,114

Current Lease Liabilities

\u00a0

29,219

\u00a0

5,149

Non-Current Lease Liabilities

\u00a0

211,948

\u00a0

17,965

Lease liabilities as of 31 December 2024 for the Group and the Company are repayable as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

Not Later than one year

\u00a0

29,219

\u00a0

5,149

In the Second year

\u00a0

27,498

\u00a0

4,637

From the third to fifth year

\u00a0

58,159

\u00a0

6,037

After five years

\u00a0

126,291

\u00a0

7,291

Total Lease Liabilities

\u00a0

241,167

\u00a0

23,114

The Company and the Group do not face any significant liquidity risk with regards to its lease liabilities. Lease liabilities are monitored by the Group\u2019s treasury function.
There are no significant lease commitments for leases not commenced at the end of the reporting period.
The following are the amounts recognized in profit or loss for the Group and the Company:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

01/01-31/12/24

01/01-31/12/23

\u00a0

01/01-31/12/24

01/01-31/12/23

Depreciation expense of right-of-use assets

\u00a0

35,486

33,844

\u00a0

5,199

5,168

Interest expense on lease liabilities

\u00a0

8,825

7,334

\u00a0

742

294

Expense relating to short-term leases

\u00a0

13,917

11,227

\u00a0

7,919

6,157

Expense relating to leases of low-value assets

\u00a0

317

652

\u00a0

87

46

Variable lease payments

\u00a0

4,196

3,273

\u00a0

966

419

Total amount recognised in profit or loss

\u00a0

62,741

56,330

\u00a0

14,913

12,084

The Group had total cash outflows for leases of \u20ac 51,134 thousand in 2024 (Company: \u20ac 14,007 thousand). The respective amounts for the year 2023 were \u20ac 45,242 thousand for the Group and \u20ac 11,879 thousand for the Company.
Group as a lessor
Rental income from operating lease contracts is recognized as annual income.

(in 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Rental income earned during the year

\u00a0

3,427

3,193

\u00a0

1,617

1,731

At the Statement of Financial Position date, the Group has contracted with tenants for the following future minimum lease payments:

(in 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Within one year

\u00a0

2,864

3,580

\u00a0

1,650

1,715

From the second to fifth year inclusive

\u00a0

3,990

7,169

\u00a0

2,932

2,873

After five years

\u00a0

2,506

4,217

\u00a0

7,818

8,304

Rental income of the Group mostly concerns subleases of \u201cAvin Oil Single Member S.A.\u201d, \u201cCoral S.A.\u201d and \u201cCoral Gas A.E.B.E.Y.\u201d relating mostly to premises suitable to operate as gas stations. The average lease term is ten years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f242379": { "value": "
27.Trade and Other Payables
Trade and other payables mainly comprise amounts outstanding for trade purchases and operating expenses. The major raw material for the Group\u2019s production of oil products is crude oil. The average credit period received for purchases, is approximately 25 days for the Group and 26 for the Company while for 2023 was 32 and 31 days respectively.
The Company\u2019s management considers that the carrying amount of trade payables approximates their fair value. Analysis of the trade and other payables (excluding banks), is presented below:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Trade payable

\u00a0

756,439

1,018,984

\u00a0

518,152

602,449

-Related parties

\u00a0

849

586

\u00a0

30,490

93,412

Creditors

\u00a0

98,496

75,662

\u00a0

24,237

39,446

-Related parties

\u00a0

0

0

\u00a0

210

321

Contract liability

\u00a0

33,658

77,348

\u00a0

0

0

-Related parties

\u00a0

5

0

\u00a0

0

0

Other

\u00a0

129,233

129,543

\u00a0

87,887

55,273

-Related parties

\u00a0

3,887

417

\u00a0

4,897

4,971

Total

\u00a0

1,022,567

1,302,540

\u00a0

665,873

795,872

The Group has financial risk management policies in place to ensure that the beforementioned payables are settled within the credit timeframe.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact29": { "value": "
27.Trade and Other Payables
Trade and other payables mainly comprise amounts outstanding for trade purchases and operating expenses. The major raw material for the Group\u2019s production of oil products is crude oil. The average credit period received for purchases, is approximately 25 days for the Group and 26 for the Company while for 2023 was 32 and 31 days respectively.
The Company\u2019s management considers that the carrying amount of trade payables approximates their fair value. Analysis of the trade and other payables (excluding banks), is presented below:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Trade payable

\u00a0

756,439

1,018,984

\u00a0

518,152

602,449

-Related parties

\u00a0

849

586

\u00a0

30,490

93,412

Creditors

\u00a0

98,496

75,662

\u00a0

24,237

39,446

-Related parties

\u00a0

0

0

\u00a0

210

321

Contract liability

\u00a0

33,658

77,348

\u00a0

0

0

-Related parties

\u00a0

5

0

\u00a0

0

0

Other

\u00a0

129,233

129,543

\u00a0

87,887

55,273

-Related parties

\u00a0

3,887

417

\u00a0

4,897

4,971

Total

\u00a0

1,022,567

1,302,540

\u00a0

665,873

795,872

The Group has financial risk management policies in place to ensure that the beforementioned payables are settled within the credit timeframe.
28.Other Non-Current Liabilities
Other Non-current Liabilities for the Group and the Company are presented in the following table:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Customer Guarantees

\u00a0

27,051

27,665

\u00a0

0

0

Other

\u00a0

27,904

30,409

\u00a0

0

1

Related Parties

\u00a0

137

135

\u00a0

332

371

Total

\u00a0

55,092

58,209

\u00a0

332

372

\u201cCustomer Guarantees\u201d refer to guarantees received from customers for the delivery of goods and for the rental of gas stations, from gas station managers as well as guarantees for the loan of LPG cylinders and tanks.
\"Other\" refers to non-current liabilities deriving primarily from subgroup MORE and relate to liabilities of long term contracts with third parties which arose from ANEMOS RES acquisition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f242381": { "value": "
27.Trade and Other Payables
Trade and other payables mainly comprise amounts outstanding for trade purchases and operating expenses. The major raw material for the Group\u2019s production of oil products is crude oil. The average credit period received for purchases, is approximately 25 days for the Group and 26 for the Company while for 2023 was 32 and 31 days respectively.
The Company\u2019s management considers that the carrying amount of trade payables approximates their fair value. Analysis of the trade and other payables (excluding banks), is presented below:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Trade payable

\u00a0

756,439

1,018,984

\u00a0

518,152

602,449

-Related parties

\u00a0

849

586

\u00a0

30,490

93,412

Creditors

\u00a0

98,496

75,662

\u00a0

24,237

39,446

-Related parties

\u00a0

0

0

\u00a0

210

321

Contract liability

\u00a0

33,658

77,348

\u00a0

0

0

-Related parties

\u00a0

5

0

\u00a0

0

0

Other

\u00a0

129,233

129,543

\u00a0

87,887

55,273

-Related parties

\u00a0

3,887

417

\u00a0

4,897

4,971

Total

\u00a0

1,022,567

1,302,540

\u00a0

665,873

795,872

The Group has financial risk management policies in place to ensure that the beforementioned payables are settled within the credit timeframe.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f242382": { "value": "
27.Trade and Other Payables
Trade and other payables mainly comprise amounts outstanding for trade purchases and operating expenses. The major raw material for the Group\u2019s production of oil products is crude oil. The average credit period received for purchases, is approximately 25 days for the Group and 26 for the Company while for 2023 was 32 and 31 days respectively.
The Company\u2019s management considers that the carrying amount of trade payables approximates their fair value. Analysis of the trade and other payables (excluding banks), is presented below:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Trade payable

\u00a0

756,439

1,018,984

\u00a0

518,152

602,449

-Related parties

\u00a0

849

586

\u00a0

30,490

93,412

Creditors

\u00a0

98,496

75,662

\u00a0

24,237

39,446

-Related parties

\u00a0

0

0

\u00a0

210

321

Contract liability

\u00a0

33,658

77,348

\u00a0

0

0

-Related parties

\u00a0

5

0

\u00a0

0

0

Other

\u00a0

129,233

129,543

\u00a0

87,887

55,273

-Related parties

\u00a0

3,887

417

\u00a0

4,897

4,971

Total

\u00a0

1,022,567

1,302,540

\u00a0

665,873

795,872

The Group has financial risk management policies in place to ensure that the beforementioned payables are settled within the credit timeframe.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f242805": { "value": "
28.Other Non-Current Liabilities
Other Non-current Liabilities for the Group and the Company are presented in the following table:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Customer Guarantees

\u00a0

27,051

27,665

\u00a0

0

0

Other

\u00a0

27,904

30,409

\u00a0

0

1

Related Parties

\u00a0

137

135

\u00a0

332

371

Total

\u00a0

55,092

58,209

\u00a0

332

372

\u201cCustomer Guarantees\u201d refer to guarantees received from customers for the delivery of goods and for the rental of gas stations, from gas station managers as well as guarantees for the loan of LPG cylinders and tanks.
\"Other\" refers to non-current liabilities deriving primarily from subgroup MORE and relate to liabilities of long term contracts with third parties which arose from ANEMOS RES acquisition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact30": { "value": "
29.Share Capital
Share capital as at 31/12/2024 was \u20ac 83,088 thousand (31/12/2023: \u20ac 83,088 thousand) and consists of 110,782,980 registered shares of par value \u20ac 0.75 each (31/12/2023: \u20ac 0.75 each).
30.Reserves
Reserves of the Group and the Company as at 31/12/2024 are \u20ac 163,700 thousand and \u20ac 58,654 thousand respectively (31/12/2023: \u20ac 98,356 thousand and \u20ac 25,239 thousand respectively) and were so formed as follows:
GROUP

(In 000's Euros)

Balance as at 01/01/2024

Movement

Balance as at 31/12/2024

Statutory

44,273

2,408

46,681

Special

62,070

3,662

65,732

Tax-free

7,863

50,485

58,348

Foreign currency, translation reserve

(776)

1,748

972

Treasury shares

(45,112)

(15,856)

(60,968)

Equity settled share-based payments

1,635

1,088

2,723

Cash flow hedge reserve*

6,574

(11,225)

(4,651)

Cost of hedging reserve*

(785)

(492)

(1,277)

Fair value Reserve on other financial assets

23,242

33,746

56,988

Other

(628)

(220)

(848)

Total

98,356

65,344

163,700

*The movement of the period includes amounts due to the acquisition of the subsidiary\u2019s ANEMOS RES SINGLE MEMBER S.A. minority interest and more specifically \u20ac (1,713) thousand in the \"Cash flow hedge reserve\" and \u20ac 389 thousand in the \"Cost of hedging reserve\".
COMPANY

(In 000's Euros)

Balance as at 01/01/2024

Movement

Balance as at 31/12/2024

Statutory

30,942

0

30,942

Special

21,690

3,528

25,218

Tax-free

5,487

51,320

56,807

Treasury shares

(45,112)

(15,856)

(60,968)

Equity settled share-based payments

1,636

1,088

2,724

Cash flow hedge reserve

12,548

(6,394)

6,154

Cost of hedging reserve

(1,952)

(271)

(2,223)

