| |
\u2013 Furniture and fixtures | |
| |
\u2022Other furniture and fixtures | |
the net identifiable assets and liabilities of the acquiree at the date of acquisition. Gains and losses on the disposal
of an entity include the carrying amount of goodwill relating to the entity sold. In the event that the fair value of
the Company\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition is higher
than the cost, the excess remaining is recognised immediately in the statement of comprehensive income.
Goodwill is allocated to cash-generating units (CGU) for the purpose of impairment testing. The allocation is made
to those CGUs or Groups of CGUs that are expected to benefit from the business combination in which the
goodwill arose, identified according to operating segments. Goodwill impairment reviews are undertaken annually
or more frequently, if events or changes in circumstances indicate a potential impairment. Impairment is
determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the
goodwill relates. When the recoverable amount (higher of value in use and fair value less costs to sell) of the CGU
is less than its carrying amount including goodwill, an impairment loss is recognised. Impairment losses relating to
goodwill cannot be reversed in future periods.
(b) Retail Service Stations Usage rights
Retail Service Stations Usage rights represent upfront lump-sum amounts to purchase licenses to operate and
control service stations from previous owner of the license. These licenses are not directly linked with any lease
agreement and have an indefinite useful economic life. Such payments were made to secure branding and future
revenues for the Group that were not available before and are therefore capitalised in accordance with IAS 38,
Intangible Assets. Retail Service Stations Usage rights are tested for impairment as part of the CGU to which they
relate.
(c) Licences and rights
Licenses and rights have a definite useful life and are carried at cost less accumulated amortisation. Amortisation
is being calculated using the straight-line method to allocate their cost over their estimated useful lives, which
usually range from 3 to 25 years.
(d) Computer software
The category computer software includes primarily the costs of implementing the (ERP) computer software
program. Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and
bring to use the specific software. These costs are amortised using the straight line method over their estimated
useful lives (1 to 5 years).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMDAvZnJhZzowNWI2MzNmZjNiOTQ0OTBlOWMyMjg3MTgwMmU4OWM3MS90ZXh0cmVnaW9uOjA1YjYzM2ZmM2I5NDQ5MGU5YzIyODcxODAyZTg5YzcxXzEwOTk1MTE2NTk2MjMw_66ba9228-a9c3-4810-bad0-ccefcc71dffc": {
"value": "
2.10Intangible assets
(a) Goodwill
Goodwill represents the excess of the consideration transferred over the Company's interest in the fair value of
the net identifiable assets and liabilities of the acquiree at the date of acquisition. Gains and losses on the disposal
of an entity include the carrying amount of goodwill relating to the entity sold. In the event that the fair value of
the Company\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition is higher
than the cost, the excess remaining is recognised immediately in the statement of comprehensive income.
Goodwill is allocated to cash-generating units (CGU) for the purpose of impairment testing. The allocation is made
to those CGUs or Groups of CGUs that are expected to benefit from the business combination in which the
goodwill arose, identified according to operating segments. Goodwill impairment reviews are undertaken annually
or more frequently, if events or changes in circumstances indicate a potential impairment. Impairment is
determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the
goodwill relates. When the recoverable amount (higher of value in use and fair value less costs to sell) of the CGU
is less than its carrying amount including goodwill, an impairment loss is recognised. Impairment losses relating to
goodwill cannot be reversed in future periods.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
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"value": "
2.11Exploration\u00a0 and evaluation of mineral resources
(a) Exploration and evaluation assets
During the exploration period and before a commercially viable discovery, oil and natural gas exploration and
evaluation expenditures are expensed. Geological and geophysical costs as well as costs directly associated with
an exploration are expensed as incurred. Exploration property leasehold acquisition costs are capitalized within
intangible assets and amortised over the period of the licence or in relation to the progress of the activities if there
is a substantial difference. Upstream exploration rights are included in licenses and rights in intangible assets.
(b) Development of tangible and intangible assets
Expenditure on the construction, installation or completion of infrastructure facilities such as platforms, pipelines
and the drilling of commercially proven development wells is capitalized within tangible and intangible assets
according to their nature. When development is completed on a specific field, it is transferred to production
assets. No depreciation and/or amortisation is charged during development.
(c) Oil and gas production assets
Oil and gas production assets are presented separately from other property, plant and equipment and comprise of\u00a0
exploration and evaluation tangible assets as well as development expenditures associated with the production of
proven reserves. The Group has not recognised any such assets, as it is currently in the first stages of exploration
and evaluation.
(d) Depreciation/amortisation
Oil and gas properties/intangible assets are depreciated/amortized using the unit-of-production method. Unit-of-
production rates are based on proven developed reserves, which are oil, gas and other mineral reserves estimated
to be recovered from existing facilities using current operating methods. Oil and gas volumes are considered
produced once they have been measured through meters at custody transfer or sales transaction points at the
outlet valve on the field storage tank.
(e) Impairment \u2013 exploration and evaluation assets
The exploration property leasehold acquisition costs are tested for impairment whenever facts and circumstances
indicate impairment. For the purposes of assessing impairment, the exploration property leasehold acquisition
costs subject to testing are grouped with existing cash-generating units (CGUs) of production fields that are
located in the same geographical region corresponding to each license.
(f) Impairment \u2013 proven oil and gas properties and intangible assets
Proven oil and gas properties and intangible assets are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the
amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the
higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets
are grouped at the lowest levels for which there are separately identifiable cash flows.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMDAvZnJhZzowNWI2MzNmZjNiOTQ0OTBlOWMyMjg3MTgwMmU4OWM3MS90ZXh0cmVnaW9uOjA1YjYzM2ZmM2I5NDQ5MGU5YzIyODcxODAyZTg5YzcxXzEwOTk1MTE2Njc1Nzkz_f05662c9-099b-4226-9310-19d1d04d853f": {
"value": "
2.11Exploration\u00a0 and evaluation of mineral resources(c) Oil and gas production assets
Oil and gas production assets are presented separately from other property, plant and equipment and comprise of\u00a0
exploration and evaluation tangible assets as well as development expenditures associated with the production of
proven reserves. The Group has not recognised any such assets, as it is currently in the first stages of exploration
and evaluation.
(d) Depreciation/amortisation
Oil and gas properties/intangible assets are depreciated/amortized using the unit-of-production method. Unit-of-
production rates are based on proven developed reserves, which are oil, gas and other mineral reserves estimated
to be recovered from existing facilities using current operating methods. Oil and gas volumes are considered
produced once they have been measured through meters at custody transfer or sales transaction points at the
outlet valve on the field storage tank.
(e) Impairment \u2013 exploration and evaluation assets
The exploration property leasehold acquisition costs are tested for impairment whenever facts and circumstances
indicate impairment. For the purposes of assessing impairment, the exploration property leasehold acquisition
costs subject to testing are grouped with existing cash-generating units (CGUs) of production fields that are
located in the same geographical region corresponding to each license.
(f) Impairment \u2013 proven oil and gas properties and intangible assets
Proven oil and gas properties and intangible assets are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the
amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the
higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets
are grouped at the lowest levels for which there are separately identifiable cash flows.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
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"value": "
2.12Impairment of non-financial assets
The Group assesses, at each reporting date, whether an indication of impairment exists. If any indication exists, or
when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount.
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or
more frequently if events or changes in circumstances indicate that they might be impaired. Assets that are
subject to amortisation or depreciation are tested for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by
which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an
asset\u2019s fair value less costs to sell and value in use (discounted cash flows an asset is expected to generate based
upon management\u2019s expectations of future economic and operating conditions). For the purposes of assessing
impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows (cash-
generating units). For assets excluding goodwill, an assessment is made at each reporting date to determine
whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If
such indication exists, the Group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised
impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s
recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying
amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have
been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years.
",
"dimensions": {
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"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
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"value": "
2.12Impairment of non-financial assets
The Group assesses, at each reporting date, whether an indication of impairment exists. If any indication exists, or
when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount.
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or
more frequently if events or changes in circumstances indicate that they might be impaired. Assets that are
subject to amortisation or depreciation are tested for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by
which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an
asset\u2019s fair value less costs to sell and value in use (discounted cash flows an asset is expected to generate based
upon management\u2019s expectations of future economic and operating conditions). For the purposes of assessing
impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows (cash-
generating units). For assets excluding goodwill, an assessment is made at each reporting date to determine
whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If
such indication exists, the Group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised
impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s
recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying
amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have
been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
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2.13Financial assets
2.13.1 Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value
through other comprehensive income (OCI), and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow
characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that
do not contain a significant financing component or for which the Group has applied the practical expedient, the
Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value
through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component
or for which the Group has applied the practical expedient are measured at the transaction price determined
under IFRS 15. Refer to the accounting policies in section 2.26 Revenue from contracts with customers.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to
give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount
outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to
generate cash flows. The business model determines whether cash flows will result from collecting contractual
cash flows, selling the financial assets, or both.
Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation
or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that\u00a0 the
Group commits to purchase or sell the asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in three categories:
\u2022Financial assets at amortised cost (debt instruments)
\u2022Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
derecognition (equity instruments)
\u2022Financial assets at fair value through profit or loss
(a) Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets
designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to
be measured at fair value.
Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in
the near term.
Derivatives are also categorised as \u2018held for trading\u2019 unless they are designated as hedges. Assets in this category
are classified as current assets if they are either held for trading or are expected to be realised within 12 months of
the end of the reporting period, otherwise they are classified as non-current. Financial assets with cash flows that
are not solely payments of principal and interest are classified and measured at fair value through profit or loss,
irrespective of the business model.
(b) Financial assets at amortised cost
The Group measures financial assets at amortised cost if both of the following conditions are met: a) the financial
asset is held within a business model with the objective to hold financial assets in order to collect contractual cash
flows and b) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are
subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified
or impaired.
(c) Financial assets at fair value through OCI with no recycling of cumulative gains and losses upon
derecognition (equity instruments).
Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments
designated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments:
Presentation and are not held for trading. The classification is determined on an instrument-by-instrument basis.
Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other
income in the profit or loss of the statement of comprehensive income, when the right of payment has been
established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial
asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are
not subject to impairment assessment.\u00a0
The Group elected to classify irrevocably its listed equity investments under this category.
2.13.2 Derecognition and impairment
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when:
The rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash
flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a
third party under a \u2018pass-through\u2019 arrangement\u037e and either (a) the Group has transferred substantially all the risks
and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and
rewards of the asset, but has transferred control of the asset
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through
arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has
neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of
the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In
that case, the Group also recognises an associated liability. The transferred asset and the associated liability are
measured on a basis that reflects the rights and obligations that the Group has retained.
Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
\u2022Disclosures for significant estimates and assumptions Note 4
\u2022Trade receivables Note 12
For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not
track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date.
The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for
forward-looking factors specific to the debtors and the economic environment.
2.13.3 Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of
financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an
intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
2.14Derivative financial instruments and hedging activities
As part of its risk management policy, the Group utilizes currency and commodity derivatives to mitigate the
impact of volatility in commodity prices and foreign exchange rates. Derivative financial instruments are initially
recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at
their fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities
when the fair value is negative. Changes in fair values of the derivative financial instruments are recognised at
each reporting date either in the statement of comprehensive income or in other comprehensive income,
depending on whether the derivative is designated as a hedging instrument. If so, the nature of the item being
hedged is also disclosed. The Group designates certain derivatives as either:
a.Hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedge);
b.Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast
transaction (cash flow hedge).
The Group documents, at the inception of the transaction, the relationship between hedging instruments and
hedged items, as well as its risk management objectives and strategy for undertaking various hedging
transactions.
\u03a4he documentation also includes both at hedge inception and on an ongoing basis how it will assess the
effectiveness of changes in the hedging instrument\u2019s fair value in offsetting the exposure to changes in the
hedged item\u2019s fair value or cash flows attributable to the hedged risk. Such hedges are expected to be highly
effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to
determine that they actually have been highly effective throughout the financial reporting periods for which they
were designated. The instruments used for this risk management include commodity exchange traded contracts
(ICE futures), full refinery margin forwards, product price forward contracts or options.
Cash flow hedges
The effective portion of changes in the fair value of these derivatives is recognized in other comprehensive
income. The gain or loss relating to the ineffective portion is recognized immediately in the statement of
comprehensive income within \u201cOther operating income / (expenses) and other gains / (losses)\u201d. Amounts
accumulated in equity are recycled in the statement of comprehensive income in the periods when the hedged
item affects profit or loss (i.e. when the forecast transaction being hedged takes place) within cost of sales.
When a hedging instrument expires or is sold, or a hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast
transaction is ultimately recognized in the statement of comprehensive income. When a forecast transaction is no
longer expected to occur, the derivative is de-designated and the cumulative gain or loss that was reported in
equity is immediately transferred to the statement of comprehensive income within \u201cOther operating income /
(expenses) and other gains / (losses)\u201d.
Derivatives at fair value through profit or loss
Derivatives that do not qualify for hedge accounting are classified as derivatives at fair value through profit or loss.
Changes in the fair value of the derivative instruments that do not qualify for hedge accounting are recognized
immediately in the statement of comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
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2.13Financial assets2.13.3 Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of
financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an
intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
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"value": "
2.13Financial assets2.13.2 Derecognition and impairment
Impairment
Further disclosures relating to impairment of financial assets are also provided in the following notes:
\u2022Disclosures for significant estimates and assumptions Note 4
\u2022Trade receivables Note 12
For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not
track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date.
The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for
forward-looking factors specific to the debtors and the economic environment.
(a)\u00a0 \u00a0 Impairment of non-current assets and investments in associates and joint ventures
The Group assesses at each reporting date, whether indicators for impairment exist for its non-financial assets
(Note 2.12) and its investments in associates and joint ventures. The assessment includes both external and
internal factors which include inter-alia, significant changes with an adverse effect in the regulatory or
technological environment or evidence available from internal reporting that indicates that the economic
performance of the asset is, or will be worse than expected. If any indication exists, the Group estimates the
asset\u2019s or cash generating unit\u2019s recoverable amount. Judgment is involved to some extent in determining
whether indicators exist and also for the determination of the cash generating units at which the respective assets
are tested for impairment. A cash-generating unit is the smallest identifiable group of assets that generates cash
inflows that are largely independent of the cash inflows from other assets or groups of assets.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
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"value": "
2.13Financial assets (a) Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets
designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to
be measured at fair value.
Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in
the near term.
Derivatives are also categorised as \u2018held for trading\u2019 unless they are designated as hedges. Assets in this category
are classified as current assets if they are either held for trading or are expected to be realised within 12 months of
the end of the reporting period, otherwise they are classified as non-current. Financial assets with cash flows that
are not solely payments of principal and interest are classified and measured at fair value through profit or loss,
irrespective of the business model.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
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"value": "
2.13Financial assets2.13.2 Derecognition and impairment
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when:
The rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash
flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a
third party under a \u2018pass-through\u2019 arrangement\u037e and either (a) the Group has transferred substantially all the risks
and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and
rewards of the asset, but has transferred control of the asset
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through
arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has
neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of
the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In
that case, the Group also recognises an associated liability. The transferred asset and the associated liability are
measured on a basis that reflects the rights and obligations that the Group has retained.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
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"value": "
2.14Derivative financial instruments and hedging activities
As part of its risk management policy, the Group utilizes currency and commodity derivatives to mitigate the
impact of volatility in commodity prices and foreign exchange rates. Derivative financial instruments are initially
recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at
their fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities
when the fair value is negative. Changes in fair values of the derivative financial instruments are recognised at
each reporting date either in the statement of comprehensive income or in other comprehensive income,
depending on whether the derivative is designated as a hedging instrument. If so, the nature of the item being
hedged is also disclosed. The Group designates certain derivatives as either:
a.Hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedge);
b.Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast
transaction (cash flow hedge).
The Group documents, at the inception of the transaction, the relationship between hedging instruments and
hedged items, as well as its risk management objectives and strategy for undertaking various hedging
transactions.
\u03a4he documentation also includes both at hedge inception and on an ongoing basis how it will assess the
effectiveness of changes in the hedging instrument\u2019s fair value in offsetting the exposure to changes in the
hedged item\u2019s fair value or cash flows attributable to the hedged risk. Such hedges are expected to be highly
effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to
determine that they actually have been highly effective throughout the financial reporting periods for which they
were designated. The instruments used for this risk management include commodity exchange traded contracts
(ICE futures), full refinery margin forwards, product price forward contracts or options.
Cash flow hedges
The effective portion of changes in the fair value of these derivatives is recognized in other comprehensive
income. The gain or loss relating to the ineffective portion is recognized immediately in the statement of
comprehensive income within \u201cOther operating income / (expenses) and other gains / (losses)\u201d. Amounts
accumulated in equity are recycled in the statement of comprehensive income in the periods when the hedged
item affects profit or loss (i.e. when the forecast transaction being hedged takes place) within cost of sales.
When a hedging instrument expires or is sold, or a hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast
transaction is ultimately recognized in the statement of comprehensive income. When a forecast transaction is no
longer expected to occur, the derivative is de-designated and the cumulative gain or loss that was reported in
equity is immediately transferred to the statement of comprehensive income within \u201cOther operating income /
(expenses) and other gains / (losses)\u201d.
Derivatives at fair value through profit or loss
Derivatives that do not qualify for hedge accounting are classified as derivatives at fair value through profit or loss.
Changes in the fair value of the derivative instruments that do not qualify for hedge accounting are recognized
immediately in the statement of comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
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"value": "
2.15Government grants
Government grants are recognised at their fair value where there is reasonable assurance that the grant will be
received and the Group will comply with all attached conditions. Government grants related to Property, Plant and
Equipment received by the Group are initially recorded as deferred government grants and included in \u201cOther
non-current liabilities\u201d. Subsequently, they are credited to the statement of comprehensive income over the
useful lives of the related assets in direct relationship to the depreciation charged on such assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
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"value": "
2.16Inventories
Inventories comprise crude oil and other raw materials, refined and semi-finished products, petrochemicals,
merchandise, consumables and other spare parts.
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the monthly weighted
average cost method. The cost of finished goods and work in progress comprises raw materials, direct labour,
other direct costs and related production overheads. It does not include borrowing costs. Net realisable value is
the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated
costs necessary to make the sale, where applicable. Spare parts consumed within a year are carried as inventory
and recognized in cost of sales in the statement of comprehensive income when consumed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMDAvZnJhZzowNWI2MzNmZjNiOTQ0OTBlOWMyMjg3MTgwMmU4OWM3MS90ZXh0cmVnaW9uOjA1YjYzM2ZmM2I5NDQ5MGU5YzIyODcxODAyZTg5YzcxXzEwOTk1MTE2NTk2MDk2_4af98f8d-6e31-4ba1-85e6-eb64e0b64f84": {
"value": "
2.17Trade receivables
Trade receivables, which generally have 5 - 30 day terms, are recognised initially at fair value and subsequently
measured at amortised cost using the effective interest method, less provision for impairment.
Trade receivables include bills of exchange and promissory notes from customers.
For trade receivables, which are not in default the Group applies the simplified approach, in accordance with IFRS
9 and calculates ECLs based on lifetime expected credit losses. The Group has established a provision matrix that
is based on the Group\u2019s historical credit loss experience, adjusted for forward-looking factors specific to the
debtors and the economic environment. On the other hand, trade receivables in default are assessed on a case by
case basis. The amount of the provision is recognised in the statement of comprehensive income and is included
in \u201cSelling and distribution expenses\u201d.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMDAvZnJhZzowNWI2MzNmZjNiOTQ0OTBlOWMyMjg3MTgwMmU4OWM3MS90ZXh0cmVnaW9uOjA1YjYzM2ZmM2I5NDQ5MGU5YzIyODcxODAyZTg5YzcxXzEwOTk1MTE2NTk2MDk3_57762d32-0214-4100-b13d-ebe80619a94e": {
"value": "
2.18Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid
investments such as marketable securities and time deposits with original maturities of three months or less.\u00a0
Cash pledged as collateral is included in \u201cTrade and other receivables\u201d.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMDAvZnJhZzowNWI2MzNmZjNiOTQ0OTBlOWMyMjg3MTgwMmU4OWM3MS90ZXh0cmVnaW9uOjA1YjYzM2ZmM2I5NDQ5MGU5YzIyODcxODAyZTg5YzcxXzEwOTk1MTE2NTk2MTAw_d345c3c5-6302-4119-8667-0642d1f8406f": {
"value": "
2.19Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or
options are shown in equity as a deduction from the proceeds, net of tax.
Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity.
No gain or loss is recognised to profit or loss of the statement of comprehensive income on the purchase, sale,
issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the
consideration, if reissued, is recognised in equity.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMDAvZnJhZzowNWI2MzNmZjNiOTQ0OTBlOWMyMjg3MTgwMmU4OWM3MS90ZXh0cmVnaW9uOjA1YjYzM2ZmM2I5NDQ5MGU5YzIyODcxODAyZTg5YzcxXzEwOTk1MTE2NTk2MTAx_8be1d85d-7e42-45a3-9e9f-6fd1e914372a": {
"value": "
2.20Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently
measured at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption
value is recognised in the statement of comprehensive income over the period of the borrowings using the
effective interest rate method.
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it
is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down
occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the
fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it
relates.
Borrowings are derecognized from the balance sheet when the obligation specified in the contract is discharged,
cancelled or expired. The difference between the carrying amount of a financial liability that has been
extinguished or transferred to another party and the consideration paid, including any noncash assets transferred
or liabilities assumed, is recognised in the statement of comprehensive income as finance costs or other operating
income.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of
the liability for at least 12 months after the end of the reporting period.
In cases where an existing borrowing of the Group is renegotiated, this might result in modification or an exchange
of borrowings with the lenders that could be carried out in a number of ways. Whether a modification or exchange
of borrowings represents a settlement of the original debt, or merely a renegotiation of that debt, determines the
accounting treatment that should be applied by the borrower. When the terms of the existing borrowings are
substantially different from the terms of the modified or exchanged borrowings, such a modification or exchange
is treated as an extinguishment of the original borrowing and the recognition of a new liability any difference in
the respective carrying amount, is recognized in the statement of comprehensive income.
The Group considers the terms to be substantially different if either the discounted present value of the future
cash flows under the new terms, including any costs or fees incurred, using the original effective interest rate, is at
least 10% different from the discounted present value of the remaining cash flows of the original borrowing or
there is a substantial change in the terms from a qualitative perspective. Qualitative factors may include:
\u2022the currency in which the borrowing is denominated
\u2022the interest rate (that is fixed versus floating rate)
\u2022changes in covenants
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
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"value": "
2.21Current and deferred income tax
The tax expense or credit for the period comprises current and deferred tax. The income tax expense or credit for
the period, is the tax estimated on the current period\u2019s taxable income based on the applicable income tax rate for
each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences
and to unused tax losses, as well as additional taxes for prior years. Tax is recognised in the statement of
comprehensive income, except to the extent that it relates to items recognized directly in equity. In this case, the
tax is also recognized in equity.
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
taxation authorities.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the
end of the reporting period in the countries where the Group\u2019s subsidiaries and associates operate and generate
taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in
which applicable tax regulation is subject to interpretation and establishes provisions where appropriate on the
basis of amounts expected to be paid to the tax authorities. Any interest and penalties arising on uncertain tax
positions are considered as part of income tax.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMDAvZnJhZzowNWI2MzNmZjNiOTQ0OTBlOWMyMjg3MTgwMmU4OWM3MS90ZXh0cmVnaW9uOjA1YjYzM2ZmM2I5NDQ5MGU5YzIyODcxODAyZTg5YzcxXzEwOTk1MTE2Njc1Nzk5_f328d0d2-4e11-44cf-8516-492414290d9c": {
"value": "
2.21Current and deferred income taxDeferred income tax is provided in full, using the liability method, on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred
income tax is not recognized if it arises from initial recognition of an asset or liability in a transaction, other than a
business combination, that at the time of the transaction does not affect either accounting or taxable profit or
loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted
by the end of the reporting period and are expected to apply when the related deferred income tax asset is
realised or the deferred income tax liability is settled.
Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise
those deductible temporary differences and losses.
Deferred income tax assets are reviewed at each financial position date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to
be utilized.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied
by the same taxation authority on either the taxable entity or different taxable entities, where there is an intention
to settle the balances on a net basis.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
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"value": "
2.22Employee benefits
(a) Pension obligations
The Group participates in various pension schemes. The payments are determined by the local legislation and the
funds\u2019 regulations. The Group has both defined benefit and defined contribution plans.
A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive
on retirement, usually dependent on one or more factors such as age, years of service and compensation.
A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate State
pension fund. The Group has no legal or constructive obligations to pay further contributions if the fund does not
hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior
periods.
Defined benefit pension plan
Where applicable, under local labour laws, employees and workers are entitled to post employment payments in
the event of retirement with the amount of payment varying in relation to the employee\u2019s or worker\u2019s
compensation and length of service. This program is considered as a defined benefit plan.
The liability recognized in the consolidated statement of financial position in respect of defined benefit pension
plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of
plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected
unit credit method. The present value of the defined benefit obligation is determined by discounting the
estimated future cash outflows using interest rates of high-quality corporate bonds that have terms to maturity
approximating to the terms of the related pension obligation.
The current service cost of the defined benefit plan, recognized in the consolidated statement of profit or loss in
employee benefit\u00a0 expense (except where included in the cost of an asset) reflects the increase in the defined
benefit obligation resulting from employee service in the current year, benefit changes curtailments and
settlements.\u00a0
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged
or credited to equity in other comprehensive income in the period in which they arise.\u00a0
Past-service costs are recognized immediately in profit or loss of the statement of comprehensive income.
Defined contribution plans
The Group\u2019s employees are covered by one of several Greek State sponsored pension funds which relates to the
private sector and provides pension and pharmaceutical benefits. Each employee is required to contribute a
portion of their monthly salary to the funds, with the Group also contributing a portion. Upon retirement, the
pension fund is responsible for paying the employees retirement benefits. As such, the Group has no legal or
constructive obligation to pay future benefits under this plan.\u00a0
(b) Termination benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement
date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group
recognises termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw
the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of
IAS 37 and involves the payment of termination benefits. In the case of an offer made to encourage voluntary
redundancy, the termination benefits are measured based on the number of employees expected to accept the
offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to their
present value.