Total

25,239

33,415

58,654

Statutory Reserve
According to Law 4548/2018, 5% of profits after tax must be transferred to a statutory reserve until this amounts to 1/3 of the Company\u2019s share capital. This reserve cannot be distributed but may be used to offset losses.
Special Reserves
These are reserves of various types and according to various laws such as tax accounting differences, differences on revaluation of share capital expressed in Euros and other special cases with different handling.
Tax-free Reserves
These are tax reserves created based on qualifying capital expenditures. All tax-free reserves, with the exception of those formed in accordance with L.1828/82, may be capitalized if taxed at 5% for the parent company and 10% for the subsidiaries or be distributed subject to income tax at the prevailing rate. There is no time restriction for their distribution. Tax free reserve formed in accordance with L.1828/82 can be capitalized to Company\u2019s share capital within a period of three years from its creation without any tax obligation.
Foreign currency, translation reserve
The specific reserves mainly consist of exchange differences arising from currency translation during the consolidation of foreign companies, with the largest part of them mainly coming from the foreign subsidiaries of CORAL and LPC sub-groups, MVU sub-group, \u201cCORINTHIAN OIL LIMITED\u201d and \u201cMOTOR OIL MIDDLE EAST DMCC\u201d. They are recognized in other comprehensive income and accumulated in the specific category of reserves.
Repurchase of Treasury Shares
Within the fiscal year 2024, the Company, by virtue of the relevant decision of the Extraordinary General Assembly of October 11th, 2023, purchased 857,723 treasury shares of total value \u20ac 19,258,350.66 with an average price \u20ac 22.453 per share. It is clarified that from the above purchases, transactions for 4,100 shares took place on 28.12.2023 and were cleared in January 2024.
Furthermore, in April 2024, the Company distributed 182,120 treasury shares in total by way of Over-the-Counter Transactions (OTC) to eight (8) executive members of the Company and the Group. More specifically, in relation to the decision of the Extraordinary General Assembly dated on March 22, 2023, the following were distributed:
- 179,818 treasury shares to six (6) executive members of the Company with an exercise price of EUR 13.47 per share, upon vesting and exercise of stock options, and
- 2,302 treasury shares to two (2) executive members of the Company and the Group, free of payment.
Following the above transactions, on December 31, 2024, the Company held 3,161,417 treasury shares with a nominal value of \u20ac 0.75 each. These 3,161,417 treasury shares correspond to 2.85 % of the Company\u2019s share capital.
Reserve of Equity settled share-based payments
The specific reserve of \u201cEquity settled share-based payments\u201d is created by two long-term plans granting Company\u2019s treasury shares and shares in the form of stock options. Specifically, the long-term plan granting Company\u2019s treasury shares is directed to executive members of BoD, to top and upper management of the Company and/or affiliated with the Company entities, while the long-term plan granting Company\u2019s treasury shares in the form of stock options is directed to executive members of BoD and to personnel of the Company and/or affiliated with the Company entities.
Cash flow Hedge Reserve
The cash flow hedge reserve represents the cumulative amount of gains and losses on hedging instruments that are designated and meet the effectiveness requirements in cash flow hedges. The cumulative deferred gain or loss on the hedging instrument is recognized in profit or loss only when the hedged transaction impacts the profit or loss, or is included directly in the initial cost or carrying amount of the hedged non-financial items (basis adjustment).
The following table provides the reconciliation by risk category of cash flow reserve included in equity reserves for the Group and the Company:

\u00a0

Cash flow hedge reserve

(In 000's Euros)

GROUP

COMPANY

Balance as at 01/01/2024

6,575

12,548

Addition from the acquisition of Non-Controlling Interest of Anemos RES S.A

(1,713)

0

Interest Rate Risk

\u00a0

\u00a0

Gain/(loss) arising on changes in fair value of hedging instruments during the year

(11,649)

(7,500)

Commodity Risk

\u00a0

\u00a0

Gain/(loss) arising on changes in fair value of hedging instruments during the year

(239)

(2,841)

(Gain)/loss reclassified to profit or loss \u2013 hedged item has affected profit or loss

(305)

2,145

Tax on movements on reserves during the year

2,680

1,802

Balance as at 31/12/2024

(4,651)

6,154

Cost of hedging reserve
The cost of hedging reserve reflects the gain or loss on the portion of the hedging instrument (derivative) that is excluded from the designated hedging relationship and relates to the time value of the option contracts and the forward element of the forward contracts.
The changes in the fair value of the time value of an option, in relation to a time-period related hedged item, are accumulated in the cost of hedging reserve and is amortized to profit or loss on a linear basis over the term of the hedging relationship.
The changes in the fair value of the forward component of forward contracts or the time value of an option that hedges a transaction-related hedged item are recognized in other comprehensive income to the extent they are related to the hedged item, are then accumulated in the cost of hedging reserve hedge and are reclassified to profit or loss when the hedged item affects profit or loss (e.g. when the forecasted sale occurs).
The following table provides the reconciliation by risk category of cost of hedging reserve included in equity reserves for the Group and the Company:

\u00a0

Cost of hedging reserve

(In 000's Euros)

GROUP

COMPANY

Balance as at 01/01/2024

(784)

(1,952)

Addition from the acquisition of Non-Controlling Interest of Anemos RES S.A

389

0

Interest Rate Risk

\u00a0

\u00a0

Changes in fair value of the time value of an option in relation to transaction related hedged items

(1,147)

(379)

Commodity Risk

\u00a0

\u00a0

Changes in fair value of the forward element in relation to transaction-related hedged items during the year

(1,735)

264

Reclassification adjustment to the results of changes in the fair value of the forward element of a forward contract that relates to hedged items that relate to a transaction

1,751

(233)

Tax on movements on reserves during the year

249

77

Balance as at 31/12/2024

(1,277)

(2,223)

The change in the fair value of the forward element of the forward contracts (or the time value of an option) that relates to a transaction-related hedged item, is recognized in other comprehensive income to the extent that it relates to the hedged item and is accumulated in the cost of hedging reserve.
For the year ended 31 December 2024, the balance in the cost of hedging reserve involves only transaction-related hedged items.
Fair value Reserve on other financial assets
The specific category of reserves includes changes in the fair value of investments that have been classified as other financial assets of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f243015": { "value": "
29.Share Capital
Share capital as at 31/12/2024 was \u20ac 83,088 thousand (31/12/2023: \u20ac 83,088 thousand) and consists of 110,782,980 registered shares of par value \u20ac 0.75 each (31/12/2023: \u20ac 0.75 each).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f243072": { "value": "
30.Reserves
Reserves of the Group and the Company as at 31/12/2024 are \u20ac 163,700 thousand and \u20ac 58,654 thousand respectively (31/12/2023: \u20ac 98,356 thousand and \u20ac 25,239 thousand respectively) and were so formed as follows:
GROUP

(In 000's Euros)

Balance as at 01/01/2024

Movement

Balance as at 31/12/2024

Statutory

44,273

2,408

46,681

Special

62,070

3,662

65,732

Tax-free

7,863

50,485

58,348

Foreign currency, translation reserve

(776)

1,748

972

Treasury shares

(45,112)

(15,856)

(60,968)

Equity settled share-based payments

1,635

1,088

2,723

Cash flow hedge reserve*

6,574

(11,225)

(4,651)

Cost of hedging reserve*

(785)

(492)

(1,277)

Fair value Reserve on other financial assets

23,242

33,746

56,988

Other

(628)

(220)

(848)

Total

98,356

65,344

163,700

*The movement of the period includes amounts due to the acquisition of the subsidiary\u2019s ANEMOS RES SINGLE MEMBER S.A. minority interest and more specifically \u20ac (1,713) thousand in the \"Cash flow hedge reserve\" and \u20ac 389 thousand in the \"Cost of hedging reserve\".
COMPANY

(In 000's Euros)

Balance as at 01/01/2024

Movement

Balance as at 31/12/2024

Statutory

30,942

0

30,942

Special

21,690

3,528

25,218

Tax-free

5,487

51,320

56,807

Treasury shares

(45,112)

(15,856)

(60,968)

Equity settled share-based payments

1,636

1,088

2,724

Cash flow hedge reserve

12,548

(6,394)

6,154

Cost of hedging reserve

(1,952)

(271)

(2,223)

Total

25,239

33,415

58,654

Statutory Reserve
According to Law 4548/2018, 5% of profits after tax must be transferred to a statutory reserve until this amounts to 1/3 of the Company\u2019s share capital. This reserve cannot be distributed but may be used to offset losses.
Special Reserves
These are reserves of various types and according to various laws such as tax accounting differences, differences on revaluation of share capital expressed in Euros and other special cases with different handling.
Tax-free Reserves
These are tax reserves created based on qualifying capital expenditures. All tax-free reserves, with the exception of those formed in accordance with L.1828/82, may be capitalized if taxed at 5% for the parent company and 10% for the subsidiaries or be distributed subject to income tax at the prevailing rate. There is no time restriction for their distribution. Tax free reserve formed in accordance with L.1828/82 can be capitalized to Company\u2019s share capital within a period of three years from its creation without any tax obligation.
Foreign currency, translation reserve
The specific reserves mainly consist of exchange differences arising from currency translation during the consolidation of foreign companies, with the largest part of them mainly coming from the foreign subsidiaries of CORAL and LPC sub-groups, MVU sub-group, \u201cCORINTHIAN OIL LIMITED\u201d and \u201cMOTOR OIL MIDDLE EAST DMCC\u201d. They are recognized in other comprehensive income and accumulated in the specific category of reserves.
Repurchase of Treasury Shares
Within the fiscal year 2024, the Company, by virtue of the relevant decision of the Extraordinary General Assembly of October 11th, 2023, purchased 857,723 treasury shares of total value \u20ac 19,258,350.66 with an average price \u20ac 22.453 per share. It is clarified that from the above purchases, transactions for 4,100 shares took place on 28.12.2023 and were cleared in January 2024.
Furthermore, in April 2024, the Company distributed 182,120 treasury shares in total by way of Over-the-Counter Transactions (OTC) to eight (8) executive members of the Company and the Group. More specifically, in relation to the decision of the Extraordinary General Assembly dated on March 22, 2023, the following were distributed:
- 179,818 treasury shares to six (6) executive members of the Company with an exercise price of EUR 13.47 per share, upon vesting and exercise of stock options, and
- 2,302 treasury shares to two (2) executive members of the Company and the Group, free of payment.
Following the above transactions, on December 31, 2024, the Company held 3,161,417 treasury shares with a nominal value of \u20ac 0.75 each. These 3,161,417 treasury shares correspond to 2.85 % of the Company\u2019s share capital.
Reserve of Equity settled share-based payments
The specific reserve of \u201cEquity settled share-based payments\u201d is created by two long-term plans granting Company\u2019s treasury shares and shares in the form of stock options. Specifically, the long-term plan granting Company\u2019s treasury shares is directed to executive members of BoD, to top and upper management of the Company and/or affiliated with the Company entities, while the long-term plan granting Company\u2019s treasury shares in the form of stock options is directed to executive members of BoD and to personnel of the Company and/or affiliated with the Company entities.
Cash flow Hedge Reserve
The cash flow hedge reserve represents the cumulative amount of gains and losses on hedging instruments that are designated and meet the effectiveness requirements in cash flow hedges. The cumulative deferred gain or loss on the hedging instrument is recognized in profit or loss only when the hedged transaction impacts the profit or loss, or is included directly in the initial cost or carrying amount of the hedged non-financial items (basis adjustment).
The following table provides the reconciliation by risk category of cash flow reserve included in equity reserves for the Group and the Company:

\u00a0

Cash flow hedge reserve

(In 000's Euros)

GROUP

COMPANY

Balance as at 01/01/2024

6,575

12,548

Addition from the acquisition of Non-Controlling Interest of Anemos RES S.A

(1,713)

0

Interest Rate Risk

\u00a0

\u00a0

Gain/(loss) arising on changes in fair value of hedging instruments during the year

(11,649)

(7,500)

Commodity Risk

\u00a0

\u00a0

Gain/(loss) arising on changes in fair value of hedging instruments during the year

(239)

(2,841)

(Gain)/loss reclassified to profit or loss \u2013 hedged item has affected profit or loss

(305)

2,145

Tax on movements on reserves during the year

2,680

1,802

Balance as at 31/12/2024

(4,651)

6,154

Cost of hedging reserve
The cost of hedging reserve reflects the gain or loss on the portion of the hedging instrument (derivative) that is excluded from the designated hedging relationship and relates to the time value of the option contracts and the forward element of the forward contracts.
The changes in the fair value of the time value of an option, in relation to a time-period related hedged item, are accumulated in the cost of hedging reserve and is amortized to profit or loss on a linear basis over the term of the hedging relationship.
The changes in the fair value of the forward component of forward contracts or the time value of an option that hedges a transaction-related hedged item are recognized in other comprehensive income to the extent they are related to the hedged item, are then accumulated in the cost of hedging reserve hedge and are reclassified to profit or loss when the hedged item affects profit or loss (e.g. when the forecasted sale occurs).
The following table provides the reconciliation by risk category of cost of hedging reserve included in equity reserves for the Group and the Company:

\u00a0

Cost of hedging reserve

(In 000's Euros)

GROUP

COMPANY

Balance as at 01/01/2024

(784)

(1,952)

Addition from the acquisition of Non-Controlling Interest of Anemos RES S.A

389

0

Interest Rate Risk

\u00a0

\u00a0

Changes in fair value of the time value of an option in relation to transaction related hedged items

(1,147)

(379)

Commodity Risk

\u00a0

\u00a0

Changes in fair value of the forward element in relation to transaction-related hedged items during the year

(1,735)

264

Reclassification adjustment to the results of changes in the fair value of the forward element of a forward contract that relates to hedged items that relate to a transaction

1,751

(233)

Tax on movements on reserves during the year

249

77

Balance as at 31/12/2024

(1,277)

(2,223)

The change in the fair value of the forward element of the forward contracts (or the time value of an option) that relates to a transaction-related hedged item, is recognized in other comprehensive income to the extent that it relates to the hedged item and is accumulated in the cost of hedging reserve.
For the year ended 31 December 2024, the balance in the cost of hedging reserve involves only transaction-related hedged items.
Fair value Reserve on other financial assets
The specific category of reserves includes changes in the fair value of investments that have been classified as other financial assets of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f243810": { "value": "Repurchase of Treasury Shares
Within the fiscal year 2024, the Company, by virtue of the relevant decision of the Extraordinary General Assembly of October 11th, 2023, purchased 857,723 treasury shares of total value \u20ac 19,258,350.66 with an average price \u20ac 22.453 per share. It is clarified that from the above purchases, transactions for 4,100 shares took place on 28.12.2023 and were cleared in January 2024.
Furthermore, in April 2024, the Company distributed 182,120 treasury shares in total by way of Over-the-Counter Transactions (OTC) to eight (8) executive members of the Company and the Group. More specifically, in relation to the decision of the Extraordinary General Assembly dated on March 22, 2023, the following were distributed:
- 179,818 treasury shares to six (6) executive members of the Company with an exercise price of EUR 13.47 per share, upon vesting and exercise of stock options, and
- 2,302 treasury shares to two (2) executive members of the Company and the Group, free of payment.
Following the above transactions, on December 31, 2024, the Company held 3,161,417 treasury shares with a nominal value of \u20ac 0.75 each. These 3,161,417 treasury shares correspond to 2.85 % of the Company\u2019s share capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f245159": { "value": "
31.Retained Earnings

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

Balance as at 1 January 2023

\u00a0

1,834,317

\u00a0

1,476,186

Profit for the year

\u00a0

805,714

\u00a0

786,588

Other Comprehensive Income for the year

\u00a0

4,499

\u00a0

(4,074)

Dividends payable

\u00a0

(177,253)

\u00a0

(177,253)

Transfer from/(to) Reserves

\u00a0

13,650

\u00a0

(1,780)

Distribution of treasury shares

\u00a0

1,780

\u00a0

1,780

Balance as at 31 December 2023

\u00a0

2,482,707

\u00a0

2,081,447

Profit for the year

\u00a0

283,401

\u00a0

277,146

Other Comprehensive Income for the year

\u00a0

(2,133)

\u00a0

(3,983)

Dividends payable

\u00a0

(188,331)

\u00a0

(188,331)

Minority movement

\u00a0

(43,769)

\u00a0

0

Transfer from/(to) Reserves

\u00a0

(55,576)

\u00a0

(54,848)

Share options exercised

\u00a0

434

\u00a0

434

Distribution of treasury shares

\u00a0

8

\u00a0

8

Balance as at 31 December 2024

\u00a0

2,476,741

\u00a0

2,111,873

", "dimensions": { "concept": "moh:DisclosureOfRetainedEarningsTextBlock", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f245426": { "value": "
32.Non-Controlling Interests

(In 000's Euros)

\u00a0

2024

\u00a0

2023

Opening Balance

\u00a0

107,177

\u00a0

95,053

Addition from Establishment/Acquisition of Subsidiary

\u00a0

3,580

\u00a0

14,161

Increase of share capital of Subsidiary

\u00a0

0

\u00a0

476

Acquisition of minority share

\u00a0

(78,426)

\u00a0

0

Profit/(loss) after tax

\u00a0

3,913

\u00a0

970

Other Comprehensive income

\u00a0

24

\u00a0

(2,914)

Dividends payable

\u00a0

(1,010)

\u00a0

(569)

Closing Balance

\u00a0

35,258

\u00a0

107,177

", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f245595": { "value": "
33.Establishment/Acquisition of Subsidiaries/Associates
22.1 \u201cMAGOULA SOLAR S.A.\u201d, \u201cEVRYNOMI SOLAR S.A.\u201d, \u201cPTOLEMAIOS SOLAR S.A.\u201d, \u201cALYSTRATI SOLAR S.A.\u201d, \u201cATLAS SOLAR S.A.\u201d, \u201cPTELEOS SOLAR S.A.\u201d, \u201cARSINOI SOLAR S.A.\u201d, \u201cSPILAIO SOLAR S.A.\u201d, \u201cFOIVOS SOLAR S.A.\u201d, \u201cTHERMES SOLAR S.A.\u201d, \u201cKORMISTA SOLAR S.A.\u201d, \u201cMESAIO SOLAR S.A.\u201d, \u201cNIKOPOLI SOLAR S.A.\u201d
In March 2024, \u201cUNAGI S.A.\u201d along with \u201cPPCR S.M.S.A.\u201d founded the companies \u201cMAGOULA SOLAR S.A.\u201d, \u201cEVRYNOMI SOLAR S.A.\u201d and \u201cPTOLEMAIOS SOLAR S.A.\u201d. Their shareholder structure is: UNAGI S.A. \u2013 51%, PPCR S.M.S.A. \u2013 49%. In June 2024, \u201cUNAGI S.A.\u201d and \u201cPPCR S.M.S.A\u201d also founded the companies \u201cALYSTRATI SOLAR S.A.\u201d, \u201cATLAS SOLAR S.A.\u201d, \u201cPTELEOS SOLAR S.A.\u201d, \u201cARSINOI SOLAR S.A.\u201d, \u201cSPILAIO SOLAR S.A.\u201d, \u201cFOIVOS SOLAR S.A.\u201d, \u201cTHERMES SOLAR S.A.\u201d, \u201cKORMISTA SOLAR S.A.\u201d, \u201cMESAIO SOLAR S.A.\u201d and \u201cNIKOPOLI SOLAR S.A.\u201d with the same shareholder structure. The above companies\u2019 main operations will be the production and trading of electricity from Renewable Energy Sources.
22.2 \u201cDMX AIOLIKI MARMARIOU \u2013 AGKATHI MEPE\u201d
In April 2024, \u201cAIOLIKI ENERGEIAKI EVVOIAS SINGLE MEMBER S.A.\u201d, subsidiary of subgroup of \u201cMOTOR OIL RENEWABLE ENERGY\u201d, acquired 100% shareholding in the company \u201cDMX AIOLIKI MARMARIOU - AGKATHI MEPE\u201d.
The definitive book values of the above at the date of the acquisition as well as the fair values recognized, in accordance with IFRS 3, are analyzed below:

(In 000's Euros)

Fair value recognized on acquisition

\u00a0

Carrying value on acquisition

Cash and cash equivalents

\u00a0

20

\u00a0

\u00a0

20

Total assets

\u00a0

2,276

\u00a0

\u00a0

63

Liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Non-current liabilities

\u00a0

487

\u00a0

\u00a0

0

Current Liabilities

\u00a0

176

\u00a0

\u00a0

176

Total Liabilities

\u00a0

663

\u00a0

\u00a0

176

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Fair value of assets acquired

\u00a0

1,613

\u00a0

\u00a0

\u00a0

Cash Paid

\u00a0

783

\u00a0

\u00a0

\u00a0

Due Consideration

\u00a0

525

\u00a0

\u00a0

\u00a0

Bargain purchase

\u00a0

305

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cash flows for the acquisition:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cash Paid

\u00a0

783

\u00a0

\u00a0

\u00a0

Cash and cash equivalent acquired

\u00a0

(20)

\u00a0

\u00a0

\u00a0

Net cash outflow from the acquisition

\u00a0

763

\u00a0

\u00a0

\u00a0

22.3 \u201cDMX AIOLIKI MARMARIOU \u2013 RIGANI MEPE\u201d
In April 2024, \u201cAIOLIKI ENERGEIAKI EVVOIAS SINGLE MEMBER S.A.\u201d, subsidiary of subgroup of \u201cMOTOR OIL RENEWABLE ENERGY\u201d, acquired 100% shareholding in the company \u201cDMX AIOLIKI MARMARIOU - RIGANI MEPE\u201d.
The definitive book values of the above at the date of the acquisition as well as the fair values recognized, in accordance with IFRS 3, are analyzed below:

(In 000's Euros)

Fair value recognized on acquisition

\u00a0

Carrying value on acquisition

Cash and cash equivalents

\u00a0

18

\u00a0

\u00a0

18

Total assets

\u00a0

1,669

\u00a0

\u00a0

77

Liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Non-current liabilities

\u00a0

350

\u00a0

\u00a0

0

Current Liabilities

\u00a0

180

\u00a0

\u00a0

180

Total Liabilities

\u00a0

530

\u00a0

\u00a0

180

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Fair value of assets acquired

\u00a0

1,139

\u00a0

\u00a0

\u00a0

Cash Paid

\u00a0

810

\u00a0

\u00a0

\u00a0

Due Consideration

\u00a0

225

\u00a0

\u00a0

\u00a0

Bargain purchase

\u00a0

104

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cash flows for the acquisition:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cash Paid

\u00a0

810

\u00a0

\u00a0

\u00a0

Cash and cash equivalent acquired

\u00a0

(18)

\u00a0

\u00a0

\u00a0

Net cash outflow from the acquisition

\u00a0

792

\u00a0

\u00a0

\u00a0

22.4 \u201cMORE ROMANIA S.R.L.\u201d
In October 2024, \u201cMOTOR OIL RENEWABLE ENERGY\u201d, founded the company \u201cMORE ROMANIA S.R.L.\u201d. The new company\u2019s main operations will be the production and trading of electricity from Renewable Energy Sources.
22.5 \u201cTARESSO I.K.E.\u201d
In December 2024, \u201cCORE INNOVATIONS SINGLE MEMBER S.A.\u201d acquired 60% shareholding in the company \u201cTARESSO I.K.E.\u201d.
The definitive book values of the above at the date of the acquisition as well as the fair values recognized, in accordance with IFRS 3, are analyzed below:

(In 000's Euros)

Fair value recognized on acquisition

\u00a0

Carrying value on acquisition

Inventories

\u00a0

600

\u00a0

\u00a0

600

Trade and other receivables

\u00a0

561

\u00a0

\u00a0

561

Cash and cash equivalents

\u00a0

653

\u00a0

\u00a0

653

Total assets

\u00a0

3,535

\u00a0

\u00a0

3,013

Liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Non-current liabilities

\u00a0

184

\u00a0

\u00a0

69

Current Liabilities

\u00a0

1,345

\u00a0

\u00a0

1,345

Total Liabilities

\u00a0

1,529

\u00a0

\u00a0

1,414

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Fair value of assets acquired

\u00a0

2,006

\u00a0

\u00a0

\u00a0

Cash Paid

\u00a0

1,033

\u00a0

\u00a0

\u00a0

Due Consideration

\u00a0

273

\u00a0

\u00a0

\u00a0

Non-controlling interest

\u00a0

697

\u00a0

\u00a0

\u00a0

Bargain purchase

\u00a0

3

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cash flows for the acquisition:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cash Paid

\u00a0

1,033

\u00a0

\u00a0

\u00a0

Cash and cash equivalent acquired

\u00a0

(653)

\u00a0

\u00a0

\u00a0

Net cash outflow from the acquisition

\u00a0

380

\u00a0

\u00a0

\u00a0

22.6 \u201cSOLAR ENERGY PRODUCTION S.R.L.\u201d
In December 2024, \u201cMOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.\u201d acquired 80% shareholding in the company \u201cSOLAR ENERGY PRODUCTION S.R.L.\u201d.
The definitive book values of the above at the date of the acquisition as well as the fair values recognized, in accordance with IFRS 3, are analyzed below:

(In 000's Euros)

Fair value recognized on acquisition

\u00a0

Carrying value on acquisition

Trade and other receivables

\u00a0

101

\u00a0

\u00a0

101

Cash and cash equivalents

\u00a0

1

\u00a0

\u00a0

1

Total assets

\u00a0

12,438

\u00a0

\u00a0

665

Liabilities

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Non-current liabilities

\u00a0

2,286

\u00a0

\u00a0

402

Current Liabilities

\u00a0

268

\u00a0

\u00a0

268

Total Liabilities

\u00a0

2,553

\u00a0

\u00a0

670

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Fair value of assets acquired

\u00a0

9,885

\u00a0

\u00a0

\u00a0

Cash Paid

\u00a0

5,355

\u00a0

\u00a0

\u00a0

Due Consideration

\u00a0

3,109

\u00a0

\u00a0

\u00a0

Non-controlling interest

\u00a0

1,977

\u00a0

\u00a0

\u00a0

Goodwill

\u00a0

555

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cash flows for the acquisition:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cash Paid

\u00a0

5,355

\u00a0

\u00a0

\u00a0

Cash and cash equivalent acquired

\u00a0

(1)