(c) Share-based compensation
Employees of the Group may receive remuneration in the form of share based payments as part of a share option
plan. The total amount to be expensed over the vesting period is determined by reference to the fair value of the
options granted, at the date of granting. Non-market vesting conditions are included in assumptions about the
number of options that are expected to vest.
At each reporting period end, the entity revises its estimates of the number of options that are expected to vest. It
recognises the impact of the revision of original estimates, if any, in the statement of comprehensive income, with
a corresponding adjustment to equity.
When the options are exercised, the Company may issue new shares. In that case, the proceeds received net of
any directly attributable transaction costs are credited to share capital (nominal value) and share premium when
the options are exercised. The Group has no share-based compensation schemes in force for 2021 and for 2022.
(d) Short-term paid absences
The Group recognises the expected cost of short-term employee benefits in the form of paid absences in the case
of accumulating paid absences, when the employees render service that increases their entitlement to future paid
absences.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMDAvZnJhZzowNWI2MzNmZjNiOTQ0OTBlOWMyMjg3MTgwMmU4OWM3MS90ZXh0cmVnaW9uOjA1YjYzM2ZmM2I5NDQ5MGU5YzIyODcxODAyZTg5YzcxXzEwOTk1MTE2Njc1ODAw_28df9418-0618-4a39-8620-2d864cd78a2f": {
"value": "
2.22Employee benefits (b) Termination benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement
date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group
recognises termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw
the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of
IAS 37 and involves the payment of termination benefits. In the case of an offer made to encourage voluntary
redundancy, the termination benefits are measured based on the number of employees expected to accept the
offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to their
present value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMDAvZnJhZzowNWI2MzNmZjNiOTQ0OTBlOWMyMjg3MTgwMmU4OWM3MS90ZXh0cmVnaW9uOjA1YjYzM2ZmM2I5NDQ5MGU5YzIyODcxODAyZTg5YzcxXzEwOTk1MTE2Njc1ODAw_4e52f5fa-05f8-4b92-8305-ebe250b0cbc6": {
"value": "
2.22Employee benefits(c) Share-based compensation
Employees of the Group may receive remuneration in the form of share based payments as part of a share option
plan. The total amount to be expensed over the vesting period is determined by reference to the fair value of the
options granted, at the date of granting. Non-market vesting conditions are included in assumptions about the
number of options that are expected to vest.
At each reporting period end, the entity revises its estimates of the number of options that are expected to vest. It
recognises the impact of the revision of original estimates, if any, in the statement of comprehensive income, with
a corresponding adjustment to equity.
When the options are exercised, the Company may issue new shares. In that case, the proceeds received net of
any directly attributable transaction costs are credited to share capital (nominal value) and share premium when
the options are exercised. The Group has no share-based compensation schemes in force for 2021 and for 2022.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMDAvZnJhZzowNWI2MzNmZjNiOTQ0OTBlOWMyMjg3MTgwMmU4OWM3MS90ZXh0cmVnaW9uOjA1YjYzM2ZmM2I5NDQ5MGU5YzIyODcxODAyZTg5YzcxXzEwOTk1MTE2NTk2MTA3_1053115a-70fb-48b2-b0d0-b6aac6c89ad2": {
"value": "
2.23Trade and other payables
Trade and other payables are recognised initially at fair value and are subsequently measured at amortised cost
using the effective interest method. Accounts payable are classified as current liabilities if payment is due within
one year or less. If not, they are presented as non-current liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMDAvZnJhZzowNWI2MzNmZjNiOTQ0OTBlOWMyMjg3MTgwMmU4OWM3MS90ZXh0cmVnaW9uOjA1YjYzM2ZmM2I5NDQ5MGU5YzIyODcxODAyZTg5YzcxXzEwOTk1MTE2NTk2MTA4_0d7a744f-c982-4c85-8383-e9f3034d41cf": {
"value": "
2.24Provisions
Provisions for restructuring costs and legal claims are recognised when the Group has a present legal or
constructive obligation as a result of past events; it is probable that an outflow of resources will be required to
settle the obligation; and the amount can be reliably estimated. Provisions are not recognised for future operating
losses.
Provisions are measured at the present value of management\u2019s best estimate of the expenditure required to
settle the present obligation at the end of the reporting period. The discount rate used to determine the present
value reflects current market assessments of the time value of money and the increases specific to the liability.
No provisions are recognized for possible future obligations whose existence will be confirmed only by the
occurrence or non\u2011occurrence of one or more uncertain future events not wholly within the control of the Group or
for present obligations if it is not probable that an outflow of resources embodying economic benefits will be
required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability. For
such cases the Group discloses a contingent liability.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMDAvZnJhZzowNWI2MzNmZjNiOTQ0OTBlOWMyMjg3MTgwMmU4OWM3MS90ZXh0cmVnaW9uOjA1YjYzM2ZmM2I5NDQ5MGU5YzIyODcxODAyZTg5YzcxXzEwOTk1MTE2NTk2MTA5_3a00c3d5-3a1b-47a0-9a27-2c68e99fa208": {
"value": "
2.25Environmental liabilities
The Group has an environmental policy which complies with existing legislation and any obligations resulting from
its environmental and operational licenses. In order to comply with all rules and regulations, the Group has set up a
monitoring mechanism in accordance with the requirements of the relevant authorities. Furthermore, investment
plans are adjusted to reflect any known future environmental requirements.
Liabilities for environmental remediation costs are recognised when environmental assessments or clean-ups are
probable and the associated costs can be reasonably estimated. Generally, the timing of these provisions
coincides with the commitment to a formal plan of action or, if earlier, on divestment or on closure of inactive
sites. The amount recognised is the best estimate of the expenditure required, based on the relevant
environmental studies. If the effect of the time value of money is material, the amount recognised is the present
value of the estimated future expenditure.
The obligation of the Group to meet its CO2 emission targets is treated as follows: European ETS register allocates
emission rights to refineries annually. Allowances received or purchased are recognised at cost. A provision is
recognized for the net obligation payable for the emission quantities that exceed the pre-allocated allowances,
after taking into account any purchases of emission certifications. The provision recognised is measured at the
amount that it is expected to cost the entity to settle the obligation in addition to the cost of any certificates
purchased. This will be the market price at the balance sheet date of the allowances required to cover any
emissions deficit made to date.
Reclassification of comparative figures (Group and Company)
Purchases of EUAs are presented in intangible assets instead of being netted in the recognized liability for
emissions (Note 12 and 21). The effect of the above change is summarized as follows:
\u2022 Group and Company Statement of financial position as at 31 December 2021: Intangible assets (increase) \u20ac52.8
million and Trade and other liabilities (increase) \u20ac52.8 million (Notes 8 and 17).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMDAvZnJhZzowNWI2MzNmZjNiOTQ0OTBlOWMyMjg3MTgwMmU4OWM3MS90ZXh0cmVnaW9uOjA1YjYzM2ZmM2I5NDQ5MGU5YzIyODcxODAyZTg5YzcxXzEwOTk1MTE2Njc1Nzgw_283b1565-0634-486a-ade9-c9172b4fce38": {
"value": "
2.25Environmental liabilities
The Group has an environmental policy which complies with existing legislation and any obligations resulting from
its environmental and operational licenses. In order to comply with all rules and regulations, the Group has set up a
monitoring mechanism in accordance with the requirements of the relevant authorities. Furthermore, investment
plans are adjusted to reflect any known future environmental requirements.
Liabilities for environmental remediation costs are recognised when environmental assessments or clean-ups are
probable and the associated costs can be reasonably estimated. Generally, the timing of these provisions
coincides with the commitment to a formal plan of action or, if earlier, on divestment or on closure of inactive
sites. The amount recognised is the best estimate of the expenditure required, based on the relevant
environmental studies. If the effect of the time value of money is material, the amount recognised is the present
value of the estimated future expenditure.
The obligation of the Group to meet its CO2 emission targets is treated as follows: European ETS register allocates
emission rights to refineries annually. Allowances received or purchased are recognised at cost. A provision is
recognized for the net obligation payable for the emission quantities that exceed the pre-allocated allowances,
after taking into account any purchases of emission certifications. The provision recognised is measured at the
amount that it is expected to cost the entity to settle the obligation in addition to the cost of any certificates
purchased. This will be the market price at the balance sheet date of the allowances required to cover any
emissions deficit made to date.
Reclassification of comparative figures (Group and Company)
Purchases of EUAs are presented in intangible assets instead of being netted in the recognized liability for
emissions (Note 12 and 21). The effect of the above change is summarized as follows:
\u2022 Group and Company Statement of financial position as at 31 December 2021: Intangible assets (increase) \u20ac52.8
million and Trade and other liabilities (increase) \u20ac52.8 million (Notes 8 and 17).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMDAvZnJhZzowNWI2MzNmZjNiOTQ0OTBlOWMyMjg3MTgwMmU4OWM3MS90ZXh0cmVnaW9uOjA1YjYzM2ZmM2I5NDQ5MGU5YzIyODcxODAyZTg5YzcxXzEwOTk1MTE2Njc1Nzgw_9fc9178f-bfb6-4fbe-897c-b9383c2941f4": {
"value": "
2.25Environmental liabilities
The Group has an environmental policy which complies with existing legislation and any obligations resulting from
its environmental and operational licenses. In order to comply with all rules and regulations, the Group has set up a
monitoring mechanism in accordance with the requirements of the relevant authorities. Furthermore, investment
plans are adjusted to reflect any known future environmental requirements.
Liabilities for environmental remediation costs are recognised when environmental assessments or clean-ups are
probable and the associated costs can be reasonably estimated. Generally, the timing of these provisions
coincides with the commitment to a formal plan of action or, if earlier, on divestment or on closure of inactive
sites. The amount recognised is the best estimate of the expenditure required, based on the relevant
environmental studies. If the effect of the time value of money is material, the amount recognised is the present
value of the estimated future expenditure.
The obligation of the Group to meet its CO2 emission targets is treated as follows: European ETS register allocates
emission rights to refineries annually. Allowances received or purchased are recognised at cost. A provision is
recognized for the net obligation payable for the emission quantities that exceed the pre-allocated allowances,
after taking into account any purchases of emission certifications. The provision recognised is measured at the
amount that it is expected to cost the entity to settle the obligation in addition to the cost of any certificates
purchased. This will be the market price at the balance sheet date of the allowances required to cover any
emissions deficit made to date.
Reclassification of comparative figures (Group and Company)
Purchases of EUAs are presented in intangible assets instead of being netted in the recognized liability for
emissions (Note 12 and 21). The effect of the above change is summarized as follows:
\u2022 Group and Company Statement of financial position as at 31 December 2021: Intangible assets (increase) \u20ac52.8
million and Trade and other liabilities (increase) \u20ac52.8 million (Notes 8 and 17).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMDAvZnJhZzowNWI2MzNmZjNiOTQ0OTBlOWMyMjg3MTgwMmU4OWM3MS90ZXh0cmVnaW9uOjA1YjYzM2ZmM2I5NDQ5MGU5YzIyODcxODAyZTg5YzcxXzEwOTk1MTE2NTk2MTEw_240296df-3ca7-43c5-a7b8-dfe0d7f1e3ec": {
"value": "
2.26Revenue recognition
Revenue from contracts with customers
Revenue comprises the fair value of the sale of goods and services, net of value-added tax and any excise duties,
rebates and discounts. Revenue from contracts with customers is recognised when control of the goods or
services are transferred to the customer at an amount that reflects the consideration to which the Group expects
to be entitled in exchange for those goods or services. Control over goods sold and services rendered is transferred
to the customer upon delivery of the respective products or service respectively. Revenue is recognised to the
extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably
measured. Payment terms vary in line with the type of sales transactions and depend mainly on the products sold
or services rendered, the distribution channels as well as each customer\u2019s specifics.\u00a0
The Group assesses whether it acts as a principal or agent in each of its revenue arrangements. The Group has
concluded that in all sales transactions it acts as a principal.
Revenue is recognised as follows:
Sales of goods \u2013 wholesale & retail
Revenue is recognized when a contractual promise to a customer (performance obligation) is fulfilled by
transferring the promised goods (which is when the customer obtains control over the promised goods). If a
contract contains more than one performance obligation, the total transaction price of the contract is allocated
among the individual, separate performance obligations based on their relative standalone selling prices. The
amount of revenue recognized is the amount allocated to the satisfied performance obligation based on the
consideration that the Group expects to receive in accordance with the terms of the contracts with the customers.
Provision of services
For sales of services, revenue is recognised in the accounting period in which the services are rendered, as the
customer obtains control over the promised services, by reference to stage of completion of each specific
performance obligation and assessed on the basis of the actual service provided (using appraisals of the results
achieved and milestones reached), as a proportion of the total services to be provided.
Variable consideration
If the consideration in a contract includes a variable amount, the Group recognizes this amount as revenue only to
the extent that it is highly probable that a significant reversal will not occur in the future.
Volume discounts
The Group provides volume discounts to customers based on thresholds specified in the respective contracts.
Options for volume related discounts are assessed by the Group to determine whether they constitute a material
right that the customer would not receive without entering into that contract. For all such options that are
considered as material rights, the Group assesses the likelihood of its exercise and then the portion of the
transaction price allocated to the option is deferred and recognized when it is either exercised or lapsed.
The Group has concluded that volume discounts constitute a material right which should be recognized over time
up to the point it is either exercised or lapsed. All such discounts are accrued within the financial year.
Interest income
Interest income is recognised using the effective interest method. When a receivable is impaired, the Group
reduces the carrying amount to its recoverable amount, being the estimated future cash flow discounted at
original effective interest rate of the instrument, and continues unwinding the discount as interest income.
Dividend income
Dividend income is recognised when the right to receive payment is established.
Company specific
Following the demerger of the refining and petrochemicals segment to the newly established HELPE R.S.S.O.P.P.,
the scope and nature of the Company changed to providing services to the other Group entities. The Company
recognizes two types of income:
\u2013 Revenue related to charges for services provided to other Group entities.
\u2013 Other income related to the reallocation of central expenses it incurs.
Company recognises revenue at a point in time.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMDAvZnJhZzowNWI2MzNmZjNiOTQ0OTBlOWMyMjg3MTgwMmU4OWM3MS90ZXh0cmVnaW9uOjA1YjYzM2ZmM2I5NDQ5MGU5YzIyODcxODAyZTg5YzcxXzEwOTk1MTE2NTk2MTEx_859961d8-c151-43e4-b9de-82108ef7e890": {
"value": "
2.27Dividend distribution
Dividend distribution to the company\u2019s shareholders is recognised as a liability in the Group\u2019s financial statements
in the period in which the dividends are declared and appropriately authorised or approved by the Company\u2019s
Shareholders\u2019 General Meeting. Interim dividends proposed by the Board of Directors are recognized as liabilities
when it becomes certain they will be paid, as following their proposal by the Board, they are subject to the usual
legal procedures before payment.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMDAvZnJhZzowNWI2MzNmZjNiOTQ0OTBlOWMyMjg3MTgwMmU4OWM3MS90ZXh0cmVnaW9uOjA1YjYzM2ZmM2I5NDQ5MGU5YzIyODcxODAyZTg5YzcxXzEwOTk1MTE2NTk2MTEy_f3b66d21-7618-4ca7-9b69-ac0f1e62ca62": {
"value": "
2.28Financial guarantee contracts
Financial guarantee contracts issued by the Group are those contracts that require a payment to be made to
reimburse the holder for a loss it incurs because the specified debtor fails to make a payment when due in
accordance with the terms of a debt instrument. Financial guarantee contracts are recognised initially as a liability
at fair value, adjusted for transaction costs that are directly attributable to the issuance of the guarantee.
Subsequently, the liability is measured at the higher of the amount of the loss allowance determined in
accordance with IFRS 9 requirements and the amount initially recognized, less when appropriate, the cumulative
amount of income.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMDAvZnJhZzowNWI2MzNmZjNiOTQ0OTBlOWMyMjg3MTgwMmU4OWM3MS90ZXh0cmVnaW9uOjA1YjYzM2ZmM2I5NDQ5MGU5YzIyODcxODAyZTg5YzcxXzEwOTk1MTE2NjgxMjMx_c550de40-f3d3-4119-a53a-1d80a02b1e95": {
"value": "
2.30Changes in accounting policies
The Group adopted the amendments described in paragraph 2.1.1 for the first time for the annual reporting period
commencing 01 January 2022.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMDAvZnJhZzowNWI2MzNmZjNiOTQ0OTBlOWMyMjg3MTgwMmU4OWM3MS90ZXh0cmVnaW9uOjA1YjYzM2ZmM2I5NDQ5MGU5YzIyODcxODAyZTg5YzcxXzEwOTk1MTE2NTk2MTQw_67b3d40d-d3d5-4faa-87c3-dc3b47fcf596": {
"value": "
2.31Comparative figures
No comparative figures have been reclassified to conform to changes in presentation in the current year, other
than these mentioned above in this Note.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMDMvZnJhZzozZjljZjE2MDM4Mjc0ZWNlYmY2NTczYzU3MmM5OTYxNi90ZXh0cmVnaW9uOjNmOWNmMTYwMzgyNzRlY2ViZjY1NzNjNTcyYzk5NjE2XzEwOTk1MTE2MzcyNTE1_dd144f05-3bba-48e0-86db-c0041b40d180": {
"value": "
3.Financial Risk Management
3.1Financial risk factors
The nature of operations of the Company on a stand-alone basis does not give rise to significant financial risks.
Consequently, the Financial Risk Management Note covers risks and responses related to the Group.
The Group\u2019s activities are primarily centered on Downstream Refining (incl. Petrochemicals) & Marketing of
petroleum products, electricity generation through renewable sources; with secondary activities relating to
exploration of hydrocarbons and through its investments in Elpedison B.V., DEPA Commercial and DEPA
International Projects, the Group also operates in the natural gas sector and in electricity generation (through gas-
fired units) and trading. As such, the Group is exposed to a variety of financial and commodity markets' risks
including foreign exchange and commodity price, credit, liquidity, cash flow and interest-rate risk. In line with
international best practices and within the context of local markets and legislative framework, the Group's overall
risk management policies aim at reducing possible exposure to market volatility and/or mitigating its adverse
effects on the financial position of the Group to the extent possible. In general, the key factors that impact the
Group's operations are summarised as follows:
Currency: The Group\u2019s business is naturally hedged against a functional currency risk at the gross margin level. All
petroleum industry transactions are referenced to international benchmark quotes for crude oil and oil products in
USD. All international purchases and sales of crude oil and products are conducted in USD and all sales into local
markets are either in USD prices or converted to local currency for accounting and settlement reasons using the
USD reference on the date of the transaction. In addition, the Group's majority of operating expenses transactions
are conducted in Euro. As a result, the Group's operations are mainly exposed to the risk of foreign exchange
caused by fluctuating the dollar exchange rate against the Euro.\u00a0 The strengthening of the US Dollar against the
Euro has a positive effect on the Group\u2019s financial results while in the opposite event, both the financial results and
balance sheet items (net position of inventory, investments, receivables, trade payables and other liabilities in US
dollar) would be valued at lower levels.
Prices: The Group is exposed to the risk of fluctuations in prevailing market prices. Commodity price risk
management is supervised by the Supply and Trading Department. Non-commodity price risk management is
carried out by the Finance Department under policies approved by the Board of Directors. Group Finance identifies
and evaluates financial risks in close co-operation with the Group's operating units.
Continuous crude oil supplies: The Group procures crude oil from a number of suppliers, including national oil
companies and international traders primarily in, but not limited to, the Middle East, North Africa and Black Sea
region. The process of sourcing of crude oil is coordinated by the Supply and Trading department in line with
production plans. Following the developments in Ukraine, and the imposition of economic sanctions against the
Russian Federation, the Group has successfully substituted its crude oil and intermediary feedstock supply
originating from the Russian Federation with equivalent quantities and grades from other sources.\u00a0 The Group\u2019s
three coastal refineries\u2019 location, the flexibility provided by the configuration and technology of each refinery
provide access to a wide range of feedstock sourcing opportunities, which enables the Group to respond to supply
shortages of certain crude grades without materially affecting its operations and financial performance.
Financing of operations: The key priorities of the Group are the management of the \u2018Assets and Liabilities\u2019
maturity profile, funding in accordance with its strategic investment plan and the liquidity risk management for its
operational needs. The vast majority of the Group\u2019s borrowings are committed credit facilities with financial
institutions and debt capital markets. As of 31 December 2022, approximately 81% of total debt (about 80% as at
31 December 2021), is financed by committed credit lines while the remaining debt is being financed by short term
revolving credit facilities (bilateral lines). Additional information is disclosed in paragraph (c) Liquidity risk below
and in Note 18.
Capital management: Another key priority of the Group has been the management of its Assets. Overall the Group
has approximately \u20ac4.7 billion of capital employed which is driven from investment in fixed assets, working capital
and its investment in its associates and joint ventures. Current assets are mainly funded with current liabilities
(incl. short term bank debt) and the operating working capital position of the Group as of 31 December 2022 was
positive. 42% of total capital employed is financed through net debt excluding leases, while the remaining 58% is
financed through shareholders equity.
(a) Market risk
(i) Foreign exchange risk
As explained in Note 2.5 \u201cForeign currency translation\u201d, the parent company\u2019s functional currency and
presentation currency of the Group is the Euro. However, in line with industry practice in all international crude oil
and oil trading transactions, underlying commodity prices are based on international reference prices quoted in
US dollars.
Foreign currency exchange risk arises on three types of exposure:
a.Financial position translation risk: Most of the inventory held by the Group is reported in Euro while its
underlying value is determined in USD. Thus, a possible devaluation of the USD against the Euro leads
to a reduction in the realisable value of inventory included in the statement of financial position. In order
to manage this risk, a significant part of the Group\u2019s payables (sourcing of crude oil and petroleum
products) is denominated in USD resulting to an offsetting impact to the one described above. It should
be noted however, that while in the case of USD devaluation the impact on the statement of financial
position is mitigated, in cases of USD appreciation the mark-to-market valuation of USD-denominated
trade liabilities leads to a reported foreign exchange loss, with no compensating benefit as inventories
continue to be included in the statement of financial position at cost. It is estimated that at 31
December 2022 if the Euro had weakened against the US dollar by 5% with all other variables held
constant, pre-tax results would have been approximately \u20ac33 million lower, as a result of foreign
exchange gains on translation of US dollar-denominated receivables, payables, cash and borrowings.
b.Gross Margin transactions and translation risk: The fact that most of the transactions in crude oil and oil
products are based on international Platt\u2019s USD prices leads to exposure in terms of the Gross Margin
translated in Euro. Market volatility has an adverse impact on the cost of mitigating this exposure; as a
result, the Group did not actively hedge material amounts of the Gross margin exposure. This exposure
is linearly related to the Gross margin of the Group in that the appreciation/ depreciation of Euro vs.
USD leads to a respective translation loss/ (gain) on the period results.
c.Local subsidiaries exposure: Where the Group operates in non-Euro markets, namely in the Republic of
Serbia and Northern Macedonia, there is an additional exposure in terms of cross currency translation
between USD (price base), Euro reporting currency and local currency. Where possible the Group seeks
to manage this risk by matching its financial exposure to assets and liabilities held at the same currency.
Although material for each of local subsidiaries\u2019 operations, the overall exposure is not considered
material for the Group.
(ii) Commodity price risk
The Group\u2019s primary activity as a refiner involves exposure to commodity prices. Changes in current or forward
absolute price levels vs acquisition costs affect the value of inventory while exposure to refining margins
(combination of crude oil and product prices) affect the future cash flows of the business.
In the case of price risk, the level of exposure is determined by the amount of the value of inventory carried at the
end of the reporting period. The Group policy is to report its inventory at the lower of historical cost and net
realisable value, and the results are affected by the reduction in the carrying value of the inventory. The extent of
the exposure relates directly to the level of stocks and\u00a0 price decrease.
Refining margin exposure relates to the absolute level of margin generated by the operation of the refineries. This
is determined by Platt\u2019s prices and varies on a daily basis; a change in the refinery margin has a proportionate
impact on the profitability of the refining segment and ultimately on the Group\u2019s profitability.
Where possible, the Group aims to hedge part of its exposure associated with price changes of crude oil, products
and refinery margins, depending on the prevailing market conditions.
(iii) Interest rate risk
Borrowings issued at variable rates expose the Group to cash flow interest rate risk, whilst borrowings issued at
fixed rates protect the Group from potential interest rate fluctuations. The Group measures its borrowings at
amortised cost, and thus, is not exposed to fair value valuation risk.
Approximately 21% of the Group\u2019s borrowings are at fixed rates of interest and are comprised of a \u20ac596 million
Eurobond with a fixed coupon of 2%. Depending on the levels of net debt at any given period of time, any change
in the base interest rates, has a proportionate impact on the Groups results. At 31 December 2022, if interest rates
on Euro denominated borrowings had been 0,5% higher with all other variables held constant, pre-tax profit for
the year would have been Euro \u20ac11 million lower. The Group\u2019s subsidiary Aioliki Energeiaki Achladotopos S.A., has
entered into a derivative transaction to hedge the cash flow risk resulting from changes in the interest rates (Note
24).
(b) Credit risk
(i)\u00a0 \u00a0 Risk Management
Credit risk is managed on a Group basis. Credit risk arises from cash and cash equivalents, derivative financial
instruments and deposits with banks and financial institutions, as well as credit exposures to wholesale
customers, including outstanding receivables and committed transactions. If wholesale customers are
independently rated, these ratings are used. Otherwise, if there is no independent rating, risk control assesses the
credit quality of the customer, taking into account its financial position, past experience and other factors.
Individual risk limits are set based on internal or external ratings in accordance with limits set by the board. The
utilisation of credit limits is regularly monitored. Sales to retail customers are settled in cash or using major credit
cards.
(ii)\u00a0 Credit quality
The credit quality of cash and cash equivalents is assessed by reference to external credit ratings obtained from
S&P in the table below.
| | |
| |
Bank Rating (in \u20acmillion) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
A Group credit committee also monitors material credit exposures arising from trade receivables. See Note 12 for
further disclosures on credit risk.
(c) Liquidity risk
Prudent liquidity risk management entails maintaining sufficient cash reserves and financial headroom, through
committed credit facilities. Due to the dynamic nature of the underlying businesses, the Group aims to maintain
flexibility in its funding operations through the use of cash and committed credit facilities.