\u00a0

\u00a0

\u00a0

Net cash outflow from the acquisition

\u00a0

5,354

\u00a0

\u00a0

\u00a0

", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f247671": { "value": "
34.Contingent Liabilities/Commitments
There are legal claims by third parties against the Group amounting to approximately \u20ac 34.3 million (approximately \u20ac 30.8 million relate to the Company).
Out of the above, the most significant amount of approximately \u20ac 11.4 million relate to a group of similar cases concerning disputes between the Company and the \u201cIndependent Power Transmission Operator\u201d (and its successor, the \u201cHellenic Electricity Distribution Network Operator\u201d) for charges of emission reduction special fees and other utility charges which were attributed to the Company. The Company, by decision of the Plenary Session of the Council of State in its dispute with the Regulatory Authority for Energy, Waste and Water (RAAEY-ex RAE), has been recognized as a self-generator of High Efficiency Electricity-Heat Cogeneration, with the right to be exempted from charges of emission reduction special fees.
For all the above cases no provision has been made as it is not considered probable that the outcome of the above cases will be to the detriment of the Company and/or the amount of the contingent liability cannot be estimated reliably.
There are also legal claims of the Group against third parties amounting to approximately \u20ac 12.2 million (none of which related to the Company).
The Company and, consequently, the Group to complete its investments and its construction commitments, has entered new contracts and purchase orders with construction companies, the non-executed part of which, as at 31/12/2024, amounts to \u20ac 39.8 million.
The Group companies have entered into contracts for transactions with their suppliers and customers, in which it is stipulated the purchase or sale price of crude oil and fuel will be in accordance with the respective current prices of the international market at the time of the transaction.
The total amount of letters of guarantee given as security for Group companies\u2019 liabilities as at 31/12/2024, amounted to \u20ac 750,036 thousand. The respective amount as at 31/12/2023 was \u20ac 1,036,424 thousand.
The total amount of letters of guarantee given as security for the Company\u2019s liabilities as at 31/12/2024, amounted to \u20ac 266,511 thousand. The respective amount as at 31/12/2023 was \u20ac 584,025 thousand.
Companies with Un-audited Fiscal Years
There are on-going tax audits of the company NRG SUPPLY AND TRADING SINGLE MEMBER S.A. for the fiscal year 2019, of the company IREON AKINITA SINGLE MEMBER S.A. for the fiscal year 2023, of the company MAKREON SINGLE MEMBER S.A. for the fiscal years 2021 and 2022, of the company ERMIS A.E.M.E.E. for the fiscal years 2020 and 2021, of the company CORAL PRODUCTS AND TRADING S.A. for the fiscal years 2020 and 2021, of the company MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A. for the fiscal year 2019, of the company SELEFKOS ENERGEIAKI S.M.S.A. for the fiscal year 2023 and of the company AIOLIKO PARKO KATO LAKOMATA \u039c.\u0391.\u0395.\u0395., which is merged through absorption in December 2022 by AIOLIKI ELLAS ENERGEIAKI SINGLE MEMBER S.A., for the fiscal year 2019. It is not expected that material liabilities will arise from these tax audits.
For the fiscal years 2019, 2020, 2021, 2022 and 2023, Group companies that selected t\u03bf undergo a tax compliance audit by the statutory auditors, have been audited by the appointed statutory auditors in accordance with the articles 82 of L.2238/1994 and 65A of L.4174/13 and the relevant Tax Compliance Certificates have been issued. In any case and according to Circ.1006/05.01.2016 these companies, for which a Tax Compliance Certificate has been issued, are not excluded from a further tax audit, if requested by the relevant tax authorities. Therefore, the tax authorities may carry out their tax audit as well within the period dictated by the law. However, the Group\u2019s management believes that the outcome of such future audits, should these be performed, will not have a material impact on the financial position of the Group or the Company.
Up to the date of approval of these financial statements, the Group\u2019s significant companies\u2019 tax audits, by the statutory auditors, for the fiscal year 2024 is in progress. However, it is not expected that material liabilities will arise from this tax audit.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f247672": { "value": "
34.Contingent Liabilities/Commitments
There are legal claims by third parties against the Group amounting to approximately \u20ac 34.3 million (approximately \u20ac 30.8 million relate to the Company).
Out of the above, the most significant amount of approximately \u20ac 11.4 million relate to a group of similar cases concerning disputes between the Company and the \u201cIndependent Power Transmission Operator\u201d (and its successor, the \u201cHellenic Electricity Distribution Network Operator\u201d) for charges of emission reduction special fees and other utility charges which were attributed to the Company. The Company, by decision of the Plenary Session of the Council of State in its dispute with the Regulatory Authority for Energy, Waste and Water (RAAEY-ex RAE), has been recognized as a self-generator of High Efficiency Electricity-Heat Cogeneration, with the right to be exempted from charges of emission reduction special fees.
For all the above cases no provision has been made as it is not considered probable that the outcome of the above cases will be to the detriment of the Company and/or the amount of the contingent liability cannot be estimated reliably.
There are also legal claims of the Group against third parties amounting to approximately \u20ac 12.2 million (none of which related to the Company).
The Company and, consequently, the Group to complete its investments and its construction commitments, has entered new contracts and purchase orders with construction companies, the non-executed part of which, as at 31/12/2024, amounts to \u20ac 39.8 million.
The Group companies have entered into contracts for transactions with their suppliers and customers, in which it is stipulated the purchase or sale price of crude oil and fuel will be in accordance with the respective current prices of the international market at the time of the transaction.
The total amount of letters of guarantee given as security for Group companies\u2019 liabilities as at 31/12/2024, amounted to \u20ac 750,036 thousand. The respective amount as at 31/12/2023 was \u20ac 1,036,424 thousand.
The total amount of letters of guarantee given as security for the Company\u2019s liabilities as at 31/12/2024, amounted to \u20ac 266,511 thousand. The respective amount as at 31/12/2023 was \u20ac 584,025 thousand.
Companies with Un-audited Fiscal Years
There are on-going tax audits of the company NRG SUPPLY AND TRADING SINGLE MEMBER S.A. for the fiscal year 2019, of the company IREON AKINITA SINGLE MEMBER S.A. for the fiscal year 2023, of the company MAKREON SINGLE MEMBER S.A. for the fiscal years 2021 and 2022, of the company ERMIS A.E.M.E.E. for the fiscal years 2020 and 2021, of the company CORAL PRODUCTS AND TRADING S.A. for the fiscal years 2020 and 2021, of the company MOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A. for the fiscal year 2019, of the company SELEFKOS ENERGEIAKI S.M.S.A. for the fiscal year 2023 and of the company AIOLIKO PARKO KATO LAKOMATA \u039c.\u0391.\u0395.\u0395., which is merged through absorption in December 2022 by AIOLIKI ELLAS ENERGEIAKI SINGLE MEMBER S.A., for the fiscal year 2019. It is not expected that material liabilities will arise from these tax audits.
For the fiscal years 2019, 2020, 2021, 2022 and 2023, Group companies that selected t\u03bf undergo a tax compliance audit by the statutory auditors, have been audited by the appointed statutory auditors in accordance with the articles 82 of L.2238/1994 and 65A of L.4174/13 and the relevant Tax Compliance Certificates have been issued. In any case and according to Circ.1006/05.01.2016 these companies, for which a Tax Compliance Certificate has been issued, are not excluded from a further tax audit, if requested by the relevant tax authorities. Therefore, the tax authorities may carry out their tax audit as well within the period dictated by the law. However, the Group\u2019s management believes that the outcome of such future audits, should these be performed, will not have a material impact on the financial position of the Group or the Company.
Up to the date of approval of these financial statements, the Group\u2019s significant companies\u2019 tax audits, by the statutory auditors, for the fiscal year 2024 is in progress. However, it is not expected that material liabilities will arise from this tax audit.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f247677": { "value": "
There are legal claims by third parties against the Group amounting to approximately \u20ac 34.3 million (approximately \u20ac 30.8 million relate to the Company).
Out of the above, the most significant amount of approximately \u20ac 11.4 million relate to a group of similar cases concerning disputes between the Company and the \u201cIndependent Power Transmission Operator\u201d (and its successor, the \u201cHellenic Electricity Distribution Network Operator\u201d) for charges of emission reduction special fees and other utility charges which were attributed to the Company. The Company, by decision of the Plenary Session of the Council of State in its dispute with the Regulatory Authority for Energy, Waste and Water (RAAEY-ex RAE), has been recognized as a self-generator of High Efficiency Electricity-Heat Cogeneration, with the right to be exempted from charges of emission reduction special fees.
For all the above cases no provision has been made as it is not considered probable that the outcome of the above cases will be to the detriment of the Company and/or the amount of the contingent liability cannot be estimated reliably.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact31": { "value": "
For all the above cases no provision has been made as it is not considered probable that the outcome of the above cases will be to the detriment of the Company and/or the amount of the contingent liability cannot be estimated reliably.
38.Retirement Benefit Plans
The Group \u00b4s obligations to its employees in relation to the future payment of benefits in proportion to their time of service are based on an actuarial study. This liability is measured and presented in the Statement of Financial Position date based on the expected vested benefit of every employee. The vested benefit is presented at its present value based on expected date of payment.
The Group operates defined benefit plans for eligible employees of \u201cMOTOR OIL (HELLAS) S.A.\u201d and the sub-group \u201cL.P.C.\u201d. According to the terms of plans, the employees are entitled to retirement benefits as a lump sum which depend on each employee\u2019s final salary upon retirement and the years of service with the Group. There are also defined contribution plans at \u201cMOTOR OIL (HELLAS) S.A.\u201d and the subsidiaries \u201cCORAL S.A.\u201d, \u201cCORAL GAS A.E.B.E.Y\u201d, \u201cAVIN OIL SINGLE MEMBER S.A.\u201d, \u201cBUILDING FACILITY SERVICES SINGLE MEMBER S.A.\u201d, \u201cCORE INNOVATIONS SINGLE MEMBER S.A.\u201d, \u201cL.P.C. S.A.\u201d, \u201cCYTOP S.A.\u201d, \u201cHELLENIC HYDROGEN S.A.\u201d, \u201cNRG SUPPLY AND TRADING SINGLE MEMBER ENERGY S.A.\u201d, \u201cMOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.\u201d, \u201cVERD SINGLE MEMBER S.A.\u201d, \u201cPRASINO LADI S.A.\u201d, \u201cMORE ANALYTICS SINGLE MEMBER S.A.\u201d and \u201cANEMOS RES SINGLE-MEMBER S.A.\u201d. In addition, the Group is obligated to pay retirement compensation to its employees in accordance with Law 2112/1920, based on the above mentioned rights and retirement age limits. No other post-retirement benefits are provided.
The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation as well as of the obligation for retirement compensation to personnel were carried out at 31 December 2024 by an independent certified actuary. The present value of the defined benefit obligations, and the related current service cost, were measured using the projected unit credit method. The surplus of the funded defined benefit obligation was tested in accordance with IFRIC 14 and the asset ceiling test.

\u00a0

Valuation at:

\u00a0

31/12/2024

31/12/2023

Key assumptions used:

\u00a0

\u00a0

Discount rate

2,93%-3,40%

3,44%-3,58%

Expected return on plan assets

2,93%-3,40%

3,44%-3,58%

Expected rate of salary increases

0,00%-2,00%

0,00%-2,10%

The amount recognized in the Statement of Financial Position in respect of the defined benefit retirement benefit plans are as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Present value of unfunded plan obligation

\u00a0

27,595

28,465

\u00a0

21,314

22,082

Present value of funded defined benefit obligation

\u00a0

47,603

45,392

\u00a0

45,672

43,361

Fair value of plan assets

\u00a0

(49,259)

(50,238)

\u00a0

(47,941)

(48,667)

Deficit/ (Surplus)

\u00a0

(1,656)

(4,845)

\u00a0

(2,269)

(5,306)

Net liability recognized in the Statement of Financial Position

\u00a0

25,939

23,620

\u00a0

19,045

16,776

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Current provision for retirement benefit

\u00a0

3,163

1,707

\u00a0

2,847

1,402

Non-current provision for retirement benefit

\u00a0

22,776

21,913

\u00a0

16,198

15,374

Total

\u00a0

25,939

23,620

\u00a0

19,045

16,776

Amounts recognized in the Statement of Comprehensive Income in respect of these defined benefit schemes are as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Service cost

\u00a0

5,201

5,683

\u00a0

4,281

4,289

Interest cost less Expected return on plan assets

\u00a0

839

901

\u00a0

596

620

Net expense recognized in the Statement of Comprehensive Income

\u00a0

6,040

6,584

\u00a0

4,877

4,909

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Actuarial (gains) / losses PVDBO

\u00a0

5,476

4,732

\u00a0

5,106

4,062

Net (gain) / loss recognized in Total Comprehensive Income

\u00a0

11,516

11,316

\u00a0

9,983

8,971

The above recognized expense is included into the Group\u2019s and the Company\u2019s operating expenses as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Cost of Sales

\u00a0

3,653

4,105

\u00a0

3,385

3,663

Distribution expenses

\u00a0

658

945

\u00a0

92

86

Administration expenses

\u00a0

1,729

1,534

\u00a0

1,400

1,160

Total

\u00a0

6,040

6,584

\u00a0

4,877

4,909

Movements in the present value of the defined benefit obligations in the current year are as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Opening Defined benefit obligation

\u00a0

73,857

70,661

\u00a0

65,443

62,640

Acquisition/ Sale of subsidiary

\u00a0

6

41

\u00a0

0

0

Service cost

\u00a0

5,201

5,683

\u00a0

4,281

4,289

Interest cost

\u00a0

2,635

2,792

\u00a0

2,338

2,506

Actuarial (Gains) / Losses PVDBO

\u00a0

4,886

3,224

\u00a0

4,584

2,558

Benefits paid

\u00a0

(11,387)

(8,544)

\u00a0

(9,660)

(6,550)

Closing Defined benefit obligation

\u00a0

75,198

73,857

\u00a0

66,986

65,443

Movements in the present value of the plan assets in the current year were as follows:

(In 000's Euros)

\u00a0

GROUP

\u00a0

COMPANY

\u00a0

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Opening fair value of plan assets

\u00a0

50,238

47,241

\u00a0

48,667

47,138

Expected return on plan assets

\u00a0

1,796

1,890

\u00a0

1,742

1,886

Contributions from the employer

\u00a0

2,160

5,208

\u00a0

2,160

3,660

Benefits paid

\u00a0

(4,345)

(2,593)

\u00a0

(4,106)

(2,513)

Remeasurement gains/ (losses)

\u00a0

(590)

(1,508)

\u00a0

(522)

(1,504)

Closing fair value of plan assets

\u00a0

49,259

50,238

\u00a0

47,941

48,667

The sensitivity analysis of the Present Value of the Defined Benefit Obligation (PVDBO) for the compensation due to retirement as well as for the obligation of the private program for service termination is as follows:

(In 000's Euros)

GROUP

COMPANY

\u00a0

31/12/2024

31/12/2024

\u00a0

Present value of unfunded plan obligation

Present value of funded defined benefit obligation

Present value of unfunded plan obligation

Present value of funded defined benefit obligation

\u00a0

+/-0,3%

+/-0,5%

+/-0,3%

+/-0,5%

PVDBO

27,595

47,603

21,314

45,672

Calculation with a discounting rate

27,275

45,497

21,076

43,609

Calculation with a discounting rate

27,923

49,874

21,557

47,898

The asset class allocation based on their nature and associated risk as at 31/12/2024 is presented in the following table:

Asset Class Allocation as at 31/12/24

Asset Class

% Invested

Government and supranational bonds

40.7%

Corporate bonds

51.6%

Bond and equity funds

5.1%

Liquidity

2.6%

Total

100.0%

Under the Government and supranational bonds category, sovereign bonds are mainly French (11.5%), bonds of the German, Netherlands, Spanish and Italian Governments (2.7%), Agency Bonds (21.4%) and Supranational Bonds (5.2%). Under the Corporate bonds category are mainly bonds of the Finance sector (28.1%), with a lower participation (23.5%) into bonds from the consumer, communications, basic, technologies, utilities and industrial sectors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f248037": { "value": "
The Company and, consequently, the Group to complete its investments and its construction commitments, has entered new contracts and purchase orders with construction companies, the non-executed part of which, as at 31/12/2024, amounts to \u20ac 39.8 million.
The Group companies have entered into contracts for transactions with their suppliers and customers, in which it is stipulated the purchase or sale price of crude oil and fuel will be in accordance with the respective current prices of the international market at the time of the transaction.
The total amount of letters of guarantee given as security for Group companies\u2019 liabilities as at 31/12/2024, amounted to \u20ac 750,036 thousand. The respective amount as at 31/12/2023 was \u20ac 1,036,424 thousand.
The total amount of letters of guarantee given as security for the Company\u2019s liabilities as at 31/12/2024, amounted to \u20ac 266,511 thousand. The respective amount as at 31/12/2023 was \u20ac 584,025 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f248887": { "value": "
35.Deferred Income

\u00a0

\u00a0

GROUP

\u00a0

COMPANY

(In 000's Euros)

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Grants related to assets

\u00a0

72,617

71,215

\u00a0

7,033

7,382

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Non-Current

\u00a0

68,478

67,380

\u00a0

6,773

7,033

Current

\u00a0

4,139

3,835

\u00a0

260

349

Total

\u00a0

72,617

71,215

\u00a0

7,033

7,382

Grants related to assets are treated as deferred income and the amortization of the aforementioned grants are recognized in Other income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f249095": { "value": "
36.Related Party Transactions
The transactions between the Company and its subsidiaries have been eliminated on consolidation.
The transactions between the Company, its subsidiaries, its associates and other related parties, for the year 2024, are set below:

(In 000's Euros)

GROUP

\u00a0

01/01-31/12/24

01/01-31/12/23

\u00a0

Income

Expenses

Income

Expenses

Associates and Other Related

360,100

5,649

362,187

3,016

(In 000's Euros)

COMPANY

\u00a0

01/01-31/12/24

01/01-31/12/23

\u00a0

Income

Expenses

Income

Expenses

Subsidiaries

2,216,204

985,924

2,241,769

1,026,064

Associates and Other Related

334,261

1,903

328,744

1,745

Total

2,550,465

987,827

2,570,513

1,027,809

(In 000's Euros)

GROUP

\u00a0

31/12/2024

31/12/2023

\u00a0

Receivables

Payables

Receivables

Payables

Associates and Other Related

262,588

25,021

271,321

12,001

(In 000's Euros)

COMPANY

\u00a0

31/12/2024

31/12/2023

\u00a0

Receivables

Payables

Receivables

Payables

Subsidiaries

129,968

32,636

137,618

98,359

Associates and Other Related

228,010

17,489

240,374

11,219

Total

357,978

50,125

377,992

109,578

Sales to related parties were made on an arm\u2019s length basis.
No provision has been made for doubtful debts in respect of the amounts due from related parties.
Compensation of key management personnel
The remuneration of key management personnel, who are also BoD members of companies of the Group (including share-based payments) for the years 01/01\u201331/12/2024 and 01/01\u201331/12/2023 amounted to \u20ac 20,887 thousand and \u20ac 21,400 thousand respectively. (Company: 01/01\u201331/12/2024: \u20ac 14,637 thousand, 01/01\u201331/12/2023: \u20ac 14,616 thousand)
The remuneration of the BoD members of the Company, is approved by the General Assembly of Company shareholders.
Other short-term benefits granted to key management personnel of the Group for the years 01/01\u201331/12/2024 and 01/01\u201331/12/2023 amounted to \u20ac 708 thousand and \u20ac 657 thousand respectively. (Company: 01/01\u201331/12/2024: \u20ac 81 thousand, 01/01\u201331/12/2023: \u20ac 64 thousand)
Leaving indemnities were paid to key management personnel of the Group amounted to \u20ac 370 thousand for the current year in contrast to prior year\u2019s respective year when leaving indemnities paid amounted to \u20ac 160 thousand.
Directors\u2019 Transactions
There are receivable balances between the companies of the Group and the executives amounted to \u20ac 152 thousand (Company: \u20ac 152 thousand) but there are no payable balances (Company: \u20ac 0 thousand). For the respective prior year there were receivable balances outstanding between the companies of the Group and the executives amounted to \u20ac 119 thousand (Company: \u20ac 119 thousand) and payable balances amounted to \u20ac 535 thousand (Company: \u20ac 535 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f249407": { "value": "
Compensation of key management personnel
The remuneration of key management personnel, who are also BoD members of companies of the Group (including share-based payments) for the years 01/01\u201331/12/2024 and 01/01\u201331/12/2023 amounted to \u20ac 20,887 thousand and \u20ac 21,400 thousand respectively. (Company: 01/01\u201331/12/2024: \u20ac 14,637 thousand, 01/01\u201331/12/2023: \u20ac 14,616 thousand)
The remuneration of the BoD members of the Company, is approved by the General Assembly of Company shareholders.
Other short-term benefits granted to key management personnel of the Group for the years 01/01\u201331/12/2024 and 01/01\u201331/12/2023 amounted to \u20ac 708 thousand and \u20ac 657 thousand respectively. (Company: 01/01\u201331/12/2024: \u20ac 81 thousand, 01/01\u201331/12/2023: \u20ac 64 thousand)
Leaving indemnities were paid to key management personnel of the Group amounted to \u20ac 370 thousand for the current year in contrast to prior year\u2019s respective year when leaving indemnities paid amounted to \u20ac 160 thousand.
Directors\u2019 Transactions
There are receivable balances between the companies of the Group and the executives amounted to \u20ac 152 thousand (Company: \u20ac 152 thousand) but there are no payable balances (Company: \u20ac 0 thousand). For the respective prior year there were receivable balances outstanding between the companies of the Group and the executives amounted to \u20ac 119 thousand (Company: \u20ac 119 thousand) and payable balances amounted to \u20ac 535 thousand (Company: \u20ac 535 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f250884": { "value": "
The Group \u00b4s obligations to its employees in relation to the future payment of benefits in proportion to their time of service are based on an actuarial study. This liability is measured and presented in the Statement of Financial Position date based on the expected vested benefit of every employee. The vested benefit is presented at its present value based on expected date of payment.
The Group operates defined benefit plans for eligible employees of \u201cMOTOR OIL (HELLAS) S.A.\u201d and the sub-group \u201cL.P.C.\u201d. According to the terms of plans, the employees are entitled to retirement benefits as a lump sum which depend on each employee\u2019s final salary upon retirement and the years of service with the Group. There are also defined contribution plans at \u201cMOTOR OIL (HELLAS) S.A.\u201d and the subsidiaries \u201cCORAL S.A.\u201d, \u201cCORAL GAS A.E.B.E.Y\u201d, \u201cAVIN OIL SINGLE MEMBER S.A.\u201d, \u201cBUILDING FACILITY SERVICES SINGLE MEMBER S.A.\u201d, \u201cCORE INNOVATIONS SINGLE MEMBER S.A.\u201d, \u201cL.P.C. S.A.\u201d, \u201cCYTOP S.A.\u201d, \u201cHELLENIC HYDROGEN S.A.\u201d, \u201cNRG SUPPLY AND TRADING SINGLE MEMBER ENERGY S.A.\u201d, \u201cMOTOR OIL RENEWABLE ENERGY SINGLE MEMBER S.A.\u201d, \u201cVERD SINGLE MEMBER S.A.\u201d, \u201cPRASINO LADI S.A.\u201d, \u201cMORE ANALYTICS SINGLE MEMBER S.A.\u201d and \u201cANEMOS RES SINGLE-MEMBER S.A.\u201d. In addition, the Group is obligated to pay retirement compensation to its employees in accordance with Law 2112/1920, based on the above mentioned rights and retirement age limits. No other post-retirement benefits are provided.
The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation as well as of the obligation for retirement compensation to personnel were carried out at 31 December 2024 by an independent certified actuary. The present value of the defined benefit obligations, and the related current service cost, were measured using the projected unit credit method. The surplus of the funded defined benefit obligation was tested in accordance with IFRIC 14 and the asset ceiling test.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f252866": { "value": "
39.Share-based Payments
The Company in March 2023 approved at the Extraordinary General Meeting, the establishment of a long-term plan granting treasury shares held by the Company to the executive Board members of the Company, to members belonging to the top and higher managerial level of the Company or/and of the affiliated with the Company corporations and the establishment of a long-term plan granting treasury shares held by the Company, in the form of stock options to acquire shares, to the executive Board members of the Company and to Company employees as well as employees of the affiliated with the Company corporations. The specific stock options are Bermudan style options, which means that allow the recipient to exercise his option on any of several specified dates before the option expires. Moreover, no amount was paid or payable by the recipients on issuance of the options.
In the current year, 179,818 treasury shares were granted to six executive members of the Company with an exercise price of EUR 13.47 per share, upon vesting of stock options, which were granted in earlier period. Meanwhile, 2,302 treasury shares were granted to two executive members of the Company and the Group, whose right was vested based on the long-term plan granting treasury shares.
In relation to the above long-term plans, in April 2024, 73,588 shares were granted with vesting period of 3-5 years, as well as 265,788 stock options with vesting period of 2 years. For share-based payments to vest, the recipient must remain employed by or continue providing services to the Group or any of its subsidiaries throughout the vesting period. It is assumed that 100% of the participants will maintain their employment or service provision with the Group during this time.
Consequently, \u20ac 2,510 thousand was expensed in the current year, while for the comparative prior year, \u20ac 8,316 thousand was expensed for share-based payments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f253433": { "value": "
40.Financial risk management
The Group's strong risk management strategy, combined with its flexibility, allows for effective adaptation to the continuous market changes, while ensuring stability and ongoing growth with a focus on sustainability.
The year 2024 was marked by escalating geopolitical tensions, particularly in Eastern Europe and the Middle East. The global economy was influenced by the fluctuations in energy prices and the high volatility of interest rates and inflation.
In general, as further discussed in the management of each significant risk below, the Group regularly assesses and determines risks, ensuring that any negative impact on an international level will not significantly affect the normal operations of the Group and the Company. Additionally, the transition to clean energy and addressing geopolitical and climate challenges remain the cornerstone of our energy strategy.
Risk Management \u2013 Three Lines Model
In conducting its business activities, the company faces risks and uncertainties that are intensified by the constantly changing geopolitical, economic, and social environment, the interaction of international markets, rapid technological advancements, the energy transition, and climate change. Additionally, regulatory authorities, investors, and other stakeholders are shaping an environment with increased oversight and control requirements.
Through the adoption of a strong corporate governance framework and the implementation of the three-lines-of-defense model, Company has established distinct roles for managing risk-related issues, facilitating the achievement of objectives, robust governance, and effective risk management.
First Line of Defense: Business Units
All of the Company's operational units are responsible for managing the risks arising from their activities and for implementing the necessary controls. They utilize methodologies and tools to identify and assess the risks associated with their operations, evaluate the effectiveness of controls, ensure alignment with the Company\u2019s objectives (strategic, operational, compliance, etc.), and adhere to internal policies and procedures.
Second Line of Defense: Risk Management Unit and Compliance Unit
The Risk Management Unit (RMU) and the Compliance Unit provide guidance, oversee the first-line units, and are responsible for managing and monitoring risks. The Company, through the Board of Directors, ensures the independence of the second-line units from the first-line units to avoid potential conflicts of interest and ensure effective oversight.
Third Line of Defense: Internal Audit Unit
The Internal Audit Unit (IAU) provides independent assurance on the effectiveness of the risk management framework and the Internal Control System. Additionally, regular meetings are held between the Internal Audit, Risk Management, and Compliance departments to enhance collaboration, align risk management activities, and better monitor risk mitigation plans.
Derivative financial Instruments and Hedging Activities
The Group is exposed to certain risks relating to its primary activities, mainly commodity risk, foreign exchange risk and interest rate risk, which are managed to some extent by using derivative financial instruments for hedging purposes. The Group designates under hedge accounting relationships certain commodity, interest rate and foreign exchange derivative contracts.
The following tables present the Derivative financial instruments for the Group and the Company concerning the years 2024 and 2023:

\u00a0

GROUP

\u00a0

31.12.2024

\u00a0

Notional Amounts (in 000's Euros)

\u00a0

MTs

BBLs

MWHs

Euro (Current Nominal Amt)

Euro (FV)

Non-Current Derivative Financial Assets

Derivatives that are designated and effective as hedging instruments carried at fair value:

Interest Rate Derivatives

Interest Rate Swaps

0

0

0

190,000

4,302

Held for trading derivatives which are not designated in cash-flow hedging relationships:

Interest Rate Derivatives

Interest Rate Swaps

0

0

0

50,000

2,421

Commodity Derivatives

Options EUAs

650

0

0

0

503

Electricity Futures

0

0

18

0

98

Power Purchase Agreements (PPA)

0

0

25

0

123

\u00a0

Current Derivative Financial Assets

Derivatives that are designated and effective as hedging instruments carried at fair value:

Interest Rate Derivatives

Interest Rate Swaps

0

0

0

130,000

3,504

Commodity Derivatives

Futures Crude Oil and Other Products

0

0

50

0

80

Electricity Futures

0

0

16

0

159

Held for trading derivatives which are not designated in cash-flow hedging relationships:

Interest Rate Derivatives

Interest Rate Swaps

0

0

0

50,000

1,053

Commodity Derivatives

Futures Crude Oil and Other Products

4

0

0

0

30

Futures EUA

350

0

0

0

1,098

Options EUAs

3,370

0

0

0

12,758

Electricity Futures

0

0

45

0

559

Electricity Swaps

0

0

1

0

9

Power Purchase Agreements (PPA)

0

0

1,661

0

14,506

Total

4,374

0

1,816

420,000

41,203

\u00a0

Non Current Derivative Financial Liabilities

Derivatives that are designated and effective as hedging instruments carried at fair value:

Interest Rate Derivatives

Interest Rate Swaps

0

0

0

418,288

11,277

Held for trading derivatives which are not designated in cash-flow hedge relationships:

Commodity Derivatives

Options EUAs

100

0

0

0

130

Electricity Futures

0

0

18

0

120

Power Purchase Agreements (PPA)

0

0

24,420

0

6,594

\u00a0

Current Derivative Financial Liabilities

Derivatives which are designated and effective as hedging instruments carried at fair value:

Interest Rate Derivatives

Interest Rate Swaps

0

0

0

18,833

2,277

Commodity Derivatives

Futures Crude Oil and Other Products

5

180

203

0

1,372

Electricity Futures

0

0

10

0

15

Held for trading derivatives which are not designated in cash-flow hedge relationships:

Derivatives on Stocks

Stock Options

0

0

0

5,200

5,149

Commodity Derivatives

Futures Crude Oil and Other Products

15

0

0

0

191

Futures EUAs

650

0

0

0

5,703

Options EUAs

4,070

0

0

0

6,398

Electricity Futures

0

0

74

0

679

Electricity Swaps

0

0

1

0

12

Power Purchase Agreements (PPA)

0

0

5

0

174

Total

4,840

180

24,731

442,321

40,091

\u00a0

GROUP

\u00a0

31.12.2023

\u00a0

Notional Amounts (in 000's Euros)

\u00a0

MTs

BBLs

MWHs

Euro (Current Nominal Amt)

Euro (FV)

Non-Current Derivative Financial Assets

Derivatives that are designated and effective as hedging instruments carried at fair value:

Interest Rate Derivatives

Interest Rate Swaps

0

0

0

260,000

14,789

Held for trading derivatives which are not designated in cash-flow hedging relationships:

Interest Rate Derivatives

Interest Rate Swaps

0

0

0

50,000

4,991

Commodity Derivatives

Power Purchase Agreements (PPA)

0

0

0

0

9,897

\u00a0

Current Derivative Financial Assets

Derivatives that are designated and effective as hedging instruments carried at fair value:

Commodity Derivatives

Futures Crude Oil and Other Products

40

0

0

0

390

Held for trading derivatives which are not designated in cash-flow hedging relationships:

Commodity Derivatives

Futures Crude Oil and Other Products

39

120

0

0

1,279

Futures EUA

462

0

0

0

2,481

Options EUAs

2,200

0

0

0

6,215

Electricity Futures

0

0

47

0

362

Total

2,741

120

47

310,000

40,403

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Non Current Derivative Financial Liabilities

Derivatives that are designated and effective as hedging instruments carried at fair value:

Interest Rate Derivatives

Interest Rate Swaps

0

0

0

435,673

8,708

\u00a0

Current Derivative Financial Liabilities

Derivatives which are designated and effective as hedging instruments carried at fair value:

Commodity Derivatives

Futures Crude Oil and Other Products

26

0

0

0

569

\u00a0

Held for trading derivatives which are not designated in cash-flow hedge relationships:

Derivatives on Stocks

Stock Options

0

0

0

52,000

21,994

Commodity Derivatives

Futures Crude Oil and Other Products

17

0

200

0

1,175

Futures EUAs

650

0

0

0

2,831

Options EUAs

2,100

0

0

0

6,146

Electricity Futures

0

0

99

0

447

Foreign Exchange Derivatives

Foreign Exchange Forward

0

0

0

6,668

16

Total

2,793

0

299

494,341

41,885

\u00a0

COMPANY

\u00a0

31.12.2024

\u00a0

Notional Amounts (in 000's Euros)

\u00a0

MTs

BBLs

MWHs

Euro (Current Nominal Amt)

Euro (FV)

Non-Current Derivative Financial Assets

Derivatives that are designated and effective as hedging instruments carried at fair value:

Interest Rate Derivatives

Interest Rate Swaps

0

0

0

190,000

4,302

Held for trading derivatives which are not designated in cash-flow hedging relationships:

Commodity Derivatives

Options EUAs

650

0

0

0

503

\u00a0

Current Derivative Financial Assets

Derivatives that are designated and effective as hedging instruments carried at fair value:

Interest Rate Derivatives

Interest Rate Swaps

0

0

0

130,000

3,504

Commodity Derivatives

Futures Crude Oil and Other Products

0

0

50

0

80

Held for trading derivatives which are not designated in cash-flow hedging relationships:

Commodity Derivatives

Futures EUA

350

0

0

0

1,098

Options EUAs

3,320

0

0

0

12,539

Total

4,320

0

50

320,000

22,026

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Non Current Derivative Financial Liabilities

Held for trading derivatives which are not designated in cash-flow hedging relationships:

Commodity Derivatives

Options EUAs

100

0

0

0

130

\u00a0

Current Derivative Financial Liabilities

Derivatives which are designated and effective as hedging instruments carried at fair value:

Commodity Derivatives

Futures Crude Oil and Other Products

0

180

203

0

1,333

Held for trading derivatives which are not designated in cash-flow hedge relationships:

Derivatives on Stocks

Stock Options

0

0

0

5,200

5,149

Commodity Derivatives

Futures EUAs

650

0

0

0

5,703

Options EUAs

4,020

0

0

0

6,274

Total

4,770

180

203

5,200

18,589

\u00a0

COMPANY

\u00a0

31.12.2023

\u00a0

Notional Amounts (in 000's Euros)

\u00a0

MTs

BBLs

MWHs

Euro (Current Nominal Amt)

Euro (FV)

Non-Current Derivative Financial Assets

Derivatives that are designated and effective as hedging instruments carried at fair value:

Interest Rate Derivatives

Interest Rate Swaps

0

0

0

260,000

14,789

\u00a0

Current Derivative Financial Assets

Held for trading derivatives which are not designated in cash-flow hedging relationships:

Commodity Derivatives

Futures Crude Oil and Other Products

40

0

0

0

390

Held for trading derivatives which are not designated in cash-flow hedging relationships:

Commodity Derivatives

Futures Crude Oil and Other Products

17

120

0

0

617

Futures EUAs

450

0

0

0

2,375

Options EUAs

2,200

0

0

0

6,215

Total

2,707

120

0

260,000

24,385

\u00a0

Current Derivative Financial Liabilities

Derivatives which are designated and effective as hedging instruments carried at fair value:

Commodity Derivatives

Futures Crude Oil and Other Products

26

0

0

0

569

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Held for trading derivatives which are not designated in cash-flow hedge relationships:

Derivatives on Stocks

Stock Options

0

0

0

52,000

21,994

Commodity Derivatives

Futures Crude Oil and Other Products

3

0

200

0

958

Futures EUAs

650

0

0

0

2,831

Options EUAs

2,100

0

0

0

6,146

Total

2,779

0

200

52,000

32,497

Capital risk management
The Group manages its capital to ensure that Group companies will be able to continue as a going concern while maximizing the return to stakeholders through the optimization of the debt and equity balance. The capital structure of the Group consists of debt, which includes borrowings, cash and cash equivalents and equity attributable to equity holders of the parent, comprising of issued capital, reserves and retained earnings which are re-invested. The Group\u2019s management monitors the capital structure and the return on equity on a continuous basis.
As a part of this monitoring, the management reviews the cost of capital and the risks associated with each class of capital. The Group\u2019s intention is to balance its overall capital structure through the payment of dividends, as well as the issuance of new debt or the redemption of existing debt. The Group has already issued, since 2014, bond loans through the offering of Senior Notes bearing a fixed rate coupon. The Group also has access to the local and international money markets broadening materially its financing alternatives.
Gearing ratio
The Group\u2019s management reviews the capital structure on a frequent basis. As part of this review, the cost of capital is calculated and the risks associated with each class of capital are assessed.
The gearing ratio at the period-end was as follows:

\u00a0

\u00a0

GROUP

\u00a0

COMPANY

(In 000's Euros)

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Bank loans

\u00a0

2,616,199

2,617,071

\u00a0

1,296,115

1,309,265

Lease liabilities

\u00a0

241,167

222,693

\u00a0

23,114

17,374

Cash and cash equivalents

\u00a0

(1,128,453)

(1,322,256)

\u00a0

(771,705)

(901,828)