Where deemed beneficial to the Group, and in order to achieve better commercial terms (e.g. better pricing, higher
credit limits, longer payment terms), the Group provides for the issuance of short term letters of credit or
guarantee for the payment of liabilities arising from trade creditors. These instruments are issued using the
Group\u2019s existing credit lines with local and international banks, and are subject to the approved terms and
conditions of each bank, regarding the amount, currency, maximum tenor, collateral etc.
The Group\u2019s plans with respect to term facilities expiring within the next 12 months are presented below in million
Euros.
| | | | | |
Contractual Term Facility Repayments | | | | | Scheduled for refinancing |
Revolving Credit Facility \u20ac400 million | | | | | |
Revolving Credit Facility \u20ac400 million | | | | | |
Revolving Credit Facility \u20ac100 million | | | | | |
Revolving Credit Facility \u20ac150 million | | | | | |
| | | | | |
HELPE\u00a0 Renewable Wind Farms of Evia S.A. | | | | | |
| | | | | |
| | | | | |
| | | | | |
Within Q4 2022, the Group refinanced revolving credit facilities amounting to \u20ac900 million on maturity, whose
outstanding balance as at 31 December 2022 is\u00a0 \u20ac745 million. In February 2023, The Group refinanced the
revolving credit facilities maturing in 2023 (Note 18).
The Group\u2019s bilateral lines (refer to Note 18 for the balances used), are uncommitted credit facilities with various
banks to finance general corporate needs, which have been consistently renewed in the last 20 years in
accordance with the Group\u2019s finance needs. The Group expects it will be able to continue to renew these in the
future or will refinance part of them with committed revolving credit facilities.
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining
period from balance sheet date to the contractual maturity date. The amounts disclosed in the table are the
undiscounted contractual cash flows.
| | | | |
| | | | |
| | | | |
| | | | |
Lease liabilities (Note 19) | | | | |
Derivative financial instruments | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Lease liabilities (Note 19) | | | | |
Derivative financial instruments | | | | |
| | | | |
3.3Fair value estimation
The table below analyses financial instruments carried at fair value, categorised within the fair value hierarchy
based on the lowest level input that is significant to the fair value measurement as a whole. The different levels
are defined as follows:
\u2022Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).
\u2022Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either
directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).
\u2022Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)
(level 3).\u00a0
The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 31 December
2022:
| | | | |
| | | | |
| | | | |
Derivatives at fair value through the income statement | | | | |
Investment in equity instruments | | | | |
| | | | |
| | | | |
| | | | |
Derivatives at fair value through the income statement | | | | |
| | | | |
The fair value of financial instruments traded in active markets is based on quoted market prices at the balance
sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange,
dealer, broker, industry group, pricing service, or regulatory agency. These instruments are included in level 1.
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter
derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of
observable market data where it is available and rely as little as possible on entity specific estimates. If all
significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
If one or more of the significant inputs is not based on observable market data, the instrument is included in level
3.
Specific valuation techniques used to value financial instruments include:
\u2022Quoted market prices or dealer quotes for similar instruments.
\u2022The fair value of commodity swaps is calculated as the present value of the estimated future cash flows
based on observable yield curves.
There were no changes in valuation techniques during the year. For the years ended 31 December 2022 and 31
December 2021, there were no transfers between levels.
The fair value of Euro denominated Eurobonds as at 31 December 2022 was \u20ac598 million (31 December 2021:
\u20ac611 million), compared to its book value of \u20ac596 million (31 December 2021: \u20ac594 million). The fair value of the
remaining borrowings, given they are all at a variable rate and the applicable credit ratings of the Group remain
unchanged, approximate their carrying value. The fair values of borrowings are within level 2 of the fair value
hierarchy.
The fair value of the following financial assets and liabilities approximate their carrying amount, due to their short
term nature:
\u2022Trade receivables
\u2022Cash and cash equivalents
\u2022Trade and other payables
12.Trade and Other ReceivablesRegarding trade receivables, an impairment analysis is performed at each reporting date using a provision matrix
to measure expected credit losses (ECLs). The maximum exposure to credit risk at the reporting date is the
carrying value of each class of receivable. Collaterals held by the Group include primarily first or second class pre-
notices over properties of the debtor, personal and bank guarantees.
Set out below is the information about the credit risk exposure on the Group's trade receivables using a provision
matrix:
| | | | |
| | | | |
Expected credit loss rate | | | | |
\u03a4otal gross carrying amount | | | | |
| | | | |
As of 31 December 2022, derivative financial instruments include an asset amounting to \u20ac1,0 million associated
with a loan owed by the Group\u2019s subsidiary Aioliki Energeiaki Achladotopos S.A., which has entered into a
derivative transaction to hedge the cash flow risk resulting from changes in the interest rates.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMDMvZnJhZzozZjljZjE2MDM4Mjc0ZWNlYmY2NTczYzU3MmM5OTYxNi90ZXh0cmVnaW9uOjNmOWNmMTYwMzgyNzRlY2ViZjY1NzNjNTcyYzk5NjE2XzEwOTk1MTE2NDEwMDEz_19afb8a5-6b0b-41dd-86aa-9474bf0342dc": {
"value": "
3.Financial Risk Management
3.1Financial risk factors
(c) Liquidity risk
Prudent liquidity risk management entails maintaining sufficient cash reserves and financial headroom, through
committed credit facilities. Due to the dynamic nature of the underlying businesses, the Group aims to maintain
flexibility in its funding operations through the use of cash and committed credit facilities.
Where deemed beneficial to the Group, and in order to achieve better commercial terms (e.g. better pricing, higher
credit limits, longer payment terms), the Group provides for the issuance of short term letters of credit or
guarantee for the payment of liabilities arising from trade creditors. These instruments are issued using the
Group\u2019s existing credit lines with local and international banks, and are subject to the approved terms and
conditions of each bank, regarding the amount, currency, maximum tenor, collateral etc.
The Group\u2019s plans with respect to term facilities expiring within the next 12 months are presented below in million
Euros.
| | | | | |
Contractual Term Facility Repayments | | | | | Scheduled for refinancing |
Revolving Credit Facility \u20ac400 million | | | | | |
Revolving Credit Facility \u20ac400 million | | | | | |
Revolving Credit Facility \u20ac100 million | | | | | |
Revolving Credit Facility \u20ac150 million | | | | | |
| | | | | |
HELPE\u00a0 Renewable Wind Farms of Evia S.A. | | | | | |
| | | | | |
| | | | | |
| | | | | |
Within Q4 2022, the Group refinanced revolving credit facilities amounting to \u20ac900 million on maturity, whose
outstanding balance as at 31 December 2022 is\u00a0 \u20ac745 million. In February 2023, The Group refinanced the
revolving credit facilities maturing in 2023 (Note 18).
The Group\u2019s bilateral lines (refer to Note 18 for the balances used), are uncommitted credit facilities with various
banks to finance general corporate needs, which have been consistently renewed in the last 20 years in
accordance with the Group\u2019s finance needs. The Group expects it will be able to continue to renew these in the
future or will refinance part of them with committed revolving credit facilities.
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the remaining
period from balance sheet date to the contractual maturity date. The amounts disclosed in the table are the
undiscounted contractual cash flows.
| | | | |
| | | | |
| | | | |
| | | | |
Lease liabilities (Note 19) | | | | |
Derivative financial instruments | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Lease liabilities (Note 19) | | | | |
Derivative financial instruments | | | | |
| | | | |
A Group credit committee also monitors material credit exposures arising from trade receivables. See Note 12 for
further disclosures on credit risk.
12.Trade and Other ReceivablesRegarding trade receivables, an impairment analysis is performed at each reporting date using a provision matrix
to measure expected credit losses (ECLs). The maximum exposure to credit risk at the reporting date is the
carrying value of each class of receivable. Collaterals held by the Group include primarily first or second class pre-
notices over properties of the debtor, personal and bank guarantees.
Set out below is the information about the credit risk exposure on the Group's trade receivables using a provision
matrix:
| | | | |
| | | | |
Expected credit loss rate | | | | |
\u03a4otal gross carrying amount | | | | |
| | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMDMvZnJhZzozZjljZjE2MDM4Mjc0ZWNlYmY2NTczYzU3MmM5OTYxNi90ZXh0cmVnaW9uOjNmOWNmMTYwMzgyNzRlY2ViZjY1NzNjNTcyYzk5NjE2XzEwOTk1MTE2MzcyNTIy_afb79c03-af1d-4525-92c4-7812d481a1e5": {
"value": "
3.3Fair value estimation
The table below analyses financial instruments carried at fair value, categorised within the fair value hierarchy
based on the lowest level input that is significant to the fair value measurement as a whole. The different levels
are defined as follows:
\u2022Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).
\u2022Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either
directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).
\u2022Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)
(level 3).\u00a0
The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 31 December
2022:
| | | | |
| | | | |
| | | | |
Derivatives at fair value through the income statement | | | | |
Investment in equity instruments | | | | |
| | | | |
| | | | |
| | | | |
Derivatives at fair value through the income statement | | | | |
| | | | |
The fair value of financial instruments traded in active markets is based on quoted market prices at the balance
sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange,
dealer, broker, industry group, pricing service, or regulatory agency. These instruments are included in level 1.
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter
derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of
observable market data where it is available and rely as little as possible on entity specific estimates. If all
significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
If one or more of the significant inputs is not based on observable market data, the instrument is included in level
3.
Specific valuation techniques used to value financial instruments include:
\u2022Quoted market prices or dealer quotes for similar instruments.
\u2022The fair value of commodity swaps is calculated as the present value of the estimated future cash flows
based on observable yield curves.
There were no changes in valuation techniques during the year. For the years ended 31 December 2022 and 31
December 2021, there were no transfers between levels.
The fair value of Euro denominated Eurobonds as at 31 December 2022 was \u20ac598 million (31 December 2021:
\u20ac611 million), compared to its book value of \u20ac596 million (31 December 2021: \u20ac594 million). The fair value of the
remaining borrowings, given they are all at a variable rate and the applicable credit ratings of the Group remain
unchanged, approximate their carrying value. The fair values of borrowings are within level 2 of the fair value
hierarchy.
The fair value of the following financial assets and liabilities approximate their carrying amount, due to their short
term nature:
\u2022Trade receivables
\u2022Cash and cash equivalents
\u2022Trade and other payables",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMDMvZnJhZzozZjljZjE2MDM4Mjc0ZWNlYmY2NTczYzU3MmM5OTYxNi90ZXh0cmVnaW9uOjNmOWNmMTYwMzgyNzRlY2ViZjY1NzNjNTcyYzk5NjE2XzEwOTk1MTE2MzcyNTIz_836392ca-4130-46ff-9405-c5884051141c": {
"value": "
3.3Fair value estimation
The table below analyses financial instruments carried at fair value, categorised within the fair value hierarchy
based on the lowest level input that is significant to the fair value measurement as a whole. The different levels
are defined as follows:
\u2022Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).
\u2022Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either
directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).
\u2022Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)
(level 3).\u00a0
The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 31 December
2022:
| | | | |
| | | | |
| | | | |
Derivatives at fair value through the income statement | | | | |
Investment in equity instruments | | | | |
| | | | |
| | | | |
| | | | |
Derivatives at fair value through the income statement | | | | |
| | | | |
The fair value of financial instruments traded in active markets is based on quoted market prices at the balance
sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange,
dealer, broker, industry group, pricing service, or regulatory agency. These instruments are included in level 1.
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter
derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of
observable market data where it is available and rely as little as possible on entity specific estimates. If all
significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
If one or more of the significant inputs is not based on observable market data, the instrument is included in level
3.
Specific valuation techniques used to value financial instruments include:
\u2022Quoted market prices or dealer quotes for similar instruments.
\u2022The fair value of commodity swaps is calculated as the present value of the estimated future cash flows
based on observable yield curves.
There were no changes in valuation techniques during the year. For the years ended 31 December 2022 and 31
December 2021, there were no transfers between levels.
The fair value of Euro denominated Eurobonds as at 31 December 2022 was \u20ac598 million (31 December 2021:
\u20ac611 million), compared to its book value of \u20ac596 million (31 December 2021: \u20ac594 million). The fair value of the
remaining borrowings, given they are all at a variable rate and the applicable credit ratings of the Group remain
unchanged, approximate their carrying value. The fair values of borrowings are within level 2 of the fair value
hierarchy.
The fair value of the following financial assets and liabilities approximate their carrying amount, due to their short
term nature:
\u2022Trade receivables
\u2022Cash and cash equivalents
\u2022Trade and other payables",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMDMvZnJhZzozZjljZjE2MDM4Mjc0ZWNlYmY2NTczYzU3MmM5OTYxNi90ZXh0cmVnaW9uOjNmOWNmMTYwMzgyNzRlY2ViZjY1NzNjNTcyYzk5NjE2XzEwOTk1MTE2NDEwMDE0_865b6700-9ed0-45f7-80e6-8331197b8134": {
"value": "
3.3Fair value estimationThe fair value of financial instruments traded in active markets is based on quoted market prices at the balance
sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange,
dealer, broker, industry group, pricing service, or regulatory agency. These instruments are included in level 1.
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter
derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of
observable market data where it is available and rely as little as possible on entity specific estimates. If all
significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
If one or more of the significant inputs is not based on observable market data, the instrument is included in level
3.
Specific valuation techniques used to value financial instruments include:
\u2022Quoted market prices or dealer quotes for similar instruments.
\u2022The fair value of commodity swaps is calculated as the present value of the estimated future cash flows
based on observable yield curves.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMzAyL2ZyYWc6ODEyNjc4ODNhNDhlNGEwMmIzMTZiNDNhYjFmMDUyNWYvdGV4dHJlZ2lvbjo4MTI2Nzg4M2E0OGU0YTAyYjMxNmI0M2FiMWYwNTI1Zl8xMDk5NTExNjM3MzQ4OA_380391f1-3798-4d3c-9914-93ca40755727": {
"value": "
4.Critical Accounting Estimates and Judgements
Estimates and judgements are continuously evaluated and are based on historical experience as adjusted for
current market conditions and other factors, including expectations of future events that are believed to be
reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by
definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are
addressed below.
(i)\u00a0 \u00a0 \u00a0 \u00a0 Critical accounting estimates and assumptions
(a)\u00a0 Income taxes
The Group is subject to periodic audits by local tax authorities in various jurisdictions and the assessment process
for determining the Group\u2019s current and deferred tax balances is complex and involves high degree of estimation
and judgement. There are some transactions and calculations for which the ultimate tax determination is
uncertain. Where tax positions are not settled with the tax authorities, the Group management takes into account
past experience with similar cases as well as the advice of tax and legal experts in order to analyze the specific
facts and circumstances, interpret the relevant tax legislation, assess other similar positions taken by the tax
authorities to form a view about whether its tax treatments will be accepted by the tax authorities, or whether a
provision is needed. Where the Group is required to make payments in order to appeal against positions of tax
authorities and the Group assesses that it is more probable than not to win its appeal, the respective payments are
recorded as assets as these advance payments will be returned to the Group, if the Group\u2019s position is upheld. In
case the Group determines a provision is needed for the outcome of the uncertain tax position, any amounts
already paid are deducted from the said provision.
Where the final tax outcome of these matters is different from the amounts that were initially recorded, such
differences will impact the income tax and deferred tax provisions in the period in which such determination is
made.
(b)\u00a0 Recoverability of deferred tax assets
Deferred tax assets include certain amounts which relate to carried forward tax losses. In most cases, depending
on the jurisdiction in which such tax losses have arisen, such tax losses are available for set off for a limited period
of time since they are incurred. The Group makes assumptions on whether these deferred tax assets will be
recoverable using the estimated future taxable income based on the approved business plans and budgets for
each relevant entity.
(c)\u00a0 Provision for environmental restoration
The Group operates in the oil industry with its principal activities being that of exploration and production of
hydrocarbons, refining of crude oil and sale of oil products, and the production and trading of petrochemical
products. Environmental damage caused by such substances may require the Group to incur restoration costs to
comply with the regulations in the various jurisdictions in which the Group operates, and to settle any legal or
constructive obligation. Analysis and estimates are performed by the Group together with its technical and legal
advisers, in order to determine the probability, timing and amount involved with probable required outflow of
resources. Estimated restoration costs, for which disbursements are determined to be probable, are recognised as
a provision in long-term liabilities and as part of the respective fixed asset cost in the Group\u2019s consolidated
statement of financial position. Subsequently, the effect of the unwinding the discounting on the provision is
charged in the finance cost and the fixed asset is depreciated in the consolidated statement of comprehensive
income. In case there are changes in estimates or the final determination of such obligation amounts differ from
the recognised provisions, the Group\u2019s statement of comprehensive income is impacted.
(d)\u00a0 Estimates in value-in-use calculations
The Group assesses, at each reporting date, whether there is an indication that a non-current asset may be
impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates
the asset\u2019s recoverable amount. The Group will adjust the key assumptions used in value-in-use calculations and
sensitivity to changes in assumptions should a change be required. An asset\u2019s recoverable amount is the higher of
an asset\u2019s or CGU\u2019s fair value less costs of disposal and its value in use. The recoverable amount of a cash-
generating unit (CGU) is determined for impairment tests purposes based on value-in-use calculations which
require the use of assumptions. 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. The calculations use cash flow projections based on financial budgets approved
by management with consideration to independent third-party data which inter-alia include forecasted
international commodity prices used in the calculation of benchmarks refining margins, demand evolution and
operating costs. These budgets and forecast calculations generally cover a period of five years. Cash flows beyond
the period over which projections are available are extrapolated using estimated growth rates. These growth rates
are consistent with forecasts included in country or industry reports specific to the country and industry in which
each CGU operates and where appropriate are further calibrated to the Group long term objectives in relation to
climate related matters, such as diminishing growth rates applied for time periods where there are no reliable
forecasts, but policy objectives indicate that changes in the market are reasonably expected. Further, the Group
constantly monitors the latest government legislation in relation to climate related matters. The key assumptions
used to determine the recoverable amount for the different CGUs, or assets, including a sensitivity analysis on
these assumptions, are disclosed and further explained in Notes: 6. for Property, Plant and Equipment, 7 for Right
of use asset and 8. for Goodwill.
(e)\u00a0 Fair value of financial instruments
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter
derivatives and certain investments in equity instruments) is determined by using valuation techniques. The
Group uses its judgement to select a variety of methods and make assumptions that are mainly based on market
conditions existing at the end of each reporting period.
(f)\u00a0 Provision for expected credit losses of receivables
The Group uses a provision matrix to calculate ECLs for trade receivables. The provision matrix is based on the
Group\u2019s historical credit loss experience calibrated to adjust the historical credit loss experience with forward-
looking information specific to the debtors and the economic environment. At each year end, the historical
observed default rates are updated and changes in the forward-looking estimates are analysed.
The assessment of the correlation between historical observed credit losses, forecast economic conditions and
ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast
economic conditions. The Group\u2019s historical credit loss experience and forecast of economic conditions may also
not be representative of customer\u2019s actual default in the future.
Especially in the case of marketing segment, individual customer assessments take also into account customers\u2019
ability to pay, expected time of collection and the valuation of collaterals held.
For the years ended 31 December 2022 and 2021, management assessed forward-looking information specific to
its trade debtors and the economic environment and recorded additional losses in line with its policies, when
needed. (Note 12).
(g)\u00a0 Retirement Benefit Obligations
The present value of the pension obligations for the Group\u2019s defined benefit plans depends on a number of factors
that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining
the net cost / (income) for pensions include the discount rate and salary rate increases. Any changes in these
assumptions will impact the carrying amount of pension obligations. The Group determines the appropriate
discount rate at the end of each year. This is the interest rate that should be used to determine the present value
of estimated future cash outflows expected to be required to settle the pension obligations. In determining the
appropriate discount rate, the Group considers the interest rates of high-quality corporate bonds that are
denominated in the currency and jurisdiction in which the benefits will be paid, and that have terms to maturity
approximating the terms of the related pension liability.
Other key assumptions for pension obligations are based in part on current market conditions. Additional
information is disclosed in Note 21.
(h)\u00a0 Depreciation of property, plant and equipment
The Group periodically assesses the useful lives of its property, plant and equipment to determine whether the
original estimated lives continue to be appropriate. To this respect, the Group may obtain technical studies and
use external sources to determine the lives of its assets, which can vary depending on a variety of factors such as
technological innovation and maintenance programs.
(ii)\u00a0 \u00a0 \u00a0 Critical judgements in applying the Group\u2019s accounting policies
(a)\u00a0 \u00a0 Impairment of non-current assets and investments in associates and joint ventures
The Group assesses at each reporting date, whether indicators for impairment exist for its non-financial assets
(Note 2.12) and its investments in associates and joint ventures. The assessment includes both external and
internal factors which include inter-alia, significant changes with an adverse effect in the regulatory or
technological environment or evidence available from internal reporting that indicates that the economic
performance of the asset is, or will be worse than expected. If any indication exists, the Group estimates the
asset\u2019s or cash generating unit\u2019s recoverable amount. Judgment is involved to some extent in determining
whether indicators exist and also for the determination of the cash generating units at which the respective assets
are tested for impairment. A cash-generating unit is the smallest identifiable group of assets that generates cash
inflows that are largely independent of the cash inflows from other assets or groups of assets.
(b)\u00a0 \u00a0 Provisions for legal claims
The Group has a number of legal claims pending against it. Management uses its judgement as well as the
available information from the Group legal department and external counselors when deemed necessary, in order
to assess the likely outcome of these claims and if it is more likely than not that the Group will lose a claim, then a
provision is recognized. Provisions for legal claims, if required, are measured at the present value of
management\u2019s best estimate of the expenditure required to settle the present obligation at the end of the
reporting period (Note 34).
(c)\u00a0 Determination of lease term
In determining the lease term, management considers all facts and circumstances that create an economic
incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after
termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not
terminated). The following factors are normally the most relevant: If there are significant penalties to terminate
(or not extend), the Group is typically reasonably certain to extend (or not terminate). If any leasehold
improvements are expected to have a significant remaining value, the Group is typically reasonably certain to
extend (or not terminate). Otherwise, the Group considers other factors including historical lease durations and
the costs and business disruption required to replace the leased asset. Most extension options in offices and
vehicles leases have not been included in the lease liability, because the Group could replace the assets without
significant cost or business disruption. The lease term is reassessed if an option is actually exercised (or not
exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is
only revised if a significant event or a significant change in circumstances occurs, which affects this assessment,
and that is within the control of the lessee.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMzAyL2ZyYWc6ODEyNjc4ODNhNDhlNGEwMmIzMTZiNDNhYjFmMDUyNWYvdGV4dHJlZ2lvbjo4MTI2Nzg4M2E0OGU0YTAyYjMxNmI0M2FiMWYwNTI1Zl8xMDk5NTExNjM3MzQ4OA_ce8b45a2-fea5-4ddf-b564-ede302088999": {
"value": "
4.Critical Accounting Estimates and Judgements
Estimates and judgements are continuously evaluated and are based on historical experience as adjusted for
current market conditions and other factors, including expectations of future events that are believed to be
reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by
definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are
addressed below.
(i)\u00a0 \u00a0 \u00a0 \u00a0 Critical accounting estimates and assumptions
(a)\u00a0 Income taxes
The Group is subject to periodic audits by local tax authorities in various jurisdictions and the assessment process
for determining the Group\u2019s current and deferred tax balances is complex and involves high degree of estimation
and judgement. There are some transactions and calculations for which the ultimate tax determination is
uncertain. Where tax positions are not settled with the tax authorities, the Group management takes into account
past experience with similar cases as well as the advice of tax and legal experts in order to analyze the specific
facts and circumstances, interpret the relevant tax legislation, assess other similar positions taken by the tax
authorities to form a view about whether its tax treatments will be accepted by the tax authorities, or whether a
provision is needed. Where the Group is required to make payments in order to appeal against positions of tax
authorities and the Group assesses that it is more probable than not to win its appeal, the respective payments are
recorded as assets as these advance payments will be returned to the Group, if the Group\u2019s position is upheld. In
case the Group determines a provision is needed for the outcome of the uncertain tax position, any amounts
already paid are deducted from the said provision.
Where the final tax outcome of these matters is different from the amounts that were initially recorded, such
differences will impact the income tax and deferred tax provisions in the period in which such determination is
made.
(b)\u00a0 Recoverability of deferred tax assets
Deferred tax assets include certain amounts which relate to carried forward tax losses. In most cases, depending
on the jurisdiction in which such tax losses have arisen, such tax losses are available for set off for a limited period
of time since they are incurred. The Group makes assumptions on whether these deferred tax assets will be
recoverable using the estimated future taxable income based on the approved business plans and budgets for
each relevant entity.
(c)\u00a0 Provision for environmental restoration
The Group operates in the oil industry with its principal activities being that of exploration and production of
hydrocarbons, refining of crude oil and sale of oil products, and the production and trading of petrochemical
products. Environmental damage caused by such substances may require the Group to incur restoration costs to
comply with the regulations in the various jurisdictions in which the Group operates, and to settle any legal or
constructive obligation. Analysis and estimates are performed by the Group together with its technical and legal
advisers, in order to determine the probability, timing and amount involved with probable required outflow of
resources. Estimated restoration costs, for which disbursements are determined to be probable, are recognised as
a provision in long-term liabilities and as part of the respective fixed asset cost in the Group\u2019s consolidated
statement of financial position. Subsequently, the effect of the unwinding the discounting on the provision is
charged in the finance cost and the fixed asset is depreciated in the consolidated statement of comprehensive
income. In case there are changes in estimates or the final determination of such obligation amounts differ from
the recognised provisions, the Group\u2019s statement of comprehensive income is impacted.
(d)\u00a0 Estimates in value-in-use calculations
The Group assesses, at each reporting date, whether there is an indication that a non-current asset may be
impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates
the asset\u2019s recoverable amount. The Group will adjust the key assumptions used in value-in-use calculations and
sensitivity to changes in assumptions should a change be required. An asset\u2019s recoverable amount is the higher of
an asset\u2019s or CGU\u2019s fair value less costs of disposal and its value in use. The recoverable amount of a cash-
generating unit (CGU) is determined for impairment tests purposes based on value-in-use calculations which
require the use of assumptions. 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. The calculations use cash flow projections based on financial budgets approved
by management with consideration to independent third-party data which inter-alia include forecasted
international commodity prices used in the calculation of benchmarks refining margins, demand evolution and
operating costs. These budgets and forecast calculations generally cover a period of five years. Cash flows beyond
the period over which projections are available are extrapolated using estimated growth rates. These growth rates
are consistent with forecasts included in country or industry reports specific to the country and industry in which
each CGU operates and where appropriate are further calibrated to the Group long term objectives in relation to
climate related matters, such as diminishing growth rates applied for time periods where there are no reliable
forecasts, but policy objectives indicate that changes in the market are reasonably expected. Further, the Group
constantly monitors the latest government legislation in relation to climate related matters. The key assumptions
used to determine the recoverable amount for the different CGUs, or assets, including a sensitivity analysis on
these assumptions, are disclosed and further explained in Notes: 6. for Property, Plant and Equipment, 7 for Right
of use asset and 8. for Goodwill.
(e)\u00a0 Fair value of financial instruments
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter
derivatives and certain investments in equity instruments) is determined by using valuation techniques. The
Group uses its judgement to select a variety of methods and make assumptions that are mainly based on market
conditions existing at the end of each reporting period.
(f)\u00a0 Provision for expected credit losses of receivables
The Group uses a provision matrix to calculate ECLs for trade receivables. The provision matrix is based on the
Group\u2019s historical credit loss experience calibrated to adjust the historical credit loss experience with forward-
looking information specific to the debtors and the economic environment. At each year end, the historical
observed default rates are updated and changes in the forward-looking estimates are analysed.
The assessment of the correlation between historical observed credit losses, forecast economic conditions and
ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast
economic conditions. The Group\u2019s historical credit loss experience and forecast of economic conditions may also
not be representative of customer\u2019s actual default in the future.
Especially in the case of marketing segment, individual customer assessments take also into account customers\u2019
ability to pay, expected time of collection and the valuation of collaterals held.
For the years ended 31 December 2022 and 2021, management assessed forward-looking information specific to
its trade debtors and the economic environment and recorded additional losses in line with its policies, when
needed. (Note 12).
(g)\u00a0 Retirement Benefit Obligations
The present value of the pension obligations for the Group\u2019s defined benefit plans depends on a number of factors
that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining
the net cost / (income) for pensions include the discount rate and salary rate increases. Any changes in these
assumptions will impact the carrying amount of pension obligations. The Group determines the appropriate
discount rate at the end of each year. This is the interest rate that should be used to determine the present value
of estimated future cash outflows expected to be required to settle the pension obligations. In determining the
appropriate discount rate, the Group considers the interest rates of high-quality corporate bonds that are
denominated in the currency and jurisdiction in which the benefits will be paid, and that have terms to maturity
approximating the terms of the related pension liability.
Other key assumptions for pension obligations are based in part on current market conditions. Additional
information is disclosed in Note 21.
(h)\u00a0 Depreciation of property, plant and equipment
The Group periodically assesses the useful lives of its property, plant and equipment to determine whether the
original estimated lives continue to be appropriate. To this respect, the Group may obtain technical studies and
use external sources to determine the lives of its assets, which can vary depending on a variety of factors such as
technological innovation and maintenance programs.
(ii)\u00a0 \u00a0 \u00a0 Critical judgements in applying the Group\u2019s accounting policies
(a)\u00a0 \u00a0 Impairment of non-current assets and investments in associates and joint ventures
The Group assesses at each reporting date, whether indicators for impairment exist for its non-financial assets
(Note 2.12) and its investments in associates and joint ventures. The assessment includes both external and
internal factors which include inter-alia, significant changes with an adverse effect in the regulatory or
technological environment or evidence available from internal reporting that indicates that the economic
performance of the asset is, or will be worse than expected. If any indication exists, the Group estimates the
asset\u2019s or cash generating unit\u2019s recoverable amount. Judgment is involved to some extent in determining
whether indicators exist and also for the determination of the cash generating units at which the respective assets
are tested for impairment. A cash-generating unit is the smallest identifiable group of assets that generates cash
inflows that are largely independent of the cash inflows from other assets or groups of assets.
(b)\u00a0 \u00a0 Provisions for legal claims
The Group has a number of legal claims pending against it. Management uses its judgement as well as the
available information from the Group legal department and external counselors when deemed necessary, in order
to assess the likely outcome of these claims and if it is more likely than not that the Group will lose a claim, then a
provision is recognized. Provisions for legal claims, if required, are measured at the present value of
management\u2019s best estimate of the expenditure required to settle the present obligation at the end of the
reporting period (Note 34).
(c)\u00a0 Determination of lease term
In determining the lease term, management considers all facts and circumstances that create an economic
incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after
termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not
terminated). The following factors are normally the most relevant: If there are significant penalties to terminate
(or not extend), the Group is typically reasonably certain to extend (or not terminate). If any leasehold
improvements are expected to have a significant remaining value, the Group is typically reasonably certain to
extend (or not terminate). Otherwise, the Group considers other factors including historical lease durations and
the costs and business disruption required to replace the leased asset. Most extension options in offices and
vehicles leases have not been included in the lease liability, because the Group could replace the assets without
significant cost or business disruption. The lease term is reassessed if an option is actually exercised (or not
exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is
only revised if a significant event or a significant change in circumstances occurs, which affects this assessment,
and that is within the control of the lessee.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMzAyL2ZyYWc6ODEyNjc4ODNhNDhlNGEwMmIzMTZiNDNhYjFmMDUyNWYvdGV4dHJlZ2lvbjo4MTI2Nzg4M2E0OGU0YTAyYjMxNmI0M2FiMWYwNTI1Zl8xMDk5NTExNjM3MzQ4NA_044e6821-2580-4777-a5f5-7efb4746b0a6": {
"value": "4.Critical Accounting Estimates and Judgements Estimates and judgements are continuously evaluated and are based on historical experience as adjusted for current market conditions and other factors, including expectations of future events that are believed to be reasonable under the circumstances.The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMDYvZnJhZzpiZDU2MzEwMmM3MDA0ZjM4OTg1NjI4N2FlZDkwOTAxZC90ZXh0cmVnaW9uOmJkNTYzMTAyYzcwMDRmMzg5ODU2Mjg3YWVkOTA5MDFkXzExNTQ0ODcyMTEzODQy_0fdf027b-84d3-42d4-993e-72407b5f81a8": {
"value": "
5.Segment Information
Group\u2019s Executive Committee reviews the Group\u2019s internal reporting in order to assess performance and allocate
resources. Management has determined the operating segments based on these reports. The committee
assesses performance taking into account a number of measures which may vary depending on the nature and
evolution of a business segment by taking into account the risk profile, cash flow, product and market
considerations. Information provided to the committee is measured in a manner consistent with that of the
financial statements.
To better reflect the way Management monitors the International Marketing segment and since its operations
relate only to wholesale trading, OKTA AD Skopje balances have been reclassified from the Refining segment to
the International Marketing segment, as compared to the consolidated annual financial statements for the year
ended 31 December 2021. The respective change has been applied to the comparatives as well. The effect of this
change for the prior year is presented in the below table:
| | |
For the year ended 31 December 2021 | | |
| | |
| | |
Revenue from contracts with customers | | |
| | |
| | |
Depreciation & Amortisation (PPE & Intangibles) | | |
Depreciation of Right-of-Use assets | | |
| | |
Operating profit / (loss) | | |
Currency exchange gains / (losses) | | |
Finance (expense) / income - net | | |
| | |
| | |
Profit / (loss) before income tax | | |
| | | | | | | |
| For the year ended 31 December 2021 |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Revenue from contracts with customers | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Depreciation & Amortisation (PPE & Intangibles) | | | | | | | |
Depreciation of Right-of-Use assets | | | | | | | |
| | | | | | | |
Operating profit / (loss) | | | | | | | |
Currency exchange gains / (losses) | | | | | | | |
Share of profit of investments in associates & joint ventures | | | | | | | |
Finance (expense) / income - net | | | | | | | |
| | | | | | | |
| | | | | | | |
Profit / (loss) before income tax | | | | | | | |
| | | | | | | |
| | | | | | | |
Profit / (loss) for the period | | | | | | | |
Profit / (loss) attributable to non-controlling interests | | | | | | | |
Profit / (loss) for the period attributable to the owners of the parent | | | | | | | |
14).
* Other segment relates to Group entities, which provide treasury, consulting and engineering services and includes inter-segment eliminations for depreciation of right
of use assets and lease finance cost.
** EBITDA is calculated as Operating profit/(loss) per the statement of comprehensive income plus depreciation and amortisation.
Inter-segment sales primarily relate to sales from the refining segment to other operating segments.
An analysis of the Group\u2019s revenue from contracts with external customers by type of market (domestic, aviation
& bunkering, exports and international activities) and business unit is presented below:
| | | | | | |
| For the year ended 31 December 2022 |
Revenue from contracts with customers | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| For the year ended 31 December 2021 |
Revenue from contracts with customers | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
The segment assets and liabilities at 31 December 2022 and 2021 are as follows:
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Assets held for sale (*) (Note 14) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
(*):\u00a0 The prior year\u2019s amount relates to DEPA Infrastructure which was reclassified in assets held for sale from Gas
& Power segment (Note 14). The Group\u2019s share of profit from DEPA Infrastructure up to 30 November 2021 is
included in the Gas & Power segment.
There has been no material change in the definition of segments or the segmental analysis of total assets or total
liabilities from the amounts disclosed in the consolidated annual financial statements for the year ended 31
December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
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"value": "
6.Property, Plant and Equipment
| | | | | | | |
| | | | | | Assets Under Constructi on | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Acquisition of a subsidiary | | | | | | | |
| | | | | | | |
| | | | | | | |
Currency translation differences | | | | | | | |
Transfers and other movements | | | | | | | |
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Currency translation differences | | | | | | | |
Transfers and other movements | | | | | | | |
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| | | | | | | |
Net Book Value at 31 December 2021 | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Acquisition of subsidiaries | | | | | | | |
| | | | | | | |
| | | | | | | |
Currency translation differences | | | | | | | |
Transfers and other movements | | | | | | | |
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| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Currency translation differences | | | | | | | |
Transfers and other movements | | | | | | | |
| | | | | | | |
| | | | | | | |
Net Book Value at 31 December 2022 | | | | | | | |
1.Acquisition of subsidiaries include:
a.Capital expenditures in the renewable energy sector of \u20ac121 million comprising of:
\u2022Costs associated with the acquisition of wind parks companies in August 2022 (Note 37). The Group
completed the acquisition of Makrilakkoma S.A. and Sagias S.A., with a total cost of investment equal to the
total consideration of \u20ac91 million. The transaction was accounted for as an asset acquisition. The total
surplus consideration of \u20ac62 million was allocated to the identifiable fixed assets at the acquisition date.
The purchase consideration and the fair value of the assets and liabilities acquired are presented below:
| |
| |
| |
Property, plant and equipment | |
| |
| |
Other assets and liabilities - net | |
Acquisition consideration | |
\u2022Costs associated with the acquisition of PV parks companies in February 2022 (Note 37). The Group
completed the acquisition of Tanagra Solar Energeiaki S.A. and S.Aether Energeiaki S.A., with a total cost of
investment of \u20ac20 million, net of shareholders loans acquired of \u20ac5 million. The transaction was accounted
for as an asset acquisition. The total surplus consideration of \u20ac15 million was allocated to the identifiable
fixed assets at the acquisition date.
The purchase consideration and the fair value of the assets and liabilities acquired are presented below:
| |
| |
| |
Property, plant and equipment | |
| |
| |
Other assets and liabilities - net | |
Acquisition consideration | |
2.Additions mainly include:
a.Capital expenditures in the Renewables segment that mainly relate to the completion of the
construction of the photovoltaic park in Kozani of \u20ac14 million.
b.Capital expenditures in the refining segment that mainly relate to the below amounts that are included
in assets under construction and are reclassified into the relevant asset class when the projects are
completed:
\u2013works of the full turnaround at Elefsina and Thessaloniki Refinery, long-term maintenance and
upgrades of the refining units (\u20ac149 million).
\u2013growth, safety, legislation and environmental expenditures (\u20ac43 million).
3.'Capitalised projects' relate to completed assets under construction which are reclassified to their relevant
category. The main items during current year relate to refining segment of \u20ac217 million and RES segment
of \u20ac132 million which relate to the completion of the construction of the photovoltaic park\u00a0 in Kozani.
4.\u00a0 \u00a0 During 2022 an amount of \u20ac5 million (31 December 2021: \u20ac3,7 million) in respect of interest has been
capitalised within Assets Under Construction relating to the refining segment, at an average borrowing rate
of 3.11% (31 December 2021: 3,23%).
5.Disposals include a sale of a building and land of carrying value \u20ac0.5 million. The relevant gain is included in
\"Gains on disposal of non-current assets\" within \u201cOther income / (expenses) and other gains / (losses) (Note
27).
6.\u2018Transfers and other movements\u2019 for the year ended on 31 December 2022 include the transfer of
computer software development costs to intangible assets \u20ac15 million (Note 8), cost of licenses and rights
for the Kozani's photovoltaic park to intangible assets \u20ac7 million (Note 8) and the transfer of spare parts for
the refinery units from fixed assets to inventories, amounting to \u20ac22 million (Note 11).
7.The Group constantly monitors the developments in the sector with respect to energy transition as well as
the latest legislation in relation to climate related matters. The significant accounting estimates made by
management incorporate the future effects of the Group\u2019s own strategic decisions and commitments on
having its portfolio adhered to the energy transition targets, short and long-term impacts of climate-related
matters and energy transition to lower carbon energy sources together with management\u2019s best estimate
on global supply and demand, including forecasted commodities prices. The Group will adjust the key
assumptions used in the assessment for indications of impairment and the value-in-use calculations, if any,
in case a change is required in respect with climate related matters. Management considers the existence of
indicators for impairment and performs an assessment for significant CGUs (Notes 2.1, 4).
a.Refining, Supply, Trading and Petrochemicals CGU: Management Assessed the financial performance
of the CGU\u00a0 and the future outlook of market conditions, taking into consideration the environmental
regulatory consequences and concluded that there are no indicators for impairment as at 31 December
2022.
b.Plant and machinery include inter alia the carrying value (\u20ac48m) of the pipeline connecting
Thessaloniki and Skopje, which is an asset of the Group\u2019s subsidiary Vardax S.A.. The asset has not been
in operation since 2013 and is maintained in a state of suspension until today, repaired continuously
throughout the period not in operation. Within 2022 the Company has obtained the meters
specifications and has submitted to the relevant authorities the required documentation to obtain all
the necessary licenses for the operation of the pipeline. Within Q1 2023 the hydrotesting and in-line
inspection of the pipeline is expected to be completed. However, further administrative processes need
to be completed, the timing of which is uncertain. Nevertheless, based on the recent positive
developments of the aforementioned application approval, Management consider that the asset could
become operational by Q4 2023. All of the above were considered an indication of possible impairment.
Management carried out an impairment test according to the requirements of IAS 36. The analysis
was carried out by identifying the recoverable amount (\u201cValue in Use\u201d) of the asset through the
application of the discounted cash flow valuation method. The impairment test was carried out using
the following main assumptions as of 31 December 2022: Post-tax WACC of 6,63%, Growth 0,5%, Year
of expected commencement of operation October 2023 (31 December 2021: Post-tax WACC of 4,78%,
Growth 2%, Year of expected commencement of operation October 2022).
Based on this impairment test, the Group concluded that the carrying amount of the asset should be
written down by a further \u20ac8,8 million during 2022 (included in \"Impairment / write offs\") to its
recoverable amount. This amount is recorded in the consolidated statement of comprehensive income
in \"Other operating expenses and other losses\". The accumulated impairment as of 31 December 2022
is \u20ac20,3 million.
The value in use measurement is most sensitive to the timing of reoperation of the pipeline and the
sales volumes to pass through the pipeline.
The Group estimated the impact on the recoverable amount if certain key assumptions used in the
application of the discounted cash flow valuation method varied with all other variables held constant as
follows:
If these changes exceed the values above, or occur in combination, then additional impairment would
have to be recognised.
c.As at 31 December 2022, HFL S.A. management carried out an impairment test according to the
requirements of IAS 36, based on the post-tax cash flows produced by the entity. Based on this
impairment test, the Group concluded that the carrying amount of the net assets of its marketing
activities in Greece is recoverable and consequently no impairment charge was recorded. For details
refer to Note 9.
8.Depreciation expense of Property, plant and equipment of \u20ac250 million (31 December 2021: \u20ac208 million),
depreciation expense of right-of-use assets of \u20ac40 million (31 December 2021: \u20ac40 million) and
amortisation expense of \u20ac15 million (31 December 2021: \u20ac8 million) are allocated in the following lines of
the Consolidated Statement of Comprehensive Income:
\u25e6Cost of Sales \u20ac211 million (31 December 2021: \u20ac161 million),
\u25e6Selling and distribution expenses \u20ac87 million (31 December 2021: \u20ac82 million),
\u25e6Administration expenses \u20ac7 million (31 December 2021: \u20ac14 million)
Current and prior year depreciation within Land represent the depreciation of previously recognised
restoration costs undertaken in a land plot in Larnaka, Cyprus, owned by EKO Cyprus Ltd\u00a0 in preparation of
further development of the asset.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
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"value": "
7.Right of Use Assets
| | | | | | |
| Petrol station properties | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Currency translation effects | | | | | | |
| | | | | | |
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Currency translation effects | | | | | | |
| | | | | | |
| | | | | | |
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Net Book Value at 31 December 2021 | | | | | | |
| | | | | | |
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| | | | | | |
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Currency translation effects | | | | | | |
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Currency translation effects | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Net Book Value at 31 December 2022 | | | | | | |
The Group leases a variety of assets in the course of its activities. Through the marketing segment the Group
enters into lease agreements whereby it leases land on which it constructs petrol stations. Furthermore, the Group
leases operational petrol stations and large complexes which may include other commercial properties such as
highway service stations.
Part of the Group\u2019s operations require the use of coastal zones. The Group has entered into an Agreement with
the State for the use of coastal zones in certain areas. There are however other areas, where the Group uses
coastal zones, and for which no agreement exists. The State may periodically issue a notice for compensation for
the use of the coastal zones for these areas. Upon adoption of IFRS 16, the Group concluded that the use of
coastal zones could meet the criteria of an identified asset under IFRS 16, where an Agreement exists. Where the
terms of use by the Greek state are determinable from the Agreement, the Group recognizes a right of use asset
within commercial properties and a lease liability representing its obligation to make payments. For instances
where the Group uses coastal zones without an Agreement, the Group considers that the arrangement does not
constitute a lease and provides for compensation for the use of the coast based on the most recently received
notice. For the year ended 31 December 2022, this is estimated at \u20ac734 thousand (31 December 2021: \u20ac 670) and
is included in current liabilities.\u00a0
Furthermore, the Group operates a number of underground pipelines within the boundaries of various
municipalities, in accordance with relevant laws. As described in Note 34, certain municipalities have proceeded
with the imposition of duties and fines relating to the rights of way. The Group has appealed against such
amounts imposed as described in the note and does not consider that any of these fall within the scope of IFRS 16.
as there is no requirement to pay compensation.
19.Lease Liabilities Set out below are the carrying amounts of lease liabilities and the movements during the period:
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Repayment (capital and interest) | | | |
Foreign exchange difference | | | |
| | | |
| | | |
| | | |
| | | |
The maturity table of the undiscounted cash flows of the lease liabilities is presented in Note 3.1.
Parent Company
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Repayment (capital and interest) | | | |
| | | |
| | | |
| | | |
| | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
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"value": "
8.Intangible Assets | | | | | | | |
| | Retail Service Stations Usage Rights | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Acquisition of a subsidiary | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Currency translation effects | | | | | | | |
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| | | | | | | |
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| | | | | | | |
| | | | | | | |
Currency translation effects | | | | | | | |
| | | | | | | |
| | | | | | | |
Net Book Value at 31 December 2021 | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Currency translation effects | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Currency translation effects | | | | | | | |
| | | | | | | |
| | | | | | | |
Net Book Value at 31 December 2022 | | | | | | | |
Joint ventures
The Group is active in power generation, trading and supply in Greece through its 50% shareholding in Elpedison
B.V., a joint venture entity with EDISON S.p.A.. The Group accounts for Elpedison B.V. using the equity method and
as such, the Group\u2019s 50% share of the consolidated results of Elpedison B.V. appear under \u201cShare of profit of
investments in associates and joint ventures\u201d and its 50% share of net assets under \u201cInvestment in associates and
joint ventures\u201d. Based on the improved results of Elpedison during the year ended on 31 December 2022 there is
no indication of impairment.
Given the materiality of this activity for the Group, the table below summarises the key financials of the Elpedison
B.V. Group, which consolidates its 100% holding in Elpedison S.A..
| | |
| |
| | |
| | |
Statement of Financial Position | | |
| | |
| | |
Cash and Cash Equivalents | | |
| | |
| | |
| | |
| | |
| | |
Other Non-Current Liabilities | | |
| | |
Other Current Liabilities | | |
| | |
| | |
Total Liabilities and Equity | | |
| | |
Investment in Elpedison BV as accounted in HELLENiQ ENERGY Group | | |
| | |
| |
| | |
| | |
Statement of Comprehensive Income | | |
| | |
| | |
| | |
Depreciation & Amortisation | | |
| | |
| | |
| | |
Income / (loss) beforeTax | | |
| | |
Income / (loss) after Tax | | |
| | |
Share of gain / (loss) accounted in HELLENiQ ENERGY Group | | |
In September 2018, Elpedison S.A. agreed with its Bondholders to refinance its loans amounting to \u20ac213,9 million
for three years, up to September 2021 when it was refinanced for a further year plus 6 months optional extension.
Elpedison's management is currently under procedures to refinance its loans. The loans are fully guaranteed by
the ultimate shareholders of Elpedison S.A., according to their shareholdings in the Company. The loans
outstanding as at 31 December 2022 amounted to \u20ac245 million. (31 December 2021: \u20ac212,4 million).
The Group has provided letters of comfort and guarantees in favour of banks as security for loans granted by
them to Elpedison S.A. As at 31 December 2022, the Group\u2019s share of the above was \u20ac107 million (31 December
2021: \u20ac106 million).
As at 31 December 2022, Elpedison B.V. Management carried out an impairment test according to the
requirements of IAS 36, based on the post-tax cash flows produced by the company. Increased and continued
volatility in electrical market was considered as a probable indicator of impairment, as it could impact the future
cash flows of its assets. Based on this impairment test, the Group concluded that the carrying amount of the
investment in Elpedison is recoverable and consequently no impairment charge was recorded.
Associates
The Group exercises significant influence over a number of entities, which are also accounted for using the equity
method.
Following the signing of the sale and purchase agreement for the shares of DEPA Infrastructure with ITALGAS
SpA on 10 December 2021, the investment has been classified in assets held for sale. From the date of
classification as held for sale, the application of the equity method was discontinued and the investment is held at
the lower of carrying value and fair value less cost to sell. The share of results of DEPA Infrastructure, up to 30
November 2021, are presented in the consolidated statement of comprehensive income / (loss) in share of profit /
(loss) of investments in associates and joint ventures. As at 31 December 2022 the transaction has been
completed and 100% of the shares were transferred (Note 14).
In January 2020, the HRADF launched an international public tender process for the sale of 65% in the share
capital of DEPA Commercial S.A.. The privatisation procedure was suspended during the second quarter of 2021
and no further developments have been noted up to the year ended 31 December 2022. Consequently, the Group
continues to account for DEPA Commercial as an associate.
The table below summarizes the key financials of DEPA Commercial group.
| | |
| |
| | |
| | |
Statement of Financial Position | | |
| | |
| | |
Cash and Cash Equivalents | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Other Current Liabilities | | |
| | |
| | |
Total Liabilities and Equity | | |
| | |
Investment in DEPA Commercial Group as accounted in HELLENiQ ENERGY Group | | |
| | |
| |
| | |
| | |
Statement of Comprehensive Income | | |
| | |
| | |
Operating profit / (loss) | | |
| | |
| | |
Profit / (loss) before Tax | | |
| | |
Profit / (loss) from continuing operations | | |
| | |
Share of profit/ (loss) accounted in HELLENiQ ENERGY Group | | |
| | |
Share of other comprehensive loss accounted in HELLENiQ ENERGY Group | | |
Within 2022, DEPA Commercial S.A. declared dividends amounting to \u20ac 90.6 million and the amount
corresponding to HELLENiQ Energy Holdings is \u20ac 31.7 million. As at 31 December 2022 the dividends have not
been received and are included in \"Trade and Other Receivables\" both in the Group's and the Company's balance
sheet (Note 12). The cost of investment in DEPA Commercial as at 31 December 2022 is \u20ac85.7 million (31
December 2021: \u20ac85.7 million) and the carrying value for the Group is \u20ac223.6 million (31 December 2021: \u20ac194.9
million).
Other associates
The Group\u2019s subsidiary company, HELLENIC PETROLEUM International AG, participates in the shareholding of
DMEP Holdco Ltd (48% shareholding). DMEP HoldCo Ltd is incorporated in the UK and ultimately owns 100% of
\u201cOTSM S.A. of Maintenance Compulsory Stocks and Trading of Crude Oil and Petroleum Products\u201d (OTSM). OTSM
is established under Greek law and is fully permitted to provide crude oil and petroleum products stock keeping
and management services. The Group has delegated part of its compulsory stock keeping obligations to OTSM,
reducing its stock holding by approximately 25 kMT (31 December 2021: 31 kMT), at a fee calculated in line with
the legal framework. All Group\u2019s transactions with OTSM are included in Note 36.
An analysis of the financial position and results of the Group\u2019s other associates is set out below:
| | | | | | |
| | | | | | |
| | | | | |
| | | | | | |
Spata Aviation Fuel Company S.A. | | | | | | |
Athens Airport Fuel Pipeline Company S.A. | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | |
| | | | | | |
Spata Aviation Fuel Company S.A. | | | | | | |
Athens Airport Fuel Pipeline Company S.A. | | | | | | |
| | | | | | |
There are no contingent liabilities or commitments in relation to the group\u2019s interest in its associates, other than
those disclosed in Note 34.
Joint operations
The Group participates in the following joint operations with other third parties relating to exploration and
production of hydrocarbons in Greece and abroad:
\u2022Energean Italy S.p.A. - Greece, Patraikos Gulf
\u2022Calfrac Well Services Ltd\u00a0 - Greece, Sea of Thrace concession
\u2022Energean Hellas LTD - Greece, Block 2, West of Corfu Island.
\u2022Exxon Mobil Exploration and Production Greece (Crete) B.V. - Greece, Block West Crete.
\u2022Exxon Mobil Exploration and Production Greece (Crete) B.V.\u00a0 - Greece, Block South West Crete.
The jointly controlled operations are still at a research phase and do not contribute to the Group\u2019s revenue.
For contractual commitments of the Group for exploration costs refer to Note 35.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMTgvZnJhZzpiZDU4ZjA5NWYwZGI0OWE1ODg4ODg2NzhlZDUzZWJiMS90ZXh0cmVnaW9uOmJkNThmMDk1ZjBkYjQ5YTU4ODg4ODY3OGVkNTNlYmIxXzEwOTk1MTE2MzA3MTE3_086e5dfa-a8c0-4653-981d-7e056153b931": {
"value": "
9.Investments in Subsidiaries, Associates and Joint VenturesAssociates
The Group exercises significant influence over a number of entities, which are also accounted for using the equity
method.
Following the signing of the sale and purchase agreement for the shares of DEPA Infrastructure with ITALGAS
SpA on 10 December 2021, the investment has been classified in assets held for sale. From the date of
classification as held for sale, the application of the equity method was discontinued and the investment is held at
the lower of carrying value and fair value less cost to sell. The share of results of DEPA Infrastructure, up to 30
November 2021, are presented in the consolidated statement of comprehensive income / (loss) in share of profit /
(loss) of investments in associates and joint ventures. As at 31 December 2022 the transaction has been
completed and 100% of the shares were transferred (Note 14).
In January 2020, the HRADF launched an international public tender process for the sale of 65% in the share
capital of DEPA Commercial S.A.. The privatisation procedure was suspended during the second quarter of 2021
and no further developments have been noted up to the year ended 31 December 2022. Consequently, the Group
continues to account for DEPA Commercial as an associate.
The table below summarizes the key financials of DEPA Commercial group.
| | |
| |
| | |
| | |
Statement of Financial Position | | |
| | |
| | |
Cash and Cash Equivalents | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Other Current Liabilities | | |
| | |
| | |
Total Liabilities and Equity | | |
| | |
Investment in DEPA Commercial Group as accounted in HELLENiQ ENERGY Group | | |
| | |
| |
| | |
| | |
Statement of Comprehensive Income | | |
| | |
| | |
Operating profit / (loss) | | |
| | |
| | |
Profit / (loss) before Tax | | |
| | |
Profit / (loss) from continuing operations | | |
| | |
Share of profit/ (loss) accounted in HELLENiQ ENERGY Group | | |
| | |
Share of other comprehensive loss accounted in HELLENiQ ENERGY Group | | |
Within 2022, DEPA Commercial S.A. declared dividends amounting to \u20ac 90.6 million and the amount
corresponding to HELLENiQ Energy Holdings is \u20ac 31.7 million. As at 31 December 2022 the dividends have not
been received and are included in \"Trade and Other Receivables\" both in the Group's and the Company's balance
sheet (Note 12). The cost of investment in DEPA Commercial as at 31 December 2022 is \u20ac85.7 million (31
December 2021: \u20ac85.7 million) and the carrying value for the Group is \u20ac223.6 million (31 December 2021: \u20ac194.9
million).
Other associates
The Group\u2019s subsidiary company, HELLENIC PETROLEUM International AG, participates in the shareholding of
DMEP Holdco Ltd (48% shareholding). DMEP HoldCo Ltd is incorporated in the UK and ultimately owns 100% of
\u201cOTSM S.A. of Maintenance Compulsory Stocks and Trading of Crude Oil and Petroleum Products\u201d (OTSM). OTSM
is established under Greek law and is fully permitted to provide crude oil and petroleum products stock keeping
and management services. The Group has delegated part of its compulsory stock keeping obligations to OTSM,
reducing its stock holding by approximately 25 kMT (31 December 2021: 31 kMT), at a fee calculated in line with
the legal framework. All Group\u2019s transactions with OTSM are included in Note 36.
An analysis of the financial position and results of the Group\u2019s other associates is set out below:
| | | | | | |
| | | | | | |
| | | | | |
| | | | | | |
Spata Aviation Fuel Company S.A. | | | | | | |
Athens Airport Fuel Pipeline Company S.A. | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | |
| | | | | | |
Spata Aviation Fuel Company S.A. | | | | | | |
Athens Airport Fuel Pipeline Company S.A. | | | | | | |
| | | | | | |
There are no contingent liabilities or commitments in relation to the group\u2019s interest in its associates, other than
those disclosed in Note 34.
37.List of Principal Consolidated Subsidiaries and Associates
Included in the Financial Statements
| | | | |
| | | Effective Participation Percentage | |
| | | | |
Refining & Petrochemicals |
HELLENIC PETROLEUM R.S.S.O.P.P. S.A. | Refining / Petrochemicals | | | |
| | | | |
| | | | |
| | | | |
\u0395.\u0391.\u039a.\u0391.\u0391 S.A. | | | | |
| | | | |
|
HELLENIC FUELS AND LUBRICANTS INDUSTRIAL AND COMMERCIAL S.A. | | | | |
\u0395\u039a\u039f KALYPSO M.E.P.E. | | | | |
\u0395\u039a\u039f\u03a4\u0391 KO S.A. | | | | |
| Marketing / Vessel owning | | | |
EKO AFRODITI MARITIME COMPANY | Marketing / Vessel owning | | | |
OKTA CRUDE OIL REFINERY A.D | | | | |
HELLENIC PETROLEUM BULGARIA (HOLDINGS) LTD | | | | |
| | | | |
HELLENIC PETROLEUM SERBIA (HOLDINGS) LTD | | | | |
| | | | |
EKO CYPRUS LTD (former HELLENIC PETROLEUM CYPRUS LTD) | | | | |
| | | | |
EKO LOGISTICS LTD (former YUGEN LTD) | | | | |
HELPE COMPANY HOLDING LTD | | | | |
| | | | |
BLUE CIRCLE ENGINEERING LIMITED | | | | |
| Logistics & Distribution of LPG | | | |
| | | | |
| | | | |
| | | | |
|
HELLENiQ\u00a0 RENEWABLES SINGLE MEMBER S.A. (former HELPE R.E.S. S.A.) | | | | |
| | | | |
ENERGIAKI PYLOY METHONIS S.A. | | | | |
HELPE RENEWABLE WIND FARMS OF EVIA S.A. | | | | |
TANAGRA SOLAR ENERGEIAKI S.A. | | | | |
| | | | |
HELLENIC PETROLEUM RENEWABLE WIND FARMS OF MANI S.A. | | | | |
\u2022Following the demerger on 3rd January 2022, the Group established the new company HELPE R.S.S.O.P.P.
(Note 9).
\u2022During the current period, the Group established a new company in Greece, Helpe Real Estate S.A. whose
purpose is to manage the real estate properties of the Group.
\u2022During the current period, the Group completed the acquisition of two wind parks companies in Greece,
\u201cMAKRYLAKKOMA S.A.\u201d and \u201cSAGIAS S.A.\u201d, by \u201cHELLENIC PETROLEUM RENEWABLE WIND FARMS OF
MANI S.A.\u201d, a wholly owned subsidiary of HELPE RENEWABLES S.A. established in July 2022. The wind
farms have a total installed capacity of 55.2 MW. Total consideration net of cash acquired was \u20ac88 million
which is mainly allocated in intangible assets (Note 8) and property, plant and equipment (Note 6).
\u2022During the current period, the Group completed the acquisition of two PV parks companies, in Greece, from
Trina Solar Co. Ltd., Tanagra Solar Energeiaki S.A and S. Aether Energeiaki S.A., with a total planned installed
capacity of 16.1 MW. Total consideration net of cash acquired was \u20ac25 million which is mainly allocated in
intangible assets (Note 8) and property, plant and equipment (Note 6).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMTgvZnJhZzpiZDU4ZjA5NWYwZGI0OWE1ODg4ODg2NzhlZDUzZWJiMS90ZXh0cmVnaW9uOmJkNThmMDk1ZjBkYjQ5YTU4ODg4ODY3OGVkNTNlYmIxXzEwOTk1MTE2MzA3MTE3_bf57838f-2e4c-4263-871a-bf1e7f9f32e0": {
"value": "
9.Investments in Subsidiaries, Associates and Joint VenturesJoint ventures
The Group is active in power generation, trading and supply in Greece through its 50% shareholding in Elpedison
B.V., a joint venture entity with EDISON S.p.A.. The Group accounts for Elpedison B.V. using the equity method and
as such, the Group\u2019s 50% share of the consolidated results of Elpedison B.V. appear under \u201cShare of profit of
investments in associates and joint ventures\u201d and its 50% share of net assets under \u201cInvestment in associates and
joint ventures\u201d. Based on the improved results of Elpedison during the year ended on 31 December 2022 there is
no indication of impairment.
Given the materiality of this activity for the Group, the table below summarises the key financials of the Elpedison
B.V. Group, which consolidates its 100% holding in Elpedison S.A..
| | |
| |
| | |
| | |
Statement of Financial Position | | |
| | |
| | |
Cash and Cash Equivalents | | |
| | |
| | |
| | |
| | |
| | |
Other Non-Current Liabilities | | |
| | |
Other Current Liabilities | | |
| | |
| | |
Total Liabilities and Equity | | |
| | |
Investment in Elpedison BV as accounted in HELLENiQ ENERGY Group | | |
| | |
| |
| | |
| | |
Statement of Comprehensive Income | | |
| | |
| | |
| | |
Depreciation & Amortisation | | |
| | |
| | |
| | |
Income / (loss) beforeTax | | |
| | |
Income / (loss) after Tax | | |
| | |
Share of gain / (loss) accounted in HELLENiQ ENERGY Group | | |
In September 2018, Elpedison S.A. agreed with its Bondholders to refinance its loans amounting to \u20ac213,9 million
for three years, up to September 2021 when it was refinanced for a further year plus 6 months optional extension.
Elpedison's management is currently under procedures to refinance its loans. The loans are fully guaranteed by
the ultimate shareholders of Elpedison S.A., according to their shareholdings in the Company. The loans
outstanding as at 31 December 2022 amounted to \u20ac245 million. (31 December 2021: \u20ac212,4 million).
The Group has provided letters of comfort and guarantees in favour of banks as security for loans granted by
them to Elpedison S.A. As at 31 December 2022, the Group\u2019s share of the above was \u20ac107 million (31 December
2021: \u20ac106 million).
As at 31 December 2022, Elpedison B.V. Management carried out an impairment test according to the
requirements of IAS 36, based on the post-tax cash flows produced by the company. Increased and continued
volatility in electrical market was considered as a probable indicator of impairment, as it could impact the future
cash flows of its assets. Based on this impairment test, the Group concluded that the carrying amount of the
investment in Elpedison is recoverable and consequently no impairment charge was recorded.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMzYvZnJhZzpkZmJiYzgxZmNhYjU0ZDRjOTc0Nzc1NGNjMjFlMmVhYi90ZXh0cmVnaW9uOmRmYmJjODFmY2FiNTRkNGM5NzQ3NzU0Y2MyMWUyZWFiXzEwOTk1MTE2MzA1Mjc_16fbee58-4f66-4d49-8a4e-77c4ca9f5c49": {
"value": "
10.Advances and Long Term AssetsLoans and advances primarily include trade receivables due in more than one year as a result of settlement
arrangements and merchandise credit extended to third parties as part of the operation of the marketing
segment.
Trade receivables due in more than one year as a result of settlement arrangements are discounted at a weighted
average rate of 6,74% (31 December 2021: 4,47%) over their respective lives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMzYvZnJhZzpkZmJiYzgxZmNhYjU0ZDRjOTc0Nzc1NGNjMjFlMmVhYi90ZXh0cmVnaW9uOmRmYmJjODFmY2FiNTRkNGM5NzQ3NzU0Y2MyMWUyZWFiXzExNTQ0ODcyMDkzMzI5_6541ea23-9aca-4843-a4da-32cdeacba166": {
"value": "
10.Advances and Long Term AssetsLoans and advances primarily include trade receivables due in more than one year as a result of settlement
arrangements and merchandise credit extended to third parties as part of the operation of the marketing
segment.
Trade receivables due in more than one year as a result of settlement arrangements are discounted at a weighted
average rate of 6,74% (31 December 2021: 4,47%) over their respective lives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMzYvZnJhZzpkZmJiYzgxZmNhYjU0ZDRjOTc0Nzc1NGNjMjFlMmVhYi90ZXh0cmVnaW9uOmRmYmJjODFmY2FiNTRkNGM5NzQ3NzU0Y2MyMWUyZWFiXzExNTQ0ODcyMDkzMzI5_fe6d3d2f-9d20-468e-ae26-b4967f055d20": {
"value": "
10.Advances and Long Term AssetsLoans and advances primarily include trade receivables due in more than one year as a result of settlement
arrangements and merchandise credit extended to third parties as part of the operation of the marketing
segment.
Trade receivables due in more than one year as a result of settlement arrangements are discounted at a weighted
average rate of 6,74% (31 December 2021: 4,47%) over their respective lives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMzkvZnJhZzo3MWM0MmViYmJmOGU0MWVhYWY0OTEyMjY2MjQyZDRiNi90ZXh0cmVnaW9uOjcxYzQyZWJiYmY4ZTQxZWFhZjQ5MTIyNjYyNDJkNGI2XzExNTQ0ODcyMDkzNDgz_21fc14d0-571f-468f-a550-32c4fb923e9d": {
"value": "
11.Inventories
| | |
| |
| | |
| | |
Refined products and semi-finished products | | |
| | |
Consumable materials and other spare parts | | |
- Less: Provision for consumables and spare parts | | |
| | |
No pledged inventories exist as of 31 December 2022.
Under IEA and EU regulations, Greece is obliged to hold crude oil and refined product stocks in order to fulfil the
EU requirement for compulsory stock obligations (90 days stock directive), as legislated by Greek Law 3054/2002.
The responsibility is passed on to all companies, including the HELLENiQ ENERGY\u00a0 Group, which import and sell in
the domestic market who have the obligation to maintain and finance the appropriate stock levels. Such stocks
are part of the operating stocks and are valued on the same basis. The Group has delegated part of compulsory
stock obligations to OTSM (see also Note 9).
The cost of inventories recognised as an expense and included in Cost of sales amounted to \u20ac11 billion (31
December 2021: \u20ac7.7 billion). As at 31 December 2022, the Group wrote down inventories to their net realisable
value, recording a loss of \u20ac26 million (31 December 2021: loss of \u20ac1 million included in Cost of Sales in the
statement of comprehensive income).
As of 31 December 2022, following an extensive exercise for the classification of spare parts as fixed assets based
on both quantitative and qualitative criteria, the Group has reassessed which of the spare parts can be categorized
as critical for the refinery units and the respective provision for obsolescence. As a result, an amount of \u20ac22
million (net of cumulative provision) has been transferred from property, plant and equipment to inventories ((31
December 2021: \u20ac3,8 million transfer from inventories to fixed assets \u2013 see Note 6). The amount of additional
provision for consumables and spare parts for the year ended 31 December 2022 is \u20ac8 million, with the remaining
increase relating to the aformentioned reclassification.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xNDIvZnJhZzo3ZWM5Nzg5ZWNiZTk0OTcxYWU5OWIzN2ExMmY2ZTYyOC90ZXh0cmVnaW9uOjdlYzk3ODllY2JlOTQ5NzFhZTk5YjM3YTEyZjZlNjI4XzExNTQ0ODcyMDk0Nzc3_9846517b-7902-4814-88f7-d0168f11daf0": {
"value": "
12.Trade and Other Receivables
| | |
| |
| | |
| | |
- Less: Provision for impairment of receivables | | |
| | |
| | |
| | |
- Less: Provision for impairment of receivables | | |
| | |
| | |
Accrued Income and other prepaid expenses | | |
| | |
As part of its working capital management the Group utilises factoring facilities to accelerate the collection of cash
from its customers in Greece. Non-recourse factoring, is excluded from balances shown above, since all risks and
rewards of the relevant invoices have been transferred to the factoring institution.
Other receivables include balances in respect of advances to suppliers, advances to personnel, VAT, withholding
taxes and taxes paid (other than income taxes which are shown separately on the statement of financial position),
as a result of tax audit assessments from the tax authorities during previous years. Balance as at 31 December
2022 mainly includes VAT \u20ac93 million (31 December 2021: \u20ac48 million), dividends receivable \u20ac32 million (31
December 2021: \u20ac0) and restricted cash mainly related to margin call accounts of \u20ac26 million (31 December 2021:
\u20ac9.3 million). Additionally, other receivables include an amount of \u20ac54 million of VAT approved refunds (31
December 2021: \u20ac54 million),\u00a0 which has been withheld by the customs authorities due to a dispute relating to
stock shortages. The Group has filed a specific legal objection and claim against this action and expects to fully
recover this amount following the conclusion of the relevant legal proceedings (Note 34).\u00a0
The table below analyses total trade receivables:
The overdue days of trade receivables that were past due are as follows:
matrix:
| | | | |
| | | | |
Expected credit loss rate | | | | |
\u03a4otal gross carrying amount | | | | |
| | | | |
The movement in the provision for impairment of trade receivables is set out below.
| | |
| |
| | |
| | |
\u00a0 - Exchange differences | | |
\u00a0 - Additional provisions | | |
\u00a0 - Unused amounts reversed | | |
Receivables written off during the year as uncollectible | | |
| | |
| | |
The additional provision for impairment has been included in Other operating income / (expenses) and other
gains / (losses) in the statement of comprehensive income.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xNDIvZnJhZzo3ZWM5Nzg5ZWNiZTk0OTcxYWU5OWIzN2ExMmY2ZTYyOC90ZXh0cmVnaW9uOjdlYzk3ODllY2JlOTQ5NzFhZTk5YjM3YTEyZjZlNjI4XzEwOTk1MTE2Mjg2NDIz_3fa1bb79-8f14-4981-8ede-71399ed6f68c": {
"value": "
12.Trade and Other ReceivablesRegarding trade receivables, an impairment analysis is performed at each reporting date using a provision matrix
to measure expected credit losses (ECLs). The maximum exposure to credit risk at the reporting date is the
carrying value of each class of receivable. Collaterals held by the Group include primarily first or second class pre-
notices over properties of the debtor, personal and bank guarantees.
Set out below is the information about the credit risk exposure on the Group's trade receivables using a provision
matrix:
| | | | |
| | | | |
Expected credit loss rate | | | | |
\u03a4otal gross carrying amount | | | | |
| | | | |
The movement in the provision for impairment of trade receivables is set out below.
| | |
| |
| | |
| | |
\u00a0 - Exchange differences | | |
\u00a0 - Additional provisions | | |
\u00a0 - Unused amounts reversed | | |
Receivables written off during the year as uncollectible | | |
| | |
| | |
The additional provision for impairment has been included in Other operating income / (expenses) and other
gains / (losses) in the statement of comprehensive income.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xNDUvZnJhZzo3NTU3YTJlZjMwMmM0ODcyYjBiOWQ4YTVkNGJmYzUwNi90ZXh0cmVnaW9uOjc1NTdhMmVmMzAyYzQ4NzJiMGI5ZDhhNWQ0YmZjNTA2XzEwOTk1MTE2Mjc4MjUx_0c361784-b879-4f53-895c-fc708f77142a": {
"value": "
13.Cash and Cash Equivalents
| | |
| |
| | |
Cash at bank and on hand in USD (Euro equivalent) | | |
Cash at bank and on hand in Euro | | |
Cash and Cash Equivalents | | |
The balance of US Dollars included in Cash at bank as at 31 December 2022 was $159 million (euro equivalent
\u20ac149 million). The respective amount for the period ended 31 December 2021 was $360 million (euro equivalent
\u20ac317 million).
The weighted average effective interest rate as at the reporting date on cash and cash equivalents was:
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xNjQ5MjY3NDQzMDMyL2ZyYWc6ZWFlMjlhYjBhMTdiNDhjMWEzYTdhZTNiODhmZTM4NDAvdGV4dHJlZ2lvbjplYWUyOWFiMGExN2I0OGMxYTNhN2FlM2I4OGZlMzg0MF8xMDk5NTExNjI4Mzg5OA_c71a3daa-7c32-4bc6-bccf-b5e0c3a62fc4": {
"value": "14.Assets Held for Sale
On 10 December 2021, HELLENiQ ENERGY Group and Hellenic Republic Asset Development Fund S.A. (HRADF)
signed the sale and purchase agreement for the shares of DEPA Infrastructure, a Group\u2019s associate, to Italgas SpA,
for a total price of \u20ac733 million, with the 35% share of the Group's participation corresponding to \u20ac256 million.
Accordingly, as from 31 December 2021, DEPA Infrastructure investment was classified as an asset held for sale at
its carrying value, which is lower than the fair value, being the consideration of the buyer mentioned above, less
cost to sell. The carrying value before the sale of the asset in September 2022 for the Group was \u20ac192 million and
for the Company \u20ac122 million. The business of DEPA Infrastructure was included in the RES, gas and power
segment of the Group in the line \u201cShare of profit / (loss) of investments in associates & joint ventures\u201d until 30
November 2021, which represents the final available financial information before the sale and purchase
agreement date. From the date of classification as held for sale, the application of the equity method was
discontinued and the investment is held at the lower of carrying value and fair value less cost to sell.\u00a0
On 1 September 2022 the transfer of 100% of the shares of DEPA Infrastructure to Italgas SpA Group was
completed. Consequently, the asset held for sale was derecognised (zero on 31 December 2022). The relevant net
proceeds after costs to sale amounted to \u20ac266 million, being the aforementioned principal plus interest. and
resulted to \u20ac74 million profit for the Group and \u20ac143 million for the Company. The transaction meets the criteria
as provided by the Greek Corporate Income Tax Code and is considered to be tax exempt. This profit was recorded
in other operating income and other gains.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xNjQ5MjY3NDQzMDMyL2ZyYWc6ZWFlMjlhYjBhMTdiNDhjMWEzYTdhZTNiODhmZTM4NDAvdGV4dHJlZ2lvbjplYWUyOWFiMGExN2I0OGMxYTNhN2FlM2I4OGZlMzg0MF8xMDk5NTExNjM0MDk2_7126d39e-41e9-4b7b-9ae8-713608007fb4": {
"value": "14.Assets Held for Sale
On 10 December 2021, HELLENiQ ENERGY Group and Hellenic Republic Asset Development Fund S.A. (HRADF)
signed the sale and purchase agreement for the shares of DEPA Infrastructure, a Group\u2019s associate, to Italgas SpA,
for a total price of \u20ac733 million, with the 35% share of the Group's participation corresponding to \u20ac256 million.
Accordingly, as from 31 December 2021, DEPA Infrastructure investment was classified as an asset held for sale at
its carrying value, which is lower than the fair value, being the consideration of the buyer mentioned above, less
cost to sell. The carrying value before the sale of the asset in September 2022 for the Group was \u20ac192 million and
for the Company \u20ac122 million. The business of DEPA Infrastructure was included in the RES, gas and power
segment of the Group in the line \u201cShare of profit / (loss) of investments in associates & joint ventures\u201d until 30
November 2021, which represents the final available financial information before the sale and purchase
agreement date. From the date of classification as held for sale, the application of the equity method was
discontinued and the investment is held at the lower of carrying value and fair value less cost to sell.\u00a0
On 1 September 2022 the transfer of 100% of the shares of DEPA Infrastructure to Italgas SpA Group was
completed. Consequently, the asset held for sale was derecognised (zero on 31 December 2022). The relevant net
proceeds after costs to sale amounted to \u20ac266 million, being the aforementioned principal plus interest. and
resulted to \u20ac74 million profit for the Group and \u20ac143 million for the Company. The transaction meets the criteria
as provided by the Greek Corporate Income Tax Code and is considered to be tax exempt. This profit was recorded
in other operating income and other gains",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xNDgvZnJhZzplZWZhNGFkODJiM2I0OTAxYjBhNzJmYzg4MmNhYjgxYy90ZXh0cmVnaW9uOmVlZmE0YWQ4MmIzYjQ5MDFiMGE3MmZjODgyY2FiODFjXzEwOTk1MTE2Mjc4MDAw_ba4c464e-9a28-4dd8-8a02-8701e0caaa35": {
"value": "
15.Share Capital
| | | | |
| Number of Shares (authorised and issued) | | | |
As at 1 January & 31 December 2021 | | | | |
| | | | |
All ordinary shares were authorised, issued and fully paid. The nominal value of each ordinary share is \u20ac2.18
(31\u00a0December 2021: \u20ac2.18).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xNTEvZnJhZzo2MGY4OWUwMmVmMmU0NmM2OGQ2ZGE3Yzc1MjcyYzEwMC90ZXh0cmVnaW9uOjYwZjg5ZTAyZWYyZTQ2YzY4ZDZkYTdjNzUyNzJjMTAwXzEwOTk1MTE2MjgwOTYx_2d479372-1cf1-47d1-8642-e1dba5a120e6": {
"value": "
16.Reserves
| | | | | | | |
| | | | | Tax free & Incentive Law Reserves | | |
| | | | | | | |
| | | | | | | |
Changes in the fair value of equity instruments | | | | | | | |
Recycling of gains / (losses) on hedges through comprehensive income | | | | | | | |
Actuarial gains / (losses) on defined benefit pension plans | | | | | | | |
Fair value gains / (losses) on cash flow hedges | | | | | | | |
Currency translation differences and other movements | | | | | | | |
Share of other comprehensive loss of associates | | | | | | | |
| | | | | | | |
Balance at 31 December 2021 | | | | | | | |
| | | | | | | |
Changes in the fair value of equity instruments | | | | | | | |
Recycling of gains / (losses) on hedges through comprehensive income | | | | | | | |
Transfers to statutory and tax reserves | | | | | | | |
Actuarial gains / (losses) on defined benefit pension plans | | | | | | | |
Fair value gains / (losses) on cash flow hedges | | | | | | | |
Currency translation differences and other movements | | | | | | | |
Share of other comprehensive profit / (loss) of associates | | | | | | | |
| | | | | | | |
Balance at 31 December 2022 | | | | | | | |
Statutory reserves
Under Greek law, corporations are required to transfer a minimum of 5% of their annual net profit as reflected in
their statutory books to a statutory reserve until this reserve is equal to one third of the outstanding share capital.
This reserve cannot be distributed during the existence of the corporation, but can be used to offset accumulated
losses.
Special reserves
Special reserves primarily relate to reserves arising from tax revaluations in accordance with the relevant
legislation in prior years.
Tax free and Incentive Law reserves
These reserves relate to retained earnings that have not been taxed with the prevailing corporate income tax rate
as allowed by Greek law under various statutes and include reserves relating to investments under incentive laws.
These reserves will become liable to tax at the rate prevailing at the time of distribution to shareholders or
conversion to share capital under certain conditions.
Hedging reserve
The hedging reserve is used to record gains or losses on derivatives that are designated and qualify as cash flow
hedges and that are recognised in other comprehensive income. Amounts are reclassified to profit or loss when
the associated hedged transaction affects profit or loss within cost of sales. As at 31 December 2022 the fair value
result in hedging reserve relates to transactions described in Note 3 for commodity price risk management.
Other reserves
Other reserves are almost entirely comprised of actuarial losses.
Other reserves include:
(i)Actuarial gains / (losses) on defined benefit plans resulting from a) experience adjustments (the effects
of differences between the previous actuarial assumptions and what has actually occurred) and b) the
effects of changes in actuarial assumptions, applicable for both the Group and the Company.
(ii)Changes in the fair value of investments that are classified as investments in equity instruments,
applicable for the Group.
(iii)Exchange differences arising on translation of foreign controlled entities, which are recognised in other
comprehensive income. The cumulative amount is reclassified to the profit or loss when the net
investment is disposed of, applicable for the Company
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xNTEvZnJhZzo2MGY4OWUwMmVmMmU0NmM2OGQ2ZGE3Yzc1MjcyYzEwMC90ZXh0cmVnaW9uOjYwZjg5ZTAyZWYyZTQ2YzY4ZDZkYTdjNzUyNzJjMTAwXzEwOTk1MTE2MjgwOTYx_51da8ad2-0214-4b1b-894b-ce66c1a26af3": {
"value": "
16.Reserves
| | | | | | | |
| | | | | Tax free & Incentive Law Reserves | | |
| | | | | | | |
| | | | | | | |
Changes in the fair value of equity instruments | | | | | | | |
Recycling of gains / (losses) on hedges through comprehensive income | | | | | | | |
Actuarial gains / (losses) on defined benefit pension plans | | | | | | | |
Fair value gains / (losses) on cash flow hedges | | | | | | | |
Currency translation differences and other movements | | | | | | | |
Share of other comprehensive loss of associates | | | | | | | |
| | | | | | | |
Balance at 31 December 2021 | | | | | | | |
| | | | | | | |
Changes in the fair value of equity instruments | | | | | | | |
Recycling of gains / (losses) on hedges through comprehensive income | | | | | | | |
Transfers to statutory and tax reserves | | | | | | | |
Actuarial gains / (losses) on defined benefit pension plans | | | | | | | |
Fair value gains / (losses) on cash flow hedges | | | | | | | |
Currency translation differences and other movements | | | | | | | |
Share of other comprehensive profit / (loss) of associates | | | | | | | |
| | | | | | | |
Balance at 31 December 2022 | | | | | | | |
Statutory reserves
Under Greek law, corporations are required to transfer a minimum of 5% of their annual net profit as reflected in
their statutory books to a statutory reserve until this reserve is equal to one third of the outstanding share capital.
This reserve cannot be distributed during the existence of the corporation, but can be used to offset accumulated
losses.
Special reserves
Special reserves primarily relate to reserves arising from tax revaluations in accordance with the relevant
legislation in prior years.
Tax free and Incentive Law reserves
These reserves relate to retained earnings that have not been taxed with the prevailing corporate income tax rate
as allowed by Greek law under various statutes and include reserves relating to investments under incentive laws.
These reserves will become liable to tax at the rate prevailing at the time of distribution to shareholders or
conversion to share capital under certain conditions.
Hedging reserve
The hedging reserve is used to record gains or losses on derivatives that are designated and qualify as cash flow
hedges and that are recognised in other comprehensive income. Amounts are reclassified to profit or loss when
the associated hedged transaction affects profit or loss within cost of sales. As at 31 December 2022 the fair value
result in hedging reserve relates to transactions described in Note 3 for commodity price risk management.
Other reserves
Other reserves are almost entirely comprised of actuarial losses.
Other reserves include:
(i)Actuarial gains / (losses) on defined benefit plans resulting from a) experience adjustments (the effects
of differences between the previous actuarial assumptions and what has actually occurred) and b) the
effects of changes in actuarial assumptions, applicable for both the Group and the Company.
(ii)Changes in the fair value of investments that are classified as investments in equity instruments,
applicable for the Group.
(iii)Exchange differences arising on translation of foreign controlled entities, which are recognised in other
comprehensive income. The cumulative amount is reclassified to the profit or loss when the net
investment is disposed of, applicable for the Company
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xNTcvZnJhZzpkYTRiMTg0NjFmZmY0ZTQ3OGFjNWVlOTVhODAzNTc4ZS90ZXh0cmVnaW9uOmRhNGIxODQ2MWZmZjRlNDc4YWM1ZWU5NWE4MDM1NzhlXzEwOTk1MTE2Mjc5NDI0_0ea7621d-d47f-434a-8a52-0ad732c9fae2": {
"value": "
17.Trade and other Payables
been classified as a current liability, included in the Note 17 \"Trade and other payables\".
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xNTQvZnJhZzo3ZjRlNjVhYzQ0YWU0YjczODU2NDUxNDgxOTBlYjE4ZC90ZXh0cmVnaW9uOjdmNGU2NWFjNDRhZTRiNzM4NTY0NTE0ODE5MGViMThkXzEwOTk1MTE2Mjg2NDE2_f3ca5ec9-562a-4629-9ab5-72d2bdb81eaa": {
"value": "
18.Interest Bearing Loans and Borrowings
| | |
| |
| | |
Non-current interest bearing loans and borrowings | | |
Committed Revolving Credit facilities | | |
| | |
Committed term loans (Project Finance) | | |
Total non-current interest bearing loans and borrowings | | |
| | |
Current interest bearing loans and borrowings | | |
Committed Revolving Credit Facilities | | |
Revolving credit facilities | | |
Committed term loans (Project Finance) | | |
Total current interest bearing loans and borrowings | | |
| | |
Total interest bearing loans and borrowings | | |
Non-current interest bearing loans and borrowings mature as follows:
The respective amounts of contractual (undiscounted) cash flows, which include capital and interest are disclosed
in Note 3.1.
The weighted average effective margins\u00a0 are as follows:
| | | |
| | |
| | | |
| | | |
- Floating Euribor + margin | | | |
- Floating Libor + margin | | | |
- Floating Belibor + margin | | | |
- Floating Reference Rate + margin | | | |
| | | |
- Floating Euribor + margin | | | |
| | | |
The carrying amounts of the Group's borrowings are denominated in the following currencies:
| | |
| |
| | |
| | |
| | |
| | |
| | |
Total interest bearing loans and borrowings | | |
The carrying amount of the borrowings which are denominated in USD relates to recourse factoring. The Group
has centralized treasury operations which coordinate and control the funding and cash management activities of
all group companies. Within this framework, HELLENIC PETROLEUM Finance plc (HPF) was established in
November 2005 in the U.K. as a wholly-owned subsidiary of HELLENiQ ENERGY Holdings S.A.to act as the central
treasury vehicle of the HELLENiQ ENERGY Group.
Borrowings of the Group by maturity as at 31 December 2022 and 31\u00a0December 2021 are summarised in the table
below (amounts in \u20ac million):
| | | | |
| | | |
| | | | |
1. \u20ac100 million RCF 2023 | | | | |
2. \u20ac400 million Syndicated RCF Jun 2023 | | | | |
3. \u20ac150 million RCF 2023 | | | | |
4. \u20ac400 million RCF Dec 2023 | | | | |
5. \u20ac100 million RCF 2024 | | | | |
| | | | |
7. \u20ac30 million RCF 2024 | | | | |
8. \u20ac400 million RCF May 2025 | | | | |
9. \u20ac400 million Syndicated RCF Dec 2025 | | | | |
| HELPE RENEWABLE WIND FARMS OF EVIA S.A. | | | |
| HELPE RENEWABLE WIND FARMS OF EVIA S.A. | | | |
| | | | |
| MAKRYLAKKOMA WIND PARK S.A. | | | |
14. \u20ac30 million (Syndicated) RRF Dec 2037 | | | | |
| | | | |
| | | | |
| | | | | | | | |
| | Cash flows - borrowings (inflows) | Cash flows - borrowings through acquisition of subsidiary (inflows) | Cash flows - borrowings (outflows) | | Foreign exchange movement | | |
| | | | | | | | |
Current interest- bearing loans and borrowings | | | | | | | | |
Non-current interest- bearing loans and borrowings | | | | | | | | |
| | | | | | | | |
Certain loan facilities amounting to \u20ac91 million as of 31 December 2022 (31 December 2021: \u20ac31 million) and
associated with the four subsidiaries acquired by the Group during 2022 (Aioliko Parko Makrilakkoma S.A.\u00a0 and
Aioliko Parko Sagias S.A.) and during 2021 (Evia Wind Power S.A. and Achladotopos Wind Power S.A.), include
financial covenants, for the maintenance of certain ratios applicable only to the respective entities and certain
pledges (including the companies\u2019 fixed assets and certain cash accounts). Management monitors the
performance of these subsidiaries to ensure compliance with the above covenants. It is noted that these facilities
are non-recourse project finance facilities.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xNjQ5MjY3NDQzMDcxL2ZyYWc6NjRjMTQ0ZDNjN2Q4NDIxNmJkNDdlZWRkOTg4Nzk2YzIvdGV4dHJlZ2lvbjo2NGMxNDRkM2M3ZDg0MjE2YmQ0N2VlZGQ5ODg3OTZjMl8xMDk5NTExNjI4MjI3NA_ae1d7e91-951e-45eb-824a-bf6c0441e800": {
"value": "
20.Deferred Income TaxDeferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority.
The amounts as presented in the consolidated statement of financial position are as follows:
| | |
| |
| | |
Deferred income tax assets | | |
Deferred income tax liabilities | | |
| | |
The movement on the deferred income tax asset / (liability) is as follows:
| | |
| |
| | |
| | |
| | |
Charged / (released) to equity | | |
Restatement of equity (IAS 19) | | |
| | |
| | |
Deferred tax related to the following types of temporary differences:
| | |
| |
| | |
Intangible and tangible fixed assets | | |
| | |
Unrealised exchange gains | | |
Employee benefits provision | | |
| | |
Derivative financial instruments at fair value | | |
\u0399nterest cost carried forward (thin capitalisation) | | |
Tax losses carried forward | | |
| | |
Impairment of investments | | |
| | |
Other temporary differences relating to provisions and accruals | | |
| | |
| | |
Deferred tax assets relating to tax losses carried forward are recognised if it is probable that they can be offset
against future taxable profits. As at 31 December 2022, the Group\u2019s deferred tax assets on tax losses carried
forward amounted to \u20ac10 million (31 December 2021: \u20ac49 million) and, on the basis of the approved business
plan, the Group considers it is probable that these can be offset against future taxable profits. Tax losses can be
carried forward for use depending on tax laws applicable at each tax jurisdiction, in Greece tax losses can be
carried forward for a maximum of five years.
In 2014, thin capitalization rules as per art. 49 of law 4172/2013 were applied for the first time, whereby the net
interest expense is deductible up to a certain percentage of tax EBITDA (60% for 2014, 50% for 2015, 40% for
2016 and 30% thereafter). This resulted in a deferred tax asset of \u20ac6 million as at 31 December 2022 ( 31
December 2021: \u20ac39 million), which can be offset against future taxable profits without any time constraints.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xNjQ5MjY3NDQzMDgxL2ZyYWc6ZmZiZWY4NWZmMjQzNDA1NzliYTQ2YmZiNzVjMTU5NzUvdGV4dHJlZ2lvbjpmZmJlZjg1ZmYyNDM0MDU3OWJhNDZiZmI3NWMxNTk3NV8xMDk5NTExNjI5MjcwNg_4b3357ee-48e6-4cb3-b308-8511fd152bdb": {
"value": "21.Retirement Benefit Obligations
The table below outlines where the Group\u2019s retirement benefit amounts and activity are included in the financial
statements.
| | |
| |
| | |
Statement of Financial Position obligations for: | | |
| | |
Liability in the Statement of Financial Position | | |
| | |
| |
| | |
| | |
Statement of Comprehensive Income charge for: | | |
| | |
Total as per Statement of Comprehensive Income | | |
| | |
Statement of Other Comprehensive Income charge for: | | |
| | |
| | |
Total as per Statement of Other Comprehensive Income | | |
Plan assets are comprised as follows:
| | | | | | | | | |
| | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Cash and cash equivalents | | | | | | | | | |
| | | | | | | | | |
The principal actuarial assumptions used were as follows:
| | |
| |
| | |
| | |
| | |
| | |
| | |
Average future working life in years | | |
The sensitivity of the defined benefit obligation (DBO) to changes in the weighted principal assumptions is:
| | | |
| | | |
| Impact on Defined Benefit Obligation |
| | | |
| | | |
| | | |
The above sensitivity analysis is based on a change in an assumption while holding all other assumptions
constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When
calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method
(present value of the defined benefit obligation calculated with the projected unit credit method at the end of the
reporting period) has been applied as when calculating the pension liability recognized within the statement of
financial position.
Expected contributions to defined benefit plans for the following year amount to \u20ac0,7 million. The weighted
average duration of the defined benefit obligation is 9 years.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xNjQ5MjY3NDQzMDkxL2ZyYWc6ZWE0MzY5YTAyMWY0NDdkM2IzZmFjODdjMzU2YzJmNmMvdGV4dHJlZ2lvbjplYTQzNjlhMDIxZjQ0N2QzYjNmYWM4N2MzNTZjMmY2Y18xMDk5NTExNjI4MDMyMg_6e505e5e-1df7-46c6-b8c6-13726bb06bba": {
"value": "
22.Provisions
The movement for provisions for 2022 and 2021 is as follows:
| |
| Provisions for other liabilities and charges |
| |
Charged / (credited) to the statement of comprehensive income: | |
\u00a0 - Additional provisions | |
\u00a0 - Unused amounts reversed | |
\u00a0 - Utilized during year | |
Other movements / reclassifications | |
| |
| |
| |
Charged / (credited) to the statement of comprehensive income: | |
\u00a0 - Additional provisions | |
\u00a0 - Unused amounts reversed | |
\u00a0 - Utilized during year | |
\u00a0 - Unwinding of discount | |
Other movements / reclassifications | |
| |
Long-term provisions as at 31 December 2022 mainly comprise of provision for environmental restoration costs
of \u20ac24 million (31 December 2021: \u20ac16 million) and litigation provision of \u20ac14 million (31 December 2021: \u20ac11
million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xNjQ5MjY3NDQzMTAyL2ZyYWc6N2NjZDhhOGU4MjhlNGVhOGFjMzE3NTU3NmE4YzM4MDMvdGV4dHJlZ2lvbjo3Y2NkOGE4ZTgyOGU0ZWE4YWMzMTc1NTc2YThjMzgwM18xMDk5NTExNjI4MDMwNg_bef31c7f-777e-42a8-b83a-8605f320006a": {
"value": "
23.Other Non-Current LiabilitiesGovernment grants
Advances by the Government to the Group\u2019s entities relate to grants for the purchase of property plant and
equipment. Amortisation for 2022\u00a0 amounted to \u20ac0.7 million (31 December 2021: \u20ac0.6 million).
\u039fther payables
Trade and other payables, non-current are comprised of cash guarantees received from petrol station dealers/
managers of the Group\u2019s retail companies in order to ensure that contract terms and conditions are met. The 2021
figure included \u20ac5 million relating to the contingent consideration from the acquisition of Elpet Balkaniki.
Following the Arbitration's decision in favor of Elpet Balkaniki (for more details refer to Note 34), this amount has
been classified as a current liability, included in the Note 17 \"Trade and other payables\".
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xNjQ5MjY3NDQzMTAyL2ZyYWc6N2NjZDhhOGU4MjhlNGVhOGFjMzE3NTU3NmE4YzM4MDMvdGV4dHJlZ2lvbjo3Y2NkOGE4ZTgyOGU0ZWE4YWMzMTc1NTc2YThjMzgwM18xMDk5NTExNjI4MTI3NQ_0bc81743-3b87-4e14-af44-00c60f445b83": {
"value": "
23.Other Non-Current LiabilitiesGovernment grants
Advances by the Government to the Group\u2019s entities relate to grants for the purchase of property plant and
equipment. Amortisation for 2022\u00a0 amounted to \u20ac0.7 million (31 December 2021: \u20ac0.6 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xNjQ5MjY3NDQzMTEyL2ZyYWc6NTNiNDI5NDUyYmZiNDUwZWFjNjVhMTc4MDk2ZTEyYzUvdGV4dHJlZ2lvbjo1M2I0Mjk0NTJiZmI0NTBlYWM2NWExNzgwOTZlMTJjNV8xMDk5NTExNjI4MzU4MQ_a93d8a6e-4099-49e3-8a91-3e865b01a680": {
"value": "
24.Derivative Financial Instruments
| | | | | | | | | | |
| | | | |
Commodity derivative type | | | | | | | | |
| | | | | | | | | | |
Commodity\u00a0 Swaps - EUAs | | | | | | | | | | |
Commodity\u00a0 Swaps - Crude and other oil products | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | |
Commodity derivative type | | | | | | | | |
| | | | | | | | | | |
Commodity\u00a0 Swaps - Crude and other oil products | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
As of 31 December 2022, derivative financial instruments include an asset amounting to \u20ac1,0 million associated
with a loan owed by the Group\u2019s subsidiary Aioliki Energeiaki Achladotopos S.A., which has entered into a
derivative transaction to hedge the cash flow risk resulting from changes in the interest rates.
Derivatives are only used for economic hedging purposes and not as speculative investments. However, where
derivatives do not meet the accounting hedging criteria, they are classified as \u2018held for trading\u2019 for accounting
purposes.
Derivatives held for trading include commodity swaps for EUAs (see Note 3 and 17).
Derivatives designated as cash flow hedges
During the year ended 31 December 2022 amounts transferred to the statement of comprehensive income,
relating to contracts that were settled during the year, amounted to a gain of \u20ac4,9 million, net of tax (31 December
2021: \u20ac31,8 million gain, net of tax).
The remaining cash flow hedges are highly effective and the movement in their fair value, amounting to a gain of
\u20ac5.7 million net of tax as at 31 December 2022, (31 December 2021: \u20ac25 million gain, net of tax), is included in the
hedging reserve (see Note 16).
The full fair value of a hedging derivative is classified as a non-current asset or liability if the remaining maturity of
the hedged item is more than 12 months and, as a current asset or liability, if the maturity of the hedged item is
less than 12 months.
The maximum exposure to credit risk at the reporting date is the fair value of the derivative assets in the
statement of financial position.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xNjQ5MjY3NDQzMTIyL2ZyYWc6NDBhOTU2ZGJmNTRhNDNhN2FhYmYxNDUwMjYwYTliMmEvdGV4dHJlZ2lvbjo0MGE5NTZkYmY1NGE0M2E3YWFiZjE0NTAyNjBhOWIyYV8xMDk5NTExNjI4MTMwMA_d75760b2-e1c0-4b75-a07e-4ff19aea05d9": {
"value": "25.Expenses by Nature
| | |
| |
| | |
Raw materials and consumables used | | |
| | |
| | |
| | |
Transportation and warehouse costs | | |
| | |
| | |
| | |
| | |
Total cost of sales, distribution cost and administrative expenses | | |
Other employment benefits include medical insurance, catering and transportation expenses.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xNjQ5MjY3NDQzMTMyL2ZyYWc6ZWFmNzZmNWQzNjlmNDNiMGFmODQ3ZjlkMDdkZDQ2N2UvdGV4dHJlZ2lvbjplYWY3NmY1ZDM2OWY0M2IwYWY4NDdmOWQwN2RkNDY3ZV8xMDk5NTExNjI4MDU3Mw_755452c8-a5b7-48d5-a356-cc0dea5031f1": {
"value": "26.Exploration and Development Expenses
Geological and geophysical costs are expensed as incurred (31 December 2022: \u20ac27 million and 31 December
2021: \u20ac3.6 million) and relate mainly to exploration operations including environmental and geological studies in
the Block 2, Ionio, Block 10, SW Crete and West Crete.\u00a0
In the Ionian Block and Block 10, the 2D seismic acquisition has been successfully completed and a tender for a 3D
seismic acquisition has been conducted. In West Crete and Southwest Crete blocks\u00a0 the 2d seismic acquisition are
in progress.
\u0395xploration license costs relating to\u00a0 Block 2, SW Crete, West Crete, Ionio and Block 10 have been capitalized within
intangible assets and are amortised over the term of the exploration period for each block (Note 8).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xNjQ5MjY3NDQzMDE0L2ZyYWc6OGIxNzVkM2E3YTVlNDBlMWE1ZjNmZGM2ZjEwOTI5ODcvdGV4dHJlZ2lvbjo4YjE3NWQzYTdhNWU0MGUxYTVmM2ZkYzZmMTA5Mjk4N18xMDk5NTExNjI3OTc5NQ_38cf0cc8-954a-4ab9-9d27-3a816547d639": {
"value": "
27.Other Operating Income / (Expenses) and Other Gains /
(Losses)
| | | |
| | |
| | | |
Other operating income and other gains | | | |
| | | |
| | | |
| | | |
| | | |
Gains on disposal of non-current assets | | | |
Gains from discounting of long-term receivables and liabilities | | | |
Profit from disposal of asset held for sale | | | |
| | | |
| | | |
| | | |
Other operating expenses and other losses | | | |
COVID-19 related expenses | | | |
Loss on disposal of non-current assets | | | |
Impairment of fixed assets | | | |
Loss from discounting of long-term receivables and liabilities | | | |
Voluntary retirement scheme cost | | | |
Provision for environmental restoration | | | |
| | | |
| | | |
Other operating income / (expenses) and other gains / (losses) include amounts which do not relate to the
principal trading activities of the Group.
Other category in other operating income and other gains includes various items of a non-trading nature, the
most significant of which relate to\u00a0 income from arbitration decision of \u20ac21.4 million relating to Elpet Balkaniki S.A.\u00a0
(Note 34) as well as income from state reserve maintained of North Macedonia \u20ac3.3 million.
Other category in other operating expenses and other losses includes \u20ac15 million for a litigation provision of HFL
S.A. and HELPE R.S.S.O.P.P. S.A.\u00a0 which relates to receivable accounts (Note 34) and \u20ac1.6 million a litigation
provision of OKTA.
COVID-19 related expenses of \u20ac5.7 million (31 December 2021: \u20ac14.2 million) comprise of \u20ac0.7 million (31
December 2021: \u20ac6.1 million) payroll costs mainly related to required modifications in the working shifts in the
refineries and \u20ac4.7 million for protective measures in Group\u2019s premises (31 December 2021: \u20ac6.7 million). In
Addition, an amount of \u20ac0.3 million relates to other expenses related to COVID-19 during the period ended\u00a0 (31
December 2021: \u20ac1.5 million).
Rental income relates to long term rental of petrol stations, let to dealers.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xNjQ5MjY3NDQzMTQ0L2ZyYWc6ZTk1MWNlOTczN2ZjNGNlOGFiNWQ3NTY0ZmYxYmM2NWEvdGV4dHJlZ2lvbjplOTUxY2U5NzM3ZmM0Y2U4YWI1ZDc1NjRmZjFiYzY1YV8xMDk5NTExNjI3ODkwNw_bb181b85-0490-4668-9583-3f59dac6f5c7": {
"value": "28.Finance Income / (Expense)
Finance costs amounting to \u20ac5 million (31 December 2021: \u20ac3,7 million) have been capitalised (Note 6).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMTUvZnJhZzpiNDYwOWMzNzQzZDg0YmI3YWUxZGFiM2FhYTYxYWRkZS90ZXh0cmVnaW9uOmI0NjA5YzM3NDNkODRiYjdhZTFkYWIzYWFhNjFhZGRlXzEwOTk1MTE2Mjc4NDI5_fb9ec496-e9bc-4c72-bc9e-071ecada5a10": {
"value": "29.Currency Exchange Gains / (Losses)
Group consolidated foreign currency exchange gains of \u20ac2.5 million reported for the year ended 31 December
2022, mainly relate to unrealized losses arising from the valuation of bank accounts denominated in foreign
currency (mostly USD). The corresponding amount for the year ended 31 December 2021\u00a0 was a gain of \u20ac16.2
million.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMjEvZnJhZzo0YTg5Y2M0ZTVmNTA0YzQ5YWFjN2RkMDIzNWNkZmQxNC90ZXh0cmVnaW9uOjRhODljYzRlNWY1MDRjNDlhYWM3ZGQwMjM1Y2RmZDE0XzEwOTk1MTE2MjgxODM1_6f177939-6998-46ae-a9c2-fe98f58f13c5": {
"value": "
30.Income Tax
The income tax (expense) / credit relating to components of comprehensive income, is as follows:
| | |
| |
| | |
| | |
| | |
| | |
Income Tax (expense) / credit | | |
The corporate income tax rate of legal entities in Greece for the period ended 31 December 2022 is 22% (31
December 2021: 22%). This was enforced according to the provisions of Law 4799/2021, issued in May 2021,
where the corporation income tax rate was amended to 22%, effective from tax year 2021 onwards.
The deferred tax charge of \u20ac90 million included within income taxes mainly relates to the utilization of tax losses
that arose during previous years and carried forward, as well as utilisation of deferred tax asset relating to thin
capitalization. As at 31 December 2022 the deferred tax asset on tax losses carried forward was \u20ac10 million
(31\u00a0December 2021: \u20ac48.7 million).
In accordance with thin capitalization rules the net interest expense is deductible up to a certain percentage of tax
EBITDA. This resulted in a deferred tax asset, which as at 31 December 2022 was \u20ac6 million (31 December 2021:
\u20ac39.1 million).
In accordance with the applicable tax provisions, tax audits in Group companies are conducted as follows:
a.Assurance by Certified Auditors - Tax Compliance Report
Effective from fiscal years ending 31 December 2011 onwards, Greek companies meeting certain criteria can
obtain an \u201cAnnual Tax Compliance Report\u201d as provided for by par. 5, article 82 of L.2238/1994 and article 65A of L.
4174/2013, as of 2014, from their statutory auditor with regards to compliance with tax law. The issuance of a Tax
Compliance Report under certain conditions, substitutes the full tax audit by the tax authorities, however the tax
authorities reserve the right of future tax audit taking into consideration the statute of limitation provisions.
All Group companies based in Greece have received unqualified Tax Compliance Reports by their respective
statutory auditor for fiscal years up to 2021 inclusive. The management expects that the same will also apply for
the year ended 31 December 2022.
b.Audits by Tax Authorities
The parent company and its most significant subsidiaries are audited by the tax authorities for the following
financial years:
| | |
| | |
| | |
HELLENIQ ENERGY HOLDINGS S.A. (former Hellenic Petroleum S.A.) | | Financial years up to (and including) 2011 and financial year 2014 |
| | Financial years up to (and including) 2010 |
HELLENIC FUELS & Lubricants SA (former HELLENIC FUELS S.A.) | | Financial years up to (and including) 2011 |
According to the general provisions, financial years up to (and including) 2016 are time-barred.
It is also noted that EKO S.A. and Hellenic Fuels & Lubricants S.A. (former Hellenic Fuels S.A.) were merged in 2016
(transformation balance sheet as on 31/12/2015).
Notwithstanding the possibility of future tax audits, Group management believes that no additional material
liability will arise as a result of unaudited tax years over and above the tax liabilities and provisions recognised in
the consolidated and Company financial statements as of 31 December 2022.
As of 31 December 2022, the income tax receivables include an amount of \u20ac14.0 million advanced by the Group,
relating to uncertain tax positions (as explained in Note 34) relating to income taxes and related interest and
penalties (31\u00a0December 2021: \u20ac14.0 million). The timing of the finalization of these disputes cannot be estimated
and the Group has classified these amounts as current assets.
c.Temporary Solidarity Contribution
On October 6th, the Council Regulation (EU) 2022/1854 was issued regarding an emergency intervention to
address high energy prices.
In Greece the relevant Law 5007/2022 was issued in December 2022, providing details of the enforcement of the
temporary solidarity contribution, which is imposed on companies with activities in the crude petroleum, natural
gas and refinery sectors.\u00a0 The contribution is calculated on the taxable profits (as determined under national tax
rules) in the fiscal year 2022, which are above a 20% increase of the average taxable profits in the four fiscal years
starting on or after January 1st 2018, at a rate of 33% in addition to the existing income tax rate.
Numerical reconciliation of Group Income tax expense to prima facie tax payable:
| | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
Tax (expense) at Greek corporation tax rate of 22%* (2021: 22%) | | |
| | |
Difference in overseas tax rates | | |
Tax exempt results of shipping companies | | |
Tax on expenses not deductible for tax purposes | | |
Adjustments to Deferred tax due to changes in tax rate | | |
Utilization of previously unrecognized tax losses | | |
Tax losses for which no deferred income tax was recognised | | |
Adjustments for deferred tax of prior periods | | |
Tax on income from associates not subject to corporate tax | | |
Adjustment for prior year taxes | | |
Adjustment for share of profit of disposal of associate | | |
| | |
| | |
| | |
| | |
| | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xMjQvZnJhZzowOGMzNTcwOTU1YTg0ODY5OTI1YTQ3NzdiMGQ1MTNhNy90ZXh0cmVnaW9uOjA4YzM1NzA5NTVhODQ4Njk5MjVhNDc3N2IwZDUxM2E3XzEwOTk1MTE2Mjc4NDEw_097123aa-5c79-465a-a3b1-7efd32c72985": {
"value": "
31.Earnings / (Losses) per Share
| | |
| |
| | |
Earnings per share / (Loss) attributable to the Company Shareholders (expressed in Euro per share): | | |
Net income/ (Loss) attributable to ordinary shares\u00a0 (Euro in thousands) | | |
Weighted average number of ordinary shares | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOjBhNjI2Y2IxNThlMTQ4ODFiZDUyOThhODhkZWU1YzNlL3NlYzowYTYyNmNiMTU4ZTE0ODgxYmQ1Mjk4YTg4ZGVlNWMzZV8xNjkvZnJhZzo1M2VkYTNmMGMyMmQ0ZDk5OGFkNTQ3ZTE1YmI1YTlkYS90ZXh0cmVnaW9uOjUzZWRhM2YwYzIyZDRkOTk4YWQ1NDdlMTViYjVhOWRhXzEwOTk1MTE2Mjk5MDM2_102abac1-7632-4e75-bbcb-7bcab1421482": {
"value": "
34.Contingencies and Litigation
The Group has contingent liabilities in respect of bank and other guarantees and other matters arising in the
ordinary course of business, the most significant of which are disclosed below:
(a)Business issues
(i)Unresolved legal claims
The Group is involved in a number of legal proceedings and has various unresolved claims pending arising in the
ordinary course of business. Based on currently available information and the opinion of legal counsel,
management believes that the final outcome will not have a significant effect on the Group\u2019s operating results or
financial position and that no additional provisions over and above provisions already reflected in the consolidated
and Company Financial Statements are required.
Helpe S.A. (currently for\u00a0 Helpe R.S.S.O.P.P. S.A.) has filed on 29.09.2014 a lawsuit versus the Greek State claiming
the amount of \u20ac7.4 million from undue retentions effected in favor of the pension funds of the Armed Forces on
the price of products sold to the Army during 2011 and 2012. The First Instance Court has rejected the lawsuit by
virtue of Decision No. 1661/2019 and such decision has been upheld by virtue of Decision No. 4781/2022 the
Appellate Court that has ruled on the case further to an appeal filed by the company. Management has decided
not to appeal further before the Supreme Court. The amount of \u20ac7.4 million has been posted to \"Other operating
expenses and other losses\" (Note 27).
Municipalities
During the preceding years, a number of Municipalities proceeded with the imposition of duties and fines relating
to the rights of way occupied by underground pipelines operated by HELPE R.S.S.O.P.P. S.A. within the boundaries
of each respective municipality. As at 31 December 2022, the total amounts imposed amount to \u20ac 55.6 million (31
December 2021: \u20ac53.3 million). In order to appeal against these, and in accordance with the legislation, the Group
has paid an amount of \u20ac27.8 million (31 December 2021: \u20ac19.4 million), which is included in Trade and other
Receivables in the\u00a0 consolidated Financial Statements. The Group has exercised all available legal recourse relating
to these cases and Group Management have assessed that it is most probable that the outcome of all appeals will
be favorable.
During the preceding years, the Municipality of Aspropyrgos proceeded with the imposition of duties and fines
relating to the rights of way occupied by underground pipelines operated by EAKAA in which Helpe R.S.S.O.P.P.
owns 50% of the share capital and consolidates through the equity method. As at 31 December 2022, EAKAA has
exercised all available legal recourses relating to these cases and and the Athens Appellate Administrative Court
has issued a decision in favour of the company.
By virtue of article 79 of L. 4986/2022 which has amended article 25 of L. 3054/2002 on the operation of the
EAKAA pipeline. The amended article provides that said company from 2022 onwards will not be burdened with
the municipal duties of article 13 of R.D. 14-9/20-10-1958, but with an annual fee in favor of the Greek State,
which will be allocated to the relevant Municipalities and will not exceed 3% of the annual turnover of EAKAA.
Competition commission
In 2008, the Competition Commission (CC) imposed a penalty to BP Hellas S.A. (BP) amounting to \u20ac 30 million. On
24 December 2008, BP appealed against the CC Decision before the Athens Appellate Administrative Court and
obtained suspension of enforcement for the amount of \u20ac28 million. Said Court, by virtue of Decision No.
1494/2011 sustained the appeal and cancelled the penalty. On 26 October 2011 the CC appealed against the above
Decision before the Supreme Administrative Court (Conseil d\u2019 Etat), which rendered its Decision No. 1770/2019, by
virtue of which it has sustained the appeal of the CC and annulled the Decision of the Appellate Court, before
which the case is tried anew. The relevant hearing took place, after postponement, on 22 October 2020. On 2
November 2021, the Court rendered its decision by virtue of which the company\u2019s appeal has been sustained and
the penalty of the CC has been cancelled in its entirety. The above decision became unappealable and the relevant
amounts were fully refunded to the company on March 2022.
EKO subsidies
EKO AVEE has filed lawsuits before the Athens Administrative First Instance Court (AAFIC) by which it sought
payment by the Greek State of the amounts of \u20ac2.6 million and \u20ac0.5 million as compensation under Article 105 of
the Introductory Law of the Civil Code, and alternatively as undue enrichment (Articles 104 ff. of the Civil Code), for
the restitution of damages suffered from the illegal omission of state services to pay the rebates, provided by
Article 19 of L. 3054/2002 for the transportation of petroleum products in remote areas during the period from
01/11/2013 until 31/12/2014. The AAFIC rendered its Decisions Nos A16361/2022 and A16359/2022, rejecting
EKO's lawsuits on the basis that some of the relevant petitions for the receipt of the rebates were filed untimely
and others were inadequately substantiated. EKO has appealed the above decisions claiming the amounts of \u20ac1.9
million and \u20ac0.1 million respectively, corresponding to the petitions that have been timely filed. However, given
the uncertainty of the outcome of the appeal decisions, the company has raised a provision amounting to \u20ac3.1
million.
EKO has also filed two more lawsuits claiming the amounts of \u20ac2.0 million and \u20ac0.3 million corresponding to the
rebates of Article 19 of L. 3054/2002 for the time period between 01/01/2015 and 31/08/2015. After the
rendering of Decisions Nos A17827/2022 and A17828/2023 that have rejected the lawsuits on the same
aforementioned grounds, EKO has filed appeals, claiming the amounts of \u20ac1.3 million and \u20ac0.1 million
respectively, corresponding to the petitions that have been timely filed. However, given the uncertainty of the
outcome of the appeal decisions, the company has raised a provision amounting to \u20ac2.3 million.
(ii)Guarantees
The Company has provided guarantees in favour of banks as security for loans granted by them to subsidiaries
and associates of the Group. The outstanding amount of these as at 31 December 2022 was the equivalent of
\u20ac793 million (31 December 2021: \u20ac783 million). Out of these, \u20ac685 million (31 December 2021: \u20ac676 million) are
included in consolidated borrowings of the Group and are presented as such in the\u00a0 consolidated and company\u00a0
financial statements.
\u0391s at 31 December 2022, the Company has also provided guarantees in favour of banks as security for guarantees
issued by them in favour of subsidiaries and associates of the Group amounting to \u20ac19 million (31 December 2021:
\u20ac19 million) and \u20ac1.7 million (31 December 2021: \u20ac15.6 million) respectively, and corporate guarantees amounting
to \u20ac12 million (31 December 2021: \u20ac7.9 million). Also, as at 31 December 2022, the intragroup corporate
guarantees provided to the Custom Authorities for the transportation of energy products within the bonded
warehouse regime amounted to \u20ac170.3 million (31 December 2021:\u00a0\u20ac170.3\u00a0million).
(iii)International operations
\u03a4he Group\u2019s international operations face a number of legal issues related mainly to changes in local permits and
fines imposed by Independent Regulatory Agencies. Such cases include a dispute in connection with the local tank
depots of Jugopetrol AD in Montenegro. The likelihood for an outflow of resources as a result of this case is
assessed as remote. Management believes that no additional material liabilities will arise as a result of the above
case over and above those recognized in the consolidated and Company\u00a0 financial statements.
On the re-opening of the Commission for the Protection of Competition in Cyprus\u2019 investigation against the
Petroleum companies operating there (wholesale), for the period from 1 October 2004 to 22 December 2006, on
15 November 2017 the Commission for the Protection of Competition in Cyprus imposed a fine amounting to \u20ac5
million against EKO Cyprus Ltd. On 29 April 2021 the competent Court has sustained the appeal of EKO Cyprus
and has annulled the fine. The Commission for the Protection of Competition has appealed the decision, yet the
legal advisors of EKO Cyprus view is that such appeal will be rejected by the competent Court.
Arbitration of ELPET vs the Republic of North Macedonia
On 5 December 2018, Elpet Balkaniki S.A. (Elpet) filed a Request for Arbitration before the International Court of
Arbitration of the ICC versus the Republic of North Macedonia (RNM), seeking payment of an amount of $31.6
million for violation of article 10 of the share purchase and concession agreement signed on May 8th 1999
(\"SPCA\") and article 2 of the state performance guarantee signed on the 9th July 1999 (\"SPG\"), both between Elpet
and the RNM, providing for certain clear obligations relating to the minimum consumption of mazut.
By the Final Award rendered on the above case (ICC Case No. 24112/GR/PAR) dated 15 December 2022, the
Tribunal accepted Elpet's claim that, pursuant to Article 10 of the SPCA, together with clause 2 of the SPG, the
RNM is liable to pay Elpet for the shortfall in the minimum consumption of mazut.
The Tribunal therefore accepted that the RNM is liable to pay $27 per ton of the shortfall in mazut consumption
during the relevant period 2008 - 2011.
It is therefore held that the RNM:
\u2022shall pay to Elpet the amount of $21.5 million, plus simple interest on this amount since 22 December 2015
to the date of full payment at the 12 months EURIBOR rate for US Dollars as prevailing from time to time, on
a yearly basis
\u2022shall bear 2/3 (two thirds) of the costs of the arbitral proceedings and shall accordingly pay to Elpet $0.1
million and \u20ac0.8 million.
As a result of the above developments, the Group's consolidated statement of total comprehensive income
includes the amount of \u20ac21.4 million recorded in \"Other Operating Income\".
(b)Taxation and customs
The tax framework and practices in Greece, which determine the tax base for the transactions of the Group\u2019s main
entities, may result in inherent uncertainties, due to its complexity and it being subject to changes and alternative
interpretation by relevant authorities at different points in time and across different entities. As a result, there
may be types of expenses or treatments for which a company may be assessed on a different basis than the one
adopted during preparation of its tax return and the financial statements. Based on past experience tax audits
were carried out by tax authorities on average 5-7 years after the filing of the tax return. In addition, where a tax
audit results in a different view to the one adopted by a Group entity, the process for resolving the issue is usually
through a court of law proceeding, which has many stages and can take a considerable number of years to reach
its final and irrevocable ruling. For an entity to engage in this process, a minimum down payment of 50% of the
total tax and surcharges assessed is required.
All of the above result in inherent difficulties in the determination and accounting of tax liabilities. As a result,
management aims to determine its policy based on specific legislation available at the time of accounting for a
transaction, obtain specialist legal and tax advice on individual cases, if required, and utilize prior tax audits
experience and rulings, including relevant court decisions. This process ensures that the financial statements
reflect Management\u2019s best estimates for any material tax and customs liabilities.
(i)Open tax years \u2013 Litigation tax cases
As disclosed in Note 30, tax audits for the Group\u2019s most important Greek legal entities have been completed by
the Tax Authorities as follows:
\u2022Financial years up to and including the year ended 31 December 2016 are time-barred. The Tax audit reports
for HELLENiQ ENERGY Holdings S.A. for years ended 31 December 2010 and 31 December 2011 were
received in December 2017 and they are subject to legal dispute by the Company. In summary, the reports
assess additional taxes of \u20ac 22.5 million and penalties of \u20ac23.5 million, for items relating to stamp duty,
various non-deductible expenses and other income tax adjustments. Following a detailed review of the Tax
Audit Report, the Company has disputed the additional taxes imposed (which are over and above the
amounts already included in the Companies\u2019 normal tax returns) and proceeded with all possible legal means
and actions to appeal against these additional taxes and surcharges imposed.
Even though the Company disputed the additional taxes and surcharges imposed, it was obliged to pay a
minimum 50% of the assessed amounts (taxes and surcharges) to the Tax Authorities in order to appeal the
results of the tax audits. This was paid within the applicable deadline, while the remaining amounts have been
fully offset by the Authorities, with tax and other State receivables of the Company, within 2018. These amounts
are included in the Income Tax Receivable balance if they relate to income tax, or in Trade and Other
Receivables balance if they relate to other taxes, as the Company assesses that it will succeed in its appeals. As
far as surcharges are concerned, the report has assessed amounts at 120% of the original tax instead of the
already applicable 50%; this is also being legally challenged by the Company.
The relevant decisions of the Athens Administrative Court of Appeals were issued in March 2021, according to
which: various non-deductible expenses and additional charges are annulled and the amount of \u20ac 18.2 million is
returned to the Company, whereas, with regards to the stamp duty, the relevant appeals are partially accepted
and the amount of \u20ac 3.8 million is also returned to the Company.
The Company has filed cassation recourses to the extent that its appeals are not accepted and believes that the
final outcome will be in its favor.
Notification for audit has been received for the year ended 31 December 2012, which according to the general
provisions is time-barred.
Within March 2020, a notification for audit was received, for the years 2014 up to and inclusive 2017. The audit
is related to specific tax subjects and the final Tax Audit Report was received in February 2021 without findings.
Moreover, during July 2020, a new notification for full audit was received for the year 2014 regarding all tax
subjects. The audit is finalized and the Tax audit Reports were received in December 2020. The reports assess
additional amounts of \u20ac 16.2 million, penalties of \u20ac 8.1 million and surcharges of \u20ac 9.5 million for alleged stamp
duty, while various non-deductible expenses and other income tax adjustments have no payment impact, since
in 2014 the Company has tax losses. Following a detailed review of the Tax Audit Reports, the Company disputes
the additional amounts imposed. In January 2021 the Company followed the relevant administrative procedure
against the tax assessment paying the minimum required amount of 50% of the total tax and surcharges,
amounting to \u20ac 16.9 million while the remaining 50% was offset in April 2021, therefore the full charged
amount is now paid. After the implicit rejection of the administrative appeals, the Company has filed judicial
appeals in November 2021. The hearing was initially set for 11 October 2022 and then postponed for 7 February
2023 and then postponed again, the new hearing date is expected to be set.
The Company expects that it will succeed in its appeals and the relevant amounts will be fully recovered.
The two main retail subsidiaries in Greece, which merged during 2016, have been audited as follows:
\u2022Hellenic Fuels S.A. (currently HFL S.A.) has been audited up to and including the financial year ended 31
December 2011, while notifications for audit have been received for subsequent years up to and including 31
December 2013, which according to the general provisions are time\u2013barred. Within July 2022, notifications
for audit have been received for the years 2019 and 2020 and the audit is expected to commence. The most
recent Tax audit reports for 2010 and 2011 were delivered in December 2017, and assess additional taxes of
\u20ac 1.6 million and surcharges of \u20ac 1.9 million for similar reasons as Hellenic Petroleum S.A.. The process
followed is identical to the one described above for Hellenic Petroleum S.A. and the subsidiary has already
proceeded with the relevant legal actions.
Following the court hearing, the relevant Decisions were issued during the third quarter of 2019. With regards to
the Stamp duty cases amounting to \u20ac 3.4 million, the decisions were in favor of the company and the relevant
amounts were refunded to the company. The Authorities have filed cassation recourses for the stamp duty
cases, which were in favor of the company. The cases were heard in December 2022 and the court decision is
expected. For the Real Estate tax dispute of 2010 amounting to \u20ac0.1 million, which was not in favor, the
subsidiary has filed cassation recourse. With regards to the Income Tax, Real Estate and VAT cases of 2011, the
Athens First Instance Court issued decisions in favor of the company and the relevant amounts of \u20ac0.4 million
plus the equivalent interest, which were fully refunded to the company.
EKO Kalypso M.E.P.E. received in July 2022 notifications for the audit for the years 2017 and 2018, and the audit
is in progress.
As indicated above, even though the Companies dispute the additional taxes and surcharges imposed, they
were obliged to pay a minimum 50% of the assessed amounts (taxes and surcharges) to the Tax Authorities in
order to appeal the results of the tax audits. These were paid within the applicable deadlines, while the
remaining amounts have been fully offset by the Authorities, with tax and other State receivables of the
Companies, within 2018. The amounts paid and/or offset are included in the consolidated statement of financial
position as Income Tax Receivable balance if they relate to income tax or in the Trade and Other Receivable
balance if they relate to other taxes, as the Group assesses that it will succeed in its appeals.
Management believes that no additional material liability will arise either as a result of open tax years or from
the outcome of current litigation cases over and above the tax liabilities and provisions already recognized in
consolidated and Company financial statements for the year ended 31 December 2022. The Group has recorded
down payments made for taxes and penalties assessed in previous disputes with the tax authorities in income
tax receivable, to the extent that the Group has assessed that the amounts will be ultimately recoverable.
It is noted that for financial years ending 31 December 2011 up to and including 31 December 2021, the Group\u2019s
Greek legal entities obtained\u00a0 \u201cAnnual Tax Compliance Reports\u201d from their Statutory Auditors, as provided for by
par. 5, article 82 of L.2238/1994 and article 65A of L. 4174/2013. The Tax Compliance Reports for all Group
entities are \"unqualified\". The management expects that the same will also apply for the year ended 31
December 2022.
(ii)Assessments of customs and fines
Customs and stock shortages
In 2008, Customs authorities assessed additional customs duties and penalties amounting to approximately \u20ac40
million for alleged \u201cstock shortages\u201d during the years 2001-2005. The Group has duly filed contestations before
the Administrative Court of First Instance, and Management believes that this case will have a positive outcome
when the legal procedure will be concluded.
Notwithstanding the filing of the above contestations, the Customs office withheld an amount of \u20ac54 million (full
payment plus surcharges) of established VAT refunds (Note 12), an action against which Helpe R.S.S.O.P.P. S.A.
filed two Contestations before the Administrative Courts of Athens and Piraeus. The Administrative Court of
Athens ruled that the withholding effected by the Tax Office was unlawful. The appeal against the Customs Act
No 935/2008 amounting at \u20ac 3.5 million, was heard at first instance, was dismissed and the Company has
appealed to the Supreme Administrative Court against the decision, the hearing was set for 9 June 2021 was
postponed to 15 December 2021, then postponed again for 26 October 2022 and then postponed again for 1
March\u00a0 2023. In November 2020 the hearing of the Customs Act No 989/2008, amounting at \u20ac35.7 million, took
place before the Administrative Court of Piraeus, while a new hearing took place on 6 April 2022 and the relevant
decision is pending.
Management of Helpe R.S.S.O.P.P considers that the above amounts will be recovered.
Customs \u2013 other
As at 31 December 2022 there are pending appeals against court decisions that have been filed against the Group
by the State, concerning alleged customs violations that have been carried out by petrol stations dealers and
whereby the Group is considered to be jointly liable. Furthermore, a number of decisions have been issued by the
Supreme Administrative Court in similar cases, which either reject the Group\u2019s appeals, or accept the State\u2019s
appeals and redirect them to the Administrative Appeals Court. The total amounts imposed were \u20ac13.9 million of
which \u20ac13.3 million have been paid and recognized in Other Receivables in the consolidated Financial Statements
(31 December 2021: \u20ac13.3 million).
With regards to EKO S.A.\u2019s cases (currently HFL S.A.), the Group has filed an appeal to the European Court of
Human Rights as it assesses that the above Court decisions contradict the provisions of the European Convention
on Human Rights. The European Court has notified EKO (currently HFL S.A.) that its appeal is admissible and will
be heard. In this context, Group Management assesses that the probability of a favorable outcome from the
European Courts is more likely than not, which may as a result change the Supreme Administrative Court\u2019s
position, which will subsequently result in a favorable outcome for the Group. For the reasons mentioned above,
the Group has not raised a provision with regards to these cases.
With regards to the audit conducted during 2019 by the customs authorities in Northern Macedonia for the fiscal
years 2014\u00a0 -2018, the amount imposed on OKTA as of 31 December 2022 is \u20ac18million and has been fully paid.
On 21 September 2022 OKTA received a customs notification with regards to the period January - May 2019,
mentioning that similar tax assessment will be imposed to the company. Until December 2022, the customs
authorities issued additional decisions amounting to \u20ac0.4 million which OKTA has paid. Additionally, a provision
was included in the consolidated statement of financial position, amounting to \u20ac0.9 million corresponding to the
amount that is expected to be further imposed by the relevant customs authorities for 2019.
OKTA retains its position that it has acted at all times in full compliance with all relevant laws, also as per expert's
opinions received, and intends to contest all such decisions to the ultimate judicial level, in both local and if
possible, international levels.
",
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"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800YUBJMZYR1SNG35",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
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"value": "
34.Contingencies and Litigation
The Group has contingent liabilities in respect of bank and other guarantees and other matters arising in the
ordinary course of business, the most significant of which are disclosed below:
(a)Business issues
(i)Unresolved legal claims
The Group is involved in a number of legal proceedings and has various unresolved claims pending arising in the
ordinary course of business. Based on currently available information and the opinion of legal counsel,
management believes that the final outcome will not have a significant effect on the Group\u2019s operating results or
financial position and that no additional provisions over and above provisions already reflected in the consolidated
and Company Financial Statements are required.
Helpe S.A. (currently for\u00a0 Helpe R.S.S.O.P.P. S.A.) has filed on 29.09.2014 a lawsuit versus the Greek State claiming
the amount of \u20ac7.4 million from undue retentions effected in favor of the pension funds of the Armed Forces on
the price of products sold to the Army during 2011 and 2012. The First Instance Court has rejected the lawsuit by
virtue of Decision No. 1661/2019 and such decision has been upheld by virtue of Decision No. 4781/2022 the
Appellate Court that has ruled on the case further to an appeal filed by the company. Management has decided
not to appeal further before the Supreme Court. The amount of \u20ac7.4 million has been posted to \"Other operating
expenses and other losses\" (Note 27).
Municipalities
During the preceding years, a number of Municipalities proceeded with the imposition of duties and fines relating
to the rights of way occupied by underground pipelines operated by HELPE R.S.S.O.P.P. S.A. within the boundaries
of each respective municipality. As at 31 December 2022, the total amounts imposed amount to \u20ac 55.6 million (31
December 2021: \u20ac53.3 million). In order to appeal against these, and in accordance with the legislation, the Group
has paid an amount of \u20ac27.8 million (31 December 2021: \u20ac19.4 million), which is included in Trade and other
Receivables in the\u00a0 consolidated Financial Statements. The Group has exercised all available legal recourse relating
to these cases and Group Management have assessed that it is most probable that the outcome of all appeals will
be favorable.
During the preceding years, the Municipality of Aspropyrgos proceeded with the imposition of duties and fines
relating to the rights of way occupied by underground pipelines operated by EAKAA in which Helpe R.S.S.O.P.P.
owns 50% of the share capital and consolidates through the equity method. As at 31 December 2022, EAKAA has
exercised all available legal recourses relating to these cases and and the Athens Appellate Administrative Court
has issued a decision in favour of the company.
By virtue of article 79 of L. 4986/2022 which has amended article 25 of L. 3054/2002 on the operation of the
EAKAA pipeline. The amended article provides that said company from 2022 onwards will not be burdened with
the municipal duties of article 13 of R.D. 14-9/20-10-1958, but with an annual fee in favor of the Greek State,
which will be allocated to the relevant Municipalities and will not exceed 3% of the annual turnover of EAKAA.
Competition commission
In 2008, the Competition Commission (CC) imposed a penalty to BP Hellas S.A. (BP) amounting to \u20ac 30 million. On
24 December 2008, BP appealed against the CC Decision before the Athens Appellate Administrative Court and
obtained suspension of enforcement for the amount of \u20ac28 million. Said Court, by virtue of Decision No.
1494/2011 sustained the appeal and cancelled the penalty. On 26 October 2011 the CC appealed against the above
Decision before the Supreme Administrative Court (Conseil d\u2019 Etat), which rendered its Decision No. 1770/2019, by
virtue of which it has sustained the appeal of the CC and annulled the Decision of the Appellate Court, before
which the case is tried anew. The relevant hearing took place, after postponement, on 22 October 2020. On 2
November 2021, the Court rendered its decision by virtue of which the company\u2019s appeal has been sustained and
the penalty of the CC has been cancelled in its entirety. The above decision became unappealable and the relevant
amounts were fully refunded to the company on March 2022.
EKO subsidies
EKO AVEE has filed lawsuits before the Athens Administrative First Instance Court (AAFIC) by which it sought
payment by the Greek State of the amounts of \u20ac2.6 million and \u20ac0.5 million as compensation under Article 105 of
the Introductory Law of the Civil Code, and alternatively as undue enrichment (Articles 104 ff. of the Civil Code), for
the restitution of damages suffered from the illegal omission of state services to pay the rebates, provided by
Article 19 of L. 3054/2002 for the transportation of petroleum products in remote areas during the period from
01/11/2013 until 31/12/2014. The AAFIC rendered its Decisions Nos A16361/2022 and A16359/2022, rejecting
EKO's lawsuits on the basis that some of the relevant petitions for the receipt of the rebates were filed untimely
and others were inadequately substantiated. EKO has appealed the above decisions claiming the amounts of \u20ac1.9
million and \u20ac0.1 million respectively, corresponding to the petitions that have been timely filed. However, given
the uncertainty of the outcome of the appeal decisions, the company has raised a provision amounting to \u20ac3.1
million.
EKO has also filed two more lawsuits claiming the amounts of \u20ac2.0 million and \u20ac0.3 million corresponding to the
rebates of Article 19 of L. 3054/2002 for the time period between 01/01/2015 and 31/08/2015. After the
rendering of Decisions Nos A17827/2022 and A17828/2023 that have rejected the lawsuits on the same
aforementioned grounds, EKO has filed appeals, claiming the amounts of \u20ac1.3 million and \u20ac0.1 million
respectively, corresponding to the petitions that have been timely filed. However, given the uncertainty of the
outcome of the appeal decisions, the company has raised a provision amounting to \u20ac2.3 million.
(ii)Guarantees
The Company has provided guarantees in favour of banks as security for loans granted by them to subsidiaries
and associates of the Group. The outstanding amount of these as at 31 December 2022 was the equivalent of
\u20ac793 million (31 December 2021: \u20ac783 million). Out of these, \u20ac685 million (31 December 2021: \u20ac676 million) are
included in consolidated borrowings of the Group and are presented as such in the\u00a0 consolidated and company\u00a0
financial statements.
\u0391s at 31 December 2022, the Company has also provided guarantees in favour of banks as security for guarantees
issued by them in favour of subsidiaries and associates of the Group amounting to \u20ac19 million (31 December 2021:
\u20ac19 million) and \u20ac1.7 million (31 December 2021: \u20ac15.6 million) respectively, and corporate guarantees amounting
to \u20ac12 million (31 December 2021: \u20ac7.9 million). Also, as at 31 December 2022, the intragroup corporate
guarantees provided to the Custom Authorities for the transportation of energy products within the bonded
warehouse regime amounted to \u20ac170.3 million (31 December 2021:\u00a0\u20ac170.3\u00a0million).
(iii)International operations
\u03a4he Group\u2019s international operations face a number of legal issues related mainly to changes in local permits and
fines imposed by Independent Regulatory Agencies. Such cases include a dispute in connection with the local tank
depots of Jugopetrol AD in Montenegro. The likelihood for an outflow of resources as a result of this case is
assessed as remote. Management believes that no additional material liabilities will arise as a result of the above
case over and above those recognized in the consolidated and Company\u00a0 financial statements.
On the re-opening of the Commission for the Protection of Competition in Cyprus\u2019 investigation against the
Petroleum companies operating there (wholesale), for the period from 1 October 2004 to 22 December 2006, on
15 November 2017 the Commission for the Protection of Competition in Cyprus imposed a fine amounting to \u20ac5
million against EKO Cyprus Ltd. On 29 April 2021 the competent Court has sustained the appeal of EKO Cyprus
and has annulled the fine. The Commission for the Protection of Competition has appealed the decision, yet the
legal advisors of EKO Cyprus view is that such appeal will be rejected by the competent Court.
Arbitration of ELPET vs the Republic of North Macedonia
On 5 December 2018, Elpet Balkaniki S.A. (Elpet) filed a Request for Arbitration before the International Court of
Arbitration of the ICC versus the Republic of North Macedonia (RNM), seeking payment of an amount of $31.6
million for violation of article 10 of the share purchase and concession agreement signed on May 8th 1999
(\"SPCA\") and article 2 of the state performance guarantee signed on the 9th July 1999 (\"SPG\"), both between Elpet
and the RNM, providing for certain clear obligations relating to the minimum consumption of mazut.
By the Final Award rendered on the above case (ICC Case No. 24112/GR/PAR) dated 15 December 2022, the
Tribunal accepted Elpet's claim that, pursuant to Article 10 of the SPCA, together with clause 2 of the SPG, the
RNM is liable to pay Elpet for the shortfall in the minimum consumption of mazut.
The Tribunal therefore accepted that the RNM is liable to pay $27 per ton of the shortfall in mazut consumption
during the relevant period 2008 - 2011.
It is therefore held that the RNM:
\u2022shall pay to Elpet the amount of $21.5 million, plus simple interest on this amount since 22 December 2015
to the date of full payment at the 12 months EURIBOR rate for US Dollars as prevailing from time to time, on
a yearly basis
\u2022shall bear 2/3 (two thirds) of the costs of the arbitral proceedings and shall accordingly pay to Elpet $0.1
million and \u20ac0.8 million.
As a result of the above developments, the Group's consolidated statement of total comprehensive income
includes the amount of \u20ac21.4 million recorded in \"Other Operating Income\".
(b)Taxation and customs
The tax framework and practices in Greece, which determine the tax base for the transactions of the Group\u2019s main
entities, may result in inherent uncertainties, due to its complexity and it being subject to changes and alternative
interpretation by relevant authorities at different points in time and across different entities. As a result, there
may be types of expenses or treatments for which a company may be assessed on a different basis than the one
adopted during preparation of its tax return and the financial statements. Based on past experience tax audits
were carried out by tax authorities on average 5-7 years after the filing of the tax return. In addition, where a tax
audit results in a different view to the one adopted by a Group entity, the process for resolving the issue is usually
through a court of law proceeding, which has many stages and can take a considerable number of years to reach
its final and irrevocable ruling. For an entity to engage in this process, a minimum down payment of 50% of the
total tax and surcharges assessed is required.
All of the above result in inherent difficulties in the determination and accounting of tax liabilities. As a result,
management aims to determine its policy based on specific legislation available at the time of accounting for a
transaction, obtain specialist legal and tax advice on individual cases, if required, and utilize prior tax audits
experience and rulings, including relevant court decisions. This process ensures that the financial statements
reflect Management\u2019s best estimates for any material tax and customs liabilities.
(i)Open tax years \u2013 Litigation tax cases
As disclosed in Note 30, tax audits for the Group\u2019s most important Greek legal entities have been completed by
the Tax Authorities as follows:
\u2022Financial years up to and including the year ended 31 December 2016 are time-barred. The Tax audit reports
for HELLENiQ ENERGY Holdings S.A. for years ended 31 December 2010 and 31 December 2011 were
received in December 2017 and they are subject to legal dispute by the Company. In summary, the reports
assess additional taxes of \u20ac 22.5 million and penalties of \u20ac23.5 million, for items relating to stamp duty,
various non-deductible expenses and other income tax adjustments. Following a detailed review of the Tax
Audit Report, the Company has disputed the additional taxes imposed (which are over and above the
amounts already included in the Companies\u2019 normal tax returns) and proceeded with all possible legal means
and actions to appeal against these additional taxes and surcharges imposed.
Even though the Company disputed the additional taxes and surcharges imposed, it was obliged to pay a
minimum 50% of the assessed amounts (taxes and surcharges) to the Tax Authorities in order to appeal the
results of the tax audits. This was paid within the applicable deadline, while the remaining amounts have been
fully offset by the Authorities, with tax and other State receivables of the Company, within 2018. These amounts
are included in the Income Tax Receivable balance if they relate to income tax, or in Trade and Other
Receivables balance if they relate to other taxes, as the Company assesses that it will succeed in its appeals. As
far as surcharges are concerned, the report has assessed amounts at 120% of the original tax instead of the
already applicable 50%; this is also being legally challenged by the Company.
The relevant decisions of the Athens Administrative Court of Appeals were issued in March 2021, according to
which: various non-deductible expenses and additional charges are annulled and the amount of \u20ac 18.2 million is
returned to the Company, whereas, with regards to the stamp duty, the relevant appeals are partially accepted
and the amount of \u20ac 3.8 million is also returned to the Company.
The Company has filed cassation recourses to the extent that its appeals are not accepted and believes that the
final outcome will be in its favor.
Notification for audit has been received for the year ended 31 December 2012, which according to the general
provisions is time-barred.
Within March 2020, a notification for audit was received, for the years 2014 up to and inclusive 2017. The audit
is related to specific tax subjects and the final Tax Audit Report was received in February 2021 without findings.
Moreover, during July 2020, a new notification for full audit was received for the year 2014 regarding all tax
subjects. The audit is finalized and the Tax audit Reports were received in December 2020. The reports assess
additional amounts of \u20ac 16.2 million, penalties of \u20ac 8.1 million and surcharges of \u20ac 9.5 million for alleged stamp
duty, while various non-deductible expenses and other income tax adjustments have no payment impact, since
in 2014 the Company has tax losses. Following a detailed review of the Tax Audit Reports, the Company disputes
the additional amounts imposed. In January 2021 the Company followed the relevant administrative procedure
against the tax assessment paying the minimum required amount of 50% of the total tax and surcharges,
amounting to \u20ac 16.9 million while the remaining 50% was offset in April 2021, therefore the full charged
amount is now paid. After the implicit rejection of the administrative appeals, the Company has filed judicial
appeals in November 2021. The hearing was initially set for 11 October 2022 and then postponed for 7 February
2023 and then postponed again, the new hearing date is expected to be set.
The Company expects that it will succeed in its appeals and the relevant amounts will be fully recovered.
The two main retail subsidiaries in Greece, which merged during 2016, have been audited as follows:
\u2022Hellenic Fuels S.A. (currently HFL S.A.) has been audited up to and including the financial year ended 31
December 2011, while notifications for audit have been received for subsequent years up to and including 31
December 2013, which according to the general provisions are time\u2013barred. Within July 2022, notifications
for audit have been received for the years 2019 and 2020 and the audit is expected to commence. The most
recent Tax audit reports for 2010 and 2011 were delivered in December 2017, and assess additional taxes of
\u20ac 1.6 million and surcharges of \u20ac 1.9 million for similar reasons as Hellenic Petroleum S.A.. The process
followed is identical to the one described above for Hellenic Petroleum S.A. and the subsidiary has already
proceeded with the relevant legal actions.
Following the court hearing, the relevant Decisions were issued during the third quarter of 2019. With regards to
the Stamp duty cases amounting to \u20ac 3.4 million, the decisions were in favor of the company and the relevant
amounts were refunded to the company. The Authorities have filed cassation recourses for the stamp duty
cases, which were in favor of the company. The cases were heard in December 2022 and the court decision is
expected. For the Real Estate tax dispute of 2010 amounting to \u20ac0.1 million, which was not in favor, the
subsidiary has filed cassation recourse. With regards to the Income Tax, Real Estate and VAT cases of 2011, the
Athens First Instance Court issued decisions in favor of the company and the relevant amounts of \u20ac0.4 million
plus the equivalent interest, which were fully refunded to the company.
EKO Kalypso M.E.P.E. received in July 2022 notifications for the audit for the years 2017 and 2018, and the audit
is in progress.
As indicated above, even though the Companies dispute the additional taxes and surcharges imposed, they
were obliged to pay a minimum 50% of the assessed amounts (taxes and surcharges) to the Tax Authorities in
order to appeal the results of the tax audits. These were paid within the applicable deadlines, while the
remaining amounts have been fully offset by the Authorities, with tax and other State receivables of the
Companies, within 2018. The amounts paid and/or offset are included in the consolidated statement of financial
position as Income Tax Receivable balance if they relate to income tax or in the Trade and Other Receivable
balance if they relate to other taxes, as the Group assesses that it will succeed in its appeals.
Management believes that no additional material liability will arise either as a result of open tax years or from
the outcome of current litigation cases over and above the tax liabilities and provisions already recognized in
consolidated and Company financial statements for the year ended 31 December 2022. The Group has recorded
down payments made for taxes and penalties assessed in previous disputes with the tax authorities in income
tax receivable, to the extent that the Group has assessed that the amounts will be ultimately recoverable.
It is noted that for financial years ending 31 December 2011 up to and including 31 December 2021, the Group\u2019s
Greek legal entities obtained\u00a0 \u201cAnnual Tax Compliance Reports\u201d from their Statutory Auditors, as provided for by
par. 5, article 82 of L.2238/1994 and article 65A of L. 4174/2013. The Tax Compliance Reports for all Group
entities are \"unqualified\". The management expects that the same will also apply for the year ended 31
December 2022.
(ii)Assessments of customs and fines
Customs and stock shortages
In 2008, Customs authorities assessed additional customs duties and penalties amounting to approximately \u20ac40
million for alleged \u201cstock shortages\u201d during the years 2001-2005. The Group has duly filed contestations before
the Administrative Court of First Instance, and Management believes that this case will have a positive outcome
when the legal procedure will be concluded.
Notwithstanding the filing of the above contestations, the Customs office withheld an amount of \u20ac54 million (full
payment plus surcharges) of established VAT refunds (Note 12), an action against which Helpe R.S.S.O.P.P. S.A.
filed two Contestations before the Administrative Courts of Athens and Piraeus. The Administrative Court of
Athens ruled that the withholding effected by the Tax Office was unlawful. The appeal against the Customs Act
No 935/2008 amounting at \u20ac 3.5 million, was heard at first instance, was dismissed and the Company has
appealed to the Supreme Administrative Court against the decision, the hearing was set for 9 June 2021 was
postponed to 15 December 2021, then postponed again for 26 October 2022 and then postponed again for 1
March\u00a0 2023. In November 2020 the hearing of the Customs Act No 989/2008, amounting at \u20ac35.7 million, took
place before the Administrative Court of Piraeus, while a new hearing took place on 6 April 2022 and the relevant
decision is pending.
Management of Helpe R.S.S.O.P.P considers that the above amounts will be recovered.
Customs \u2013 other
As at 31 December 2022 there are pending appeals against court decisions that have been filed against the Group
by the State, concerning alleged customs violations that have been carried out by petrol stations dealers and
whereby the Group is considered to be jointly liable. Furthermore, a number of decisions have been issued by the
Supreme Administrative Court in similar cases, which either reject the Group\u2019s appeals, or accept the State\u2019s
appeals and redirect them to the Administrative Appeals Court. The total amounts imposed were \u20ac13.9 million of
which \u20ac13.3 million have been paid and recognized in Other Receivables in the consolidated Financial Statements
(31 December 2021: \u20ac13.3 million).
With regards to EKO S.A.\u2019s cases (currently HFL S.A.), the Group has filed an appeal to the European Court of
Human Rights as it assesses that the above Court decisions contradict the provisions of the European Convention
on Human Rights. The European Court has notified EKO (currently HFL S.A.) that its appeal is admissible and will
be heard. In this context, Group Management assesses that the probability of a favorable outcome from the
European Courts is more likely than not, which may as a result change the Supreme Administrative Court\u2019s
position, which will subsequently result in a favorable outcome for the Group. For the reasons mentioned above,
the Group has not raised a provision with regards to these cases.
With regards to the audit conducted during 2019 by the customs authorities in Northern Macedonia for the fiscal
years 2014\u00a0 -2018, the amount imposed on OKTA as of 31 December 2022 is \u20ac18million and has been fully paid.
On 21 September 2022 OKTA received a customs notification with regards to the period January - May 2019,
mentioning that similar tax assessment will be imposed to the company. Until December 2022, the customs
authorities issued additional decisions amounting to \u20ac0.4 million which OKTA has paid. Additionally, a provision
was included in the consolidated statement of financial position, amounting to \u20ac0.9 million corresponding to the
amount that is expected to be further imposed by the relevant customs authorities for 2019.
OKTA retains its position that it has acted at all times in full compliance with all relevant laws, also as per expert's
opinions received, and intends to contest all such decisions to the ultimate judicial level, in both local and if
possible, international levels.
35.Commitments
(a)\u00a0 Capital commitments
Significant contractual commitments of the Group amount to \u20ac46 million as at 31 December 2022 (31\u00a0December
2021: \u20ac61 million), which mainly relate to improvements in refining assets.
(b)\u00a0 \u00a0 Exploration costs
Contractual commitments of the Group for exploration costs amount to \u20ac6 million as at 31 December 2022
(31\u00a0December 2021: \u20ac4.3 million).
(c)\u00a0 \u00a0 Letters of Credit
The Group may be requested to provide bank letters of credit to suppliers in order to obtain better commercial and
credit terms. To the extent that such items are already recorded as liabilities in the financial statements there is no
additional commitment to be disclosed. In cases where the underlying transaction occurs after the period end, the
Group is not liable to settle the letter of credit and hence no such liability exists as at the period end. As at the end
of the current year, there were open letters of credit relating to purchase orders of total amount \u20ac186.8 million.
(d)\u00a0 \u00a0 Put and call option
HELLENIC PETROLEUM R.S.S.O.P.P. S.A. is counterparty to outstanding put and call option agreements to
purchase oil stock from its associate OTSM. The put and call options may be exercised by either counterparty at
any time before maturity under certain conditions. The value of these two options (put and call) is immaterial due
to the fact that the terms of the agreements are such that the transactions will be at market price resulting in zero
payoff at any time of exercise.
",
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35.Commitments
(a)\u00a0 Capital commitments
Significant contractual commitments of the Group amount to \u20ac46 million as at 31 December 2022 (31\u00a0December
2021: \u20ac61 million), which mainly relate to improvements in refining assets.
(b)\u00a0 \u00a0 Exploration costs
Contractual commitments of the Group for exploration costs amount to \u20ac6 million as at 31 December 2022
(31\u00a0December 2021: \u20ac4.3 million).
(c)\u00a0 \u00a0 Letters of Credit
The Group may be requested to provide bank letters of credit to suppliers in order to obtain better commercial and
credit terms. To the extent that such items are already recorded as liabilities in the financial statements there is no
additional commitment to be disclosed. In cases where the underlying transaction occurs after the period end, the
Group is not liable to settle the letter of credit and hence no such liability exists as at the period end. As at the end
of the current year, there were open letters of credit relating to purchase orders of total amount \u20ac186.8 million.
(d)\u00a0 \u00a0 Put and call option
HELLENIC PETROLEUM R.S.S.O.P.P. S.A. is counterparty to outstanding put and call option agreements to
purchase oil stock from its associate OTSM. The put and call options may be exercised by either counterparty at
any time before maturity under certain conditions. The value of these two options (put and call) is immaterial due
to the fact that the terms of the agreements are such that the transactions will be at market price resulting in zero
payoff at any time of exercise.
",
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"value": "
36.Related Party Balances and Transactions
Included in the statement of comprehensive income are proceeds, costs and expenses, that\u00a0 arise from
transactions between the Group and related parties. Such transactions are mainly comprised of sales and
purchases of goods and services in the ordinary course of business.
Transactions have been carried out with the following related parties:
a) Associates and joint ventures of the Group which are consolidated under the equity method:
\u2022Athens Airport Fuel Pipeline Company S.A. (EAKAA)
\u2022DEPA Commercial S.A. (ex Public Gas Corporation of Greece S.A. \u2013 DEPA S.A.)
\u2022DEPA International Projects S.A.
\u2022Elpedison B.V.
\u2022Spata Aviation Fuel Company S.A. (SAFCO)
\u2022D.M.E.P. HOLDCO
\u2022VLPG Plant LTD
| | |
| |
| | |
| | |
Sales of goods and services to related parties | | |
| | |
| | |
| | |
| | |
Purchases of goods and services from related parties | | |
| | |
| | |
| | |
| | |
| |
| | |
Balances due to related parties\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 | | |
| | |
| | |
| | |
| | |
Balances due from related parties\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 | | |
| | |
| | |
| | |
\u2022Following the demerger on 3rd January 2022, the Group established the new company HELPE R.S.S.O.P.P.
(Note 9).
\u2022During the current period, the Group established a new company in Greece, Helpe Real Estate S.A. whose
purpose is to manage the real estate properties of the Group.
\u2022During the current period, the Group completed the acquisition of two wind parks companies in Greece,
\u201cMAKRYLAKKOMA S.A.\u201d and \u201cSAGIAS S.A.\u201d, by \u201cHELLENIC PETROLEUM RENEWABLE WIND FARMS OF
MANI S.A.\u201d, a wholly owned subsidiary of HELPE RENEWABLES S.A. established in July 2022. The wind
farms have a total installed capacity of 55.2 MW. Total consideration net of cash acquired was \u20ac88 million
which is mainly allocated in intangible assets (Note 8) and property, plant and equipment (Note 6).
\u2022During the current period, the Group completed the acquisition of two PV parks companies, in Greece, from
Trina Solar Co. Ltd., Tanagra Solar Energeiaki S.A and S. Aether Energeiaki S.A., with a total planned installed
capacity of 16.1 MW. Total consideration net of cash acquired was \u20ac25 million which is mainly allocated in
intangible assets (Note 8) and property, plant and equipment (Note 6).
",
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37.List of Principal Consolidated Subsidiaries and Associates
Included in the Financial Statements
| | | | |
| | | Effective Participation Percentage | |
| | | | |
Refining & Petrochemicals |
HELLENIC PETROLEUM R.S.S.O.P.P. S.A. | Refining / Petrochemicals | | | |
| | | | |
| | | | |
| | | | |
\u0395.\u0391.\u039a.\u0391.\u0391 S.A. | | | | |
| | | | |
|
HELLENIC FUELS AND LUBRICANTS INDUSTRIAL AND COMMERCIAL S.A. | | | | |
\u0395\u039a\u039f KALYPSO M.E.P.E. | | | | |
\u0395\u039a\u039f\u03a4\u0391 KO S.A. | | | | |
| Marketing / Vessel owning | | | |
EKO AFRODITI MARITIME COMPANY | Marketing / Vessel owning | | | |
OKTA CRUDE OIL REFINERY A.D | | | | |
HELLENIC PETROLEUM BULGARIA (HOLDINGS) LTD | | | | |
| | | | |
HELLENIC PETROLEUM SERBIA (HOLDINGS) LTD | | | | |
| | | | |
EKO CYPRUS LTD (former HELLENIC PETROLEUM CYPRUS LTD) | | | | |
| | | | |
EKO LOGISTICS LTD (former YUGEN LTD) | | | | |
HELPE COMPANY HOLDING LTD | | | | |
| | | | |
BLUE CIRCLE ENGINEERING LIMITED | | | | |
| Logistics & Distribution of LPG | | | |
| | | | |
| | | | |
| | | | |
|
HELLENiQ\u00a0 RENEWABLES SINGLE MEMBER S.A. (former HELPE R.E.S. S.A.) | | | | |
| | | | |
ENERGIAKI PYLOY METHONIS S.A. | | | | |
HELPE RENEWABLE WIND FARMS OF EVIA S.A. | | | | |
TANAGRA SOLAR ENERGEIAKI S.A. | | | | |
| | | | |
HELLENIC PETROLEUM RENEWABLE WIND FARMS OF MANI S.A. | | | | |
\u2022Following the demerger on 3rd January 2022, the Group established the new company HELPE R.S.S.O.P.P.
(Note 9).
\u2022During the current period, the Group established a new company in Greece, Helpe Real Estate S.A. whose
purpose is to manage the real estate properties of the Group.
\u2022During the current period, the Group completed the acquisition of two wind parks companies in Greece,
\u201cMAKRYLAKKOMA S.A.\u201d and \u201cSAGIAS S.A.\u201d, by \u201cHELLENIC PETROLEUM RENEWABLE WIND FARMS OF
MANI S.A.\u201d, a wholly owned subsidiary of HELPE RENEWABLES S.A. established in July 2022. The wind
farms have a total installed capacity of 55.2 MW. Total consideration net of cash acquired was \u20ac88 million
which is mainly allocated in intangible assets (Note 8) and property, plant and equipment (Note 6).
\u2022During the current period, the Group completed the acquisition of two PV parks companies, in Greece, from
Trina Solar Co. Ltd., Tanagra Solar Energeiaki S.A and S. Aether Energeiaki S.A., with a total planned installed
capacity of 16.1 MW. Total consideration net of cash acquired was \u20ac25 million which is mainly allocated in
intangible assets (Note 8) and property, plant and equipment (Note 6).
",
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38.Events Occurring after the Reporting Period
Other than the events already disclosed in Notes 18 and 32, no other significant events took place after the end of
the reporting period and up to the date of the publication of the consolidated and Company financial statements.
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}
}
}