Net debt

\u00a0

1,728,913

1,517,508

\u00a0

547,524

424,811

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Equity

\u00a0

2,758,787

2,771,328

\u00a0

2,253,615

2,189,774

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Net debt to equity ratio

\u00a0

0.63

0.55

\u00a0

0.24

0.19

Financial risk management
The Group\u2019s Treasury department provides services to the Group by granting access to domestic and international financial markets, monitoring and managing the financial risks relating to the operation of the Group. These risks include market risk (including currency risk, fair value interest rate risk and price risk), credit risk and liquidity risk. The Group enters into derivative financial instruments to manage its exposure to the risks of the market in which it operates.
The Treasury department reports on a frequent basis to the Group\u2019s management which in turn weighs the risks and policies applied in order to mitigate the potential risk exposure.
1. Market risk
a. Commodity risk
Due to the nature of its activities, the Group is exposed primarily to the financial risks of changes in foreign currency exchange rates (see (c) below), interest rates (see (d) below) and to the volatility of oil prices mainly due to its obligation to maintain certain level of inventories. The Company, in order to avoid significant fluctuations in the inventories valuation is trying, as a policy, to keep the inventories at the lowest possible levels. Furthermore, any change in the pertaining refinery margin, denominated in USD, affects the Company\u2019s gross margin. There has been no material change to the Group\u2019s exposure to market risks or the manner in which it manages and measures these risks.
Commodity derivatives are presented as above, including mainly oil and related alternative fuel derivatives as well as derivatives of emissions allowances EUAs, relating to the Group\u2019s primary activities and obligations. The Group designates certain derivatives in hedge accounting relationships in cash flow hedges.
At the end of the current year, the Group\u2019s cash flow hedge reserve amounts to \u20ac 421 thousands loss, net of tax (December 31, 2023: \u20ac 3 thousands gain, net of tax). Company\u2019s cash flow hedge reserve amounts to \u20ac 540 thousands loss, net of tax (December 31, 2023: \u20ac 3 thousands gain, net of tax). The balance of the cost of hedging reserve amounts to \u20ac 13 thousands gain, net of tax (December 31, 2023: \u20ac 0 thousands gain, net of tax) and balance of the cost of hedging reserve amounts to \u20ac 24 thousands gain, net of tax (December 31, 2023: \u20ac 0 thousands gain, net of tax) for the Group and the Company, respectively.
For the year ended 31 December 2024, the amounts that were transferred to Condensed Statement of Profit or Loss and Other Comprehensive Income from the cash flow hedge reserve, relating to derivative contracts settlements during the year amounted to \u20ac 238 thousands gain, net of tax (December 31, 2023: \u20ac 9,148 thousands gain, net of tax) and to \u20ac 1,673 thousands loss, net of tax (December 31, 2023: \u20ac 9,597 thousands gain, net of tax) for the Group and the Company, respectively.
Furthermore, for the year ended 31 December 2024, the amounts that were transferred to Condensed Statement of Profit or Loss and Other Comprehensive Income from the cost of hedging reserve, relating to derivative contracts settlements during the year ended amounted to \u20ac 1,366 thousands loss, net of tax (December 31, 2023: \u20ac 8,217 thousands loss, net of tax) and to \u20ac 182 thousands gain, net of tax (December 31, 2023: \u20ac 7,513 thousands loss, net of tax) for the Group and the Company, respectively.
The change in the fair value of the hedging instruments designated to the extent that deemed effective for the year ended December 31, 2024 , amounted to \u20ac 187 thousands loss, net of tax (December 31, 2023: \u20ac 2,250 thousands loss, net of tax) and to \u20ac 2,216 thousands loss, net of tax (December 31, 2023: \u20ac 1,800 thousands loss, net of tax), for the Group and the Company respectively, affecting the cash flow hedge reserve (see Note 30).
Taking into consideration the conditions in the oil refining and trading sector, as well as the improvement depicted to the local economic environment in general, the course of the Group and the Company is considered satisfactory. The Group through its subsidiaries in the Middle East, Great Britain, Cyprus and the Balkans, also aims to expand its endeavors at an international level and to strengthen its already solid exporting orientation.
b. Geopolitical risk
Social and political factors or trade restrictions in a market can impact the organization's activities and its ability to provide products and services. The Group consistently monitors geopolitical developments in the broader region and globally, assessing potential impacts. The ongoing armed conflict between Ukraine and Russia, as well as the volatile situation in the Middle East and its effects on European and global markets, are systematically reviewed by the Group and the Company, and are not expected to materially affect operations. The primary risks identified are price risk and the risk of product and raw material availability.
The Company's refinery possesses the necessary flexibility to adjust its feedstock and fuels mix, which is particularly advantageous during periods of extreme price fluctuations. Additionally, the Company utilizes alternative fuels at the refinery, such as fuel oil, naphtha, and liquefied petroleum gas (LPG).
Although the situation remains unstable and further escalation cannot be ruled out, the Company sources its crude oil and essential raw materials from a diverse range of geographical locations and maintains relationships with various international suppliers. As a result, the Company is well-positioned to manage the impact of all potential scenarios in the Middle East and does not anticipate significant future impacts.
c. Foreign currency risk
Due to the use of the international Platt\u2019s prices in USD for oil purchases/sales, there is a risk of exchange rate fluctuations that may arise for the Group\u2019s profit margins. The Group\u2019s management minimises foreign currency risks through physical hedging, mostly by matching assets and liabilities in foreign currencies.
As of December 31, 2024, the Group had Assets in foreign currency of 592.90 million USD and Liabilities of 524.47 million USD. These balances, denominated in Euro, amount to 570.70 million and 504.83 million respectively according to the exchange rates at the reporting date. A change in the exchange rates by +/- 5%, would result in an amount of \u20ac +/- 3.29 million recognised before tax in the Statement of Profit or Loss and Other Comprehensive Income, and in the equity.
d. Interest rate risk
The Group is exposed to interest rate risk mainly through its interest-bearing net debt. The Group borrows both with fixed and floating interest rates as a way of maintaining an appropriate mix between fixed and floating rate borrowings and managing interest rate risk. The objective of the interest rate risk management is to limit the volatility of interest expenses in the income statement. In addition, the interest rate risk of the Group is managed with the use of interest rate derivatives, mainly interest rate swaps. Hedging activities are reviewed and evaluated on a regular basis to be aligned with the defined risk appetite and Group\u2019s risk management strategy.
The interest rate derivatives that the Group uses to hedge its floating-rate debt concern floored interest rate swap contracts under which the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. The particular contracts enable the Group to mitigate the variability of the cash flows stemming from the floating interest payments of issued variable debt against unfavorable movements in the benchmark interest rates.
For the outstanding hedged designations, the balance in the cash flow hedge reserve for the period ended amounts to \u20ac 4,229 thousands loss, net of tax (December 31,2023: \u20ac 6,571 thousands gain, net of tax) and to \u20ac 6,695 thousands gain, net of tax (December 31,2023: \u20ac 12,545 thousands gain, net of tax) for the Group and the Company, respectively.
For the period ended 31 December 2024 the carrying amount in the cost of hedging reserve amounts to \u20ac 1,290 thousands loss, net of tax (December 31, 2023: \u20ac 784 thousands loss, net of tax) and to \u20ac 2,247 thousands loss, net of tax (December 31, 2023: \u20ac 1,952 thousands loss, net of tax) for the Group and the Company, respectively (see Note 30).
The above balances include an amount of \u20ac 1,713 thousand, loss in the cash flow hedge reserve and an amount of \u20ac 389 thousand, profit in the cost of hedging reserve, due to the acquisition of the minority interest in the subsidiary ANEMOS RES S.A., in January 2024.
Had the current interest rates been 50 basis points higher/lower, all other variables kept constant, the Group\u2019s profit for the year ended December 31, 2024, could have decreased/increased by approximately \u20ac 15,681 thousands.
2. Credit risk
The Group\u2019s credit risk is primarily attributable to its trade and other receivables. The Group\u2019s trade receivables are characterized by a high degree of concentration, due to a limited number of customers comprising the clientele of the parent Company. Most of the customers are international well-known oil companies. In addition, petroleum transactions are generally cleared within a very short period of time. Consequently, the credit risk is limited to a great extent. The Group companies have signed contracts with their clients, based on the course of the international oil prices. In addition, the Company, as a policy, obtains letters of guarantee from its clients or registers mortgages to secure its receivables, which as at 31/12/2024 amounted to \u20ac 246.6 million. As far as receivables of the subsidiaries \u201cAVIN OIL SINGLE MEMBER S.A.\u201d, \u201cCORAL S.A.\u201d, \u201cCORAL GAS A.E.B.E.Y.\u201d, \u201cL.P.C. S.A.\u201d and \u201cNRG SUPPLY AND TRADING SINGLE MEMBER S.A.\u201d are concerned, these are spread in a wide range of customers and consequently there is no material concentration, and the credit risk is limited. The Group manages its domestic credit policy in a way to limit accordingly the credit days granted in the local market, in order to minimise any probable domestic credit risk.
3. Liquidity risk
Liquidity risk is managed through the proper combination of cash and cash equivalents and available bank overdrafts and loan facilities. In order to address such risks, the Group\u2019s management monitors the balance of cash and cash equivalents and ensures available bank loans facilities, maintaining also increased cash balances. Moreover, the major part of the Group\u2019s borrowings is long term borrowings which facilitates liquidity management.
The following tables present the Group\u2019s remaining contractual maturity for its financial liabilities:

(In 000's Euros)

GROUP

\u00a0

2024

\u00a0

Weighted average effective interest rate

0-6 months

7-12 months

2-5 years

5 + years

Total

Trade and other payables

\u00a0

1,020,840

1,727

0

0

1,022,567

Leases

3.96%

15,468

13,751

85,657

126,291

241,167

Derivative Financial instruments

\u00a0

9,123

12,847

18,121

0

40,091

Borrowings

3.97%

96,359

114,205

1,950,204

455,431

2,616,199

Interest

\u00a0

52,226

49,463

304,019

110,831

516,539

Total

\u00a0

1,194,016

191,993

2,358,001

692,553

4,436,563

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(In 000's Euros)

GROUP

\u00a0

2023

\u00a0

Weighted average effective interest rate

0-6 months

7-12 months

2-5 years

5 + years

Total

Trade and other payables

\u00a0

1,293,366

9,174

0

0

1,302,540

Leases

3.44%

15,244

14,075

87,354

106,020

222,693

Derivative Financial instruments

\u00a0

24,101

9,076

0

8,708

41,885

Borrowings

4.06%

105,663

82,321

1,529,005

900,082

2,617,071

Interest

\u00a0

61,609

59,742

364,144

184,556

670,051

Total

\u00a0

1,499,983

174,388

1,980,503

1,199,366

4,854,240

The following tables present the Company\u2019s remaining contractual maturity for its financial liabilities:

(In 000's Euros)

COMPANY

\u00a0

2024

\u00a0

Weighted average effective interest rate

0-6 months

7-12 months

2-5 years

5 + years

Total

Trade and other payables

\u00a0

665,873

0

0

0

665,873

Leases

3.76%

2,688

2,461

10,675

7,290

23,114

Derivative Financial instruments

\u00a0

6,482

11,977

130

0

18,589

Borrowings

3.00%

25,658

38,858

1,173,848

57,751

1,296,115

Interest

\u00a0

18,812

18,406

83,296

2,852

123,366

Total

\u00a0

719,513

71,702

1,267,949

67,893

2,127,057

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(In 000's Euros)

COMPANY

\u00a0

2023

\u00a0

Weighted average effective interest rate

0-6 months

7-12 months

2-5 years

5 + years

Total

Trade and other payables

\u00a0

795,872

0

0

0

795,872

Leases

2.13%

2,531

2,396

10,490

1,957

17,374

Derivative Financial instruments

\u00a0

23,420

9,076

0

0

32,497

Borrowings

3.01%

25,658

32,858

878,579

372,170

1,309,265

Interest

\u00a0

22,219

21,707

128,475

40,756

213,157

Total

\u00a0

869,700

66,037

1,017,544

414,883

2,368,165

As of today, the Company has available total credit facilities of approximately \u20ac 2.11 billion and total available bank Letter of Credit facilities up to approximately $ 1.49 billion.
Going Concern
The Group\u2019s management considers that the Company and the Group have adequate resources that ensure the smooth operation as a \u201cGoing Concern\u201d in the foreseeable future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f256282": { "value": "
Capital risk management
The Group manages its capital to ensure that Group companies will be able to continue as a going concern while maximizing the return to stakeholders through the optimization of the debt and equity balance. The capital structure of the Group consists of debt, which includes borrowings, cash and cash equivalents and equity attributable to equity holders of the parent, comprising of issued capital, reserves and retained earnings which are re-invested. The Group\u2019s management monitors the capital structure and the return on equity on a continuous basis.
As a part of this monitoring, the management reviews the cost of capital and the risks associated with each class of capital. The Group\u2019s intention is to balance its overall capital structure through the payment of dividends, as well as the issuance of new debt or the redemption of existing debt. The Group has already issued, since 2014, bond loans through the offering of Senior Notes bearing a fixed rate coupon. The Group also has access to the local and international money markets broadening materially its financing alternatives.
Gearing ratio
The Group\u2019s management reviews the capital structure on a frequent basis. As part of this review, the cost of capital is calculated and the risks associated with each class of capital are assessed.
The gearing ratio at the period-end was as follows:

\u00a0

\u00a0

GROUP

\u00a0

COMPANY

(In 000's Euros)

\u00a0

31/12/2024

31/12/2023

\u00a0

31/12/2024

31/12/2023

Bank loans

\u00a0

2,616,199

2,617,071

\u00a0

1,296,115

1,309,265

Lease liabilities

\u00a0

241,167

222,693

\u00a0

23,114

17,374

Cash and cash equivalents

\u00a0

(1,128,453)

(1,322,256)

\u00a0

(771,705)

(901,828)

Net debt

\u00a0

1,728,913

1,517,508

\u00a0

547,524

424,811

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Equity

\u00a0

2,758,787

2,771,328

\u00a0

2,253,615

2,189,774

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Net debt to equity ratio

\u00a0

0.63

0.55

\u00a0

0.24

0.19

", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f257049": { "value": "
a. Commodity risk
Due to the nature of its activities, the Group is exposed primarily to the financial risks of changes in foreign currency exchange rates (see (c) below), interest rates (see (d) below) and to the volatility of oil prices mainly due to its obligation to maintain certain level of inventories. The Company, in order to avoid significant fluctuations in the inventories valuation is trying, as a policy, to keep the inventories at the lowest possible levels. Furthermore, any change in the pertaining refinery margin, denominated in USD, affects the Company\u2019s gross margin. There has been no material change to the Group\u2019s exposure to market risks or the manner in which it manages and measures these risks.
Commodity derivatives are presented as above, including mainly oil and related alternative fuel derivatives as well as derivatives of emissions allowances EUAs, relating to the Group\u2019s primary activities and obligations. The Group designates certain derivatives in hedge accounting relationships in cash flow hedges.
At the end of the current year, the Group\u2019s cash flow hedge reserve amounts to \u20ac 421 thousands loss, net of tax (December 31, 2023: \u20ac 3 thousands gain, net of tax). Company\u2019s cash flow hedge reserve amounts to \u20ac 540 thousands loss, net of tax (December 31, 2023: \u20ac 3 thousands gain, net of tax). The balance of the cost of hedging reserve amounts to \u20ac 13 thousands gain, net of tax (December 31, 2023: \u20ac 0 thousands gain, net of tax) and balance of the cost of hedging reserve amounts to \u20ac 24 thousands gain, net of tax (December 31, 2023: \u20ac 0 thousands gain, net of tax) for the Group and the Company, respectively.
For the year ended 31 December 2024, the amounts that were transferred to Condensed Statement of Profit or Loss and Other Comprehensive Income from the cash flow hedge reserve, relating to derivative contracts settlements during the year amounted to \u20ac 238 thousands gain, net of tax (December 31, 2023: \u20ac 9,148 thousands gain, net of tax) and to \u20ac 1,673 thousands loss, net of tax (December 31, 2023: \u20ac 9,597 thousands gain, net of tax) for the Group and the Company, respectively.
Furthermore, for the year ended 31 December 2024, the amounts that were transferred to Condensed Statement of Profit or Loss and Other Comprehensive Income from the cost of hedging reserve, relating to derivative contracts settlements during the year ended amounted to \u20ac 1,366 thousands loss, net of tax (December 31, 2023: \u20ac 8,217 thousands loss, net of tax) and to \u20ac 182 thousands gain, net of tax (December 31, 2023: \u20ac 7,513 thousands loss, net of tax) for the Group and the Company, respectively.
The change in the fair value of the hedging instruments designated to the extent that deemed effective for the year ended December 31, 2024 , amounted to \u20ac 187 thousands loss, net of tax (December 31, 2023: \u20ac 2,250 thousands loss, net of tax) and to \u20ac 2,216 thousands loss, net of tax (December 31, 2023: \u20ac 1,800 thousands loss, net of tax), for the Group and the Company respectively, affecting the cash flow hedge reserve (see Note 30).
Taking into consideration the conditions in the oil refining and trading sector, as well as the improvement depicted to the local economic environment in general, the course of the Group and the Company is considered satisfactory. The Group through its subsidiaries in the Middle East, Great Britain, Cyprus and the Balkans, also aims to expand its endeavors at an international level and to strengthen its already solid exporting orientation.
b. Geopolitical risk
Social and political factors or trade restrictions in a market can impact the organization's activities and its ability to provide products and services. The Group consistently monitors geopolitical developments in the broader region and globally, assessing potential impacts. The ongoing armed conflict between Ukraine and Russia, as well as the volatile situation in the Middle East and its effects on European and global markets, are systematically reviewed by the Group and the Company, and are not expected to materially affect operations. The primary risks identified are price risk and the risk of product and raw material availability.
The Company's refinery possesses the necessary flexibility to adjust its feedstock and fuels mix, which is particularly advantageous during periods of extreme price fluctuations. Additionally, the Company utilizes alternative fuels at the refinery, such as fuel oil, naphtha, and liquefied petroleum gas (LPG).
Although the situation remains unstable and further escalation cannot be ruled out, the Company sources its crude oil and essential raw materials from a diverse range of geographical locations and maintains relationships with various international suppliers. As a result, the Company is well-positioned to manage the impact of all potential scenarios in the Middle East and does not anticipate significant future impacts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f258437": { "value": "
c. Foreign currency risk
Due to the use of the international Platt\u2019s prices in USD for oil purchases/sales, there is a risk of exchange rate fluctuations that may arise for the Group\u2019s profit margins. The Group\u2019s management minimises foreign currency risks through physical hedging, mostly by matching assets and liabilities in foreign currencies.
As of December 31, 2024, the Group had Assets in foreign currency of 592.90 million USD and Liabilities of 524.47 million USD. These balances, denominated in Euro, amount to 570.70 million and 504.83 million respectively according to the exchange rates at the reporting date. A change in the exchange rates by +/- 5%, would result in an amount of \u20ac +/- 3.29 million recognised before tax in the Statement of Profit or Loss and Other Comprehensive Income, and in the equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f259332": { "value": "
2. Credit risk
The Group\u2019s credit risk is primarily attributable to its trade and other receivables. The Group\u2019s trade receivables are characterized by a high degree of concentration, due to a limited number of customers comprising the clientele of the parent Company. Most of the customers are international well-known oil companies. In addition, petroleum transactions are generally cleared within a very short period of time. Consequently, the credit risk is limited to a great extent. The Group companies have signed contracts with their clients, based on the course of the international oil prices. In addition, the Company, as a policy, obtains letters of guarantee from its clients or registers mortgages to secure its receivables, which as at 31/12/2024 amounted to \u20ac 246.6 million. As far as receivables of the subsidiaries \u201cAVIN OIL SINGLE MEMBER S.A.\u201d, \u201cCORAL S.A.\u201d, \u201cCORAL GAS A.E.B.E.Y.\u201d, \u201cL.P.C. S.A.\u201d and \u201cNRG SUPPLY AND TRADING SINGLE MEMBER S.A.\u201d are concerned, these are spread in a wide range of customers and consequently there is no material concentration, and the credit risk is limited. The Group manages its domestic credit policy in a way to limit accordingly the credit days granted in the local market, in order to minimise any probable domestic credit risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f259740": { "value": "
3. Liquidity risk
Liquidity risk is managed through the proper combination of cash and cash equivalents and available bank overdrafts and loan facilities. In order to address such risks, the Group\u2019s management monitors the balance of cash and cash equivalents and ensures available bank loans facilities, maintaining also increased cash balances. Moreover, the major part of the Group\u2019s borrowings is long term borrowings which facilitates liquidity management.
The following tables present the Group\u2019s remaining contractual maturity for its financial liabilities:

(In 000's Euros)

GROUP

\u00a0

2024

\u00a0

Weighted average effective interest rate

0-6 months

7-12 months

2-5 years

5 + years

Total

Trade and other payables

\u00a0

1,020,840

1,727

0

0

1,022,567

Leases

3.96%

15,468

13,751

85,657

126,291

241,167

Derivative Financial instruments

\u00a0

9,123

12,847

18,121

0

40,091

Borrowings

3.97%

96,359

114,205

1,950,204

455,431

2,616,199

Interest

\u00a0

52,226

49,463

304,019

110,831

516,539

Total

\u00a0

1,194,016

191,993

2,358,001

692,553

4,436,563

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(In 000's Euros)

GROUP

\u00a0

2023

\u00a0

Weighted average effective interest rate

0-6 months

7-12 months

2-5 years

5 + years

Total

Trade and other payables

\u00a0

1,293,366

9,174

0

0

1,302,540

Leases

3.44%

15,244

14,075

87,354

106,020

222,693

Derivative Financial instruments

\u00a0

24,101

9,076

0

8,708

41,885

Borrowings

4.06%

105,663

82,321

1,529,005

900,082

2,617,071

Interest

\u00a0

61,609

59,742

364,144

184,556

670,051

Total

\u00a0

1,499,983

174,388

1,980,503

1,199,366

4,854,240

The following tables present the Company\u2019s remaining contractual maturity for its financial liabilities:

(In 000's Euros)

COMPANY

\u00a0

2024

\u00a0

Weighted average effective interest rate

0-6 months

7-12 months

2-5 years

5 + years

Total

Trade and other payables

\u00a0

665,873

0

0

0

665,873

Leases

3.76%

2,688

2,461

10,675

7,290

23,114

Derivative Financial instruments

\u00a0

6,482

11,977

130

0

18,589

Borrowings

3.00%

25,658

38,858

1,173,848

57,751

1,296,115

Interest

\u00a0

18,812

18,406

83,296

2,852

123,366

Total

\u00a0

719,513

71,702

1,267,949

67,893

2,127,057

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(In 000's Euros)

COMPANY

\u00a0

2023

\u00a0

Weighted average effective interest rate

0-6 months

7-12 months

2-5 years

5 + years

Total

Trade and other payables

\u00a0

795,872

0

0

0

795,872

Leases

2.13%

2,531

2,396

10,490

1,957

17,374

Derivative Financial instruments

\u00a0

23,420

9,076

0

0

32,497

Borrowings

3.01%

25,658

32,858

878,579

372,170

1,309,265

Interest

\u00a0

22,219

21,707

128,475

40,756

213,157

Total

\u00a0

869,700

66,037

1,017,544

414,883

2,368,165

As of today, the Company has available total credit facilities of approximately \u20ac 2.11 billion and total available bank Letter of Credit facilities up to approximately $ 1.49 billion.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f260628": { "value": "
Going Concern
The Group\u2019s management considers that the Company and the Group have adequate resources that ensure the smooth operation as a \u201cGoing Concern\u201d in the foreseeable future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f260665": { "value": "
41.Audit and Other Fees
The audit fees for the fiscal year 2024 concerning the KPMG network amounted to \u20ac 1,218 thousand for the Group and \u20ac 1,044 thousand for the Company and are analyzed below:

(In 000's Euros)

\u00a0

GROUP

COMPANY

Statutory Audit

\u00a0

650

560

Tax Audit

\u00a0

145

90

Other Audit Services

\u00a0

301

281

Other Non-Audit Services

\u00a0

122

113

Total

\u00a0

1,218

1,044

Other Audit Services include fees for the CRSD compliance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f260813": { "value": "
42.Events after the Reporting Period
Within January 2025 we concluded with the acquisition through the subsidiary \u201cMANETIAL LTD\u201d of the 94.44% of the share capital of \u201cHELECTOR S.A.\u201d from \u201cELLAKTOR S.A.\u201d. \u201cHELECTOR S.A.\u201d operates in the cyclical economy sector and the consideration was \u20ac 114.7 mil.
Furthermore, within the same month, we concluded with the acquisition through the subsidiaries \u201cCORE INNOVATIONS SINGLE MEMBER S.A.\u201d and \u201cELETAKO LTD\u201d of the 100% of the share capital of \u201cZENROW LTD\u201d, a holding company that owns the 24 SHOPEN network of 25 retail convenience stores. The consideration was \u20ac 10.8 mil.
Besides the above, there are no events that could have a material impact on the Group\u2019s and Company\u2019s financial structure or operations that have occurred since 01/01/2025 up to the date of issue of these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800U3Y9UL7Y4QVM11", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }